<SEC-DOCUMENT>0001193125-16-609967.txt : 20160601
<SEC-HEADER>0001193125-16-609967.hdr.sgml : 20160601
<ACCEPTANCE-DATETIME>20160601163055
ACCESSION NUMBER:		0001193125-16-609967
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160531
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160601
DATE AS OF CHANGE:		20160601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Michael Kors Holdings Ltd
		CENTRAL INDEX KEY:			0001530721
		STANDARD INDUSTRIAL CLASSIFICATION:	LEATHER & LEATHER PRODUCTS [3100]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0328

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35368
		FILM NUMBER:		161689609

	BUSINESS ADDRESS:	
		STREET 1:		33 KINGSWAY
		CITY:			LONDON
		STATE:			X0
		ZIP:			WC2B 6UF
		BUSINESS PHONE:		44 207 632 8600

	MAIL ADDRESS:	
		STREET 1:		33 KINGSWAY
		CITY:			LONDON
		STATE:			X0
		ZIP:			WC2B 6UF
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d184145d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Form 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(D) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): May&nbsp;31, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>MICHAEL KORS HOLDINGS LIMITED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>British Virgin Islands</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-35368</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>N/A</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>33 Kingsway </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>London, United Kingdom </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WC2B 6UF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>44 207 632 8600 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure contained in Item&nbsp;2.01 below is
incorporated in this Item&nbsp;1.01 by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;2.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;31, 2016, Michael Kors Holdings Limited
(the &#147;Company&#148;) completed the acquisition of Michael Kors (HK) Limited and its subsidiaries (together, &#147;MKHKL&#148;), the exclusive licensee of the Company in China and certain other jurisdictions in Asia. The acquisition was
completed pursuant to a Share Purchase Agreement, dated May&nbsp;31, 2016 (the &#147;Purchase Agreement&#148;), by and among Michael Kors (Europe) B.V. (the &#147;Buyer&#148;), MKHKL, Michael Kors Far East Trading Limited (the &#147;Seller&#148;)
and, solely for purposes of certain provisions thereof, Sportswear Holdings Limited (&#147;SHL&#148;). SHL is the principal indirect shareholder of the Seller and an affiliate of our former directors, Silas K.F. Chou and Lawrence S. Stroll. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The aggregate consideration paid by the Company at the closing was equal to US$500 million, subject to an escrow of $47.5 million of the proceeds to satisfy
certain potential Chinese withholding tax liabilities in connection with the transaction and an additional escrow of $52 million of the proceeds to satisfy potential indemnification claims by the Buyer and subject to certain other adjustments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement contains customary representations, warranties and covenants from the parties. In addition, under the Purchase Agreement, SHL agreed to
a release of certain pre-closing claims in favor of MKHKL and certain other persons and also agreed to certain post-closing restrictions on soliciting or hiring certain employees of the Company and MKHKL, respectively. MKHKL also agreed to a release
of certain pre-closing claims in favor of the Seller and SHL and certain other persons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Furthermore, the Buyer and the Seller entered into certain letter
agreements with each of the direct and indirect shareholders of the Seller (other than SHL) pursuant to which such direct and indirect shareholders of the Seller agreed to a release of certain pre-closing claims in favor of MKHKL and certain other
persons and also agreed to certain post-closing confidentiality provisions. The Buyer also entered into a non-solicitation agreement with Messrs. Chou and Stroll, pursuant to which they agreed to certain post-closing restrictions on soliciting or
hiring certain employees of the Company and MKHKL, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The representations, warranties and covenants contained in the Purchase Agreement were
made solely for the benefit of the parties thereto. In addition, such representations, warranties and covenants (i)&nbsp;are intended not as statements of fact, but rather as a way of allocating the risk between the parties to the Purchase
Agreement, (ii)&nbsp;have been qualified by reference to confidential disclosures made by the parties in connection with the Purchase Agreement and (iii)&nbsp;may apply standards of materiality in a way that is different from what may be viewed as
material by investors in the Company. Accordingly, the Purchase Agreement is included with this filing only to provide investors with information regarding the terms of the Purchase Agreement, and not to provide investors with any other factual
information regarding the parties or any of their respective businesses. Investors should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the
parties or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Purchase Agreement, which subsequent information may or may not
be fully reflected in public disclosures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of the date of the acquisition, Michael Kors, our Honorary Chairman and Chief Creative Officer, and John D.
Idol, our Chairman and Chief Executive Officer, owned indirectly 14.3% and 8.1% of the ordinary shares of the Seller, respectively. In addition, an employee of the Company who is not an executive officer or director owned indirectly 0.5% of the
ordinary shares of the Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The acquisition was unanimously approved by the members of the Company&#146;s board of directors (the &#147;Board&#148;),
excluding Messrs. Kors and Idol who did not participate in the vote, upon recommendation of a Special Committee of the Board, comprised solely of independent directors, which was responsible for evaluating the terms of the acquisition. The Special
Committee retained independent legal and financial advisors to assist it in evaluating and negotiating the terms of the acquisition and the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the
agreement, a copy of which is attached hereto as Exhibit 2.1 and incorporated herein by reference. </P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FINANCIAL STATEMENTS AND EXHIBITS. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" NOWRAP>2.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Share Purchase Agreement dated as of May&nbsp;31, 2016, by and among Michael Kors (Europe) B.V., Michael Kors (HK) Limited, Michael Kors Far East Trading Limited and Sportswear Holdings Limited.</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">*Pursuant to Item&nbsp;601(b)(2) of Regulation S-K, certain schedules and similar attachments have been omitted. The Company
hereby agrees to furnish a copy of any omitted schedule or attachment to the Securities and Exchange Commission upon request. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>MICHAEL KORS HOLDINGS LIMITED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">June&nbsp;1, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Joseph B. Parsons</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Joseph B. Parsons</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Vice President, Chief Financial Officer, Chief Operating Officer &amp; Treasurer</TD></TR>
</TABLE>
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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>d184145dex21.htm
<DESCRIPTION>EX-2.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SHARE PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>by and among </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MICHAEL
KORS (EUROPE) B.V., </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the Buyer, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MICHAEL KORS (HK) LIMITED, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the Company, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MICHAEL
KORS FAR EAST TRADING LIMITED, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as the Seller, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPORTSWEAR
HOLDINGS LIMITED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(solely for the purposes of Sections 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.7 and 10.15) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of May 31, 2016 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="79%"></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;I DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Capitalized Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interpretive Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;II PURCHASE AND SALE OF SHARES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase and Sale of the Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Calculation of Purchase Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escrow Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Withholding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRC Withholding Tax Indemnification.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treatment of Options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;III THE CLOSING</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing; Closing Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transactions to Be Effected at Closing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;IV REPRESENTATIONS AND WARRANTIES AS TO THE SELLER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate Organization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due Authorization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Conflict</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Authorization or Consents Required</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Litigation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title to Shares; Etc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brokers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;V REPRESENTATIONS AND WARRANTIES AS TO THE COMPANY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Organization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due Authorization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Conflict</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Authorization or Consents Required</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Litigation; Orders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial Statements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Undisclosed Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Absence of Certain Developments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retailers and Suppliers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intellectual Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Continued) </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee and Labor Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee Benefit Plans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compliance with Laws</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Environmental Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.22</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Licenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.23</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Affiliate Transactions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.24</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brokers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.25</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Affiliate Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.26</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aggregate Funded PRC IIT Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.27</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Other Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VI REPRESENTATIONS AND WARRANTIES OF THE BUYER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate Organization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due Authorization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Conflict</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Authorization or Consents Required</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Litigation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment Purpose</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brokers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Other Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VII COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Confidentiality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-Solicitation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Public Announcements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Termination of Affiliate Transactions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Release</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liquidation of the Seller</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate Name</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">D&amp;O Indemnification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cooperation with Filings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VIII TAX MATTERS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Indemnification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Indemnification Procedures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Audits and Contests; Cooperation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preparation of Tax Returns and Payment of Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Straddle Periods</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conveyance Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hong Kong Stamp Duty</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Continued) </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">China Stamp Duty</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conflicts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;IX INDEMNIFICATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Survival</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification of the Buyer Indemnified Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification of the Seller Indemnified Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitation on Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of Knowledge or Waiver of Condition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escrow Release</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;X MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amendment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Entire Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Treatment of Indemnity Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Binding Effect; Assignment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Third Party Beneficiary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Governing Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Consent to Jurisdiction and Service of Process</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">WAIVER OF JURY TRIAL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Specific Performance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Counterparts; Delivery by Facsimile or PDF</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Representations and Warranties of SHL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-Recourse</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBITS </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exhibit&nbsp;A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Escrow Agreement</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exhibit&nbsp;B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Instruments of Transfer and Bought and Sold Notes</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SHARE PURCHASE AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SHARE PURCHASE AGREEMENT, dated as of May 31, 2016 (this &#147;<U>Agreement</U>&#148;), by and among Michael Kors (Europe) B.V., a Dutch
private limited liability company (the &#147;<U>Buyer</U>&#148;), Michael Kors (HK) Limited, a company incorporated in Hong Kong with limited liability (the &#147;<U>Company</U>&#148;), Michael Kors Far East Trading Limited, a British Virgin Islands
company (the &#147;<U>Seller</U>&#148;) and Sportswear Holdings Limited, a British Virgin Islands company (&#147;<U>SHL</U>&#148;, which has executed this Agreement solely for the purposes of agreeing to be bound by Section&nbsp;7.1,
Section&nbsp;7.2, Section&nbsp;7.3, Section&nbsp;7.4, Section&nbsp;7.5, Section&nbsp;7.6, Section&nbsp;7.7 and Section&nbsp;10.15). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A. The
issued and paid up share capital of the Company is HK$747,804,106.79 and the issued shares of the Company is 1,000,001. The Seller owns the 1,000,001 issued and outstanding shares of the Company (the &#147;<U>Shares</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">B. The Seller wishes to sell to the Buyer, and the Buyer wishes to purchase from the Seller, the Shares owned by the Seller on the terms and
subject to the conditions set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">C. Certain employees of the Company and MK Shanghai are entering into employment
agreements with the Company (collectively, the &#147;<U>New Employment Agreements</U>&#148;) concurrently with the execution and delivery of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">D. As an inducement to the execution and delivery of this Agreement by the Buyer, concurrently with the execution and delivery of this
Agreement, (i) each direct and indirect shareholder of the Seller other than SHL are entering into a Letter Agreement (the &#147;<U>Owner Letter Agreement</U>&#148;), with the Buyer relating to certain matters set forth therein, and (ii) Silas Chou
and Lawrence Stroll are each entering into a Non-Solicitation Agreement with the Buyer (each a &#147;<U>Non-Solicitation Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">ACCORDINGLY, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements contained in this
Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement, intending to be legally bound, agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DEFINITIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1 <U>Definitions</U>.&nbsp;The following capitalized terms shall have the following meanings for all purposes of this
Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Accounting Principles</U>&#148; means the same accounting methods, policies, practices and procedures, with
consistent classifications, judgments and estimation methodology as were used in the preparation of the Audited Financial Statements, in each case, to the extent in accordance with HKFRS. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Action</U>&#148; means any action, claim, demand, audit, arbitration, hearing, charge,
complaint, investigation, examination, indictment, litigation, suit or other civil, criminal, administrative or investigative proceedings by or before a Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any specified Person, any other Person that directly or indirectly controls, is controlled
by or is under common control with such specified Person. For the purposes of this definition, the term &#147;control,&#148; when used with respect to any specified Person, means the power to direct or cause the direction of the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms &#147;controlling&#148; and &#147;controlled&#148; have correlative meanings. For the avoidance of doubt,
the parties agree that for all purposes of this Agreement, Michael Kors Holdings Limited and its Subsidiaries are not Affiliates of the Seller and its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benefit Plan</U>&#148; means any pension, profit-sharing, savings, retirement, employment, consulting, severance, termination,
executive compensation, incentive compensation, deferred compensation, bonus, stock purchase, stock option, phantom stock or other equity-based compensation, change-in-control, retention, salary continuation, vacation, sick leave, disability, death
benefit, group insurance, hospitalization, medical, dental, life (including all individual life insurance policies as to which the Company or any of its Subsidiaries is the owner, the beneficiary or both), Code Section&nbsp;125 &#147;cafeteria&#148;
or &#147;flexible&#148; benefit, employee loan, educational assistance or fringe benefit plan, program, policy, practice, agreement or arrangement, whether written or oral, formal or informal, including each &#147;employee benefit plan&#148; within
the meaning of ERISA, Multiemployer Plan<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>and other employee benefit plan, program, policy, practice, agreement or arrangement, whether or not subject to ERISA (including any funding mechanism
therefor now in effect or required in the future as a result of the Contemplated Transactions). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bulletin 7</U>&#148; means the
Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-Tax Resident Enterprises (Public Notice [2015] No.7) issued by the State Administration of Taxation of the People&#146;s Republic of China, effective as
of February 3, 2015, including any subsequent amendments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day other than a Saturday, a Sunday
or other day on which commercial banks in New&nbsp;York, New&nbsp;York, Hong Kong or the PRC are authorized or required by Law to close. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Buyer Fundamental Representations</U>&#148; means the representations and warranties set forth in Sections&nbsp;6.1 (Corporate
Organization), 6.2 (Due Authorization) and 6.7 (Brokers). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Stock</U>&#148; means (a)&nbsp;any shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation; (b)&nbsp;any ownership interests in a Person other than a corporation, including membership interests, partnership interests, joint venture interests and beneficial interests; and
(c)&nbsp;any warrants, options, convertible or exchangeable securities, subscriptions, rights (including any preemptive or similar rights), calls, puts or other rights or understandings to purchase or acquire any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Circular 698</U>&#148; means the Notice on Strengthening the Management of Enterprise Income Tax Collection of Proceeds from Equity
Transfers by Non-Resident Enterprises (Guoshuihan [2009] No. 698) issued by the State Administration of Taxation of the PRC, effective as of January 1, 2008, including any subsequent amendments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the U.S. Internal Revenue Code of 1986. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Fundamental Representations</U>&#148; means the representations and warranties set forth in Section&nbsp;5.1 (Company
Organization), Section&nbsp;5.2 (Due Authorization), Section&nbsp;5.6 (Capitalization), Section&nbsp;5.7 (Subsidiaries), Section&nbsp;5.8(b) (Lockbox Indebtedness; Lockbox Cash), Section&nbsp;5.24 (Brokers), Section&nbsp;5.25 (No Affiliate Payments)
and Section&nbsp;5.26 (Aggregate Funded PRC IIT Amount). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company Plan</U>&#148; means any Benefit Plan: (a)&nbsp;under which any
current or former director, officer, employee, consultant or independent contractor of the Company or any of its Subsidiaries has any present or future right to benefits and that is maintained, sponsored or contributed to by the Company or any of
its Subsidiaries or (b)&nbsp;with respect to which the Company or any of its Subsidiaries has any Liability, in either case, other than a Non-U.S. Statutory Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contemplated Transactions</U>&#148; means the transactions contemplated by the Transaction Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract</U>&#148; means any contract, agreement, indenture, note, bond, loan, lease, sublease, conditional sales contract, mortgage,
license, sublicense, franchise agreement, obligation, promise, commitment or other binding arrangement (in each case, whether written or oral). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>De Minimis Losses</U>&#148; means any Losses arising out of any particular claim or Action or resulting from the same facts, events,
circumstances or root cause(s) that are equal to or less than $50,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Enforceability Exceptions</U>&#148; means (a)&nbsp;any
applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors&#146; rights generally and (b)&nbsp;general principles of equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental Law</U>&#148; means any applicable Law or Order in effect prior to the Closing Date, relating to (a)&nbsp;pollution or
the protection of the environment; (b)&nbsp;the protection of human health and safety (to the extent relating to exposure to Hazardous Substances); or (c)&nbsp;the regulation or remediation of Hazardous Substances. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Environmental License</U>&#148; means any License relating to or required by any
Environmental Law in connection with the business of the Company or any of its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee
Retirement Income Security Act of 1974. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Affiliate</U>&#148; means any entity that, together with the Company or any of its
Subsidiaries, would be treated as a single employer under Section&nbsp;4001(a)(14) of ERISA or Section&nbsp;414(b) or (c) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Escrow Agent</U>&#148; means JPMorgan Chase Bank, N.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Escrow Agreement</U>&#148; means the escrow agreement in the form attached as <U>Exhibit</U><U>&nbsp;</U><U>A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Credit Facility</U>&#148; means that certain letter agreement, dated as of February 5, 2016 (as amended, supplemented or
modified prior to the date hereof), by and between the Hongkong and Shanghai Banking Corporation Limited and the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fundamental Representations</U>&#148; means, collectively, the Company Fundamental Representations, the Seller Fundamental
Representations and the Buyer Fundamental Representations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means, in any jurisdiction,
(a)&nbsp;any federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court,
tribunal, arbitrator or arbitral body (public or private); (b)&nbsp;any self-regulatory organization; or (c)&nbsp;any political subdivision or instrumentality of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Hazardous Substance</U>&#148; means (a)&nbsp;any pollutant, contaminant or waste; (b)&nbsp;any toxic, radioactive, ignitable,
corrosive, reactive or otherwise hazardous substance, waste or material; or (c)&nbsp;any substance, waste or material having any material constituent elements displaying any of the foregoing characteristics, including petroleum and its derivatives
and by-products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>HKFRS</U>&#148; means Hong Kong financial reporting standards, consistently applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means (a)&nbsp;any indebtedness or other obligation of the Company or any of its Subsidiaries for borrowed
money, whether current, short-term or long-term and whether secured or unsecured; (b)&nbsp;any indebtedness of the Company or any of its Subsidiaries evidenced by any note, bond, debenture or other security or similar instrument; (c)&nbsp;any net
obligations of the Company or any of its Subsidiaries with respect to interest rate or currency swaps, collars, caps and similar hedging obligations; (d)&nbsp;any liabilities of the Company or any of its Subsidiaries for the deferred purchase price
of property or other assets (including any &#147;earn out&#148; or similar payments but excluding, for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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the avoidance of doubt, deferred rents, deferred landlord contribution and deferred income); (e)&nbsp;any liabilities of the Company or any of its Subsidiaries in respect of any lease of (or
other arrangement conveying the right to use) real or personal property, or a combination thereof, which liabilities are required to be classified and accounted for under HKFRS as capital leases; (f)&nbsp;any liabilities of the Company or any of its
Subsidiaries under any performance bond or letter of credit or any bank overdrafts and similar charges; (g) any liabilities of the Company or any of its Subsidiaries set forth in <U>Section</U><U>&nbsp;</U><U>1.1</U> of the Seller Disclosure Letter;
(h)&nbsp;any accrued interest, premiums, penalties and other obligations relating to the foregoing; and (i)&nbsp;any indebtedness referred to in clauses (a)&nbsp;through (h)&nbsp;above of any Person that is either guaranteed (including under any
&#147;keep well&#148; or similar arrangement) by, or secured (including under any letter of credit, banker&#146;s acceptance or similar credit transaction) by any Lien upon any property or asset owned by, the Company or any of its Subsidiaries;
<U>provided</U> that, for the avoidance of doubt, &#147;Indebtedness&#148; shall not include any Tax liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercompany
Loan</U>&#148; means those certain advances in the aggregate amount of HK$746,804,106.79 made by the Seller to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intellectual Property</U>&#148; means any of the following, as they exist anywhere in the world, whether registered or unregistered,
(a)&nbsp;patents, patentable inventions and other patent rights (including any divisionals, continuations, continuations-in-part, reissues, reexaminations and interferences thereof); (b)&nbsp;trademarks, service marks, trade dress, trade names,
taglines, brand names, logos and corporate names and all goodwill related thereto; (c)&nbsp;copyrights and designs; (d)&nbsp;trade secrets, know-how, inventions, processes, procedures, databases, confidential business information and other
proprietary information and rights; (e) copyrights in the following:&nbsp;computer software programs, source code, object code, specifications and designs and documentation related thereto; and (f) domain names, internet addresses and other computer
identifiers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>IRS</U>&#148; means the U.S. Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Knowledge</U>&#148; means (a)&nbsp;when used in reference to the Company or the Seller, (i) the actual knowledge of Patrick Lee and
James Lee, in each case, after reasonable inquiry (excluding any inquiry as to the knowledge of Michael Kors and John Idol) and (ii) the actual knowledge (without any obligation of further inquiry) of Lawrence Stroll and Silas Chou, and (b) when
used in reference to the Buyer, the actual knowledge of Joseph B. Parsons, after reasonable inquiry, excluding any inquiry as to the knowledge of Michael Kors and John Idol. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Kors License Agreements</U>&#148; means that certain License and Distribution Agreement between Michael Kors, L.L.C. and MK Shanghai,
dated as of April 1, 2011, and that certain License and Distribution Agreement between Michael Kors, L.L.C. and the Company, dated as of April 1, 2011. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Labor Laws</U>&#148; means any Laws relating to employment, employment standards, employment of minors, employment discrimination,
health and safety, labor relations, withholding, wages, hours, workplace safety and insurance or pay equity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Law</U>&#148; means any law, statute, ordinance, code, regulation, rule or other
requirement of any Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liability</U>&#148; means any liability, debt or obligation of any type, in each
case, whether known or unknown, direct or indirect, accrued or unaccrued, absolute or contingent, and whether due or to become due and regardless of when or by whom asserted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>License</U>&#148; means any license, permit, certificate, approval, consent, registration or similar authorization of any
Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means any lease, sublease, license, encumbrance, lien, mortgage, deed of trust, deed to
secure debt, pledge, charge, security interest, right of first refusal, right of first offer, easement, right-of-way, restriction, covenant, condition, title defect, encroachment or other survey defect, option or other encumbrance of any kind
(including any conditional sale or other title retention agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox Cash</U>&#148; means, on a consolidated basis, as
of 11:59 p.m. on the Lockbox Date, the cash and cash equivalents and marketable securities of the Company and its Subsidiaries, each net of outstanding checks, excluding deposits in transit and excluding restricted cash, determined in accordance
with the Accounting Principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox Date</U>&#148; means February 20, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Losses</U>&#148; means any and all losses, Liabilities, Taxes, damages, assessments, judgments, causes of action, costs or expenses,
including reasonable and documented out of pocket attorneys&#146; fees and expenses; <U>provided</U>, that Losses shall not include (i) exemplary damages, (ii) punitive damages or (iii) consequential or special damages (including diminution in
value, loss of future profits, revenue or income (or any amount calculated on such basis) or loss of business reputation or opportunity or other similar items), except (a) in the case of consequential or special damages, to the extent such Losses
were a reasonably foreseeable consequence of the matter giving rise to the applicable Loss or (b) to the extent such Losses were payable by an Indemnified Party to a third party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Adverse Effect</U>&#148; means any effect, event, change, occurrence, circumstance, state of facts or development that,
individually or together with any one or more effects, events, changes, occurrences, circumstances, states of fact or developments, has had or would be reasonably expected to have a material adverse effect on the assets, properties, liabilities,
business, results of operations or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole; <U>provided</U>, that none of the following shall be taken into account in determining whether there has been a Material
Adverse Effect: any adverse change, effect, event, occurrence, state of facts or development to the extent attributable to: (i)&nbsp;conditions affecting the U.S. economy or the Chinese economy (including Hong Kong, Macau and any other Chinese
region in which the Company and its Subsidiaries operate) or the global economy and markets in general (including, in each case, any financial, banking, currency or securities markets and any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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disruption thereof and any decline in the price of any security or any market index, including changes in interest or exchange rates); (ii)&nbsp;an earthquake or other natural disaster;
(iii)&nbsp;political conditions (or changes in such conditions) or the commencement, continuation or escalation of a war, civil unrest, material armed hostilities or other material international or national calamity or act of terrorism; (iv) changes
in HKFRS or other accounting standards; (v) changes in applicable Laws; (vi) changes that are generally applicable to the industries in the countries in which the Company and its Subsidiaries operate; or (vii) any failure by the Company or its
Subsidiaries to meet any internal or published projections, forecasts or revenue or earnings predictions for any period on or after the date of this Agreement (<U>provided</U> that the underlying causes of any such failure may be considered in
determining whether a Material Adverse Effect has occurred); which, in the case of any of the foregoing clauses (i)&nbsp;through (iii) and (vi) does not disproportionately affect the Company and its Subsidiaries relative to other companies in the
industries in the countries in which they operate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>MKFE Holdings</U>&#148; means Michael Kors Far East Holdings Limited, a
British Virgin Islands company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>MK Holdcos</U>&#148; means MKFE Holdings and Michael Kors Far East Limited, a Cayman Islands
company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>MK Shanghai</U>&#148; means Michael Kors Trading (Shanghai) Company Limited, a PRC company and a Subsidiary of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-U.S. Company Plan</U>&#148; means any Company Plan that is maintained primarily for employees outside of the United
States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Non-U.S. Statutory Plan</U>&#148; means a Benefit Plan required by applicable Law to be sponsored, maintained or
contributed to by the Company or any of its Subsidiaries for employees outside of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Option</U>&#148; means any
option to purchase shares of the Seller issued pursuant to the Michael Kors Far East Trading Limited Executive Share Option Scheme, dated February 5, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Order</U>&#148; means any order, decision, judgment, writ, injunction, decree, award or other determination of any Governmental
Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Organizational Document</U>&#148; means, with respect to any Person that is not a natural person, such Person&#146;s
charter, certificate or articles of incorporation or formation, bylaws, memorandum and articles of association, operating agreement, limited liability company agreement, partnership agreement, limited partnership agreement, limited liability
partnership agreement or other constituent or organizational documents of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means
(a)&nbsp;Liens for Taxes, assessments or other government charges not yet delinquent or the amount or validity of which is being contested in good faith and, in each case, for which appropriate reserves have been
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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established on the Financial Statements in accordance with the Accounting Principles; (b) mechanics&#146;, carriers&#146;, workers&#146;, repairers&#146; and similar liens arising or incurred in
the ordinary course of business for amounts which are not delinquent or which are being contested in good faith and, in each case, for which appropriate reserves have been established on the Financial Statements in accordance with the Accounting
Principles; (c)&nbsp;zoning, entitlement, building and other land use Laws applicable to the Leased Property which are not violated in any material respect by the current use, occupancy or operation of the Leased Property (d)&nbsp;title defects,
covenants, conditions, restrictions, easements and other non-monetary Liens affecting title to any parcel of real property which do not and would not reasonably be expected to, individually or in the aggregate, materially impair the current use,
occupancy or operation of such real property as currently used or operated in the conduct of business of the Company; (e)&nbsp;any matters disclosed by a title report, title commitment or accurate survey of the Leased Property, which do not and
would not reasonably be expected to, individually or in the aggregate, materially impair the current use, occupancy or operation of such Leased Property as currently used or operated in the conduct of business of the Company; (f) Liens arising under
worker&#146;s compensation, unemployment insurance, social security, retirement and similar Laws; (g)&nbsp;Liens on goods in transit incurred pursuant to documentary letters of credit; (h) statutory, common law or contractual Liens of lessors; and
(i) Liens of third parties affecting the lessor&#146;s interest in the Leased Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any natural
person, corporation, company, partnership, association, limited liability company, limited partnership, limited liability partnership, joint venture, business enterprise, trust or other legal entity, including any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>PRC</U>&#148; or &#147;<U>China</U>&#148; means the People&#146;s Republic of China, excluding the Hong Kong Special Administrative
Region, the Macau Special Administrative Region and Taiwan for purposes of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pre-Closing Tax Period</U>&#148;
means (a)&nbsp;any Tax period (or portion thereof) ending on or before the Closing Date and (b)&nbsp;with respect to any Tax period that begins on or before the Closing Date and ends thereafter, the portion of such Tax period that ends on the
Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Qualified Transaction Expenses</U>&#148; means the expenses set forth on <U>Section</U><U>&nbsp;</U><U>2.2(a)</U>
of the Seller Disclosure Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Seller Fundamental Representations</U>&#148; means the representations and warranties of the
Seller set forth in Sections 4.1 (Corporate Organization), 4.2 (Due Authorization), 4.6 (Title to Shares; Etc.) and 4.7 (Brokers). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; means, with respect to any specified Person, any entity of which the specified Person (either alone or through
or together with any other Subsidiary of such specified Person) directly or indirectly (a)&nbsp;owns, more than 50% of the voting stock or other interests the holders of which are generally entitled to vote for the election of the board of directors
or other applicable governing body of such entity or (b)&nbsp;controls </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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the management and policies. For the avoidance of doubt and notwithstanding the foregoing to the contrary, each of MK Shanghai, Michael Kors (HK) Limited Macau Branch, a Macau branch of the
Company, and Michael Kors (HK) Limited Taiwan Branch, a Taiwan branch of the Company, shall be deemed to be a Subsidiary of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax</U>&#148; means (a) any and all taxes, levies, fees, imposts, duties or similar charges (including any interest, fines,
assessments, penalties or additions to tax imposed in connection therewith or with respect thereto) imposed by any Governmental Authority, including (i)&nbsp;taxes imposed on, or measured by, income, franchise, profits or gross receipts,
(ii)&nbsp;ad valorem, value added, capital gains, sales, goods and services, use, real or personal property, capital stock, license, branch, payroll, estimated withholding, employment, social security (or similar), unemployment, compensation,
escheat, utility, severance, production, excise, stamp, occupation, premium, windfall profits, transfer and gains taxes and (iii)&nbsp;customs duties; (b)&nbsp;any liability for the payment of any items described in clause (a)&nbsp;above as a result
of (i)&nbsp;being (or ceasing to be) a member of an affiliated, consolidated, combined, unitary or aggregate group or (ii)&nbsp;being included (or being required to be included) in any Tax Return related to such group; and (c)&nbsp;any liability for
the payment of any amounts in respect of any items described in clause (a) or (b) above (x) as a result of any express or implied obligation to indemnify any other Person, any successor or transferee liability, or (y) pursuant to a Contract. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Authority</U>&#148; means any Governmental Authority having jurisdiction over the administration, assessment, determination,
collection or other imposition of any Tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Return</U>&#148; means any report, return, declaration, claim for refund,
election, disclosure, estimate, information report or return or statement required to be or otherwise supplied to a Tax Authority in connection with Taxes, including any schedule or attachment thereto or amendment thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Side Letter Agreement</U>&#148; means that certain tax side letter agreement, dated as of May 27, 2016, by and between the
Seller, the Company, LEE Ta-Kang and LEE Seng Kiat. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Documents</U>&#148; means this Agreement, the Escrow Agreement,
the Owner Letter Agreement, the Non-Solicitation Agreements, the Transfer Documents and the Tax Side Letter Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transaction Expenses</U>&#148; means any fees, costs and expenses incurred or subject to reimbursement by the Company or any of its
Subsidiaries, in each case in connection with the Contemplated Transactions (whether incurred prior to or after the date hereof) and not paid prior to the Closing, including: (a)&nbsp;any brokerage, finders&#146; or other advisory fees, costs,
expenses, commissions or similar payments; (b)&nbsp;any fees, costs and expenses of counsel, accountants or other advisors or service providers; (c) any fees, costs and expenses or payments of the Company or any of its Affiliates related to any
transaction bonus, discretionary bonus, change-of-control payment, phantom equity </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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payout, &#147;stay-put&#148; or other retention or compensatory payments made to any employee of the Company or any of its Affiliates as a result of the execution of any Transaction Document or
in connection with the Contemplated Transactions (including the employer portion of any payroll, social security, unemployment or similar Taxes and the employee portion of any withholding Taxes in respect of the foregoing) and (d) any other fees,
costs, expenses or payments resulting from the direct or indirect change of control of the Seller, the Company or any of its Subsidiaries or otherwise payable in connection with receipt of any consent or approval in connection with the Contemplated
Transactions; <U>provided</U>, <U>however</U>, that &#147;Transaction Expenses&#148; shall in no event include any fees, costs or expenses incurred pursuant to or as contemplated by the New Employment Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer Documents</U>&#148; means the duly executed instruments of transfer and bought and sold notes that the Seller shall deliver
to the Buyer as required to validly transfer title in and to the Shares owned by the Buyer, in substantially the form set forth on <U>Exhibit B</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Treasury Regulations</U>&#148; means the U.S. Treasury regulations promulgated under the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Willful Breach</U>&#148; means an intentional breach that is a consequence of an act knowingly undertaken by the breaching party,
regardless of whether such act was taken with the intent of causing a breach of a specific provision or covenant of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2 <U>Other Capitalized Terms</U>.&nbsp;The following terms shall have the meanings specified in the indicated section of this
Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Section</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting Firm</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.4(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Affiliate Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.25(j)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Affiliate Payments Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.2(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aggregate Funded PRC IIT Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.4(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audited Balance Sheet</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.8(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audited Financial Statements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.8(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Buyer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Buyer Disclosure Letter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">VI</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Buyer Indemnified Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cap</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">China Stamp Duty</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.8</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">3.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">3.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing Statement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.2(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Intellectual Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.14(a)</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Section</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Licenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.22</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Released Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.5(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Contest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.3(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escrow Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.3</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escrow Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.2(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expiration Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial Statements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.8(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Funded PRC IIT Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.4(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HK Stamp Duty</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.7(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnified D&amp;O Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.8</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnified Party</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnifying Party</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Initial Release Unpaid Claims Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.9(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interim Financial Statements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.8(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Latest Balance Sheet</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.8(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.15(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leased Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.15(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.15(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Licensed Intellectual Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.14(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lockbox Indebtedness</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.8(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Material Contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.12(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MKHL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.2(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Multiemployer Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.18(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New Employment Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-Party Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">10.16</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-Solicitation Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OFAC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.20(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Options Payment Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.2(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Owned Intellectual Property</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.14(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Owner Letter Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Personal Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.14(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRC IIT Matter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.1(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRC Withholding Tax Escrow Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.5(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRC Withholding Tax Escrow Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.5(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRC Withholding Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.5(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pre-Lockbox Tax Periods</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pre-Lockbox Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.1(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.2(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Related Party</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.23</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Release Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Release Event</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.5(c)(iii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Released Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.5(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Remaining Release Unpaid Claims Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.9(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restrictive Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.2(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Section</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller Disclosure Letter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">IV</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller HK Stamp Duty Withheld Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.2(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller Indemnified Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.3</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller Released Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.5(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Settled PRC IIT Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.4(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SHL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Straddle Period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Indemnified Buyer Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">8.1(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Third Party Claim</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.6(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Threshold Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.4(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unaudited Financial Statements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5.8(a)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.3 <U>Interpretive Provisions</U>.&nbsp;Unless the express context otherwise requires: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) the words &#147;hereof,&#148; &#147;herein&#148; and &#147;hereunder&#148; and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) words defined in the singular shall
have a comparable meaning when used in the plural, and vice versa; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) the words &#147;Dollars&#148; and &#147;$&#148; mean U.S. dollars
unless otherwise indicated; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) references herein to a specific Section, Subsection, Recital, schedule&nbsp;or Exhibit&nbsp;shall refer,
respectively, to Sections, Subsections, Recitals, schedules&nbsp;or Exhibits&nbsp;of this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) wherever the word
&#147;include,&#148; &#147;includes&#148; or &#147;including&#148; is used in this Agreement, it shall be deemed to be followed by the words &#147;without limitation&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) references herein to any gender shall include each other gender; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) references herein to any Person shall include such Person&#146;s heirs, executors, personal representatives, administrators, successors
and assigns; <U>provided</U>, <U>however</U>, that nothing contained in this clause (g) is intended to authorize any assignment or transfer not otherwise permitted by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(h) references herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) with respect to the determination of any period of time, the word &#147;from&#148; means
&#147;from and including&#148; and the words &#147;to&#148; and &#147;until&#148; each means &#147;to but excluding&#148;; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(j) the word
&#147;or&#148; shall be disjunctive but not exclusive; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(k) references herein to any Law shall be deemed to refer to such Law as amended,
reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and regulations promulgated thereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(l) references herein to any Contract mean such Contract as amended, supplemented or modified (including any waiver thereto) in accordance
with the terms thereof, except that with respect to any Contract listed on any schedule hereto, all such amendments, supplements or modifications must also be listed on such schedule; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(m) the headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the parties to this
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(n) if the last day for the giving of any notice or the performance of any act required or permitted under this Agreement is
a day that is not a Business Day, then the time for the giving of such notice or the performance of such action shall be extended to the next succeeding Business Day; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(o) any reference in this Agreement to &#147;made available&#148; shall mean that such documents or information referenced shall have been
provided in the &#147;Project Dragon&#148; data room maintained by the Company for the Buyer and its representatives on Intralinks or shall have been provided to the Buyer or its representatives, in each case at least one Business Day prior to the
date hereof; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(p) the Seller Disclosure Letter and Exhibits attached to this Agreement shall be construed with and as an integral part of
this Agreement to the same extent as if the same had been set forth herein. Any capitalized terms used in any Exhibit or Schedule or in the Seller Disclosure Letter, but not otherwise defined therein, shall be defined as set forth in this Agreement.
Inclusion of information in the Seller Disclosure Letter will not be construed as an admission that such information is material to the business, operations or condition (financial or otherwise) of the Company or its Subsidiaries and matters
reflected in the Seller Disclosure Letter are not necessarily limited to matters required to be disclosed. Information disclosed in any section of the Seller Disclosure Letter delivered will qualify any representation, warranty, covenant or
agreement in this Agreement to the extent that a reasonable buyer would infer the relevance or applicability of the information disclosed on its face to any such representation, warranty, covenant or agreement, notwithstanding the absence of a
reference or cross-reference to such representation, warranty, covenant or agreement on such section of the Seller Disclosure Letter or the absence of a reference or cross-reference to the Seller Disclosure Letter (or any section thereof) in such
representation, warranty, covenant or agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PURCHASE AND SALE OF SHARES </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1 <U>Purchase and Sale of the Shares</U>.&nbsp;Upon the terms and subject to the conditions set forth in this Agreement, the
Seller shall sell, assign, transfer and convey to the Buyer, free and clear of any Liens (other than any restrictions on transfer arising under any applicable Law or Organizational Documents of the Company), and the Buyer shall purchase and acquire
from the Seller, the Shares owned by the Seller in exchange for (a)&nbsp;a cash payment at the Closing equal to the Purchase Price, and (b)&nbsp;any amounts payable to the Seller pursuant to the Escrow Agreement and Sections 2.3 and 2.5. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2 <U>Calculation of Purchase Price</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Purchase Price</U>. The &#147;<U>Purchase Price</U>&#148; means an amount equal to: (i)&nbsp;$500,000,000, <U>minus</U>
(ii)&nbsp;$52,000,000 (the &#147;<U>Escrow Amount</U>&#148;), <U>minus</U> (iii) the PRC Withholding Tax Escrow Amount (as defined below), <U>minus</U> (iv) the Affiliate Payments Amount, <U>minus</U> (v) $500,000 (the &#147;<U>Seller HK Stamp Duty
Withheld Amount</U>&#148;), <U>minus</U> (vi) $3,904,526.84 (the &#147;<U>Options Payment Amount</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Closing Statement
and Transaction Expenses</U>. Prior to the Closing Date, the Company delivered to the Buyer a certificate, duly executed by the Chief Financial Officer of the Company (the &#147;<U>Closing Statement</U>&#148;), setting forth the Company&#146;s good
faith determination of (i) the amount of any Affiliate Payments from and including the Lockbox Date to and including the Closing Date (the &#147;<U>Affiliate Payments Amount</U>&#148;) and (ii) the resulting calculation of the Purchase Price,
together with reasonable supporting information and final invoices with respect to Transaction Expenses (other than Qualified Transaction Expenses) to be paid by the Company or any of its Subsidiaries at the Closing. Prior to the Closing Date, the
Seller shall deliver to the Buyer copies of the final invoices with respect to the Qualified Transaction Expenses payable by the Seller at the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3 <U>Escrow Account</U>. At the Closing, the Buyer shall deposit, or shall cause to be deposited, with the Escrow Agent, cash
in the amount of the Escrow Amount, by wire transfer of immediately available funds to an account designated in writing by the Escrow Agent no fewer than two Business Days prior to the Closing Date (the &#147;<U>Escrow Account</U>&#148;). The Escrow
Account shall be used to satisfy any claims of the Tax Indemnified Buyer Parties for indemnification pursuant to Article&nbsp;VIII in accordance with the terms thereof, any claims of the Buyer Indemnified Parties for indemnification pursuant to
Article&nbsp;IX, in each case made from and after the Closing but on or before the latest Expiration Date, if any, and, to the extent applicable and as specifically provided for in Section&nbsp;2.5(c)(v), any claims of the Tax Indemnified Buyer
Parties under Section&nbsp;2.5(a) in excess of the PRC Withholding Tax Escrow Amount made from and after the Closing but on or before the Release Event.&nbsp;Any funds in the Escrow Account (inclusive of any interest earned thereon less Tax
distributions paid to the Buyer in accordance with the Escrow Agreement) not so used shall be distributed to the Seller, in accordance with the Escrow Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4 <U>Withholding</U>.&nbsp;The Buyer shall deduct and withhold from any amounts
otherwise payable hereunder to any Person such Tax amounts that are required to be deducted or withheld by the Buyer under any provision of any Tax Law, except as otherwise provided in Section&nbsp;2.5; <U>provided</U>, that, other than with respect
to PRC Withholding Taxes (the procedures for which are set forth in Section&nbsp;2.5) the Buyer shall use commercially reasonable efforts to provide advance written notice to any Person on behalf of which any such deduction and withholding is
expected and shall cooperate with any reasonable request from any such Person to obtain reduction of or relief from such deduction or withholding.&nbsp;To the extent that amounts are so deducted and withheld, such deducted and withheld amounts shall
be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.&nbsp;The provisions of Section&nbsp;8.3(e) shall apply <I>mutatis mutandis</I> to this Section 2.4. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5 <U>PRC Withholding Tax Indemnification</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Subject to the limits set forth in this Section&nbsp;2.5, from and after the Closing, the Seller agrees to indemnify, defend and hold the
Tax Indemnified Buyer Parties harmless from and against any Losses that the Tax Indemnified Buyer Parties suffer, sustain or incur to the extent arising out of, in connection with, with respect to or due to any PRC withholding Taxes with respect to
the transfer of the Shares by the Seller hereunder, as assessed and finally determined by a competent PRC Tax Authority (the &#147;<U>PRC Withholding Taxes</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) With respect to PRC Withholding Taxes, the Buyer shall deposit, or shall cause to be deposited, with the Escrow Agent, cash in an amount
equal to $47,500,000 (the &#147;<U>PRC Withholding Tax Escrow Amount</U>&#148;), by wire transfer of immediately available funds to an account designated in writing by the Escrow Agent no later than two (2) Business Days prior to the Closing Date
(the &#147;<U>PRC Withholding Tax Escrow Account</U>&#148;); for the avoidance of doubt, the PRC Withholding Tax Escrow Account shall be separate and distinct from the Escrow Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) (i) The Seller shall, as soon as possible but in any event no later than thirty (30) days after the signing of this Agreement, report to
the competent PRC Tax Authority the Contemplated Transactions with respect to the share transfer conducted by the Seller in accordance with Circular 698, Bulletin 7 and other applicable PRC Tax Laws. The Buyer shall have the right (but not an
obligation) to review and comment on any and all application documents in connection with the share transfer to be submitted by the Seller to the competent PRC Tax Authority.&nbsp;The Seller shall consider in good faith any reasonable comments of
the Buyer on such application documents; <U>provided</U> that the Seller shall be entitled to submit such application to the PRC Tax Authority without incorporating any changes with which the Seller disagrees in good faith to the extent necessary to
avoid submitting the application later than thirty (30) days after the signing of this Agreement.&nbsp;The Buyer shall have the right to appoint a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
representative to witness the submission of the application documents.&nbsp;The Seller shall provide to Buyer a copy of any acknowledgment of receipt received from the PRC Tax Authority. For the
avoidance of doubt, the Buyer (or its representative) shall be entitled to witness interactions with the PRC Tax Authority but shall not have any other right to participate in any discussions with the PRC Tax Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) The Escrow Agent shall retain the PRC Withholding Tax Escrow Amount in the PRC Withholding Tax Escrow Account until the
earliest of the occurrence of any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) At a meeting with tax officials of the PRC Tax Authority,
including senior/competent authority (<I>e.g.</I>, a department chief, director or substantially similar official), after the introduction of the Contemplated Transactions by the Seller and/or its representative, and as witnessed by the Buyer and/or
its representative, the tax officials provide oral or written confirmation, in either case, satisfactory to the Buyer in its reasonable judgment; <U>provided</U> that any oral or written confirmation substantially to the effect of the following (and
which, in any event, shall include a statement substantially to the effect of the last sentence set forth below) shall be satisfactory to the Buyer: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>&lt;The PRC Tax Authority (i) agrees that the Seller did not &#147;use an arrangement that does not have a reasonable commercial
purpose&#148; to avoid its obligation to pay enterprise income tax in China, and (ii) agrees that the transfer of the Shares by the Seller hereunder does not involve an indirect transfer that is treated as a direct transfer of equity interests in a
China tax resident enterprise. Therefore, the PRC Tax Authority is of the opinion that no PRC income Tax is required to be paid as a result of the transfer of the Shares by the Seller hereunder.&gt;</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">and the minutes of such meetings or conferences with the PRC Tax Authority prepared by the Seller and its representatives or
advisors reflect such oral or written confirmation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) The Seller delivers a final tax assessment notice or invoice and
a tax payment receipt issued by the PRC Tax Authority, evidencing that any applicable PRC Withholding Taxes have been paid in full by or on behalf of the Seller; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(C) The three-year anniversary of the date of the transaction reporting with the PRC Tax Authority pursuant to
Section&nbsp;2.5(c). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Upon the occurrence of the earliest of any of Section&nbsp;2.5(c)(ii)(A)-(C) (a
&#147;<U>Release Event</U>&#148;), the Buyer and the Seller shall deliver a joint written instruction to the Escrow Agent instructing the Escrow </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Agent to distribute the PRC Withholding Tax Escrow Amount to the Seller within three (3) Business Days of receipt of such joint written instruction via wire transfer of immediately available
funds to a bank account designated by the Seller in accordance with Section&nbsp;3.2(b)(i). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) If, prior to a Release
Event, the Seller </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(A) determines (in consultation with the Buyer and the PRC Tax Authority) to pay to the competent PRC
Tax Authority the PRC Withholding Tax, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) is required by the competent PRC Tax Authority to pay the PRC Withholding
Taxes, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">the Buyer and the Seller shall deliver a joint written instruction to the Escrow Agent instructing the Escrow Agent
to distribute to the Buyer from the PRC Withholding Tax Escrow Account an amount equal to the PRC Withholding Taxes determined based on the final tax assessment notice or invoice, who shall promptly, but in any event within three (3) Business Days
of the receipt of such funds from the Escrow Agent, make payment of such PRC Withholding Taxes to the competent PRC Tax Authority on behalf of the Seller.&nbsp;The Buyer shall provide the Seller with written proof (including the tax payment receipt)
of its payment of the applicable PRC Withholding Taxes on behalf of the Seller.&nbsp;Such amounts paid to the competent PRC Tax Authority shall be treated for all purposes of this Agreement as having been paid to the Seller. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) To the extent that there is any surplus in the PRC Withholding Tax Escrow Account after the Buyer has paid the PRC
Withholding Taxes on behalf of the Seller to the competent PRC Tax Authority pursuant to Section&nbsp;2.5(c)(iv)(A) or Section&nbsp;2.5(c)(iv)(B) above, the Buyer and the Seller shall deliver a joint written instruction to the Escrow Agent
instructing the Escrow Agent to distribute such surplus (inclusive of any interest earned on the PRC Withholding Tax Escrow Account less Tax distributions paid to the Buyer in accordance with the Escrow Agreement) to the Seller within three (3)
Business Days of receipt of such joint written instruction via wire transfer of immediately available funds to a bank account designated by the Seller in accordance with Section&nbsp;3.2(b); <U>provided</U>, that any such surplus shall be released
only to the extent that it exceeds outstanding and unpaid or unresolved claims for indemnification under Section&nbsp;2.5(a) above.&nbsp;To the extent (i) the PRC Withholding Tax Escrow Amount is insufficient to pay the applicable tax liability of
the Seller and (ii) no Release Event has occurred, the Seller shall, within five (5) Business Days after request by the Buyer or a shorter period as required by the relevant competent PRC Tax Authority, pay to the competent PRC Tax Authority the
balance as determined based on the final tax assessment notice or invoice; <U>provided</U>, that any such balance shall be satisfied solely out of the Escrow Account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) The Seller shall, and shall cause its representatives to, provide any
documents, information and/or other assistance reasonably requested by the Buyer in connection with its payment of PRC Withholding Taxes on behalf of the Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) <U>Cooperation</U>.&nbsp;The Seller shall respond as soon as reasonably practicable to any inquiry from any PRC Tax Authority relating to
the assessment of PRC Withholding Taxes.&nbsp;If any such inquiry is delivered to the Buyer or any of its Affiliates, the Buyer shall not respond to the PRC Tax Authority and shall instead notify the Seller by the earlier of (i) five (5) Business
Days after such inquiry and (ii) five (5) Business Days before a response is requested, and the Seller shall respond to the Buyer and to the applicable PRC Tax Authority as soon as reasonably practicable; <U>provided</U>, that if the Buyer has
provided such notice and the Seller has not responded to the Buyer and the applicable PRC Tax Authority by the time that a response is requested, the Buyer may respond to such PRC Tax Authority as it reasonably deems necessary, copying the Seller on
any such response. The Buyer&#146;s failure to give notice in accordance with the provisions of this Section&nbsp;2.5(d) shall not reduce the Seller&#146;s indemnification obligations under this Section&nbsp;2.5, except to the extent the Seller is
prejudiced by such failure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) <U>Procedures</U>.&nbsp;Except as otherwise superseded by this Section&nbsp;2.5, with respect to any
indemnification pursuant to Section&nbsp;2.5(a) above, the provisions set forth in Section&nbsp;8.2, Section&nbsp;8.3, Section&nbsp;9.4(c) and Section&nbsp;9.4(d) of this Agreement shall apply <I>mutatis mutandis</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.6 <U>Treatment of Options</U>. The Seller and the Company have executed, and delivered to the Buyer, a letter agreement with
each Option holder providing for the cancellation of the Options of such Option holders in exchange for payment by the Company or its applicable Subsidiary of certain amounts on the Closing and, if applicable, on specified dates thereafter subject
to the terms and conditions of such letter agreement. Promptly on and following the Closing, the Company or its applicable Subsidiary shall, and the Buyer shall cause the Company or its applicable Subsidiary to, make the payments to the Option
holders as specified in such letter agreements upon and subject to the terms and conditions as set forth therein. Following the Closing, if and to the extent any payments to an Option holder provided pursuant to such Option holder&#146;s letter
agreement is forfeited pursuant to the terms thereof, the Company or its applicable Subsidiary shall, and the Buyer shall cause the Company or its applicable Subsidiary to, pay to the Seller any such forfeited amount within ten (10) Business Days
following such forfeiture, to an account designated in writing by the Seller. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>THE CLOSING</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1 <U>Closing; Closing Date</U>. The closing of the sale and purchase of the Shares contemplated by this Agreement (the
&#147;<U>Closing</U>&#148;) shall take place at the offices of Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, 1285 Avenue of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Americas, New&nbsp;York, New&nbsp;York <FONT STYLE="white-space:nowrap">10019-6064</FONT> (or remotely via the exchange of executed documents and other deliverables), on the date hereof
concurrently with the execution of this Agreement. The date hereof is sometimes also referred to herein as the &#147;<U>Closing Date</U>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2 <U>Transactions to Be Effected at Closing</U>.&nbsp;At the Closing, the following transactions shall be effected by the
parties: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The Seller or the Company, as applicable, shall deliver to the Buyer: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the transfer instrument and the bought and sold note in respect of the sale of the Shares duly executed by the Seller in
favor of the Buyer and any power of attorney under which any such transfer instrument or the bought and sold note is executed on behalf of the Seller; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) the three (3) existing share certificates representing the sold Shares held by the Seller; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) a copy of the resolutions of the board of directors of the Company approving the registration of the transfer of all the
Shares to the Buyer in the register of members of the Company, the issuance of the relevant share certificates to the Buyer and the cancellation of the existing share certificates in respect of the Shares; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) the Escrow Agreement executed by the Seller and the Escrow Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) resignations of those directors of the Company and its Subsidiaries set forth in <U>Section</U><U>&nbsp;</U><U>3.2</U> of
the Seller Disclosure Letter; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) the executed New Employment Agreements; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) the Owner Letter Agreements; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii) the Non-Solicitation Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The Buyer shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) pay (A) to the Seller, by wire transfer of immediately available funds to a bank account designated in writing by the
Seller prior to the Closing Date, an amount equal to the Purchase Price payable pursuant to Section&nbsp;2.1 less the amount described in clause (B); and (B) on behalf of the Seller, to the Persons to whom the Seller owes Qualified Transaction
Expenses, the aggregate amounts invoiced to the Seller by such Persons, as reflected in the invoices delivered by the Seller to the Buyer in accordance with Section&nbsp;2.2(b), in each case by wire transfer of immediately available funds to a bank
account of each such Person designated by the Seller prior to the Closing Date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) deliver the transfer instrument and the bought and sold note in respect of
the sale of the Shares duly executed by the Buyer or procure that the bought and sold note is executed on behalf of the Buyer, and in each case, deliver a duly executed power of attorney in respect thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) pay to the Escrow Agent by wire transfer of immediately available funds (A) the Escrow Amount into the Escrow Account
and (B) the PRC Withholding Tax Escrow Amount into the PRC Withholding Tax Escrow Account, in each case, to be held by the Escrow Agent pursuant to the terms of the Escrow Agreement; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) execute and deliver to the Seller the Escrow Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REPRESENTATIONS AND WARRANTIES AS TO THE SELLER </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as set forth in accordance with Section&nbsp;1.3(p) in the disclosure letter delivered by the Seller to the Buyer immediately prior to
the execution and delivery of this Agreement (the &#147;<U>Seller Disclosure Letter</U>&#148;), the Seller represents and warrants to the Buyer as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1 <U>Corporate Organization</U>.&nbsp;The Seller has been duly organized, is validly existing and is in good standing under the
Laws of its jurisdiction of organization.&nbsp;The Seller has the requisite power and authority to own or lease its assets and properties and to conduct its business as it is now being conducted.&nbsp;The Seller is duly licensed or qualified and is
in good standing as a foreign entity in all jurisdictions in which it is required to be so licensed or qualified, except where failure to be so licensed or qualified would not have a material adverse effect on the ability of the Seller to enter into
this Agreement or consummate the Contemplated Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.2 <U>Due Authorization</U>.&nbsp;The Seller has all requisite
power and authority to execute and deliver each Transaction Document to which the Seller is or will be a party and to consummate the Contemplated Transactions.&nbsp;The execution and delivery by the Seller of each Transaction Document to which it is
or will be a party and the consummation of the Contemplated Transactions has been duly and validly authorized and approved by the board of directors or other applicable governing body of the Seller, and no other proceeding, consent or authorization
on the part of the Seller is necessary to authorize any Transaction Document to which it is or will be a party or to consummate the Contemplated Transactions.&nbsp;Each Transaction Document to which the Seller is or will be a party has been or will
be duly and validly executed and delivered by the Seller and constitutes, or will constitute, a legal, valid and binding obligation of the Seller, enforceable against such Seller in accordance with its terms, subject to the Enforceability
Exceptions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.3 <U>No Conflict</U>.&nbsp;The execution and delivery by the Seller of each
Transaction Document to which the Seller is or will be a party and the consummation of the Contemplated Transactions do not and will not: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) breach, violate, conflict with or result in a default under any provision of, or constitute an event that, after notice or lapse of time
or both, would result in a breach, violation, conflict or default under, or accelerate the performance required or result in the termination of or give any Person the right to terminate, any material Contract to which the Seller is a party or by
which any of the Seller&#146;s assets are bound, in each case, except for those which would not reasonably be expected to have a material adverse effect on the Seller&#146;s ability to perform its obligations under this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) assuming compliance with the matters addressed in Section&nbsp;4.4, breach, violate, conflict with or result in a default under, any
provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or conflict or default under, in each case in any material respect, any applicable material Law or Order binding upon or
applicable to the Seller, except for those which would not reasonably be expected to materially impair the Seller&#146;s ability to perform its obligations under this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) violate or conflict with any Organizational Documents of the Seller; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) result in the creation or imposition of any material Lien, with or without notice or lapse of time or both, on any assets of the Seller,
except for those which would not reasonably be expected to have a material adverse effect on the Seller&#146;s ability to perform its obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.4 <U>No Authorization or Consents Required</U>. Assuming the truth and completeness of the representations and warranties of
the Buyer contained in this Agreement, no notice to, consent, approval or authorization of or designation, declaration or filing (other than for Taxes as otherwise provided in Section&nbsp;2.5, Section&nbsp;8.6, Section&nbsp;8.7 or Section&nbsp;8.8
of this Agreement) with any Governmental Authority or other Person is required by the Seller with respect to the Seller&#146;s execution or delivery of any Transaction Document to which the Seller is or will be a party or the consummation of the
Contemplated Transactions, except for those which would not reasonably be expected to have a material adverse effect on the Seller&#146;s ability to perform its obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.5 <U>Litigation</U>. There are no pending or, to the Knowledge of the Seller, threatened Actions before or by any Governmental
Authority against the Seller that would reasonably be expected to adversely affect or restrict the ability of the Seller to enter into and perform the Seller&#146;s obligations under any Transaction Document to which the Seller is or will be a
party. The Seller is not subject to any outstanding Order that prohibits or otherwise restricts the ability of the Seller to consummate fully the Contemplated Transactions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.6 <U>Title to Shares; Etc</U>. Other than the Shares, the Seller holds no other
Capital Stock of the Company.&nbsp;The Seller has good and valid title to the Shares, free and clear of all Liens (other than any restrictions on transfer arising under applicable Laws or the Organizational Documents of the Company).&nbsp;Upon
delivery to the Buyer at the Closing of the share certificates representing the Shares held by the Seller and payment for the Shares in accordance with the terms of this Agreement, good and valid title to such Shares will pass to the Buyer, free and
clear of any Liens.&nbsp;The Shares are not subject to any Contract restricting or otherwise relating to the voting, distribution rights or disposition of such Shares (other than any restrictions on transfer arising under applicable Laws or the
Organizational Documents of the Company).</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.7 <U>Brokers</U>. Except for any payments by the Seller as part of a Qualified
Transaction Expense, no broker, finder, investment banker or other Person is entitled to any brokerage, finder&#146;s or other advisory fees, costs, expenses, commissions or similar payments in connection with the Contemplated Transactions based
upon any arrangements or Contract made by the Seller or any of its Affiliates. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REPRESENTATIONS AND WARRANTIES AS TO THE COMPANY </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as set forth in accordance with Section&nbsp;1.3(p) in the Seller Disclosure Letter, the Seller represents and warrants to the Buyer as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1 <U>Company Organization</U>.&nbsp;The Company has been duly incorporated and is validly existing as a company
in good standing under the Laws of its jurisdiction of organization.&nbsp;The Company has the requisite power and authority to own or lease its properties and to conduct its business as it is now being conducted.&nbsp;The Company is duly licensed or
qualified and in good standing as a foreign company in all jurisdictions in which it is required to be so licensed or qualified, except where failure to be so licensed or qualified would not have a material adverse effect on the ability of the
Company to enter into this Agreement or consummate the Contemplated Transactions.&nbsp;The Company has made available to the Buyer a true and complete copy of the Organizational Documents, each as in effect on the date hereof, of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2 <U>Due Authorization</U>.&nbsp;The Company has all requisite power and authority to execute and deliver each Transaction
Document to which it is or will be a party and to consummate the Contemplated Transactions.&nbsp;The execution and delivery by the Company of each Transaction Document to which it is or will be a party and the consummation of the Contemplated
Transactions has been duly and validly authorized and approved by the directors of the Company, and no other proceeding, consent or authorization on the part of the Company is necessary to authorize any Transaction Document to which it is or will be
a party or the Contemplated Transactions.&nbsp;Each Transaction Document to which the Company is or will be a party, has been or will be duly and validly executed and delivered by the Company and constitutes, or will constitute, a legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3 <U>No Conflict</U>.&nbsp;The execution and delivery by the Company of each
Transaction Document to which it is or will be a party and the consummation of the Contemplated Transactions do not and will not: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a)
breach, violate, conflict with or result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or conflict or default under, or accelerate the performance
required, in each case in any material respect, or result in the termination of or give any Person the right to terminate, any Material Contract to which the Company or any of its Subsidiaries is a party or by which any of the Company or any of its
Subsidiaries&#146; assets are bound; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) assuming compliance with the matters addressed in Section&nbsp;5.4, breach, violate, conflict
with or result in a default under, any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or conflict or default under, in each case in any material respect, any applicable
material Law or Order binding upon or applicable to the Company or any of its Subsidiaries; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) violate or conflict with the
Organizational Documents of the Company or any of its Subsidiaries; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) result in the creation or imposition of any material Lien,
with or without notice or lapse of time or both, on any assets of the Company or any of its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4 <U>No
Authorization or Consents Required</U>.&nbsp;Assuming the truth and completeness of the representations and warranties of the Buyer contained in this Agreement, no notice to, consent, approval or authorization of or designation, declaration or
filing with any Governmental Authority or other Person is required by the Company or any of its Subsidiaries with respect to the execution or delivery of any Transaction Document to which it is or will be a party or the consummation of the
Contemplated Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.5 <U>Litigation; Orders</U>.&nbsp;There are no pending or, to the Knowledge of the Company,
threatened material Actions before or by any Governmental Authority or by any other Person against the Company or any of its Subsidiaries. There are no pending or, to the Knowledge of the Company, threatened material Actions by any Governmental
Authority or by any other Person against any officer, director or employee of the Company or any of its Subsidiaries in their capacities as such. None of the Company or any of its Subsidiaries is subject to any outstanding Order (except for Orders
of general applicability). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.6 <U>Capitalization</U>.&nbsp;<U>Section</U><U>&nbsp;</U><U>5.6(a)</U> of the Seller Disclosure
Letter sets forth a true and complete list of the issued and outstanding Capital Stock of the Company as of the date hereof.&nbsp;The issued and outstanding Capital Stock of the Company is validly issued, fully paid and non-assessable (to the extent
that such concepts </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
are applicable) and free of any preemptive rights in respect thereto.&nbsp;There is no other Capital Stock of the Company issued, reserved for issuance or outstanding.&nbsp;There are no
outstanding or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to the Capital Stock of the Company.&nbsp;The Company has no authorized or outstanding bonds, debentures, notes or other Indebtedness
the holders of which have the right to vote (or are convertible into, exchangeable for or evidencing the right to subscribe for or acquire securities having the right to vote) with the stockholders of the Company on any matter.&nbsp;There are no
Contracts to which the Company or any of its Subsidiaries is a party or by which any of them are bound to repurchase, redeem or otherwise acquire, issue, sell or deliver any Capital Stock of the Company.&nbsp;There are no voting trusts, proxies,
shareholder agreements or any other Contracts, commitments, instruments or understandings with respect to the voting, transfer, registration or sale of any Capital Stock of the Company.&nbsp;No Person has any right of first offer, right of first
refusal or preemptive right in connection with any future offer, sale or issuance of Capital Stock of the Company.&nbsp;The Shares being acquired by the Buyer pursuant hereto represent all of the issued and outstanding Capital Stock of the Company.
The Company has fully capitalized the Intercompany Loan prior to the date hereof.&nbsp;None of the Company or any of its Subsidiaries has any Liabilities with respect to the Intercompany Loan or the capitalization
thereof.&nbsp;<U>Section</U><U>&nbsp;</U><U>5.6(b)</U> of the Seller Disclosure Letter contains a true, complete and accurate list of all the shareholders of MKFE Holdings. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.7 <U>Subsidiaries</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Section</U><U>&nbsp;</U><U>5.7(a)</U> of the Seller Disclosure Letter sets forth a true and complete list of each Subsidiary of the
Company and their respective jurisdictions of organization.&nbsp;Each Subsidiary of the Company&nbsp;is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization, has all requisite power and
authority to own or lease its properties and to conduct its business as it is now being conducted.&nbsp;Each Subsidiary and branch of the Company incorporated in the PRC has conducted and completed all filings and registrations with the PRC
Governmental Authorities required to be made in respect of such Subsidiary or branch, as applicable.&nbsp;Each Subsidiary of the Company is duly licensed or qualified and is in good standing as a foreign corporation or other legal entity in all
jurisdictions in which it is required to be so licensed or qualified, except where the failure to be so licensed or qualified, individually or in the aggregate, has not been and would not reasonably be expected to be, material to the Company and its
Subsidiaries, taken as a whole.&nbsp;All outstanding shares of Capital Stock (to the extent such concept is applicable) of each Subsidiary are held directly by the Company or by one or more wholly owned Subsidiaries of the Company as set forth on
such schedule.&nbsp;All of the issued and outstanding shares of Capital Stock (to the extent such concept is applicable) of each Subsidiary are duly authorized, validly issued, fully paid and non-assessable (to the extent that such concepts are
applicable) and free of any preemptive rights with respect thereto.&nbsp;The Company has made available to the Buyer a true and complete copy of the Organizational Documents, each as in effect on the date hereof, of each Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Section</U><U>&nbsp;</U><U>5.7(b)</U> of the Seller Disclosure Letter sets forth the authorized, issued and outstanding Capital Stock
of each Subsidiary of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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With respect to each Subsidiary of the Company, as applicable, there is no other Capital Stock of such Subsidiary authorized, issued, reserved for issuance or outstanding.&nbsp;There are no
outstanding or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to the Capital Stock (to the extent such concept is applicable) of any Subsidiary of the Company.&nbsp;No Subsidiary of the Company has
any authorized or outstanding bonds, debentures, notes or other Indebtedness the holders of which have the right to vote (or are convertible into, exchangeable for, or evidencing the right to subscribe for or acquire securities having the right to
vote) with the members or stockholders of such Subsidiary on any matter.&nbsp;There are no Contracts to which the Company or any of its Subsidiaries is a party or by which it is bound to (i)&nbsp;repurchase, redeem or otherwise acquire any Capital
Stock (to the extent such concept is applicable) of any Subsidiary of the Company or (ii)&nbsp;vote or dispose of any Capital Stock (to the extent such concept is applicable) of any Subsidiary of the Company.&nbsp;No Person has any right of first
offer, right of first refusal or preemptive right in connection with any future offer, sale or issuance of Capital Stock (to the extent such concept is applicable) of any Subsidiary of the Company. None of the Company or any of its Subsidiaries is
obligated to make any loan or capital contribution to any Subsidiary of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Other than the Capital Stock (to the extent
such concept is applicable) of its Subsidiaries, the Company does not own any Capital Stock of any other Person. None of the Company and its Subsidiaries is obligated to make any investment in or capital contribution to any Person. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.8 <U>Financial Statements</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Section</U><U>&nbsp;</U><U>5.8(a)</U> of the Seller Disclosure Letter sets forth a true and complete copy of each of (a)&nbsp;the
Company&#146;s unaudited consolidated balance sheet (the &#147;<U>Latest Balance Sheet</U>&#148;) as of April 30, 2016 and the related statements of income and cash flows for the one-month period then ended (together with the Latest Balance Sheet,
the &#147;<U>Interim Financial Statements</U>&#148;), (b) the Company&#146;s unaudited consolidated balance sheet and statements of income and cash flows for the fiscal year ended April 2, 2016 (collectively with the Interim Financial Statements,
the &#147;<U>Unaudited Financial Statements</U>&#148;) and (c)&nbsp;the Company&#146;s audited consolidated balance sheets (the &#147;<U>Audited Balance Sheet</U>&#148;) and statements of income and cash flows for the fiscal years ended
March&nbsp;31, 2014 and March&nbsp;31, 2015 (together with the Audited Balance Sheet, the &#147;<U>Audited Financial Statements</U>&#148;). The Audited Financial Statements and the Unaudited Financial Statements, collectively, are hereinafter
referred to as the &#147;<U>Financial Statements</U>.&#148; The Financial Statements have been prepared in accordance with HKFRS, consistently applied throughout the periods indicated, and present fairly in all material respects the consolidated
financial condition and results of operations of the Company and its Subsidiaries as of the times and for the periods referred to therein, subject in the case of the Unaudited Financial Statements to (i)&nbsp;the absence of footnote disclosures and
(ii)&nbsp;changes resulting from normal immaterial year-end adjustments. Except as set forth in the Financial Statements, none of the Company and its Subsidiaries maintains any &#147;off-balance-sheet arrangement&#148; within the meaning of Item 303
of Regulation S-K of the SEC. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Section</U><U>&nbsp;</U><U>5.8(b)</U> of the Seller Disclosure Letter sets forth, as of
the Lockbox Date, (i) a true and correct list of all Indebtedness of the Company and its Subsidiaries and the amounts thereof (other than Indebtedness owed to Michael Kors Holdings Limited or a Subsidiary thereof and trade credit incurred in the
ordinary course of business) (the &#147;<U>Lockbox Indebtedness</U>&#148;) and (ii) the amount of Lockbox Cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) As of the date
hereof, the Company has working capital sufficient to conduct the Company&#146;s and its Subsidiaries&#146; business in the ordinary course of business consistent with past practice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) The Company&#146;s system of internal controls over financial reporting is sufficient to provide reasonable assurance in all material
respects that transactions are recorded as necessary to permit preparation of financial statements in accordance with HKFRS, consistently applied. There have been, and are, no material weaknesses or significant deficiencies in the design or
operation of the accounting and internal controls of the Company that could reasonably be expected to impair the Company&#146;s ability to record, process, summarize and report financial data with respect to the business of the Company and its
Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.9 <U>No Undisclosed Liabilities</U>.&nbsp;There are no Liabilities of or with respect to the Company or any
of its Subsidiaries that would be required to be disclosed on financial statements in accordance with HKFRS other than (a)&nbsp;Liabilities disclosed on <U>Section</U><U>&nbsp;</U><U>5.9</U> of the Seller Disclosure Letter, (b)&nbsp;Liabilities
disclosed in the Financial Statements and the notes thereto or (c) Liabilities for performance under Material Contracts listed on <U>Section</U><U>&nbsp;</U><U>5.12</U> of the Seller Disclosure Letter (excluding any Liability for breach). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10 <U>Absence of Certain Developments</U>. Since the latest Audited Balance Sheet (the &#147;<U>Audited Balance Sheet
Date</U>&#148;) through the date of this Agreement, the Company and its Subsidiaries have, in all material respects and except in connection with the negotiation of and effecting the Contemplated Transactions, conducted their business in the
ordinary course of business consistent with past practice. Since the Audited Balance Sheet Date, there has not been any Material Adverse Effect. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11 <U>Taxes</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) All material Tax Returns required to be filed by or with respect to the Company or any of its Subsidiaries have been properly prepared and
timely filed. All such Tax Returns (including information provided therewith or with respect thereto) are true, correct and complete in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The Company and its Subsidiaries have fully and timely paid all material Taxes due and payable by them as of the Lockbox Date (whether or
not shown on any Tax Return).&nbsp;The Financial Statements reflect an adequate reserve (excluding any reserve for deferred Taxes) for all material Taxes payable by the Company and its Subsidiaries for all taxable periods and portions thereof
accrued through the date of such Financial Statements.&nbsp;Since the Lockbox Date, neither the Company nor </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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any of its Subsidiaries has incurred any Tax (for the avoidance of doubt, including any interest, penalties or additions to Tax with respect thereto), other than for Taxes relating to the
ordinary course of business conducted by the Company and its Subsidiaries consistent with past practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) The Company has made
available to the Buyer true and complete copies of (i) all material Tax Returns, and (ii) any examination reports and statements of deficiencies received from a Tax Authority, in each case for the Company and its Subsidiaries for its three (3) most
recent taxable years for which it has filed Tax Returns as of the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) There are no outstanding agreements extending or
waiving the statutory period of limitations applicable to any claim for, or the period for the collection, assessment or reassessment of, Taxes due from the Company or any of its Subsidiaries for any taxable period. No request for any such waiver or
extension is currently pending. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) No Action by any Tax Authority is pending or threatened in writing with respect to any Taxes due
from or with respect to the Company or any of its Subsidiaries. No claim has been made by any Tax Authority in a jurisdiction where the Company and its Subsidiaries do not file Tax Returns that it is or may be subject to taxation by that
jurisdiction.&nbsp;All deficiencies for Taxes asserted or assessed against the Company or any of its Subsidiaries have been fully and timely paid, settled or properly reflected in the Financial Statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) There are no Liens for Taxes upon the assets or properties of the Company or any of its Subsidiaries, except for statutory Liens for
current Taxes not yet due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) Neither the Company nor any of its Subsidiaries has participated in a transaction that the Company or any
of its Subsidiaries has been required to separately disclose to an applicable Tax Authority as a tax shelter or similar transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(h)
Neither the Company nor any of its Subsidiaries is a party to any Contract relating to the sharing, allocation or indemnification of Taxes or has any Liability for Taxes of any Person under Treasury Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.1502-6,</FONT> Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.1502-78</FONT> or in each case any comparable provision of any state, local or non-U.S. Tax Law, as a transferee or
successor, pursuant to a Contract (other than any customary commercial Contract or any Contract the primary subject matter of which is not Taxes) or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) The Company and its Subsidiaries have each withheld from their respective employees, independent contractors, creditors, stockholders and
third parties and timely paid to the appropriate Tax Authority proper and accurate amounts in all material respects for all periods ending on or before the Closing Date in compliance with all Tax withholding and remitting provisions of applicable
Laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(j) Neither the Company nor any of its Subsidiaries will be required to include in a taxable
period ending after the Closing Date taxable income attributable to income that accrued in a taxable period prior to the Closing Date but was not recognized for Tax purposes in such prior taxable period (or to exclude from taxable income in a
taxable period ending after the Closing Date any deduction the recognition of which was accelerated from such taxable period to a taxable period prior to the Closing Date) for any reason including as a result of any (i) adjustment required by reason
of a change in the method of tax accounting prior to the Closing Date, (ii) closing agreement or similar agreement entered into with any Tax Authority prior to the Closing Date, (iii) prepaid amount received on or prior to the Closing Date, or (iv)
installment sale or intercompany transaction made prior to the Closing Date, or in each of cases (i) through (iv), comparable concepts under non-U.S. Tax Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(k) Neither the Company nor any of its Subsidiaries has executed or entered into a closing agreement pursuant to Section&nbsp;7121 of the
Code or any comparable provision of any state, local or non-U.S. Law. Neither the Company nor any of its Subsidiaries is subject to any private letter ruling of the IRS or comparable ruling of any other Tax Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(l) <U>Section</U><U>&nbsp;</U><U>5.11(l)</U> of the Seller Disclosure Letter sets forth (i) the U.S. federal income tax classification of
the Company and each Subsidiary and (ii) the effective date of any elections on IRS Form 8832 of the Company or any Subsidiary.&nbsp;The Company has never made an election under Section 897(i) of the Code to be treated as a domestic corporation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(m) Each of the Company&#146;s Subsidiaries formed in the PRC has, in accordance with applicable Law, duly registered with the relevant
PRC Tax Authority, obtained and maintained the validity of all national and local Tax registration certificates and complied in all material respects with all requirements imposed by such Tax Authority. No submissions made by or on behalf of the
Company or any of its Subsidiaries to any Tax Authority in connection with obtaining Tax exemptions, Tax holidays, Tax deferrals, Tax incentives or other preferential Tax treatments or Tax rebates contained any material misstatement or omission that
would have affected the granting of such Tax exemptions, preferential treatments or rebates. No suspension, revocation or cancellation of any such Tax exemptions, preferential treatments or rebates is pending or threatened in writing. The Company
has no reason to believe that the Contemplated Transactions will have any material adverse effect on the continued validity and effectiveness of any such Tax exemptions, preferential treatments or rebates or will result in the clawback or recapture
of any such Tax exemptions, preferential treatments or rebates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(n) Neither the Company nor any of its Subsidiaries takes the position
for tax purposes that it is a tax resident in any jurisdiction other than its jurisdiction of formation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(o) Since the Lockbox Date,
neither the Company nor any of its Subsidiaries has amended any Tax Return, made or changed any election in respect of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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Taxes, entered into any closing agreement, requested or received any ruling from a Tax Authority related to Taxes (other than with respect to the PRC Withholding Taxes), settled any claim or
assessment in respect of Taxes, surrendered any refund, consented to any extension or waiver of the limitation period applicable to any claim or assessment in respect of Taxes, in each case other than in the ordinary course of business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(p) Other than the representations in Section&nbsp;5.11(d), Section&nbsp;5.11(j), Section&nbsp;5.11(k) and Section&nbsp;5.11(l), no
representation or warranty contained in this Section&nbsp;5.11 is made with respect to any taxable period (or portion thereof) beginning after the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(q) It is agreed and understood that no representation or warranty is made by the Seller in respect of Tax matters, other than the
representations and warranties set forth in this Section&nbsp;5.11 and Section&nbsp;5.18. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.12 <U>Contracts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Section</U><U>&nbsp;</U><U>5.12</U> of the Seller Disclosure Letter sets forth a true and complete list of all Material Contracts as of
the date hereof. &#147;<U>Material Contracts</U>&#148; means any Contract to which the Company or any of its Subsidiaries is a party (other than any Contracts with Michael Kors Holdings Limited or any of its Subsidiaries) and which falls within any
of the following categories: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) any Contract that the Company reasonably anticipates will involve individual or
aggregate payments or consideration of more than $250,000 in the calendar year ending December&nbsp;31, 2016 for goods and services furnished by the Company or any of its Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) any Contract that the Company reasonably anticipates will involve individual or aggregate payments or consideration of
more than $250,000 in the calendar year ending December&nbsp;31, 2016 for goods and services furnished to the Company or any of its Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) any Contract relating to Indebtedness of the Company or any of its Subsidiaries having an outstanding amount in excess
of $250,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) any Contract under which the Company or any of its Subsidiaries would incur any change-in-control
payment or similar compensation obligations to its employees by reason of any Transaction Document or the Contemplated Transactions; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) any stock option, stock purchase or stock appreciation plan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) any Contract under which the Company or any of its Subsidiaries has advanced or loaned an amount to any Person, other
than to the Company or any wholly owned Subsidiary, any business related advances to employees, officers and directors made in the ordinary course of business and trade credit in the ordinary course of business consistent with past practice; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) any joint venture, partnership or limited liability company Contract; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii) any employment, severance, retention, non-competition or separation Contract with any current director, officer,
employee or consultant of the Company or any of its Subsidiaries, or any of such arrangements with any former director, officer, employee or consultant of the Company or any of its Subsidiaries to the extent there exists any outstanding or potential
future Liability, in each case, providing annual compensation in excess of $250,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ix) any Contract which purports to
limit or restrict the ability of the Company or any of its Subsidiaries to enter into or engage in any geographic market or line of business or that provides for &#147;most favored nations&#148; terms or establishes an exclusive sale or purchase
obligation with respect to any product or geographic location; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(x) any Contract (other than Company Plans or Non-U.S.
Statutory Plans) with any current or former officer, director, stockholder or Affiliate of the Company or any of its Subsidiaries, with any family member of any of the foregoing or with any Affiliate of any such family member; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xi) any Contract (other than the Transaction Documents) for the sale, transfer or acquisition of any of the assets, Capital
Stock or businesses of the Company or any of its Subsidiaries (other than, in the case of sale or transfers of assets, in the ordinary course of business consistent with past practice) or for the grant to any Person of any preferential rights to
purchase any of the assets, Capital Stock or businesses of the Company or any of its Subsidiaries, in each case under which there are material outstanding obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xii) any license, covenant not to sue or other Contract granting the Company or any of its Subsidiaries the right to use any
Intellectual Property (other than off-the-shelf software licenses); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xiii) any Contract for capital expenditures
involving payments of more than $250,000 individually or in the aggregate, in each case under which there are material outstanding obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xiv) any Contract entered into in the past three years involving any resolution or settlement of any actual or threatened
Action with a value of greater than $100,000 or which imposes material continuing obligations on the Company or any of its Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xv) any Contract under which the Company or any of its Subsidiaries has continuing material indemnification obligations to
any Person, other than those entered into in the ordinary course of business consistent with past practice; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xvi) any Contract with any labor union or association relating to any current
or former employee of the Company or any of its Subsidiaries; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xvii) any other Contract (or group of related
Contracts) the performance of which requires aggregate payments to or from the Company or any of its Subsidiaries in excess of $250,000 per year that is not terminable with less than 60 days&#146; notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) Prior to the date hereof, the Buyer either has been supplied with, or has been given access to, a true and complete (i)&nbsp;copy of each
written Material Contract and (ii)&nbsp;summary of all of the material terms and conditions of each oral Material Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Each
Material Contract is a valid and binding obligation of the Company or its Subsidiary, as applicable, is in full force and effect and is enforceable against the Company or its Subsidiary, as applicable, and, to the Knowledge of the Company, against
the other parties thereto, subject to the Enforceability Exceptions. Neither the Company nor any of its Subsidiaries is in material breach, violation of or default under any Material Contract. No event has occurred that, with notice or lapse of time
or both, would constitute such a material breach or violation or default by the Company or any of its Subsidiaries under any Material Contract or, to the Knowledge of the Company, the other parties thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.13 <U>Retailers and Suppliers</U>.&nbsp;<U>Section</U><U>&nbsp;</U><U>5.13</U> of the Seller Disclosure Letter sets forth a
true and complete list, for the 12 months ended April 30, 2016, of the five largest third-party wholesalers of the Company and its Subsidiaries and the 10 largest suppliers of goods and services to the Company and its Subsidiaries.&nbsp;No Person
set forth on <U>Section</U><U>&nbsp;</U><U>5.13</U> of the Seller Disclosure Letter (a)&nbsp;has threatened to cancel or otherwise terminate or, to the Knowledge of the Company, intends to cancel or otherwise terminate, the relationship of such
Person with the Company or any of its Subsidiaries or (b)&nbsp;has materially modified or decreased materially or threatened to materially modify or decrease materially or limit materially or, to the Knowledge of the Company, intends to materially
modify its relationship with the Company or any of its Subsidiaries or intends to decrease materially its purchases from, or services or supplies to, the Company or any of its Subsidiaries. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.14 <U>Intellectual Property</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) All material Intellectual Property used in the operation of the business of the Company and its Subsidiaries (the &#147;<U>Company
Intellectual Property</U>&#148;) is either owned by the Company or one or more of its Subsidiaries (the &#147;<U>Owned Intellectual Property</U>&#148;) or is used by the Company or one or more of its Subsidiaries pursuant to a valid Contract or
pursuant to applicable Law (the &#147;<U>Licensed Intellectual Property</U>&#148;). The Company and its Subsidiaries have taken all commercially reasonable actions to maintain and protect each item of Company Intellectual Property. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Section</U><U>&nbsp;</U><U>5.14(b)</U> of the Seller Disclosure Letter sets forth a true
and complete list of (i)&nbsp;all material Owned Intellectual Property that is registered, issued or the subject of a pending application and (ii)&nbsp;all material unregistered Owned Intellectual Property.&nbsp;All of the registrations, issuances
and applications set forth on <U>Section</U><U>&nbsp;</U><U>5.14(b)</U> of the Seller Disclosure Letter are subsisting, unexpired and, to the Knowledge of the Company, valid, and payment of all renewal and maintenance fees, costs and expenses in
respect thereof, and all filings related thereto, have been duly made as of the date hereof.&nbsp;The Company and its Subsidiaries own and possess all right, title and interest in and to the Owned Intellectual Property free and clear of all Liens,
other than Permitted Liens.&nbsp;The Company and its Subsidiaries have not transferred, assigned, pledged, mortgaged, hypothecated or otherwise granted any Liens (including any Permitted Lien) in or to the Intellectual Property licensed to the
Company or any of its Subsidiaries pursuant to the Kors License Agreements or in or to any of the Company&#146;s or any of its Subsidiary&#146;s rights in or to the Kors License Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) The conduct of the business of the Company and its Subsidiaries does not infringe or otherwise violate any Intellectual Property or other
proprietary rights of any other Person, and there is no Action pending or, to the Knowledge of the Company, threatened in writing alleging any such infringement or violation or challenging the Company&#146;s or any of its Subsidiaries&#146; rights
in or to any Company Intellectual Property and, to the Knowledge of the Company, there is no existing fact or circumstance that would be reasonably expected to give rise to any such Action. To the Knowledge of the Company, no Person is infringing or
otherwise violating any Owned Intellectual Property or any rights of the Company or any of its Subsidiaries in any Intellectual Property owned or exclusively licensed to the Company or its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) To the Knowledge of the Company, no Person has gained material unauthorized access to, or made any material unauthorized use of, any
personally identifiable information (&#147;<U>Personal Information</U>&#148;) maintained by the Company or any of its Subsidiaries on their software or systems in the past three (3) years. The Company and each of its Subsidiaries are in material
compliance with all applicable Laws regarding the collection, use and protection of Personal Information, except where the failure to comply, individually or in the aggregate, has not been and would not reasonably be expected to adversely affect, in
any material respect, the Company and its Subsidiaries, taken as a whole. The Company and its Subsidiaries have commercially reasonable security measures in place to protect Personal Information stored in their computer systems from unlawful use by
any third party. No Actions are pending or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries relating to the collection or use of Personal Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) To the Knowledge of the Company, all software material to the business of the Company and its Subsidiaries (i)&nbsp;performs in material
conformance with its documentation, (ii)&nbsp;is free from any material software defect and (iii)&nbsp;does not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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contain any virus, software routine or hardware component designed to permit unauthorized access or to disable or otherwise harm any computer, systems or software or any software routine designed
to disable a computer program automatically with the passage of time or under the positive control of a Person other than an authorized licensee or owner of the software. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.15 <U>Property</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Except for assets disposed of in the ordinary course of business consistent with past practice since the Audited Balance Sheet Date, the
Company and each of its Subsidiaries own good and marketable title to, or hold pursuant to valid and enforceable leases, all of the personal property shown to be owned or leased by it on the Latest Balance Sheet, in each case free and clear of all
Liens, except for Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Section</U><U>&nbsp;</U><U>5.15(b)</U> of the Seller Disclosure Letter sets forth a true and
complete list of all leases, subleases, licenses and other use and occupancy agreements pursuant to which the Company or any of its Subsidiaries leases, subleases, licenses or otherwise uses or occupies or has the right to use or occupy real
property in connection with the Company&#146;s business (including each extension, renewal, modification and guaranty related thereto, each, a &#147;<U>Lease</U>&#148; and collectively, the &#147;<U>Leases</U>&#148;, and each description of the real
property demised under a Lease, a &#147;<U>Leased Property</U>&#148;) including (i) the street address of each Leased Property, (ii) the lessor and (iii) the lessee or current occupant if different from the named lessee). Prior to the date hereof,
the Buyer either has been supplied with, or has been given access to, a true, complete and accurate copy of each Lease. Each Lease is a valid and binding obligation of the Company or its Subsidiary, as applicable, is in full force and effect and is
enforceable against the Company or its Subsidiary, as applicable, and, to the Knowledge of the Company, against the other parties thereto, subject to proper authorization, execution and delivery of such Lease by the other party thereto and the
Enforceability Exceptions, and neither the Company nor any of its Subsidiaries nor, to the Knowledge of the Company, any other party thereto has received or delivered written notice of a material default under any Lease and no event has occurred or
circumstance exists that, with notice or lapse of time or both, would constitute such a material default by the Company or any of its Subsidiaries or, to the Knowledge of the Company, any other party thereto. The Company or its applicable Subsidiary
has good and valid leasehold title to each Leased Property subject to no Liens except Permitted Liens. Neither the Company nor any of its Subsidiaries has leased, subleased, licensed or otherwise granted to any Person the right to use or occupy any
Leased Property or any portion thereof or interest therein. The Company enjoys peaceful and undisturbed possession of the Leased Properties and has paid all rent due and payable under the Leased Properties. Each Lease constitutes the entire
agreement between the Company or its respective Subsidiary, as applicable, and each lessor, sublessor or licensor with respect to the Leased Property. The Leased Property comprises all of the real property used or occupied by the Company or any of
its Subsidiaries in the conduct of the Company&#146;s business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Neither the Company nor any of its Subsidiaries owns any real property or is party to any
Contract or option to purchase any real property or interest in real property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) To the Knowledge of the Company, there is no pending
or threatened, appropriation, condemnation or like Action affecting the Leased Property or any part thereof or interest therein or of any sale or other disposition of the Leased Property or any part thereof or interest therein in lieu of
condemnation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.16 <U>Employees</U>. <U>Section</U><U>&nbsp;</U><U>5.16</U> of the Seller Disclosure Letter sets forth a
true and complete list setting forth the name, position, job location, salary or wage rate, bonus opportunity, date of hire and full- or part-time or temporary status, for each employee of the Company and its Subsidiaries whose annual cash
compensation exceeds $100,000. No employees of the Company and its Subsidiaries are located in the United States. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.17
<U>Employee and Labor Matters</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Neither the Company nor any of its Subsidiaries is a party to, or otherwise bound by, any
collective bargaining agreement or other Contract with any labor union or other organization representing the Company&#146;s or any of its Subsidiaries&#146; employees. There are no material unfair labor practice charges, grievances or complaints
pending or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries before any Governmental Authority. There are no work slowdowns, lockouts, stoppages, picketing or strikes pending or, to the Knowledge of the
Company, threatened between the Company or any of its Subsidiaries and its employees.&nbsp;There is no organization effort pending or, to the Knowledge of the Company, threatened by any labor union to organize any employees of the Company or any of
its Subsidiaries, nor has there been such an effort in the past three years.&nbsp;The Company and its Subsidiaries are each in compliance in all respects with all applicable Labor Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) As of the date of this Agreement, no employee of the Company or any of its Subsidiaries set forth on
<U>Section</U><U>&nbsp;</U><U>5.17</U> of the Seller Disclosure Letter has given written notice to the Company or any of its Subsidiaries that any such employee intends to terminate his or her employment with the Company or any of its Subsidiaries.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.18 <U>Employee Benefit Plans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Section</U><U>&nbsp;</U><U>5.18(a)</U> of the Seller Disclosure Letter sets forth a true and complete list of each material Company
Plan and each material Non-U.S. Statutory Plan providing for severance, retirement, health or similar benefits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) With respect to each
material Company Plan (other than any Multiemployer Plan), the Company has made available to the Buyer a true and complete copy (or, to the extent no such copy exists, an accurate description) thereof and, to the extent applicable, (i) each related
trust agreement or other funding instrument, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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(ii)&nbsp;the most recent IRS determination or opinion letter or non-U.S. equivalent, (iii) the most recent annual report (Form 5500 series or non-U.S. equivalent) and (iv) the most recent
financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Except with respect to any multiemployer plan (as defined in Section 3(37) or 4001(a)(3) of ERISA) (a
&#147;<U>Multiemployer Plan</U>&#148;)), (i)&nbsp;each Company Plan has been established and administered in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code and all other applicable Laws, (ii)&nbsp;each
Company Plan (other than a Non-U.S. Company Plan) that is intended to be qualified within the meaning of Section&nbsp;401(a) of the Code is so qualified and has received a favorable determination letter from the IRS to the effect that such Company
Plan satisfies the requirements of Section&nbsp;401(a) of the Code and that its related trust is exempt from taxation under Section&nbsp;501(a) of the Code and, there are no facts or circumstances that would reasonably be expected to cause the loss
of such qualification, (iii)&nbsp;to the Knowledge of the Company, no individual who has performed services for the Company or any of its Subsidiaries has been improperly excluded from participation in any Company Plan, (iv)&nbsp;no non-exempt
&#147;prohibited transaction&#148; within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code has occurred involving any Company Plan (other than a Non-U.S. Company Plan), and (v) all employer and employee contributions
required by Law or by the terms of the Company Plans (other than Non-U.S. Company Plans) have been made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) Neither the Company nor any
of its Subsidiaries has incurred any Liability in respect of post-employment health, medical or life insurance benefits for any current or former employee of the Company or any of its Subsidiaries, except at the expense of the employee or former
employee or as required by applicable Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) None of the Company, its Subsidiaries and their ERISA Affiliates sponsors, maintains,
contributes to or has any Liability in respect of, or has in the past six years sponsored, maintained, contributed to or had any Liability that has not been satisfied in full in respect of, any defined benefit pension plan (as defined in
Section&nbsp;3(35) of ERISA), Multiemployer Plan or plan subject to Section&nbsp;412 of the Code or Section&nbsp;302 of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) No
event has occurred and no condition exists that would, either directly or by reason of the Company&#146;s or any Subsidiary&#146;s affiliation with any of their ERISA Affiliates, subject the Company or any of its Subsidiaries to any Tax, fine, Lien,
penalty or other Liability imposed by ERISA, the Code or other applicable Laws or Orders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) Other than pursuant to the New Employment
Agreements, none of the execution and delivery of any Transaction Document, shareholder approval of any Transaction Document or the consummation of the Contemplated Transactions would reasonably be expected to (either alone or in combination with
another event) result in (i)&nbsp;severance pay or any increase in severance pay upon any termination of employment of employees of the Company or any of its Subsidiaries after the date of this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


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Agreement, (ii)&nbsp;any payment, compensation or benefit becoming due, or increase in the amount of any payment, compensation or benefit due, to any current or former employee, director or
consultant of the Company, in each case, by the Company or any of its Subsidiaries, (iii)&nbsp;the acceleration of the time of payment or vesting or result in any funding (through a grantor trust or otherwise) of compensation or benefits to any
employee or other service provider of the Company or any of its Subsidiaries (other than in connection with the Option cancellation as set forth in Section&nbsp;2.6), or (iv)&nbsp;the payment of any amount to an employee or other service provider of
the Company or any of its Subsidiaries that could, individually or in combination with any other such payment, constitute an &#147;excess parachute payment,&#148; as defined in Section&nbsp;280G(b)(1) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(h) With respect to each Company Plan and each Non-U.S. Statutory Plan, (i)&nbsp;no Actions (other than routine claims for benefits) are
pending or, to the Knowledge of the Company, threatened and (ii)&nbsp;no facts or circumstances exist that would reasonably be expected to give rise to any such Actions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) With respect to each Non-U.S. Company Plan and each Non-U.S. Statutory Plan, the Company and its Subsidiaries have made all required
contributions under such Non-U.S. Company Plans and Non-U.S. Statutory Plan whether required by Law or by the terms of such Non-U.S. Company Plan and Non-U.S. Statutory Plan, respectively, and have complied in all material respects with all
applicable Laws of any jurisdiction in relation to such Non-U.S. Company Plans and Non-U.S. Statutory Plans, in each case including all contributions required to be made under the PRC social insurance and housing schemes in accordance with
applicable PRC Laws (including pension funds, medical insurance funds, unemployment insurance funds, maternity insurance funds, housing funds and the workers injury funds). No Non-U.S. Company Plan or Non-U.S. Statutory Plan is a &#147;defined
benefit&#148;-type pension plan under applicable Laws. Each Non-U.S. Company Plan and each Non-U.S. Statutory Plan required to be registered has been registered and has been maintained in good standing with applicable Governmental Authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.19 <U>Insurance</U>.&nbsp;All current insurance policies of the Company and its Subsidiaries are in full force and effect and
have terms and conditions, including amounts and scope of coverage, that are customary for companies in the same or similar lines of business and of similar size and financial condition and operating in same or similar regions.&nbsp;Neither the
Company nor any of its Subsidiaries has received any written notice of cancellation or non-renewal of any such policies nor, to the Knowledge of the Company, is the termination of any such policies threatened.&nbsp;The Company has made available to
the Buyer loss-runs for the last three years in respect of the Company and each of its Subsidiaries. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.20 <U>Compliance with
Laws</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The Company and its Subsidiaries have been for the past five years and are in compliance with all Laws and Orders to which
the Company and its Subsidiaries are subject, except where the failure to comply, individually or in the aggregate, has not been and would not reasonably be expected to be material to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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Company and its Subsidiaries, taken as a whole.&nbsp;Neither the Company nor any of its Subsidiaries has, within the past five years, received any written notice or written communication from, or
to the Knowledge of the Company been under investigation by, any Governmental Authority that such Person is not in compliance with any applicable Law or Order for such non-compliance as, individually or in the aggregate, has not been and would not
reasonably be expected to have a material adverse effect on the Company and its Subsidiaries, taken as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The Company and its
Subsidiaries have been for the past five years and are in compliance with, in each case to the extent applicable, the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Prevention Of Bribery Ordinance (Cap. 201 of the
Law of Hong Kong Special Administrative Region), the anti-bribery Laws and regulations in the PRC including the Criminal Law of the PRC, the Anti-Unfair Competition Law, and any other anti-corruption or anti-bribery Laws of any jurisdiction where
the Company or its Subsidiaries do business. Each of the Company and its Subsidiaries has at all times for the past five years complied with all Laws relating to export control and trade sanctions or embargoes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Neither the Company nor, to the Knowledge of the Company, has any other Person acting on its behalf, directly or indirectly, unlawfully
used corporate funds or otherwise acted unlawfully to: (i) make or provide any unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii) make or offer any payment or transfer of anything of value to
any government official or employee, political party or campaign, or official or employee of any public international organized or government-owned enterprise or institution to obtain or retain business or to secure an improper advantage or (iii)
make or propose to make any bribe, payoff, influence, payment, kickback, unlawful rebate, or other similar unlawful payment of any nature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) The Company, the officers and directors of the Company, and, to the Knowledge of the Company, any employees of the Company or any Persons
acting on behalf of the Company: (i) are, and have at all times in the past five years been, in material compliance with all statutory and regulatory requirements of the Laws implemented by the Office of Foreign Assets Control of the U.S. Department
of the Treasury (&#147;<U>OFAC</U>&#148;), in each case to the extent OFAC applies to such Person, and (ii) have not unlawfully engaged in the past five years in any transaction or other business with (A) any country subject to sanctions enforced by
OFAC, including the government or any sub-division thereof, agents, representatives, or residents thereof, or any entity formed, based or resident therein (or any agent thereof) or (B) any Person that is included, at the time of the relevant
transaction, in the list of &#147;Specifically Designated Nationals&#148; and &#147;Blocked Persons&#148; published by the United States Department of Treasury or any other restricted Person, as may be promulgated by the United States government
from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.21 <U>Environmental Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Except as have been fully and finally resolved with no current or future liability to the Company, no notice, notification, demand,
request for information, citation, complaint, summons or Order has been received, no penalty has been assessed and no Action is pending or, to the Knowledge of the Company, threatened by any Person with respect to the Company or any of its
Subsidiaries and relating to or arising out of any Environmental Law or Environmental License; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) There are no Liabilities of or
relating to the Company or any of its Subsidiaries of any kind whatsoever, including those relating to off-site disposal of or human exposure to Hazardous Substances arising under or relating to any Environmental Law or Environmental Licenses, and
there are no facts, conditions, situations or set of circumstances that would reasonably be expected to result in Liability to the Company or any of its Subsidiaries, under any Environmental Law or Environmental Licenses; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) The Company and its Subsidiaries are and have been for the past five (5) years in compliance with all applicable Environmental Laws and
have obtained and are in compliance with all Environmental Licenses. Such Environmental Licenses are valid and in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) There has been no material environmental investigation, study, audit, test, review or other analysis conducted in relation to the current
or prior business of the Company or any of its Subsidiaries or any property or facility now or previously owned, leased or operated by the Company or any of its Subsidiaries that is in the possession or control of the Seller, the Company or any of
its Subsidiaries that has not been made available to the Buyer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.22 <U>Licenses</U>.&nbsp;The Company and its Subsidiaries
have obtained all of the material Licenses necessary to permit the Company and its Subsidiaries to lawfully conduct the business of the Company and its Subsidiaries as currently conducted (the &#147;<U>Company Licenses</U>&#148;). Each Company
License is valid and in full force and effect. There are no Actions pending or, to the Knowledge of the Company, threatened that would reasonably be expected to result in the termination, revocation, suspension or restriction of any Company License
or the imposition of any fine, penalty, sanction or other Liability for violation of any Law or Order relating to any Company License. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.23 <U>Affiliate Transactions</U>. None of the Seller, any Affiliate of the Company (other than the Company or any of its wholly
owned Subsidiaries), any current or former officer, director or stockholder or, to the Knowledge of the Company, any employee or consultant of the Company or any of its Subsidiaries (each, a &#147;<U>Related Party</U>&#148;) is a party to any
Contract (other than any Company Plans or Non-U.S. Statutory Plans) with the Company or any of its Subsidiaries or has any interest in any property used by the Company or any of its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.24 <U>Brokers</U>. Except for the Qualified Transaction Expenses, which will be paid by the Seller, there are no claims for
brokerage, finders&#146; or other advisory fees, costs, expenses, commissions or similar payments in connection with the Contemplated Transactions based on any arrangement or Contract made by or on behalf of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.25 <U>No Affiliate Payments</U>.&nbsp;Except as otherwise disclosed on
<U>Section</U><U>&nbsp;</U><U>5.25</U> of the Seller Disclosure Letter, since the Lockbox Date: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) no dividend, return of capital or
other distribution of profits or assets has been paid, made or declared by the Company or any of its Subsidiaries to, or for the benefit or at the direction of, a Related Party; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) no payments (whether by gift or otherwise) or obligations to make payments have been paid or made by or on behalf of the Company or any
of its Subsidiaries to a Related Party (other than pursuant to the Company Plans or Non-U.S. Statutory Plans or any compensation or benefit paid by the Company or its Subsidiaries in the ordinary course of business consistent with past practice);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) no share capital or other securities of the Company or any of its Subsidiaries has been redeemed, repurchased or repaid; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) no amounts owed to the Company or any of its Subsidiaries by a Related Party have been waived, released or forgiven; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) no management, monitoring, advisory, supervisory or other similar fees, or shareholder or director&#146;s fees or bonuses or payments of
a similar nature have been paid by or on behalf of the Company or any of its Subsidiaries to or for the benefit of a Related Party (other than pursuant to the Company Plans or Non-U.S. Statutory Plans); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) no expense or other amounts that would constitute a Qualified Transaction Expense if such expense or other amount was unpaid as of the
Closing has been paid by (or is payable in the future by) the Company or any of its Subsidiaries; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) neither the Company nor any of its
Subsidiaries has made or agreed to make any payment of any breakage, prepayment or similar fees or costs with respect to any Lockbox Indebtedness, and neither the Company nor any of its Subsidiaries has incurred any Indebtedness (other than in the
ordinary course of business consistent with past practice for working capital purposes, including under the Existing Credit Facility in effect as of the date hereof); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(h) no sale of any asset of the Company or any of its Subsidiaries, or the purchase of any asset by the Company or any of its Subsidiaries,
to or from a Related Party has been made or agreed to be made; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) no increase in the amount of remuneration of any director, officer or
employee set forth on <U>Section</U><U>&nbsp;</U><U>5.25(i)</U> of the Seller Disclosure Letter, other than pursuant to the New Employment Agreements, in the ordinary course of business consistent with past practice or which would not result in any
increased cost or expense to the Buyer, has been made or agreed to be made; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(j) neither the Company nor any of its Subsidiaries has agreed or committed to do any of the
things set out in Section&nbsp;5.25(a) to Section&nbsp;5.25(i) above; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">each of any such events, and the amounts involved or attributable
thereto being &#147;<U>Affiliate Payments</U>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.26 <U>Aggregate Funded PRC IIT Amount</U>. MK Shanghai has received
payment in full by Patrick Lee and James Lee of their respective Funded PRC IIT Amounts (as defined below) pursuant to terms and conditions of the Tax Side Letter Agreement, the full amount of which is held in MK Shanghai&#146;s bank account as of
the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.27 <U>No Other Representations and Warranties</U>.&nbsp;Except for the representations and warranties
contained in Article&nbsp;IV and Article&nbsp;V, neither the Seller nor any other Person makes any express or implied representation or warranty with respect to the Company, and the Seller hereby disclaims any such other representations or
warranties.&nbsp;In particular, without limiting the foregoing disclaimer, neither the Seller nor any other Person makes or has made any representation or warranty to the Buyer or any of its Affiliates (except for the representations and warranties
made (i) by the Seller in Article&nbsp;IV and Article&nbsp;V, (ii) by SHL in Section&nbsp;10.15 and (iii) in the Owner Letter Agreement and the Non-Solicitation Agreements, in each case by the parties thereto), including in any oral or written
information presented to the Buyer or any of its Affiliates in the course of their due diligence investigation of the Company, the negotiation of this Agreement or in the course of the Contemplated Transactions. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;VI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REPRESENTATIONS AND WARRANTIES OF THE BUYER </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as set forth in the disclosure letter delivered by the Buyer to the Company and the Seller immediately prior to the execution and
delivery of this Agreement (the &#147;<U>Buyer Disclosure Letter</U>&#148;), the Buyer represents and warrants to the Seller as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.1 <U>Corporate Organization</U>.&nbsp;The Buyer has been duly formed and is validly existing in good standing under the Laws of
its jurisdiction of organization.&nbsp;The Buyer has the requisite power and authority to own or lease its properties and to conduct its business as it is now being conducted.&nbsp;The Buyer is duly licensed or qualified and in good standing as a
foreign limited liability company in all jurisdictions in which it is required to be so licensed or qualified, except where failure to be so licensed or qualified would not have a material adverse effect on the ability of the Buyer to enter into
this Agreement or consummate the Contemplated Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.2 <U>Due Authorization</U>.&nbsp;The Buyer has all requisite
power and authority to execute and deliver each Transaction Document to which it is or will be a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
party and to consummate the Contemplated Transactions.&nbsp;The execution and delivery by the Buyer of each Transaction Document to which it is or will be a party and the consummation of the
Contemplated Transactions has been duly and validly authorized and approved by the board of managing officers of the Buyer, and no other proceeding, consent or authorization on the part of the Buyer is necessary to authorize any Transaction Document
to which it is or will be a party or the Contemplated Transactions.&nbsp;Each Transaction Document to which the Buyer is or will be a party, has been or will be duly and validly executed and delivered by the Buyer and constitutes, or will
constitute, a legal, valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms, subject to the Enforceability Exceptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.3 <U>No Conflict</U>.&nbsp;The execution and delivery by the Buyer of each Transaction Document to which it is or will be a
party and the consummation of the Contemplated Transactions do not and will not: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) breach, violate, conflict with or result in a
default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or conflict or default under, or accelerate the performance required or result in the termination of or give
any Person the right to terminate, any material Contract to which the Buyer is a party or by which any of the Buyer&#146;s assets are bound, in each case, except for those, which would not reasonably be expected to have a material adverse effect on
the Buyer&#146;s ability to perform its obligations under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) assuming compliance with the matters addressed in
Section&nbsp;6.4, breach, violate, conflict with or result in a default under, any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or, conflict or default under, in each case
in any material respect, any applicable material Law or Order binding upon or applicable to the Buyer, except for those, which would not reasonably be expected to materially impair the Buyer&#146;s ability to perform its obligations under this
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) violate or conflict with the Organizational Documents of the Buyer; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) result in the creation or imposition of any material Lien, with or without notice or lapse of time or both, on any assets of the Buyer,
except for those, which would not reasonably be expected to have a material adverse effect on the Buyer&#146;s ability to perform its obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.4 <U>No Authorization or Consents Required</U>. Assuming the truth and completeness of the representations and warranties of
the Seller contained in this Agreement, no notice to, consent, approval or authorization of or designation, declaration or filing with any Governmental Authority or other Person is required by the Buyer with respect to the Buyer&#146;s execution or
delivery of any Transaction Document to which it is in will be a party or the consummation of the Contemplated Transactions, except for those, which have been obtained or which would not have a material adverse effect on the Buyer&#146;s ability to
perform its obligations under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.5 <U>Litigation</U>.&nbsp;There are no pending or, to the Knowledge of the Buyer,
threatened Actions before or by any Governmental Authority against the Buyer that would reasonably be expected to adversely affect or restrict the ability of the Buyer to enter into and perform its obligations under any Transaction Document to which
it is or will be a party.&nbsp;The Buyer is not subject to any outstanding Order that prohibits or otherwise restricts the ability of the Buyer to consummate fully the Contemplated Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.6 <U>Investment Purpose</U>.&nbsp;The Buyer is acquiring the Shares for its own account with the present intention of holding
such securities for investment purposes and not with a view to, or for sale in connection with, any distribution of such securities in violation of any federal, state or foreign securities Laws. The Buyer acknowledges and agrees that it is informed
as to the risks of the Contemplated Transactions and the ownership of the Shares. The Buyer has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of its investment in the Shares
pursuant to this Agreement and protecting its own interests in connection with the Contemplated Transactions. The Buyer acknowledges that the Shares have not been registered under any federal, state or foreign securities Laws and that the Shares may
not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of unless such transfer, sale, assignment, pledge, hypothecation or other disposition is pursuant to the terms of the Company&#146;s Organizational Documents and
the terms of an effective registration statement under any applicable securities Laws or pursuant to an exemption from registration under applicable federal, state or foreign securities Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.7 <U>Brokers</U>.&nbsp;Except for the fees, costs and expenses set forth on <U>Section</U><U>&nbsp;</U><U>6.7</U> of the Buyer
Disclosure Letter, which will be paid by the Buyer or its Affiliate at or prior to the Closing, there are no claims for brokerage, finders&#146; or other advisory fees, costs, expenses, commissions or other similar payments in connection with the
transactions contemplated by this Agreement based on any Contract made by the Buyer or any of its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.8 <U>No
Other Representations and Warranties</U>.&nbsp;Except for the representations and warranties contained in this Article&nbsp;VI, neither the Buyer nor any other Person makes any express or implied representation or warranty with respect to the Buyer,
and the Buyer hereby disclaims any such other representations or warranties.&nbsp;In particular, without limiting the foregoing disclaimer, neither the Buyer nor any other Person makes or has made any representation or warranty to the Seller or any
of its Affiliates (except for the representations and warranties made by the Buyer in this Article&nbsp;VI), including in any oral or written information presented to the Seller or any of its Affiliates in the course of their due diligence
investigation of the Buyer, the negotiation of this Agreement or in the course of the Contemplated Transactions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;VII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>COVENANTS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.1 <U>Confidentiality</U>. For the five-year period following the Closing, each of the Buyer, on the one hand, and the Seller
and SHL, on the other hand, shall hold and shall cause each of its Affiliates to hold, and each such party shall use its reasonable efforts to cause its and its respective Affiliates&#146; officers, directors, employees, accountants, counsel,
consultants, advisors and agents to hold, in confidence, unless (i) requested or required to disclose under applicable Order or Law or legal, judicial or administrative process, (ii) expressly permitted by this Agreement or (iii) in connection with
the enforcement of such party&#146;s rights pursuant to, or to defend any Action under, the Transaction Documents, all confidential documents and information concerning the other party, except a party may disclose such information to its Affiliates
and its respective Affiliates&#146; officers, directors, employees, accountants, counsel, consultants, advisors and agents who are bound to keep such information confidential, with the prior written consent of the other party or to the extent that
such information can be shown by such disclosing party to have been (a)&nbsp;previously known or to become known on a nonconfidential basis by the disclosing party from a source other than the other party or its Subsidiaries or Affiliates that is
not known by the disclosing party to be under an obligation of confidentiality with respect to the other party or (b)&nbsp;in the public domain through no fault of such disclosing party or its Affiliates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.2 <U>Non-Solicitation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) In order for the Buyer to have and enjoy the full benefit of the businesses of the Company and each of its Subsidiaries, and as a material
inducement to the Buyer to enter into this Agreement (without such inducement the Buyer would not have entered into this Agreement), for a period of three years commencing on the date hereof, the Seller and SHL each shall not, directly or indirectly
(whether by itself, through an Affiliate, in partnership or conjunction with, or as an employee, officer, director, manager, member, owner, consultant or agent of, any other Person): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) solicit, entice, encourage or intentionally influence, or attempt to solicit, entice, encourage or intentionally influence
(A) any corporate employee of the Company or any of its Subsidiaries whose position is at the director level or more senior or (B) any retail employee of the Company or any of its Subsidiaries whose position is at the store manager level or more
senior, in each case to resign or leave the employ of Michael Kors Holdings Limited, a British Virgin Islands company (&#147;<U>MKHL</U>&#148;), the Company or any of their Affiliates or otherwise hire, employ, engage or contract any such employee
to perform services other than for the benefit of MKHL, the Company or any of their Affiliates; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) solicit, entice,
encourage or influence, or attempt to solicit, entice, encourage or influence, any retailer, customer of the Company, any of its Subsidiaries or either of their respective supplier or others with whom the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Company or any of its Subsidiaries has business relations (including any Person who has been a customer of the Company or any of its Subsidiaries at any time during the period of 12 months before
the Closing) to alter, reduce or terminate its business relationship with the Company or any of its Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) In order for the
Buyer to have and enjoy the full benefit of the businesses of the Company and each of its Subsidiaries, and as a material inducement to the Buyer to enter into this Agreement (without such inducement the Buyer would not have entered into this
Agreement), for a period of eighteen (18) months commencing on the date hereof, the Seller and SHL each shall not, directly or indirectly (whether by itself, through an Affiliate, in partnership or conjunction with, or as an employee, officer,
director, manager, member, owner, consultant or agent of, any other Person): solicit, entice, encourage or intentionally influence, or attempt to solicit, entice, encourage or intentionally influence any employee of MKHL or any of its Subsidiaries
(other than the Company or its Subsidiaries, which are addressed in Section&nbsp;7.2(a)) whose position is at the senior vice president level, division head level or country president level, to resign or leave the employ of MKHL or any of its
Affiliates or otherwise hire, employ, engage or contract any such employee to perform services other than for the benefit of MKHL or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding Section&nbsp;7.2(a), the advertisement of job openings by use of newspapers, magazines, the internet and other media not
directed at individual prospective employees, consultants or independent contractors, and any hiring resulting therefrom, shall not constitute a violation of Section&nbsp;7.2(a)(i); <U>provided</U>, that in no event shall the hiring of any corporate
employees referred to in Section&nbsp;7.2(a) with a title of senior vice president or more senior be permitted under this Section&nbsp;7.2(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything to the contrary set forth herein (including Section&nbsp;10.10), in the event of a breach of any of the
provisions of Section&nbsp;7.2(a) or Section&nbsp;7.2(b) (the &#147;<U>Restrictive Covenants</U>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the Buyer
and its Affiliates (including the Company and each of its Subsidiaries) shall have the right and remedy, without regard to any other available remedy, to (A)&nbsp;have the Restrictive Covenants specifically enforced by any court of competent
jurisdiction and (B)&nbsp;have issued an injunction restraining any such breach without posting of a bond; it being understood that any breach of any of the Restrictive Covenants would cause irreparable and material Loss to the Buyer and its
Affiliates (including the Company and each of its Subsidiaries), the amount of which cannot be readily determined and as to which neither the Buyer nor any of its Affiliates (including the Company and each of its Subsidiaries) will have any adequate
remedy at law or in damages; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) it is the desire and intent of the parties hereto that the Restrictive Covenants be
enforced to the fullest extent permissible under the Laws, Orders and public policies applied in each jurisdiction in which enforcement is sought and if any Restrictive Covenant shall be adjudicated finally to be invalid or unenforceable, such
Restrictive Covenant shall be deemed </P>
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amended to the extent necessary in order that such provision be valid and enforceable, the remainder of such Restrictive Covenant shall not thereby be affected and shall be given full effect
without regard to invalid portions and such amendment shall apply only with respect to the operation of the Restrictive Covenant in the particular jurisdiction in which such adjudication is made; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) the parties acknowledge and agree that the Restrictive Covenants are necessary for the protection and preservation of
the value and the goodwill of the Buyer&#146;s, the Company&#146;s and each of its Subsidiary&#146;s businesses and are reasonable and valid in geographical and temporal scope and in all other respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.3 <U>Public Announcements</U> . Except for MKHL&#146;s press release agreed to by the Seller prior to the execution of this
Agreement, no party hereto will issue or cause the publication of any press release or other public announcement or public disclosure with respect to this Agreement or the Contemplated Transactions without the prior written consent of the other
parties hereto; <U>provided</U>, <U>however</U>, that nothing herein will prohibit any party from issuing or causing publication of any such press release or public announcement to the extent that such disclosure is required by Law, rules of any
stock exchange or Order, in which event the disclosing party shall provide the other party with copies of any such press release, announcement or public disclosure reasonably in advance of such issuance and in good faith consider such other
party&#146;s comments thereon; <U>provided</U>, <U>further</U>, that the foregoing shall not restrict confidential communications between any party and the investors of such party in the ordinary course of business consistent with past practice to
the extent such investors are subject to customary confidentiality obligations with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.4 <U>Termination of
Affiliate Transactions</U>.&nbsp;On or before the Closing Date, except for liabilities relating to trade payables set forth on <U>Section</U><U>&nbsp;</U><U>7.4</U> of the Seller Disclosure Letter, employment relationships and the payment of
compensation and benefits in the ordinary course of business consistent with past practice and the indemnification arrangements referred to in Section&nbsp;7.8, all Liabilities between the Company or any of its Subsidiaries, on the one hand, and one
or more of its Affiliates (including the Seller but not including the Company and any of its Subsidiaries), on the other hand, including any and all Contracts (other than any Transaction Document) between the Company or any of its Subsidiaries, on
the one hand, and one or more of its Affiliates (including the Seller but not including the Company and any of its Subsidiaries), on the other hand, shall be terminated in full, without payment by the Buyer and without any Liability to the Buyer,
the Company or any of their respective Affiliates following the Closing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.5 <U>Release</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Effective as of the Closing, except with respect to any liability or obligations of the Buyer or its Affiliates (including the Company or
its Subsidiaries) under the Transaction Documents to which they are a party and any liability or obligation under any Contract or arrangement that remains in place in compliance with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


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Section&nbsp;7.4, each of the Seller and SHL hereby unconditionally and irrevocably waives and agrees to not assert any claims or demands that the Seller or SHL, as applicable, has or may have in
the future (but solely to the extent relating to the period prior to the Closing) against the Company or any of its Subsidiaries or against their respective directors, officers and employees (in each case in their capacity as a director, officer or
employee of the Company or any of its Subsidiaries), and releases, on its own behalf and on behalf of its successors and assigns, the Company and its Subsidiaries and their respective directors, officers and employees (in each case in their capacity
as director, officer or employee of the Company or its Subsidiaries), from any and all Actions with respect thereto (collectively, the &#147;<U>Seller Released Claims</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) Effective as of the Closing, except with respect to any liability or obligations of the Seller, SHL or their respective Affiliates, as
applicable, under the Transaction Documents to which they are a party, any liability or obligation under any Contract or arrangement that remains in place in compliance with Section&nbsp;7.4 and with respect to claims arising from fraud by the
Seller or SHL, the Company and each of its Subsidiaries hereby unconditionally and irrevocably waives and agrees to not assert any claims or demands that the Company or any such Subsidiary, as applicable, has or may have in the future (but solely to
the extent relating to the period prior to the Closing) against the Seller or SHL or against their respective directors, officers and employees (in each case in their capacity as a director, officer or employee of the Seller or SHL) and releases, on
its own behalf and on behalf of its successors and assigns, each of the Seller and SHL and their respective directors, officers and employees (in each case in their capacity as director, officer or employee of the Seller or SHL), from any and all
Actions with respect thereto (the &#147;<U>Company Released Claims</U>&#148;, and together with the Seller Released Claims, the &#147;<U>Released Claims</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Effective upon the Closing, each of the Seller and SHL, on the one hand, and the Company and its Subsidiaries, on the other hand, hereby
expressly waives and releases any rights and benefits which such party has or may have under any law or rule of any jurisdiction pertaining to all Released Claims released by it and expressly waives and releases any and all rights and benefits
conferred upon, as applicable, the Seller and SHL, in the case of Seller Released Claims, or the Company and its Subsidiaries, in the case of the Company Released Claims, by the provisions of Section&nbsp;1542 of the California Civil Code or any
similar law, which provides as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST
IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) Effective upon the Closing, the Seller, SHL and the Company and its Subsidiaries each represents and warrants that it has not assigned
any Released Claims and has access to adequate information regarding the terms of this release, the scope and effect of the releases set forth herein, and all other matters encompassed by this release to make an informed and knowledgeable decision
with </P>
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regard to entering into this release and has not relied on any other Person in deciding to enter into this release and has instead made its own independent analysis and decision to enter into
this release. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) Each Subsidiary of the Company and its respective directors, officers and employees are intended third party
beneficiaries of Section&nbsp;7.5(a), (c) and (d). Each director, officer and employee of each of the Seller and SHL are intended third party beneficiaries of Section&nbsp;7.5(b), (c) and (d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.6 <U>Liquidation of the Seller</U>. Without the prior written consent of the Buyer, for a period of three (3) years following
the date of this Agreement, the Seller shall not, and SHL shall cause the Seller not to, (i) dissolve or (ii) conduct any business, incur any Liabilities (except as required in connection with the Contemplated Transactions) or issue, sell or
transfer, directly or indirectly, whether by operation of Law or otherwise, or permit any Person to issue, sell or transfer, directly or indirectly, any Capital Stock of the Seller (whether by merger, consolidation or otherwise). For the avoidance
of doubt, the Seller and the MK Holdcos shall not be prohibited, at their sole discretion and without the Buyer&#146;s prior written consent, from making check-the-box elections for U.S. Tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.7 <U>Corporate Name</U>. As soon as reasonably practicable, but in no event more than twenty (20) Business Days after the
Closing, the Seller shall, and SHL shall cause the Seller and each of the MK Holdcos to, effect an amendment to their respective Organizational Documents to be filed with the appropriate Governmental Authority to change their respective legal,
registered, assumed, trade and &#147;doing business as&#148; names, as applicable, to a name or names not containing &#147;Michael Kors&#148;, &#147;MK&#148; or any name confusingly similar to any of the foregoing. Subsequent to any such filing, the
Seller shall, and SHL shall cause the Seller and each of the MK Holdcos to, take all other actions necessary to change their respective legal, registered, assumed, trade and &#147;doing business as&#148; names, as applicable, to a name or names not
containing &#147;Michael Kors&#148; or any name confusingly similar to any of the foregoing and will cause to be filed as soon as practicable after the Closing, in all jurisdictions in which the Seller and the MK Holdcos, as applicable, are
qualified to do business, any documents necessary to reflect such change in their respective legal, registered, assumed, trade and &#147;doing business as&#148; names, as applicable, or to terminate its qualification therein.&nbsp;The Seller and SHL
further agree that from and after the Closing, the Seller shall, and shall cause its Affiliates to, and SHL shall cause each of the MK Holdcos to, cease to make any trademark use of the name &#147;Michael Kors&#148; or any confusingly similar names
indicating a current affiliation with the Company or the business or activities engaged in by the Company or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.8 <U>D&amp;O Indemnification</U>.&nbsp;(a) The Buyer agrees that (i) all rights to exculpation and indemnification for acts or
omissions occurring at or prior to the Closing, whether asserted or claimed prior to, at or after the Closing Date (including any matters arising in connection with the Contemplated Transactions), now existing in favor of the current or former
directors, officers, shareholders and their respective Affiliates, agents and representatives, as the case may be, of the Company or its Subsidiaries (the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


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&#147;<U>Indemnified D&amp;O Parties</U>&#148;) as provided in their respective Organizational Documents entered into on or prior to the date hereof, shall survive the Contemplated Transactions
and shall continue in full force and effect and (ii) following the Closing, the Buyer shall cause the Company and its Subsidiaries to maintain in effect provisions in the Organizational Documents of the Company and its Subsidiaries regarding
indemnification of Indemnified D&amp;O Parties that are not less favorable to those contained in the Organizational Documents of the Company and its Subsidiaries, in each case, for a period of at least six (6) years from the Closing Date. For the
avoidance of doubt, nothing in this Section&nbsp;7.8 shall limit any applicable rights an Indemnified Buyer Party would be entitled to pursuant to Section&nbsp;8.2 or Section&nbsp;9.2, and nothing in this Section&nbsp;7.8 shall be construed as
precluding amounts paid to Indemnified D&amp;O Parties pursuant to this Section&nbsp;7.8 from constituting Losses indemnifiable pursuant to Section&nbsp;8.2 or Section&nbsp;9.2 to the extent such Losses are indemnifiable in accordance with the terms
and limitations set forth in Section&nbsp;8.2 and Section&nbsp;9.2, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The provisions of this Section&nbsp;7.8 are
intended to be for the benefit of, and shall be enforceable by, each of the Indemnified D&amp;O Parties and their heirs and legal representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) The rights of the Indemnified D&amp;O Parties and their heirs and legal representatives under this Section&nbsp;7.8 shall be in addition
to any rights such Indemnified D&amp;O Parties may have under the Organizational Documents of the Company or any of its Subsidiaries, any agreements between such persons and the Company or any of its Subsidiaries, or any applicable Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.9 <U>Cooperation with Filings</U>.&nbsp;From and after the Closing, the Seller shall use commercially reasonable efforts to
cause each of Ma Mang Yin and Tang Shiu Fai to cooperate with the Company and MK Shanghai to complete any governmental filings required under the PRC Laws, including the filings required for the change of legal representative and change of
composition of the board of directors or similar governing body of MK Shanghai. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;VIII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TAX MATTERS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.1 <U>Tax Indemnification</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Indemnification by the Seller</U>. From and after the Closing, the Seller shall indemnify the Buyer, the Company, the Company&#146;s
Subsidiaries and their respective Affiliates (collectively, the &#147;<U>Tax Indemnified Buyer Parties</U>&#148;) against and hold them harmless from any and all Losses suffered or arising out of, in each case, without duplication, and with respect
to any Losses attributable to the PRC IIT Matter (as defined below), other than the Aggregate Funded PRC IIT Amount (as defined below) (provided that this exception for the Aggregate Funded PRC IIT Amount (as defined below) shall not apply to Taxes
imposed on a Tax Indemnified Buyer Party as a result of a breach of the representations and warranties contained in Section&nbsp;5.26),&nbsp;(i)&nbsp;other than Taxes that are </P>
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accrued as a liability on the Financial Statements and set forth on <U>Section</U><U>&nbsp;</U><U>8.1(a)(i)</U> of the Seller Disclosure Letter, Taxes of the Company or its Subsidiaries for
periods or portions thereof ending on or before the Lockbox Date (&#147;<U>Pre-Lockbox Taxes</U>&#148;), (ii) Taxes imposed on a Tax Indemnified Buyer Party as a result of (x)&nbsp;a breach of a representation or warranty set forth in
Section&nbsp;5.11, other than Taxes that are accrued as a liability on the Financial Statements and set forth on <U>Section</U><U>&nbsp;</U><U>8.1(a)(i)</U> or <U>Section</U><U>&nbsp;</U><U>8.1(a)(ii)</U> of the Seller Disclosure Letter (provided
that the foregoing exception in this clause (x) for Taxes that are accrued as a liability on the Financial Statements and set forth on <U>Section</U><U>&nbsp;</U><U>8.1(a)(i)</U> or <U>Section</U><U>&nbsp;</U><U>8.1(a)(ii)</U> of the Seller
Disclosure Letter shall not apply to Taxes imposed on a Tax Indemnified Buyer Party as a result of a breach of the representations and warranties contained in the second sentence of Section&nbsp;5.11(b)), or (y)&nbsp;a breach of a covenant or
agreement set forth in Section&nbsp;2.5 or Article&nbsp;VIII; <U>provided</U>, that for purposes of this clause (ii) of this Section&nbsp;8.1(a)&nbsp;only, any breach of a representation, warranty, covenant or agreement shall be determined without
reference to any materiality qualifier set forth therein or any exception disclosed thereto, (iii) Taxes directly or indirectly attributable to the failure of MK Shanghai to report to the applicable Tax Authority, or withhold Taxes attributable to,
income allocated to Patrick Lee and James Lee for the years ending March 31, 2012 through March 31, 2016 for their services to MK Shanghai during such period, or Taxes otherwise directly or indirectly attributable to the matters described in
<U>Section</U><U>&nbsp;</U><U>5.11(a)</U> of the Seller Disclosure Letter (the &#147;<U>PRC IIT Matter</U>&#148;), for the avoidance of doubt in excess of the Aggregate Funded PRC IIT Amount (as defined below), (iv) Taxes for which the Seller is
responsible pursuant to Section&nbsp;8.6, Section&nbsp;8.7 or Section&nbsp;8.8 or (v) costs and expenses (including reasonable attorneys&#146; fees and expenses) attributable to any item described in clauses (i) through (v)
above.&nbsp;Notwithstanding any other provision of this Agreement, the representations and warranties of the Seller and the Company contained in Section&nbsp;5.11 (Taxes) of this Agreement shall survive the Closing and remain in full force and
effect with respect to any claim based on such representations and warranties until the earlier of (i) the date which is 60 days after the date upon which the liability to which any such claim may relate is barred by all applicable statutes of
limitations (including all periods of extension, whether automatic or permissive) or (ii) the third anniversary of the Closing Date.&nbsp;If the Buyer delivers written notice to the Seller of a claim for indemnification within the survival period
applicable to such claim in accordance with the immediately preceding sentence, such claim shall survive until finally resolved or judicially determined.&nbsp;Notwithstanding any other provision of this Agreement, all claims by the Tax Indemnified
Buyer Parties for indemnification with respect to any of the matters set forth in this Section&nbsp;8.1 shall be satisfied solely out of any funds remaining in the Escrow Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Refunds</U>.&nbsp;If following the Lockbox Date, the Company or any of its Subsidiaries realizes any refund or credit of Taxes of the
Company or its Subsidiaries, as applicable, which are of a type for which the Seller has an indemnification obligation under Section&nbsp;8.1(a), the Company shall pay to the Seller the amount so realized, net of any cost (including any Tax cost) of
obtaining any such refund or utilizing any such credit. The parties hereby acknowledge that any such payment shall not be considered an Affiliate Payment. For purposes of this Section&nbsp;8.1(b), (i) a refund shall be deemed to be realized when
actually received, and (ii) a credit shall be deemed to </P>
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be realized when and to the extent a payment of any Tax of the Company or any of its Subsidiaries to be made by the Company or any of its Subsidiaries is actually reduced by such credit (on a
with-or-without basis).&nbsp;Notwithstanding the foregoing, no such refund or economic benefit of any credit shall be paid to the extent (x) such amount resulted from the carrying back to any Pre-Lockbox Tax Period of any Tax attribute attributable
to any period thereafter or (y) the aggregate amount of indemnification claims made pursuant to Article&nbsp;VIII and Article&nbsp;IX exceeds the Escrow Amount. In the event that any refund is subsequently disallowed by any applicable Tax Authority,
the Seller shall promptly remit any payments received under this Section&nbsp;8.1(b) in respect of such disallowed amounts. The Buyer&#146;s and the Seller&#146;s obligations under this Section&nbsp;8.1(b) shall survive until the third anniversary
of the Closing Date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.2 <U>Tax Indemnification Procedures</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) After the Closing, the Buyer shall promptly notify the Seller in writing of any demand, claim or notice of the commencement of an Action
received by such party from any Tax Authority or any other Person with respect to Taxes for which the Seller is liable pursuant to Section&nbsp;8.1; <U>provided</U>, <U>however</U>, that a failure to give such notice will not affect the Buyer&#146;s
rights to indemnification under this Article&nbsp;VIII, except to the extent that the Seller is actually prejudiced thereby.&nbsp;Such notice shall contain factual information (to the extent known) describing the asserted Tax Liability and shall
include copies of the relevant portion of any notice or other document received from any Tax Authority or any other Person in respect of any such asserted Tax Liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) Payment by the Seller of any amount due to the Tax Indemnified Buyer Parties under Article&nbsp;VIII shall be made within ten days
following written notice by the Tax Indemnified Buyer Parties that payment of such amounts to the appropriate Tax Authority or other applicable third party is due by the Tax Indemnified Buyer Parties; <U>provided</U> that the Seller shall not be
required to make any payment earlier than five Business Days before it is due to the appropriate Tax Authority or applicable third party.&nbsp;In the case of a Tax that is contested in accordance with Section&nbsp;8.3, payment of such contested Tax
will not be considered due earlier than the date a final determination to such effect is made by such Tax Authority or a court. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) All
amounts required to be paid pursuant to this Article&nbsp;VIII shall be paid promptly in immediately available funds by wire transfer to a bank account designated by the Buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) Any payments required pursuant to this Article&nbsp;VIII that are not made within the time period specified in this Section&nbsp;8.2
shall bear interest at a rate and in the manner provided for interest on underpayments under the Tax Law applicable to the Tax giving rise to the payment hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.3 <U>Tax Audits and Contests; Cooperation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) After the Closing, except as provided in Sections 8.3(b) and 8.3(c), the Buyer shall control the conduct, through counsel of its own
choosing and at its own expense, of any audit, claim for refund or administrative or judicial proceeding involving any asserted Tax Liability or refund with respect to the Company or any of its Subsidiaries (any such audit, claim for refund or
proceeding relating to an asserted Tax Liability referred to herein as a &#147;<U>Contest</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) In the case of a Contest after
the Closing that relates solely to Taxes for which the Buyer is indemnified under Section&nbsp;8.1(a) and which do not exceed by more than $50,000 the amount of funds remaining in the Escrow Account at the time such contest is initiated, the Seller
shall control the conduct of such Contest, but the Buyer shall have the right to participate in such Contest at its own expense, and the Seller shall not be able to settle, compromise or concede any such Contest without the consent of the Buyer,
which consent shall not be unreasonably withheld, delayed or conditioned; <U>provided</U>, that if the Seller fails to assume control of the conduct of any such Contest within a reasonable period following the receipt by the Seller of notice of such
Contest, the Buyer shall have the right to assume control of such Contest but shall not be able to settle, compromise or concede such Contest without the consent of the Seller, not to be unreasonably withheld, conditioned or delayed;
<U>provided</U>, <U>further</U>, that if, at any time before the resolution of a Contest otherwise described in this Section&nbsp;8.3(a), the amount of Taxes at issue exceeds the amount then remaining in the Escrow Account, the Buyer shall have the
option to assume control of such Contest in accordance with the procedures described in Section&nbsp;8.3(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) In the case of a
Contest after the Closing that (i) relates solely to Taxes for which the Buyer is indemnified which exceeds the amount of funds remaining in the Escrow Account by more than $50,000 at the time the contest is initiated or (ii) relates both to Taxes
for which the Buyer is indemnified under Section&nbsp;8.1(a) and Taxes for which the Buyer is not indemnified under Section&nbsp;8.1(a), the Buyer shall control the conduct of such Contest, but the Seller shall have the right to participate in such
Contest at its own expense, and the Buyer shall not settle, compromise or concede such Contest without the consent of the Seller, which consent shall not be unreasonably withheld, delayed or conditioned. Any expenses that are the responsibility of
the Seller pursuant to Section&nbsp;8.3(b) or this Section&nbsp;8.3(c) shall be satisfied solely from any funds remaining in the Escrow Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) The Seller and the Buyer shall furnish or cause to be furnished to each other, upon request, as promptly as practicable, such information
(including access to employees and books and records) and assistance relating to the Company and its Subsidiaries as is reasonably requested for the filing of any Tax Returns and the preparation, prosecution, defense or conduct of any Contest or in
connection with the PRC Withholding Taxes. The Seller and the Buyer shall use commercially reasonable efforts to cooperate with each other in the conduct of any Contest or other proceeding involving or otherwise relating to the Company or its
Subsidiaries (or their income or assets) with respect to any Tax and each shall execute and deliver such powers of attorney and other documents as are necessary to carry out the intent of this Section&nbsp;8.3(d). Any information obtained under this
Section&nbsp;8.3(d) shall be kept confidential, except as may be otherwise necessary in connection with the filing of Tax Returns or in the conduct of a Contest or other Tax Action. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) Each of the Buyer and the Company shall (i)&nbsp;use its commercially reasonable efforts to
properly retain and maintain the Tax and accounting records of the Company and its Subsidiaries that relate to Pre-Closing Tax Periods for five&nbsp;years and shall thereafter provide the Seller with written notice prior to any destruction,
abandonment or disposition of all or any portions of such records, (ii)&nbsp;transfer such records to the Seller upon its written request prior to any such destruction, abandonment or disposition and (iii)&nbsp;allow the Seller and its agents and
representatives, at times and dates reasonably and mutually acceptable to the parties, to from time to time inspect and review such records as the Seller may deem necessary or appropriate; <U>provided</U>, <U>however</U>, that in all cases, such
activities are to be conducted by the Seller during normal business hours and at the Seller&#146;s sole expense. Any information obtained under this Section&nbsp;8.3(e) shall be kept confidential, except as may be otherwise necessary in connection
with the filing of Tax Returns or in the conduct of a Contest or other Action primarily related to Taxes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.4 <U>Preparation
of Tax Returns and Payment of Taxes</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The Buyer shall prepare (or cause to be prepared), and timely file, at its own expense, all
Tax Returns of the Company or any of its Subsidiaries required to be filed with any Tax Authority after the Closing Date and shall pay (or cause to be paid) any Taxes due in respect of such Tax Returns. With respect to any Tax Returns filed with
respect to any taxable periods or portions thereof ending on or before the Lockbox Date (&#147;<U>Pre-Lockbox Tax Periods</U>&#148;), the Seller shall be responsible for the Pre-Lockbox Taxes due in respect of such Tax Returns other than any
Pre-Lockbox Taxes that are accrued as a liability on the Financial Statements and set forth on <U>Section</U><U>&nbsp;</U><U>8.4(a)</U> of the Seller Disclosure Letter.&nbsp;The Buyer shall notify the Seller of any amounts due from the Seller in
respect of any such Tax Return no later than ten Business Days prior to the date on which such Tax Return is due, and the Seller shall remit such payment to the Buyer out of any funds remaining in the Escrow Account no later than five Business Days
prior to the date such Tax Return is due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) In the case of Tax Returns that are filed with respect to a Pre-Lockbox Tax Period or a
Straddle Period, the Buyer shall, at its own expense, prepare such Tax Returns in a manner consistent with past practice, except as otherwise required by Law, and shall deliver any such Tax Return to the Seller for its review at least 30 days prior
to the date such Tax Return is required to be filed. If the Seller disputes any item on such Tax Return, it shall notify the Buyer of such disputed item (or items) and the basis for its objection, and the Seller and the Buyer shall negotiate in good
faith for 15 days following the Buyer&#146;s receipt of such notice to resolve such objections. If the Buyer and the Seller are unable to resolve all objections during such 15-day period, then any remaining disputes, and only such remaining
disputes, shall be resolved by Deloitte or, if Deloitte is not available for such assignment, another &#147;big four&#148; accounting firm upon which the Buyer and the Seller shall reasonably agree (the &#147;<U>Accounting Firm</U>&#148;). The
Accounting Firm shall be instructed to resolve any such remaining disputes in </P>
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accordance with the terms of this Agreement within 30 days after its appointment.&nbsp;The fees, costs and expenses of the Accounting Firm shall be allocated equally between the Buyer, on the one
hand, and the Seller, on the other hand.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Except as required by applicable Law or the resolution of a Contest (settled in accordance
with Section&nbsp;8.3), or as set forth in Section&nbsp;8.4(d), neither the Buyer nor any of its Affiliates (including, after the Closing, the Company and its Subsidiaries) shall, without the prior written consent of the Seller (such consent not to
be unreasonably withheld, delayed or conditioned), (i) make or change any Tax election with respect to a Pre-Lockbox Tax Period or (ii) amend or refile (or grant an extension of any applicable statute of limitations with respect to) any Tax Return
relating to a Pre-Lockbox Tax Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) To the extent not paid prior to the Closing, the Buyer shall cause MK Shanghai to, promptly
and in no event later than ten (10) days after the Closing Date, voluntarily disclose the PRC IIT Matter to the applicable Tax Authority and request a resolution of the amount owed and an abatement of any applicable penalties attributable to the PRC
IIT Matter, and the Buyer shall cause MK Shanghai to timely pay to the applicable Tax Authority the amount agreed with such Tax Authority to be owed with respect to the PRC IIT Matter as set forth in an applicable voucher (such amount, the
&#147;<U>Settled PRC IIT Amount</U>&#148;). To the extent the Settled PRC IIT Amount is less than (i) RMB 4,818,585.50 with respect to Patrick Lee or (ii) RMB 1,133,989.53 with respect to James Lee (each such amount, a &#147;<U>Funded PRC IIT
Amount</U>&#148;, and the aggregate total of such amounts, or RMB 5,952,575.03, the &#147;<U>Aggregate Funded PRC IIT Amount</U>&#148;), the Buyer shall promptly reimburse Patrick Lee or James Lee, as applicable, for the applicable excess amount.
For the avoidance of doubt, and to avoid duplication, any amount of Tax that is included in the Aggregate Funded PRC IIT Amount shall not be indemnified by the Seller or paid by the Seller or from the Escrow Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.5 <U>Straddle Periods</U>. For purposes of this Agreement, in the case of any Taxes of the Company or any of its Subsidiaries
that are payable with respect to any Tax period that begins before and ends after the Lockbox Date (a &#147;<U>Straddle Period</U>&#148;), the portion of any such Taxes that constitutes Pre-Lockbox Taxes shall (a)&nbsp;in the case of Taxes that are
either (i)&nbsp;based upon or related to income or receipts or (ii)&nbsp;imposed in connection with any sale, transfer or assignment or any deemed sale, transfer or assignment of property (real or personal, tangible or intangible), be deemed equal
to the amount that would be payable if the Tax year or period ended on the Lockbox Date and (b)&nbsp;in the case of Taxes (other than those described in Section&nbsp;8.5(a)) that are imposed on a periodic basis with respect to the business or assets
of the Company or its Subsidiaries or otherwise measured by the level of any item, be deemed to be the amount of such Taxes for the entire Straddle Period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for
the immediately preceding Tax period), <U>multiplied by</U> a fraction, the numerator of which is the number of calendar days in the portion of the Straddle Period ending on the Lockbox Date and the denominator of which is the number of calendar
days in the entire Straddle Period.&nbsp;For purposes of clause (a) of the preceding section, any exemption, deduction, credit or other item (including the effect of any graduated rates of Tax) that is calculated on an annual
</P>
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basis shall be allocated to the portion of the Straddle Period ending on the Lockbox Date on a pro rata basis determined by multiplying the total amount of such item allocated to the Straddle
Period by a fraction, the numerator of which is the number of calendar days in the portion of the Straddle Period ending on the Lockbox Date and the denominator of which is the number of calendar days in the entire Straddle Period.&nbsp;In the case
of any Tax based upon or measured by capital (including net worth or long-term debt) or intangibles, any amount thereof required to be allocated under this clause (b) of this Section&nbsp;8.5 shall be computed by reference to the level of such items
on the Lockbox Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.6 <U>Conveyance Taxes</U>.&nbsp;Except as specifically set forth in Section&nbsp;8.7 or
Section&nbsp;8.8, the Buyer, on the one hand, and the Seller, on the other hand, shall each pay when due, and be responsible for fifty percent (50%) of any sales, use, value added, transfer, stamp, registration, documentary, excise, intangible, real
property transfer or gains or similar Taxes incurred as a result of the Contemplated Transactions and the Seller and the Buyer shall jointly, to the extent required by Law, file all required change of ownership forms, similar statements and other
Tax Returns related to conveyance taxes required to be paid in connection with the Contemplated Transactions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.7 <U>Hong
Kong Stamp Duty</U>.<SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The parties acknowledge that a stamp duty will be assessed
and payable in Hong Kong in respect of the sale and purchase of the Shares contemplated hereby (the &#147;<U>HK Stamp Duty</U>&#148;). The Buyer shall cause the duly executed Transfer Documents to be lodged in the Stamp Duty Office of Hong Kong for
stamping within the period specified in the Stamp Duty Ordinance and, as soon as reasonably practicable after the Closing, pay the full amount of the HK Stamp Duty as assessed by the Stamp Duty Office of Hong Kong.&nbsp;The Seller shall reimburse
the Buyer, within two (2) Business Days following payment by the Buyer of the HK Stamp Duty, for an amount (if any) equal to the excess of (x) fifty percent (50%) of the HK Stamp Duty over (y) the Seller HK Stamp Duty Withheld Amount.&nbsp;If the
Seller HK Stamp Duty Withheld Amount exceeds fifty percent (50%) of the HK Stamp Duty, then the Buyer shall reimburse the Seller for such excess within two (2) Business Days following payment by the Buyer of the HK Stamp Duty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The parties acknowledge that the Buyer will cause the register of members of the Company to be updated promptly upon the payment of the
HK Stamp Duty and the stamping of the Transfer Documents and will make, or cause the Company to make, all necessary filings, registrations and/or notifications with the applicable Governmental Authority in respect of the sale and purchase of the
Shares. In connection therewith, the Seller shall cooperate with the Buyer in all respects to (i) direct the secretary of the Company to accept instructions from individuals nominated by the Buyer and (ii) provide all other assistance reasonably
necessary to facilitate the foregoing actions by the Buyer and/or the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.8 <U>China Stamp Duty</U>.&nbsp;The parties
acknowledge that a stamp duty may be assessed and payable in China in respect of the indirect sale and purchase of </P>
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the shares of MK Shanghai (the &#147;<U>China Stamp Duty</U>&#148;). If the China Stamp Duty is due on the indirect sale and purchase of the shares of MK Shanghai, the Buyer shall cause the duly
executed Transfer Documents to be lodged with the competent PRC Tax Authority for stamping within the prescribed period specified by the competent PRC Tax Authority and, as soon as reasonably practicable after notice of payment due, each of the
Buyer and the Seller shall pay fifty percent (50%) of the full amount of the China Stamp Duty as assessed by the Stamp Duty Office of the competent PRC Tax Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.9 <U>Conflicts</U>.&nbsp;The provisions of Article&nbsp;IX shall not apply to Tax matters except as expressly set forth
therein.&nbsp;In the event of a conflict between this Article&nbsp;VIII and Article&nbsp;IX, this Article&nbsp;VIII shall govern with respect to Tax matters. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;IX </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>INDEMNIFICATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.1 <U>Survival</U>. Each representation, warranty and covenant and agreement contained in this Agreement shall survive the
Closing and continue in full force and effect until&nbsp;November 30, 2017 (the &#147;<U>Release Date</U>&#148;); <U>provided</U> that (i)&nbsp;the Fundamental Representations shall survive until the third anniversary of the Closing Date and
(ii)&nbsp;the representations and warranties contained in Section&nbsp;5.11 (Taxes) shall survive in the manner provided in Section&nbsp;8.1 (the Release Date or such other date described above, as applicable, the &#147;<U>Expiration
Date</U>&#148;); <U>provided</U>, <U>further</U>, that the covenants and agreements contained herein that by their express terms apply in whole or in part after the Release Date shall survive the Closing in accordance with their specified terms or
until fully performed.&nbsp;Notwithstanding the preceding sentences of this Section&nbsp;9.1, if either party delivers written notice to the other party of a claim for indemnification prior to the Release Date (or in the case of a claim in respect
of a Fundamental Representation or a representation or warranty contained in Section&nbsp;5.11, within the applicable Expiration Date referred to above), such claim shall survive until finally resolved or judicially determined. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.2 <U>Indemnification of the Buyer Indemnified Parties</U>. Subject to the limitations set forth in this Article&nbsp;IX, from
and after the Closing, the Seller shall indemnify and hold harmless, to the fullest extent permitted by Law, the Buyer and its directors, employees, officers and Affiliates (including the Company and its Subsidiaries) and their respective successors
and assigns (collectively, the &#147;<U>Buyer Indemnified Parties</U>&#148;) from, against and in respect of any and all Losses to the extent arising out of or incurred as a result of any of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) any breach of, or any inaccuracy in, (i) any representation or warranty made by the Seller in any Transaction Document (other than the
Seller Fundamental Representations, Company Fundamental Representations or the representations and warranties set forth in Section&nbsp;5.11 (Taxes) for which indemnification is available under Article&nbsp;VIII) or (ii) any Company Fundamental
Representation or any Seller Fundamental Representation or in any document delivered with respect thereto; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) any breach or default in performance by the Company of any of its covenants or obligations
required to be performed by or complied with on or prior to the Closing Date contained in any Transaction Document; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) any breach or
default in performance by the Seller of any of its covenants or obligations required to be performed by or complied with contained in any Transaction Document; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) any breach or default in performance by SHL of any of its covenants or obligations set forth in Section&nbsp;7.4 or Section&nbsp;7.7 of
this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) any Affiliate Payments from the Lockbox Date through and including the Closing Date other than any Affiliate
Payments included in the Closing Statement and deducted on a dollar for dollar basis from the Purchase Price at Closing; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) any
Qualified Transaction Expenses that are payable, but that are not paid by the Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.3 <U>Indemnification of the Seller
Indemnified Parties</U>. Subject to the limitations set forth in this Article&nbsp;IX, from and after the Closing, the Buyer shall indemnify and hold harmless, to the fullest extent permitted by Law, the Seller and its directors, employees, officers
and Affiliates and their respective successors and assigns (collectively, the &#147;<U>Seller Indemnified Parties</U>&#148;) from, against and in respect of any and all Losses to the extent arising out of or incurred as a result of any of the
following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) any breach of, or inaccuracy in, (i) any representation or warranty made by the Buyer in any Transaction Document (other
than any Buyer Fundamental Representation) or (ii) any Buyer Fundamental Representation or in any document delivered with respect thereto; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) any breach or default in performance by the Buyer of any covenant or obligation of the Buyer contained in any Transaction Document. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.4 <U>Limitations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding any other provision of this Agreement, but subject to Section&nbsp;9.5, (i)&nbsp;the Seller shall not have any obligation
to indemnify any Buyer Indemnified Party pursuant to Section&nbsp;9.2(a)(i) unless and until the aggregate amount of all such individual Losses (but in all cases disregarding De Minimis Losses) incurred or sustained by all Buyer Indemnified Parties
with respect to which the Buyer Indemnified Parties would otherwise be entitled to indemnification under Section&nbsp;9.2(a)(i) exceeds $2,500,000 (the &#147;<U>Threshold Amount</U>&#148;), whereupon the Seller shall be liable for all such Losses
(including those incurred in reaching the Threshold Amount, but subject to the following clauses (ii) and (iii) and <U>provided</U> that such Losses for which the Seller shall be liable shall not include any De Minimis Losses), (ii)&nbsp;the
aggregate liability of the Seller to indemnify the Buyer Indemnified Parties for Losses under Section&nbsp;9.2(a)(i) shall in no event exceed $50,000,000 (the &#147;<U>Cap</U>&#148;), and (iii) all claims by the Buyer Indemnified Parties for
indemnification under Section&nbsp;9.2 shall be satisfied solely out of any funds remaining in the Escrow Account. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding any other provision of this Agreement, but subject to Section&nbsp;9.5,
(i)&nbsp;the Buyer shall not have any obligation to indemnify any Seller Indemnified Party pursuant to Section&nbsp;9.3(a)(i) unless and until, and only to the extent that, the aggregate amount of all individual Losses (but in all cases disregarding
De Minimis Losses) incurred or sustained by all Seller Indemnified Parties with respect to which the Seller Indemnified Parties are entitled to indemnification under Section&nbsp;9.3(a)(i) exceeds the Threshold Amount, whereupon the Buyer shall be
liable for all such Losses (including those incurred in reaching the Threshold Amount, but subject to the following clause (ii) and <U>provided</U> that such Losses for which the Buyer shall be liable shall not include any De Minimis Losses), and
(ii)&nbsp;the aggregate liability of the Buyer to indemnify the Seller Indemnified Parties for Losses under Section&nbsp;9.3 shall in no event exceed an amount equal to the Cap. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything herein to the contrary, no party shall be entitled to indemnification or reimbursement under any provision of
this Agreement for an amount to the extent such party or its Affiliates has been indemnified or reimbursed for such amount by any other Person; <U>provided</U>, that, subject to Section&nbsp;9.4(d) no party shall be obligated to seek any
indemnification or reimbursement from any third party; <U>provided</U>, <U>further</U>, that all reasonable costs of recovery under such indemnification or reimbursement shall constitute Losses hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) Each party shall take commercially reasonable steps to mitigate its Losses (including by using commercially reasonable efforts to recover
any insurance as may be available with respect to such Loss) upon and after becoming aware of any event which would reasonably be expected to give rise to such Losses; <U>provided</U>, that all reasonable costs of recovery (including increased
insurance premiums or loss of insurance coverage) shall constitute Losses hereunder. All Losses will be determined, and any indemnification pursuant to Article&nbsp;VIII or this Article&nbsp;IX in respect of Losses will be made, net of any Tax
benefits actually realized (taking into account any net Tax costs actually incurred), in each case realized or incurred in the year of the Loss and/or accrual or receipt of the indemnification payment (determined on a with or without basis) in
connection with the facts or matters giving rise to such Losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, IN NO
EVENT SHALL ANY PARTY BE LIABLE FOR (i) EXEMPLARY DAMAGES, (ii) PUNITIVE DAMAGES, OR (iii) CONSEQUENTIAL OR SPECIAL DAMAGES (INCLUDING DIMINUTION IN VALUE, LOSS OF FUTURE PROFITS, REVENUE OR INCOME (OR ANY AMOUNT CALCULATED ON SUCH BASIS) OR LOSS OF
BUSINESS REPUTATION OR OPPORTUNITY OR OTHER SIMILAR ITEMS) EXCEPT (a) IN THE CASE OF CONSEQUENTIAL OR SPECIAL DAMAGES, TO THE EXTENT SUCH LOSSES WERE A REASONABLY FORESEEABLE CONSEQUENCE OF THE MATTER GIVING RISE TO THE APPLICABLE LOSS OR (b) TO THE
EXTENT SUCH LOSSES WERE PAYABLE BY AN INDEMNIFIED PARTY TO A THIRD PARTY. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.5 <U>Limitation on Remedies</U>.&nbsp;From and after the Closing, and except with
respect to claims arising from (a) fraud or Willful Breach, (b) an Action for specific performance in accordance with Section&nbsp;10.12, (c) a breach by SHL of any of its representations, warranties, covenants or agreements set forth in Section
7.1, Section&nbsp;7.2, Section&nbsp;7.3, Section&nbsp;7.5, Section&nbsp;7.6 or Section&nbsp;10.15, or (d) any claims in respect of breaches of representations, warranties, covenants or agreements under any of the Transaction Documents (other than
this Agreement or the Escrow Agreement) against any of the parties thereto, this Article&nbsp;IX and the Escrow Agreement shall constitute the exclusive remedy in respect of breaches of representations, warranties, covenants or agreements contained
in this Agreement or in respect of any other claims in connection with the Contemplated Transactions. For the avoidance of doubt, except with respect to (i) claims arising from fraud or Willful Breach, (ii) claims in respect of a breach by SHL of
any of its representations, warranties, covenants or agreements set forth in Section 7.1, Section&nbsp;7.2, Section&nbsp;7.3, Section&nbsp;7.5, Section&nbsp;7.6 or Section&nbsp;10.15 or (iii) any claims in respect of breaches of representations,
warranties, covenants or agreements under any of the Transaction Documents (other than this Agreement or the Escrow Agreement) against any of the parties thereto, a Buyer Indemnified Party shall only be able to recover to the extent of the amount of
the funds in the Escrow Account. For the avoidance of doubt, this Article&nbsp;IX and the Escrow Agreement shall constitute the exclusive remedy in respect of breaches by SHL of any covenants or agreements contained in Section&nbsp;7.4 or
Section&nbsp;7.7 of this Agreement, and a Buyer Indemnified Party shall only be able to recover in respect of any such breach to the extent of the amount of the funds in the Escrow Account. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.6 <U>Claims</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Promptly after the receipt by any Person entitled to indemnification pursuant to this Article&nbsp;IX (the &#147;<U>Indemnified
Party</U>&#148;) of notice of the commencement of any Action involving a third party (such Action, a &#147;<U>Third Party Claim</U>&#148;), such Indemnified Party shall, if a claim with respect thereto is to be made against any party obligated to
provide indemnification pursuant to this Article&nbsp;IX (the &#147;<U>Indemnifying Party</U>&#148;), give such Indemnifying Party written notice of such Third Party Claim in reasonable detail in light of the circumstances then known to such
Indemnified Party; <U>provided</U> that the failure of the Indemnified Party to provide such notice shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent that such failure to give notice shall prejudice any
defense or claim available to the Indemnifying Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The Indemnifying Party shall be entitled to participate in and assume the
defense of any Third Party Claim with counsel reasonably satisfactory to the Indemnified Party, at the Indemnifying Party&#146;s sole expense; <U>provided</U> that the Indemnifying Party shall not be entitled to assume or continue control of (but
shall be entitled to participate in) the defense of any Third Party Claim if (i)&nbsp;the Third Party Claim relates to or arises in connection with any criminal Action, (ii)&nbsp;the Third Party Claim has or would reasonably be expected to result in
Losses in excess of 150% of the amounts </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>


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available for indemnification pursuant to Section&nbsp;9.4, (iii) the Third Party Claim would reasonably be expected to have a material adverse effect on the Company and its Subsidiaries taken as
a whole, or (iv) the Indemnifying Party has failed or is failing to defend in good faith the Third Party Claim, or (v) (x) the Third Party Claim seeks an injunction against any Indemnified Party that seeks to enjoin the Company or its Subsidiaries
from conducting any business activities and (y) the Indemnified Party reasonably determines, after conferring with legal counsel, that such claim for injunctive relief cannot reasonably be separated from any related claim for money damages;
<U>provided</U>, that if such claim can be so separated from that for money damages, the Indemnifying Party shall be entitled to assume the defense of the portion relating to money damages. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) If the Indemnifying Party assumes the defense of any Third Party Claim, (i)&nbsp;it shall not settle the Third Party Claim unless either
(A)&nbsp;the Indemnified Party shall have consented in writing thereto (such consent not to be unreasonably withheld, delayed or conditioned) or (B) (1) the settlement does not entail any admission of liability on the part of any Indemnified Party,
(2)&nbsp;the settlement includes an unconditional release of each Buyer Indemnified Party or Seller Indemnified Party, as applicable, reasonably satisfactory to the Indemnified Party, from all Losses with respect to such Third Party Claim and
(3)&nbsp;it shall indemnify and hold the Indemnified Party harmless from and against any and all Losses caused by or arising out of any settlement or judgment of such claim and may not claim that it does not have an indemnification obligation with
respect thereto, and (ii)&nbsp;the Indemnified Party shall have the right (but not the obligation) to participate in the defense of such Third Party Claim and to employ, at its own expense, counsel separate from counsel employed by the Indemnifying
Party; except that the reasonable fees, costs and expenses of such counsel shall be at the expense of the Indemnifying Party if the Indemnifying Party and the Indemnified Party are both named parties to the proceedings and the Indemnified Party
shall have reasonably concluded that representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) The Indemnified Party shall not settle any Third Party Claim if the Indemnifying Party shall have any obligation as a result of such
settlement (whether monetary or otherwise) unless such settlement is consented to in writing by the Indemnifying Party, such consent not to be unreasonably withheld, delayed or conditioned. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) Each party shall cooperate, and cause their respective Affiliates to cooperate, in the defense or prosecution of any Third Party Claim.
Any consent to be given by the Buyer Indemnified Parties under this Section&nbsp;9.6 shall be given by the Buyer acting on behalf of the Buyer Indemnified Parties and any consent to be given by the Seller Indemnified Parties under this
Section&nbsp;9.6 shall be given by the Seller acting on behalf of the Seller Indemnified Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) The Indemnified Party shall give
the Indemnifying Party written notice of any claim on account of any Losses that do not result from a Third Party Claim as soon as reasonably practicable after becoming aware thereof, which notice shall
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


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describe such claim in good faith and in reasonable detail in light of the circumstances then known to such Indemnified Party; <U>provided</U> that the failure of the Indemnified Party to provide
such notice shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent that the Indemnifying Party is prejudiced as a result of such failure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.7 <U>Effect of Knowledge or Waiver of Condition</U>.&nbsp;The right to indemnification, payment of Losses or other remedies
based on any representations, warranties, covenants or agreements set forth in any Transaction Document (including indemnification under Article&nbsp;VIII) or in any document delivered with respect hereto or thereto will not be affected by any
investigation conducted with respect to or any Knowledge or information acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or
inaccuracy of or compliance with, any such representation, warranty, covenant or agreement (other than disclosures made in the Seller Disclosure Letter, the Seller Disclosure Letter or the Buyer Disclosure Letter, as applicable). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.8 <U>Additional Matters</U>.&nbsp;For purposes of this Article&nbsp;IX, including for determining the existence of a breach and
the amount of Losses, the representations and warranties contained in this Agreement shall be deemed to have been made without any qualifications as to materiality or Material Adverse Effect, except for such qualifications set forth in
Section&nbsp;5.10. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.9 <U>Escrow Release</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) On November 30, 2017, the Seller and Buyer shall deliver joint written instructions to the Escrow Agent directing it to release to the
Seller, to an account or accounts specified in writing by the Seller, any amount in the Escrow Account (if any) in excess of the sum of (i) $27,000,000 plus (ii) all amounts on account of any outstanding and unpaid or unresolved claims for
indemnification under Section&nbsp;8.1 and Section&nbsp;9.2 that were previously made by the Buyer Indemnified Parties in accordance with Section&nbsp;8.2 and Section&nbsp;9.6, respectively (such amounts in clause (ii), the &#147;<U>Initial Release
Unpaid Claims Amount</U>&#148;). The Initial Release Unpaid Claims Amount shall be paid to the Buyer if, as and when required in accordance with the terms hereof and of the Escrow Agreement. After the resolution and payment of all claims made by the
Buyer Indemnified Parties prior to November 30, 2017 in respect of which the Initial Release Unpaid Claims Amount was retained, the Seller and the Buyer shall provide joint written instructions to the Escrow Agent directing it to release to the
Seller, to an account or accounts specified in writing by the Seller, the portion (if any) of the Initial Release Unpaid Claims Amount not paid to the Buyer in accordance with this Agreement and the Escrow Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) On the third anniversary of the Closing Date, the Seller and the Buyer shall deliver joint written instructions to the Escrow Agent
directing it to release to the Seller, to an account or accounts specified in writing by the Seller, any amount remaining in the Escrow Account in excess of the sum of all amounts on account of any outstanding and unpaid or unresolved claims for
indemnification under Section&nbsp;8.1 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


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and Section&nbsp;9.2 that was previously made by the Buyer Indemnified Parties in accordance with Section&nbsp;8.2 and Section&nbsp;9.6, respectively (such amounts, the &#147;<U>Remaining Release
Unpaid Claims Amount</U>&#148;). The Remaining Release Unpaid Claims Amount shall be paid to the Buyer as and when required in accordance with the terms hereof and of the Escrow Agreement. After the resolution and payment of all claims made by the
Buyer Indemnified Parties prior to the third anniversary of the Closing Date in respect of which the Remaining Release Unpaid Claims Amount was retained, the Seller and the Buyer shall provide joint written instructions to the Escrow Agent directing
it to release to the Seller, to an account specified in writing by the Seller, the portion (if any) of the Remaining Release Unpaid Claims Amount not paid to the Buyer in accordance with this Agreement and the Escrow Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE&nbsp;X </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>MISCELLANEOUS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.1 <U>Expenses</U>. Except as otherwise expressly provided herein, the Company, the Seller and the Buyer shall each pay all of
their own fees, costs and expenses (including attorneys&#146; and accountants&#146; fees, costs and expenses) in connection with the negotiation of this Agreement, the performance of their obligations hereunder and the consummation of the
Contemplated Transactions; <U>provided</U> that the Seller shall bear all Qualified Transaction Expenses as provided for herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.2 <U>Amendment</U>.&nbsp;This Agreement may not be amended except by an instrument in writing signed on behalf of the Buyer,
the Company and the Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.3 <U>Entire Agreement</U>.&nbsp;The Transaction Documents contain all of the terms,
conditions and representations and warranties agreed to by the parties relating to the subject matter of this Agreement and the Transaction Documents and supersede all prior agreements, negotiations, correspondence, undertakings and communications
of the parties or their representatives, oral or written, respecting such subject matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.4 <U>Tax Treatment of Indemnity
Payments</U>.&nbsp;It is the intention of the parties hereto to treat any indemnity payment made under this Agreement as an adjustment to the Purchase Price for all Tax purposes, and the parties agree to file their Tax Returns accordingly, except as
otherwise required by applicable Tax Laws or a final determination by a Tax Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.5 <U>Notices</U>.&nbsp;Any notice or other communication required or permitted
under this Agreement shall be deemed to have been duly given and made (a)&nbsp;if in writing and served by personal delivery upon receipt by the party for whom it is intended; (b)&nbsp;if delivered by facsimile or electronic mail upon confirmation
of receipt; or (c)&nbsp;if delivered by certified mail, registered mail or courier service, upon issuance of the <FONT STYLE="white-space:nowrap">return-receipt</FONT> reflecting delivery to the party at the address set forth below, to the Persons
indicated: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Buyer or, after the Closing, the Company, to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Michael Kors (Europe) B.V. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sint
Jansweg 15 (Innovatoren) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5928 RC Venlo, The Netherlands </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Joseph B. Parsons, Director </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;Joe.Parsons@michaelkors.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">with copies (which shall not constitute notice) to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1285 Avenue of the Americas </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New&nbsp;York, NY 10019-6064 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toby Myerson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Justin Hamill
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;(212) 757-3900 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tmyerson@paulweiss.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jhamill@paulweiss.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton, Rosen
&amp; Katz </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">51 West 52nd Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Joshua Cammaker </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile:&nbsp;(212) 403-2000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;JRCammaker@WLRK.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Seller or SHL, to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c/o Novel Secretaries Limited </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12/F, Novel Industrial Building </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">850-870 Lai Chi Kok Road </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cheung
Sha Wan </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kowloon, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Oliver Chu </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile:&nbsp;+852-2310-1841 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;oliver_chu@novelent.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">with copies (which shall not constitute notice) to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Simpson Thacher &amp; Bartlett LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">425 Lexington Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York,
NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary Horowitz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maripat Alpuche
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;(212) 455-2505 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ghorowitz@stblaw.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;malpuche@stblaw.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SHL Investment Group (USA), Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9 West 57th Street, 50th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Gary Sheff </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile:&nbsp;(646) 354-4842 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;gary@shlglobal.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Company (prior to the Closing): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Michael Kors (HK) Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unit
1902, 19/F, Tower 6 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Gateway, Harbour City </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tsim Sha Tsui, Kowloon, Hong Kong </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;James Lee </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile:&nbsp;+86-21-6032-7555 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;james.lee@michaelkors.cn </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">with copies (which shall not constitute notice) to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Simpson Thacher &amp; Bartlett LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">425 Lexington Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York,
NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary Horowitz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maripat Alpuche
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;(212) 455-2505 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ghorowitz@stblaw.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;malpuche@stblaw.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Such addresses may be changed, from time to time, by means of a notice given in the manner provided in this Section&nbsp;10.5. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.6 <U>Waiver</U>.&nbsp;Waiver of any term or condition of this Agreement by any party shall only be effective if in writing
signed by each party and shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or a waiver of any other term or condition of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.7 <U>Binding Effect; Assignment</U>.&nbsp;Neither this Agreement nor any of the rights, interests or obligations hereunder may
be assigned or otherwise transferred (including by operation of Law or otherwise) by any party without the prior written consent of the other party, and any purported assignment or other transfer without
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
such consent shall be void and unenforceable; <U>provided</U>, <U>however</U>, that without written consent of any party hereto, either party may assign its rights and obligations to any of its
Affiliates, but no assignment shall relieve the assigning party of any Liability hereunder.&nbsp;Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties to this Agreement and
their respective successors and permitted assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.8 <U>No Third Party Beneficiary</U>.&nbsp;Nothing in this Agreement
shall confer any rights, remedies or claims upon any Person not a party or a permitted assignee of a party to this Agreement, except as set forth in Article&nbsp;IX (Indemnification) and Section&nbsp;7.8 (D&amp;O Indemnification). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.9 <U>Governing Law</U>.&nbsp;This Agreement and all claims or causes of action (whether in contract or tort) that may be based
upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection
with this Agreement or as an inducement to enter into this Agreement), shall be governed by the internal laws of the State of New York. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.10 <U>Consent to Jurisdiction and Service of Process</U>.&nbsp;Any Action seeking to enforce any provision of, or, directly or
indirectly arising out of or in any way relating to, this Agreement or the Contemplated Transactions shall be brought in any New&nbsp;York state or federal court located in New&nbsp;York County, in the State of New&nbsp;York, and each of the parties
hereby irrevocably consents to the exclusive jurisdiction of such courts in any such Action and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Action
in any such court or that any such Action brought in any such court has been brought in an inconvenient forum.&nbsp;Process in any such Action may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court.&nbsp;Without limiting the foregoing, each party agrees that by mailing a copy of the service of process by registered or certified mail (or any substantially similar form of mail) postage prepaid, to such party at its address as provided in
Section&nbsp;10.5 shall be deemed effective service of process on such party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.11 <U>WAIVER OF JURY TRIAL</U>.&nbsp;EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).&nbsp;EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.12 <U>Specific Performance</U>.&nbsp;Each party hereto agrees that irreparable
damage would occur in the event that any of the provisions of this Agreement were not performed by the other party in accordance with the terms hereof or were otherwise breached and that such non-breaching party shall be entitled to an injunction or
injunctions to prevent breaches of the provisions hereof and to specific performance of the terms hereof, in addition to any other remedy at law or equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.13 <U>Severability</U>.&nbsp;Without limitation to Section&nbsp;7.2(d)(ii), which shall govern for purposes of
Section&nbsp;7.2, if any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated so long as the economic or legal substance of the Contemplated Transactions is not affected in any manner materially adverse to any party hereto.&nbsp;Upon such a determination, the Buyer, the Company and the Seller
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a reasonably acceptable manner so that the Contemplated Transactions may be consummated as originally contemplated to
the fullest extent possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.14 <U>Counterparts; Delivery by Facsimile or PDF</U>.&nbsp;This Agreement may be signed in
any number of counterparts with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement.&nbsp;This Agreement shall become effective
when, and only when, each party hereto shall have received a counterpart hereof signed by all of the other parties hereto.&nbsp;This Agreement and any amendments hereto, to the extent signed and delivered by means of a facsimile machine or
electronically transmitted portable document format, shall be treated in all manner and respects as an original contract and shall be considered to have the same binding legal effects as if it were the original signed version thereof delivered in
person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.15 <U>Representations and Warranties of SHL</U>.&nbsp;Except as set forth on
<U>Section</U><U>&nbsp;</U><U>10.15</U> of the Seller Disclosure Letter, SHL represents and warrants to the Buyer as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) SHL
has been duly organized, is validly existing and is in good standing under the Laws of its jurisdiction of organization. SHL has the requisite power and authority to own or lease its assets and properties and to conduct its business as it is now
being conducted. SHL is duly licensed or qualified and is in good standing as a foreign entity in all jurisdictions in which it is required to be so licensed or qualified, except where failure to be so licensed or qualified would not have a material
adverse effect on the ability of SHL to enter into this Agreement or perform its obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) SHL has all requisite power
and authority to execute and deliver each Transaction Document to which SHL is or will be a party and to consummate the Contemplated Transactions. The execution and delivery by SHL of each Transaction Document to which it is or will be a party and
the consummation of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Contemplated Transactions has been duly and validly authorized and approved by the board of directors or other applicable governing body or representatives of SHL, and no other proceeding,
consent or authorization on the part of SHL is necessary to authorize any Transaction Document to which it is or will be a party or to perform its obligations hereunder.&nbsp;Each Transaction Document to which SHL is or will be a party has been or
will be duly and validly executed and delivered by SHL and constitutes, or will constitute, a legal, valid and binding obligation of SHL, enforceable against SHL in accordance with its terms, subject to the Enforceability Exceptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) There are no pending or threatened Actions before or by any Governmental Authority against SHL that would reasonably be expected to
adversely affect or restrict the ability of SHL to enter into and perform SHL&#146;s obligations under any Transaction Document to which SHL is or will be a party. SHL is not subject to any outstanding Order that prohibits or otherwise restricts the
ability of SHL to perform its obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) The execution and delivery by SHL of each Transaction Document to which SHL is
or will be a party and the consummation of the Contemplated Transactions do not and will not: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) breach, violate,
conflict with or result in a default under any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach, violation, conflict or default under, or accelerate the performance required or result in the
termination of or give any Person the right to terminate, any material Contract to which SHL is a party or by which any of SHL&#146;s assets are bound, in each case, except for those which would not reasonably be expected to have a material adverse
effect on SHL&#146;s ability to perform its obligations under this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) breach, violate, conflict with or
result in a default under, any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or conflict or default under, in each case in any material respect, any applicable material Law
or Order binding upon or applicable to SHL, except for those which would not reasonably be expected to materially impair SHL&#146;s ability to perform its obligations under this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) violate or conflict with any Organizational Documents of SHL; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) result in the creation or imposition of any material Lien, with or without notice or lapse of time or both, on any assets
of SHL, except for those which would not reasonably be expected to have a material adverse effect on SHL&#146;s ability to perform its obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.16 <U>Non-Recourse</U>.&nbsp;This Agreement may only be enforced against, and all claims or causes of action (whether in
contract, in tort, at law, in equity or otherwise) that may be based upon, arise out of or relate to this Agreement, or the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>


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negotiation, execution, termination, performance or non-performance of this Agreement (including any representation or warranty made in or in connection with this Agreement or as an inducement to
enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto, or, to the extent a party has agreed to cause a Subsidiary to take or omit to take any action, against such Subsidiary (but only to
the extent of the specific obligations of such parties or Subsidiaries set forth herein). Without limiting any rights any party may have pursuant to any Transaction Document against the parties to such Transaction Document, (i) no Person who is not
a named party to the this Agreement (other than the Subsidiaries of a party to the extent a party has agreed to cause such Subsidiary to take or omit to take any action), including any past, present or future, director, officer, employee,
incorporator, member, partner, stockholder or other equityholder, Affiliate, agent, attorney, financial advisor or representative of any named party to this Agreement (&#147;<U>Non-Party Affiliates</U>&#148;), shall have any liability (whether in
contract or in tort, in law or in equity, or based upon any theory that seeks to impose liability of an entity party against its owners or Affiliates) for any liability based on, in respect of, by reason of, arising under, out of, in connection
with, or related in any manner to this Agreement, the transactions contemplated by this Agreement or their negotiation or execution; and, (ii) to the maximum extent permitted by Law, each party hereto waives and releases all such liabilities against
any such Non-Party Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Remainder of page intentionally left blank] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date
first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BUYER</B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MICHAEL KORS (EUROPE) B.V.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joseph B. Parsons</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Joseph B. Parsons</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE COMPANY</B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MICHAEL KORS (HK) LIMITED</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ LEE Ta-Kang</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">LEE Ta-Kang</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE SELLER</B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MICHAEL KORS FAR EAST TRADING LIMITED</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ TANG Shiu Fai</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">TANG Shiu Fai</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Solely for the purposes of Sections 7.1, 7.2, 7.3, 7.4, 7.5 7.6, 7.7 and 10.15</B>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SPORTSWEAR HOLDINGS LIMITED</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Silas Kei-Fong Chou</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Silas Kei-Fong Chou</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page
to Share Purchase Agreement</I>]<I> </I></P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit&nbsp;A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Form of Escrow Agreement </U></B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ESCROW AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">THIS ESCROW AGREEMENT (the &#147;<U>Agreement</U>&#148;) is entered into as of May 31, 2016, by and among Michael Kors (Europe) B.V., a Dutch
private limited liability company (&#147;<U>the Buyer</U>&#148;), Michael Kors Far East Trading Limited, a British Virgin Islands company (&#147;<U>the Seller</U>&#148;, and together with the Buyer, sometimes referred to individually as a
&#147;<U>Party</U>&#148; and<B> </B>collectively as the &#147;<U>Parties</U>&#148;), and JPMorgan Chase Bank, N.A. (the &#147;<U>Escrow Agent</U>&#148;). Capitalized terms used but not defined shall have the meaning ascribed to such terms in the
Purchase Agreement (as defined below); provided the Escrow Agent shall not be deemed to have knowledge of any capitalized terms not defined herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Seller and the Buyer have entered into a Share Purchase Agreement, dated as of May 31, 2016 (as amended, modified, supplemented
or restated from time to time, the &#147;<U>Purchase Agreement</U>&#148;), by and among the Buyer, Michael Kors (HK) Limited, a company incorporated in Hong Kong with limited liability (the &#147;<U>Company</U>&#148;), the Seller and (solely for the
purposes of certain sections specified therein) Sportswear Holdings Limited, a British Virgin Islands company; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to
<U>Section 2.3</U> and <U>Section 2.5(b)</U> of the Purchase Agreement, the Parties have agreed that the Buyer shall deposit a portion of the cash consideration under the Purchase Agreement equal to the Escrow Deposits (as hereinafter defined)
(subject to the terms and conditions set forth herein and therein) with Escrow Agent hereunder to hold the Funds (as hereinafter defined) until the Funds are released in accordance with the terms of this Agreement and the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <B>Appointment</B>.&nbsp;The Parties hereby appoint Escrow Agent as their escrow agent for the purposes set forth herein, and Escrow Agent hereby accepts
such appointment under the terms and conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <B>Funds; Investment.</B><B>&nbsp;</B>(a)<B> </B>The Buyer agrees to deposit<B><I>
</I></B>with Escrow Agent the sum of (i) $52,000,000 (&#147;<U>Indemnification Escrow Deposit</U>&#148;) and (ii) $47,500,000 (&#147;<U>PRC Withholding Tax Escrow Deposit</U>&#148; and together with the Indemnification Escrow Deposit, the
&#147;<U>Escrow Deposits</U>&#148;). Escrow Agent shall hold each Escrow Deposit in one or more demand deposit accounts and invest and reinvest each of (i) the Indemnification Escrow Deposit and the proceeds thereof (the &#147;<U>Indemnification
Fund</U>&#148;) and (ii) the PRC Withholding Tax Escrow Deposit and the proceeds thereof (the &#147;<U>PRC Withholding Tax Fund</U>&#148; and together with the Indemnification Fund, the &#147;<U>Funds</U>&#148;) in a JPMorgan Money Market Deposit
Account (&#147;<U>MMDA</U>&#148;), or a successor investment offered by Escrow Agent; it being understood that no portion of the Indemnification Fund shall be held in the same account as the PRC Withholding Tax Fund. MMDAs have rates of interest or
compensation that may vary from time to time as determined by the Escrow Agent. The Parties recognize and agree that instructions to make any other investment (&#147;<U>Alternative Investment</U>&#148;), and any instruction to change investments
must be in a joint writing and executed by an Authorized Representative (as defined in Section 3 below), of the Buyer and the Seller and shall specify the type and identity of the investments to be purchased and/or sold. The Escrow Agent is hereby
authorized to execute purchases and sales of investments through the facilities of its own trading or capital markets operations or those of any affiliated entity and the Escrow Agent or any affiliated entity may act as counterparty with respect to
such investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Escrow Agent or any of its affiliates may receive compensation with respect to any Alternative Investment
directed hereunder including without limitation charging any applicable agency fee or trade execution fee in connection with each transaction.&nbsp;Escrow Agent will not provide supervision, recommendations or advice relating to either the
investment of moneys held in the Funds or the purchase, sale, retention or other disposition of any investment described herein, and each Party acknowledges that it was not offered any advice or recommendation by Escrow Agent with regard to any
investment and has made an independent assessment of the suitability for its own purposes of any investment hereunder.&nbsp;Market values, exchange rates and other valuation information (including without limitation, market value, current value or
notional value) of any Alternative Investment furnished in any report or statement may be obtained from third party sources and is furnished for the exclusive use of the Parties.&nbsp;Escrow Agent has no responsibility whatsoever to determine the
market or other value </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of any Alternative Investment and makes no representation or warranty, express or implied, as to the accuracy of any such valuations or that any values necessarily reflect the proceeds that may
be received on the sale of an Alternative Investment.&nbsp;Escrow Agent shall not have any liability for any loss sustained as a result of any investment made pursuant to the terms of this Agreement or as a result of any liquidation of any
investment prior to its maturity or for the failure of an Authorized Representative of the Parties to give Escrow Agent instructions to invest or reinvest the Funds.&nbsp;Escrow Agent shall have the right to liquidate any investments held in order
to provide funds necessary to make required payments under this Agreement.&nbsp;The Parties hereto agree to treat the Buyer as the owner of any amount remaining in the Funds for all income tax purposes. Accordingly, all interest or other income
earned under this Agreement shall be allocated to the Buyer and reported, by Escrow Agent to the IRS, or any other taxing authority, on IRS Form 1099 or 1042S (or other appropriate form) as income earned from the Escrow Deposits by the Buyer whether
or not said income has been distributed during such year.&nbsp;The Parties shall duly complete such tax documentation reasonably requested by the Escrow Agent as necessary for Escrow Agent to complete required tax reporting and for the relevant
Party to receive interest or other income without or at a reduced rate of withholding or deduction of tax in any jurisdiction, to the extent permitted by applicable law. Should any information supplied by a Party in such tax documentation change,
the applicable Party shall promptly notify Escrow Agent. Escrow Agent shall withhold any taxes it deems appropriate in the absence of proper tax documentation as required by law, and shall remit such taxes to the appropriate authorities.&nbsp;The
Escrow Agent shall distribute, on or before tenth (10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) calendar day of each calendar year, so long as any portion of the Escrow Deposits remains in the Funds, to an account or accounts
designated by Buyer in writing, an amount equal to twenty-five percent (25%) of the income earned on the investment of the Funds during the preceding calendar year (or the balance of the Funds if such amount is less than 25% of the income earned on
the investment of the Funds in the preceding calendar year). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <B>Disposition and Termination.</B>&nbsp;(a) The Escrow Agent shall release amounts from
the Funds only in accordance with (A) joint written instructions received from the Seller and the Buyer substantially in the form of <U>Exhibit A-1</U> attached hereto (&#147;<U>Joint Release Notice</U>&#148;) executed by each Party as evidenced by
the signatures of such Party&#146;s respective Authorized Representative, which joint written instructions shall specify the Fund from which such release shall be made and the party and account to whom such release shall be paid or (B) a final
award, judgment or court order of a court of competent jurisdiction (&#147;<U>Court Order</U>&#148;) delivered by one of the Parties to the Escrow Agent and accompanied by written instruction from an Authorized Representative of such Party to effect
such Court Order and the Escrow Agent shall be entitled to rely upon any such instructions and shall have no responsibility to review the Court Order to which such instruction refers or to make any determination as to whether such Court Order is
final. Within three (3) Business Days after the date on which the Escrow Agent receives such an executed Joint Release Notice or a Court Order, the Escrow Agent shall disburse the portion of the Funds set forth in the Joint Release Notice or the
Court Order, as applicable, to the persons or accounts designated in such Joint Release Notice or Court Order, as applicable </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Whenever Escrow Agent is
required to make payment of the Funds pursuant to this Agreement, Escrow Agent shall promptly (and in any event within 3 Business Days) pay such amount in cash by wire transfer in immediately available funds. Notwithstanding anything to the contrary
set forth in Section 8, any instructions setting forth, claiming, containing, objecting to, or in any way related to the transfer or distribution of the Funds, must be in writing executed by the appropriate Party or Parties as evidenced by the
signatures of the person or persons signing this Agreement or one of their designated persons as set forth on the Designation of Authorized Representatives attached hereto as Schedules 1-A and 1-B (each an &#147;<U>Authorized
Representative</U>&#148;), and delivered to Escrow Agent only by confirmed facsimile or as a Portable Document Format (&#147;PDF&#148;) attached to an email on a Business Day only at the fax number or email address set forth in Section 8 below. Each
Designation of Authorized Representatives shall be signed by the Secretary, any Assistant Secretary or other duly authorized officer of the named Party. No instruction for or related to the transfer or distribution of the Funds shall be deemed
delivered and effective unless Escrow Agent actually shall have received it on a Business Day by facsimile or as a PDF attached to an email only at the fax number or email address set forth in Section 8 and as evidenced by a confirmed transmittal to
the Party&#146;s or Parties&#146; transmitting fax number or email address and Escrow Agent has been able to satisfy any applicable security procedures as may be required hereunder. Escrow Agent shall not be liable to any Party or other person for
refraining from acting upon any instruction for or related to the transfer or distribution of the Funds if delivered to any other fax number or email address, including but not limited to a valid email address of any employee of Escrow Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Parties each acknowledge that Escrow Agent is authorized to use the following funds transfer instructions to
disburse any funds due to the Buyer and/or the Seller, respectively, without a verifying call-back as set forth in Section 3(b) below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Buyer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Seller:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ING Bank NV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">HSBC Bank USA NA, New York</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">IBAN #: NL03 INGB 0020 0931 28</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SWIFT: MRMD US33</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BIC/SWIFT Code: INGBNL2A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CHIPS UID 075995</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Currency: USD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fedwire #: 021001088</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">For account of:</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Hongkong and Shanghai Banking Corporation</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limited (Swift code: HSBCHKHHHKH)</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hong Kong Main Office</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1 Queen&#146;s Road Central</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hong Kong</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account No.: 000-04441-5</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Beneficiary:</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Michael Kors Far East Trading Limited</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account no: 848-815882-274</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, the Parties agree that repetitive funds transfer instructions may be given to Escrow Agent for one or more
beneficiaries where only the date of the requested transfer, the amount of funds to be transferred, and/or the description of the payment shall change within the repetitive instructions (&#147;<U>Standing Settlement Instructions</U>&#148;). Any such
Standing Settlement Instructions shall be set up in writing in advance of any actual transfer request and shall contain complete funds transfer information (as set forth above) for the beneficiary. Any such set-up of Standing Settlement Instructions
(other than those established concurrently with the execution of this Agreement), and any changes in existing set-up, shall be confirmed by means of a verifying callback to an Authorized Representative. Standing Settlement Instructions will continue
to be followed until cancelled by the Parties jointly in a writing signed by an Authorized Representative of each Party and delivered to Escrow Agent in accordance with this Section. Once set up as provided herein, Escrow Agent may rely solely upon
such Standing Settlement Instructions and all identifying information set forth therein for each beneficiary. Each Party agrees that any Standing Settlement Instructions shall be effective as the funds transfer instructions of such Party or the
Parties, as applicable, without requiring a verifying callback, as set forth in Section 3(b) below, if such Standing Settlement Instructions are consistent with previously authenticated Standing Settlement Instructions for that beneficiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the event any other funds transfer instructions are set forth in a permitted instruction from a Party or the Parties in accordance with
Section 3, Escrow Agent is authorized to seek confirmation of such funds transfer instructions by a single telephone call-back to one of the Authorized Representatives of such Party or Parties, as the case may be, and Escrow Agent may rely upon the
confirmation of anyone purporting to be that Authorized Representative. The persons designated as Authorized Representatives and telephone numbers for same may be changed only in a writing executed by an Authorized Representative or other duly
authorized officer of the applicable Party setting forth such changes and actually received by Escrow Agent via facsimile or as a PDF attached to an email.&nbsp;Except as set forth in Section 3(a) above, no funds will be disbursed until an
Authorized Representative is able to confirm such instructions by telephone callback. Escrow Agent, any intermediary bank and the beneficiary&#146;s bank in any funds transfer may rely upon the identifying number of the beneficiary&#146;s bank or
any intermediary bank included in a funds transfer instruction provided by a Party or the Parties in accordance with Section 3 and confirmed by an Authorized Representative of such Party or Parties. Further, the beneficiary&#146;s bank in the funds
transfer instruction may make payment on the basis of the account number provided in such Party or Parties&#146; instruction and confirmed by an Authorized Representative of such Party or Parties even though it identifies a person different from the
named beneficiary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;The Parties acknowledge that there are certain security, corruption, transmission error
and access availability risks associated with using open networks such as the internet and the Parties hereby expressly assume such risks.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) As used in this Section 3, &#147;<U>Business Day</U>&#148; shall mean any day other than a Saturday, Sunday or any other day on which
Escrow Agent located at the notice address set forth below is authorized or required by law or executive order to remain closed. The Parties acknowledge that the security procedures set forth in this Section 3 are commercially reasonable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;Upon delivery of the Funds in full by Escrow Agent, this Agreement shall terminate and the related account(s) shall be closed,
subject to the provisions of Section 6.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <B>Escrow Agent</B>.&nbsp;Escrow Agent shall have only those duties as are specifically and expressly provided
herein, which shall be deemed purely ministerial in nature, and no other duties, including but not limited to any fiduciary duty, shall be implied.&nbsp;Escrow Agent has no knowledge of,&nbsp;nor any obligation to comply with, the terms and
conditions of any other agreement between the Parties<B>, </B>nor shall Escrow Agent be required to determine if any Party has complied with any other agreement.&nbsp;Notwithstanding the terms of any other agreement between the Parties, the terms
and conditions of this Agreement shall control the actions of Escrow Agent. Escrow Agent may conclusively rely upon any written notice, document, instruction or request delivered by the Parties reasonably believed by it to be genuine and to have
been signed by an Authorized Representative(s), as applicable, without inquiry and without requiring substantiating evidence of any kind and Escrow Agent shall be under no duty to inquire into or investigate the validity, accuracy or content of any
such document, notice, instruction or request. Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in good faith except to the extent that Escrow Agent&#146;s gross negligence, willful misconduct, bad faith
or fraud was the cause of any direct loss to either Party. Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents, provided that Escrow Agent shall be liable for any actions taken
or omitted to be taken by any of its affiliates or agents hereunder. In the event Escrow Agent shall be uncertain, or believes there is some ambiguity, as to its duties or rights hereunder, or receives instructions, claims or demands from any Party
hereto which in Escrow Agent&#146;s judgment conflict with the provisions of this Agreement, or if Escrow Agent receives conflicting instructions from the Parties, Escrow Agent shall be entitled either to: (a) refrain from taking any action until it
shall be given (i) a joint written direction executed by Authorized Representatives of the Parties which eliminates such conflict or (ii) a court order issued by a court of competent jurisdiction (it being understood that Escrow Agent shall be
entitled conclusively to rely and act upon any such court order and shall have no obligation to determine whether any such court order is final); or (b) file an action in interpleader. Escrow Agent shall have no duty to solicit any payments which
may be due it or the Funds, including, without limitation, the Escrow Deposits<B> </B>nor shall the Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness of any amounts deposited with it hereunder. Anything in
this Agreement to the contrary notwithstanding, in no event shall Escrow Agent be liable for special, incidental, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if Escrow
Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <B>Resignation;</B>
<B>Succession.</B>&nbsp;Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving not less than thirty (30) days advance notice in writing of such resignation to the Parties or may be discharged from its duties and
obligations and removed as escrow agent, with or without cause, by the Parties at any time after giving no less than thirty (30) days advance joint written notice to the Escrow Agent. Escrow Agent&#146;s sole responsibility after such thirty (30)
day notice period expires shall be to hold the Funds (without any obligation to reinvest the same) and to deliver the same to a designated substitute escrow agent, if any, appointed by the Parties, or such other person designated by the Parties, or
to distribute it in accordance with the directions of a final non-appealable court order, at which time of delivery or distribution, Escrow Agent&#146;s obligations hereunder shall cease and terminate. If prior to the effective resignation or
removal date, the Parties have failed to appoint a successor escrow agent, or to instruct the Escrow Agent to deliver the Funds to another person as provided above, or if such delivery is contrary to applicable law, at any time on or after the
effective resignation date, Escrow Agent either (a) may interplead the Funds with a court located in the State of New York and the reasonable and documented expenses and reasonable attorney&#146;s fees which are incurred in connection with such
proceeding may be charged against and withdrawn from the Funds; or (b) appoint a successor escrow agent of its own choice. Any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
appointment of a successor escrow agent shall be binding upon the Parties and no appointed successor escrow agent shall be deemed to be an agent of Escrow Agent. Escrow Agent shall deliver the
Funds to any appointed successor escrow agent, at which time Escrow Agent&#146;s obligations under this Agreement shall cease and terminate. Any entity into which Escrow Agent may be merged or converted or with which it may be consolidated, or any
entity to which all or substantially all of the escrow business may be transferred, shall be the Escrow Agent under this Agreement without further act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <B>Compensation; Acknowledgment.</B><B>&nbsp;</B><B>(a) </B>The Parties each agree to pay Escrow Agent upon execution of this Agreement and from time to
time thereafter reasonable compensation for the services to be rendered hereunder, which unless otherwise agreed in writing, shall be as described in Schedule 2.&nbsp;The Seller and the Buyer shall each be responsible for 50% of any amounts payable
pursuant to this Section 6.2(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the Parties further agrees to the disclosures and agreements set forth in Schedule 2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.<B> Indemnification and Reimbursement.</B> The Parties agree jointly and severally to indemnify, defend, hold harmless, pay or reimburse Escrow Agent and
its affiliates and their respective successors, assigns, directors, agents and employees (the &#147;<U>Indemnitees</U>&#148;) from and against any and all losses, damages, claims, liabilities, penalties, judgments, settlements, litigation,
investigations, or reasonable and documented, out-of-pocket costs or expenses (including, without limitation, the reasonable and documented fees and expenses of outside counsel and experts and their staffs and all reasonable and documented expense
of document location, duplication and shipment) (collectively &#147;<U>Losses</U>&#148;), arising out of or in connection with (a) Escrow Agent&#146;s performance of this Agreement, except to the extent that such Losses are determined by a court of
competent jurisdiction to have been caused by the gross negligence, willful misconduct, bad faith or fraud of such Indemnitee and (b) Escrow Agent&#146;s following, accepting or acting upon any instruction or directions, whether joint or singular,
from the Parties received in accordance with this Agreement; <U>provided</U>, that as between themselves, and without affecting their indemnification obligations to the Escrow Agent, each of the Buyer and the Seller agrees to pay fifty percent (50%)
of any such indemnification claims and shall be entitled to reimbursement from the other Party to the extent the amount of Losses paid to an Indemnitee exceeds such agreed to fifty percent (50%) allocation.&nbsp;The obligations set forth in this
Section 7 shall survive the resignation, replacement or removal of Escrow Agent or the termination of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <B>Notices.</B>&nbsp;Except as
otherwise provided in Section 3, all communications hereunder shall be in writing or set forth in a PDF attached to an email, and all instructions from a Party or the Parties to the Escrow Agent shall be executed by an Authorized Representative, and
shall be delivered in accordance with the terms of this Agreement by facsimile, email or overnight courier only to the appropriate fax number,&nbsp;email address, or notice address set forth for each party as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Buyer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Michael Kors (Europe) B.V.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sint Jansweg 15 (Innovatoren)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5928 RC Venlo, The Netherlands</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Attention:&nbsp;Joseph B. Parsons, Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Email:&nbsp;Joe.Parsons@michaelkors.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">With copies to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">1285 Avenue of the Americas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">New&nbsp;York, NY&nbsp;10019-6064</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Attention:&nbsp;Toby Myerson</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Justin Hamill</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tel No.: (212) 373-3000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Fax No.: (212) 757-3900</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Seller:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Michael Kors Far East Trading Ltd.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">c/o Novel Secretaries Limited</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12/F, Novel Industrial Building</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">850-870 Lai Chi Kok Road</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kowloon, Hong Kong</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Oliver Chu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fax No.: +852-2310-1840</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">With copies to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Simpson Thacher &amp; Bartlett LLP</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">425 Lexington Avenue</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, NY 10017</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Gary Horowitz</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maripat
Alpuche</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tel No.: (212) 455-2000</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fax No.:&nbsp;(212) 455-2505</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">If to Escrow Agent:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A.</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escrow Services</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4 New York Plaza, 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, NY, 10004</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Ilona Kandarova / Andric Cheong / Rola-Tseng Pappalaro</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fax No.: (212) 552-2812</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Email Address:</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(New York) <U>ec.escrow@jpmorgan.com/</U></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <B>Compliance with Court Orders.</B>&nbsp;In the event that a legal garnishment, attachment, levy restraining notice or
court order is served with respect to any of the Funds, or the delivery thereof shall be stayed or enjoined by an order of a court, Escrow Agent is hereby expressly authorized, in its reasonable discretion, to obey and comply with all such orders so
entered or issued, which it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction, and to the extent that Escrow Agent obeys or complies with any such order it shall not be liable to any of the
Parties hereto or any other person by reason of such compliance notwithstanding such order being subsequently reversed, modified, annulled, set aside or vacated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <B>Miscellaneous.</B><B>&nbsp;</B>(a)<B> </B>The provisions of this Agreement may be waived, altered, amended or supplemented only by a writing signed by
the Escrow Agent and the Parties.&nbsp;Neither this Agreement nor any right or interest hereunder may be assigned by any Party without the prior consent of Escrow Agent and the other Party.&nbsp;This Agreement shall be governed by and construed
under the laws of the State of New York.&nbsp;Each Party and Escrow Agent irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process by mail or in any other
manner permitted by applicable law and consents to the jurisdiction of the courts located in the State of New York. To the extent that in any jurisdiction either Party may now or hereafter be entitled to claim for itself or its assets, immunity from
suit, execution, attachment (before or after judgment) or other legal process, such Party shall not claim, and hereby irrevocably waives, such immunity.&nbsp;Escrow Agent and the Parties further hereby waive any right to a trial by jury with respect
to any lawsuit or judicial proceeding arising or relating to this Agreement.&nbsp;No party to this Agreement is liable to any other party for losses due to, or if it is unable to perform its obligations under the terms of this Agreement because of,
acts of God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission failure, or other causes reasonably beyond its control.&nbsp;This Agreement and any Joint Release Notice from the Parties may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument or instruction, as applicable. All signatures of the parties to this Agreement may be transmitted by facsimile or as
a PDF attached to an email, and such facsimile or PDF will, for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and will be binding upon such party.&nbsp;If any provision of this Agreement is
determined to be prohibited or unenforceable by reason of any applicable law of a jurisdiction, then such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction shall not invalidate or render unenforceable such provisions in any other jurisdiction.&nbsp;The Parties each represent, warrant and covenant that (i)
each document, notice, instruction or request provided by such Party to Escrow Agent shall comply with applicable laws and regulations;&nbsp;(ii) such Party has full power and authority to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
enter into, execute and deliver this Agreement and to perform all of the duties and obligations to be performed by it hereunder; and (iii) the person(s) executing this Agreement on such
Party&#146;s behalf and certifying Authorized Representatives in the applicable Schedule 1 have been duly and properly authorized to do so, and each Authorized Representative of such Party has been duly and properly authorized to take the actions
specified for such person in the applicable Schedule 1. Except as expressly provided in Section 7 above, nothing in this Agreement, whether express or implied, shall be construed to give to any person or entity other than Escrow Agent and the
Parties any legal or equitable right, remedy, interest or claim under or in respect of the Funds or this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;<B>Information.</B><B>&nbsp;</B>The Parties authorize the Escrow Agent to disclose information with respect to this Agreement and the
account(s) established hereunder, the Parties, or any transaction hereunder if such disclosure is: (i) necessary or desirable, in the Escrow Agent&#146;s opinion, for the purpose of allowing the Escrow Agent to perform its duties and to exercise its
powers and rights hereunder; (ii) to a proposed assignee of the rights of Escrow Agent; (iii) to a branch, affiliate, subsidiary, employee or agent of the Escrow Agent or to their auditors, regulators or legal advisers or to any competent court;
(iv) to the auditors of any of the Parties; or (v) permitted or required by applicable law, regardless of whether the disclosure is made in the country in which each Party resides, in which the Escrow Account is maintained, or in which the
transaction is conducted. The Parties agree that such disclosures by the Escrow Agent and its affiliates may be transmitted across national boundaries and through networks, including those owned by third parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Remainder of page intentionally left blank] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties hereto have executed this Agreement as of the date set
forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BUYER</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MICHAEL KORS (EUROPE) B.V.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Escrow Agreement] </P>

<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE SELLER</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MICHAEL KORS FAR EAST TRADING LIMITED</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Escrow Agreement] </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>JPMORGAN CHASE BANK, N.A.,</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">As Escrow Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Escrow Agreement] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A-1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF JOINT RELEASE NOTICE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JPMorgan
Chase Bank, N.A., Escrow Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Address] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Fax No.] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Email Address] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re:&nbsp;The Buyer and the
Seller &#150; Escrow Agreement dated May 31, 2016 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Escrow Account no.
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dear Sir/Madam:
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We refer to an escrow agreement, dated May 31, 2016, by and among Michael Kors (Europe) B.V., a Dutch private limited liability company, as the
Buyer, Michael Kors Far East Trading Limited, a British Virgin Islands company, as the Seller, and JPMorgan Chase Bank, N.A., as Escrow Agent (the &#147;<B>Escrow Agreement</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms in this letter that are not otherwise defined shall have the same meaning given to them in the Escrow Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Parties hereby instruct the Escrow Agent to release the Funds, or the portion specified below and in the allocation specified below, to the specified
part[y][ies] as instructed below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fund: [Indemnification Fund][PRC Withholding Tax Fund] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amount </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(In writing) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beneficiary </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">City </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Country </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>US Instructions: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank address </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ABA Number: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit A/C Name: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit A/C #: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit A/C Address: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Applicable: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FFC A/C Name: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FFC A/C #: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FFC A/C Address: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>International Instructions: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank Name: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank Address </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SWIFT Code: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">US Pay Through ABA: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit A/C Name: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit A/C # (IBAN #): </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit A/C Address: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Applicable: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FFC A/C Name: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FFC A/C # (IBAN #): </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FFC A/C
Address: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>FOR AND ON BEHALF OF THE BUYER:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Date:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>FOR AND ON BEHALF OF THE SELLER:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Date:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Form of Instruments of Transfer and Bought and Sold Notes </U></B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>INSTRUMENT OF TRANSFER </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MICHAEL KORS (HK) LIMITED </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We, Michael Kors Far East
Trading Limited, of P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (the &#147;<B>Transferor</B>&#148;) in consideration of US$500,000,000 do hereby transfer to Michael Kors (Europe) B.V. of Sint Jansweg 15
(Innovatoren) 5928 RC Venlo, The Netherlands (the &#147;<B>Transferee</B>&#148;), 1,000,001 ordinary shares in Michael Kors (HK) Limited (registered in Hong Kong with Company Number 1501763) standing in our name in the share register of Michael Kors
(HK) Limited to hold unto the said Transferee, its executors, administrators or assigns, subject to the several conditions upon which we hold the same at the time of execution hereof. And we the said Transferee do hereby agree to take the said
ordinary shares subject to the same conditions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WITNESS</B> our hands the<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> day of May 2016 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Transferor:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness to the signature of the Transferor:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executed by</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness signature:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Michael Kors Far East Trading Limited by:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Address:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Transferee:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness to the signature of the Transferee:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executed by</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Witness signature:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Michael Kors (Europe) B.V. by:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Address:</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>BOUGHT NOTE </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name&nbsp;of&nbsp;Purchaser&nbsp;(Transferee):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Kors (Europe) B.V. of Sint Jansweg 15 (Innovatoren)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">5928 RC Venlo, The Netherlands</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name of Seller (Transferor):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Kors Far East Trading Limited of P.O. Box 957, Offshore</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Incorporations Centre, Road Town, Tortola, British Virgin Islands</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Company in which the shares are to be transferred: Michael Kors (HK) Limited </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Number of shares: 1,000,001 ordinary shares</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consideration Paid:
US$500,000,000</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executed for and on behalf of<B> </B>Michael Kors (Europe) B.V. (as transferee) by its&nbsp;agent: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp; May
2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Place of Execution: New York, United States of America </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SOLD NOTE </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name&nbsp;of&nbsp;Seller&nbsp;(Transferor):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Kors Far East Trading Limited of P.O. Box 957, Offshore</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Incorporations Centre, Road Town, Tortola, British Virgin Islands</TD></TR>
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<TD VALIGN="top">Name&nbsp;of&nbsp;Purchaser&nbsp;(Transferee):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Kors (Europe) B.V. of Sint Jansweg 15 (Innovatoren)</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">5928 RC Venlo, The Netherlands</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name of Company in which the shares to be transferred: Michael Kors (HK) Limited </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Number of shares: 1,000,001 ordinary shares </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consideration
Received: US$500,000,000 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executed for and on behalf of<B> </B>Michael Kors Far East Trading Limited (as transferor) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: &nbsp;&nbsp;&nbsp;&nbsp; May
2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Place of Execution: Tsim Sha Tsui, Kowloon, Hong Kong<I> </I> </P>
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