EX-10.11





 Exhibit 10.11 

SUBSCRIPTION AGREEMENT 

This Subscription Agreement (this “Agreement”) is made as of March 19, 2021 by and among: 

 

	 	(1)	 Zhihu Inc., an exempted company incorporated under the laws of the Cayman Islands (the
“Company”); and 


  

	 	(2)	 Image Frame Investment (HK) Limited, a company incorporated in Hong Kong (the “Purchaser”).
The Purchaser on the one hand, and the Company on the other hand, are sometimes herein referred to each as a “Party,” and collectively as the “Parties.” 



W I T N E S S E T H: 

WHEREAS, the Company has filed a registration statement on Form F-1 on March 5, 2021 (as may be
amended from time to time, the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”) in connection with the initial public offering (the “Offering”) by the
Company of American Depositary Shares (“ADS”) representing Class A ordinary shares of par value US$0.000125 per share, (“Class A Ordinary Shares”) of the Company as specified in the
Registration Statement; and 
 WHEREAS, the Purchaser wishes to invest in the Company by acquiring a certain number of Class A Ordinary
Shares in the Company in a transaction exempt from registration pursuant to Regulation S (“Regulation S”) of the U.S. Securities Act of 1933, as amended (the “Securities Act”), on the terms and conditions set forth
in this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties
hereto agree as follows: 
 ARTICLE I 

PURCHASE AND SALE 

Section 1.1 Issuance, Sale and Purchase of Class A Ordinary Shares. Subject to the terms and conditions of this
Agreement, the Purchaser hereby agrees to purchase, and the Company hereby agrees to issue, sell and deliver to the Purchaser, at the Closing (as defined below), such number of Class A Ordinary Shares that is equal to the quotient of the
Purchase Price (as defined below) divided by the Offer Price (as defined below) (the “Purchased Shares”) at a price per Ordinary Share equal to the Offer Price and for an aggregate purchase price of US$30 million (the
“Purchase Price”), free and clear of all liens or encumbrances (except for restrictions arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement (as
defined below)); provided, however, that (a) no fractional shares of Class A Ordinary Shares will be issued as Purchased Shares, (b) any fractions shall be rounded down to the nearest whole number of Class A
Ordinary Shares, and (c) the Purchase Price will be reduced by the value of any such fractional shares of Class A Ordinary Shares (as calculated on the basis of the Offer Price). The “Offer Price” means the price per ADS
set forth on the cover of the Company’s final prospectus in connection with the Offering divided by the number of Class A Ordinary Shares represented by one ADS. The purchase, issuance, sale and delivery of the Purchased Shares shall be
made pursuant to and in reliance upon Regulation S. The Purchase Price for the Purchased Shares shall be paid in cash as provided in Section 1.2(b). 

  
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 Section 1.2 Closing. 

(a) Closing. Subject to Section 1.3, the closing (the “Closing”) of the sale and purchase of
the Purchased Shares pursuant to Section 1.1 shall take place concurrently with the closing of the Offering remotely via the exchanges of documents and signatures or at such other place as the Company and the Purchaser may
mutually agree in writing with respect to the Purchased Shares. The date and time of the Closing are referred to herein as the “Closing Date.” 

(b) Payment and Delivery. At the Closing, the Purchaser shall pay and deliver the Purchase Price to the Company by wire transfer, or by
such other method mutually agreeable to the Company and the Purchaser, of immediately available funds in U.S. dollars to such bank account designated by the Company set forth in Schedule B hereto, and the Company shall deliver one or more
duly executed share certificates in original form, registered in the name of the Purchaser, together with a certified true copy of the register of the members of the Company, evidencing the issuance of the Purchased Shares to the Purchaser. 

(c) Restrictive Legend. The certificate representing Purchased Shares shall be endorsed with the following legend: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF
ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A) IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (2) AN EXEMPTION OR QUALIFICATION UNDER THE ACT AND OTHER
APPLICABLE SECURITIES LAWS, OR (3) DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED; AND (B) WITHIN THE UNITED STATES OR TO ANY U.S. PERSON, AS EACH OF THOSE
TERMS IS DEFINED IN REGULATION S UNDER THE ACT, DURING THE 40 DAYS FOLLOWING CLOSING OF THE PURCHASE. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID. 

  
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 Section 1.3 Closing Conditions. 

(a) Conditions to the Purchaser’s Obligations to Effect the Closing. The obligation of the Purchaser to purchase and pay for the
Purchased Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may only be waived in writing by the Purchaser in its sole discretion: 

(i) All corporate and other actions required to be taken by the Company in connection with the issuance, sale and delivery of
the Purchased Shares shall have been completed. 
 (ii) The representations and warranties of the Company to the Purchaser
contained in Section 2.1 of this Agreement shall have been true and correct in all material respects on the date of this Agreement and true and correct in all material respects on and as of the Closing Date (except the representations and
warranties contained in Section 2.1(i) shall be true and correct in all respects on and as of the Closing Date); and the Company shall have performed and complied in all material respects with all, and not be in breach or default in any
material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date.. 

(iii) The Company shall have performed and complied in all material respects with all, and not be in breach or default in any
material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. 

(iv) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law
(whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement with respect to the Purchaser, or imposes any
damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Purchaser that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a
governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement with respect to the Purchaser, or imposes
any damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Purchaser that are substantial in relation to the Company. 

(v) The Offering shall have been, or shall concurrently with the Closing be, completed. 

(vi) The ADSs shall have been listed on the New York Stock Exchange subject to official notice of issuance. 

(vii) The underwriting agreement relating to the Offering shall have been entered into and have become effective. 

  
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 (b) Conditions to Company’s Obligations to Effect the Closing. The obligation of
the Company to issue and sell the Purchased Shares to the Purchaser as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may be waived in writing by the
Company in its sole discretion: 
 (i) The Lock-up Agreement shall have been executed
and delivered by the Purchaser to the representatives of the underwriters for the Offering. 
 (ii) All corporate and other
actions required to be taken by the Purchaser in connection with the purchase of the Purchased Shares shall have been completed. 

(iii) The representations and warranties of the Purchaser contained in Section 2.2 of this Agreement
shall have been true and correct on the date of this Agreement and in all material respects on and as of the Closing Date. 

(iv) The Purchaser shall have performed and complied in all material respects with all, and not be in breach or default in any
material respect under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. 

(v) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law
(whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement with respect to the Purchaser, or imposes any
damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Purchaser that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a
governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement with respect to the Purchaser, or imposes
any damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Purchaser that are substantial in relation to the Company. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser, as of the
date hereof and as of the Closing Date, as follows: 
 (a) Due Formation. The Company is a company duly incorporated as an exempted
company with limited liability, validly existing and in good standing under the laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently being conducted. 

(b) Authority. The Company has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Company pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Company of this Agreement and any agreements, certificates,
documents and instruments to be executed and delivered by the Company pursuant to this Agreement, and the performance by the Company of its obligations hereunder, have been duly authorized by all requisite actions on its part. 

  
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 (c) Valid Agreement. This Agreement has been duly executed and delivered by the
Company and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws
of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

(d) Capitalization. 

(i) The share capital of the Company (the “Company Capitalization”) as of the date hereof is as set forth in
Schedule A of this Agreement. All issued and outstanding ordinary shares and preferred shares of the Company are validly issued, fully paid, and non-assessable. The Company Capitalization as of the
Closing, after giving effect to the completion of the Offering, shall be as set forth in the Registration Statement. 
 (ii)
All outstanding shares of capital stock of the Company (including Class A Ordinary Shares), and all outstanding shares of capital stock of each of the Company’s subsidiaries and consolidated affiliates (each a “Subsidiary”
and collectively “Subsidiaries”) have been issued in compliance with (x) all applicable Securities Laws and other applicable laws and (y) all requirements set forth in applicable contracts, without violation of any
preemptive rights, rights of first refusal or other similar rights. “Securities Laws” means the Securities Act, the Securities Exchange Act of 1934, as amended, the listing rules of, or any listing agreement with the New York Stock
Exchange and any other applicable law regulating securities or takeover matters. 
 (iii) The rights of the Class A
Ordinary Shares to be issued to the Purchaser as Purchased Shares are as stated in the Ninth Amended and Restated Memorandum and Articles of Association of the Company as set out in Exhibit 3.2 of the Registration Statement, which is conditionally
adopted by the shareholders of the Company and will become effective immediately prior to the completion of the Offering. 
 (e) Due
Issuance of the Purchased Shares. The Purchased Shares have been duly authorized and, when issued and delivered to and paid for by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and
non-assessable and free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption, third
party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement and upon delivery
and entry into the register of members of the Company will transfer to the Purchaser good and valid title to the Purchased Shares. 
 (f)
Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any provision of the organizational documents of the Company or its Subsidiaries
or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which the Company or its Subsidiaries is subject, or
(ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract,
lease, license, instrument, or other arrangement to which the Company or its Subsidiaries is a party or by which the Company or its Subsidiaries is bound or to which any of the Company’s or its Subsidiaries’ assets are subject. 

  
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 (g) Legal Proceedings. There is no action, suit or proceeding, pending or threatened
against the Company or its Subsidiaries that questions the validity of this Agreement or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby. 

(h) Consents and Approvals. Neither the execution and delivery by the Company of this Agreement, nor the consummation by the Company of
any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the giving notice to, any governmental
or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date. 

(i) Compliance with Laws. Except, as of the date hereof, as disclosed in the Registration Statement, and as of the Closing Date, as
disclosed in the Registration Statement in the form then declared effective by the SEC, the business of the Company or its Subsidiaries is not being conducted in violation of any law or government order applicable to the Company except for
violations which do not and would not have a Material Adverse Effect. As used herein, “Material Adverse Effect” shall mean any event, fact, circumstance or occurrence that, individually or in the aggregate with any other events,
facts, circumstances or occurrences, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on (i) the financial condition, assets, liabilities, results of operations, business, or
operations of the Company or its Subsidiaries taken as a whole, except to the extent that any such Material Adverse Effect results from (x) changes in generally accepted accounting principles that are generally applicable to comparable
companies or (y) changes in general economic and market conditions; or (ii) the ability of the Company to consummate the transactions contemplated by this Agreement and to timely perform its obligations under the Agreement. 

(j) SEC Filings. Prior to the Closing, the Registration Statement, as supplemented or amended, shall have been declared effective by
the SEC. The Registration Statement, including the prospectus therein, conforms and will conform, in all material respects to the requirements of the Securities Act and the rules and regulations of the SEC thereunder and does not, as of the date
hereof, and will not, as of the applicable effective date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

(k) Financial Statements. The financial statements included in the Registration Statement, together with the related notes and
schedules thereto, present fairly the consolidated financial position of the Company as of the dates indicated and the consolidated results of operations, cash flows and changes in shareholders’ equity of the Company for the periods specified
and have been prepared in compliance as to form in all material respects with the applicable accounting requirements of the Securities Act and the related rules and regulations adopted by the SEC and in conformity with United States generally
accepted accounting principles applied on a consistent basis during the periods involved. 

  
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 (l) Investment Company. The Company is not and, after giving effect to the offering
and sale of the Purchased Shares, the consummation of the Offering and the application of the proceeds hereof and thereof, will not be an “investment company,” as such term is defined in the U.S. Investment Company Act of 1940, as amended.

 (m) Regulation S. No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made by
any of the Company, any of its affiliates or any person acting on its behalf with respect to any Purchased Shares that are not registered under the Securities Act; and none of such persons has taken any actions that would result in the sale of the
Purchased Shares to the Purchaser under this Agreement requiring registration under the Securities Act; and the Company is a “foreign issuer” (as defined in Regulation S). 

(n) Events Subsequent to Most Recent Fiscal Period. Since December 31, 2020 until the date hereof and to the Closing Date, there
has not been any event, fact, circumstance or occurrence that has had or would reasonably be expected to have a Material Adverse Effect. 

(o) Solicitation. Neither the Company nor any person acting on its behalf has offered or sold the Purchased Shares by any form of
general solicitation or general advertising or directed selling efforts. 
 Section 2.2 Representations and Warranties of the
Purchaser. The Purchaser hereby represents and warrants, to the Company as follows: 
 (a) Due Formation. The Purchaser is duly
formed, validly existing and in good standing in the jurisdiction of its organization. The Purchaser has all requisite power and authority to carry on its business as it is currently being conducted. 

(b) Authority. The Purchaser has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Purchaser of this Agreement and any agreements, certificates,
documents and instruments to be executed and delivered by the Purchaser pursuant to this Agreement, and the performance by the Purchaser of its obligations hereunder have been duly authorized by all requisite actions on its part. 

(c) Valid Agreement. This Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of
creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

(d) Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, will (i) violate any provision of the organizational documents of the Purchaser or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government,
governmental entity or court to which the Purchaser is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under, or create in any party the right to
accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Purchaser is a party or by which the Purchaser is bound or to which any of the Purchaser’s assets are subject, in
each case of the foregoing (i) and (ii), in such a manner that would materially and adversely affect the Purchaser’s ability to consummate the transactions contemplated hereby. 

  
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 (e) Legal Proceedings. There is no action, suit or proceeding, pending or threatened
against the Purchaser that questions the validity of this Agreement or the right of the Purchaser to enter into this Agreement or to consummate the transactions contemplated hereby. 

(f) Consents and Approvals. Neither the execution and delivery by the Purchaser of this Agreement, nor the consummation by the
Purchaser of any of the transactions contemplated hereby, nor the performance by the Purchaser of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the giving notice to,
any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date. 

(g) Status and Investment Intent. 

(i) Experience. The Purchaser has sufficient knowledge and experience in financial and business matters so as to be
capable of evaluating the merits and risks of its investment in its Purchased Shares. The Purchaser is capable of bearing the economic risks of such investment, including a complete loss of its investment. 

(ii) Purchase Entirely for Own Account. The Purchaser is acquiring its Purchased Shares for its own account for
investment purposes only and not with the view to, or with any intention of, resale, distribution or other disposition thereof. The Purchaser does not have any direct or indirect arrangement, or understanding with any other persons to distribute, or
regarding the distribution of the Purchased Shares in violation of the Securities Act or any other applicable state securities law. 

(iii) Solicitation. The Purchaser (x) was not identified or contacted through the marketing of the Offering and
(y) did not contact the Company as a result of any general solicitation or directed selling efforts in the United States. 

(iv) Information. The Purchaser has been furnished access to all materials and information the Purchaser has requested
relating to the Company and its Subsidiaries and other due diligence documents in order to evaluate the transactions contemplated by this Agreement. The Purchaser has consulted to the extent deemed appropriate by the Purchaser with the
Purchaser’s own advisers as to the financial, tax, legal and related matters concerning an investment in its Purchased Shares. 

(v) Not U.S. Person. The Purchaser is not a “U.S. person” as defined in Rule 902 of Regulation S. 

(vi) Offshore Transaction. The Purchaser has been advised and acknowledges that in issuing Purchased Shares to the
Purchaser pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. The Purchaser is acquiring its Purchased Shares in an offshore transaction in reliance upon the exemption from registration provided by
Regulation S. 

  
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 (vii) FINRA. The Purchaser does not, directly or indirectly, own more
than five per cent of the outstanding common stock (or other voting securities) of any member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or a holding company for a FINRA member, and is not otherwise a
“restricted person” for the purposes of the Free-Riding and Withholding Interpretation of FINRA. 
 ARTICLE III 

COVENANTS 

Section 3.1 Lock-up. The Purchaser shall, prior to the pricing of the Offering, execute
and deliver a lock-up agreement (the “Lock-up Agreement”) substantially in the form set forth in Exhibit A hereto. 

Section 3.2 Distribution Compliance Period. The Purchaser agrees not to resell, pledge or transfer any Purchased Shares within the
United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date. 

Section 3.3 Rule 144. The Company undertakes that during the period of one year after the Closing Date, the Company shall remain
as a “reporting issuer” for the purposes of Rule 144 of the Securities Act and shall satisfy the current public information requirement under Rule 144 of the Securities Act. 

Section 3.4 Further Assurances. From the date of this Agreement until the Closing Date, the Company and the Purchaser shall use
their commercially reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby. 

ARTICLE IV 

INDEMNIFICATION 

Section 4.1 Indemnification. The Company (the “Indemnifying Party”) shall indemnify and hold the Purchaser and
its affiliates and each of their respective directors, officers, employees, advisors and agents (collectively, the “Indemnified Party”) harmless from and against any losses, claims, damages, fines, expenses and liabilities of any
kind or nature whatsoever, including but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding, and any taxes or levies
that may be payable by such person by reason of the indemnification of any indemnifiable loss hereunder (collectively, “Losses”) resulting from or arising out of: (a) the breach of any representation or warranty of such
Indemnifying Party contained in this Agreement or in any schedule or exhibit hereto; or (b) the violation or nonperformance, partial or total, of any covenant or agreement of such Indemnifying Party contained in this Agreement for reasons other
than gross negligence or willful misconduct of such Indemnified Party. In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments received by the
Indemnified Party (which are not subject to forfeiture or reimbursement) with respect to such Losses, if any. 

  
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 Section 4.2 Third Party Claims. 

(a) If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a
“Third Party Claim”) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this Article IV, then the Indemnified Party shall promptly (i) notify the
Indemnifying Party thereof in writing within thirty (30) days of receipt of notice of such claim and (ii) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable detail the nature of
the Third Party Claim, a copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement. 

(b) Upon receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party shall have the right to assume the defense of
any Third Party Claim by, within thirty (30) days of receipt of the Claim Notice, notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the defense of such Third Party Claim, and upon delivery of such notice by
the Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the proceeding, provided, that, any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnified
Party. 
 (c) If requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and expense of the Indemnifying Party,
cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the person asserting the Third Party Claim or any
cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim, other than any privileged communications between the Indemnifying
Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any Third Party Claim assumed by the
Indemnifying Party pursuant to Section 4.2(b). 
 (d) In the event of a Third Party Claim for which the
Indemnifying Party elects not to assume the defense or fails to make such an election within thirty (30) days of receipt of the Claim Notice, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at
the expense of the Indemnifying Party; provided, that, any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. 

  
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 Section 4.3 Other Claims. In the event any Indemnified Party should have a claim
against the Indemnifying Party hereunder which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity Notice”) describing in reasonable detail
the nature of the claim, the Indemnified Party’s best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under this Agreement, provided that no failure or
delay in providing such notice shall constitute a waiver or otherwise modify the Indemnified Party’s right to indemnity hereunder, except to the extent that the Indemnifying Party shall have been materially prejudiced by such failure or delay.
If the Indemnifying Party does not notify the Indemnified Party within thirty (30) days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed
with such claim. 
 Section 4.4 Cap. Notwithstanding the foregoing, except in cases involving fraud or willful misconduct of the
Indemnifying Party, the Indemnifying Party shall have no liability (for indemnification or otherwise) with respect to any Losses in excess of the Purchase Price. 

ARTICLE V 

MISCELLANEOUS 

Section 5.1 Survival of the Representations and Warranties. All representations and warranties made by any Party hereto shall
survive for two (2) years and shall terminate and be without further force or effect on the second anniversary of the date hereof, except as to (i) any claims thereunder which have been asserted in writing pursuant to Section 4.1
against the Party making such representations and warranties on or prior to such second anniversary, and (ii) the Company’s representations contained in Section 2.1(a), (b), (c), (d) and
(e) hereof, each of which shall survive indefinitely. 
 Section 5.2 Governing Law; Arbitration. This Agreement
shall be governed and interpreted in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof. Any dispute arising out of or relating to this Agreement, including any question regarding its
existence, validity or termination (“Dispute”) shall be referred to and finally resolved by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered
Arbitration Rules then in force. There shall be three arbitrators. Each Party has the right to appoint one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the
arbitration proceedings shall be English. The seat of arbitration shall be Hong Kong. Each of the Parties irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without limitation sovereign
immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against it arising out of or based on this Agreement or the
transactions contemplated hereby. 
 Section 5.3 Amendment. This Agreement shall not be amended, changed or modified, except by
another agreement in writing executed by the Parties. 

  
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 Section 5.4 Binding Effect. This Agreement shall inure to the benefit of, and be
binding upon, the Purchaser, the Company, and their respective heirs, successors and permitted assigns. 
 Section 5.5
Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the Company or the Purchaser without the express written consent of the other Party, except that a Purchaser may assign all or any
part of its rights and obligations hereunder to any affiliate of the Purchaser without the consent of the Company, provided that no such assignment shall relieve the Purchaser of its obligations hereunder if such assignee does not perform such
obligations. Any purported assignment in violation of the foregoing sentence shall be null and void. 
 Section 5.6 Notices. All
notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Party to whom notice is to be given, on the date
sent if sent by e-mail, telecopier, tested telex or prepaid telegram, on the next business day following delivery to Federal Express or equivalent delivery service provider properly addressed, or on the day of
attempted delivery by the applicable delivery service provider if mailed by registered or certified mail, return receipt requested, postage paid, and properly addressed as follows: 

 

			
	 If to the Company, at:
	  	 Address: A5 Xueyuan Road, Haidian District,
Beijing 100083, People’s Republic of China

E-mail: *** 
Attn: Chief Financial Officer


  

			
	 If to the Purchaser, at:
	  	 Tencent Holdings Limited
 Address: ***

Attention: Mergers and Acquisitions Department
 Email: ***

 
 with a copy to:

 
 Address: ***

E-mail: ***
 Attn:
Compliance and Transactions Department


 Any Party may change its address for purposes of this Section 5.6 by giving the
other Party written notice of the new address in the manner set forth above. 
 Section 5.7 Entire Agreement. This Agreement
together with the Lock-up Agreement constitutes the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in
writing, if any, between the Parties with respect to the matters covered hereby are merged and superseded by such agreements. 

  
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 Section 5.8 Severability. If any provisions of this Agreement shall be
adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to
render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. 

Section 5.9 Fees and Expenses. Except as otherwise provided in this Agreement, the Company and the Purchaser will bear their
respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses of attorneys, accountants, consultants and financial advisors. 

Section 5.10 Confidentiality. Each Party shall keep in confidence, and shall not use (except for the purposes of the transactions
contemplated hereby) or disclose, any non-public information disclosed to it or its affiliates, representatives or agents in connection with this Agreement or the transactions contemplated hereby, unless
required to disclose by applicable laws and regulations. Each Party shall ensure that its affiliates, representatives and agents keep in confidence, and do not use (except for the purposes of the transactions contemplated hereby) or disclose, any
such non-public information. 
 Section 5.11 Specific Performance. The Parties agree
that irreparable damage would occur in the event any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other
remedy at law or equity. 
 Section 5.12 Termination. In the event that the Closing shall not have occurred by March 31,
2022, the Company or Purchaser (with respect to itself) may terminate this Agreement with no further force or effect, except for the provisions of Article V, which shall survive any termination under this
Section 5.12, provided that no party who is then in a material breach of this Agreement shall not be entitled to terminate this Agreement. 

Section 5.13 Description of Purchaser. 

(a) The Purchaser hereby consents and undertakes to promptly provide a description of its organization and business activities to the Company
(the “Purchaser Description”) to be used solely in the Registration Statement and the prospectus therein, and hereby represents that its Purchaser Description will be true and accurate in all material respects and will not be
misleading in any material respect. 
 (b) The Purchaser hereby agrees and consents to the use of and references to its name, the inclusion
of Purchaser Description, the disclosure of the transactions contemplated under this Agreement and the filing of this Agreement as an exhibit to the Registration Statement and other SEC filings, marketing materials and other publicity materials in
connection with the Offering. 
 (c) The Purchaser acknowledges that the Company will rely upon the truth and accuracy of its Purchaser
Description, and it agrees to notify the Company promptly in writing if any of the content contained therein ceases to be accurate and complete or becomes misleading. 

  
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 Section 5.14 Headings. The headings of the various articles and sections of this
Agreement are inserted merely for the purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. 

Section 5.15 Execution in Counterparts. For the convenience of the Parties and to facilitate execution, this Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 

Section 5.16 No Waiver. Except as specifically set forth herein, the rights and remedies of the parties to this Agreement are
cumulative and not alternative. No failure or delay on the part of any Party in exercising any right, power or remedy under this Agreement will operate as a waiver of such right, power or remedy, and no single or partial exercise of any such right,
power or remedy will preclude any other or further exercise of such right, power or remedy or the exercise of any other right, power or remedy. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this
Agreement can be discharged by one Party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other Party; (b) no waiver that may be given by a Party will be applicable except in the specific
instance for which it is given; and (c) no notice to or demand on one Party will be deemed to be a waiver of any obligation of that Party or of the right of the Party giving such notice or demand to take further action without notice or demand
as provided in this Agreement. 
 [Signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
day and year first above written. 
  

			
	Zhihu Inc.


 
			
		
	By:	 	/s/ Wei Sun
	 Name:
 Title:
	 	 Wei Sun
 Chief Financial
Officer















 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
day and year first above written. 
  

			
	Image Frame Investment (HK) Limited
		
	By:	 	/s/ Lau, Chi Ping Martin
	Name:	 	Lau, Chi Ping Martin
	Title:	 	Authorized Signatory














 Schedule A 

Authorized Share Capital 
 As of the date hereof,
the authorized share capital of Zhihu Inc. is US$50,000 divided into 400,000,000 shares, par value of US$0.000125 each, comprising 200,435,685 Class A ordinary shares, 19,227,592 Class B ordinary shares, 36,009,602 Series A preferred
shares, 25,164,697 Series B preferred shares, 27,935,316 Series C preferred shares, 22,334,525 Series D preferred shares, 6,947,330 Series D1 preferred shares, 27,267,380 Series E preferred shares, 34,677,872 Series
F-1 preferred shares and 1 Series F-2 preferred share. 
 Issued and
Outstanding Shares 
 As of the date hereof, 40,530,478 Class A ordinary shares, 19,227,592 Class B ordinary shares, 36,009,602 Series A
preferred shares, 25,164,697 Series B preferred shares, 27,935,316 Series C preferred shares, 22,334,525 Series D preferred shares, 6,947,330 Series D1 preferred shares, 27,267,380 Series E preferred shares and 34,677,872 Series F-1 preferred shares are issued and outstanding. 












 Schedule B 

Company’s Bank Account Information 












 Exhibit A 

Form of Lock-up Letter