Document:

EX-10.5

 Exhibit 10.5 

Exclusive Consultancy and Service Agreement 

This Exclusive Consultancy and Service Agreement (“Agreement”) is made and entered into by the following parties on May 20, 2021: 

Beijing Liangzizhige Technology Co., Ltd. (“Party A”) 

Registered address: Room710, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing, People’s Republic of China 

Feierlai (Beijing) Technology Co., Ltd. (“Party B”) 

Registered address: Room707, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing, People’s Republic of China 

Whereas, 
  

	1.	 Party A is a wholly foreign-owned enterprise established in Beijing, People’s Republic of China
(hereinafter referred to as “PRC”, for the purpose of this Agreement, excluding Hong Kong, Macau and Taiwan), which owns computer technology, computer software service, and necessary resource for enterprise management consultancy,
and has experience in providing professional technical and consultancy services; 

  

	2.	 Party B is a domestic limited liability company registered in Beijing, PRC; 

 

	3.	 Party A shall be the provider of technical and consultancy services to Party B, and Party B hereby agrees to
accept such technical and consultancy services; 

 Therefore, after friendly consultations between both Parties on the
principle of equality and mutual benefit, the Parties hereby agree as follows: 
  

	1.	 Technical and consultancy services; and exclusive and sole rights and interests 

 

	 	1.1	 During the term of this Agreement, Party A agrees to provide Party B with relevant consultancy and services as
an exclusive consultancy and service provider under the terms of this Agreement (Details see Annex 1). 

  

	 	1.2	 Party B agrees to accept the consultancy and services provided by Party A, and shall provide appropriate
cooperation for Party A to complete the aforementioned work, including but not limited to providing relevant data, the required technical requirements, instructions, etc. Party B further agrees that, during the term of this

  
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Agreement, unless with Party A’s prior written consent, during the term of this Agreement, Party B will not accept the technical or consultancy services provided by any third party on the
above-mentioned matters hereunder, nor shall it be licensed or assigned from any third-party services or improvement identical or similar to such technical and consultancy services, unless with the prior written permission of Party A.

  

	 	1.3	 Party A shall be the sole and exclusive owner of all rights, title and interests and intellectual property
rights arising from the performance of this Agreement, including, but not limited to, any copyright, patent, know-how, trade secret and otherwise, whether developed by Party A, or by Party B based on Party
A’s intellectual property or by Party A based on Party B’s intellectual property, for which Party B may not claim against Party A. It is acknowledged that, this section shall survive the alteration, dissolution or termination of the
Agreement. 

  

	 	1.4	 Party B promises that, if it intends to conduct any business cooperation with any other company, the prior
written consent of Party A shall be obtained, and under the same conditions, Party A or its affiliates have the priority to cooperate. Party A has the right to independently decide/appoint any third party (including but not limited to Party A’s
affiliate) to provide Party B with the technical or consultancy services hereunder. For the avoidance of doubt, both parties hereby confirm that Party A may provide similar services to any third party within or outside China to the extent permitted
by relevant laws, regarding which Party B shall not raise any objection. 

  

	2.	 Obligations of the Parties 

 

	 	2.1	 Obligations of Party A 

Party A agrees that, within the term of this Agreement, Party A or any other party designated by it will promptly provide Party B with
technical and consultancy services in accordance with the terms of this Agreement. 
  

	 	2.2	 Obligations of Party B 

 

	 	2.2.1	 Party B agrees to determine and timely pay Party A the fees for the technical and consultancy services
(hereinafter referred to as “Service Fees”) hereunder based on the methods set forth in Annex 2. 

  
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	 	2.2.2	 Party B shall appropriately and reasonably accept and use the technical and consultancy services provided by
Party A. 

  

	 	2.2.3	 Upon the occurrence of any event that affects Party B’s normal operations, Party B shall notify Party A in
a timely manner. 

  

	 	2.2.4	 Party B hereby grants Party A or any person authorized by Party A access to its office or other business
premises within a reasonable time. 

  

	 	2.2.5	 Party B shall not take, and shall procure that no other third party take, any action that may adversely affect
the ownership or intellectual property rights of the services provided by Party A hereunder. 

  

	 	2.2.6	 Party B shall be responsible for obtaining all relevant approvals and permits (if required) from the relevant
government for Party A’s performance of its obligations hereunder. 

  

	 	2.2.7	 Party B shall prepare financial statements acceptable to Party A in accordance with the requirements of laws
and commercial practices. 

  

	 	2.2.8	 Party B shall provide Party A with its quarterly financial statements (audited and certified by an independent
certified public accountant approved by Party A), documents, accounts, records, data, etc. within 5 business days after the end of each quarter, so that Party A may audit Party B’s accounts and determine the amount of Service Fees.

  

	 	2.2.9	 Upon notification by Party A five (5) working days in advance, Party B shall allow Party A and/or its
designated auditor to audit Party B’s relevant accounts and records and copy the required part thereof at Party B’s principal place of business, so as to verify the accuracy of Party B’s income and statements. 

 

	 	2.2.10	 In addition to Service Fees, Party B shall bear and indemnify Party A for all reasonable expenses, advance
payments and out-of-pocket expenses in any form paid or incurred by Party A when performing or providing services. 

  
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	3.	 Representations and Warranties 

 

	 	3.1	 Party A hereby represents and warrants as follows: 

 

	 	3.1.1	 Party A is a company duly registered and validly existing under the laws of the PRC; 

 

	 	3.1.2	 Party A’s execution and performance of this Agreement is within the scope of its corporate power and
business operations; Party A has taken necessary corporate actions and given appropriate authorization and has obtained the consent and approval from third parties and government agencies, and will not violate the restrictions of laws and contracts
binding or having an impact on it; 

  

	 	3.1.3	 The Agreement shall constitute Party A’s legitimate, valid and binding obligations once it is executed,
and shall be enforceable against it. 

  

	 	3.2	 Party B hereby represents and warrants as follows: 

 

	 	3.2.1	 Party B is a company duly registered and validly existing under the laws of the PRC. 

 

	 	3.2.2	 Party B’s execution and performance of this Agreement is within the scope of its corporate power and
business operations; Party B has taken necessary corporate actions and given appropriate authorization and has obtained the consent and approval from third parties and government agencies, and will not violate the restrictions of laws and contracts
binding or having an impact on it. 

  

	 	3.2.3	 The Agreement shall constitute Party B’s legitimate, valid and binding obligations once it is executed,
and shall be enforceable against it. 

  

	 	3.2.4	 The provision of services by Party A and Party B’s acceptance of such services require no consent or
approval from or registration with any government department or agency. 

  
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	4.	 Confidentiality Clause and Others 

 

	 	4.1	 Party B agrees to maintain the confidentiality of any oral or written materials and information (hereinafter
referred to as “Confidential Information”) of Party A that Party B learns or has access to due to its acceptance of Party A’s exclusive technical and consultancy services, and shall take various security measures designed to
maintain such confidentiality; without the prior written consent of Party A, Party B shall not disclose, give or transfer such Confidential Information to any third party. Upon the termination of this Agreement, Party B shall return to Party A any
document, material or software that contains such Confidential Information at Party A’s request, or shall destroy the same on its own and shall delete any Confidential Information from the relevant memory devices and may no longer use such
Confidential Information. Party B shall take necessary measures to disclose the Confidential Information only to its employees, agents or professional consultants on a
need-to-know basis and procure such employees, agents or professional consultants to abide by confidentiality obligations no less strictive than those set forth herein.
The failure of such persons or institutions engaged by Party B to abide by any confidentiality obligations hereunder shall be deemed as Party B’s breach of such confidentiality obligations. 

 

	 	4.2	 The restrictions above are not applicable to: 

 

	 	4.2.1	 any information that has become generally available to the public at the time of disclosure;

  

	 	4.2.2	 any information that comes into public domain through no fault of Party B after the disclosure;

  

	 	4.2.3	 any information that can be proved by Party B to have been acquired before the disclosure, and which has not
been acquired directly or indirectly from Party A, Party A’s affiliates, shareholders or ultimate shareholders; 

  

	 	4.2.4	 any information that Party B is obliged to disclose to relevant government departments, stock exchange
institutions, etc., in accordance with legal requirements, or that is disclosed by Party B to its direct legal advisors and financial advisors due to normal business needs, provided that Party B shall procure such legal consultants and financial
advisers to abide by the confidentiality obligations hereunder. 

  

	 	4.3	 Party B may not directly or indirectly carry out business beyond the scope permitted by its business license
and relevant business permits, nor may it carry out any business beyond the scope permitted by Party A in writing. 

  
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	 	4.4	 It is acknowledged that, this section shall survive the alteration, dissolution or termination of the
Agreement. 

  

	5.	 Default 

  

	 	5.1	 If either Party is in breach of any provisions herein or fails to perform its obligations hereunder, such
breach or failure shall constitute a default under this Agreement. In such event, Party A may issue a written notice to Party B, requesting Party B to promptly rectify the default, take timely and effective measures to eliminate the consequences of
such default and compensate Party A for the losses suffered therefrom in accordance with applicable laws and the provisions of this Agreement. 

  

	 	5.2	 Upon occurrence of any default by Party B, if Party A, based on reasonable and objective judgment, believes
that such default has caused it impossible or unfair for Party A to perform its corresponding obligations hereunder, then Party A may notify the Party B in writing that it will suspend its performance of obligations hereunder, until Party B has
stopped its default, taken effective measures to eliminate the effect thus caused, and indemnified Party A any losses suffered therefrom in accordance with applicable laws and the provisions hereof. 

 

	 	5.3	 No waiver of rights in respect of any default hereunder shall be valid unless it is made in writing. No failure
to exercise or delay in exercising any right or remedy by any party under this Agreement shall operate as a waiver thereof, nor shall any partial exercise of any right or remedy preclude the exercise of any other right or remedy.

  

	 	5.4	 Party B shall fully indemnify and hold harmless Party A from and against any loss, damage, obligation and
expense arising out of any litigation, claim or other demand against Party A resulting from the content of the technical and consultancy services requested by Party B. 

 

	 	5.5	 Party A’s losses to be indemnified by Party B as mentioned in this section shall include all direct
economic losses, any foreseeable and reasonable indirect economic losses and related expenses arising therefrom, including but not limited to attorney’s fees, legal costs, arbitration fees and travel expenses. 

  
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	 	5.6	 Party B recognizes and agrees that, any violation of its obligations hereunder may cause irreparable damage to
Party A for which indemnification made by Party B according to law and/or this Agreement may not be sufficient. Therefore, upon the occurrence of any such violation or potential violation, in addition to the remedies provided in this Agreement and
applicable laws, Party A has the right to require Party B to continue to perform its obligations hereunder. 

  

	 	5.7	 If Party B fails to pay the Service Fees to Party A on schedule as stipulated in this Agreement, Party A shall
have the right to collect from Party B liquidated damages equivalent to 0.1% of the outstanding Service Fees per day. The above-mentioned liquidated damages shall be calculated from the due date to the actual payment date; this Section 5.7
shall not preclude any other right available to Party A under this Agreement and in accordance with applicable laws 

  

	 	5.8	 If Party B materially violates or fails to perform any of its covenants, obligations or undertakings made
hereunder, or the representations and warranties made are seriously inaccurate, Party A has the right to terminate this Agreement and/or require Party B to compensate for its losses. 

 

	 	5.9	 The validity of this section shall not be affected by the termination or dissolution of this Agreement.

  

	6.	 Effectiveness and Term 

 

	 	6.1	 This Agreement shall become effective as of the date when it is signed by both parties, and unless terminated
early in accordance with the terms of this Agreement or the relevant agreement entered into by and between the parties, this Agreement shall remain valid for a period of ten years. 

 

	 	6.2	 This Agreement will be automatically extended for additional successive terms of ten years, unless Party A
gives Party B its written objection to the extension three months prior to the expiration of this Agreement, and so on. 

  

	7.	 Amendment and Termination 

 

	 	7.1	 Any amendment of this Agreement shall come into force only after a written agreement is signed by both Parties.
Otherwise, no amendment in respect of this Agreement shall bind the parties hereto. Unless it is renewed in accordance with the relevant terms, this Agreement will terminate on the expiry date. 

  
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	 	7.2	 During the term of this Agreement, under no circumstance may Party B terminate this Agreement in advance. This
Agreement shall be terminated under any of the following circumstances: (i) all equity of Party B has been transferred to Party A in accordance with the Exclusive Option Agreement entered into by and among Party A, Party B and the
existing shareholder of Party B; (ii) Party A terminates this Agreement at any time by sending a written notice to Party B 30 days in advance. If Party A dissolves this Agreement in advance for reasons of Party B, Party B shall compensate Party
A for all its losses caused thereby, and shall pay relevant Service Fees for the services completed. 

  

	 	7.3	 After the termination of this Agreement, the rights and obligations of both parties under Sections 1.3, 4, 5
and 8 of this Agreement will continue to be valid. 

  

	 	7.4	 No amendment or dissolution of this Agreement shall affect the rights of the parties to claim for damages.
Except when it may be exempted from liability according to law, the party that is held responsible shall compensate the other party for all losses and damages thus caused by such amendment or termination. 

 

	 	7.5	 The early termination of this Agreement for any reason shall not exempt any party from all payment obligations
(including but not limited to Service Fees) hereunder that become due before the termination date of this Agreement, nor from any default liability that occurs before the termination of this Agreement. The Service Fees payable incurred before the
termination of this Agreement shall be paid to Party A within fifteen (15) working days from the termination date of this Agreement. 

  

	8.	 Settlement of Disputes 

 

	 	8.1	 Any dispute between the parties arising from the interpretation or performance of the terms hereof shall be
solved through friendly negotiations. If both parties fail to reach an agreement regarding such dispute within thirty (30) days upon its occurrence, either party may submit the dispute to the China International Economic and Trade Arbitration
Commission Arbitration for arbitration in accordance with its then effective arbitration rules. The place of arbitration shall be Beijing and the arbitration shall be conducted in Chinese. The award rendered therein shall be final and binding upon
both parties. The validity of this section shall not be affected by the termination or dissolution of this Agreement. 

  
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	 	8.2	 Except for the matters under dispute, the parties to this Agreement shall continue to perform their respective
obligations hereunder in accordance with the terms of this Agreement in good faith. 

  

	9.	 Further Assurance 

The parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and
purposes of this Agreement and to take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement, including but not limited to contacting with relevant government
agencies. 
  

	10.	 Force Majeure 

 

	 	10.1	 “Force Majeure” shall refer to any event beyond the reasonable control of either party and
cannot be avoided by the party affected thereby with reasonable care, including but not limited government action, act of God, fire, explosion, storm, flood, earthquake, tide, lightning or war. However, any shortage of credit, capital or finance
shall not be deemed as an event beyond the reasonable control of one party. The party seeking to be exempted from performance hereunder due to Force Majeure shall promptly send a notice to the other party, informing of the exemption and the steps to
be taken to accomplish the performance. 

  

	 	10.2	 When the performance of this Agreement is delayed or impeded by the aforementioned Force Majeure, the party
affected by such Force Majeure shall not be liable in any way under this Agreement to the extent of such delay or impedance. The party affected shall take appropriate measures to mitigate or eliminate the impact of such Force Majeure and shall
attempt to resume the performance of obligations delayed or impeded by such Force Majeure. As soon as the force majeure event is eliminated, the parties agree to use their best efforts to resume the performance of this Agreement.

  

	11.	 Notice 

  

	 	11.1	 Notices given by either party for the exercise and performance of its rights and obligations hereunder shall be
in writing, and shall be sent to the following address by personal delivery, registered mail, mail with prepaid postage or recognized express mail or facsimile. 

  
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 For the purpose of notices, the addresses of the Parties are as follows: 

Beijing Liangzizhige Technology Co., Ltd. 

Address: Room710, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing, People’s Republic of China 

Recipient: Dong Xie 
 Feierlai
(Beijing) Technology Co., Ltd. 
 Address: Room707, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing,
People’s Republic of China. 
 Recipient: Peng Li 

Any party may at any time change its address for notices by a notice delivered to the other Party in accordance with the terms hereof. 

 

	 	11.2	 Notices and letters shall be deemed to have been served: 

 

	 	11.2.1	 On the date recorded if delivered by fax, or if the fax is delivered after 5 pm or on a non-working day in the place of delivery, on the working day following the date recorded; 

  

	 	11.2.2	 On the date of receipt if delivered by personal delivery (including express mail); 

 

	 	11.2.3	 On the 15th day after the date recorded on the receipt, if
delivered by registered mail. 

  

	12.	 Assignment 

Party B may not assign its rights and obligations hereunder to any third party, unless Party A’s prior written consent is obtained. Party
A may assign its rights and obligations hereunder to any third party without Party B’s consent, provided that Party B shall be notified of such assignment. 
  

	13.	 Severability 

In the event that any provision of this Agreement is invalid or unenforceable due to inconsistency with law, such provision shall only be
invalid or unenforceable to the extent of the jurisdiction of such law, and shall not affect the legal validity of the remaining provisions of this Agreement. 

  
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	14.	 Amendments and Supplements 

Any amendments and supplements to this Agreement shall be in writing. The amendments and supplementary agreements duly executed by the parties
in respect of this Agreement shall be an integral part of this Agreement and shall have the same legal effect as this Agreement. 
  

	15.	 Waiver 

Unless otherwise provided in this Agreement, no failure to exercise or delay in exercising any right, power or privilege by any party under
this Agreement shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege provided under this Agreement shall preclude the exercise of any other right, power or privilege. 

 

	16.	 Governing Law 

The execution, effectiveness, performance, interpretation and dispute resolution of this Agreement shall be governed by and construed in
accordance with the laws of the People’s Republic of China. 
  

	17.	 Miscellaneous 

 

	17.1	 This Agreement is made in duplicate, both having the same legal effect. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their duly authorized representatives on the date first written above. 

(No text below, it being the signature page to the Agreement) 

  
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 (No text on this page, this being a signature page to the Exclusive Consultancy and Service Agreement) 

 

									
	Party A: Beijing Liangzizhige Technology Co., Ltd.	 		 	
					
	Authorized signatory:	 	/s/ Chun Wang	 		 		 	/s/ Seal

  

									
	Party B: Feierlai (Beijing) Technology Co., Ltd.	 		 	
					
	Authorized signatory:	 	/s/ Jinshan Li	 		 		 	/s/ Seal

  

  
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 Annex 1 

Contents of technical and consultancy service content list 
  

			
	 Service category
	  	 Service content

	Computer technology	  	Technical development, technical consultation, technical services and technical transfer in terms of computer technology
		
	Computer software	  	Application software services (excluding medical software), computer system service; basic software service; data processing
		
	Economic and trade consultancy	  	Provision of consultancy services about economic and trade
		
	Enterprise management consultancy	  	Corporate daily management consultancy and education consultancy, etc.
		
	Graphic design	  	Graphic design, packaging and decoration design; arts and crafts design; computer animation design

  
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 Annex 2 

Calculation and Payment Method of Service Fees 

During the term of this Agreement, the Service Fees payable by Party B to Party A for the services provided by Party A as described in Annex 1 shall be
denominated in RMB and calculated according to the following formula: 
 Service fees = Party B’s income—turnover taxes—Party B’s total
costs—legally required statutory accumulation fund of Party B -Party B’s retained profits 
 In which: 

 

	 	•	 	 Party B’S income refers to the income that Party B receives from a third party in the normal
course of business; 

  

	 	•	 	 Turnover taxes include but are not limited to business tax, value-added tax, urban maintenance and construction
tax and education surcharge; 

  

	 	•	 	 Party B’s total costs include all costs and expenses, such as the cost of selling goods and the operating
costs incurred by Party B in conducting business; and 

  

	 	•	 	 Party B’S retained profits shall be zero, unless Party A otherwise agrees in writing the
amount of retained profits. 

 During the term of this Agreement, Party A has the right to adjust the above Service Fees at its own
discretion without the consent of Party B. 
 Party B shall provide Party A with its management statements and operating data of the previous quarter
(specifying Party B’s income in the previous quarter), as well as written breakdown of Service Fees for the technical and consultancy services provided in the previous quarter, within the first 5 business days of each quarter. Party A shall
confirm to Party B in writing whether the breakdown is correct or not within 10 business days after the receipt thereof. If it fails to confirm on schedule, Party B shall be deemed to have confirmed the correctness of the breakdown provided by Party
A. Party B shall pay the Service Fees to the account designated by Party A within 10 business days after receiving a written confirmation from Party A. Both parties agree that, Party A may change such payment instructions by giving notice to Party B
from time to time. 

  
 14EX-10.6

 Exhibit 10.6 

IN ACCORDANCE WITH ITEM 601(B)(10)(IV) OF REGULATION S-K, CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THE EXHIBIT BECAUSE IT IS
BOTH (1) NOT MATERIAL AND (2) THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
  

 
  

Beijing Liangzizhige Technology Co., Ltd. 

Shenzhen Erwan Education Technology Co., Ltd. 

and 
 Feierlai (Beijing)
Technology Co., Ltd. 
 Equity Pledge Agreement 

May 20, 2021 

 Equity Pledge Agreement 

This Equity Pledge Agreement (the “Agreement”) is executed by and among the following Parties on May 20, 2021: 

 

	(1)	 Shenzhen Erwan Education Technology Co., Ltd. (the “Pledgor”), a limited liability company
organized and existing under the laws of the People’s Republic of China, with its registered address at 417B3, Ruisheng Technology Building (Lvchuang Yungu), Gaoxin North 6th Road No.38,
Songpingshan Community, Xili Street, Nanshan District, Shenzhen, Guangdong, People’s Republic of China; 

  

	(2)	 Beijing Liangzizhige Technology Co., Ltd. (the “Pledgee”), a wholly foreign-owned company duly
incorporated and validly existing under the laws of the People’s Republic of China, with its registered address at Room710, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing, People’s Republic of China; and

  

	(3)	 Feierlai (Beijing) Technology Co., Ltd. (the “Company”), a limited liability company organized
and existing under the laws of the People’s Republic of China, with its registered address at Room707, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing, People’s Republic of China. 

(In this Agreement, the above parties are individually referred to as a “Party” and collectively referred to as the
“Parties”.) 
 Whereas, 
  

	1.	 Being registered shareholder of the Company, the Pledgor holds 100% of equity in the Company (“Company
Equity”) according to law, the contribution and shareholding of which as of the signing date hereof being as set out in Annex I hereto. 

  

	2.	 In accordance with the Exclusive Option Agreement (as may be amended from time to time, the
“Exclusive Option Agreement”) signed on May 20, 2021 by and among the Parties, the Pledgor shall, to the extent permitted by PRC Laws, transfer at the request of the Pledgee all or part of their equity in the Company to the
Pledgee and/or any other person designated by the Pledgee, and the Company shall, to the extent permitted by PRC Laws, transfer at the request of the Pledgee all or part of its assets and businesses to the Pledgee and/or any other person designated
by the Pledgee. 

  

	3.	 In accordance with the Voting Rights Proxy Agreement (“Proxy Agreement”) signed on
May 20, 2021 by and among the Parties, the Pledgor has granted a general power of attorney to the Pledgee or such person as may then be appointed by the Pledgee to exercise all of its shareholder voting rights in the Company on behalf of the
Pledgor. 

  
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	4.	 In accordance with the Exclusive Consultancy and Service Agreement (as may be amended from time to time,
the “Service Agreement”) signed on May 20, 2021 by and between the Company and the Pledgee, the Company has, on an exclusive basis, engaged the Pledgee to provide it with relevant technical consulting and services and agreed to
pay relevant service fees to the Pledgee for such technical consulting and services. 

  

	5.	 As a guarantee for the performance by the Pledgor and the Company of their Contractual Obligations (as defined
below) and their satisfaction of the Secured Indebtedness (as defined below), the Pledgor intends to pledge all of its equity in the Company to the Pledgee and create first ranking right of pledge in favor of the Pledgee. 

Now therefore, after friendly consultations, the Parties agree as follows: 

 

	1	 Definitions 

  

	1.1	 Unless otherwise required by the context, the following terms shall have the following meanings in this
Agreement: 

  

			
		
	“Contractual Obligations”:	  	means all contractual obligations of the Pledgor and the Company under the Service Agreement, the Exclusive Option Agreement and the Proxy Agreement (as such documents may be amended and restated from time to time,
collectively referred to as the “Transaction Agreements”); and all contractual obligations of the Pledgor under this Agreement.
		
	“Secured Indebtedness”:	  	means all service fees, interest, liquidated damages and compensation due to the Pledgee under the Transaction Agreements, including any and all direct, indirect or consequential losses and loss of predictable benefits as may
be suffered by the Pledgee as a result of any Event of Default of the Pledgor and/or the Company(the basis of which including but not limited to reasonable business plan, profit forecast of the Pledgee and all costs as may be incurred by the Pledgee
in connection with its enforcement of the performance of the Contractual Obligations against the Pledgor and/or the Company), and the cost of realizing the pledge of equity and all other expenses payable (including but not limited to attorney’s
fees, arbitration fees, supervision, evaluation and auction fees as well as any taxes and dues).

  
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	“Event of Default”:	  	means a breach by the Pledgor or the Company of any of its Contractual Obligations under the Transaction Agreements and/or this Agreement.
		
	“Pledged Equity”:	  	means all of the Pledgor’s equity in the Company as lawfully owned by the Pledgor as of the effectiveness hereof and pledged hereunder to the Pledgee as security for the Pledgor’s and the Company’s performance
of their respective Contractual Obligations and any increased capital contribution, any dividend received under Sections 2.6 and 2.7 hereof and the Additional Equity (if applicable) set forth in Article 9.6 hereof.
		
	“Industry and Commerce”:	  	means the competent market supervision and administration department.
		
	“PRC Laws”:	  	means the then effective laws, administrative regulations, administrative rules, local statutes, judicial interpretations and other binding normative documents of the People’s Republic of China.

  

	1.2	 In this Agreement, any reference to any PRC Law shall be deemed to include (1) a reference to such
PRC Law as modified, amended, supplemented or reenacted, effective either before or after the date hereof; and (2) a reference to any other decision, circular or rule made thereunder or effective as a result thereof. 

 

	1.3	 Unless otherwise required by the context, a reference to a provision, clause, section or paragraph shall
be a reference to a provision, clause, section or paragraph of this Agreement. 

  

	2	 Equity Pledge 

 

	2.1	 The Pledgor hereby agrees to pledge, in accordance with the terms hereof, its lawfully owned and
rightfully disposable Pledged Equity to the Pledgee as security for the timely and complete performance of Contractual Obligations and the repayment of the Secured Indebtedness. The Company hereby agrees for the Pledgor to pledge the Pledged Equity
to the Pledgee in accordance with the terms hereof in the form of first priority pledge. 

  
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	2.2	 The Pledgor shall record the equity pledge arrangement (“Equity Pledge”) hereunder in
the shareholders’ register of the Company as of the signing date of this Agreement, and shall provide the Pledgee with proof of such registration in form satisfactory to the Pledgee. Within 15 days from the date hereof or within other time
limit agreed by all Parties, the Pledgor shall provide the Pledgee with the industrial and commercial registration documents in connection with the Equity Pledge for filing. The Pledgee shall keep such items for the entire pledge period stipulated
in this Agreement. The Pledgor may keep photocopies of such items. 

  

	2.3	 During the term of this Agreement, the Pledgee shall not be liable in whatsoever manner for any
diminution in value of the Pledged Equity and the Pledgor shall have no right to seek any form of recourse or bring any claim against the Pledgee’s other personal property in connection therewith, except where such diminution arises out of any
willful conduct of the Pledgee or out of its material omission having immediate causal link with such result. 

  

	2.4	 Subject to Section 2.3 above, if the Pledged Equity is likely to suffer such a manifest value
diminution as to impair the rights of the Pledgee, the Pledgee may require the Pledgor to provide the corresponding security, or may at any time auction or sell the Pledged Equity on behalf of the Pledgor and may, as agreed with the Pledgor, apply
the proceeds from such auction or sale towards early full satisfaction of the Secured Indebtedness, or deposit (entirely at the cost of the Pledgor) such proceeds with a notary organ of the place of the Pledgee. 

 

	2.5	 The Pledgee has the first ranking security interest in the Pledged Equity. Upon occurrence of any Event
of Default, the Pledgee shall be entitled to dispose of the Pledged Equity in such manner as prescribed in Section 4 hereof. 

  

	2.6	 The Pledgor may not increase the capital of the Company except with the prior written consent of the
Pledgee. Any increase in the capital contributed by the Pledgor to the registered capital of the Company as a result of any capital increase shall also become part of the Pledged Equity, which shall be registered as soon as possible in accordance
with Section 2.2 of this agreement. 

  

	2.7	 The Pledgee shall have the right to collect bonus or dividends generated by the equity during the term
of pledge. The Pledgor may not receive any dividend or bonus in respect of the Pledged Equity except with the prior written consent of the Pledgee. After deduction of the individual income tax paid by the Pledgor, any dividend or bonus received by
the Pledgor in respect of the Pledged Equity shall be, at the request of the Pledgee: (1) deposited into an account designated by the Pledgee, which will be under the supervision of the Pledgee, and used to secure the Contractual Obligations
and to first satisfy the Secured Indebtedness; or (2) without prejudice to PRC Laws, unconditionally donated to the Pledgee or the person designated by the Pledgee. 

  
 4 

	2.8	 Upon occurrence of an Event of Default, the Pledgee shall be entitled to dispose of any Pledged Equity
of any Pledgor in accordance with the terms hereof. 

  

	2.9	 If the Company needs to be dissolved or liquidated in accordance with the mandatory provisions of PRC
Laws, after such dissolution or liquidation procedures are completed according to law, any proceeds received by the Pledgor from the Company according to law shall be, at the request of the Pledgee: (1) deposited into an account designated by
the Pledgee, which will be under the supervision of the Pledgee, and used to secure the Contractual Obligations and to first satisfy the Secured Indebtedness; or (2) without prejudice to PRC Laws, unconditionally donated to the Pledgee or the
person designated by the Pledgee. 

  

	3	 Release of Pledge 

Upon full and complete performance by the Pledgor and the Company of all of their Contractual Obligations and full satisfaction of all Secured
Indebtedness, the Pledgee shall, at the request of the Pledgor, release the Equity Pledge hereunder and cooperate with the Pledgor in relation to both the deregistration of the Equity Pledge in the shareholders’ register of the Company and the
deregistration of the Equity Pledge with the relevant industry and commerce administration; reasonable costs arising from such release of Equity Pledge shall be borne by the Pledgee. 

 

	4	 Disposal of Pledged Equity 

 

	4.1	 The Parties hereby agree that, upon occurrence of any Event of Default, the Pledgee shall be entitled to
exercise, upon written notice to the Pledgor, all of the remedies, rights and powers available to it under PRC Laws, the Transaction Agreements and this Agreement, including but not limited to: (a) to the extent permitted by PRC laws and
regulations, at the request of the Pledgee, the right to procure the Pledgor to transfer to the Pledgee and/or any other person designated by it all or part of their Equity Pledged at the lowest transfer price permitted by PRC Laws; (b) the
right to sell the Pledged Equity for prior satisfaction of claims by discount or auction; or (c) other means to realize the pledge as permitted by PRC Laws. Once the Pledgee chooses to exercise the pledge, the Pledgor shall no longer have any
right or interest in the Equity Pledged. 

  
 5 

	4.2	 The Pledgee shall be entitled to appoint, in writing, its counsels or other agents to exercise any and
all of its foregoing rights and powers and neither the Pledgor nor the Company shall object thereto. 

  

	4.3	 All reasonable costs incurred by it in connection with the Pledgee’s exercise of any or all of its
foregoing rights and powers shall be borne by the Pledgor, and the Pledgee shall have the right to fully deduct such costs from the proceeds obtained as a result of such exercise of rights and powers. 

 

	4.4	 The proceeds obtained as a result of the exercise by the Pledgee of its rights and powers shall be
applied in the following order of precedence: 

 Firstly, towards payment of all costs arising out of the disposal of the
Pledged Equity and the exercise by the Pledgee of its rights and powers (including fees paid to its counsels and agents); 
 Secondly,
towards payment of the taxes payable in connection with the disposal of the Pledged Equity; and 
 Thirdly, towards repayment of the Secured
Indebtedness to the Pledgee. 
 Any balance after the deduction of the foregoing payments shall either be returned by the Pledgee to the
Pledgor or any other person who may be entitled to such balance under relevant laws and regulations or be deposited by the Pledgee with a notary organ of the place of the Pledgee (any costs arising out of such deposit shall be borne by the Pledgor).

 The value of the Secured Indebtedness shall be determined on the basis of the aggregate due and outstanding Secured Indebtedness on the
most recent date before the occurrence of any Event of Default or on the date of occurrence. 
  

	4.5	 The Pledgee shall not be required to first exercise other remedies for breach of contract prior to
exercising its right to auction or sell the Pledged Equity. Neither the Pledgor nor the Company have the right to raise objections to whether the Pledgee exercises part of its pledge rights or the exercise sequence of pledge rights.

  

	4.6	 When the Pledgee disposes of the Equity Pledged in accordance with this Agreement, the Pledgor and the
Company shall provide necessary assistance, so that the Pledgee may realize the pledge of equity in accordance with the terms hereof. 

  
 6 

	4.7	 The Pledgee may issue a notice of default to the Pledgor upon or at any time after the occurrence of any
Event of Default, requiring the Pledgor to immediately pay all outstanding payments due and payable under the Transaction Agreements and all other amounts due and payable to the Pledgee, and/or to dispose of the pledge in accordance with
Section 4 hereof. 

  

	5	 Costs and Expenses 

Any and all actual costs and expenses arising in connection with the creation of the Equity Pledge hereunder, including (without limitation)
the stamp duty and any other taxes and all legal costs, shall be borne by the Company, except for those to be borne by the Pledgee as required by law. 
  

	6	 Continuing Guarantee and Non-Waiver 

The Equity Pledge created hereunder shall constitute a continuing guarantee and shall remain valid until full performance of the Contractual
Obligations or full satisfaction of the Secured Indebtedness. Neither any waiver or grace granted by the Pledgee with respect to any breach of the Pledgor nor any delay of the Pledgee in its exercise of any of its rights under the Transaction
Agreements and this Agreement shall affect the right of the Pledgee under this Agreement, relevant PRC Laws and the Transaction Agreements to require at any time thereafter the Pledgor to strictly perform the Transaction Agreements and this
Agreement or any right that may be available to the Pledgee as a result of any subsequent breach by the Pledgor of the Transaction Agreements and/or this Agreement. 
  

	7	 Representations and Warranties by the Pledgor 

The Pledgor represents and warrants to the Pledgee that: 
  

	7.1	 The Pledgor is a Chinese enterprise with full capacity to act; it has full and independent legal status
and legal capacity to execute, deliver and perform this Agreement, and may independently act as a subject of litigation. 

  

	7.2	 The Company in which the Pledgor hold equity interest is a limited liability company duly incorporated
and validly existing under the laws of the People’s Republic of China, with independent legal personality. The Company has full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may
independently act as a subject of litigation. It has full power and authority to execute and deliver this Agreement and all other documents to be entered into by it which are related to the transaction contemplated hereunder, as well as to
consummate such transaction. 

  
 7 

	7.3	 All reports, documents and information provided by the Pledgor to the Pledgee prior to the effectiveness
of this Agreement with respect to matters pertaining to the Pledgor or required by this Agreement are true, correct and valid in all material respects as of the effectiveness of this Agreement. 

 

	7.4	 All reports, documents and information provided by the Pledgor to the Pledgee subsequent to the
effectiveness of this Agreement with respect to matters pertaining to the Pledgor or required by this Agreement are true, correct and valid in all material respects as of the time of provision of the same. 

 

	7.5	 As of the effectiveness of this Agreement, the Pledgor is the sole lawful owner of the Pledged Equity
free from any ongoing dispute as to the ownership thereof, the Pledged Equity is not subject to seizure or other legal procedures or similar threats, and may be used for pledge and transfer in accordance with applicable laws. The Pledgor has the
right to dispose of the Pledged Equity or any part thereof. 

  

	7.6	 Other than the security interest created on the Pledged Equity hereunder and the rights created under
the Transaction Agreements, the Pledged Equity is free from any other security interest, third party right or interest or other encumbrances. 

  

	7.7	 The Pledged Equity may be lawfully pledged and transferred, and the Pledgor has full rights and powers
to pledge the Pledged Equity to the Pledgee in accordance with the terms hereof. 

  

	7.8	 Once duly executed by the Pledgor, this Agreement will constitute lawful, valid and binding obligations
of the Pledgor. 

  

	7.9	 Any consent, permission, waiver or authorization by any third party or any approval, license or
exemption from or any registration or filing formalities with any governmental body (if required by law), requisite in each case for the execution and performance of this Agreement and the creation of the Equity Pledge hereunder, have been obtained
or are being pursued and will remain fully valid during the term of this Agreement. 

  

	7.10	 The execution and performance by the Pledgor of this Agreement will not violate or conflict with any law
applicable to the Pledgor, any agreement to which any Pledgor is a party or by which its assets is bound, any court judgment, any arbitral award, or any decision of any administrative authority. 

  
 8 

	7.11	 The pledge hereunder constitutes a first ranking security interest on the Pledged Equity.

  

	7.12	 All taxes and costs payable in connection with the securing of the Pledged Equity have been paid in full
by the Pledgor and the Company. 

  

	7.13	 There is no pending, or to the knowledge of the Pledgor, threatened, suit, legal proceeding or claim
before any court or arbitral tribunal or by any governmental body or administrative authority against the Pledgor or its properties or the Pledged Equity having a material or adverse effect on the financial condition of the Pledgor or their ability
to fulfill its obligations and the guarantee liability hereunder. 

  

	7.14	 The execution by the Pledgor of the Agreement, the exercise of its rights hereunder, or the performance
of its obligations hereunder, will not violate any law, regulation, any agreement or contract to which any Pledgor is a party, or any commitment made by any Pledgor to any third party. 

 

	7.15	 The Pledgor hereby warrants to the Pledgee that the foregoing representations and warranties will remain
true and correct and fully complied with under all circumstances at any time prior to full performance of the Contractual Obligations or full satisfaction of the Secured Indebtedness. 

 

	8	 Representations and Warranties by the Company 

The Company hereby represents and warrants to the Pledgee that: 
  

	8.1	 The Company is a limited liability company duly incorporated and validly existing under PRC Laws with
independent legal personality; and has full and independent legal status and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party. 

 

	8.2	 All reports, documents and information provided by the Company to the Pledgee prior to the effectiveness
of this Agreement with respect to matters pertaining to the Pledged Equity or required by this Agreement are true, correct and valid in all material respects as of the effectiveness of this Agreement. 

 

	8.3	 All reports, documents and information provided by the Company to the Pledgee subsequent to the
effectiveness of this Agreement with respect to matters pertaining to the Pledged Equity or required by this Agreement are true, correct and valid in all material respects as of the time of provision of the same. 

  
 9 

	8.4	 It has full power and authority to execute and deliver this Agreement and all other documents to be
entered into by it which are related to the transaction contemplated hereunder, as well as to consummate such transaction. 

  

	8.5	 There is no pending, or to the knowledge of the Company, threatened, suit, legal proceeding or claim
before any court or arbitral tribunal or by any governmental body or administrative authority against the Company, its equity or its assets (including but not limited to the Pledged Equity) having a material adverse effect on the financial condition
of the Company or the ability of the Company to fulfill its obligations and the guarantee liability hereunder. 

  

	8.6	 The Company hereby agrees to be severally and jointly liable to the Pledgee for the representations and
warranties made by the Pledgor hereunder. 

  

	8.7	 All taxes and costs payable in connection with the securing of the Pledged Equity have been paid in full
by the Pledgor and the Company. 

  

	8.8	 The assets owned by the Company are free from any significant security interest or other encumbrances
that may affect the rights and interests of the Pledgee in the equity. 

  

	8.9	 The Company hereby warrants to the Pledgee that the foregoing representations and warranties will remain
true and correct and fully complied with under all circumstances at any time prior to full performance of the Contractual Obligations or full satisfaction of the Secured Indebtedness. 

 

	9	 Undertakings by Pledgor 

The Pledgor undertakes to the Pledgee that: 
  

	9.1	 Except for performing the Exclusive Option Agreement, without the prior written consent of the Pledgee,
the Pledgor will not transfer or permit to be transferred all or part of the Equity, or create or permit to be created any security interest or other encumbrances that may affect the rights and interests of the Pledgee in the Equity, and any pledge
or any other security interest imposed on all or part of the Pledged Equity without the prior written consent of the Pledgee shall be null and void. 

  
 10 

	9.2	 Without the prior written notice to and the prior written consent from the Pledgee, the Pledgor will not
transfer the Pledged Equity and all purported transfer of the Pledged Equity by the Pledgor shall be null and void. The proceeds received by the Pledgor from the transfer of the Pledged Equity with prior written consent from the Pledgee shall be
first applied towards early full repayment to the Pledgee of the Secured Indebtedness or shall be deposited with a third party to be agreed with the Pledgee. 

  

	9.3	 Should there arises any suit, arbitration or other claims which are likely to have an adverse effect on
the Pledgor’s or the Pledgee’s interest under the Transaction Agreements and this Agreement or on the Pledged Equity, the Pledgor undertakes that it will notify the Pledgee in writing of the same as promptly as possible without delay and
will, at the reasonable request of the Pledgee, take all necessary measures to ensure the Pledgee’s rights and interests of pledge in and to the Pledged Equity. 

 

	9.4	 The Pledgor will not do or permit to be done any act or omission likely to have a material adverse
effect on the interest of the Pledgee under the Transaction Agreements and this Agreement or on the Pledged Equity. 

  

	9.5	 In the event of a possibility that the value of Pledged Equity will decrease and sufficiently endanger
the rights of the Pledgee, the Pledgee may require the Pledgor to provide additional mortgage or guarantee. If the Pledgor fails to provide the same, the Pledgee may auction or sell the Pledged Equity at any time, the proceeds received therefrom
shall be first applied towards early full repayment to the Pledgee of the Secured Indebtedness or shall be deposited with a third party; any costs incurred therefrom shall be borne by the Pledgor. 

 

	9.6	 Without the prior written consent of the Pledgee, the Pledgor and/or the Company may not (by itself or
assist others to) increase, decrease, transfer, or create any encumbrance on (including on the Equity) the Company’s registered capital (or its capital contribution to the Company). Subject to the foregoing provisions, the equity registered and
acquired by the Pledgor after the date hereof shall be referred to as “Additional Equity”. The Pledgor and the Company shall immediately sign a supplementary equity pledge agreement with the Pledgee in respect of the Additional
Equity when the Pledgor acquire the same, shall urge the Company’s board of directors and shareholders’ meetings to approve the supplementary equity pledge agreement, and shall submit all documents required for the supplementary equity
pledge agreement, including but not limited to the original capital contribution certificates issued by the Company in respect of the Additional Equity. The Pledgor and the Company shall have the pledge of the Additional Equity registered in
accordance with Section 2.2 of this Agreement. 

  
 11 

	9.7	 The Pledgor will take all necessary measures and sign all necessary documents (including but not limited
to supplementary agreements to this Agreement) at the reasonable request of the Pledgee to guarantee the Pledgee’s rights and interests in the Pledged Equity and the exercise and realization of such rights. 

 

	9.8	 Should the exercise of the rights of pledge hereunder result in a transfer of any Pledged Equity, the
Pledgor will take all measures to enable the realization of such transfer. 

  

	9.9	 Unless the Pledgee issues a written instruction to the contrary in advance, the Pledgor and/or the
Company agree that, if part or all of the Equity is transferred between the Pledgor and any third party (“Transferee”) in violation of this Agreement (including by division and inheritance), the Pledgor and/or the Company shall
ensure that the Transferee unconditionally recognizes the pledge and goes through the necessary pledge registration alteration procedures (including but not limited to signing relevant documents) to ensure the survival of the pledge .

  

	9.10	 If the Pledgee provides a loan to the Company, the Pledgor and/or the Company agree to grant the Pledgee
a pledge on the equity to guarantee such further loan, and to perform the relevant procedures at the soonest time possible in accordance with the requirements of laws and regulations (if any), including but not limited to signing relevant documents
and handling relevant pledge creation (or alteration) registration procedures. 

  

	9.11	 To protect or improve the security interest granted hereunder, the Pledgor hereby promises to sign in
good faith and to urge other parties interested in the pledge to sign all the certificates, agreements, deeds and/or commitments required by the Pledgee. The Pledgor also promises to perform and urge other parties interested in the pledge to carry
out the actions required by the Pledgee, to promote the Pledgee to exercise the rights and authorizations granted to it hereunder, and to sign with the Pledgee or the person designated by the Pledgee all relevant documents in respect of the Equity
ownership. The Pledgor agrees to provide the Pledgee with all notices, orders and decisions on the pledge at the requested of the Pledgee within a reasonable period of time. 

 

	9.12	 If the Company needs to be dissolved or liquidated in accordance with the mandatory provisions of
applicable laws, after such dissolution or liquidation procedures are completed according to law, any proceeds received by the Pledgor from the Company according to law shall be granted to the Pledgee or the person designated by the Pledgee subject
to PRC Laws. 

  
 12 

	9.13	 If the equity pledged hereunder is subject to any compulsory measures implemented by the court or other
government departments for any reason, the Pledgor shall make all efforts, including (but not limited to) providing other guarantees to the court or taking other measures to release such compulsory measures taken by the court or other departments
against the equity. 

  

	9.14	 The Pledgor hereby warrants to the Pledgee that it will abide by and perform all warranties,
commitments, agreements, statements and conditions under this Agreement. If the Pledgor fails to perform or partially performs its warranties, commitments, agreements, statements and conditions, the Pledgor shall compensate the Pledgee for all its
losses suffered therefrom. 

  

	10	 Undertakings by the Company 

 

	10.1	 The Company will use every effort to assist with the obtaining of any consent, permission, waiver,
authorization of any third party or any approval, license or exemption from any governmental body or the completion of any registration or filing formalities with any governmental body (if required by law), requisite in each case for the execution
and performance of this Agreement and the creation of the Equity Pledge hereunder; and will maintain the same in full force and effect during the term hereof. 

 

	10.2	 Without the prior written consent of the Pledgee, the Company will not assist or permit the Pledgor to
create any new pledge or any other security interest on the Pledged Equity. 

  

	10.3	 Without the prior written consent of the Pledgee, the Company will not assist or permit the Pledgor to
transfer the Pledged Equity. 

  

	10.4	 Without the prior written consent of the Pledgee, the Company shall not transfer its assets or create or
permit to be created any security interest or other encumbrances that may affect the rights and interests of the Pledgee in the Equity. 

  

	10.5	 Should there arises any suit, arbitration or other claims which are likely to have an adverse effect on
the Company, the Pledged Equity or the Pledgee’s interest under the Transaction Agreements and this Agreement, the Company undertakes that it will notify the Pledgee in writing of the same as promptly as possible without delay and will, in
accordance with the reasonable request of the Pledgee, take all necessary measures to ensure the Pledgee’s pledge rights and interests in and to the Pledged Equity. 

  
 13 

	10.6	 The Company will not do or permit to be done any act or action likely to have an adverse effect on the
interest of the Pledgee under the Transaction Agreements and this Agreement or on the Pledged Equity. 

  

	10.7	 The Company will, during the first month of each calendar quarter, submit to the Pledgee the financial
statements of the Company for the preceding calendar quarter, including (without limitation) the balance sheet, the income statement and the cash flow statement. 

 

	10.8	 The Company will, in accordance with the reasonable request of the Pledgee, take all steps and execute
all documents (including without limitation any supplement hereto) necessary to ensure the Pledgee’s rights and interests of pledge in and to the Pledged Equity as well as the exercise and realization by the Pledgee of such rights and
interests. 

  

	10.9	 Should the exercise of the rights of pledge hereunder result in a transfer of any Pledged Equity, the
Company undertakes that it will take all measures to enable the realization of such transfer. 

  

	10.10	 The Company agrees to be severally and jointly liable to the Pledgee for the undertakings made by the
Pledgor hereunder. 

  

	11	 Fundamental Changes of Circumstances 

As a supplementary agreement and without contravening other provisions of the Transaction Agreements and this Agreement, if, at any time, in the opinion of the
Pledgee, as a result of any promulgation of or amendment to any PRC Law, regulation or rule, or of any change in the interpretation or application of such laws, regulations or rules, or of any change in relevant registration procedures, the
maintaining of the validity of this Agreement and/or the disposal of the Pledged Equity in the manner prescribed hereunder becomes illegal or contravenes such laws, regulations or rules, the Pledgor and the Company shall, on the Pledgee’s
written instruction and in accordance with its reasonable request, immediately take any action and/or execute any agreement or other documents so as to: 

(1)     maintain the validity of this Agreement; 

  
 14 

	 	(2)	 facilitate the disposal of the Pledged Equity in the manner prescribed hereunder; and/or 

 

	 	(3)	 maintain or realize the security created or purported to be created hereunder. 

 

	12	 Confidentiality 

 

	12.1	 Irrespective of whether this Agreement has been terminated, each of the Parties shall maintain in strict
confidence the following information: 

  

	 	(1)	 The execution and performance of this Agreement and the content of this Agreement; 

 

	 	(2)	 The trade secrets, proprietary information, and customer information of the Company or the Pledgee (hereinafter
together with (1) collectively referred to as the “Confidential Information”) that it learns or receives due to the execution and performance of this Agreement. 

Each Party may use such Confidential Information only for the purpose of fulfilling its obligations hereunder. Without the written permission
of the other Parties, no Party may disclose the above-mentioned Confidential Information to any third party, or it shall bear the liability for breach of contract and compensate for the losses of the other Parties. 

 

	12.2	 After the termination of this Agreement, each Party shall return, destroy or otherwise deal with all
documents, materials or software containing Confidential Information, and stop using such Confidential Information, at the request of any other Party. 

  

	12.3	 Notwithstanding any other provisions hereof, the validity of this section shall not be affected by any
dissolution or termination of this Agreement. 

  

	13	 Effectiveness and Term of Agreement 

 

	13.1	 This Agreement shall become effective as of being duly signed by the Parties. 

 

	13.2	 The term of this Agreement shall end when the Contractual Obligations shall have been performed in full
and when the Secured Indebtedness shall have been satisfied in full by the Pledgor and the Company. 

  
 15 

	14	 Notice 

All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail,
prepaid postage, a commercial courier service or facsimile transmission to the address of such Party set forth below. The dates on which notices shall be deemed to have been effectively given shall be determined as follows: 

Notices given by personal delivery, courier service, registered mail or prepaid postage shall be deemed effectively given on the date of delivery. 

Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated
confirmation of transmission). 
 For the purpose of notices, the addresses of the Parties are as follows: 

Beijing Liangzizhige Technology Co., Ltd. 

Address: Room710, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing, People’s Republic of China 

Recipient: Dong Xie 
 Email: [***]

 Shenzhen Erwan Education Technology Co., Ltd. 

Address: 417B3, Ruisheng Technology Building (Lvchuang Yungu), Gaoxin North 6th Road No.38, Songpingshan Community, Xili Street, Nanshan
District, Shenzhen, Guangdong, People’s Republic of China 
 Recipient: Peng Li 

Email: [***] 
 Feierlai (Beijing)
Technology Co., Ltd. 
 Address: Room707, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing, People’s
Republic of China. 
 Recipient: Peng Li 

Email: [***] 
 Any Party may at any time change
its address for notices by a notice delivered to the other Parties in accordance with the terms hereof. 

  
 16 

	15	 Miscellaneous 

 

	15.1	 Without the prior written consent of the Pledgee, neither the Pledgor nor the Company may assign its
rights, obligations or liabilities hereunder to any third party. This Agreement shall be binding upon and inure to the benefit of the Pledgor and its respective successors and permitted assigns. 

However, the Pledgee may, immediately upon notice to the Pledgor and the Company, assign its rights, obligations or liabilities hereunder to
any third party, without the consent of the Pledgor or the Company. The successors or permitted assignees (if any) of the Pledgor and the Company shall be obligated to continue to perform each Pledgor’s and the Company’s respective
obligations hereunder. If the Pledgee is changed due to such assignment, at the request of the Pledgee, the Pledgor and the new pledgee shall sign a new pledge contract on the same terms and conditions as this Agreement. 

 

	15.2	 The sum of the Secured Indebtedness determined by the Parties through negotiation shall constitute the
conclusive evidence for the Secured Indebtedness hereunder. 

  

	15.3	 This Agreement is made in Chinese with three (3) originals, one (1) for each Party, each
original has the same legal effect, and additional originals may be signed for registration or filing purposes (if required). 

  

	15.4	 The execution, effectiveness, performance, amendment, construction and termination of this Agreement
shall be governed by the laws of the PRC. 

  

	15.5	 Any dispute arising out of or in connection with this Agreement shall be settled by the Parties through
consultations and shall, in the absence of an agreement being reached by the Parties within 30 days of its occurrence, be brought before the China International Economic and Trade Arbitration Commission for arbitration in Beijing according to its
arbitration rules, and the arbitration award shall be final and binding on the Parties. 

  

	15.6	 No right, power or remedy empowered to any Party by any provision of this Agreement shall preclude any
other right, power or remedy available to such Party in accordance with law or any other provision hereof and no exercise by a Party of any of its rights, powers and remedies shall preclude its exercise of its other rights, powers and remedies.

  

	15.7	 No failure or delay by a Party in exercising any right, power or remedy under this Agreement or laws
(“Party’s Rights”) shall result in a waiver of such rights; and no single or partial waiver by a Party of the Party’s Rights shall preclude such Party from exercising such rights in any other way or exercising the
remaining part of the Party’s Rights. 

  
 17 

	15.8	 The section headings herein are inserted for convenience of reference only and shall in no event be used
in or affect the interpretation of the provisions hereof. 

  

	15.9	 Each provision contained herein shall be severable and independent of any other provisions hereof, and
if at any time any one or more provisions hereof become invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not be affected thereby. 

 

	15.10	 Any amendment or supplement to this Agreement shall be made in writing and except where the Pledgee
assigns its rights hereunder in accordance with Section 15.1, such amendments or supplements shall take effect only when properly signed by the Parties hereto. 

 

	15.11	 This Agreement shall be binding on the legal successors of the Parties. 

[No text below] 

  
 18 

 (No text on this page, this being a signature page to the Equity Pledge Agreement) 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed at the place and as of the date first above written. 

 

									
	Beijing Liangzizhige Technology Co., Ltd.	 		 	
					
	Authorized signatory:	 	/s/ Chun Wang	 		 		 	/s/ Seal
		 		 		 		 	

  
 19 

 (No text on this page, this being a signature page to the Equity Pledge Agreement) 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed at the place and as of the date first above written. 

 

									
	Shenzhen Erwan Education Technology Co., Ltd.	 		 	
					
	Authorized signatory:	 	/s/ Li Meng	 		 		 	/s/ Seal
		 		 		 		 	

  
 20 

 (No text on this page, this being a signature page to the Equity Pledge Agreement) 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed at the place and as of the date first above written. 

 

									
	Feierlai (Beijing) Technology Co., Ltd.	 		 	
					
	Authorized signatory:	 	/s/ Jinshan Li	 		 		 	/s/ Seal
		 		 		 		 	

  
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 Annex I: 

Company Profile 
 Company Name: Feierlai
(Beijing) Technology Co., Ltd. 
 Registered address: Room707, 5/F, Building No. 1, Zone No. 1, Ronghe Road, Chaoyang District, Beijing,
People’s Republic of China. 
 Registered capital: RMB 5 million 

Legal representative: Jinshan Li 
 Ownership structure: 

 

											
	 No.
	  	 Name of shareholder
	  	Capital
contribution
(RMB10,000)	 	  	Ratio of
contributions	 
	1	  	Shenzhen Erwan Education Technology Co.,Ltd.	  	 	500	 	  	 	100	% 
		  		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	500	 	  	 	100	% 
		  		  	  
	  
	 	  	  
	  
	 

  
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]