Document:

Exhibit 10.11

 

ESCROW AGREEMENT 

 

THIS
AGREEMENT (this “Agreement”) is made this                ,
2018 by and among Wah Fu Education Group Limited (the “Issuer”) and the Underwriter whose name and address appears
on the Information Sheet (as defined herein) attached to this Agreement and Continental Stock Transfer & Trust Company, 1 State
Street, 30th Floor, New York, New York 10004 (the “Escrow Agent”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Issuer has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement
(the “Registration Statement”) covering a proposed public offering of its securities as described on the Information
Sheet;

 

WHEREAS,
the Underwriter proposes to offer the Securities, as agent for the Issuer, for sale to the public on a “best efforts”
only basis for at least the Minimum Securities Amount and Minimum Dollar Amount and at most the Maximum Securities Amount and Maximum
Dollar Amount and at the price per share or other unit all as set forth, on the Information Sheet;

 

WHEREAS
the Issuer and the Underwriter propose to establish an Escrow Account (the “Escrow Account”), to which subscription
monies which are received by the Escrow Agent from the Underwriter in connection with such public offering are to be credited,
and the Escrow Agent is willing to establish the Escrow Account and the terms are subject to the conditions hereinafter set forth;

 

WHEREAS,
the Escrow Agent has an agreement with JP Morgan Chase (the “Bank”) to establish a special Bank Account (defined
below) into which the subscription monies, which are received by the Escrow Agent from the Underwriter and credited to the Escrow
Account, are to be deposited; and

 

NOW,
THEREFORE in consideration of the premises and mutual covenants herein contained, the parties hereto hereby agree as
follows:

 

		1	Information Sheet.
Each capitalized term not otherwise defined in this Agreement shall have the meaning set forth for such term on the information
sheet which is attached to this Agreement and is incorporated by reference herein and made a part hereof (the “Information
Sheet”).

 

		2	Establishment of the Bank Account.

 

		2.1	The Escrow Agent shall establish a non-interest bearing bank account at a branch of JP Morgan Chase
selected by the Escrow Agent, and bearing the designation set forth on the Information Sheet (heretofore defined as the “Bank
Account”). The purpose of the Bank Account is for (a) the deposit of all subscription monies (checks, or wire transfers)
which are received by the Underwriter from prospective purchasers of the Securities and are delivered by the Underwriter to the
Escrow Agent, (b) the holding of amounts of subscription monies which are collected through the banking system, and (c) the disbursement
of collected funds, all as described herein.

 

     

     

    

 

		2.2	On or before the date of the initial deposit in the Bank Account pursuant to this Agreement, the
Underwriter shall notify the Escrow Agent in writing of the effective date of the Registration Statement (the “Effective
Date”), and the Escrow Agent shall not be required to accept any amounts for credit to the Escrow Account or for deposit
in the Bank Account prior to its receipt of such notification.

 

		2.3	The offering period, which shall be deemed to commence on the Effective Date, shall consist of
the number of calendar days or business days set forth on the Information Sheet (the “Offering Period”). The
Offering Period shall be extended by an Extension Period (as defined in the Information Sheet) only if the Escrow Agent shall have
received joint written notice thereof from the Issuer and the Underwriter at least five (5) business days prior to the expiration
of the Offering Period. The Extension Period, which shall be deemed to commence on the next calendar day following the expiration
of the Offering Period, shall consist of the number of calendar days or business days set forth on the Information Sheet. The last
day of the Offering Period, or the last day of the Extension Period (if the Escrow Agent has received written notice thereof as
hereinabove provided), is referred to herein as the “Termination Date”. Except as provided in Section 4.3 hereof,
after the Termination Date the Underwriter shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing
payments by prospective purchasers.

 

		3	Deposits to the Bank Account.

 

		3.1	The Underwriter shall promptly deliver to the Escrow Agent all monies in the form of checks or
wire transfers which it receives from prospective purchasers of the Securities by noon of the next business day following receipt
where internal supervisory review is conducted at the same location at which subscription documents and monies are received. Upon
the Escrow Agent’s receipt of such monies, they shall be credited to the Escrow Account. All checks delivered to the Escrow
Agent shall be made payable to “Continental Stock Transfer & Trust Company AAF Wah Fu Education Group Limited 2018 Escrow”.
Any check payable other than to the Escrow Agent as required hereby shall be returned to the prospective purchaser, or if the Escrow
Agent has insufficient information to do so, then to the Underwriter (together with any Subscription Information, as defined below,
or other documents delivered therewith) by noon of the next business day following receipt of such check by the Escrow Agent, and
such check shall be deemed not to have been delivered to the Escrow Agent pursuant to the terms of this Agreement.

 

		3.2	Promptly after receiving subscription monies as described in Section 3.1, the Escrow Agent shall
deposit the same into the Bank Account. Amounts of monies so deposited are hereinafter referred to as “Escrow Amounts”.
The Escrow Agent shall cause the Bank to process all Escrow Amounts for collection through the banking system. Simultaneously with
each deposit to the Escrow Account, the Underwriter (or the Issuer, if such deposit is made by the Issuer) shall inform the Escrow
Agent in writing of the name, address, and the tax identification number of the purchaser, the amount of Securities subscribed
for by such purchase, and the aggregate dollar amount of such subscription (collectively, the “Subscription Information”).

 

    	 	2	 

     

    

 

		3.3	The Escrow Agent shall not be required to accept for credit to the Escrow Account or for deposit
into the Bank Account checks which are not accompanied by the appropriate Subscription Information, which at minimum shall include
the name address, tax identification number and the number of shares/units. Wire transfers representing payments by prospective
purchasers shall not be deemed deposited in the Escrow Account until the Escrow Agent has received in writing the Subscription
Information required with respect to such payments.

 

		3.4	The Escrow Agent shall not be required to accept in the Escrow Account any amounts representing
payments by prospective purchasers, whether by check or wire, except during the Escrow Agent’s regular business hours.

 

		3.5	Only those Escrow Amounts, which have been deposited in the Bank Account and which have cleared
the banking system and have been collected by the Escrow Agent, are herein referred to as the “Fund”.

 

		3.6	If the proposed offering is terminated before the Termination Date, the Escrow Agent shall refund
any portion of the Fund prior to disbursement of the Fund in accordance with Article 4 hereof upon instructions in writing signed
by both the Issuer and the Underwriter.

 

		4	Disbursement from the Bank Account.

 

		4.1	Subject to Section 4.3 below, if by the close of regular banking hours on the Termination Date
the Escrow Agent determines that the amount in the Fund is less than the Minimum Dollar Amount or the Minimum Securities Amount,
as indicated by the Subscription information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly
refund to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which
thereafter clears the banking system, without interest thereon or deduction therefrom, by issuing wire transfers for the amounts
of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer and
the Underwriter of its distribution of the Fund. An IRS Form W-9 or applicable W-8 is required for disbursements made out of the
escrow account for any purpose.

 

		4.2	Subject to Section 4.3 below, if at any time up to the close of regular banking hours on the Termination
Date, the Escrow Agent determines that the amount in the Fund is at least equal to the Minimum Dollar Amount and represents the
sale of not less than the Minimum Securities Amount, the Escrow Agent shall promptly notify the Issuer and the Underwriter of such
fact in writing. The Escrow Agent shall promptly disburse the Fund, by drawing checks on the Bank Account in accordance with instructions
in writing signed by both the Issuer and the Underwriter as to the disbursement of the Fund, promptly after it receives such instructions.
An IRS Form W-9 or applicable W-8 is required for disbursements made out of the escrow account for any purpose.

 

		4.3	Upon disbursement of the total amount of the Fund pursuant to the terms of this Article 4, the
Escrow Agent shall be relieved of all further obligations and released from all liability under this Agreement. It is expressly
agreed and understood that in no event shall the aggregate amount of payments made by the Escrow Agent exceed the amount of the
Fund.

 

    	 	3	 

     

    

 

		5	Rights, Duties and Responsibilities of Escrow Agent.
It is understood and agreed that the duties of the Escrow Agent are purely ministerial in nature, and that:

 

		5.1	The Escrow Agent shall notify the Underwriter, on a daily basis, of the Escrow Amounts which have
been deposited in the Bank Account and of the amounts, constituting the Fund, which have cleared the banking system and have been
collected by the Escrow Agent.

 

		5.2	The Escrow Agent shall not be responsible for or be required to enforce any of the terms or conditions
of the underwriting agreement or any other agreement between the Underwriter and the Issuer nor shall the Escrow Agent be responsible
for the performance by the Underwriter or the Issuer of their respective obligations under this Agreement.

 

		5.3	The Escrow Agent shall not be required to accept from the Underwriter (or the Issuer) any Subscription
Information pertaining to prospective purchasers unless such Subscription Information is accompanied by checks, or wire transfers
meeting the requirements of Section 3.1, nor shall the Escrow Agent be required to keep records of any information with respect
to payments deposited by the Underwriter (or the Issuer) except as to the amount of such payments; however, the Escrow Agent shall
notify the Underwriter within a reasonable time of any discrepancy between the amount set forth in any Subscription Information
and the amount delivered to the Escrow Agent therewith. Such amount need not be accepted for deposit in the Escrow Account until
such discrepancy has been resolved.

 

		5.4	The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered
to it hereunder. The Escrow Agent, within a reasonable time, shall return to the Underwriter any check received which is dishonored,
together with the Subscription Information, if any, which accompanied such check.

 

		5.5	The Escrow Agent shall be entitled to rely upon the accuracy, act in reliance upon the contents,
and assume the genuineness of any notice, instruction, certificate, signature, instrument or other document which is given
to the Escrow Agent pursuant to this Agreement without the necessity of the Escrow Agent verifying the truth or accuracy thereof.
The Escrow Agent shall not be obligated to make any inquiry as to the authority, capacity, existence or identity or any person
purporting to give any such notice or instructions or to execute any such certificate, instrument or other document.

 

		5.6	If the Escrow Agent is uncertain as to its duties or rights hereunder or shall receive instructions
with respect to the Bank Account, the Escrow Amounts or the Fund which, in its sole determination, are in conflict either with
other, instructions received by it or with any provision of this Agreement, it shall be entitled to hold the Escrow Amounts, the
Fund, or a portion thereof, in the Bank Account pending the resolution of such uncertainty to the Escrow Agent’s sole satisfaction,
by final judgment of a court or courts of competent jurisdiction or otherwise; or the Escrow Agent, at its sole option, may deposit
the Fund (and any other Escrow Amounts that thereafter become part of the Fund) with the Clerk of a court of competent jurisdiction
in a proceeding to which all parties in interest are joined. Upon the deposit by the Escrow Agent of the Fund with the Clerk of
any court, the Escrow Agent shall be relieved of all further obligations and released from all liability hereunder.

 

    	 	4	 

     

    

 

		5.7	The Escrow Agent shall not be liable for any action taken or omitted hereunder, or for the misconduct
of any employee, agent or attorney appointed by it, except in the case of willful misconduct or gross negligence. The Escrow Agent
shall be entitled to consult with counsel of its own choosing and shall not be Liable for any action taken, suffered or omitted
by it in accordance with the advice of such counsel.

 

		5.8	The Escrow Agent shall have no responsibility at any time to ascertain whether or not any security
interest exists in the Escrow Amounts, the Fund or any part thereof or to file any statement under the Uniform Commercial Code
with respect to the Fund or any part thereof.

 

		6	Amendment; Resignation.
This Agreement may be altered or amended only with the written consent of the Issuer, the Underwriter and the Escrow Agent.

 

		6.1	The Escrow Agent may resign for any reason upon thirty (30) business days’ written notice
to the Issuer and the Underwriter. Should the Escrow Agent resign as herein provided, it shall not be required to accept
any deposit, make any disbursement or otherwise dispose of the Escrow Amounts or the Fund, but its only duty shall be to hold the
Escrow Amounts until they clear the banking system and the Fund for a period of not more than five (5) business days following
the effective date of such resignation, at which time (a) if a successor escrow agent shall have been appointed and written notice
thereof (including the name and address of such successor escrow agent) shall have been given to the resigning Escrow Agent by
the Issuer, the Underwriter and such successor escrow agent, then the resigning Escrow Agent shall pay over to the successor escrow
agent the Fund, less any portion thereof previously paid out in accordance with this Agreement; or (b) if the resigning Escrow
Agent shall not have received written notice signed by the Issuer, the Underwriter and a successor escrow agent, then the resigning
Escrow Agent shall promptly refund the amount in the Fund to each prospective purchaser without interest thereon or deduction therefrom,
and the resigning Escrow Agent shall promptly notify the Issuer and the Underwriter in writing of its liquidation and distribution
of the Fund; whereupon, in either case, the Escrow Agent shall be relieved of all further obligations and released from all liability
under this Agreement. Without limiting the provisions of Section 8 hereof, the resigning Escrow Agent shall be entitled to be reimbursed
by the Issuer and the Underwriter for any actual expenses incurred in connection with its resignation, transfer of the Fund to
a successor escrow agent or distribution of the Fund pursuant to this Section 6.

 

		7	Representations and Warranties.
The Issuer and the Underwriter hereby jointly and severally represent and warrant to the Escrow Agent that:

 

		7.1	No party other than the parties hereto and the prospective purchasers have, or shall have, any
lien, claim or security interest in the Escrow Amounts or the Fund or any part thereof.

 

    	 	5	 

     

    

 

		7.2	No financing statement under the Uniform Commercial Code is on file in any jurisdiction claiming
a security interest in or describing (whether specifically or generally) the Escrow Amounts or the Fund or any part thereof.

 

		7.3	The Subscription Information submitted with each deposit shall, at the time of submission and at
the time of disbursement of the Fund, be deemed a representation and warranty that such deposit represents a bona fide payment
by the purchaser described therein for the amount of securities in such described as Subscription Information.

 

		7.4	All of the information contained in the Information Sheet is, as of the date hereof, and will be,
at the time of any disbursement of the Fund, true and correct.

 

		7.5	Reasonable controls have been established and required due diligence performed to comply with “Know
Your Customer” regulations, USA Patriot Act, Office of the Foreign Asset Control (OFAC) regulations and the Bank Secrecy
Act.

 

		8	Fees and Expenses.
The Escrow Agent shall be entitled to the Escrow Agent Fees set forth on the Information Sheet, payable as and when stated therein.
In addition, the Issuer and the Underwriter jointly and severally agree to reimburse the Escrow Agent for any reasonable expenses
incurred in connection with this Agreement, including, but not limited to, reasonable counsel fees. Upon receipt of the Minimum
Dollar Amount, the Escrow Agent shall have a lien upon the Fund to the extent of its fees for services as Escrow Agent.

 

		9	Indemnification and Contribution.

 

		9.1	The Issuer and the Underwriter (collectively referred to as the “Indemnitors”)
jointly and severally agree to indemnify the Escrow Agent and its officers, directors, employees, agents and shareholders (collectively
referred to as the “Indemnitees”) against, and hold them harmless of and from, any and all loss, liability,
cost, damage and expense, including without limitation, reasonable counsel fees, which the Indemnitees may suffer or incur by reason
of any action, claim or proceeding brought against the Indemnitees arising out of or relating in any way to this Agreement or any
transaction to which this Agreement relates, unless such action, claim or proceeding is the result of the willful misconduct or
gross negligence of the Indemnitees.

 

		9.2	If the indemnification provided for in Section 9.1 is applicable, but for any reason is held to
be unavailable, the Indemnitors shall contribute such amounts as are just and equitable to pay, or to reimburse the Indemnitees
for, the aggregate of any and all losses, liabilities, costs, damages and expenses, including counsel fees, actually incurred by
the Indemnitees as a result of or in connection with, and any amount paid in settlement of, any action, claim or proceeding arising
out of or relating in any way to any actions or omissions of the Indemnitors.

 

		9.3	The provisions of this Article 9 shall survive any termination of this Agreement, whether by disbursement
of the Fund, resignation of the Escrow Agent or otherwise.

 

    	 	6	 

     

    

 

		10	Governing Law and Assignment.
This Agreement shall be construed in accordance with and governed by the laws of the State of New York and shall be binding upon
the parties hereto and their respective successors and assigns; provided, however, that any assignment or transfer by any party
of its rights under this Agreement or with respect to the Escrow Amounts or the Fund shall be void as against the Escrow Agent
unless (a) written notice thereof shall be given to the Escrow Agent; and (b) the Escrow Agent shall have consented in writing
to such assignment or transfer.

 

		11	Notices.
All notices required to be given in connection with this Agreement shall be sent by registered or certified mail, return receipt
requested, electronic mail (“e-mail”) with PDF attachment executed by an authorized signer of the Party/Parties to
the e-mail address given below or by hand delivery with receipt acknowledged, or by the Express Mail service offered by the United
States Post Office, and addressed, if to the Issuer or the Underwriter, at their respective addresses set forth on the Information
Sheet, and if to the Escrow Agent, at its address set forth above, to the attention of the Trust Department. The notice shall be
deemed to have been duly given: (a) when received if personally delivered; (b) the day after it is sent, if sent for next day delivery
to a domestic address by a recognized overnight delivery service (e.g., Federal Express); and (c) upon receipt, if sent
by certified or registered mail, return receipt requested. The commencement of any notice periods set forth in a notice shall begin
upon the deemed delivery date of such notice.

 

		12	Severability.
If any provision of this Agreement or the application thereof to any person or circumstance shall be determined to be invalid or
unenforceable, the remaining provisions of this Agreement or the application of such provision to persons or circumstances other
than those to which it is held invalid or unenforceable shall not be affected thereby and shall be valid and enforceable to the
fullest extent permitted by law.

 

		13	Execution in Several Counterparts.
This Agreement may be executed in several counterparts or by separate instruments, and all of such counterparts and instruments
shall constitute one agreement, binding on all of the parties hereto.

 

		14	Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings (written or oral) of the parties in connection therewith.

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the day and year first above written.

 

	THE ISSUER	 	THE ESCROW AGENT
	 	 	 
	WAH FU EDUCATION GROUP LIMITED	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 	 	 
	By: 	 	 	By: 	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:
	 	 	 	 	 
	THE UNDERWRITER	 	 
	 	 	 
	NETWORK 1 FINANCIAL SECURITIES, INC.	 	 
	 	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 	8	 

     

    

 

EXHIBIT A

 

ESCROW AGREEMENT INFORMATION SHEET

 

		1.	The Issuer

Name:
Wah Fu Education Group Limited

Address:
Room 505, Building No. 40, NO. 1 Disheng North Street, Economic and Technological Development Zone, Beijing, China

 

		2.	The Underwriter

Name: Network 1 Financial Securities,
Inc.

Address: 2 Bridge Avenue, Red
Bank, NJ 07701 USA

 

		3.	The Securities

Description of the Securities
to be offered: Up to _________ shares of the Issuer.

 

		4.	Minimum Securities Amount and Conditions Required for
Disbursement of the Escrow Account

Aggregate
dollar amount which must be collected before the Escrow Account may be disbursed to the Issuer: US$5,000,000 (“Minimum
Dollar Amount”)

 

Maximum
Securities Amount and Conditions Required for Disbursement of the Escrow Account US$10,000,000 (“Maximum Dollar
Amount”)

 

		5.	Plan of Distribution of the Securities

Initial Offering Period: Through
                   , 2018

Extension Period, if any: Until
                      , 2018

 

		6.	Title of Escrow Account

“Continental Stock Transfer
& Trust Company AAF Wah Fu Education Group Limited 2018 Escrow”

 

		7.	Escrow Agent Fees and Charges

$5,500 (for up to 50 investing
shareholders); $7,500 (for up to 100 shareholders); $9,500 + $12.50/account (over 100 shareholders); $3,500.00 payable at signing
of the Escrow Agreement, plus balance at the Closing. (Note: $250.00 online “view only” access to the bank account
is included). A fee of $500 will be payable for document review services related to each amendment/extension to the Escrow Agreement.
In addition, the Escrow Agent shall be paid a fee of $500.00 for each additional closing beyond the Initial Offering Period. Should
the Escrow Agent continue for more than six months, the Escrow Agent shall receive a fee of $600.00 per month, or any portion thereof,
payable in advance or the first business day of the month.

 

Distribution charges:

$10.00 per check

$50.00 per wire

$100.00 per check returned (NSF)
check

$100.00 lost check replacement
fee

$50.00 per DWAC (share movement
to DTC)

$10.00 per share certificate

 

    	 	9Exhibit
10.12

 

Subscription
Agreement

 

This
subscription agreement (this “Subscription”) is dated _____, 2018, by and between the investor identified on
the signature page hereto (the “Investor”) and Wah Fu Education Group Limited, a British Virgin Islands corporation
(the “Company”). The parties agree as follows:

 

1.       Subscription.
Investor agrees to buy and the Company agrees to sell to Investor such number of shares (the “Shares”) of the
Company’s ordinary shares, $0.01 par value per share (the “Ordinary Share”), as set forth on the signature
page hereto, for an aggregate purchase price (the “Purchase Price”) equal to the product of (x) the aggregate
number of Shares the Investor has agreed to purchase and (y) the purchase price per share as set forth on the signature page hereto.  The
Shares are being registered for sale pursuant to a Registration Statement on Form F-1, Registration No. 333-223804 (the “Registration
Statement”).  The Registration Statement will have been declared effective by the Securities and Exchange
Commission (the “Commission”) prior to issuance of any Shares and acceptance of any Investor’s subscription.
The prospectus, however, is subject to change. A final prospectus and/or prospectus supplement will be delivered to the Investor
as required by law. The Shares are being offered by Network 1 Financial Securities Inc. (the “Underwriter”)
as underwriter on a “best efforts” up to $10,000,000. The completion of the purchase and sale of the Shares (the “Closing”)
shall take place at a place and time (the “Closing Date”) to be specified by the Company and Underwriters,
upon agreement of such parties, in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”).  Upon satisfaction or waiver of all the conditions to closing set forth in
the preliminary prospectus contained in the Registration Statement when it is declared effective by the Commission, at the Closing
(i) the Purchase Price deposited by the Investor subsequent to the declaration of effectiveness of the Registration Statement
by wire transfer of immediately available funds to the Company’s escrow account per wire instructions as provided on the
signature line below shall be released to the Company, and (ii) the Company shall cause the Shares to be delivered to the Investor
(A) through the facilities of The Depository Trust Company’s DTC system in accordance with the instructions set forth on
the signature page attached hereto under the heading “DTC Instructions,” or (B) if requested by the Investor on the
signature page hereto or if the Company is unable to make the delivery through the facilities of The Depository Trust Company’s
DWAC system, through the book-entry delivery of Shares on the books and records of the transfer agent. If delivery is made by
book entry on the books and records of the transfer agent, the Company shall send written confirmation of such delivery to the
Investor at the address indicated on the Signature Page hereof. No fractional Shares shall be purchased and any excess funds representing
fractional Shares shall be returned to the Investor. By payment of the Shares, the Investor acknowledges receipt of the Registration
Statement and any amendment, the terms of which govern the investment in the Shares.

 

The
Underwriter and any participating broker dealers (the “Members”) shall confirm, via the sales agency agreement,
selected dealer agreement or master selected dealer agreement, as applicable, that it will comply with Rule 15c2-4 under the Exchange
Act. As per Rule 15c2-4 and Notice to Members 84-7 issued by the Financial Industry Regulatory Authority, Inc. (collectively,
the “Rule”), all checks that are accompanied by a subscription agreement will be promptly sent along with the
subscription agreements to the escrow account by noon the next business day. In regard to monies being wired from an investor’s
bank account, the Members shall request the investors to send their wires by the business day immediately following the receipt
of a completed subscription document. In regards to monies being sent from an investors account held at the participating broker,
the funds will be “promptly transmitted” to the escrow agent following the receipt of a completed subscription document
and completed wire instructions by the investor to send funds to the escrow account. Absent unusual circumstances, funds in customer
accounts will be transmitted by noon of the next business day. In the event that the offering does not close for any reason prior
to the termination date set forth in the Registration Statement, all funds deposited in the escrow account will be returned to
investors promptly in accordance with the terms of the escrow agreement and applicable law.

 

    	 	1	 

     

    

 

2.       Miscellaneous.
This Subscription may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto,
it being understood that all parties need not sign the same counterpart.  Execution may be made by delivery by facsimile
or via electronic format. All communications hereunder, except as otherwise specifically provided herein, shall be in writing
and shall be mailed, hand delivered, sent by a recognized overnight courier service such as Federal Express, or sent via facsimile
or e-mail transmission, to the party to whom it is addressed at the following addresses or such other address as such party may
advise the other in writing (i) to the Company:  as set forth on the signature page hereto and (ii) to the Investor: 
as set forth on the signature page hereto. All notices hereunder shall be effective upon receipt by the party to which it is addressed.

 

3.
       FINRA Rules 5130 and 5131. This rule states that "restricted persons"
are prohibited from participating in Syndicate or new issue offerings. Please review the following definition of a "restricted
person" on Schedule A prior to signing this form acknowledging you do not fall into '"restricted person" status.
The undersigned hereby represents and warrants as of the date set forth below that:

 

		i.	The
                                         undersigned is the holder of the account identified below or is authorized to represent
                                         the beneficial holders of the account;

		ii.	Neither
                                         the undersigned nor any beneficial holder of the account is a "restricted person"
                                         as that term is described in FINRA Rule 5130 (described in Schedule A); and

		iii.	the
                                         undersigned understands FINRA Rule 5130 and the account is eligible to purchase new issues
                                         in compliance with such rule.

 

Please
email back the completed Subscription to __________________ or fax to _____________.

 

[Signature
Page Follows]

 

    	 	2	 

     

    

 

[Signature
Page to Investor Subscription Agreement for Wah Fu Education Group Limited]

 

If
the foregoing correctly sets forth our agreement, please confirm this by signing and returning to us the duplicate copy of this
Subscription.

 

	Number
    of Shares: ______________________	 	Wah
    Fu Education Group Limited
	 	 	 
	Purchase
    Price per Share: $__________	 	By:	 
	 	 	Name:	 
	Aggregate
    Purchase Price: $______________	 	Title:	 
	 	 	 	 
	 	 	Address Notice:

 

INVESTOR:
_____________________________________________

(Individual,
Entity, Custodian, Trust or Beneficiary)

 

	Signature: _____________________________	Address: _______________________________
	_____________________________________	 
	Signer
    Name: ___________________________	 
	 _____________________________________	 
	Title: __________________________________	Telephone
    No.: __________________________
	 _____________________________________	 
	Tax
    ID # of Signer: _______________________	 
	Email: _________________________________	 

 

Select
method of delivery of Shares: DRS or DWAC (Check One) 

 

___________               DTC
DELIVERY INSTRUCTIONS:

 

	1.	Name
                                         of DTC Participant (broker dealer at which the account

or
accounts to be credited with the Shares are maintained): _______________________________

 

	2.	DTC
                                         Participant Number: _______________________________
	 	 
	3.	Name
                                         of Account at DTC Participant being credited with the Shares: _______________________________
	 	 
	4.	Account
                                         Number of DTC Participant being credited with the Shares: _______________________________

 

___________          DRS
ELECTRONIC BOOK ENTRY CONFIRMATION (hold shares at transfer agent) Delivery Instructions:

 

Name
in which Shares should be issued: ______________________

Address
for Shareholder: Street_________________________________________

City/State/Zip:
______________________________; Attention: _____________________________________

Telephone
No.: _____________________________ 

 

    	 	3	 

     

    

 

INVESTMENT:

 

	Shares
    Purchased __________ Dollar Amount $ ____________	☐
    WIRE     TRANSFER (Instructions below)
	 	SENDING
    BANK:  ___________________________
	☐
    CHECK ENCLOSED    payable to "Continental Stock Transfer & Trust Company” in  Wah
    Fu Education Group Limited 2018 Escrow Account (Continental Stock Transfer & Trust as the Escrow Agent for the Offering)	PHONE:
    ____________________________________
	CHECK
    NUMBER ____________	WIRE
    # ______________  DATE __________ SENT__________

 

WIRE
PAYMENT INSTRUCTIONS:

 

NO
WIRE TRANSFERS MAY BE MADE TO THE ESCROW ACCOUNT UNLESS AND UNTIL: (A) THE REGISTRATION STATEMENT HAS BEEN DECLARED EFFECTIVE
BY THE COMMISSION, AND (B) A COPY OF THIS SUBSCRIPTION AGREEMENT, DULY EXECUTED BY BOTH PARTIES HERETO, HAS BEEN DELIVERED TO
YOU.

 

To
the following instructions:

 

Continental
Stock Transfer & Trust Company 

as
Escrow Agent for Wah Fu Education Group Limited

JP
Morgan Chase Bank, N.A. 

 

 

1
State Street, 30th Floor, New York, NY 10004

ABA/Routing
#: ___________

Swift
#: _____________

Account
#: _____________

Account
Title: __________________

Telephone
No.: ______________

Fax
No.: _____________________

 

    	 	4	 

     

    

 

SCHEDULE
A

 

		a)	FINRA
                                         Member Firms or other Broker/Dealers 

 

		b)	Broker-Dealer
                                         Personnel

 

		a.	Any
                                         officer, director, General partner, associated person or employee of a member firm or
                                         any other Broker/dealer.

		b.	Any
                                         agent of a member firm or any other Broker/dealer that is engaged in the investment banking
                                         or securities business.

		c.	Any
                                         immediate family member of a person specified above. Immediate family members include
                                         a person's parents, mother-in-law or father-in-law, spouse, brother or sister, brother-in-law
                                         or sister-in-law, son-in-law or daughter-in- law, and children.
	 	 	 

		i.	Person
                                         that materially supports or receives material support from the immediate family member.

		ii.	Person
                                         employed by or associated with the member, or an affiliate of the member, selling the
                                         new issue to the immediate family member.

		iii.	Person
                                         that has an ability to control the allocation of the new issue.

 

		c)	Finders
                                         and Fiduciaries. With respect to the security being offered, a finder or any person
                                         acting in a fiduciary capacity to the managing underwriter, including, but not limited
                                         to, attorneys, accountants, and financial consultants; and any immediate family members
                                         (or person(s) receiving material support or receives material support from the family
                                         member) of a person identified as a Finder or Fiduciary.

 

		d)	Portfolio
                                         Managers

 

		a.	Any
                                         person who has authority to buy or sell securities for a bank, savings and loan institution,
                                         insurance company, investment company, investment advisor, or collective investment account.

		b.	Any
                                         immediate family member of a person specified under portfolio Managers that materially
                                         supports, or receives material support from such person.

 

		e)	Persons
                                         Owning a Broker/Dealer

 

		a.	Any
                                         person listed, or required to be listed, in Schedule A of a Form BD, except persons identified
                                         by ownership of less than 10%.

		b.	Any
                                         person listed, or required to be listed, in Schedule B of a Form BD, except persons identified
                                         by ownership of less than 10%.

		c.	Any
                                         person listed, or required to be listed, in Schedule C of a Form BD that meets the criteria
                                         of (e)(bullet point 1) or (e) (bullet point 2) above.

		d.	Any
                                         person that directly or indirectly owns 10% or more of a public reporting company listed,
                                         or required to be listed, in Schedule B of a Form BD.

		e.	Any
                                         person that directly or indirectly owns 25% or more of a public reporting company listed,
                                         or required to be listed, in Schedule B of a Form BD. f. Any immediate family member
                                         of a person specified in (5) (bullet points 1-5) unless the person owning the Broker/dealer:
	 	 	 

		i.	Does
                                         not materially support, or receive material support from the immediate family member.

		ii.	Is
                                         not an owner of the member, or an affiliate of the member, selling the new issue to the
                                         immediate family member.

		iii.	Has
                                         no ability to control the allocation of the new issue.

 

5

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