Document:

Exhibit
10.16

 

Exclusive
Technical and Consulting Services Agreement

 

This
Exclusive Technology Services and Management Consulting Agreement (“this Agreement”) is made and entered into by and
between the following Parties on September 6, 2018 in Guangzhou, the People’s Republic of China (“China” or
“PRC”):

 

Party
A: Puyi Enterprises Management Consulting Co., Ltd.

Address:
Rm 2611 (Self-Numbered No. 8), 26/F, Southwest Jiaotong University Innovation Building, 111 North 1st Section, 2nd
Ring Road, Jinniu District, Chengdu, Sichuan Province

 

Party
B: Chengdu Puyi Bohui Information Technology Co., Ltd. 

Address:
1/F Bldg. 10, No. 16, 4th Section, South of 2nd Ring Road, Xiaojiahe, High-Tech Zone, Chengdu, P.R.C.

 

Each
of Party A and Party B shall be hereinafter referred to as a “Party” respectively, and as the “Parties”
collectively.

 

Whereas,

 

1.
Party A is a wholly foreign owned enterprise established in China, of which business scope includes enterprises management consulting;
commercial information consulting; business and trade consulting; business planning and public relations services; technology
development and technology consulting of computer software and hardware; property management; import and export of goods and technology;
sales: electronics and digital products, and computer hardware and software (The above referenced scope of business does not include
items restricted or prohibited by PRC laws and regulations, excluding items subject to the implementation of special administrative
measures for access as prescribed by the state; for items subject to administrative approval of licensing, relevant approval or
permit shall be obtained prior to operation);

 

2.
Party A has the necessary permits and resources to provide technology services and management consulting as set forth hereunder;

 

3.
Party B is a domestic limited liability company established in China, and is entitled to engage in businesses of services of computer
system integration, data process, application software; sales of computer software and providing technical services; design of
websites; and market information consultation (“Principal Business”);

 

4.
Party A agrees to provide Party B (including its subsidiaries) with exclusive technical, consulting and other services in relation
to the Principal Business during the term of this Agreement utilizing its own advantages in human resources, technology and information,
and Party B (including its subsidiaries) agrees to accept such services provided by Party A or Party A's designee(s), each on
the terms set forth herein.

 

     

    Exclusive Technical and Consulting Services Agreement

    

 

Now,
therefore, through mutual discussion, the Parties have reached the following agreements:

 

1
Services Provided

 

1.1
Party B hereby appoints Party A as Party B’s exclusive services provider to provide Party B with complete business support
and technical and consulting services during the term of this Agreement, in accordance with the terms and conditions of this Agreement
and to the extent permitted by the currently effective laws of China, which may include all services within the business scope
of Party B as may be determined from time to time by Party A, such as but not limited to enterprise management consulting, business
consulting, technology consulting and development, and sale or leasing of equipment or property (together, “Technical and
Consulting Services”).

 

1.2
Party B agrees to accept all the Technical and Consulting Services provided by Party A. Party B further agrees that, except with
prior written consent of Party A or Party’s Parent Company, during the term of this Agreement, Party B shall not accept
any similar Technical and Consulting Services provided by any third party and shall not establish similar business relationship
with any third party regarding the matters contemplated by this Agreement. Party A may, from time to time, adjust the scope of
the services provided, and, Party B shall accept such adjustments unconditionally. Party B may, based on its operational needs,
accept services and/or supports provided by any third party, or establish business relationship with any third party, presumed
such services and/or supports, or business relationships will not be provided by Party A. Party A may appoint other parties, who
may enter into certain agreements described in Section 1.3 with Party B, to provide Party B with the Technical and Consulting
Services under this Agreement.

 

1.3
Party A and Party B agree that during the term of this Agreement, Party B may enter into agreements with Party A or any other
party designated by Party A further specifying the Technical and Consulting Services provided, which shall provide the specific
contents, manner, personnel, and fees.

 

1.4
To further fulfill the rights and obligations under this Agreement, Party A and Party B agree that during the term of this Agreement,
Party B may enter into equipment or property sale agreements or leases with Party A or any other party designated by Party A which
shall permit Party B to use, or transfer, Party A's relevant equipment or property based on the needs of the business of Party
B.

 

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1.5
To further fulfill the rights and obligations under this Agreement and to maintain the long-term business relationship of the
Parties, Party A and Party B agreed that if there is any action by either Party may affect, in any way, this Agreement or the
rights and obligations under this Agreement, such action shall only be taken with prior approval of the Board of Directors of
Party’s offshore parent company, Puyi Inc. (“Party A’s Parent Company”). Further, such action shall be
also resolved by the Board of Directors of Party A and Party B in line with the resolution of the Board of Directors of Party
A’s Parent Company.

 

2
Service Fees and Payment

 

2.1
Both Parties agree that, during the terms of this Agreement, in consideration of the Technical and Consulting Services provided
by Party A, Party B shall pay to Party A the fees (the “Service Fees”) equal to 100% of the net income of Party B,
which is Party B’s earnings before corporate income tax, being the monthly revenues after deduction of operating costs,
expenses and other taxes; provided that upon mutual discussion between the Parties and the prior consent by Party A or Party A’s
Parent Company, the rate of Service Fees may be adjusted based on the services rendered by Party A in that month and the operation
needs of Party B.

 

2.2
The Service Fees shall be due and payable on a monthly basis; within 30 days after the end of each month, Party B shall (a) deliver
to Party A the management accounts and operating statistics of Party B for such month, including the net income of Party B during
such month (the “Monthly Net Income”), and (b) pay 100% of such Monthly Net Income, or other amount agreed by Party
A, to Party A (each such payment, a “Monthly Payment”). If such earnings after deduction of operating costs, expenses
and other legal taxes are zero or negative, Party B is not required to pay the Service Fees; if Party B sustains losses, all such
losses will be carried over to the following month(s) and deducted from the following month(s)’ Service Fees. Within ninety
(90) days after the end of each fiscal year, Party B shall (a) deliver to Party A audited financial statements of Party B for
such fiscal year, which shall be audited and certified by an independent certified public accountant approved by Party A, and
(b) pay an amount to Party A equal to the shortfall, if any, of the net income of Party B for such fiscal year, as shown in such
audited financial statements, as compared to the aggregate amount of the Monthly Payments paid by Party B to Party A in such fiscal
year.

 

2.3
Party A agrees that, during the term of this Agreement, Party A shall bear all risk arising from or in connection with Party B’s
Principle Business, including providing financial support to Party B in the event that Party B is having operating losses, paying
off its debts if Party B has no sufficient funds to repay, and funding the deficit if Party B’s net assets are lower than
its registered capital. In the event that Party B encounters severe difficulties in operation, Party A shall have the right to
request Party B to cease operation and Party B shall comply with Party A’s request unconditionally.

 

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2.4
The obligation of Party B to pay to Party A the Service Fees under this Agreement shall be secured by the equity pledge provided
by the shareholders of Party B over the equity interests held by them. Party A shall enter into Equity Pledge Agreement (Attachment
1) with Party B and shareholders of Party B.

 

3
Intellectual Property Rights and Confidentiality Clauses 

 

3.1
Party A shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties
arising out of or created during the performance of this Agreement, including but not limited to copyrights, patents, patent applications,
software, technical secrets, trade secrets and others.

 

3.2
The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between
the Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party
shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party,
it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will
be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation
to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors
regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors
shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information
by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party,
which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for
any reason.

 

3.3
The Parties agree that this Section shall survive changes to, and rescission or termination of, this Agreement.

 

4.
Representations and Warranties 

 

4.1
Party A hereby represents and warrants as follows:

 

4.1.1
Party A is a wholly foreign owned enterprise legally registered and validly existing in accordance with the laws of China.

 

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4.1.2
Party A’s execution and performance of this Agreement is within its corporate capacity and the scope of its 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 any restrictions in law or otherwise binding or having an impact on
Party A.

 

4.1.3
This Agreement constitutes Party A's legal, valid and binding obligations, enforceable in accordance with its terms.

 

4.2
Party B hereby represents and warrants as follows:

 

4.2.1
Party B is a domestic limited liability company legally registered and validly existing in accordance with the laws of China.

 

4.2.2
Party B's execution and performance of this Agreement is within its corporate capacity and the scope of its 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 any restrictions in law or otherwise binding or having an impact on
Party B.

 

4.2.3
This Agreement constitutes Party B’s legal, valid and binding obligations, and shall be enforceable against it.

 

5
Effectiveness and Term 

 

This
Agreement is executed on the date first above written and shall take effect as of such date. Unless earlier terminated in accordance
with the provisions of this Agreement or relevant agreements separately executed between the Parties, the term of this Agreement
shall be permanent. After the execution of this Agreement, both Parties are entitled to review this Agreement every six (6) months
to determine whether to amend or supplement the provisions in this Agreement based on the actual circumstances at that time.

 

6
Termination 

 

6.1
During the term of this Agreement, the Parties may not terminate this Agreement unless otherwise required by laws or regulations,
or by relevant governmental or regulatory authorities. Nevertheless, this Agreement shall be terminated after all the equity interest
in Party B held by its shareholders and/or all the assets of Party B have been legally transferred to Party A and/or its designee
in accordance with the Exclusive Option Agreement (Attachment 2) executed by Party A, Party B and its shareholders; provided,
the transfer of the equity interest in Party B and/or the assets of Party B shall be approved by the Board of Directors of Party
A’s Parent Company.

 

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6.2
The rights and obligations of the Parties under Articles 3, 7 and 8 shall survive the termination of this Agreement.

 

7
 Governing Law and Resolution of Disputes 

 

7.1
The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes
hereunder shall be governed by the laws of China.

 

7.2
In the event of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties
shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an agreement on the resolution of
such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations, any Party may submit
the relevant dispute to the China Nansha International Arbitration Centre for arbitration, in accordance with its then-effective
arbitration rules. The arbitration shall be conducted in Guangzhou, China, and the language used during arbitration shall be Chinese.
The arbitration ruling shall be final and binding on both Parties.

 

7.3
Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration
of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective
rights under this Agreement and perform their respective obligations under this Agreement.

 

8
Indemnification 

 

Party
B shall indemnify and hold harmless Party A from any losses, injuries, obligations or expenses caused by any lawsuit, claims or
other demands against Party A arising from or caused by the consultations and services provided by Party A to Party B pursuant
this Agreement, except where such losses, injuries, obligations or expenses arise from the gross negligence or willful misconduct
of Party A.

 

9
Notices 

 

9.1
All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally
or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such
Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall be deemed
to have been effectively given shall be determined as follows:

 

9.1.1
Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given
on the date of delivery or refusal at the address specified for notices.

 

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9.1.2
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).

 

9.2
For the purpose of notices, the addresses of the Parties are as follows:

 

Party
A: Puyi Enterprises Management Consulting Co., Ltd.

Address:
Rm 2611 (Self-Numbered No. 8), 26/F, Southwest Jiaotong University Innovation Building, 111 North 1st Section, 2nd
Ring Road, Jinniu District, Chengdu, Sichuan Province

Representative:
Haifeng Yu

Phone:
028-86616229

 

Party
B: Chengdu Puyi Bohui Information Technology Co., Ltd.

Address:1/F
Bldg. 10, No. 16, 4th Section, South of 2nd Ring Road, Xiaojiahe, High-Tech Zone, Chengdu, P.R.C.

Representative:
Haifeng Yu

Phone:
028-86616229

 

9.3
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.

 

10
Assignment 

 

10.1
Without prior written consent of Party A or Party A’s Parent Company, Party B shall not assign its rights and obligations
under this Agreement to any third party.

 

10.2
Party B agrees that Party A may assign its obligations and rights under this Agreement to any third party upon a prior written
notice to Party B but without the consent of Party B.

 

11
Severability 

 

In
the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect
in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement
shall not be affected or compromised in any aspect. The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions
of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those
invalid, illegal or unenforceable provisions.

 

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12
Amendments and Supplements 

 

Any
amendments and supplements to this Agreement shall be in writing. The amendment agreements and supplementary agreements that have
been signed by the Parties and that relate to this Agreement shall be an integral part of this Agreement and shall have the same
legal validity as this Agreement.

 

13
Language and Counterparts 

 

This
Agreement is written in both Chinese and English language in two copies, each Party having one copy with equal legal validity;
in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

 

[THIS
SPACE IS INTENTIONALLY LEFT BLANK]

 

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IN
WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Exclusive
Technical and Consulting Services Agreement as of the date first above written.

  

Party
A: Puyi Enterprises Management Consulting Co., Ltd. (Seal)

  

	By:
    	/s/
    Haifeng Yu	 

 

Legal
Representative: Haifeng Yu

 

Party
B : Chengdu Puyi Bohui Information Technology Co., Ltd. (Seal)

 

	By:
    	/s/
    Haifeng Yu	 

 

Legal
Representative : Haifeng Yu

 

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Attachments

 

	1.	The
    Equity Pledge Agreement entered into among Puyi Enterprises Management Consulting Co., Ltd., Haifeng Yu, Yuanfeng Yang, and
    Chengdu Puyi Bohui Information Technology Co., Ltd. on September 6, 2018

 

	2.	The Exclusive Option
    Agreement entered into among Puyi Enterprises Management Consulting Co., Ltd., Haifeng Yu, Yuanfeng Yang, and Chengdu Puyi
    Bohui Information Technology Co., Ltd. on September 6, 2018

  

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Equity
Pledge Agreement

 

This
Equity Pledge Agreement (“this Agreement”) is executed by and among the Parties below as of September 6, 2018, in Guangzhou,
the People’s Republic of China (“China” or “PRC”):

 

Party
A: Puyi Enterprises Management Consulting Co., Ltd.(“Pledgee”)

Address:
Rm 2611 (Self-Numbered No. 8), 26/F, Southwest Jiaotong University Innovation Building, 111 North 1st Section, 2nd
Ring Road, Jinniu District, Chengdu, Sichuan Province;

 

Party
B: Haifeng Yu, ID No.: 410103197407181353, shareholder of Party D, holding 99.04% equity interests in Party D.

 

Party
C: Yuanfen Yang, ID No.: 510107197408210928, shareholder of Party D, holding 0.96% equity interests in Party D.

 

(Party
B and Party C, together, as “Pledgors,” or individually, as a “Pledgor”)

 

AND

 

Party
D: Chengdu Puyi Bohui Information Technology Co., Ltd. (“Target Company”)

Address:
1/F Bldg. 10, No. 16, 4th Section, South of 2nd Ring Road, Xiaojiahe, High-Tech Zone, Chengdu, P.R.C.;

 

In
this Agreement, each of Pledgee, Pledgors and Target Company shall be referred to as a “Party” respectively, and they
shall be collectively referred to as the “Parties”.

 

Whereas:

 

	1.	Pledgee
                                         is a wholly foreign owned enterprise registered in China. Pledgee and Target Company
                                         executed an Exclusive Technical and Consulting Services Agreement (Attachment 1);

 

	2.	Pledgors
                                         are citizens of China, and together, hold 100% of the equity interest in Target Company.
                                         The equity interest of each Pledgor in Target Company is specified as follows:

 

	Haifeng Yu	 	99.04%
	Yuanfen Yang	 	0.96%

 

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	3.	Target
                                         Company is a limited liability company registered in Chengdu, China, engaging in businesses
                                         of services of computer system integration, data process, application software; sales
                                         of computer software and providing technical services; design of websites; and market
                                         information consultation. Target Company acknowledges the respective rights and obligations
                                         of Pledgors and Pledgee under this Agreement, and intends to provide any necessary assistance
                                         in registering the Pledge with the competent governmental authorities;

 

	4.	To ensure that Target Company fully performs its obligations
under the Exclusive Technical and Consulting Services Agreement and pay the service fees thereunder to Pledgee when the same becomes
due, Pledgors hereby pledge to the Pledgee all of the equity interest they now and in the future hold in Target Company (whether
the percentage of the equity interest is changed or not in the future) as security for payment of the service fees by Target Company
under the Exclusive Technical and Consulting Services Agreement.

 

To
perform the provisions of the Exclusive Technical and Consulting Services Agreement, the Parties have mutually agreed to execute
this Agreement upon the following terms.

 

	1.	Definitions

 

Unless
otherwise provided herein, the terms below shall have the following meanings:

 

		1.1	Pledge
shall refer to the equity interest granted by Pledgors to Pledgee pursuant to Article 2 of this Agreement, i.e., the right
of Pledgee to be compensated on a preferential basis with the conversion, auction or sales price of the Equity Interest.

 

		1.2	Equity
                                         Interest shall refer to all of the equity interest lawfully now held and hereafter
                                         acquired by Pledgors in Target Company (whether the percentage of the equity interest
                                         of each Pledgor is changed or not in the future).

 

		1.3	Term
                                         of Pledge shall refer to the term set forth in Section 3.2 of this Agreement.

 

		1.4	The
                                         Services Agreement shall refer to the Exclusive Technical and Consulting Services
                                         Agreement executed by and between Target Company and Pledgee on September 6, 2018.

 

		1.5	Event
                                         of Default shall refer to any of the circumstances set forth in Article 7 of this
                                         Agreement.

 

		1.6	Notice
of Default shall refer to the notice issued by Pledgee in accordance with this Agreement declaring an Event of Default.

 

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	2.	The Pledge

 

As
collateral security for the timely and complete payment and performance when due (whether at stated maturity, by acceleration
or otherwise) of any or all of the payments due by Target Company, including and without limitation, the services fees payable
to the Pledgee under the Services Agreement, Pledgors hereby pledge to Pledgee a first security interest in all of Pledgors’
right, title and interest, whether now owned or hereafter acquired by Pledgors, in the Equity Interest of Target Company.

 

	3.	Term of Pledge

 

		3.1	The
                                         Pledge shall become effective on such date when the pledge of the Equity Interest contemplated
                                         herein has been registered’ with relevant administration for industry and commerce
                                         (the “AIC”). The Pledge shall be continuously valid until all payments due
                                         under the Services Agreement have been fulfilled by Target Company. Pledgors and Target
                                         Company shall (1) register the Pledge in the shareholders’ register of Target Company
                                         within 3 business days following the execution of this Agreement, and (2) submit an application
                                         to the AIC for the registration of the Pledge of the Equity Interest contemplated herein
                                         within ten (10) business days following the execution of this Agreement. The Parties
                                         covenant that for the purpose of registration of the Pledge (including re-registration
                                         of the Pledge when the percentage of equity interest a Pledgor holds in Target Company
                                         changes), the Parties hereto shall submit to the AIC the equity interest pledge contract
                                         as in the form required by the AIC at the location of Target Company which shall truly
                                         reflect the information of the Pledge hereunder (the “AIC Pledge Contract”).
                                         For matters not specified in the AIC Pledge Contract, the Parties shall be bound by the
                                         provisions of this Agreement. Pledgors and Target Company shall submit all necessary
                                         documents and complete all necessary procedures, as required by the PRC laws and regulations
                                         and the relevant AIC, to ensure that the Pledge of the Equity Interest shall be registered
                                         with the AIC as soon as possible after filing.

 

		3.2	During
                                         the Term of Pledge, in the event Target Company fails to pay the exclusive service fees
                                         in accordance with the Services Agreement, Pledgee shall have the right, but not the
                                         obligation, to dispose of the Pledge in accordance with the provisions of this Agreement.

 

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	4.	Custody of Records for Equity Interest subject to Pledge

 

		4.1	During
                                         the Term of Pledge set forth in this Agreement, Pledgors shall deliver to Pledgee’s custody
                                         the original capital contribution certificate for the Equity Interest and the original
                                         shareholders’ register containing the Pledge within five (5) working days from the execution
                                         of this Agreement or from completion of the re-registration of shareholding when percentage
                                         of equity interest changed (in that case, Pledgors shall deliver to Pledgee’s custody
                                         the updated original capital contribution certificate for the Equity Interest and the
                                         updated original shareholders’ register containing the Pledge). Pledgee shall have custody
                                         of such original documents during the entire Term of Pledge set forth in this Agreement.

 

		4.2	Pledgee
                                         shall have the right to collect dividends generated by the Equity Interest during the
                                         Term of Pledge.

 

	5.	Representations and Warranties of Pledgors

 

		5.1	Pledgors
are the sole legal and beneficial owners of the Equity Interest.

 

		5.2	Pledgors
                                         have the right to dispose of and transfer the Equity Interest in accordance with the
                                         provisions set forth in this Agreement.

 

		5.3	Upon
                                         execution, this Agreement constitutes the Pledgors’ legal, valid and binding obligations
                                         in accordance with the provisions herein.

 

		5.4	Except
                                         for the Pledge, Pledgors have not placed any security interest or other encumbrance on
                                         the Equity Interest.

 

		5.5	There
                                         is no pending disputation or litigation proceeding related to the Equity Interest.

 

	6.	Covenants and Further Agreements of Pledgors

 

		6.1	Pledgors
                                         hereby covenant to the Pledgee, that during the term of this Agreement, Pledgors shall:

 

		6.1.1	not
transfer the Equity Interest, place or permit the existence of any security interest or other encumbrance on the Equity Interest,
or disposal of the Equity Interest in any other means, without the prior written consent of Pledgee, except for the performance
of the Exclusive Option Agreement executed by Pledgors, the Pledgee and Target Company on the execution date of this Agreement;

 

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		6.1.2	comply
                                         with the provisions of all laws and regulations applicable to the pledge of rights, and
                                         within five (5) working days of receipt of any notice, order or recommendation issued
                                         or prepared by relevant competent authorities regarding the Pledge, shall present the
                                         aforementioned notice, order or recommendation to Pledgee, and shall comply with the
                                         aforementioned notice, order or recommendation or submit objections and representations
                                         with respect to the aforementioned matters upon Pledgee’s reasonable request or upon
                                         consent of Pledgee;

 

		6.1.3	promptly
notify Pledgee of any event or notice received by Pledgors that may have an impact on Pledgee’s rights to the Equity Interest
or any portion thereof, as well as any event or notice received by Pledgors that may have an impact on any guarantees and other
obligations of Pledgors arising out of this Agreement;

 

		6.2	Pledgors
agree that the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted
or harmed by Pledgors or any heirs or representatives of Pledgors or any other persons through any legal proceedings.

 

		6.3	To
protect or perfect the security interest granted by this Agreement for payment of the service fees under the Services Agreement,
Pledgors hereby undertake to execute in good faith and to cause others who have an interest in the Pledge to execute all certificates,
agreements, deeds and/or covenants required by Pledgee. Pledgors also undertake to perform and to cause others who have an interest
in the Pledge to perform actions required by Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted
thereto by this Agreement, and to enter into all relevant documents regarding ownership of Equity Interest with Pledgee or designee(s)
of Pledgee (natural persons/legal persons). Pledgors undertake to provide Pledgee within a reasonable time with all notices, orders
and decisions regarding the Pledge that are required by Pledgee.

 

		6.4	Pledgors
                                         hereby undertake to comply with and perform all guarantees, promises, agreements, representations
                                         and conditions under this Agreement. In the event of failure or partial performance of
                                         its guarantees, promises, agreements, representations and conditions, Pledgors shall
                                         indemnify Pledgee for all losses resulting therefrom.

 

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	7.	Event of Breach

 

		7.1	The
following circumstances shall be deemed Event of Default:

 

		7.1.1	Target
Company fails to fully and timely fulfill any liabilities under the Services Agreement, including without limitation failure to
pay in full any of the service fees payable under the Services Agreement or breaches any other obligations of Target Company thereunder;

		 	 

		7.1.2	Pledgors
or Target Company have committed a material breach of any provisions of this Agreement;

		 	 

		7.1.3	Pledgors
and Target Company fail to register the Pledge in the shareholders’ register of Target Company, or fail to complete the
Registration of Pledge stipulated in Section 3.1;

		 	 

		7.1.4	Except
as expressly stipulated in Section 6.1.1, Pledgors transfer or purport to transfer or abandons the Equity Interest pledged, or
assign the Equity Interest pledged without the written consent of Pledgee; and

		 	 

		7.1.5	The
successor or custodian of Target Company is capable of only partially perform or refuses to perform the payment obligations under
the Services Agreement.

 

		7.2	Upon
                                         notice or discovery of the occurrence of any circumstances or event that may lead to
                                         the aforementioned circumstances described in Section 7.1, Pledgors shall immediately
                                         notify Pledgee in writing accordingly.

 

		7.3	Unless
                                         an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s
                                         satisfaction within twenty (20) working days after the Pledgee delivers a notice to Pledgors
                                         requesting ratification of such Event of Default, Pledgee may issue a Notice of Default
                                         to Pledgors in writing at any time thereafter, demanding Pledgors to immediately dispose
                                         of the Pledge in accordance with the provisions of Article 8 of this Agreement.

 

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	8.	Exercise of Pledge

 

		8.1	Prior
to the full payment of the service fees described in the Services Agreement, without the written consent of Pledgee or Pledgee’s
offshore parent company Puyi Inc. (“Pledgee’s Parent Company”), Pledgors shall not transfer the Pledge or the
Equity Interest in Target Company, unless such transfer arises from the rights and obligations under the Exclusive Option Agreement
(Attachment 2) entered into by Pledgors, Pledgee, and Target Company.

 

		8.2	Pledgee
                                         may issue a Notice of Default to Pledgors when exercising the Pledge.

 

		8.3	Subject
                                         to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge
                                         at the time when, or at any time after, the issuance of the Notice of Default in accordance
                                         with Section 8.2. Once Pledgee elects to enforce the Pledge, Pledgors shall cease to
                                         be entitled to any rights or interests associated with the Equity Interest.

 

		8.4	In
                                         the event of default, Pledgee is entitled to dispose of the Equity Interest pledged in
                                         accordance with applicable PRC laws. Only to the extent permitted under applicable PRC
                                         laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of
                                         the Equity Interest, and Pledgors hereby waive any rights it may have to demand any such
                                         accounting from Pledgee; Likewise, in such circumstance Pledgors shall have no obligation
                                         to Pledgee for any deficiency remaining after such disposition of the Equity Interest
                                         pledged.

 

		8.5	When
                                         Pledgee disposes of the Pledge in accordance with this Agreement, Pledgors and Target
                                         Company shall provide necessary assistance to enable Pledgee to enforce the Pledge in
                                         accordance with this Agreement.

 

	9.	Assignment

 

		9.1	Without
                                         Pledgee’s prior written consent, Pledgors shall not have the right to assign or delegate
                                         their rights and obligations under this Agreement.

 

		9.2	This
                                         Agreement shall be binding on Pledgors and their successors and permitted assigns, and
                                         shall be valid with respect to Pledgee and each of its successors and assigns.

 

		9.3	At
                                         any time, Pledgee may assign any and all of its rights and obligations under the Services
                                         Agreement to its designee(s) (natural/legal persons), in which case the assigns shall
                                         have the rights and obligations of Pledgee under this Agreement, as if it were the original
                                         party to this Agreement. When the Pledgee assigns the rights and obligations under the
                                         Services Agreement, upon Pledgee’s request, Pledgors shall execute relevant agreements
                                         or other documents relating to such assignment.

 

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		9.4	In
                                         the event of a change in Pledgee due to an assignment, Pledgors shall, at the request
                                         of Pledgee, execute a new pledge agreement with the new pledgee on the same terms and
                                         conditions as this Agreement, and register for change of the same with the competent
                                         AIC.

 

		9.5	Pledgors
                                         shall strictly abide by the provisions of this Agreement and other agreements jointly
                                         or separately executed by the Parties hereto or any of them, including the Exclusive
                                         Option Agreement (Attachment 2) and the Power of Attorney of each Pledgor (Attachment
                                         3 and Attachment 4) granted to Pledgee, perform the obligations hereunder
                                         and thereunder, and refrain from any action/omission that may affect the effectiveness
                                         and enforceability thereof. Any remaining rights of Pledgors with respect to the Equity
                                         Interest pledged hereunder shall not be exercised by Pledgors except in accordance with
                                         the written instructions of Pledgee.

 

		9.6	If
                                         there is any action by either Party may affect, in any way, the performance of this Agreement
                                         or the rights and obligations under this Agreement, such action shall only be taken with
                                         prior approval of the Board of Directors of Pledgee’s Parent Company. Upon the
                                         resolution of the Board of Directors of Pledgee’s Parent Company, such action shall
                                         be also approved by the Board of Directors of Pledgee and Target Company in line with
                                         the resolution of the Board of Directors of Pledgee’s Company.

 

	10.	Termination

 

Upon
the full payment of the service fees under the Services Agreement and upon termination of Target Company’s obligations under the
Services Agreement, or upon the transfer of equity interests under the Exclusive Option Agreement (Attachment 2), this
Agreement shall be terminated automatically and Pledgee shall then cancel or terminate the equity interest pledge pursuant to
this Agreement as soon as reasonably practicable.

 

	11.	Handling Fees and Other Expenses

 

All
fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp
tax and any other taxes and fees, shall be borne by Target Company.

 

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	12.	Confidentiality

 

The
Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the
Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party
shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party,
it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will
be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation
to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors
regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors
shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information
by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party,
which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for
any reason.

 

	13.	Governing Law and Resolution of Disputes

 

		13.1	The
                                         execution, effectiveness, construction, performance, amendment and termination of this
                                         Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

 

		13.2	In
                                         the event of any dispute with respect to the construction and performance of this Agreement,
                                         the Parties shall first resolve the dispute through friendly negotiations. In the event
                                         the Parties fail to reach an agreement on the dispute within 30 days after either Party’s
                                         request to the other Parties for resolution of the dispute through negotiations, either
                                         Party may submit the relevant dispute to the China Nansha International Arbitration Centre
                                         for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted
                                         in Guangzhou, China, and the language used in arbitration shall be Chinese. The arbitration
                                         award shall be final and binding on all Parties.

 

		13.3	Upon
                                         the occurrence of any disputes arising from the construction and performance of this
                                         Agreement or during the pending arbitration of any dispute, except for the matters under
                                         dispute, the Parties to this Agreement shall continue to exercise their respective rights
                                         under this Agreement and perform their respective obligations under this Agreement.

 

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	14.	Notices

 

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

 

		14.2	Notices
                                         given by personal delivery, by courier service or by registered mail, postage prepaid,
                                         shall be deemed effectively given on the date of delivery or refusal at the address specified
                                         for notices.

 

		14.3	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).

 

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

 

Pledgee:Puyi
Enterprises Management Consulting Co., Ltd.

Address:Rm
2611 (Self-Numbered No. 8), 26/F, Southwest Jiaotong University Innovation Building, 111 North 1st Section, 2nd
Ring Road, Jinniu District, Chengdu, Sichuan Province

Representative:Haifeng
Yu

Phone:
028-86616229

 

Pledgors:

 

Party
B: Haifeng Yu

Address:
No. 3, Yi Shan Street, Luogang District, Guangzhou

Phone:
(86)13688886006

 

Party
C: Yuanfen Yang

Address:
No. 2704, Unit 2, Building 1, No. 323, BeiSen Road, Qingyang District, Chengdu

Phone:
(86) 13880082529

 

Party
D: Chengdu Puyi Bohui Information Technology Co., Ltd.

Address:
1/F Bldg. 10, No. 16, 4th Section, South of 2nd Ring Road, Xiaojiahe, High-Tech Zone, Chengdu, P.R.C.

Representative:
Haifeng Yu

Phone:
028-86616229

 

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		14.5	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.

 

	15.	Severability

 

In
the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect
in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement
shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions
of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those
invalid, illegal or unenforceable provisions.

 

	16.	Miscellaneous

 

		16.1	Any
                                         amendments, changes and supplements to this Agreement shall be in writing and shall become
                                         effective upon completion of the governmental filing procedures (if applicable) after
                                         the affixation of the signatures or seals of the Parties.

 

		16.2	This
                                         Agreement is written in Chinese and English in three copies. Each of Pledgors, Pledgee
                                         and Target Company shall hold one copy respectively. Each copy of this Agreement shall
                                         have equal validity. In case there is any conflict between the Chinese version and the
                                         English version, the Chinese version shall prevail.

 

[THIS
SPACE IS INTENTIONALLY LEFT BLANK]

 

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IN
WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Equity
Pledge Agreement as of the date first above written.

 

Party
A: Puyi Enterprises Management Consulting Co., Ltd. (Seal)

 

	By:	/s/
    Haifeng Yu	 

Legal
Representative: Haifeng Yu

  

Pledgors:

 

Party
B: Haifeng Yu

 

	By:	/s/
    Haifeng Yu	 

 

Party
C: Yuanfen Yang

 

	By:	/s/
    Yuanfen Yang	 

  

Party
D: Chengdu Puyi Bohui Information Technology Co., Ltd. (Seal)

 

	By:	/s/
    Haifeng Yu	 

Legal
Representative: Haifeng Yu

 

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Attachments

 

		1.	The
                                         Exclusive Technical and Consulting Services Agreement entered into between Puyi Enterprises
                                         Management Consulting Co., Ltd. and Chengdu Puyi Bohui Information Technology Co., Ltd.
                                         on September 6, 2018

 

		2.	The
                                         Exclusive Option Agreement entered into among Puyi Enterprises Management Consulting
                                         Co., Ltd., Haifeng Yu, Yuanfeng Yang, and Chengdu Puyi Bohui Information Technology Co.,
                                         Ltd. on September 6, 2018

 

		3.	The
                                         Power of Attorney executed by Haifeng Yu on September 6, 2018

 

		4.	The
                                         Power of Attorney executed by Yuanfen Yang on September 6, 2018

 

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