Document:

EX-10.21

 Exhibit 10.21 

THE SYMBOL “[***]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i)
NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 
 Execution Version 

SERIES F PREFERRED SHARE PURCHASE AGREEMENT 

THIS SERIES F PREFERRED SHARE PURCHASE AGREEMENT (this “Agreement”) is made as of June 8, 2020 by and among: 

(1) 17 Education & Technology Group Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands
(the “Company”); 
 (2) Sunny Education (HK) Limited, a company incorporated under the laws of Hong Kong (the “HK
Subsidiary”); 
 (3) Shanghai Yiqi Zuoye Information Technology Co., Ltd.
(上海一起作业信息科技有限公司), a company
incorporated under the laws of the People’s Republic of China (the “PRC”; such company, the “Shanghai WFOE”); 

(4) Beijing Yiqi Education & Technology Co., Ltd.
(北京一起教育科技有限责任公司), a company
incorporated under the laws of the People’s Republic of China (the “Beijing WFOE”, together with the Shanghai WFOE, the “WFOEs” and each a “WFOE”); 

(5) Shanghai Hexu Information Technology Co., Ltd.
(上海合煦信息科技有限公司), a company incorporated under the
laws of the PRC (the “Shanghai Operation Co. 1”); 
 (6) Beijing Jin Wen Lang Science Technology Co., Ltd. (北京金闻朗科技有限公司), a company incorporated under the laws of the PRC
(the “Beijing Operation Co. 1”); 
 (7) Beijing Yiqi Science Technology Co., Ltd. (北京一起科技有限公司), a company incorporated under the laws of the PRC (the
“Beijing Operation Co. 2”); 
 (8) Beijing Haidian District Yiqi Education Training School (北京市海淀区一起教育培训学校), a private non-enterprise institution established under the laws of the PRC (the “Beijing School”); 

(9) Beijing Yiqi Education Information Consultation Co., Ltd.
(北京一起教育信息咨询有限责任公司), a
company incorporated under the laws of the PRC (the “Beijing Operation Co. 3”); 
 (10) Shang Li Qi Di Education
Technology (Tianjin) Co., Ltd. (尚立启迪教育科技(天津)有限公司), a company incorporated under the laws of the PRC (the “Tianjin Operation Co.”); 

(11) Qi Mai Information Technology (Shanghai) Co., Ltd.
(启劢信息科技(上海)有限公司), a company
incorporated under the laws of the PRC (the “Shanghai Operation Co. 2”, together with the Shanghai Operation Co. 1, the Beijing Operation Co. 1, the Beijing Operation Co. 2, the Beijing School, the Beijing Operation Co. 3 and the
Tianjin Operation Co., collectively the “Operation Companies”, and each, an “Operation Company”) 

(12) Each of the persons listed in Schedule A (collectively, the “Management”); and 

 (13) CL Lion Investment III Limited, a company incorporated under the laws of the British
Virgin Islands (the “Series F Investor” or “CPE”). 
 Each of the forgoing parties is referred to herein
individually as a “Party” and collectively as the “Parties”. For purposes of this Agreement, the Company, the HK Subsidiary, the WFOEs, the Operation Companies and any other entity, directly or indirectly,
controlled by any of the foregoing or whose financial statements are consolidated with those of the Company, shall be hereinafter collectively referred to as the “Group Companies” and each, a “Group Company”. The
Group Companies incorporated under the laws of the PRC shall be hereinafter collectively referred to as the “PRC Companies”, and each, a “PRC Company”. 

The phrase “directly or indirectly” means directly, or indirectly through one or more intermediate Persons or through
contractual or other arrangements, and “direct or indirect” has the correlative meaning. 
 “Include”,
“including”, “are inclusive of” and similar expressions are not expressions of limitation and shall be construed as if followed by the words “without limitation”. 

References to “law” shall include all applicable laws, regulations, rules and orders of any governmental authority, any
common or customary law, constitution, code, ordinance, statute or other legislative measure and any regulation, rule, treaty, order, decree or judgment; and “lawful” shall be construed accordingly. 

References to “governmental authority” shall include any government or political subdivision thereof; any department, agency
or instrumentality of any government or political subdivision thereof, including any entity or enterprise owned or controlled by a government; any public international organization; any court or arbitral tribunal; and the governing body of any
securities exchange or other self-regulating organization. 
 RECITALS 

WHEREAS, the Company desires to issue, allot and sell to the Series F Investor and the Series F Investor desires to purchase from the Company
certain Series F Shares (as defined below) on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of
the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

SECTION 1 
 ISSUANCE OF
SERIES F SHARES 
 1.1 Issuance of Series F Shares. Subject to the terms and conditions hereof and in consideration
of the Purchase Price set forth below, the Company hereby agrees to issue, allot and sell to the Series F Investor, and the Series F Investor hereby agrees to purchase from the Company, such number of Series F preferred shares, at a par value of
US$0.0001 each, of the Company (the “Series F Shares”) as set forth opposite its name in Schedule B-1 at a price of US$3.6159 per share, amounting to an aggregate purchase price of
US$120,000,002 (the “Purchase Price”). The Series F Shares to be purchased and sold pursuant to this Agreement shall be hereinafter referred to as the “Purchased Shares”, and the ordinary shares, at a par value of
US$0.0001 each, of the Company (the “Ordinary Shares”) issuable upon conversion of the Purchased Shares will be collectively hereinafter referred to as the “Conversion Shares”. The Company’s shareholding
structure immediately before and after the Closing shall be as set forth in the Company’s capitalization table attached hereto as Schedule B-2 and Schedule B-3,
respectively. 

  
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 SECTION 2 

CLOSING 
 2.1 Closing of
Issuance of Purchased Shares. The closing of the purchase and sale of the relevant Purchased Shares hereunder (the “Closing”) shall take place remotely via the exchange of documents and signatures on a date that is no later than
fifteen (15) Business Days after the satisfaction or otherwise waiver of all of the conditions as set forth in Section 6 (except for the conditions that will be satisfied at the Closing and the conditions set forth in Section 6.2(j)
which shall be satisfied no later than three (3) days prior to the Closing), or at such other time and place as mutually agreed by the Parties (the date of the Closing, the “Closing Date”). For the purpose of this Agreement,
“Business Day” means any day, other than a Saturday, Sunday, or a public holiday in Beijing, Hong Kong or the Cayman Islands. 

2.2 Deliveries by Company. At the Closing, in addition to any item the delivery of which is made an express closing condition pursuant
to Section 6 hereof, the Company shall deliver to the Series F Investor a share certificate or share certificates representing the number of the Purchased Shares, registered in the name of the Series F Investor against its payment to the
Company of the Purchase Price. 
 2.3 Deliveries by Series F Investor. At the Closing, the Series F Investor shall pay to the Company
the Purchase Price for the Purchased Shares by issuing irrevocable wiring instructions (a copy of which shall be provided to the Company) for the wire transfer payment of the Purchase Price to the following bank account of the Company: 

Bank: [***] 
 Account Name: [***]

 Account No.: [***] 
 SWIFT:
[***] 
 SECTION 3 

REPRESENTATIONS AND WARRANTIES OF SERIES F INVESTOR 

The Series F Investor hereby represents and warrants to the Management and each Group Company that, each of the representations and warranties
set forth in this Section 3 is true, complete, accurate and not misleading as of the date of this Agreement and as of the Closing Date, with the same effect as though made at and as of such date, or as of another date if any representation or
warranty is made with respect to such other date: 
 3.1 Due Organization. The Series F Investor is duly incorporated, organized,
validly existing and in good standing (or equivalent status in the relevant jurisdiction) under the laws of the jurisdiction of its incorporation. 

  
 3 

 3.2 Authorization. The Series F Investor has all requisite power, authority and
capacity to enter into this Agreement, the Fifth Amended and Restated Shareholders Agreement in the form attached hereto as Exhibit A (the “Shareholders Agreement”), and any other agreements or documents to which it is a
party or signatory and the execution of which is contemplated hereunder (the “Ancillary Agreements”), and to perform its obligations under this Agreement, the Shareholders Agreement and the Ancillary Agreements. This Agreement has
been, and the Shareholders Agreement and each Ancillary Agreement will be, duly authorized, executed and delivered by the Series F Investor. This Agreement, the Shareholders Agreement and the Ancillary Agreements, when executed and delivered by the
Series F Investor, will constitute valid and legally binding obligations of the Series F Investor, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting creditors’
rights generally and to general equitable principles. 
 3.3 No Conflict. The execution, delivery and performance of this Agreement,
the Shareholders Agreement and any Ancillary Agreement by the Series F Investor will not: 
 (a) violate any provision of the memorandum and
articles of association (or other constitutional documents) of the Series F Investor; 
 (b) require the approval of any governmental
authority; 
 (c) conflict with or result in any breach or violation of any of the terms and conditions of, or constitute (or with notice or
lapse of time or both constitute) a default under, any applicable laws or any contract, agreement or other documents which the Series F Investor is a party or by or to which the Series F Investor is bound or subject. 

3.4 Purchase for Own Account. The Series F Investor represents that it is acquiring the Purchased Shares solely for investment for its
own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Series F Investor has no present intention of selling, granting any participation in, or otherwise distributing the same.

 3.5 Accredited Investor. The Series F Investor represents that (a) it is purchasing the Purchased Shares and the Conversion
Shares in a transaction exempt from the registration requirements under the Securities Act of 1933, as amended (the “Securities Act”), and (b) it is an “accredited investor” within the meaning of Securities and
Exchange Commission (“SEC”) Rule 501 of Regulation D, as presently in effect. 
 3.6 Restrictions on Transfer. The
Series F Investor understands that the Purchased Shares are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act, only in certain limited circumstances. In this connection, the Series F Investor represents that it is familiar with SEC
Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. The Series F Investor understands that the Purchased Shares have not been and will not be registered under the Securities Act and
have not been and will not be registered or qualified in any state in which they are offered, and thus the Series F Investor will not be able to resell or otherwise transfer its Purchased Shares unless they are registered under the Securities Act
and registered or qualified under applicable state securities laws, or an exemption from such registration or qualification is available. 

  
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 3.7 No Public Market. The Series F Investor understands that no public market now
exists for the Purchased Shares. 
 SECTION 4 

REPRESENTATIONS AND WARRANTIES OF WARRANTORS 

Each of (i) the Group Companies and (ii) the Management, but solely with respect to the “Management
Representations” which are Sections 4.1, 4.2, 4.3(b), 4.4, 4.5, 4.6, 4.7, 4.20, 4.28 and, solely with respect to the representations and warranties relating to the Management,
Sections 4.12(e), 4.12(f), 4.18, 4.19, 4.21, and 4.23 (together, the “Warrantors” and each, a “Warrantor”) hereby, jointly and severally, represents and warrants to the
Series F Investor that, subject to the disclosures set forth in the Disclosure Schedule (the “Disclosure Schedule”) attached to this Agreement as Schedule C (which shall be deemed to be representations and warranties of the
Warrantors, provided that the Warrantors will not be liable to the Series F Investor in respect of the representations and warranties hereunder to the extent exceptions are fairly disclosed in the Disclosure Schedule with reasonable details) and as
otherwise expressly provided in the Transaction Documents (as defined below), each of the representations and warranties set forth in this Section 4 is true, complete, accurate and not misleading as of the date of this Agreement and as of the
Closing Date, with the same effect as though made at and as of such date, or as of another date if any representation or warranty is made with respect to such other date (any reference to a party’s “knowledge” hereunder shall
mean such party’s knowledge on the basis that due and diligent inquiries of officers and directors should have been made of such party reasonably believed to have knowledge of the matter in question; and “Material Adverse
Effect” shall mean a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property, or long term results of operations of the Group Companies, taken as a whole), or on the
transactions contemplated under the Transaction Documents: 
 4.1 Organization, Good Standing and Qualification. Each Group Company is
duly organized, validly existing and in good standing under the laws of their jurisdiction of incorporation and has all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted. Each Group
Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect on its business or properties. 

4.2 Capitalization. Except as set forth under Sections 4.2(a) to 4.2(c) of the Disclosure Schedule and subject to the share
repurchases as specified under Schedule 5.10(a), immediately prior to the Closing, the authorized share capital of the Company consists of the following: 

(a) Ordinary Shares. A total of 509,631,372 authorized Ordinary Shares, of which [***] are issued to Don Xiangdong CAI, 50,132,536 are
issued to Fluency Holding Ltd., 3,232,434 are issued to Shield Investment Holding Ltd., 2,831,179 are issued to Shunwei Ventures II Limited and [***] are issued to China Renaissance Corporation. 

  
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 (b) Preferred Shares. A total of 290,368,628 authorized preferred shares, including
(i) 78,824,567 series E preferred shares of a par value of US$0.0001 each (the “Series E Shares”), all of which are issued and outstanding, (ii) 50,193,243 series D preferred shares of a par value of US$0.0001 each (the
“Series D Shares”), all of which are issued and outstanding, (iii) 50,195,203 series C preferred shares of a par value of US$0.0001 each (the “Series C Shares”), all of which are issued and
outstanding, (iv) 54,083,288 series B+ Shares of a par value of US$0.0001 each (the “Series B+ Shares”), all of which are issued and outstanding, (v) 34,815,112 series B preferred shares of a par value of US$0.0001 each (the
“Series B Shares”), 34,544,762 of which are issued and outstanding, and (vi) 22,257,215 series A preferred shares of a par value of US$0.0001 each (the “Series A Shares”, together with the Series E Shares, the
Series D Shares, the Series C Shares, the Series B+ Shares and the Series B Shares, collectively the “Existing Preferred Shares” and each, an “Existing Preferred Share”), 17,085,275 of which are issued
and outstanding. The rights and preferences of each series of the Existing Preferred Shares are set forth in the Fifth Amended and Restated Memorandum and Articles of Association of the Company which was adopted on January 12, 2018 (the
“Existing Articles”). Each of the Existing Preferred Shares is convertible into Ordinary Shares on an initial ratio of 1:1, and no issuances have been made prior to the date hereof, or will be made prior to the Closing, which has
had, should have had, or will have the effect of modifying the conversion ratio of any Existing Preferred Shares. 
 (c) Options,
Warrants, Reserved Shares. Except for (i) the conversion privileges of the Existing Preferred Shares, (ii) the applicable provisions in the Fourth Amended and Restated Shareholders Agreement dated as of January 12, 2018 by and
among the parties thereto (the “Existing Shareholders Agreement”) and the Existing Articles, (iii) as set forth in Section 4.2(a) to (c) of the Disclosure Schedule, and
(iv) as contemplated by the Transaction Documents (as defined below), there are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to purchase any of the shares
of the Company. Apart from the exceptions noted in this Section 4.2 and the other Transaction Documents, no shares of the Company’s outstanding share capital, or shares issuable upon exercise or exchange of any outstanding options or other
shares issuable by the Company, are subject to any preemptive rights, rights of first refusal or other rights to purchase such shares (whether in favor of such Group Company or any other person). 

(d) Outstanding Security Holders. A complete and current list of all registered shareholders of the Company immediately prior to the
Closing is set forth in Section 4.2(d) of the Disclosure Schedule, indicating the type and number of shares held by each such shareholder; and the aggregate number of options or other securities of the Company outstanding
immediately prior to the Closing is set forth in Section 4.2(d) of the Disclosure Schedule. Schedule B-2 and Schedule B-3 attached
hereto set forth the capitalization table of the Company immediately prior to the Closing, and immediately after the Closing, in each case reflecting all then outstanding shares of the Company (on a fully diluted basis). 

(e) All outstanding securities of the Company, including, without limitation, all outstanding Ordinary Shares of the Company, all shares of
the Company issuable upon the conversion or exercise of all convertible or exercisable securities and all other securities that the Company is obligated to issue as of the date hereof or as of the Closing Date, will be subject to a one hundred
eighty (180) day “market stand-off” restriction upon an initial public offering of the Company’s securities pursuant to a registration statement to be filed with the SEC pursuant to the
Securities Act as set forth in the Existing Shareholders Agreement. 

  
 6 

 (f) Except as disclosed in Section 4.2(f) of the Disclosure
Schedule, no share option plan, share purchase or other agreement between the Company and any holder of any securities or rights exercisable for or convertible into securities of the Company provides for acceleration or other changes in the
vesting provisions as the result of the occurrence of any event. 
 4.3 Subsidiaries. 

(a) Save for the Group Companies (other than the Company) set forth in Section 4.3(a) of the Disclosure Schedule,
the Company does not have any subsidiary, or own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association or other entity or maintain any offices or branches.
Section 4.3(a) of the Disclosure Schedule sets forth the particulars of basic corporation information of each Group Company. 

(b) Except as fairly disclosed in Section 4.3(b) of the Disclosure Schedule, each of the Management does not,
directly or indirectly through any Affiliate, own, manage, engage in, operate, control, work for, consult with render services for, do business with, maintain any interest in (proprietary, financial or otherwise) or participate in the ownership,
management, operation or control of any Restricted Business (as defined below), provided that the Management may own shares of (but less than one percent (1%) of the issued and outstanding shares of) publicly traded companies that engages in
a Restricted Business. 
 4.4 Authorization. All corporate actions on the part of each Group Company, its officers, directors and
shareholders necessary for the authorization, execution and delivery of this Agreement, the Shareholders Agreement and the Ancillary Agreements, and the performance of all obligations of each Group Company hereunder and thereunder, and the
authorization, issuance (or reservation for issuance), sale and delivery of the Purchased Shares has been taken or will be taken prior to the Closing. Each of this Agreement, the Shareholders Agreement and any Ancillary Agreement, when executed and
delivered by any Group Company to which it is a party, constitutes the valid and legally binding obligation of such Group Company, enforceable against such Group Company in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Shareholders Agreement may be limited by applicable securities laws. The issuance of any
Series F Shares or Conversion Shares is not subject to any preemptive rights or rights of first refusal, or if any such preemptive rights or rights of first refusal exist, waiver of such rights has been or will be obtained from the holders thereof
on or prior to the Closing. 
 4.5 Valid Issuance of Shares. 

(a) The Series F Shares, when issued, sold, allotted and paid for in accordance with the terms and for the consideration set forth in this
Agreement, will be validly issued, fully paid and non-assessable and free and clear of any liens and free of restrictions on transfer other than any liens or transfer restrictions under the Transaction
Documents. Subject in part to the accuracy of the representations of the Series F Investor in Section 3 of this Agreement, the Series F Shares will be issued in compliance with all applicable securities laws. The Conversion Shares will be duly
reserved for issuance, and upon issuance in accordance with the terms of the Sixth Amended and Restated Memorandum and Articles of Association attached hereto as Exhibit B (the “Restated Articles”), which shall be adopted by
the Company upon the Closing, will be validly issued, fully paid and non-assessable and free and clear of any liens and free of restrictions on transfer other than any liens or transfer restrictions under the
Transaction Documents. The Conversion Shares will be issued in compliance with all applicable securities laws. 

  
 7 

 (b) All presently issued, outstanding Ordinary Shares, Series A Shares, Series B Shares,
Series B+ Shares, Series C Shares, Series D Shares and Series E Shares were duly and validly issued, fully paid and non-assessable, and are free and clear of any liens and free of restrictions on transfer
(except for any liens or restrictions on transfer under the Existing Shareholders Agreement, the Existing Articles, applicable securities laws, and the Restated Articles and the Shareholders Agreement as of the Closing) and have been issued in
compliance in all material respects with the requirements of all applicable securities laws and regulations, including, to the extent applicable, the Securities Act. 

4.6 Organization, Good Standing and Qualification. Each PRC Company is duly organized, validly existing and in good standing under the
laws of the PRC and has all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted. Each PRC Company is duly qualified to transact business and is in good standing in the PRC in which the
failure to so qualify would have a Material Adverse Effect on its business or properties. 
 4.7 HK Subsidiary and PRC Companies.
Except for (i) the option to purchase all or part of the equity interests in the Shanghai Operation Co. 1 granted to the Shanghai WFOE and (ii) the option to purchase all or part of the equity interests in the Beijing Operation Co. 3
granted to the Beijing WFOE under the documents set forth in Schedule D (the “Control Documents”), there are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof,
presently outstanding to purchase any of the equity interests of the HK Subsidiary or any PRC Company. A complete and current list of all registered equity holders of the HK Subsidiary and each PRC Company as of the date hereof is set forth in
Section 4.7 of the Disclosure Schedule, indicating the amount of equity interest held by each such equity interest holder. 

4.8 Compliance with Laws; Consents and Permits. Except as disclosed in Section 4.8 of the Disclosure
Schedule, none of the Group Company has conducted any activity in material violation of any material applicable law in respect of the conduct of its business or the ownership of its properties. All material consents, permits, approvals, orders,
authorizations or registrations, qualifications, designations, declarations or filings by or with any governmental authority and any third party which are required to be obtained or made by each Group Company in connection with the consummation of
the transactions contemplated hereunder or under any other Transaction Document shall have been obtained or made prior to and be effective as of the Closing. Each Group Company has all material approvals, franchises, permits, licenses,
authorizations or registrations, qualifications, designations, declarations, filings any similar authority necessary for the conduct of its business, the absence of which would be reasonably likely to have a Material Adverse Effect on its business
or properties. None of the Group Company is in default in any material respect under any of such approvals, permits, licenses or other similar authority, nor is it in receipt of any letter or notice from any relevant authority notifying revocation
of any such approvals, permits or licenses issued to it for non-compliance or the need for compliance or remedial actions in respect of the activities carried out directly or indirectly by each Group Company.
In respect of approvals, licenses or permits requisite for the conduct of any part of the business of each Group Company which are subject to periodic renewal by any governmental or administrative authorities, such requisite renewals are reasonably
expected by the Company, the relevant Group Companies and the Management to be granted by the relevant authorities. No consent, approval, order or authorization of or registration, qualification, designation, declaration or filing with, any
governmental authority is required on the part of the Company in connection with the valid execution, delivery and consummation of the transactions contemplated hereunder, or the offer, sale, issuance or reservation for issuance of the Series F
Shares and the Conversion Shares. 

  
 8 

 4.9 Compliance with Other Instruments and Agreements. The Group Companies are not,
nor shall the conduct of their business as currently or proposed to be conducted result, in any violation, breach or default in any material respect of any term of their respective constitutional documents which may include, as applicable, memoranda
and articles of association, by-laws, joint venture contracts, feasibility studies and the like (the “Constitutional Documents”), and none of the Group Companies is in violation, breach or
default in any material respect of any term or provision of any mortgage, indenture, contract, agreement or instrument to which it is a party or by which it may be bound (“Other Instruments”) or of any applicable law. The execution,
delivery and performance of and compliance with this Agreement, the Shareholders Agreement and the Ancillary Agreements and the consummation of the transactions contemplated hereby and thereby will not result in any such violation, breach or
default, or be in conflict with or constitute, with or without the passage of time or the giving of notice or both, either a default under any Constitutional Documents or any Other Instruments, or a violation of any statutes, laws, regulations or
orders, or an event which results in the creation of any lien, charge or encumbrance upon any asset of any Group Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to any Group Company,
which would either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There are no material penalties and fines that have been imposed on any Group Company. 

4.10 Liabilities. Except as disclosed in the Financial Statements (as defined below) and as disclosed in
Section 4.10 of the Disclosure Schedule, each Group Company does not have any (a) indebtedness for borrowed money that it has directly or indirectly created, incurred, assumed, or guaranteed, or with respect to which
such Group Company has otherwise become directly or indirectly liable, or (b) any other debts, obligations, liabilities or commitments of any nature outside the ordinary course of business, whether absolute or contingent, accrued or not
accrued, matured or not matured or otherwise. 
 4.11 Title to Properties and Assets. Each Group Company has good and marketable
title to its properties and assets as reflected in its balance sheet subject to no mortgage, pledge, lien, encumbrance, security interest or charge of any kind, except for minor imperfections of title, if any, none of which are substantial in
amount, or materially detract from the value or impair the use of the property subject thereto or the operation of the assets and which have arisen only in the ordinary and normal course of business consistent with past practice. With respect to the
property and assets it leases, each Group Company is in compliance in all material respects with such leases and such Group Company holds valid leasehold interests in such assets free of any liens, encumbrances, security interests or claims of any
party other than the lessors of such property and assets. 

  
 9 

 4.12 Status of Proprietary Assets. 

(a) Status of Proprietary Assets. For purpose of this Agreement, (i) “Proprietary Assets” shall mean all patents,
patent applications, trademarks, service marks, trade names, domain names, copyrights, copyright registrations and applications and all other rights corresponding thereto, inventions, databases and all rights therein, all computer software including
all source code, object code, firmware, development tools, files, records and data, including all media on which any of the foregoing is stored, formulas, designs, trade secrets, confidential and proprietary information, proprietary rights, know-how and processes of a company, and all documentation related to any of the foregoing; and (ii) “Registered Intellectual Property” means all Proprietary Assets of any Group Company, wherever
located, that is the subject of an application, certificate, filing, registration or other document issued by, filed with or recorded by any governmental authority. Except as disclosed in Section 4.12 of the Disclosure
Schedule, each Group Company (i) has independently developed and owns free and clear of all material claims, security interests, liens or other encumbrances, or (ii) has a valid right or license to use all Proprietary Assets, including
Registered Intellectual Property, necessary and appropriate for its business as now conducted and, to the knowledge of the Warrantors, without any conflict with or infringement of the rights of others. Section 4.12 of the
Disclosure Schedule contains a complete list of Proprietary Assets, including all Registered Intellectual Property, of each Group Company. No product or service marketed or sold by any Group Company violates or, to the knowledge of the
Warrantor, will violate any license or infringe any intellectual property rights of any other party.  
 (b) None of the Group
Company has received any communication alleging that it has violated or, by conducting its business as proposed, would violate any Proprietary Assets of any other person or entity. Each Group Company has obtained and possessed valid license to use
all of the software programs present on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with such Group Company’s business. Each
Key Employee (as defined below) has assigned, or agrees to assign, to the Group Companies all intellectual property rights he or she develops during the course of his or her employment with the Group Companies. 

(c) There are no outstanding options, licenses, agreements or rights of any kind granted by any Group Company relating to any Group
Company’s Proprietary Assets, nor is any Group Company bound by or is a party to, any options, licenses, agreements or rights of any kind with respect to the Proprietary Assets of any other person or entity, except, in either case, as disclosed
in Section 4.12 of the Disclosure Schedule or for standard end-user agreements with respect to commercially readily available intellectual property such as “off the shelf”
computer software. 
 (d) No proceedings or claims in which any Group Company alleges that any person is infringing upon, or otherwise
violating, its Proprietary Assets are pending, and none has been served, instituted or asserted by any Group Company or, to the knowledge of the Warrantors, vice versa. 

(e) None of the Management nor any of the current or former officers, employees or consultants of any Group Company (at the time of their
employment or engagement by a Group Company) has been or is obligated under any contract (including employment contracts, licenses, covenants or commitments of any nature) or other agreement, or is subject to any judgment, decree or order of any
court or administrative agency, that would interfere with the use of his, her or its best efforts to promote the interests of such Group Company or that would conflict with the business of such Group Company as currently conducted or that would
prevent such officers, employees or consultants from assigning to such Group Company inventions conceived or reduced to practice in connection with services rendered to such Group Company. 

  
 10 

 (f) Neither the execution nor delivery of this Agreement, the Shareholders Agreement or any
Ancillary Agreement, nor the carrying on of the business of any Group Company by its employees, nor the conduct of the business of any Group Company as currently conducted, will, to the best knowledge of the Warrantors, be reasonably expected to
conflict with or result in a breach of the terms, conditions or provisions of, or constitute a material default under, any contract, covenant or instrument under which any Group Company or any of such employees is now obligated, including without
limitation any non-compete, invention assignment or confidentiality obligations under any agreement between any of the Management and any former employer of such Management. Each of the Group Companies and the
Management reasonably believes that it will not be necessary to utilize in the course of any Group Company’s business operation any inventions of any of the Group Companies’ employees (or persons the Group Companies currently intend to
hire) made prior to or outside the scope of their employment by the relevant Group Company. No government funding, facilities of any educational institution or research center, or funding from third parties has been used in the development of any
Proprietary Assets of any Group Company. Each Group Company has taken all security measures that are commercially prudent in order to protect the secrecy, confidentiality, and value of its material Proprietary Assets. 

(g) No use of Public Software by any Group Company has had a material impact on their respective ownership rights of the computer databases
and systems or any other material products. “Public Software” means any software that contains, or is derived in any manner (in whole or in part) from, (i) any software that is distributed as free software (as defined by the
Free Software Foundation), open source software (e.g., Linux or software distributed under any license approved by the Open Source Initiative as set forth www.opensource.org) or similar licensing or distribution models which require the distribution
or making available of source code as well as object code of the software to licensees without charge (except for the cost of the medium) and (ii) the right of the licensee to modify the software and redistribute both the modified and
unmodified versions of the software, including software licensed or distributed under any of the following licenses: (1) GNU’s General Public License (GPL) or Lesser/Library GPL (LGPL); (2) the Artistic License (e.g., PERL); (3) the
Mozilla Public License; (4) the Netscape Public License; (5) the BSD License; or (6) the Apache License. 

  
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 4.13 Material Contracts and Obligations. All outstanding and subsisting agreements,
contracts, leases, licenses, instruments, commitments (oral or written), indebtedness, liabilities and other obligations to which any Group Company is a party or by which it is bound that (i) are material to the conduct and operations of its
business and properties, (ii) involve any of the officers, consultants, directors, employees or shareholders of such Group Company; or (iii) obligate such Group Company to share, license or develop any product or technology, in each case
(a) having an aggregate value, cost or amount, or imposing liability or contingent liability on any Group Company, in excess of US$1,000,000 or that extend for more than three (3) years beyond the date of this Agreement, (b) not
terminable upon thirty (30) days’ notice without incurring any penalty or obligation, (c) containing exclusivity, non-competition, or similar clauses that impair, restrict or impose conditions
on the Group Company’s right to offer or sell products or services in specified areas, during specified periods, or otherwise, (d) not in the ordinary course of business, (e) transferring or licensing any Proprietary Assets to or from
the Group Company (other than licenses granted in the ordinary course of business or licenses from commercially readily available “off the shelf” computer software), or (f) an agreement the termination of which would be reasonably
likely to have a Material Adverse Effect, are listed in Section 4.13 of the Disclosure Schedule (collectively, the “Material Contracts”). None of the Group Companies is in default or breach, in any material
respect, under any of the Material Contracts, nor, to the knowledge of the Warrantors, has such Group Company received notice of any intention to terminate any such Material Contracts. To the knowledge of the Warrantors, no party with whom any Group
Company has entered into any Material Contract is in default or breach thereunder, in any material respect. No Group Company is a guarantor or indemnitor of any indebtedness of any other person, firm or corporation that is not a Group Company. Each
Material Contract to which any Group Company is a party is currently valid and in full force and effect in all material respects, and, to the knowledge of the Warrantors, is enforceable by such Group Company in accordance with its terms. No Group
Company has engaged in the past three (3) months in any discussion with any representative of any corporation, partnership, trust, joint venture, limited liability company, association or other entity, or any individual, regarding (i) a
sale of all or substantially all of such Group Company’s assets, or (ii) any merger, consolidation or other business combination transaction of such Group Company with or into another corporation, entity or person. 

4.14 Litigation. There is no material claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or, to
the knowledge of the Warrantors, currently threatened (i) against any of the Management or any Group Company or any officer, director or employee of any Group Company; or (ii) questions the validity of this Agreement, the Shareholders
Agreement or any Ancillary Agreement, the right of any Group Company or any of the Management to enter into this Agreement, the Shareholders Agreement or any Ancillary Agreement, or to consummate the transactions contemplated hereby and thereby, or
that might result, either individually or in the aggregate, in any material adverse effect on any Group Company. None of the Group Companies, or, to the knowledge of the Warrantors, its officers or directors, is a party or subject to the provisions
of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality, which would have any Material Adverse Effect. There is no action, suit, proceeding or investigation by any Group Company currently pending or
that any Group Company to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or threatened in writing (or any basis therefor known to the Warrantors) involving the prior employment of any
Group Company’s employees, their services provided in connection with any Group Company’s business, or any information or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements with
prior employers. 

  
 12 

 4.15 Financial Statements. The Warrantors have delivered to the Series F Investor the
unaudited, consolidated balance sheet, income statement and statement of cash flow of the Company for the financial year ended December 31, 2019, and the unaudited, consolidated balance sheet, income statement and statement of cash flow of the
Company for the three-month period ended March 31, 2020 (the foregoing financial statements and any notes thereto are hereinafter referred to as the “Financial Statements” and December 31, 2019, the “Balance Sheet
Date”). Such Financial Statements (a) are in accordance with the books and records of each relevant Group Company, (b) are true, correct and complete and present fairly the financial condition of each relevant Group Company at the
date or dates therein indicated and the results of operations for the period or periods therein specified, and (c) have been prepared in accordance with the United States generally accepted accounting principles (“US GAAP”)
applied on a consistent basis. Specifically, but not by way of limitation, each balance sheet of the Financial Statements discloses material debts, liabilities and obligations of any nature, whether due or to become due, of the Company on a
consolidated basis, as of their respective dates (including, without limitation, absolute liabilities, accrued liabilities, and contingent liabilities) to the extent such debts, liabilities and obligations are required to be disclosed in accordance
with US GAAP. Each relevant Group Company has good and marketable title to all assets set forth on the balance sheet of the Financial Statements, except for (i) such assets as have been spent, sold or transferred in the ordinary course of
business since the Balance Sheet Date or (ii) minor imperfections of title, if any, none of which are substantial in amount, or materially detract from the value or impair the use of the property subject thereto or the operation of the assets
and which have arisen only in the ordinary and normal course of business consistent with past practice. Except as set forth in the Financial Statements, no Group Company is a guarantor or indemnitor of any indebtedness of any other person or entity
or has material liabilities or obligations, contingent or otherwise, as of the Balance Sheet Date, other than (i) liabilities incurred in the ordinary course of business subsequent to the Balance Sheet Date, (ii) obligations under
contracts and commitments incurred in the ordinary course of business and (iii) liabilities and obligations of a type or nature not required under generally accepted accounting principles to be reflected in the Financial Statements, which, in
all such cases, individually and in the aggregate would not have a Material Adverse Effect. The Group Companies maintains and will maintain a standard system of accounting established and administered in accordance with US GAAP or other
applicable generally accepted accounting principles (as the case may be). 
 4.16 Activities Since Balance Sheet Date. Since the
Balance Sheet Date, except the transactions contemplated under the Transaction Documents, with respect to each Group Company, there has not been: 

(a) any change in the assets, liabilities, financial condition or operating results of any Group Company from that reflected in the Financial
Statements, except changes in the ordinary course of business that have not and will not, in the aggregate, result in any Material Adverse Effect on its business or properties; 

(b) any material change in the contingent obligations of any Group Company by way of guarantee, endorsement, indemnity, warranty or otherwise;

 (c) any damage, destruction or loss, whether or not covered by insurance, having any Material Adverse Effect on its business or
properties (as presently conducted and as presently proposed to be conducted); 
 (d) any waiver or compromise by any Group Company of a
valuable right or of a material debt owed to it; 
 (e) any satisfaction or discharge of any lien, claim or encumbrance or payment of any
obligation by any Group Company, except such satisfaction, discharge or payment made in the ordinary course of business that is not material to the assets, properties, financial condition, operating results or business of such Group Company; 

(f) any material change or amendment to a Material Contract or arrangement by which any Group Company or any of its assets or properties is
bound or subject to, except for changes or amendments which are expressly provided for or disclosed in this Agreement; 

  
 13 

 (g) any material change in any compensation arrangement or agreement with any present or
prospective employee, contractor or director; 
 (h) any sale, assignment or transfer of any material Proprietary Assets or other material
intangible assets of any Group Company; 
 (i) any resignation or termination of employment of any Key Employee; 

(j) any mortgage, pledge, transfer of a security interest in, or lien created by any Group Company, with respect to any of its material
properties or assets, except liens for taxes not yet due or payable; 
 (k) except as disclosed in Section 4.16 in the Disclosure
Schedule, any debt, obligation, or liability incurred, assumed or guaranteed by any Group Company individually in excess of US$100,000 or in excess of US$500,000 in the aggregate; 

(l) any dividend, loans or guarantees made by any Group Company to or for the benefit of its employees, officers or directors, or any members
of their immediate families, other than travel advances and other advances made in the ordinary course of its business; 
 (m) any
declaration, setting aside or payment or other distribution in respect of the share capital or registered capital of any Group Company, or any direct or indirect redemption, purchase or other acquisition of any of such share capital or registered
capital by any Group Company, other than those as contemplated by this Agreement or any other Transaction Document; 
 (n) any failure to
conduct business in the ordinary course, consistent with each Group Company’s reasonably prudent past practices; 
 (o) receipt of
notice that there has been a loss of, or material order cancellation by, any major customer of any Group Company; 
 (p) any other event or
condition of any character, other than events affecting the macroeconomy or the Group Companies’ industry generally, that could reasonably be expected to result in a Material Adverse Effect; or 

(q) any agreement or commitment by any Group Company to do any of the things described above. 

4.17 Tax Matters. 
 (a)
The provisions for taxes as shown on the balance sheet included in the Financial Statements are sufficient in all material respects for the payment of all accrued and unpaid applicable taxes of the Group Companies as of the date of each such balance
sheet, whether or not assessed or disputed as of the date of each such balance sheet. There have been no extraordinary examinations or audits of any tax returns or reports by any applicable governmental authority. Each Group Company has filed or
caused to be filed on a timely basis all tax returns that are or were required to be filed (to the extent applicable), all such returns are correct and complete in all material respects. Each Group Company is not subject to any waivers of applicable
statutes of limitations with respect to taxes for any year. 

  
 14 

 (b) No Group Company has been, nor expects to become, a passive foreign investment company
(“PFIC”) as described in Section 1297 of the United States Internal Revenue Code of 1986, as amended (the “Code”). No shareholder of any Group Company, solely by virtue of its status as shareholder of such
Group Company, has personal liability under local law for the debts and claims of such Group Company. There has been no communication from any tax authority relating to or affecting the tax classification of any Group Company. 

(c) The Company has no plan to (and it has not engaged in any transactions to) complete the direct or indirect acquisition of substantially
all of the properties held directly or indirectly by a U.S. corporation or substantially all of the properties constituting a trade or business of a U.S., partnership. 

(d) To the best knowledge of the Warrantors, immediately after the Closing, the Company will not be a “Controlled Foreign
Corporation” (“CFC”) as defined in the Code with respect to the shares held by the Series F Investor. 
 (e) The
Company is not a “surrogate foreign corporation” within the meaning of Section 7874(a)(2)(B) of the Code. 
 4.18
Interested Party Transactions. 
 (a) Other than (i) any employment agreement and any document relating to the equity incentive
plan of the Company, (ii) the standard employee benefits generally made available to all employees, (iii) the standard director and officer indemnification agreements approved by the board of directors of the Company (the “Board of
Directors”), (iv) as contemplated under the Transaction Documents and (v) as set out on Section 4.18(a) of the Disclosure Schedule, there are no outstanding and subsisting agreements, understandings or
transactions between any Group Company, on the one hand, and any of its officers, directors or Key Employees, or any Affiliate thereof (other than another Group Company), on the other hand. No Group Company is indebted, directly or indirectly, to
any of its directors, officers or employees or to their respective spouses or children or to any Affiliate of any of the foregoing, other than in connection with accrued salaries, compensation, reimbursable expenses, standard employee benefits
expenses, advances of expenses incurred in the ordinary course of business or employee relocation expenses. “Affiliate” means, with respect to any specified Person, any other Person who or which, directly or indirectly, controls, is
controlled by, or is under common control with such specified Person, including any venture capital fund now or hereafter existing that is controlled by or under common control with one or more general partners or managing members of, or shares the
same management company with, such Person. “controlling,” “controlled” and “control” means, the possession, directly or indirectly, of (x) ownership of securities entitling a Person to exercise
in the aggregate more than 50% of the voting securities or other ownership interest of another Person (or, with respect to a limited partnership or other similar entity, its general partner or controlling entity), or (y) the power to direct the
management and policies of a Person whether through the ownership of voting securities, contract, credit arrangement, proxy or otherwise. “Person” means an individual, corporation, joint venture, enterprise, partnership, trust,
unincorporated association, limited liability company, government or any department or agency thereof, or any other entity. 

  
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 (b) Except as set forth in Section 4.18(b) of the Disclosure
Schedule, none of the Group Companies’ directors, officers or employees, or any members of their immediate families, or any Affiliate of the foregoing (i) are, directly or indirectly, indebted to any Group Company or, (ii) have
any direct or indirect ownership interest in any firm or corporation (other than the Group Companies) with which the Company is affiliated or with which any Group Company has a business relationship, or any firm or corporation which competes with
any Group Company except that directors, officers or employees or shareholders of the Company may own shares in (but not exceeding one percent (1%) of the outstanding shares of) publicly traded companies that may compete or have business
relationship with any Group Company. None of the Group Companies’ employees, directors, any members of their immediate families and any Affiliate of any of the foregoing is, directly or indirectly, interested in any contract with any Group
Company. None of any Group Company’s directors, officers and any members of their immediate families, has any material commercial, industrial, banking, consulting, legal, accounting, charitable or familial relationship with any of the Group
Companies’ five (5) largest business relationship partners, service providers, joint venture partners, licensees and competitors. 

(c) Other than the Group Companies and as set out on Section 4.18(c) of the Disclosure Schedule, there are no
corporations, partnerships, trusts, joint ventures, limited liability companies or other business entities in which any of the Management owns or controls, directly or indirectly, 10% or more of the outstanding voting interests. 

4.19 Obligations of Management. Each of the persons listed in Schedule A attached hereto (collectively, the “Key
Employees”) is currently devoting one hundred percent (100%) of his or her working time to the conduct of the business of the Group Companies. To the knowledge of the Warrantors, none of the Key Employees is planning to work less than full
time at any Group Company in the future. 
 4.20 Rights of Registration and Voting Rights. Except as provided in the Existing
Shareholders Agreement, and the Shareholders Agreement as of the Closing Date, no Group Company is under any obligation to register under the Securities Act or any other applicable securities laws, any of its currently outstanding securities or any
securities issuable upon exercise or conversion of its currently outstanding securities. Except as contemplated in the in the Existing Shareholders Agreement, and the Shareholders Agreement as of the Closing Date, no shareholder of any Group Company
has entered into any agreements with respect to the voting of shares in the capital of the Company. Except as provided in the Existing Shareholders Agreement or as contemplated by or disclosed in this Agreement, the Shareholders Agreement and the
Ancillary Agreements, none of the Management is a party to or has any knowledge of any agreements, written or oral, relating to the acquisition, disposition, registration under the Securities Act, or voting of the shares or securities of any Group
Company. 
 4.21 Employee Matters. 

(a) Each Group Company has complied in all material aspects with all applicable employment and labor laws including without limitation, laws
and regulations pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits, pensions, dispatch, outsourcing or the like. None of the Group Companies and the Management is aware that any Key Employee intends to
terminate their employment, nor does any of the Group Companies and the Management have a present intention to terminate the employment of any Key Employee. 

  
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 (b) Except as disclosed in Section 4.21(b) of the Disclosure
Schedule, each current employee, consultant and officer of each Group Company has executed an agreement with such Group Company regarding confidentiality non-competition and invention assignment and
proprietary information (the “Confidential Information Agreements”). Except as disclosed in Section 4.21(b) of the Disclosure Schedule, no current or former employee or consultant has excluded works or
inventions from his or her assignment of inventions pursuant to such employee’s or consultant’s Confidential Information Agreement. To the best knowledge of the Warrantors, none of the employees or consultants is in violation thereof. 

4.22 Insurance. Each Group Company has obtained and maintains the insurance coverage of the same types and at the same coverage levels
as other similarly situated companies in the same industry in which each such Group Company operates its business or possess its properties and assets. No Group Company has done or omitted to do or suffered anything to be done or not to be done
other than any acts in the ordinary course of business which has or would render any policies of insurance taken out by it or by any other person in relation to any such Group Company’s assets void or voidable or which would result in an
increase in the rate of premiums on the said policies and there are no claims outstanding and, to the knowledge of the Warrantors, no circumstances which would reasonably expected to give rise to any claim under any such policies of insurance. 

4.23 FCPA Compliance. None of the Group Companies and, to the Company’s knowledge, any of their directors, administrators,
officers, board of directors (supervisory and management) members or employees have made, directly or indirectly, any payment or promise to pay, or gift or promise to give or authorized such a promise or gift, of any money or anything of value,
directly or indirectly, to (a) any foreign official (as such term is defined in the Foreign Corrupt Practices Act of 1977) for the purpose of influencing any official act or decision of such official or inducing him or her to use his or her
influence to affect any act or decision of a governmental authority, or (b) any foreign political party or official thereof or candidate for foreign political office for the purpose of influencing any official act or decision of such party,
official or candidate or inducing such party, official or candidate to use his, her or its influence to affect any act or decision of a foreign governmental authority, in the case of both (a) and (b) above in order to assist any Group Company
to obtain or retain business for, or direct business to any Group Company, as applicable, subject to applicable exceptions and affirmative defenses. None of the Group Companies and, to the knowledge of the Warrantors, any of their respective
directors, administrators, officers, board of directors (supervisory and management) members and employees has made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in
violation of any law, rule or regulation subject to applicable exceptions and affirmative defenses. 
 4.24 OFAC Compliance. To the
Warrantors’ knowledge, neither the Company nor any other Group Company or any directors, administrators, officers, board of directors (supervisory and management) members or employees of the Company or any other Group Company is an OFAC
Sanctioned Person (as defined below). To the Warrantors’ knowledge, the Group Companies and their directors, administrators, officers, administrators, board of directors (supervisory and management) members or employees are in compliance with,
and have not previously violated, the USA Patriot Act of 2001, and all other applicable United States and PRC anti-money laundering laws and regulations. To the knowledge of the Company, none of (i) the purchase and sale of the Purchased
Shares, (ii) the execution, delivery and performance of this Agreement or any of the documents in Exhibits attached hereto, or (iii) the consummation of any transaction contemplated hereby or thereby, or the fulfillment of the terms hereof
or thereof, will result in a violation by the shareholder of a Group Company or any of its employees, of any of the OFAC Sanctions or of any anti-money laundering laws of the United States, the PRC or any other jurisdiction. 

  
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 For the purposes of this Section 4.24: 

(a) “OFAC Sanctions” means any sanctions program administered by the Office of Foreign Assets Control of the United States
Department of the Treasury (“OFAC”) under authority delegated to the Secretary of the Treasury (the “Secretary”) by the President of the United States or provided to the Secretary by statute, and any order or
license issued by, or under authority delegated by, the President or provided to the Secretary by statute in connection with a sanctions program thus administered by OFAC. For ease of reference, and not by way of limitation, OFAC Sanctions programs
are described on OFAC’s website at www.treas.gov/ofac. 
 (b) “OFAC Sanctioned Person” means any government, country,
corporation or other entity, group or individual with whom or which the OFAC Sanctions prohibit a United States Person from engaging in transactions, and includes without limitation any individual or corporation or other entity that appears on the
current OFAC list of Specially Designated Nationals and Blocked Persons (the “SDN List”). For ease of reference, and not by way of limitation, OFAC Sanctioned Persons other than government and countries can be found on the SDN List
on OFAC’s website at ww.treas.gov/offices/enforcement/ofac/sdn. 
 (c) “United States Person” means any United States
citizen, permanent resident alien, entity organized under the laws of the United States (including foreign branches), or any person (individual or entity) in the United States, and, with respect to the Cuban Assets Control Regulations, also includes
any corporation or other entity that is owned or controlled by one of the foregoing, without regard to where it is organized or doing business. 

4.25 Minutes Book. The minutes books (if applicable) of each Group Company, contain a complete summary of all meetings and actions
taken by directors and shareholders or owners of such Group Company since its time of formation, and reflect all transactions referred to in such minutes accurately in all material respects. 

4.26 Entire Business. Each Group Company is engaged primarily in the provision of online primary and secondary (K-12) education services (the “Principal Business”). There are no material facilities, services, assets or properties shared with any entity other than the Group Companies which are used in
connection with the business of each Group Company. 
 4.27 Certain Representations and Warranties Relating to the PRC Companies.

 (a) Each PRC Company existing as of the date hereof has applied and obtained all requisite licenses, clearance and permits required under
PRC laws as necessary for the conduct of its businesses, and each such PRC Company has complied in all material respects with all PRC laws in connection with foreign exchange, including without limitation, carrying out all relevant filings,
registrations and applications for relevant permits with the PRC State Administration of Foreign Exchange (“SAFE”) and any other relevant authorities, and all such permits are validly subsisting. To the knowledge of the Management
after due and reasonable inquiries with the relevant branch of SAFE with competent jurisdiction, no update registration with respect to the Foreign Exchange Registration Form of Overseas Investment by PRC Residents (境内居民个人境外投资外汇登记表) of each of the
Management dated October 28, 2013 is required as of the date hereof pursuant to the SAFE Regulations in connection with the equity interests indirectly held by the Management in the Company. “SAFE Regulations” means the
Circular 37, issued by SAFE on July 4, 2014, titled “Relevant Issues concerning Foreign Exchange Administration of Overseas Investment and Financing and Inbound Investment through Special Purpose Companies by PRC Residents” (《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》
(汇发[2014]37号). 

  
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 (b) The registered capital of each PRC Company has been fully paid up in accordance with the
schedule of payment stipulated in its respective articles of association, legal person business license, approval letter and foreign-invested enterprise certificate of approval (hereinafter referred to as the “Establishment
Documents”) and in compliance with PRC laws and regulations in all material respects, and there is no outstanding capital contribution commitment. 

(c) The Establishment Documents of each PRC Company have been duly approved and filed in accordance with the laws of the PRC and are valid and
enforceable. 
 (d) The business scope specified in the Establishment Documents of each PRC Company complies with the requirements of all
relevant PRC laws. The operation and conduct of the business by and the term of operation of each PRC Company is in compliance with the laws of the PRC in all material respects. 

4.28 Control Documents. Each of the Control Documents listed in Schedule D hereto has been duly executed and delivered by
the parties thereto and are in full force and effect. Each of the Control Documents constitutes a valid and legally binding obligation of the parties named therein enforceable in accordance with its terms. No party to any Control Document is in
breach or default in the performance or observance of any of the terms of provisions of such Control Document. None of the parties to any Control Document has sent or received any communication regarding termination of or intention not to renew any
Control Document, and, to the knowledge of the Warrantors, no such termination or non-renewal has been threatened by any of the parties thereto. Each Warrantor is in compliance with applicable law in all
material respects in connection with the establishment and updating of the control structure of the Group Companies. 
 4.29
Offering. Subject in part to the truth and accuracy of the Series F Investor’s representations set forth in Section 3.5 of this Agreement, the offer, sale and issuance of the Purchased Shares and the issuance of Conversion Shares
upon conversion of any Purchased Shares, as contemplated by this Agreement and the other Transaction Documents, are exempt from the qualification, registration and prospectus delivery requirements of the Securities Act and any applicable securities
laws. 
 4.30 Disclosure. Each Group Company has fully provided the Series F Investor with all the information that such Series F
Investor has reasonably requested for deciding whether to purchase the Series F Shares. To the knowledge of the Warrantors, no representation or warranty by any of the Management or any Group Company in this Agreement and no information or materials
provided by any of the Management or any Group Company to the Series F Investor in connection with its due diligence investigation of any Group Company or the negotiation and execution of this Agreement contains contain any untrue statement of a
material fact or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading. 

  
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 SECTION 5 

COVENANTS OF WARRANTORS AND SERIES F INVESTOR 

5.1 Use of Proceeds. The proceeds generated from the sale and issuance of Series F Shares shall be used for the purpose of the
operation and development of the Principal Business in the manner approved by the Board of Directors in accordance the Shareholders Agreement and the Restated Articles, and shall in no event be applied to (a) repay or settle any indebtedness
incurred by any Group Company to any of its shareholders, directors, officers or any Affiliates (other than another Group Company) of the foregoing persons, or (b) repurchase or redeem any Company securities without the prior written consent of
the Series F Investor. 
 5.2 Compliance with Law. The Company shall cause, and the other Warrantors shall use reasonable best
efforts to cause, each of the Group Companies to comply with all applicable laws (including laws related to anti-bribery, anti-corruption, anti-money laundering, employment and laws related to foreign exchange control) in all material aspects. 

5.3 File of Restated Articles. The Company shall file the Restated Articles with the Registrar of Companies of the Cayman Islands
within fifteen (15) days after the passing of the special resolutions as required under Section 6.2(g). 
 5.4 Non-Competition. Each of the Management hereby covenants and undertakes that he or she shall devote one hundred percent (100%) of his or her working time and attention to the business of the Group Companies, and
use his or her best efforts to develop the business and care for the interests of the Group Companies. Each of the Management hereby further covenants and undertakes that, unless conducted through the Group Companies or upon the prior written
consent of the Series F Investor, during the period when he or any of his Permitted Transferee (as defined in the Shareholders Agreement) holds any direct or indirect equity interest in any Group Company and for a further period of twenty-four
(24) months thereafter, or in the case of Mr. Don Xiangdong CAI, during the period when he or his Permitted Transferee holds any direct or indirect equity interest in any Group Company and for a further period of twelve (12) months
thereafter, the Management shall not, and shall cause Mr. Don Xiangdong CAI not to, directly or indirectly through any Affiliate, own, manage, be engaged in, operate, control, work for, consult with, render services for, do business with,
maintain any interest in (proprietary, financial or otherwise) or participate in the ownership, management, operation, or control of, any business, whether in corporate, proprietorship or partnership form or otherwise, that is related to the
Principal Business or otherwise competes with any Group Company (a “Restricted Business”); provided, however, that the restrictions contained in this Section 5.4 shall not (i) restrict the acquisition or
ownership by the Management or by Mr. Don Xiangdong CAI, directly or indirectly of less than 1% of the outstanding share capital of any publicly traded company engaged in a Restricted Business, or (ii) prevent any Management from serving
as a director or officer of or otherwise rendering services for any entity in which any Group Company holds equity interests or made investment in. 

5.5 Approvals and Certificates. 

(a) To the extent required by the applicable laws and requirements of the competent governmental authority, the Warrantors shall use
reasonable best efforts to cause the Shanghai Operation Co. 1 to submit the relevant application materials for the Internet Publication Service License
(网络出版服务许可证) (the “Internet Publication Service
License”) to the competent governmental authority in a form that the Shanghai Operation Co. 1 reasonably believes in good faith that will satisfy the requisite requirements of the competent governmental authority for the purpose of
obtaining the Internet Publication Service License, and the Warrantors shall use reasonable best efforts to cause the Shanghai Operation Co. 1 to obtain the Internet Publication Service License after the Closing. 

  
 20 

 (b) The Warrantors shall use reasonable best efforts to cause the Shanghai Operation Co. 1
to obtain a License for Disseminating Audio-Video Programs through Information Network (信息网络传播视听节目许可证) if and as required by applicable law and requirements of the competent governmental authority. 

(c) As soon as practicable after the Closing, the Warrantors shall use best efforts to cause the Shanghai Operation Co. 1 to renew its Hi-tech Enterprise Certificate (高新技术企业证书)
for another three-year period. 
 (d) As soon as practicable and in any event within twelve (12) months after the Closing, the
Warrantors shall use best efforts to complete the Filing for Off-campus Online Training Business
(校外线上培训业务备案) with the competent governmental authority and
deliver the reasonable evidence thereof to the Series F Investor. 
 5.6 Management of Intellectual Property Rights. 

(a) The Warrantors shall use reasonable best efforts to protect the Proprietary Assets of the Group Companies and to control and manage the
intellectual property rights infringement risk in the course of any Group Company’s business operation. 
 (b) Without prejudice to the
generality of the foregoing, 
 (i) as soon as practicable after the Closing, the Company shall discuss with the Series F Investor or its
designated intellectual property specialist in good faith in connection with the protection of the Group Companies’ intellectual property rights, and establish an intellectual property protection plan appropriate for the Group Companies’
growth stage to ensure that the relevant Group Companies’ practice in intellectual property area is in compliance with all applicable laws and requirements in all material aspects; 

(ii) as soon as practicable after the Closing, the Company shall cause (x) Beijing Dun Huang Educational Technology Company Limited (北京敦煌教育科技有限责任公司) (“Beijing Dun
Huang”) to enter into an agreement with the Shanghai Operation Co. 1 in form and substance reasonably satisfactory to the Series F Investor, acknowledging that Beijing Dun Huang does not have any intellectual property rights over the
software “阿分提学习软件 V3.0” or any part of it or any other Proprietary
Assets (if any) which are registered in the joint name of Beijing Dun Huang and any Group Company; and (y) all such Proprietary Assets to be registered solely in the name of a Group Company; and 

(iii) without prejudice to Section 5.6(b)(ii), to the extent if any Proprietary Asset is registered in the name or joint name of any
Management, any shareholder, any employee or any of their respective Affiliates on behalf of any Group Company, the Company shall cause such Proprietary Asset to be promptly transferred to a Group Company after it is registered for nil
consideration. 

  
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 5.7 Control Documents. 

(a) As soon as practicable and in any event within two (2) months after the Closing, each of the Shanghai Control Documents (as defined
below) shall be amended or restated, or be terminated with a new agreement or document on substantially similar terms and conditions to be entered into, so as to reflect, to the extent applicable, the transfer of Ma Wenjing’s equity interests
in Shanghai Operation Co. 1 to Mr. Liu Chang, and to reflect that the equity pledge as contemplated by the Control Documents granted in favour of the WFOE shall cover the subsequent capital increase of Shanghai Operation Co. 1 subscribed by the
Management, and the amended or restated Shanghai Equity Interest Pledge Agreement or the new equity interest pledge agreement shall be registered with the relevant administration for market regulation in the PRC. 

(b) As soon as practicable and in any event within two (2) months after the Closing, the Warrantors shall procure that the Beijing Equity
Interest Pledge Agreement (as defined below) among the Beijing WFOE, Beijing Operation Co. 3 and its respective shareholders be registered with the relevant administration for market regulation in the PRC. 

5.8 Consolidation and Liquidation. 

(a) As soon as practicable and in any event within three (3) months after the Closing, the Warrantors shall have made a decision on the
liquidation or consolidation of Xiaofeng Online Technology Co., Ltd., a company incorporated under the laws of the PRC (“Xiaofeng Online”,
北京小蜂在线科技有限公司), into the Group Companies. Within
twelve (12) months after the Closing, Xiaofeng Online shall have been either duly liquidated and deregistered or consolidated into the Group Companies by way of equity transfer or entry into a set of control documents on substantially similar
terms and conditions of the Shanghai Control Documents, provided that the consolidation shall be carried out on the premise that all the then existing and future businesses of Xiaofeng Online are and will be in full compliance with the applicable
laws. 
 (b) As soon as practicable and in any event within six (6) months after the Closing, Xiao Dun (肖盾) shall, and shall cause Zhang Liping
(张丽萍) to transfer 100% equity interest of Beijing Yi Qi Information Technology Co., Ltd., a company
incorporated under the laws of the PRC (北京一起信息技术有限公司), to a Group Company and application for such equity transfer shall have been submitted to the competent governmental authority. 

(c) As soon as practicable after the Closing, the Warrantors shall cause the Beijing Operation Co. 1 to cease all business operations and to
be duly liquidated and de-registered in a timely manner. 
 5.9 Additional Covenants. 

(a) Except as required by this Agreement, any other Transaction Document or applicable laws, no resolution of the directors, owners, members,
partners or shareholders of any Group Company shall be passed, nor shall any contract or commitment be entered into, in each case, at any time after the date hereof and prior to the Closing without the written consent of the Series F Investor,
provided that each Group Company may carry on its respective business on a normal and usual basis and in the same manner as heretofore, and may pass resolutions and enter into contracts or commitments for so long as they are effected
in the ordinary course of business, and provided further that during such period, unless expressly provided for under this Agreement or any other Transaction Document, no Group Company shall take, and the Company shall not permit any
Group Company to take, any of the actions set out in Section 8.1 of the Shareholders Agreement without the prior written approval of the Series F Investor. 

  
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 (b) If at any time after the date hereof and before the Closing, any of the Management or
any Group Company comes to know of any material fact or event which (i) is in any way materially inconsistent with any of the representations and warranties given by any Warrantor under Section 4, and/or (ii) suggests that any
material fact warranted under Section 4 may not be as warranted or may be materially misleading, any of the Management or any Group Company shall give immediate written notice thereof to each Series F Investor. The written notice given by
any of the Management or any Group Company shall not relieve any of them from liability for any breach of this Agreement. 
 (c) If any
Group Company forms or acquires an equity stake in any other subsidiary after the Closing Date, such other subsidiary shall execute a deed of adherence in form and substance satisfactory to the Series F Investor in favour of the Series F Investor,
agreeing to assume the rights and obligations under this Agreement as a “Group Company” and “Warrantor”, and the Parties agree that upon such execution, such other subsidiary shall become a party to this Agreement, as a
“Group Company,” and “Warrantor.” 
 (d) The Company shall discuss with professional advisors regarding the appropriate
approach of its service outsourcing arrangement to optimize the current service outsourcing model. 
 SECTION 6 

CONDITIONS PRECEDENT TO CLOSING 

6.1 Conditions to Warrantors’ Obligations to Closing. The obligations of each Warrantor to consummate the transactions
contemplated under this Agreement are subject to the satisfaction, on or prior to the Closing, of each of the following conditions, any of which may be waived by such Warrantor: 

(a) Representations and Warranties. Each of the representations and warranties of the Series F Investor made in Section 3 of this
Agreement shall be true and correct in all material respects (without regard to any qualifier therein as to materiality or material adverse effect) both on the date hereof and as of the Closing Date as if made at such time. 

(b) Performance of Obligations. The Series F Investor shall have performed and complied in all material respects with all covenants and
agreements contained in this Agreement that are required to be performed or complied with by it on or prior to the Closing Date. 
 (c)
Execution of Shareholders Agreement. The Shareholders Agreement shall have been duly executed by the Series F Investor and delivered to the Company. 

  
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 6.2 Conditions to Series F Investor’s Obligations to Closing. The obligation of
the Series F Investor to consummate the transactions provided for by this Agreement is subject to the satisfaction, on or prior to the Closing, of the following conditions as applicable, any of which may be waived by the Series F Investor: 

(a) Representations and Warranties. Subject to the disclosure made in the Disclosure Schedules, (i) each of the representations and
warranties contained in Sections 4.1, 4.2, 4.3(a), 4.4, 4.5, 4.6, and 4.7 hereof (collectively, the “Fundamental Representations”) shall be true and correct in all respects on the
date hereof and as of the Closing Date as if made at such time (except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct as of such date) and (ii) each of the
representations and warranties of the Warrantors contained in Section 4 (other than the Fundamental Representations) shall be true and correct in all respects (without regard to any qualifier therein as to
“materiality” or “Material Adverse Effect”) both on the date hereof and as of the Closing Date as if made at such time (except to the extent such representations and warranties expressly relate to an earlier date, in which case
they shall be true and correct as of such date); provided, however, that for purposes of this Section 6.2, this condition shall be deemed satisfied and fulfilled even if any representations and warranties made
in Section 4 (other than the Fundamental Representations) are not so true and correct in all respects unless the failure of such representations and warranties to be so true and correct in all respects shall have
individually or in the aggregate, a Material Adverse Effect. 
 (b) Performance of Obligations. Each Warrantor shall have performed
and complied in all material respects with all covenants and agreements required to be performed or complied with by such Warrantor hereunder at or prior to the Closing Date. 

(c) Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated hereby and all
documents and instruments incident to such transactions to be passed, executed and/or delivered by each Group Company shall be satisfactory in substance and form to the Series F Investor, and such Series F Investor shall have received all such
counterpart originals or certified or other copies of such documents as it may reasonably request, including the shareholders’ resolutions with respect to the transactions contemplated hereby and by the other Transaction Documents, duly passed
on a shareholders’ meeting of the Company duly convened and held in accordance with the Existing Articles. 
 (d) Waivers of
Existing Shareholders. The Company shall have obtained an irrevocable waiver from each of those existing shareholders of the Company who are entitled to anti-dilution rights, rights of first refusal, preemptive rights and all similar rights
under the Existing Shareholders Agreement and the Existing Articles of such rights in connection with the issuance of the relevant Purchased Shares substantially in the form attached hereto as Exhibit C. 

(e) Compliance Certificate. At the Closing, the Warrantors shall deliver to the Series F Investor a certificate, dated as of the date
of the Closing, certifying that the conditions specified in Sections 6.2 and 6.3 have been fulfilled and stating that there shall have been no material adverse change in the business, affairs, prospects, operations, properties, assets
or condition of the Group Companies since the date of this Agreement. 
 (f) Register of Members. The Series F Investor shall have
received a copy of the Company’s register of members, certified by the registered office provider of the Company as true and complete as of the Closing Date, updated to show such Series F Investor as the holder of its portion of the Purchased
Shares as of the Closing Date. 

  
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 (g) Adoption of Restated Articles. The Restated Articles shall have been duly adopted
by the Company by special resolutions and in accordance with the requirements of the Existing Shareholders Agreement and the Existing Articles. 

(h) Execution of Shareholders Agreement. The Company shall have delivered to the Series F Investor the Shareholders Agreement duly
executed by the Company, holders of a majority of the then outstanding Series E Shares (including Esta Investments Pte. Ltd., Bytedance (HK) Limited, H Capital IV, L.P., CPE and Shunwei Growth III Limited), holders of a majority of the then
outstanding Series D Shares (including Shunwei Ventures II Limited, H Capital II, L.P., DST Asia IV and Esta Investments Pte. Ltd.), holders of at least 80% of the Series C Shares, the Requisite Series B+ Investors (as defined in the Existing
Shareholders Agreement), the holders of at least a majority of the Series B Shares, the Requisite Series A Investors (as defined in the Existing Shareholders Agreement), the holders of at least a majority of the Ordinary Shares and the Management.

 (i) Board of Directors. The Series F Investor shall have received a copy of the Company’s register of directors (including
any alternate director), certified by the registered office provider of the Company as true and complete as of the Closing Date, reflecting that the person designated by such Series F Investor pursuant to the Shareholders Agreement and the Restated
Articles has been appointed as a director of the Company. 
 (j) Legal Opinions. The Series F Investor shall have received legal
opinions from each of the Company’s Cayman counsel and PRC counsel dated the Closing Date, in form and substance reasonably satisfactory to the Series F Investor. 

6.3 Mutual Conditions to Closing. The obligations of the Series F Investor and Warrantors to consummate the transactions provided for
by this Agreement are subject to the satisfaction, on or prior to the Closing Date, of each of the following conditions: 
 (a) No
litigation, action, suit, investigation, claim or proceeding challenging the legality of, or seeking to restrain, prohibit or materially modify, the transactions provided for in this Agreement or the Transaction Documents shall have been instituted
and not settled or otherwise terminated. 
 (b) There being no governmental authority proposed or enacted any law, rule, statutes or
regulation which would prohibit, materially restrict, impact or delay the implementation of the transactions contemplated under this Agreement or any other Transaction Document or the operation of any Group Company or the operation of any Group
Company after the Closing as contemplated in the Transaction Documents. 
 (c) Any and all material approvals, permits, authorizations or
consents of any governmental authority or regulatory necessary for the consummation of the sale and purchase of the Series F Shares as contemplated hereby shall have been obtained. 

6.4 Neither the Series F Investor, on the one hand, nor any Warrantor, on the other hand, may rely on the failure of any condition set forth
in Section 6.1 or Section 6.2 respectively or in Section 6.3 to be satisfied if such failure was caused by such Party’s failure to act in good faith or to use all
reasonable efforts to cause the Closing to occur. 

  
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 6.5 Each Party undertakes to act in good faith and use all reasonable best efforts to ensure
the fulfillment of the conditions set forth in Sections 6.1 and 6.2 attributable to it as soon as reasonably practicable. 
 SECTION 7

 INDEMNIFICATION 

7.1 Subject to the limitations and other provisions of this Agreement, each Group Company (each, an “Indemnifying Party”)
hereby agrees to jointly and severally indemnify and hold harmless the Series F Investor, and the Series F Investor’s Affiliates, directors, officers, agents and assigns (the Series F Investor together with its Affiliates, directors, officers,
agents and assigns collectively, an “Indemnified Party”), from and against any and all Indemnifiable Losses suffered by such Indemnified Party as a result of, or based upon or arising from any inaccuracy in, or breach or non-performance of any of the representations, warranties, covenants or agreements made by the Indemnifying Party contained herein, provided, however, for breach or
non-performance of the covenant as set forth in Section 5.5(d), such obligation to indemnify only applies where the Group Companies are suspended from operation of the Principal
Business, if there is otherwise a Material Adverse Effect on the Company’s Principal Business, or if the Company’s registration statement for an initial public offering is rejected, in each case solely due to such breach or non-performance. For the purpose of this Section 7, “Indemnifiable Loss” means any liability, loss, penalty, damage (excluding, however, without limitation, any indirect,
punitive, or consequential damages (unless such amounts are actually awarded to third parties), or any loss of products, loss of profits or loss of revenue, loss of contracts or loss of goodwill), payment, reasonable out of pocket costs and expense
(including interest and reasonable attorney’s fees, provided, however, “Indemnifiable Loss” shall be net of (a) any insurance or other recoveries payable by the Indemnified Party or its Affiliates in connection with
the facts giving rise to the right of indemnification, (b) any Tax benefit payable by the Indemnified Party or its Affiliates arising in connection with the accrual, incurrence or payment of any such Indemnifiable Losses. 

7.2 Subject to the limitations and other provisions of this Agreement, the right of the Indemnified Party to indemnification shall apply only
to those claims for indemnification under the foregoing Section 7.1 made on or before the respective dates set forth below: 

(a) any claim for indemnification relating to any breach of the representations and warranties contained in Section 4 made by the
Indemnifying Party and/or any other Warrantor contained herein shall be made on or before the date which is twelve (12) months after the Closing Date; provided, however, that (i) no time limit shall apply to any right to
indemnification with respect to the Fundamental Representations or non-performance of any covenants or agreements made by the Indemnifying Party and/or any other Warrantor contained herein, and (ii) any
claim for indemnification with respect to any breach of any representation and warranty contained in Section 4.17 (“Tax Representations”) shall be made on or before the date which is thirty (30) days
after the expiration of the applicable statute of limitations. 
 7.3 An Indemnifying Party shall not be liable for any claim for
indemnification pursuant to this Section 7 unless and until (a) with respect to any individual breach or inaccuracy, the aggregate amount of the Indemnifiable Losses suffered by any Indemnified Party arising from such individual breach or
inaccuracy exceed 0.5% of the Purchase Price; and (b) the aggregate amount of all such Indemnifiable Losses incurred or suffered by the claiming Indemnified Parties (after applying the de minimis threshold contained in clause (a) above)
exceeds 1.5% of the aggregate of the Purchase Price, at which point the Indemnifying Party will indemnify such Indemnified Parties for all such Indemnifiable Losses; provided, however, that (i) the aggregate amount of all
Indemnifiable Losses suffered by an Indemnified Party for which the Indemnifying Parties shall be liable pursuant to this Section 7 for the inaccuracy, breach or non-performance of any representations,
warranties, covenants or agreements shall not exceed 100% of the Purchase Price, and (ii) the Indemnifying Party shall not have any liability under any provision of this Agreement or any other Transaction Documents for any punitive damages,
consequential damages (unless such amount are actually awarded to third parties), or loss of profit. 

  
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 7.4 Restrictions set forth in Section 7.3 above shall not apply to
or otherwise limit any Indemnified Party’s right to seek and obtain any remedy in respect of any claim by such person on account of fraudulent, criminal or intentional misconduct on the part of the Indemnifying Party and/or any other Warrantor.

 7.5 Any Indemnified Party seeking any Indemnifiable Loss shall give written notice to the Indemnifying Party of any matter which such
Indemnified Party has determined has given or could give rise to a right of indemnification under this Agreement, within 30 Business Days of such determination, describing in reasonable detail the facts and circumstances with respect to the subject
matter of such claim or action and stating the amount of the Indemnifiable Loss, if reasonably practicable. Subject to the restrictions set forth in this Section 7, the Indemnifiable Loss shall be payable: (a) upon the resolution of such
claim by mutual agreement between the indemnified Party and the Indemnifying Party; (b) upon the issuance of a definitive order from a governmental authority or a final judgment, award, order or other ruling (which is not subject to appeal or
with respect to which the time for appeal has elapsed) by a court or arbitral tribunal having jurisdiction over the parties and the subject matter of such claim or to which such claim was submitted for resolution by joint agreement between the
indemnified Party and the Indemnifying Party; or (c) upon the final settlement of such claim with a third party upon the Indemnifying Party’s consent (which consent shall not be unreasonably withheld or delayed). 

7.6 The Parties acknowledge and agree that, following the Closing, the indemnification provisions of this Section 7 shall be the sole and
exclusive remedies of the Indemnified Party for any breach by the Indemnifying Party and/or any other Warrantor of any representations and warranties and for any failure by the Indemnifying Party and/or any other Warrantor to perform and comply with
any covenants and agreements in this Agreement (other than claims arising from fraud, criminal activity or willful misconduct on the part of a Indemnifying Party and/or any other Warrantor in connection with the transactions contemplated by this
Agreement). Each Party hereto shall take all reasonable steps to mitigate the Indemnifiable Losses upon and after becoming aware of any event which could reasonably be expected to give rise to any such Indemnifiable Losses. Nothing in this
Section 7.6 shall limit any Party’s right to seek and obtain any equitable relief to which any Party shall be entitled or to seek any remedy on account of any Party’s fraudulent, criminal or intentional misconduct. 

7.7 No Indemnified Party shall be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once in
respect of any Indemnifiable Loss which gives rise to more than one claim which is the subject of this Section 7. 
 7.8 For the
avoidance of doubt, each Indemnifying Party hereby agrees and covenants that (i) it will not challenge or raise a defense to any claim against such Indemnifying Party or the exercise of any right or remedy against such Warrantor (whether under
this Section 7 or any other provision of this Agreement or any other Transaction Document) on the grounds that such claim, right or remedy is not enforceable or permitted by applicable law, and (ii) it will do all such things and undertake
all such actions, including without limitation any applications to and registrations with the governmental authorities and any other protective measures reasonably requested by the Series F Investor, to ensure that the agreement of the parties with
respect to joint and several liability of the Warrantors under the Transaction Documents is given full force and effect. 

  
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 SECTION 8 

MISCELLANEOUS 
 8.1
Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of Hong Kong Special Administrative Region of the PRC (“Hong Kong”) without giving effect to any choice of law rule that
would cause the application of the laws of any jurisdiction other than the internal laws of Hong Kong to the rights and duties of the parties hereunder. 

8.2 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of the Parties hereto. This Agreement and the rights and obligations therein may not be assigned by any Party without the written consent of all other Parties, provided that
the Series F Investor may assign its rights and obligations under this Agreement to its Affiliate without the consent of the other Parties; provided that the assignee shall assume all of the obligations of such Series F Investor hereunder in writing
and such Series F Investor shall deliver a copy of the relevant assignment agreement to the Company. 
 8.3 Entire Agreement. This
Agreement, the Shareholders Agreement, the Restated Articles and any Ancillary Agreement (collectively, the “Transaction Documents”), and the schedules and exhibits hereto and thereto, which are hereby expressly incorporated herein
by this reference, constitute the entire understanding and agreement among the Parties with regard to the subjects hereof and thereof. 

8.4 Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this
Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party, upon delivery; (b) when sent by facsimile at the number set forth in Schedule E hereto, upon receipt
of confirmation of error-free transmission; (c) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other party as set forth in Schedule E;
(d) three (3) Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the parties as set forth in Schedule E with next business-day delivery guaranteed,
provided that the sending party receives a confirmation of delivery from the delivery service provider; or (e) when sent by electronic mail at the e-mail address set forth in Schedule E hereto
during a Business Day, on that Business Day (or on the next Business Day if sent after 5:00 p.m., local time at the receiving party’s location or on any non-Business Day). 

Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A Party may change or supplement the addresses given above, or designate additional
addresses, for purposes of this Section 8.4 by giving, the other Party written notice of the new address in the manner set forth above. 

  
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 8.5 Amendments and Waivers. Any term of this Agreement may be amended only with the
written consent of all parties hereto. No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party waiving such provision. 

8.6 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Party hereto, upon any breach or
default of any other Party hereto under this Agreement, shall impair any such right, power or remedy of such former Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach of
default thereafter occurring. 
 8.7 Interpretation; Titles and Subtitles. This Agreement shall be construed according to its fair
language. The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and Exhibits of this Agreement. 

8.8 Counterparts. This Agreement may be executed and delivered by facsimile or other electronic signature and in any number of
counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
 8.9 Severability. If
any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated
hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the
severed provision is essential to the rights or benefits intended by the parties. In such event, the Parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the
parties’ intent in entering into this Agreement. 
 8.10 Confidentiality and
Non-Disclosure. 
 (a) Disclosure of Terms. The terms and conditions of the
Transaction Documents and all exhibits and schedules attached hereto and thereto (including their existence), any information concerning the organization, business, technology, finance, transactions or affairs of any Party or any Group Company or
any of their respective directors, officers or employees (whether conveyed in written, oral or any other form and whether such information is furnished before, on or after the date of this Agreement), and any other information or materials prepared
by a Party or any Group Company that contains or otherwise reflects, or is generated from the foregoing (collectively, the “Confidential Information”), shall be considered confidential and shall not be disclosed by any Party to any
third party except (i) with the prior consent of the Company, or (ii) in accordance with the provisions set forth below; provided that such Confidential Information shall not include any information that is (x) in the public domain
other than caused by the breach of the confidentiality obligations hereunder or (y) was lawfully in the possession of such Party prior to the disclosure by the relevant disclosing Party. 

  
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 (b) Permitted Disclosures. Notwithstanding the foregoing, any party may disclose the
Confidential Information to its current or bona fide prospective investor, financing sources, directors, officers, employees, investment bankers, lenders, partners, accountants and attorneys on an as needed basis, in each case only where such
persons or entities are under appropriate nondisclosure obligations or otherwise under a binding professional obligation of confidentiality. 

(c) Legally Compelled Disclosure. In the event that any party is requested or becomes legally compelled (including without limitation,
pursuant to securities laws and regulations) to disclose the existence of any Confidential Information in contravention of the provisions of this Section 8.10, such party (the “Disclosing Party”) shall provide the other parties
(the “Non-Disclosing Parties”) with prompt written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other
appropriate remedy. In such event, the Disclosing Party shall furnish only that portion of the information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably
requested by any Non-Disclosing Party. 
 (d) Other Information. The provisions of this
Section 8.10 shall be in addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by any of the parties with respect to the transactions contemplated hereby. 

(e) No Publicity or Use of Logo. Without the prior written consent of CPE, each Warrantor shall not use, publish or reproduce the
following words: “中信”,
“中信集团”,
“中信产业基金”, “CITIC”, “CPE”, “CITICPE” or logo,
separately or in any combination, or otherwise any similar names, trademarks, trade names of the above, e.g., any of the following shall be prohibited: “中信XXX”, “中信•XXX”, “中信-XX”, “中信|XX”, “中信产业基金XXX”,
“中信产业基金•XXX”, “中信产业基金-XX”,
“中信产业基金|XX”, or any similar name, trademark or logo in any of their
marketing, advertising or promotion materials or otherwise for any marketing, advertising or promotional purposes. Without the written approval of CPE, the Warrantors shall not make or cause to be made any press release, public announcement or other
disclosure to any third party in respect of this Agreement or CPE’s subscription of Equity Securities of the Company. 
 8.11
Further Assurances. Each party shall from time to time and at all times hereafter make, do, execute, or cause or procure to be made, done and executed such further acts, deeds, conveyances, consents and assurances without further
consideration, which may reasonably be required to effect the transactions contemplated by this Agreement. 
 8.12 Dispute
Resolution. All disputes and controversies arising out of or in connection with this Agreement shall be finally resolved by arbitration administered by the Hong Kong International Arbitration Center in Hong Kong under the Hong Kong International
Arbitration Center Administered Arbitration Rules (the “Rules”) in force when the Notice of Arbitration (as defined by the Rules) is submitted in accordance with the Rules. For the purpose of such arbitration, there shall be three
arbitrators to form an arbitration board, with one being appointed by all claimants collectively, one being appointed by all respondents collectively, and the third being selected by the Chairman of the Hong Kong International Arbitration Centre.

  
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 8.13 Expenses. Except as otherwise set forth in this Agreement, each Party shall pay
its own costs and expenses of, and incidental to, the negotiation, preparation, execution and performance by it of this Agreement and any other Transaction Documents; provided that, at the Closing, the Company shall reimburse all reasonable costs
and expenses (including all reasonable costs and expenses in conducting due diligence investigations on the Group Companies and in preparing, negotiating and executing all documentation in connection with the transactions contemplated hereunder)
incurred by the Series F Investor for an amount up to US$200,000. 
 8.14 Taxes. Except as otherwise set forth in this Agreement,
each Party shall be responsible for its own tax liabilities in connection with the transactions contemplated under this Agreement. 
 8.15
Event of Termination. If Closing has not occurred on or prior to a date that is sixty (60) days after the date hereof (the “Long-Stop Date”), this Agreement may be terminated by the Series F Investor or the Warrantors by
written notice to the other Parties on or after the Long-Stop Date, provided in each case that such termination right may only be exercised if the failure to consummate Closing was not attributable to such terminating party’s actions or
omissions and in particular its non-compliance with Section 6.5. If this Agreement is so terminated, it shall become null and void with respect to the rights and obligations of the terminating Party,
provided that the Parties shall continue to be bound by the provisions of Sections 8.1, 8.4, 8.10, 8.12, 8.13 and 8.14. Such termination shall be without prejudice to any claims for damages or other remedies
that the parties may have under this Agreement or applicable law. 
 8.16 Third Parties. Nothing in this Agreement, express or
implied, is intended to confer upon any person, other than the parties hereto and their permitted successors and assigns any rights or remedies under or by reason of this Agreement. 

8.17 Exclusivity. Each of the Warrantors hereby agrees that, unless otherwise agreed to by the Series F Investor, starting from the
date of this Agreement until the Long-Stop Date or the Closing Date, whichever event shall first occur, no Warrantor shall, directly or indirectly, through any officer, director, agent of any Warrantor or otherwise, make, solicit, initiate, receive
or encourage submission of any proposal or offer from any person (including any of its officers or employees) relating to any merger, consolidation, acquisition, or purchase of all or a material portion of the assets of, or any equity securities in
any Group Company (a “Transaction Proposal”) other than from the Series F Investor with respect to the transactions contemplated in the Transaction Documents. The Warrantors shall immediately cease and cause to be terminated all
ongoing contacts or negotiations, if any, with respect to any Transaction Proposal. The Warrantors shall promptly notify the Series F Investor if any Transaction Proposal, or any inquiry or contact with any person with respect thereto, is made and
shall promptly provide the Series F Investor with such information regarding such Transaction Proposal, inquiry or contact as the Series F Investor may request. 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] 

  
 31 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
 GROUP COMPANIES 
  

									
	17 Education & Technology Group Inc.	 		 	 Shanghai Hexu Information Technology Co., Ltd.
(上海合煦信息科技有限公司)

(Seal)

					
	By:	 	/s/ LIU Chang	 		 	By:	 	/s/ LIU Chang

									
	Name:	 	LIU Chang	 		 	Name:	 	LIU Chang
	Title:	 	Director	 		 	Title:	 	Legal Representative

  

									
	Sunny Education (HK) Limited	 		 	 Beijing Jin Wen Lang Science Technology Co., Ltd.
(北京金闻朗科技有限公司)

(Seal)

					
	By:	 	/s/ LIU Chang	 		 	By:	 	/s/ LIU Chang

									
	Name:	 	LIU Chang	 		 	Name:	 	LIU Chang
	Title:	 	Director	 		 	Title:	 	Legal Representative

  

									
	 Shanghai Yiqi Zuoye Information Technology Co., Ltd.
(上海一起作业信息科技有限公司)

(Seal)
	 		 	 Beijing Yiqi Science Technology Co., Ltd.
(北京一起科技有限公司)

(Seal)

					
	By:	 	/s/ LIU Chang	 		 	By:	 	/s/ LIU Chang

									
	Name:	 	LIU Chang	 		 	Name:	 	LIU Chang
	Title:	 	Legal Representative	 		 	Title:	 	Legal Representative

  
 Signature Page to Series
F Share Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
 GROUP COMPANIES 
  

									
	 Beijing Yiqi Education & Technology Co., Ltd.
(北京一起教育科技有限责任公司)

(Seal)
	 		 	Beijing Haidian District Yiqi Education Training School
(北京市海淀区一起教育培训学校) (Seal)
					
	By:	 	/s/ LIU Chang	 		 	By:	 	/s/ XIAO Dun
	Name:	 	LIU Chang	 		 	Name:	 	XIAO Dun
	Title:	 	Legal Representative	 		 	Title:	 	Legal Representative

  

									
	 Beijing Yiqi Education Information Consultation Co., Ltd.
(北京一起教育信息咨询有限责任公司)

(Seal)
	 		 	 Shang Li Qi Di Education Technology (Tianjin) Co., Ltd.
(尚立启迪教育科技(天津)有限公司)

(Seal)

					
	By:	 	/s/ LIU Chang	 		 	By:	 	/s/ LIU Xuhong
	Name:	 	LIU Chang	 		 	Name:	 	LIU Xuhong
	Title:	 	Legal Representative	 		 	Title:	 	Legal Representative

  

									
	 Qi Mai Information Technology (Shanghai) Co., Ltd.
(启劢信息科技(上海)有限公司)

(Seal)
	 		 	
					
	By:	 	/s/ XIAO Dun	 		 		 	
	Name:	 	XIAO Dun	 		 		 	
	Title:	 	Legal Representative	 		 		 	

  
 Signature Page to Series
F Share Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

	
	MANAGEMENT
	
	/s/ XIAO Dun
	XIAO Dun (肖盾)
	
	/s/ LIU Chang
	LIU Chang (刘畅)

  
 Signature Page to Series
F Share Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	SERIES F INVESTOR
	
	CL LION INVESTMENT III LIMITED
		
	By:	 	/s/ Nie Lei

 
			
	Name:	 	Nie Lei
	Title:	 	Director

  
 Schedule A 

 SCHEDULE A 

SCHEDULE OF MANAGEMENT AND KEY EMPLOYEES 

  
 Schedule A 

 SCHEDULE B 

CAPITALIZATION TABLE OF THE COMPANY 

  
 Schedule B 

 Schedule B-1 

List of Series F Investor 

  
 Schedule B 

 Schedule B-2 

Cap Table of the Company immediately prior to the Closing 

  
 Schedule B 

 Schedule B-3 

Cap Table of the Company immediately after the Closing 

  
 Schedule B 

 SCHEDULE C 

DISCLOSURE SCHEDULE 

  
 Schedule C 

 SCHEDULE D 

LIST OF CONTROL DOCUMENTS 

  
 Schedule D 

 SCHEDULE E 

NOTICES 

  
 Schedule E 

 Schedule 5.10(a) 

  
 Schedule 5.10(a) 

 EXHIBIT A 

FORM OF SHAREHOLDERS AGREEMENT 

  
 Exhibit A 

 EXHIBIT B 

FORM OF RESTATED ARTICLES 

  
 Exhibit B 

 EXHIBIT C 

FORM OF CONSENT AND WAIVER LETTER OF REQUISITE SHAREHOLDER 

  
 Exhibit CEX-10.22

 Exhibit 10.22 

AMENDED AND RESTATED WARRANT 
 THIS
AMENDED AND RESTATED WARRANT (“WARRANT”) TO PURCHASE SHARES IN THE CAPITAL OF 17 EDUCATION & TECHNOLOGY GROUP INC., AN EXEMPTED LIMITED LIABILITY COMPANY INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS BEARING COMPANY NO. 272790
(THE “COMPANY”) IS ISSUED ON THE ISSUE DATE. THIS WARRANT IS SOLD IN A PRIVATE TRANSACTION, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER (THE “SECURITIES ACT”) OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY BE OFFERED OR SOLD (A) IN THE UNITED STATES ONLY IF REGISTERED UNDER THE SECURITIES ACT AND SUCH LAWS OR IF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS IS
AVAILABLE, OR (B) IN ANY OTHER JURISDICTION WITHOUT COMPLIANCE WITH THE SECURITIES LAWS OF SUCH JURISDICTION.     
  

			
	Company:	  	17 EDUCATION & TECHNOLOGY GROUP INC., an exempted company incorporated under the laws of the Cayman Islands bearing Company Number 272790
	Warrant Shares:	  	Series E Preferred Shares
	Number of Warrant Shares:	  	150,850 shares
	Exercise Price:	  	$3.1716 per share
	Issue Date:	  	December 20, 2019
	Expiration Date:	  	The 7th anniversary of the Issue Date, subject to Section 1.1
	Total Exercise Price:	  	$478,435.86, being the Number of Warrant Shares multiplied by the Exercise Price per share

 The term “Holder” shall initially refer to China Equities HK Limited, a Hong Kong company,
which is the initial holder of this Warrant and shall further refer to any subsequent permitted holder of this Warrant from time to time. 

For and in consideration of the payment by Holder of $135.00 to the Company on the Issue Date and for other good and valuable consideration,
the Company issued a warrant to the Holder on the Issue Date (the “Original Warrant”). The Company and the Holder now desire and agree to amend certain provisions of the Original Warrant by entering into this Warrant on November 11,
2020 to replace the Original Warrant in its entirety. Holder, or its permitted successors and assigns, is entitled to Exercise this Warrant for up to One Hundred Fifty Thousand Eight Hundred Fifty (150,850) Series E Preferred Shares, par value
0.0001 each, in the Company’s capital (the “Warrant Shares”) the in accordance with and subject to the terms and conditions hereof. The Warrant Shares (including number thereof) and the Exercise Price (as defined below) are
subject to adjustment under Section 4 hereof. 

 Section 1.    Term, Price and Exchange of Warrant. 

1.1    Term of Warrant. This Warrant shall expire upon the earlier of (i) the occurrence of an Acceleration
Event and (ii) December 20, 2026 at 11:59 p.m. Cayman Islands time (the “Expiration Date”). 

1.2    Warrant Shares; Exercise Price. 

(a) Warrant Shares. Subject to Section 4 of this Warrant, the Warrant Shares shall be the Company’s Series E Preferred Shares.

 (b) Exercise Price. Subject at all times to any adjustments required under Section 4 of this Warrant, the initial price per
share at which the Warrant Shares are exercisable under this Warrant is $3.1716 (the “Exercise Price”). 
 (c) Number of
Shares. Subject to adjustment under Section 4 of this Warrant, the number of Warrant Shares subject to this Warrant shall be as set forth in heading to this Warrant. 

1.3    Exercise/Exchange of Warrant. 

(a)    At any time prior to the Expiration Date, this Warrant may be exercised by Holder for cash, in whole but not in
part, upon (i) surrender of this Warrant to the Company at its then principal offices, together with the delivery of the form of election to exercise attached hereto as Exhibit A (the “Election to Exercise”), duly
completed and executed by Holder, and (ii) payment to the Company of the aggregate Exercise Price in cash (by check) or by wire transfer of immediately available funds in US$ for the number of Warrant Shares in respect of which this Warrant is
then being exercised (such cash exercise, an “Exercise”, and the date of completion of foregoing (i) and (ii) with respect to the Exercise, the “Exercise Date”); provided that in anticipation of an Acceleration
Event, Holder shall, at all times subject to Section 1.9, effect an Exercise within fifteen (15) days after (a) in case the Acceleration Event is a transaction contemplated within clause (i) or (ii) of the definition of Trade
Sale, or within clause (iii) or (iv) of the definition of Trade Sale in respect of which the consideration payable consists solely of cash and/or Marketable Securities, the date on which the Company notifies Holder in writing that a definitive
agreement has been entered into with respect to such transaction, or (b) in case the Acceleration Event is an IPO, the date on which the Company notifies Holder in writing that a formal shareholders’ resolution or board resolution has been
adopted to approve the plan of such IPO. 

  
 2 

 (b)    At any time prior to the Expiration Date, in lieu of an Exercise
of this Warrant for cash pursuant to Section 1.3(a), if the Fair Market Value of one Warrant Share as of the date immediately prior to the date on which the Holder delivers the Election to Exchange (as defined below) exceeds the Exercise Price,
this Warrant may be exercised by Holder without cash payment, in whole but not in part, upon surrender of this Warrant to the Company at its then principal offices, together with the delivery of the election to exchange attached hereto as Exhibit
A (the “Election to Exchange”), duly completed and executed by Holder (such non-cash exercise, an “Exchange”, and the date of completion of the foregoing with respect to
the Exchange, the “Exchange Date”), in which case, the number of Warrant Shares to be issued by Company to Holder shall equal to “X” (as defined below), computed using the following formula: 

 

					
		 		 	    Y * (A-B)
	X	 	=	 	                                
		 		 	    A

 Where 

X    =    the number of Warrant Shares to be issued to Holder upon Exchange 

Y    =    the number of Warrant Shares under this Warrant that can be issued upon Exercise 

A    =    the Fair Market Value of one Warrant Share 

B    =    the relevant Exercise Price (as adjusted to the date of such calculations) 

*    =    multiplied by 

(c)    For purposes of calculating Fair Market Value for purposes of Exchanging this Warrant, the “Fair Market
Value” of one Warrant Share shall be (i) if the Company’s securities become listed or quoted on a Trading Market, the average closing sale price reported on such exchange for such listed securities during the 90-trading day period immediately prior to the day Holder delivers its Election to Exchange to the Company, or (ii) if the Company’s securities are traded over-the-counter or inter-dealer quotation system on a Trading Market (e.g., through a dealer quotation network rather than through a centralized, formal exchange), the
90-day average of the closing bid and ask price for such securities over the ninety trading day period immediately prior to the day Holder delivers its Election to Exchange to the Company, in each case of
(i) and (ii), above, if the Warrant Shares are convertible into such Trading Market-listed or over-the-counter traded securities other than on a one-to-one basis (such as preferred shares that may convert on other than a one-for-one basis
due to adjustments for dilutive issues), multiplied by the ratio at which one Warrant Share converts into such security. If the Company’s securities are not listed, quoted or traded as contemplated in clauses (i) or (ii), above, the Fair
Market Value of the Warrant Shares shall be the price per Warrant Share which the Company could obtain from a willing buyer of the Warrant Shares sold by the Company from its authorized but unissued shares, as the Board of directors of the Company
(“Board”) shall initially determine in its reasonable good faith judgment, without discount for minority, control or lack of marketability and, unless there is at the time of any Fair Market Value determination a pending Trade Sale, all
valuations shall assume the going concern value of the Company. For the avoidance of doubt, if the Board relies on an appraisal (including a “409A” valuation) to determine the Fair Market Value of the Warrant Shares, such determined Fair
Market Value from such appraisal may not assume the automatic conversion of all convertible securities in deriving such Fair Market Value but, instead, shall be based on enterprise value and application of the rights, preferences and privileges of
the Company’s outstanding securities as set forth in the Company’s Constitutional Documents as if the Company (or Group) were being sold in an Trade Sale for cash to determine what dollar value each class of security would receive upon
such Trade Sale. If the Warrant is to be exchanged in connection with an Trade Sale (in fact), the Fair Market Value of a Warrant Share shall be based on the enterprise value specified or implied in such Trade Sale and shall be the greater of
(A) the value attributable to the Warrant Shares and (B) the value attributable to the Company securities into which the Warrant Shares are (or may be) convertible (but subject to Holder’s conversion directly into such securities). If
Holder disagrees in good faith with the Board’s determination, Holder may engage an independent appraiser to determine fair market value of the Warrant Shares the foregoing basis at shared expense (in equal proportion) between the Company and
Holder. If the fair market value difference between the Board’s determination and the determination by the Holder’s appraiser is less than 30%, then the average between the two determinations shall be deemed to be the fair market value. If
the difference is 30% or more, then the parties shall agree to engage a second appraiser to determine the fair market value of the Warrant Shares, with each party bearing half of the expense of such second appraiser, and the determination of such
appraiser shall be deemed to be the Fair Market Value. 

  
 3 

 (d)    In the event that Holder Exchanges or Exercises this Warrant in
connection with a transaction in which shares of the same class and series as the Warrant Shares are converted into another security, Holder may effect an Exchange or Exercise directly into such other security. 

(e)    Subject to Section 2 hereof and the second sentence of this Section 1.3(e), upon (a) in case of an
Exercise, delivery of the duly completed and executed Election to Exercise together with the full payment of the aggregate Exercise Price, or (b) in case of an Exchange, delivery of the duly completed and executed Election to Exchange, the
Company shall issue and deliver within five (5) business days to Holder or Holder’s designated Affiliate (who shall not be a Company Competitor) as set out in the Election to Exercise or Election to Exchange (as the case may be) the
updated Register of Members of the Company, a certificate or certificates or other legal evidence reflecting Holder’s or such designated Affiliate’s ownership of the number of Warrant Shares so acquired upon the Exercise or Exchange of
this Warrant, subject always to the completion of the “know your client” process with respect to Holder or such designated Affiliate as reasonably requested by the Company or its registered office provider, provided that such requests
shall be no more onerous than is required of the Company’s shareholders generally. Such certificate(s) or other legal evidence shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a
shareholder of the Company and a holder of record of such Warrant Shares as of the Exercise Date or the Exchange Date (as the case may be), provided, however, Holder’s or such of its Affiliate’s admission as a shareholder shall be subject
to Holder’s or such designated Affiliate’s execution and delivery at the issuance of such Warrant Shares of, at the election of the Company, (i) such agreements as may be required of all shareholders of the Company to replace the
shareholders agreement of the Company then effective (the “Company SHA”, and it is understood that as of the date of the Original Warrant, the Company SHA refers to the Fourth Amended and Restated Shareholders Agreement dated
January 12, 2018, as may be amended or restated from time to time, or (ii) a deed of adherence substantially in the form attached as an Exhibit to the Company SHA by which Holder or such designated Affiliate agrees to be bound by the
Company SHA. 

  
 4 

 1.4    Fractional Interests. The Company shall not be required to
issue fractions of Warrant Shares upon the Exercise or Exchange of this Warrant. 
 1.5    Certain Definitions.
For purposes of this Warrant: 
 “Acceleration Event” means, (i) an event contemplated within clauses (i) and
(ii) of the definition of Trade Sale, (ii) a transaction contemplated within clauses (iii) and (iv) of the definition of Trade Sale in respect of which the consideration payable to Holder consists solely of cash and/or Marketable
Securities, or (iii) an IPO. 
 “Affiliate” means, with respect to any Person, any Person that Controls, is Controlled
by or is under common Control with such Person. 
 “Business Day” and “business day” mean a day, other
than a Saturday or Sunday, on which banks in the Cayman Islands, the U.S. State of California and the PRC are generally open for business. 

“Constitutional Documents” means the Company Articles and the Company SHA. 

“Control” (including the terms “Controlling”, “Controlled by” and “under common Control with”)
means the possession, direct or indirect through one or more Affiliates, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership or voting of voting securities, by contract, by
effective control or otherwise. 
 “Company Articles” means the Company’s Fifth Amended and Restated Articles of
Association adopted on January 12, 2018, as the same be amended or restated from time to time. 
 “Company Competitor”
means any business or entity (whether in corporate, proprietorship or partnership form or otherwise) using any of the following brand or trade name as set forth in the Exhibit B attached hereto, and the direct and indirect controlling
companies, subsidiaries and other Affiliates of any of the them. 
 “Group” means collectively, the Company and any other
Person directly or indirectly Controlled by the Company. 
 “IPO” means an initial public offering or listing of the
securities of the Company or, if not the Company, any other Group member (whether existing on the Issue Date or formed thereafter) if such other Group member directly or indirectly holds all or substantially all of the market value or business of
the Group. 
 “Liquidity Event” means, any transaction in which any holders of equity in the group of companies owned
directly or indirectly by the Company would be reasonably expected to substantially achieve a financial exit or return from their investments in the group, such as an IPO, a change of Control, a Trade Sale, or any transaction or event with similar
effect to any of the foregoing. 

  
 5 

 “Localization Transaction” means a reorganization transaction akin to a so-called de-VIE transaction, in which the ownership of the Group directly and indirectly owned by the Company is vested in a new entity domiciled in the PRC (such new entity,
a “New Holding Vehicle”). 
 “Marketable Securities” means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or like securities regulation and
reporting requirements of any other jurisdiction or Trading Market regulators applicable to the Company in connection with the issuance, sale or trading of its securities (“Applicable Law”), and is then current in its filing of all
required reports and other information under the Act, the Exchange Act and any other Applicable Law; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were
Holder to exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, (iii) Holder would be able to publicly re-sell, within thirty (30) calendar days following the
closing of such Acquisition, all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, and
(iv) Holder is not subject to any lock-up or similar restriction (whether contractual or regulatory). 

“Person” or “person” means any individual, sole proprietorship, partnership, joint venture, trust,
unincorporated organization, association, corporation, government, or any agency or political division thereof, or any other legal entity of any kind, however designated. 

“PRC” means the People’s Republic of China, which, for the purpose of this Warrant, does not include the Hong Kong
Special Administrative Region, the Macau Special Administrative Region and Taiwan. 
 “Trading Market” means a listing or
like representation or quotation on an internationally-recognized securities exchange, inter-dealer quotation system or over-the-counter market.  

“Trade Sale” means (i) a sale, lease, transfer or other disposition of all or substantially all of the assets of the
Group Companies (as defined in the Company SHA and taken as a whole), (ii) a transfer or an exclusive licensing of all or substantially all of the intellectual property of the Group Companies (taken as a whole), (iii) a sale, transfer or other
disposition of a majority of the issued and outstanding share capital or equity interests of one or more Group Companies or a majority of the voting power of such Group Companies, in each case if such Group Companies hold all or substantially all of
the assets of the Group Companies (taken as a whole); or (iv) a merger, consolidation or other business combination of the Company with or into any other business entity in which the shareholders of the Company immediately prior to such merger,
consolidation or business combination hold less than a majority of the voting power of the surviving business entity. 

“$” and “US$” means United States dollars. 

  
 6 

 1.6    Treatment of Warrant Upon Reorganization of Off-Shore Holding Company Structure. The Company acknowledges that as of the Issue Date, the Company is, but for its beneficial owners, the ultimate holding company of the Group (which is a multi-entity group),
which Group has been structured so that the Company is anticipated to be the corporate vehicle in which a Liquidity Event will be effected. Without limiting the adjustments that may be required under Section 4, if: (i) the Group
should undergo a Localization Transaction (whether in anticipation of a Liquidity Event or otherwise) or similar reorganization transaction, and (ii) Holder is, due to applicable laws or regulations, unable to receive its pro rata ownership (or
consideration, if in connection with a Liquidity Event) due to legal or regulatory impediment (such as, for example only, an inability as a non-PRC Person to lawfully own equity in a PRC entity that will be
the new entity in the Group in which Group ownership will be ultimately vested), then, without limiting Holder’s right to transfer this Warrant (or receive an equivalent warrant in such surviving entity) to a Person that may lawfully
hold such new warrant, the Company and Holder shall discuss in good faith the possible alternative arrangement for Holder or its designated Affiliate to enjoy substantially the same interests and rights in the Group through the New Holding Vehicle
after such Localization Transaction as those it had immediately prior to such Localization Transaction (which shall also be substantially same as those interests and rights available to the other holders of the Series E Preferred Shares), and the
Company shall use reasonable best efforts to implement and consummate such alternative arrangement as agreed to between the Company and Holder. 

1.7    Automatic Exercise upon Expiration. If an Acceleration Event has not occurred before the date specified or
determined under Section 1.1(ii), this Warrant has not been assumed, purchased or terminated by mutual agreement of Holder and the Company in connection with a Localization Transaction under Section 1.6 and Holder has not otherwise
exercised this Warrant during its term, upon the date specified in Section 1.1(ii), if the Fair Market Value of a Warrant Share on such date (as determined under Sections 1.3(b) and 1.3(c)) is greater than the Exercise Price, this Warrant (or
the un-Exercised or un-Exchanged part then still outstanding) shall automatically be deemed on and as of such date to be Exercised on a cashless basis under
Section 1.3(b) and (c), and the Company shall promptly issue the Warrant Shares to Holder. 
 1.8    Treatment
of the Warrant Upon the Occurrence of Certain Events. Without prejudice to Holder’s right to Exercise or Exchange this Warrant at any time at its option pursuant to the terms hereof, upon the closing of an arm’s length transaction
within the meaning of clauses (iii) or (iv) of the definition of Trade Sale in which the sole consideration is cash or Marketable Securities or a combination of the foregoing, Holder shall (at its sole option) after having received the
requisite notice of such transaction under Section 4.4, either (a) Exercise or Exchange this Warrant, and such Exercise or Exchange will be deemed effective immediately prior to the consummation of such transaction, or (b) if Holder
elects not to Exercise or Exchange this Warrant, this Warrant will expire upon the consummation of such transaction. The Company shall provide at least ten (10) Business Days’ advance notice of any such transactions, provided if the
Company provides notice to any other holder of shares that are the same class and series as the Warrant Shares (viz., Series E Preferred Shares as of the Issue Date) in advance of such prior notice to Holder, the Company shall provide Holder with
the same notice as is provided to such other shareholders. In all other transactions contemplated under such referenced clauses (iii) and (iv) under the definition of Trade Sale (including without limitation, where the consideration is part
cash and part other consideration that is not (all) Marketable Securities), unless Holder elects to Exercise this Warrant, the Company or the surviving entity, as applicable, shall purchase this Warrant for an amount (the “Warrant
FMV”) equal to (X) the Fair Market Value of the Warrant Shares as determined under Section 1.3(c) with substantial weight given to the implied value of the Company’s shares of the same class and series as the Warrant Shares
in such pending transaction minus (Y) the then Total Exercise Price for the Warrant Shares; provided that, if (X) is lower than (Y), the Company or the surviving entity, as applicable, shall not be subject to the forgoing obligation to
purchase this Warrant, and this Warrant shall expire and the Holder will have no further rights as a holder of this Warrant upon the consummation of such transaction. The Warrant FMV shall be paid on or promptly following the closing of such
transaction. Upon the purchase of this Warrant pursuant to the foregoing, the Holder will have no further rights as a holder of this Warrant except for the right to receive payment equal to the Warrant FMV in accordance with the preceding two
sentences, and Holder shall forthwith cause this Warrant to be surrendered to the Company or the surviving entity. 

  
 7 

 1.9    Reinstatement of Warrant. If Holder Exercises this Warrant
in contemplation of a Trade Sale, IPO or any other event (including a Localization Transaction in respect of which this Warrant has not been purchased and the purchase price in fact paid) that does not complete, at Holder’s request, this
Warrant shall be reinstated and reissued by the Company in identical form. 
 Section 2.    Transfer of Warrant. 

(a) This Warrant may be transferred, in whole but not in part, without restriction, subject only to (i) Holder’s compliance with
applicable laws, (ii) the transferee holder of the new Warrant assuming in writing the obligations of Holder set forth in this Warrant, (iii) any applicable transfer restrictions in the Company SHA as if the Holder has Exchanged or
Exercised the Warrant and holds the Warrant Shares, and (iv) the transfer procedures and the Repurchase Right of the Company as set forth under Section 2(b); provided that Holder shall not be entitled to transfer this Warrant or the
Warrant Shares to any Company Competitor. 
 (b) If Holder proposes to directly or indirectly transfer, sell, assign or otherwise dispose of
(“Transfer”) this Warrant to any third party, Holder shall promptly give written notice (the “Transfer Notice”) to the Company prior to such Transfer. The Transfer Notice shall describe in reasonable detail the
proposed Transfer including, without limitation, the nature of such Transfer, the consideration to be paid for this Warrant, and the name and address of the prospective transferee. The Company shall have the right (the “Repurchase
Right”), exercisable upon written notice to Holder, within thirty (30) days following the date of the Transfer Notice (the “Repurchase Period”), to elect to repurchase this Warrant at the same price and subject to
substantially identical terms and conditions as described in the Transfer Notice. Payment of the purchase price for this Warrant by the Company shall be made within ten (10) days following the date of the notice of such exercise by wire
transfer (only) in US Dollars or such other currency as was specified in the terms with the proposed transferee. If the Company exercises its Repurchase Right to repurchase this Warrant, then, upon the date the notice of such exercise is given by
the Company, Holder will have no further rights as a holder of this Warrant except for the right to receive payment for this Warrant from the Company in accordance with the terms of this Section 2(b), and Holder shall forthwith cause this
Warrant to be surrendered to the Company. 

  
 8 

 (c) If the Company elects not to exercise its Repurchase Right, or fails to give written
notice of such exercise to Holder within the Repurchase Period, Holder may transfer this Warrant pursuant to the terms and conditions as described in the Transfer Notice. Such transfer will be registered with the Company by Holder’s submission
to the Company of the annexed Assignment Form attached hereto as Exhibit C duly completed and executed. After the Company’s registration of a transfer of this Warrant, the Company will issue and deliver to the transferee a new warrant
(representing the portion of this Warrant so transferred) upon the same terms and conditions as this Warrant and in substantially identical form, which the Company will register in the new holder’s name. 

(d) In the event of the loss, theft or destruction of this Warrant, the Company shall execute and deliver an identical new warrant to Holder
in substitution therefor upon the Company’s receipt of (i) evidence reasonably satisfactory to the Company of such event, and (ii) if requested by the Company, an indemnity agreement in customary form reasonably satisfactory to the
Company. 
 (e) The Company shall pay its own and all Holder’s reasonable costs and expenses incurred in connection with the Exercise
(which, for the avoidance of doubt, shall not include the Exercise Price or the consideration to be paid by Holder as cited in the second, un-numbered Warrant issuance paragraph on page one of this Warrant),
transfer or replacement of this Warrant, including, without limitation, securities compliance, the costs of preparation, execution and delivery of a new warrant and of certificates or other legal evidence of all Warrant Shares. 

Section 3.    Certain Covenants. 

(a) The Company shall ensure that any approval of any of its shareholders or its requisite majority of shareholders required for issuance of
this Warrant and the issuance of the Warrant Shares issuable upon Exchange or Exercise hereof (which shall, for the avoidance of doubt, include any securities into which Warrant Shares are or become convertible) has been secured and remains in full
force and effect until the earlier of the Exchange or Exercise in full of this Warrant or the Expiration Date. 
 (b) The Company will not,
by amendment or restatement of any of its Constitutional Documents or through reorganization, Localization Transaction, consolidation, merger, amalgamation, sale of assets, scheme of arrangement or otherwise, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant. Without limiting the foregoing, the Company (i) will not increase the nominal value of any Warrant Shares receivable upon the Exchange or Exercise of this Warrant above the Exercise Price payable
therefor upon such Exchange or Exercise and (ii) will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid shares upon the Exchange or Exercise of this Warrant. 

  
 9 

 (c)    The Company shall promptly notify the Holder after (i) a
definitive agreement has been entered into with respect to a Trade Sale or a new round of equity financing of the Company, or (b) a formal shareholders’ resolution or board resolution has been adopted to approve the plan of an IPO. Without
limiting the foregoing, so long as Holder or any of its Affiliates holds this Warrant, the Company shall deliver to Holder notice of any and all equity and convertible debt financings of the Company from time to time, sufficient in form, substance
and detail as to enable Holder to evaluate the implied valuation of the Company in each such instance and the effect of such transactions on Holder’s fully-diluted ownership of the Company’s equity on an “as if” (Warrant)
exercised basis. In addition, for so long as Holder holds this Warrant or the Warrant Shares, the Company shall provide Holder with copies of any reports or analyses done by the Company for U.S. tax implications of Company shareholding under U.S.
tax law, such as (but not limited to) CFC (i.e., “controlled foreign corporation” as defined under the U.S. Internal Revenue Code of 1986, as amended) and PFIC (i.e., “passive foreign investment company” as defined under the U.S.
Internal Revenue Code of 1986, as amended) status, to the extent such reports or analyses are available. 
 (d)    The
Company shall not treat the Warrant or the Warrant Shares as being granted or issued as property transferred in connection with the performance of services or otherwise as compensation for services rendered. 

(e)    The Company shall, during the period where the Warrant is not expired, Exercised or Exchanged in full pursuant to
the terms hereof, maintain (i) a register of warrant holders, setting forth the name and address of Holder, the number of Warrant Shares issuable upon Exercise, the issue date and expiration date of the Warrant and the Exercise Price, and
(ii) a Certificate of Warrant evidencing the Holder’s ownership of this Warrant. 
 (f)    The Company will
maintain a capitalization table that reflects the number of Series E Preferred Shares issuable upon a full Exercise of this Warrant. 

(g)    The Company shall ensure that the “share capital” section in its Memorandum of Association reflects
sufficient number of authorized Series E Preferred Shares for the purpose of the Exercise or Exchange of this Warrant. 

Section 4.    Adjustments to Exercise Price and Number of Warrant Shares. 

4.1    Adjustments. The Exercise Price shall be subject to adjustment from time to time in accordance with this
Section 4. Upon each adjustment of the Exercise Price pursuant to this Section 4, Holder shall thereafter be entitled to acquire upon conversion, at the Exercise Price resulting from such adjustment, the number of Warrant Shares obtainable
by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares acquirable immediately prior to such adjustment and dividing the product thereof by the new Exercise Price resulting from such
adjustment. Notwithstanding anything to the contrary herein, the Exercise Price shall never be below the nominal value of the Warrant Shares at the time of any exercise or deemed exercise of this Warrant. 

  
 10 

 4.2    Subdivisions, Combinations and Share Dividends. If the
Company shall at any time subdivide by split-up or otherwise, the Warrant Shares into a greater number of shares, or issue additional Company securities as a dividend, bonus issue or otherwise with respect to
any Warrant Shares, the Exercise Price in effect immediately prior to such subdivision or share dividend or bonus issue shall be proportionately reduced and the number of shares acquirable upon exchange hereunder shall be proportionately increased
in accordance with Section 4.1. Conversely, in case the outstanding shares of the same class and series as the Warrant Shares of the Company shall be combined into a smaller number of shares, the Exercise Price in effect immediately prior to
such combination shall be proportionately increased. 
 4.3    Reclassification, Exchange, Substitutions, Etc.
Upon any reclassification, exchange, substitution, or other event (other than any such event described in Section 4.2) affecting the securities issuable upon Exercise of this Warrant, Holder shall be entitled to receive an amended warrant that
is exercisable for the number and kind of securities and property that Holder would have received for the Warrant Shares if this Warrant had been Exercised immediately before such reclassification, exchange, substitution, or other event. In each
case the Company or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon Exercise of this Warrant, and the adjusted Exercise Price as a
result of such reclassification, exchange, substitution or other event affecting the securities issuable upon Exercise of this Warrant. The amendment to this Warrant shall provide for adjustments (as determined in good faith by the Company’s
Board of Directors) which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 4 including, without limitation, adjustments to the Exercise Price and to the number of securities or property issuable
upon exchange of the new Warrant. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, exchanges, substitutions, or other similar events. 

4.4     Notices of Record Date, Etc. In the event that the Company shall: 

(1) declare or propose to declare any dividend upon Company securities, whether payable in cash, property, shares or other securities and
whether or not a regular cash dividend, or 
 (2) offer for sale any additional shares of any class or series of the Company’s stock or
securities exchangeable for or convertible into such stock in any transaction that would give rise (regardless of waivers thereof) to pre-emptive rights of any class or series of shareholders, or 

(3) effect or approve any reclassification, exchange, substitution or recapitalization of the capital shares of the Company, including any
subdivision or combination of its outstanding stock, or consolidation or merger of the Company with, or propose to or receive any notice of redemption of shares, or any sale of all or substantially all of its assets to, another corporation, or to
liquidate, dissolve or wind up (including an assignment for the benefit of creditors), or 
 (4) offer any holders of Company shares or
registration rights the opportunity to participate in any public offering or listing of the Company’s securities, or 

  
 11 

 (5) approve or receive any request to repurchase or redeem any Company securities (except non-Founder securities in connection with a termination of employment), or 
 (6) consider or approve any
Liquidity Event, 
 then, in connection with such event, the Company shall give to Holder: 

(i) at least ten (10) days prior written notice of the date on which the books of the Company shall close or a record shall be taken for
such a dividend or offer in respect of the matters referred to in (1) or (2) above, or for determining rights to vote in respect of the matters referred to in (3) above; and 

(ii) in the case of the matters referred to in (4), (5) or (6) above, the greater of (A) ten (10) days prior written notice of the
date when the same shall take place and (B) the date that notice is or is required to be given to any shareholder. 
 Such notice given with respect to
the matters specified in foregoing clause (1) shall also specify, in the case of any such dividend, the date on which the holders of shares shall be entitled thereto and the terms of such dividend; such notice given with respect to the matters
specified in foregoing clause (3) shall also specify the date on which the holders of shares shall be entitled to exchange their shares for securities or other property deliverable upon such reorganization, reclassification, exchange,
substitution, consolidation, merger or sale, as the case may be, and the terms of such exchange. Each such written notice shall be given by first international courier and electronic mail addressed to the holder of this Warrant at the address and
email address of Holder set forth in Section 9; and such notice given with respect to the matters specified in foregoing clause (4) above shall be the same notice as is given or required to be given to the holders of such registration
rights. 
 4.5    Adjustments by Board. If any event occurs as to which the provisions of this Section 4 are
not strictly applicable or if strictly applicable would not fairly protect the rights of Holder in accordance with the essential intent and principles of such provisions, then the Board shall make an adjustment in the application of such provisions,
in accordance with such essential intent and principles, so as to protect such rights, but in no event shall any adjustment have the effect of increasing the Exercise Price as otherwise determined pursuant to any of the provisions of this
Section 4, except in the case of a combination of shares of a type contemplated in Section 4.2 and then in no event to an amount larger than the Exercise Price as adjusted pursuant to Section 4.2. 

4.6    Officer’s Certificate as to Adjustments. Whenever the Exercise Price and/or number of Warrant Shares
subject to this Warrant is required to be or is adjusted as provided in Section 4, the Company shall forthwith file at the office designated for the conversion of this Warrant a statement, certified as true and correct by the Managing Director,
Chief Executive Officer or Chief Financial Officer of the Company, showing in reasonable detail the facts requiring such adjustment, the Exercise Price and number of Warrant Shares that will be effective after such adjustment, and the Company shall
cause a notice setting forth any such adjustments to be sent by electronic mail, with delivery and/or read receipt confirmed, or by international express courier, postage prepaid, to the record Holder of this Warrant at its notice address(es)
appearing in Section 7. At the request of Holder, a replacement Warrant reflecting such adjustments shall be provided by the Company. 

  
 12 

 4.7    Issue of Securities other than Warrant Shares. In the
event that at any time, as a result of any adjustment made pursuant to Section 4, Holder thereafter shall become entitled to receive upon exercise or exchange of this Warrant any securities of the Company, other than Warrant Shares, thereafter
the number of such other shares or securities so receivable upon conversion of this Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Warrant
Shares contained in Section 4. 
 Section 5.    Rights and Obligations of the Warrant Holder. 

Shareholder Rights and Obligations. Except as otherwise specified in this Warrant, this Warrant shall not entitle Holder to vote as a
holder of Company shares until such time as this Warrant is Exercised or Exchanged pursuant to the terms hereof and until the Holder is entered into the Register of Members as holder of the Warrant Shares. Subject to Holder executing any shareholder
agreements to which holders of Warrant Shares are then generally signatory or an accession to the Company SHA, in each case pursuant to Section 1.3(e), upon Exercise or Exchange and being issued with the Warrant Shares, Holder shall have all
voting, dividend, liquidation, redemption, anti-dilution and other rights, and be subject to all obligations, as and to the extent are applicable to such Warrant Shares under the Constitutional Documents. 

Section 6.    Representations, Warranties and Covenants of the Company. The Company represents and
warrants to, and covenants with, Holder that: 
 6.1     Corporate Power; Authorization. The Company has all
requisite corporate power and has taken all requisite corporate action to execute and deliver this Warrant, to sell and issue the Warrant and Warrant Shares and to carry out and perform all of its obligations hereunder. This Warrant has been duly
authorized, executed and delivered on behalf of the Company and constitutes the legal, valid and binding agreement of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, liquidation,
insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally. The Company has secured all consents of its shareholders required for
the lawful issuance of this Warrant, the conversion hereof into Warrant Shares, and the admission of Holder as a shareholder of the Company upon the Exchange or Exercise of this Warrant pursuant to the terms hereto. The person executing this Warrant
are a duly authorized officer or director of the Company with all necessary legal power and authority to execute and deliver this Warrant on behalf of the Company. 

6.2    Validity of Securities. The Warrant Shares, when issued upon Exchange or Exercise of the Warrant in
accordance with the terms hereof, will be validly authorized, issued and outstanding, fully paid and free of any liens or encumbrances except for any liens, encumbrances or restrictions on transfer as provided for herein or under applicable laws or,
as applicable, provided in the Constitutional Documents. 

  
 13 

 6.3    Capitalization. As of the Issue Date, the authorized share
capital of the Company is US$80,000.00 divided into 800,000,000 shares consisting of: (i) 509,631,372 ordinary shares of par value US$0.0001 each, of which 57,864,058 shares are issued and outstanding, (ii) 22,257,215 series A preferred shares of
par value US$0.0001 each, 17,085,275 of which are issued and outstanding, (iii) 34,815,112 series B preferred shares of par value US$0.0001 each, 34,544,762 of which are issued and outstanding, (iv) 54,083,288 series B+ preferred shares of par value
US$0.0001 each, all of which are issued and outstanding, (v) 50,195,203 series C preferred shares of par value US$0.0001 each, all of which are issued and outstanding, (vi) 50,193,243 series D preferred shares of par value US$0.0001 each, all of
which are issued and outstanding, and (vii) 78,824,567 series E preferred shares of par value US$0.0001 each, all of which are issued and outstanding. 85,602,977 ordinary shares have been reserved for issuance under the Company’s employee share
option pool. Except (a) as set forth above, in the applicable provisions in the Constitutional Documents or in Schedule 6.3 attached hereto, (b) for this Warrant and Warrant Shares issuable upon conversion hereof, or (c) for the
conversion privileges of the outstanding preferred shares of the Company, at the Issue Date there are no options, warrants, conversion privileges (convertible debt or equity), agreements or rights of any kind with respect to the issuance or purchase
of the shares of the Company. The Company Articles as currently effective are as set forth in Exhibit D. Exhibit E hereto sets forth a capitalization table of the Company which is true, correct, accurate and complete as of the Issue
Date. 
 6.4 No Conflict. The execution and delivery of this Warrant do not, and the consummation of the transactions contemplated
hereby and thereby will not, conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a
material benefit, under, any provision of the Company Articles as currently in effect or any mortgage, indenture, lease or other agreement (including any agreement among shareholders or between the Company and any shareholder) or instrument, permit,
concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to the Company, its properties or assets, the effect of which would have an adverse effect on the Company or impair or restrict its power
to perform its obligations as contemplated hereby. 
 6.5    Governmental and other Consents. No consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority or other person or entity is required on the part of the Company in connection with the issuance, sale and
delivery of the Warrant and the Warrant Shares, except such filings as shall have been made on or prior to and shall be effective on and as of the Issue Date. All corporate and shareholder consents required in connection with issuance of the Warrant
and Warrant Shares have either been obtained by the Company or no such consents are required. 
 6.6    Exempt from
Securities Registration. Assuming the accuracy of the representations and warranties of Holder in Section 7 hereof, the offer, sale and issuance of the Warrant and the Warrant Shares will be exempt from any registration requirements of
any applicable securities laws. 

  
 14 

 6.7    Fair Value of Consideration. The Exercise Price payable
(upon Exercise) exceeds the par value of the Warrant Shares. 
 Section 7.    Representations and
Warranties of Holder. Holder hereby represents and warrants to the Company as follows: 
 7.1    Investment
Experience. Holder is a financially-qualified and sophisticated investor and was not organized for the specific purpose of acquiring this Warrant or the Warrant Shares. Holder is aware of the Company’s business affairs and financial
condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire this Warrant and the Warrant Shares. Holder has such business and financial experience as is required to give it the
capacity to protect its own interests in connection with the purchase of this Warrant and the Warrant Shares. 

7.2    Investment Intent. Holder is purchasing the Warrant for investment for its own account only and not with a
view to, or for resale in connection with, any “distribution” thereof. 
 7.3    Authorization. Holder
has all requisite power and has taken all requisite action required of it to execute and accept this Warrant, and to carry out and perform all of its obligations hereunder. The execution and delivery of this Warrant has been duly authorized, and
this Warrant has been duly executed and delivered on behalf of Holder and constitutes the valid and binding agreement of Holder, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally. 

7.4    No Conflict. The execution and delivery of this Warrant do not, and the consummation of the transactions
contemplated hereby and thereby will not, conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or to a
loss of a material benefit, under, any provision of Holder’s constitutional documents or any mortgage, indenture, lease or other agreement or instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance,
rule or regulation applicable to Holder, its properties or assets. 
 7.5    Governmental and other Consents. No
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority or other person or entity is required on the part of Holder in connection with the execution and
acceptance of the Warrant or the receipt of the Warrant Shares upon issuance thereof, except such consent, approval, authorization, qualification or filings as shall have been made or obtained on or prior to and shall be effective on and as of the
Issue Date. All corporate procedure and consents required in connection with execution and acceptance of the Warrant have either been obtained by Holder or no such procedure or consents are required. 

  
 15 

 Section 8.    Restrictive Securities Legend. 

This Warrant and the Warrant Shares have not been registered under any securities laws. Accordingly, any share certificates issued pursuant to
the Exchange or Exercise of this Warrant shall (until receipt of an opinion of counsel in customary form that such legend is no longer necessary) bear the following legend: 

THIS WARRANT AND THE WARRANT SHARES ISSUABLE UPON EXCHANGE OR EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OF DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN
OPINION OF COUNSEL IN CUSTOMARY FORM THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT. 
 Section 9.    Notices. 

Any notice or other communication required or permitted to be given hereto shall be in writing and shall be effective (a) upon hand
delivery or delivery by electronic mail or facsimile (in each case with a delivery receipt, read receipt or other confirmation of transmission and delivery) at the address or number designated below (if delivered on a business day during normal
business hours where such notice is to be received) or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received), or (b) on the third business day
following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communication shall be: 

if to Holder, at 
 China
Equities HK Limited 
 *** 

Fax: *** 
 Email: *** 

with a copy (not constituting notice) to 
 ***

 Fax: *** 
 Email: *** 

  
 16 

 or 

if to the Company, at 
 17
EDUCATION & TECHNOLOGY GROUP INC. 
 c/o 17 Education & Technology Group Inc. 

Floor 16, Block B, Wangjing Greenland Center 

Chaoyang District, Beijing 100102, China 

Email: *** 
 Attn:
***     
 Each party hereto may from time to time change its address for notices under this Section 9 by giving at least 10
calendar days’ notice of such changes address to the other party hereto. 
 Section 10.     Amendments; Waivers;
Termination. 
 This Warrant and any term hereof may be changed or terminated only by an instrument in writing signed by both the Company
and Holder, and any provisions hereunder may be waived or discharged only by an instrument in writing signed by the party against which enforcement of such waiver or discharge is sought. 

Section 11.     Withholding; Gross-Up. 

All payments to be made by or for Holder or the Company under this Warrant shall (save insofar as required by law to the contrary) be paid in
full without set-off or counterclaim and free and clear of and without any deduction or withholding for or on account of any taxes that may be imposed in the Cayman Islands or in any other jurisdiction from
which payment may be made by or for Holder or the Company under this Warrant. If Holder or the Company shall be required by law to effect any deduction or withholding for or on account of any taxes from any payment made under this Warrant, then:
(a) it shall promptly notify the other party upon becoming aware of the relevant requirements of any such deduction or withholding; (b) it shall ensure that such deduction or withholding does not exceed the legal liability therefor, shall
remit the amount of such deduction or withholding to the appropriate taxation authority and shall forthwith pay to the other party such additional amount as will result in the immediate receipt by such other party of the full amount which would
otherwise have been receivable hereunder had no such deduction or withholding been made; and (c) it shall not later than five (5) days after each deduction or withholding of any such taxes forward to the other party documentary evidence in
respect of the payment of any such taxes or other amounts. 
 Section 12.    Applicable Law; Dispute Resolution; Severability.

 12.1    This Warrant shall be governed by and construed and enforced in accordance with the laws of the Cayman
Islands without regard to its principles of conflicts of laws. If any one or more of the provisions contained in this Warrant, or any application of any provision thereof, shall be invalid, illegal, or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein and all other applications of any provision thereof shall not in any way be affected or impaired thereby. 

  
 17 

 12.2    All disputes and controversies arising out of or in connection
with this Warrant shall be finally resolved by arbitration in Hong Kong under the Hong Kong International Arbitration Center Administered Arbitration Rules (the “Rules”) in force when the Notice of Arbitration (as defined by the
Rules) is submitted in accordance with the Rules. For the purpose of such arbitration, there shall be three arbitrators to form an arbitration board, with one being appointed by all claimants collectively, one being appointed by all respondents
collectively, and the third being selected by the Chairman of the Hong Kong International Arbitration Centre. The award of the arbitrators shall be final and binding and may be enforced in any court of competent jurisdiction. 

Section 13.    Successors and Assigns 

Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors and administrators of the parties hereto. 
 Section 14.    Counterparts 

This Warrant may be signed in any number of counterparts which together 

shall form one and the same agreement. 

Section 15.    Construction; Certain Definitions 

Any rule of construction to the effect that an agreement is to be construed against the party initially drafting such agreement is expressly
waived and disclaimed by the parties hereto. The term “including” is to be construed without limitation. The word “shall” is mandatory, the word “may” is permissive, and the word “or” is not exclusive. The
headings used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 

Section 16.    Entire Agreement 

This Warrant, together with all the exhibits hereto, constitute and contain the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter hereof. This Warrant shall supersede, in its entirety,
the Original Warrant which shall terminate and have no further force or effect whatsoever as of the date hereof. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 18 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on the day and
year first above written. 
  

									
		 		 	ACKNOWLEDGED AND AGREED:
			
	COMPANY:	 		 	HOLDER:
			
	17 EDUCATION & TECHNOLOGY GROUP INC.	 		 	China Equities HK Limited
					
	By:	 	 /s/ Andy Chang Liu
	 		 	By:	 	/s/ Benjamin Greenspan
					
	Name:	 	 Andy Chang Liu
	 		 	Name:	 	Benjamin Greenspan
					
	Title:	 	 Authorized Signatory
	 		 	Title:	 	Director

  
 Warrant Signature Page

 Schedule 6.3 

Disclosure Schedule 

 Exhibit A 

To:    17 EDUCATION & TECHNOLOGY GROUP INC. 

ELECTION TO EXCHANGE OR ELECTION TO EXERCISE 

1.    The undersigned hereby exercises its right to Exchange its Warrant for
                                     fully paid, validly
issued Warrant Shares that are Series E Preferred Shares covered by this Warrant in accordance with the terms thereof. 
 ☐ Series E
Preferred Shares 
 The undersigned hereby exercises its right to Exercise this Warrant for by payment of
$                 as specified in this Warrant. This right is exercised with respect to
                        
                     Series E Preferred Shares: 

☐ Series E Preferred Shares 
 [check the
applicable box above] 
 The undersigned requests that the following name and address shall be entered into the Register of Members and
certificates for such shares be issued in the name of China Equities HK Limited or [*]1 and delivered to the address set forth in Section 9 of the Warrant. 

 

							
	Date:                     	 		 	[Holder]
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 

  

	1 	 Note: Can be Holder’s designated Affiliate. 

 Exhibit B 

COMPANY COMPETITOR 

 Exhibit C 

ASSIGNMENT FORM 
 To:    17
EDUCATION & TECHNOLOGY GROUP INC. 
  

			
	 The undersigned hereby assigns and transfers this Warrant to

 
	 	
	 (Insert assignee’s identification number(s))

 
	 	
	(Print or type assignee’s name, address and postal code)
	 	 	 

  

			
	Date:                                     
       	  	[Holder]

			
		
		  	By:                                     
                            
		
		  	Name:                                     
                       
		
		  	Title:                                    
                          

 EXHIBIT D 

FIFTH AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION 

 EXHIBIT E 

CAPITALIZATION TABLE

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