Document:

EX-4.12

 Exhibit 4.12 

THIS CONVERTIBLE PROMISSORY NOTE AND THE EQUITY SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR AN OPINION OF COUNSEL SATISFACTORY
TO THE BORROWER THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT. 
 CONVERTIBLE PROMISSORY NOTE 

 

			
	US$23,000,000	  	September 29, 2017

 FOR VALUE RECEIVED, PUXIN
LIMITED, a company incorporated and existing under the laws of the Cayman Islands (the “Payor” or the “Company”), hereby promises to pay to the order of CICC ALPHA
EAGLE INVESTMENT LIMITED, a company incorporated and existing under the laws of the Cayman Islands (the “Holder”) the principal sum of US$23,000,000 (“Principal
Amount”) with interest accrued on the outstanding principal amount at a simple rate of 15% per annum annually. 
 1.
PAYMENT; SECURITY; MATURITY; DEFAULT INTEREST 
 (a)
This note (“Note”) is issued pursuant to the terms of that certain Convertible Note Purchase Agreement (the “Purchase Agreement”) dated as of 15 August 2017 by and among Payor and Holder. Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings given to them in the Purchase Agreement. 
 (b) This Note
shall rank pari passu in all respects in terms of the claims on or entitlement to the payment by the Payor to all other indebtedness of the Payor, now existing or incurred shortly after this Agreement. 

(c) At any time on or after the fourth (4th) anniversary of the date hereof (the “Maturity Date”), if the outstanding
principal amount of this Note has not been converted in full in accordance with the terms of Section 2 below, Holder may demand payment of all or a portion of the outstanding principal amount of this Note, together with any accrued and unpaid
interest by presenting a written demand notice to Payor. 
 (d) Payor shall repay any and all amount due and payable pursuant to
Section 1(c) or Section 3 of this Note by wire transfer of immediately available funds in United States dollars to bank accounts designated by Holder. 

(e) Notwithstanding otherwise provided in this Note, if Payor fails to repay any amount due and payable pursuant to Section 1(c)
or Section 3, default interest shall begin to accrue on the outstanding amount (including the interest accrued hereunder) at a rate of 0.05% per calendar day, compounded daily. 

  

 (f) All computations of interest or default interest shall be made on the basis of a year
of three hundred and sixty-five (365) days for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable. 

2. CONVERSION 

(a) If the initial public offering by the Company of its Ordinary Shares (the “IPO”) occurs on or before June 30,
2020, the Holder shall have the right but not the obligation (the “Conversion Right”) to convert all or any part of the principal amount that is outstanding under this Note (the “Unpaid Amount”) into Ordinary Shares
(as defined in the Purchase Agreement) of the Payor (the “Conversion Shares”) at the date of completion of the IPO, at the conversion price (the “Conversion Price”) as set out below: 

(i) immediately upon completion of an IPO, if such IPO is completed on or before June 30, 2019, at a Conversion Price equal to
70% of the offering price in the IPO; 
 (ii) immediately upon completion of an IPO, if such IPO is completed at any time after
June 30, 2019 but on or before (and including) June 30, 2020, at a Conversion Price equal to 55% of the offering price in the IPO; 

If the Holder exercises the Conversion Right pursuant to this Section 2(a), the portion of the Unpaid Amount that the Holder has elected
to convert shall be converted into such number of Conversion Shares as is determined in accordance with the following formula: 
 Xn = Xo
/CP 
 Where, 
 Xn = the
number of Conversion Shares to be issued to the Holder upon exercise of the Conversion Right; 
 Xo = the portion of the Unpaid Amount with
respect to which the Conversion Right is being exercised as determined by the Holder, without any interests accrued thereon; 
 CP = the
applicable Conversion Price under Section 2(a). 
 Subject to the last paragraph of Clause 12 of Schedule B, on the date of the
completion of the IPO, the portion of the Unpaid Amount that the Holder has elected not to be converted into the Ordinary Shares of the Company shall be redeemed and repurchased by the Company at the price calculated pursuant to the formula below:

 Pn = X0 × (1 + r)n 
 Where, 

Pn = the redemption price of the portion of the Unpaid Amount that the Holder
has elected to be redeemed and repurchased by the Company at the time of an IPO; 

  
 -2- 

 X0 = the portion of the Unpaid
Amount that the Holder has elected to be redeemed and repurchased by the Company at the time of an IPO; 
 r = IRR, which shall equal
to 15%; 
 n = the number of calendar days from the date hereof to the date when the redemption price payable is paid in full by the
Payor, divided by 365. 
 For the avoidance of doubt, if the Holder exercises the conversion right set forth under this Section 2(a)
upon a completion of an IPO but not a Qualified IPO, the Holder shall not be entitled to redemption of the Note pursuant to an Event of Default set forth under Clause 1 and 2 of Schedule A. 

(b) If an IPO fails to occur before or on June 30, 2020, the Holder shall have the Conversion Right but not the obligation to
convert all or any part of the Unpaid Amount into the Preferred Shares of the Payor (also, the “Conversion Shares” as defined under the Agreement) at the Conversion Price calculated pursuant to the formula below: 

 

							
		 	S = 	 	X0	  	
		 	 	NI2020 * PE2020 	  	

 Where, 

S = the percentage of shares held by the Holder in the Payor immediately after conversion (on a fully-diluted and as converted basis); 

X0 = the portion of the Unpaid Amount with respect to which the Conversion Right is
being exercised as determined by the Holder; 
 NI2020 = Audited Net Income of the
Payor for the calendar year 2020; 
 PE2020 = 10. 

The Preferred Shares shall rank senior to any other class or series of preferred shares of the Company which were issued based on a price that
is less than the Conversion Price calculated above, but junior to any other class or series of preferred shares of the Company which were issued based on a price that is more than the Conversion Price calculated above, and pari passu with any
other class or series of preferred shares of the Company which were issued based on a price that is equal to the Conversion Price calculated above. The Preferred Shares received by the Investors in the Same Round shall rank pari passu
with each other, provided that if any Investor in the Same Round converts its convertible note(s) or note(s) at a conversion price lower than the Conversion Price of the Holder, the Company shall issue additional Preferred Shares to the Holder as if
the Holder’s Conversion Price is reduced to the lower conversion price. The terms of such Preferred Shares shall substantially reflect the arrangement and economic terms of the Note hereunder. 

  
 -3- 

 In the event that the Holder exercises its right under this Section 2(b) after June 30,
2020 but prior to the date when the Audited Net Income of the Payor for the calendar year 2020 becomes available, NI2020 shall be replaced by a good faith estimate of the Audited Net Income for
the calendar year 2020 determined by the Holder and the Payor based on the most updated budget for the calendar year 2020. The Payor and the Holder agree to re-calculate the number of Preferred Shares that the
Holder is entitled to receive under this Section 2(b), after the Audited Net Income for the calendar year 2020 becomes available, and if necessary, to make adjustments to the shareholding of the Holder by issuing or repurchasing from the Holder
at nil price such amount of Preferred Shares so that the number of Preferred Shares hold by the Holder after such adjustment shall correctly reflect the number of Preferred Share that the Holder is entitled to receive pursuant to the formula set
forth above. 
 (c) To exercise the Conversion Right, the Holder must deliver to the Payor a written notice (a “Conversion
Notice”). The date on which the Conversion Right shall be exercised (the “Conversion Date”) shall be (i) the date of completion of the IPO in the case of Section 2(a)(i) and Section 2(a)(ii) above, or
(ii) the third Business Day following the date on which the Conversion Notice is delivered pursuant to this Section 2(c) in the case of Section 2(b) above.

(d) On the Conversion Date, the Payor shall issue to the Holder or the person or persons designated by the Holder such number of
Conversion Shares as has been determined pursuant to Section 2(c) above. Any fraction of a Conversion Share will not be issued on the Conversion Date and the Payor shall pay cash compensation to the Holder in respect of such fraction of a
Conversion Share (such compensation to be calculated by the Holder, it be agreed that any delay in paying or failure to pay such amount will not delay or restrict the exercise of the Conversion Right or the issuance of the Conversion Shares to the
Holder in accordance with the provisions hereof). 
 (e) The Payor undertakes that upon issuance of such Conversion Shares to the
Holder (or to the person or persons designated by the Holder) pursuant to this Section 2, the Conversion Shares shall be fully-paid and non-assessable, free from any
pre-emptive or other similar rights of any person or any security. 
 (f) On the Conversion
Date, the Holder shall surrender this Note, duly endorsed, to the Payor. On the Conversion Date, at its own expense, the Payor will update the register of members of the Payor, and provide the Holder a certified copy of the updated register of
member, together with any other securities, property or cash required to be delivered upon conversion and such assignments and other documents (if any) as may be required by law to effect the conversion thereof. The Payor shall also issue an
additional note for the balance of the Note not converted on the Conversion Date. 
 3. DEFAULT; REMEDIES

 (a) The occurrence of any Event of Default described in Schedule A attached hereto shall be an Event of Default hereunder. The
Payor shall notify the Holder of any Event of Default (and the steps, if any, being taken to remedy it) promptly on becoming aware of its occurrence. 

  
 -4- 

 (b) Upon the occurrence and during the continuance of any Event of Default (other than an
event of default set forth under Clause 13 of Schedule A), the Payor shall, at the option of Holder, immediately redeem or cause a third party to purchase the Note at a price calculated pursuant to the formula below: 

Pn = X0 × (1 +
r)n 
 Where, 

Pn = the redemption price of the Note payable by the Payor to the Holder in an
Event of Default (other than an Event of Default set forth under Clause 13 of Schedule A); 
 X0 = the Principal Amount; 
 r = IRR, which shall equal to (i) 15% in an Event
of Default other than the an Event of Default set forth under Clause 2 or Clause 13 of Schedule A, and (ii) 30% in an Event of Default set forth under Clause 2 of Schedule A; 

n = the number of calendar days from the date hereof to the date when all such amounts payable upon the occurrence of the Event of
Default is paid in full by the Payor, divided by 365. 
 (c) Upon the occurrence and during the continuance of an Event of Default
set forth in Clause 13 of Schedule A, the Payor shall, at the option of Holder, immediately redeem or cause a third party to purchase the Note at a price calculated pursuant to the formula below: 

Pn = X0 × 1.3

 Where, 
 Pn = the redemption price of the Note payable by the Payor to the Holder in an Event of Default set forth in Clause 13 of Schedule A; 

X0 = the Principal Amount. 

(d) All such amounts payable under this Section 3 shall be paid within two (2) months of the occurrence of an Event of
Default. The Maturity Date shall be deemed to have advanced to the date of occurrence of such Event of Default. 
 4.
PREPAYMENT. Payor may not prepay this Note without the consent of the holder thereof. 

5. WAIVER; PAYMENT OF FEES AND
EXPENSES. Payor waives presentment and demand for payment, notice of dishonor, protest and notice of protest of this Note, and shall pay all costs of collection when incurred, including, without
limitation, reasonable attorneys’ fees, costs and other expenses. The right to plead any and all statutes of limitations as a defense to any demands hereunder is hereby waived to the full extent permitted by law. No delay by Holder shall
constitute a waiver, election or acquiescence by it. 

  
 -5- 

 6. CUMULATIVE REMEDIES. Holder’s rights and
remedies under this Note shall be cumulative. Holder shall have all other rights and remedies not inconsistent herewith as provided under by law or in equity. 

7. COVENANTS. The Payor covenants with the Holder and undertakes to comply with and shall cause each of the
Warrantors to comply with those covenants as set out in Schedule B attached hereto. 
 8. DEFINITION. As used
in this Note, the following capitalized terms have the following meanings: 
 (a) “Accounting Standards” means
generally accepted accounting principles in the United States or of a jurisdiction agreed upon by the Holder, applied on a consistent basis. 

(b) “Audited Financial Statements” means the Payor’s audited annual consolidated financial statements (including
balance sheet, income statement, and statement of cash flows) for the relevant fiscal year of the Payor, each as prepared in accordance with the Accounting Standards, and audited by a Big Four Accounting Firm. 

(c) “Audited Net Income” means, for a given fiscal year of the Payor, the sum of the Payor’s consolidated net
income (or loss) attributable to shareholders as set forth in the Audited Financial Statements thereof for such fiscal year after paying all relevant taxes and after eliminating all items required to be eliminated in the course of the preparation of
consolidated financial statements of the Payor in accordance with the Accounting Standards, calculated in accordance with the Accounting Standards, and disregarding any Extraordinary Items. 

(d) “Big Four Accounting Firm” means one of the four largest international accountancy firms. 

(e) “Competitor” means any Person that is engaged in the business in connection with extracurricular tutorials for K-12 students, and consulting services and training for overseas study, whether online or offline. 

(f) “Deemed Liquidation Event” means any of the following events: (1) any consolidation, amalgamation, scheme of
arrangement or merger of any Group Company with or into any other Person or other reorganization in which the members or shareholders of such Group Company immediately prior to such consolidation, amalgamation, merger, scheme of arrangement or
reorganization own less than fifty percent (50%) of such Group Company’s voting power in the aggregate immediately after such consolidation, merger, amalgamation, scheme of arrangement or reorganization, or any transaction or series of related
transactions to which such Group Company is a party in which in excess of fifty percent (50%) of such Group Company’s voting power is transferred; (2) a sale, transfer, lease or other disposition of all or substantially all of the assets
of any Group Company (or any series of related transactions resulting in such sale, transfer, lease or other disposition of all or substantially all of the assets of such Group Company); or (3) the exclusive licensing of all or substantially
all of any Group Company’s intellectual property to a third party. 

  
 -6- 

 (g) “Extraordinary Items” means, with respect to a given set of Audited
Financial Statements, any income, gains or losses reflected or included therein arising from (a) sales or leases of material assets or equipment outside the ordinary course of business, (b) sales of interests in any subsidiaries of the
Payor, (c) any transaction between the Payor and a Related Party not on an arms-length basis (in which case such income, gains or losses shall be adjusted to reflect a transaction of the similar nature on the arms-length basis), (d) any changes
in accounting principles, (e) any extraordinary or non-recurring earnings such as government subsidies or rebates, (f) any prior year adjustments, and (g) other events or transactions which, in
accordance with the Accounting Standards, possess a significant degree of abnormality, are of a type not expected to recur in successive accounting periods or are unrelated or only incidentally related to the ordinary and typical activities of the
Group. 
 (h) “Investors in Same Round” mean the investors that invest in the Payor and/or the Domestic Company by
way of subscribing for convertible notes or notes, the transaction documents of which were executed or will be executed between June 1, 2017 and September 30, 2017. 

(i) “Qualified IPO” means an underwritten public offering of the shares or other securities of the Payor (or as the
case may be, the shares or securities of the relevant entity resulting from any merger, reorganization or other arrangements made by or to the Payor for the purposes of public offering) completed within forty-eight (48) months hereof,
underwritten by a reputable underwriter recognized by the Holder, on the New York Stock Exchange, Nasdaq, or the Hong Kong Stock Exchange, at a pre-offering valuation of not less than US$ 1.5 billion (or
an equivalent amount in foreign currency), where the shares or other securities converted from this Note shall be listed and tradeable on such stock exchange, subject only to the minimum lock-up period as
required under applicable laws. 
 (j) “Share Sale” means a transaction or series of related transactions in which a
Person, or a group of related Persons, acquires any Equity Securities of the Payor such that, immediately after such transaction or series of related transactions, such Person or group of related Persons holds Equity Securities of the Payor
representing more than fifty percent (50%) of the outstanding voting power of the Payor. 
 9. MISCELLANEOUS 

(a) Governing Law. The terms of this Note shall be construed in accordance with the laws of Hong Kong, without giving effect to
principles of conflict of law thereunder. 
 (b) Dispute Resolution. 

(i) Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Note, or the interpretation,
breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to the dispute with notice (the “Arbitration Notice”) to the other. 

  
 -7- 

 (ii) The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International
Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance
with the HKIAC Rules. There shall be one (1) arbitrator. The HKIAC Council shall select the arbitrator, who shall be qualified to practice law in Hong Kong. 

(iii) The arbitral proceedings shall be conducted in English and Chinese. To the extent that the HKIAC Rules are in conflict with the
provisions of this Section 9(b), including the provisions concerning the appointment of the arbitrators, the provisions of this Section 9(b) shall prevail. 

(iv) Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing
complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

(v) The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of
competent jurisdiction for enforcement of such award. 
 (vi) The arbitral tribunal shall decide any Dispute submitted by the parties to
the arbitration strictly in accordance with the substantive Laws of Hong Kong (without regard to principles of conflict of Laws thereunder) and shall not apply any other substantive Law. 

(vii) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction
pending the constitution of the arbitral tribunal. 
 (viii) During the course of the arbitral tribunal’s adjudication of the Dispute,
this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 
 (ix) The Parties to
this Agreement agree to the consolidation of arbitrations under the Transaction Documents (as defined under the Purchase Agreement) in accordance with the following: 

(1) In the event of two or more arbitrations having been commenced under any of the Transaction Documents, the tribunal in the arbitration
first filed (the “Principal Tribunal”) may in its sole discretion, upon the application of any party to the arbitrations, order that the proceedings be consolidated before the Principal Tribunal if (A) there are issues of fact
and/or law common to the arbitrations, (B) the interests of justice and efficiency would be served by such a consolidation, and (C) no prejudice would be caused to any party in any material respect as a result of such consolidation,
whether through undue delay or otherwise. Such application shall be made as soon as practicable and the party making such application shall give notice to the other parties to the arbitrations. 

  
 -8- 

 (2) The Principal Tribunal shall be empowered to (but shall not be obliged to) order at its
discretion, after inviting written (and where desired oral) representations from the parties that all or any of such arbitrations shall be consolidated or heard together and/or that the arbitrations be heard immediately after another and shall
establish a procedure accordingly. All Parties shall take such steps as are necessary to give effect and force to any orders of the Principal Tribunal. 

(3) If the Principal Tribunal makes an order for consolidation, it: (A) shall thereafter, to the exclusion of other arbitral tribunals,
have jurisdiction to resolve all disputes forming part of the consolidation order; (B) shall order that notice of the consolidation order and its effect be given immediately to any arbitrators already appointed in relation to the disputes that
were consolidated under the consolidation order; and (C) may also give such directions as it considers appropriate (x) to give effect to the consolidation and make provision for any costs which may result from it (including costs in any
arbitration rendered functus officio under this Section 9(b)); and (y) to ensure the proper organization of the arbitration proceedings and that all the issues between the parties are properly formulated and resolved. 

(4) Upon the making of the consolidation order, any appointment of arbitrators relating to arbitrations that have been consolidated by the
Principal Tribunal (except for the appointment of the arbitrators of the Principal Tribunal itself) shall for all purposes cease to have effect and such arbitrators are deemed to be functus officio, on and from the date of the consolidation order.
Such cessation is without prejudice to (A) the validity of any acts done or orders made by such arbitrators before termination, (B) such arbitrators’ entitlement to be paid their proper fees and disbursements and (C) the date
when any claim or defense was raised for the purpose of applying any limitation period or any like rule or provision. 
 (5) The Parties
hereby waive any objections they may have as to the validity and/or enforcement of any arbitral awards made by the Principal Tribunal following the consolidation of disputes or arbitral proceedings in accordance with this Section 9(b) where
such objections are based solely on the fact that consolidation of the same has occurred. 
 (c) Successors and Assigns;
Assignment. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Payor may not assign this Note or delegate any of its obligations hereunder without the
written consent of Holder. Holder may not assign this Note and its rights hereunder to any third party other than its Affiliate (except for any Competitors of the Group Companies) without consent of Payor. 

(d) Titles and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered
in construing or interpreting the Note. 
 (e) Amendment; Modification; Waiver. No term of this Note may be amended, modified
or waived without the written consent of Payor and Holder. 

  
 -9- 

 (f) Counterparts. This Note may be executed in two or more counterparts, each of
which shall be deemed and original, but all of which together shall constitute one and the same instrument. 
 [Signature page follows]

  
 -10- 

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

	
	PUXIN LIMITED
	
	 /s/ Sha Yunlong

	Name: Sha Yunlong (

)
	Title: Director
	
	CICC ALPHA EAGLE INVESTMENT LIMITED
	
	 /s/ Yin Xiaobin

	Name: Yin Xiaobin (

)
	Title: Director
	
	SHA YUNLONG
	
	 /s/ Sha Yunlong

  

 Schedule A 

Event of Default 
 Each of
the events or circumstances set out below is an event of default (“Event of Default”). 
 1. The Payor or the
Domestic Company fails to complete a Qualified IPO on or prior to the Maturity Date for any reason other than those provided in Clause 2 below. 

2. The consolidated annual revenue and after-tax net profit of the Payor or the Domestic
Company achieve RMB3 billion and RMB300 million, respectively, however, the Payor or the Domestic Company fails to complete a Qualified IPO on or prior to the Maturity Date because the Key Founder refuses to complete a Qualified IPO. 

3. The Payor fails to pay any sum payable by it under this Note when due and fails to rectify such default to the Holder’s
satisfaction within 15 calendar days thereafter. 
 4. Any warranty, representation or statement made, repeated or deemed made by the
Warrantors in, or pursuant to, the Transaction Documents is (or proves to have been) incomplete, untrue, incorrect or misleading when made, repeated or deemed made, which such default, in the opinion of the Holder, has a Material Adverse Effect on
the ability to perform any Transaction Document by any Warrantor, and (if the Holder considers, acting reasonably, that the default is capable of remedy) such default is not remedied within 30 Business Days upon the Holder notifying the defaulting
Warrantor of the default. 
 5. Any Warrantor fails to comply with any provision of the Transaction Documents, which such
non-compliance, has a Material Adverse Effect on the ability to perform any Transaction Document by any Warrantor, and such non-compliance is not remedied to the satisfaction of the Holder within 30 Business
Days upon receipt by the defaulting Warrantor of the notification of such non-compliance. 

6. An event occurs (or circumstances exist) which has a Material Adverse Effect on the business, operation, financial, ownership or
other aspects of any of the Company, the HK Subsidiary, the Domestic Company and/or the Domestic Entities and the ability to perform any Transaction Document by any foregoing entity (which shall include but not limited to the cessation of the
Business as required by the PRC Laws or Governmental Orders, unless such cessation of the Business is solely attributable to the change of the PRC Laws). 

7. Any corporate action, legal proceedings or other procedure or step is taken in relation to (a) suspension or cessation of
business, winding-up, dissolution, bankruptcy, administration, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Group Company, (b) the
appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager, provisional supervisor, trustee, bankruptcy official or other similar officer in respect of any Group Company or any of its assets, or a distress,
attachment, execution, expropriation, sequestration or other analogous legal process is levied, enforced or sued out on, or against, all or substantially all of the assets of any Group Company. 

 8. Any settlement, litigation, arbitration, administrative, dispute or other proceeding is
initiated against any Group Company and/or Key Founder, which has a Material Adverse Effect on the ability to perform any Transaction Document by any foregoing entity or Person. 

9. Key Founder commits any violation under the Laws or undertakes any bad faith action, which violation or action (as the case may be),
has a Material Adverse Effect on the ability of any Group Company and/or Key Founder to perform any Transaction Document. 
 10. A
Deemed Liquidation Event or a Share Sale occurs. 
 11. Pursuant to the annual audit report of the Group each year, the cumulative
losses of the Group, incurred and accrued after the Closing, other than the losses arising from any Persons acquired by the Group after March 31, 2017, have reached RMB 60 million, which for the avoidance of doubt, shall exclude any losses
incurred or suffered during the ordinary operation of the Group before the date of this Note. 
 12. The Company is not able to
continue with its Business due to the applicable Laws or any order, decision or requirement by the competent Governmental Authorities. 

13. Establishment of the Captive Structure (including execution of the Control Documents) is not completed within six (6) months
of the date hereof. 

 Schedule B 

General Covenants 
  

	 	1.	Continuing obligations 

 The covenants under this Schedule B shall remain in force from
the date of this Note for so long as any amount remains outstanding under the Note. 
  

	 	2.	Protective Provisions 

 (a) The Payor shall not, permit to occur, approve, authorize, or
agree or commit to do any of the following, and the Payor shall not permit any other Group Company to take, permit to occur, approve, authorize, or agree or commit to do any of the following, whether in a single transaction or a series of related
transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, without the prior written consent of the Holder: 

 

	 	(1)	any entry into or execution of any transaction or agreement with a value exceeding RMB2,000,000 with any Affiliate, Associate, controlling person, shareholder, director, senior officer, or any other employee of the
Group Companies or any Affiliate or Associate of any of the foregoing Persons, other than (i) any transactions between the Company or Domestic Company and any of its Subsidiaries; and (ii) any transaction or agreement that is entered into
for the purpose of establishment of the Captive Structure or implementation of a restructuring scheme of the Payor approved by the Payor and its advisors for completion of an IPO of the Payor; 

 

	 	(2)	any extension in any form of any loan to any Person other than the Domestic Company and the Domestic Subsidiaries, or providing any security, guarantee or any other arrangement that may result in any liabilities
(including without limitation, creation of any encumbrance over any interest or providing any guarantee by the Domestic Company) for the benefit of any Person other than the Domestic Company and Domestic Subsidiaries; 

 

	 	(3)	any formulation of annual financial budget plans of any Group Company (including without limitation, capital expenditure plan, operating budget, financial plan), or any amendment thereto with an adjustment exceeding 15%
thereof; 

  

	 	(4)	any annual final accounts of any Group Company, or any plan or proposal thereto; 

  

	 	(5)	any profit distribution plan of any Group Company; 

  

	 	(6)	any action by a Group Company to authorize, approve or enter into any agreement or obligation with respect to any of the above actions. 

 (b) For the avoidance of doubt, Clauses 2(a)(1) and (2) shall be respectively applicable to
any matters involving related party transaction, debt financing, loan extension, arrangement of contingent liabilities or investment. 
 (c)
Notwithstanding anything to the contrary under the Transaction Documents (including but not limited to Section 7.1(x) of the Note Purchase Agreement, and Sections 5, 6 and 18 of the Schedule B to the Note), but subject to Section 2(a) and
2(b) above, prior consent of the Holder is required if the Payor sells, splits off, ceases to Control or otherwise disposes of any Group Companies unless the revenue or turnover of such Group Companies to be disposed of, individually or in
aggregate, accounts for no more than 5% of the revenue or turnover of the Payor calculated on consolidated basis. 
  

	 	3.	Observer Right 

 The Holder shall be entitled to appoint one observer to attend all
meetings of the Board and all subcommittees of the Board, in a nonvoting observer capacity and the Company shall give the observer copies of all notices, minutes, consents, and other materials that the Company provides to the Company’s
directors at the same time and in the same manner as provided to such directors. 
  

	 	4.	Business of the Group Companies 

 The business of each other Group Companies shall be
restricted to the Business, except with the approval of the Board and any required approvals under Clause 2. 
  

	 	5.	Control Documents 

 The Payor shall ensure that each party to the relevant Control
Documents (once duly executed by all parties thereto) fully perform its/his/her respective obligations thereunder and carry out the terms and the intent of the Control Documents. Any termination, or material modification or waiver of, or material
amendment to any Control Documents shall require the written consent of the Board of the Payor and the prior written consent of the Holder. If any of the Control Documents becomes illegal, void or unenforceable under PRC Laws after the date hereof,
the Payor shall make every endeavor to devise a feasible alternative legal structure reasonably satisfactory to the Holder which gives effect to the intentions of the parties in each Control Document and the economic arrangement thereunder as
closely as possible. 
  

	 	6.	Control of Subsidiaries 

 The Payor shall institute and keep in place such arrangements
as are reasonably satisfactory to the Holder such that the Company (i) will at all times control the operations of each other Group Company, and (ii) will at all times be permitted to properly consolidate the financial results for each
other Group Company in the consolidated financial statements for the Company prepared under the Accounting Standards. 

	 	7.	Compliance with Laws; Registrations 

 (a) The Payor shall, and shall cause the other
Group Companies to, conduct their respective business in compliance in all material respects with all applicable Laws, including but not limited to Laws regarding foreign investments, corporate registration and filing, import and export, customs
administration, foreign exchange, telecommunication and e-commerce, intellectual property rights, labor and social welfare, and taxation, and obtain, make and maintain in effect, all Consents from the relevant
Governmental Authority or other Person required in respect of the due and proper establishment and operations of each Group Company as now conducted in accordance with applicable Laws. Without limiting the generality of the foregoing, the Payor
shall not, and the Payor shall cause each Group Company not to, and the Payor shall ensure that its Affiliates and their respective officers, directors, and representatives shall not, directly or indirectly, (a) offer or give anything of value
to any Public Official with the intent of obtaining any improper advantage, affecting or influencing any act or decision of any such Person, assisting any Group Company in obtaining or retaining business for, or with, or directing business to, any
Person, or constituting a bribe, kickback or illegal or improper payment to assist any Group in obtaining or retaining business, (b) take any other action, in each case, in violation of the Foreign Corrupt Practices Act of the United States of
America, as amended (as if it were a US Person), or any other applicable similar anti-corruption, recordkeeping and internal controls Laws, or (c) establish or maintain any fund or assets in which any Group Company has proprietary rights that
have not been recorded in its books and records of Group Company. 
 (b) Without limiting the generality of the foregoing, the Payor shall,
and shall cause each other Group Company to, ensure that all filings and registrations with the PRC Governmental Authorities so required by them shall be duly completed in accordance with the relevant rules and regulations, including without
limitation any such filings and registrations with the Ministry of Commerce, the Ministry of Information Industry, the State Administration of Industry and Commerce, the State Administration for Foreign Exchange, tax bureau, customs authorities,
product registration authorities, health regulatory authorities, and the local counterpart of each of the aforementioned governmental authorities, in each case, as applicable. 

 

	 	8.	Stock Option Plan 

 (a) The Payor may reserve up to 10% of the Payor’s issued and
outstanding Ordinary Shares under an unallocated option pool, prior to conversion of the Note pursuant to the terms hereunder. 
 (b) The
Payor shall, and shall cause each Group Company to, obtain all authorizations, consents, orders and approvals of all Governmental Authorities that may be or become necessary to effectuate the ESOP in the PRC in accordance with PRC Law; provided that
the Payor shall not grant any awards or issue any Shares pursuant to the ESOP to any grantee in the PRC if any required or appropriate authorization, consent, order or approval of any Governmental Authority in connection with such issuance has not
been obtained. 

	 	9.	Non-compete 

 Unless the Holder otherwise
consents in writing, each Principal (as defined in the Purchase Agreement) (a) so long as such Principal is an employee of a Group Company, shall devote his or her full time and attention to the business of the Group Companies and will use his
or her best efforts to develop the business and interests of the Group Companies unless an alternative arrangement is approved by the Investor, and (b) so long as such Principal is a director, officer, employee or a direct or indirect holder of
Equity Securities of a Group Company and for two (2) years after the later of (i) such Principal being no longer a director, officer, employee; or (ii) such Principal holds less than one third (1/3) of the Ordinary Shares of the
Company that this Principal holds as of the Closing, shall not, and shall cause his Affiliate or Associate not to, directly or indirectly, (i) 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 business, whether in corporate, proprietorship or partnership form or otherwise, that is related to the
business of any Group Company or otherwise competes with the Group Companies (a “Restricted Business”); provided, however, that the restrictions contained in this Clause (i) shall not restrict the acquisition by such Principal,
directly or indirectly, of less than 1% of the outstanding share capital of any publicly traded company engaged in a Restricted Business, (ii) solicit any Person who is or has been at any time a customer of the Group for the purpose of offering
to such customer goods or services similar to or competing with those offered by any Group Company, or canvass or solicit any Person who is or has been at any time a supplier or licensor or customer of any Group Company for the purpose of inducing
any such Person to terminate its business relationship with such Group Company, or (iii) solicit or entice away or endeavor to solicit or entice away any director, officer, consultant or employee of any Group Company. The Principals expressly
agree that the limitations set forth in this Clause are reasonably tailored and reasonably necessary in light of the circumstances. Furthermore, if any provision of this Clause is more restrictive than permitted by the Laws of any jurisdiction in
which the Holder seeks enforcement thereof, then this Clause will be enforced to the greatest extent permitted by Law. 
  

	 	10.	No Avoidance 

 The Payor will not, by any voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be performed hereunder by the Payor, and the Payor will at all times in good faith assist and take action as appropriate in the carrying out of all of the provisions of this Note. 

 

	 	11.	Transfer Restrictions 

 Key Founder shall not directly or indirectly, sell or transfer or
otherwise dispose of any of their respective shares in the Payor prior to the Qualified IPO without the prior written consent of the Holder except for (x) the transfer of or grant of any interest in or disposal of Ordinary Shares by the Key
Founder Holdco to any third party up to 5% of the Company’s total issued and outstanding Shares as of the Closing, or the transfer of or grant of any interest in or disposal of ordinary shares by the Key Founder in the Key Founder Holdco to any
third party that may result in an indirect transfer or disposal of up to 5% of the Company’s total issued and outstanding Shares as of the Closing; and (y) the Key Founder Holdco grants to Jiangyin Huazhong Investment Management Company
Limited (

) or any Person designated by it a Lien over the Equity Securities held by the Key Founder Holdco in the Payor for the purpose of redemption of the shares held by Trustbridge Partners or its Affiliates in the Domestic
Company. After the IPO, Key Founder shall be subject to the lock-up period (i) applicable under the relevant rules, and (ii) at least one (1) year longer than the
lock-up period that the Holder will be subject to. 

	 	12.	Guaranteed Return 

 (a) If after the completion of an IPO, the Internal Rate of Return
(“IRR”) of the Holder exercising the Conversion Rights (the “Exercising Holder”) over the Unpaid Amount that the Exercising Holder has elected to be converted into the Ordinary Shares of the Payor (“Elected
Amount”, which does not include the Non-conversion Amount) upon the occurrence of Exit is below 25%, Key Founder shall compensate the Exercising Holder in cash until and only to the extent that the
aggregate proceeds received by Exercising Holder upon the occurrence of Exit (including the proceeds received by Exercising Holder by sale of the equity interests in the Payor held by the Exercising Holder in the market) reach the less of
(i) an amount reflecting an IRR of 25% over the Elected Amount as of the occurrence of Exit; or (ii) 3.052 times the Elected Amount, provided however that in the event (i) after the expiration of any
lock-up period applicable to the shares or equity security held by the Holder, the daily volume weighted average trading price per share (or in the event of any shares represented by ADSs or ADRs, the per
share price derived by dividing the price of such ADSs or ADRs by the number of shares that such ADSs or ADRs represent) that the Holder holds in the Payor is not less than the per share price calculated pursuant to the formula below (such price,
the “Qualified Stock Price”) for thirty (30) consecutive trading days of the Company on each and any of such day, and (ii) the daily turnover rate of the Company’s shares during such consecutive thirty
(30) trading days is above 5‰ on each and any of such day, then neither the Key Founder nor his Holding Company shall have any payment obligation with respect to such guaranteed return under this Clause 12: 

 

							
		 	Pn = 	 	X0 × 3.052 	  	
		 	 	Sn	  	

 Where, 

Pn = Qualified Stock Price; 

X0 = Elected Amount; 

Sn = the number of shares of the Payor held by the Holder as of the date the
Qualified Stock Price is calculated. 
 For the avoidance of doubt, daily turnover rate shall be calculated pursuant to the following formula: 

 

							
	                    number of shares of the Payor traded one day 
                    aggregate number of shares of the Payor outstanding on the same day	 	×	 	100%	 	

 (b) If the IRR of the Exercising Holder upon exit is more than 30%, the Exercising Holder shall
pay the following amount out of such return to Key Founder in cash as an award: 
 (i) If the IRR upon exit exceeds 30% but is no more than
50%, the Exercising Holder shall pay 30% of the difference between the actual cash return and the cash return that corresponds to an IRR of 30%; 

(ii) (x) If the IRR upon exit exceeds 50% but is no more than 100%, the Exercising Holder shall pay 40% of the difference between the actual
cash return and the cash return that corresponds to an IRR of 50%, plus (y) the amount calculated pursuant to (a) above assuming the actual cash return under (a) above corresponds to an IRR of 50%; 

(iii) If the IRR upon exit exceeds 100%, the Exercising Holder shall pay 50% of the difference between the actual cash return and the cash
return that corresponds to an IRR of 100%, plus the amount calculated pursuant to (b) above assuming the actual cash return under (b)(x) corresponds to an IRR of 100%. 

(c) If any outstanding principal amount under this Note cannot be converted into the shares or other securities of the Company (or as the case
may be, the shares or securities of the relevant entity resulting from any merger, reorganization or other arrangements made by or to the Company for the purposes of public offering) to be listed in an IPO
(“Non-conversion Amount”) for any reason other than the Holder’s determination not to proceed with such conversion at its sole discretion, such
Non-conversion Amount under the Note shall be repurchased or redeemed by the Company at a price that is the lower of (i) 3.052 times the Non-conversion Amount; or
(ii) a price calculated pursuant to the formula below (“Compensation Amount”): 
 Pn = X0 × (1 + r)n 

Where, 
 Pn = the Compensation Amount; 

X0 = Non-conversion Amount; 

r = IRR, which shall equal to 25%; 

n = the number of calendar days from the date hereof to the date when the Compensation Amount is paid in full by the Key Founder, divided by
365. 
  

	 	13.	Most-Favored-Nation Treatment 

 In the event that before or shortly after the date
hereof, the Payor or Key Founder had granted any other investors or shareholders any rights or privileges with respect to which the economic terms (including returns), ranking and protections of rights are more favorable than those granted to the
Holder under this Note or any other Transaction Documents entered into with respect to the issue of this Note, the Holder shall, at its option, be entitled to rights and privileges at least pari passu with such investors or shareholders,
unless the terms agreed by other investors or shareholders, taken as a whole, are more favorable to the Payor than those under the Agreement or otherwise waived in writing by the Holder. 

	 	14.	Offshore Convertible Bonds 

 The Holder shall have the right to review the terms of any
convertible notes to be issued by the Payor to other investors (if any), and: 
 (a) the Payor shall not grant rights, privileges or
protections, that are more favourable than those of the Holder under this Note or any other Transaction Documents (including without limitation, a lower conversion price under the convertible bonds) unless the terms agreed by other investors or
shareholders, taken as a whole, are more favorable to the Payor than those under the Agreement or otherwise waived in writing by the Holder; and 

(b) the Payor shall procure the convertible noteholders to undertake that the convertible notes shall rank pari passu with the
liquidation rights of this Note held by the Payor unless the terms agreed by other investors or shareholders, taken as a whole, are more favorable to the Payor than those under the Agreement or otherwise waived in writing by the Holder. 

 

	 	15.	Qualified IPO 

 The Payor and the Principal shall use their best efforts to procure the
Qualified IPO to occur within forty-eight (48) months from the date hereof. 
  

	 	16.	Information and Inspection Rights 

 The Payor shall, and shall cause the Group Companies
to, deliver to the Holder the following documents or reports: 
 (a) within ninety (90) days after the end of each fiscal year of the
Payor, a consolidated income statement and statement of cash flows for the Payor for such fiscal year and a consolidated balance sheet for the Payor as of the end of the fiscal year, audited and certified by an internationally reputable firm of
independent certified public accountants acceptable to the Holder and a management report including a comparison of the financial results of such fiscal year with the corresponding annual budget, all prepared in English or Chinese and in accordance
with the Accounting Standards consistently applied throughout the period; 
 (b) within thirty (30) days of the end of each fiscal
quarter, a consolidated unaudited income statement and statement of cash flows for such quarter and a consolidated balance sheet for the Payor as of the end of such quarter, and a comparison of the financial results of such quarter with the
corresponding quarterly budget, all prepared in English or Chinese and in accordance with the Accounting Standards consistently applied throughout the period (except for customary year-end adjustments and
except for the absence of notes), and certified by the chief financial officer of the Payor; 
 (c) within fifteen (15) days of the end
of each month, a consolidated unaudited income statement and statement of cash flows for such month and a consolidated balance sheet for the Payor as of the end of such month, and a comparison of the financial results of such month with the
corresponding monthly budget, all prepared in English or Chinese and in accordance with the Accounting Standards consistently applied throughout the period (except for customary year-end adjustments and except
for the absence of notes), and certified by the chief financial officer of the Payor; 

 (d) a preliminary annual budget, operating budget, financial plan and capital expenditure plan
within thirty (30) days prior to the beginning of each fiscal year, and a finalized annual budget, operating budget, financial plan and capital expenditure plan which shall be approved by the Board in accordance with this Agreement, within
thirty (30) days after the beginning of each fiscal year, in each of the foregoing instances, setting forth: projected detailed budgets for each such quarter; any dividend or distribution projected to be declared or paid; the projected
incurrence, assumption or refinancing of indebtedness; and all other material matters relating to the operation, development and business of the Group Companies; 

(e) copies of all documents or other information sent to all the shareholders and any reports publicly filed by the Payor with any relevant
securities exchange, regulatory authority or governmental agency, no later than five (5) days after such documents or information are filed by the Payor; 

(f) as soon as practicable, any other information reasonably requested by the Holder. 

The Holder shall have the right, at its own expenses, to reasonably inspect facilities, properties, records and books of each Group Company at
any time during regular working hours on reasonable prior notice to such Group Company and the right to discuss the business, operation and conditions of a Group Company with any Group Company’s directors, officers, employees, accounts, legal
counsels and investment bankers. 
  

	 	17.	Dividends and Repurchase 

 (a) Prior to the full repayment or conversion of the Note, the
Payor shall not, and shall ensure the other Group Companies not to, declare and/or distribute any dividends to any shareholder of the Payor or the other Group Companies. 

(b) Except as disclosed in Section 7.3 of the Purchase Agreement, prior to the full repayment or conversion of the Note, the Payor shall
not, and shall ensure the other Group Companies not to, affect or approve any repurchase of any equity securities held by any shareholder of the Payor or the other Group Companies. 

 

	 	18.	Negative Covenants 

 The Payor shall not, permit to occur, approve, authorize, or agree
or commit to do any of the following, and the Payor shall not permit any other Group Company to take, permit to occur, approve, authorize, or agree or commit to do any of the following, whether in a single transaction or a series of related
transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, without the prior written consent of the Holder: 

 (a) any authorization, creation or issuance by the Company of any class or series of securities,
any instruments that are convertible into securities, or the reclassification of any outstanding securities into securities, having rights, powers or preferences, such as dividend rights, redemption rights or liquidation preferences, superior to or
on a parity with the Preferred Shares, the Note or any other Equity Securities held by the Holder at the time of the proposed action, or any amendment or change of the rights, preferences, privileges or powers of, or the restrictions provided for
the benefit of, the Preferred Shares, the Note or any other Equity Securities held by the Holder at the time of the proposed action. 
 (b)
any merger, split-off, dissolution, Deemed Liquidation Event, Share Sale or change of the organization form of any Group Company, or any plan or proposal thereto; 

(c) any amendment to any organizational or constitutive document (including the Memorandum and these Articles) of any Group Company in a
manner that would alter or change the rights, preferences, or privileges of any Preferred Shares, the Note or any other Equity Securities held by the Holder at the time of the proposed action; and 

(d) any commencement of any bankruptcy, liquidation, dissolution, winding up, ceasing operation or other similar proceeding with respect to
any Group Company. 
  

	 	19.	Other Covenants 

 The Warrantors shall comply with all the provisions under the other
Transaction Documents, including without limitation, the covenants and undertakings set forth in Section 7 of the Purchase Agreement.EX-4.13

 Exhibit 4.13 

SHARE MORTGAGE 
 over
shares of Puxin Limited 
 dated September 29, 2017 

created by 
 Long bright
Limited 
 as 
 the
Mortgagor 
 in favour of 

CICC ALPHA EAGLE INVESTMENT LIMITED 

as the Mortgagee 

 CONTENTS 
  

							
	CLAUSE	 	 	  	PAGE	 
			
	1.	 	Definitions and Interpretation	  	 	1	 
	2.	 	Undertaking to pay	  	 	4	 
	3.	 	Security	  	 	4	 
	4.	 	Restrictions	  	 	6	 
	5.	 	Further assurance	  	 	7	 
	6.	 	Delivery of documents	  	 	7	 
	7.	 	Shares	  	 	8	 
	8.	 	General undertakings	  	 	10	 
	9.	 	Representations and warranties	  	 	10	 
	10.	 	Enforcement	  	 	11	 
	11.	 	Appointment and rights of Receivers	  	 	12	 
	12.	 	Mortgagee’s rights	  	 	13	 
	13.	 	Order of distributions	  	 	13	 
	14.	 	NO Liability of Mortgagee, Receivers and Delegates	  	 	14	 
	15.	 	Redemption of prior mortgages	  	 	14	 
	16.	 	Power of attorney	  	 	14	 
	17.	 	Protection of third parties	  	 	15	 
	18.	 	Saving provisions	  	 	15	 
	19.	 	Discharge of Security	  	 	17	 
	20.	 	Expenses	  	 	17	 
	21.	 	Payments	  	 	17	 
	22.	 	Rights, waivers and determinations	  	 	17	 
	23.	 	Counterparts	  	 	18	 
	24.	 	Governing law	  	 	18	 
	25.	 	Jurisdiction	  	 	18	 
	  
 THE SCHEDULES

 
	 
  

	SCHEDULE	 	 	  	PAGE	 
		
	SCHEDULE 1 - A First tranche Shares	  	 	21	 
	SCHEDULE 1 - B Second tranche Shares	  	 	21	 
	SCHEDULE 2 Rights and powers of Receivers	  	 	22	 
	SCHEDULE 3 Form of Letter of Authority and Undertaking	  	 	24	 
	SCHEDULE 4 - A Form of Resolutions for Transfer of Shares	  	 	28	 
	SCHEDULE 4 - B Form of Resolutions for Transfer of Shares	  	 	33	 

 THIS DEED is dated September 28, 2017 and 

MADE BETWEEN: 
  

	(1)	Long bright Limited, a company incorporated with limited liability in the British Virgin Islands (the “Mortgagor”); 

 

	(2)	Mr. Sha Yunlong (

), the sole shareholder and director of the Mortgagor, a PRC citizen with his PRC ID card number 21020219760127271X (the “Principal”); and 

 

	(3)	CICC ALPHA Eagle Investment Limited, a company incorporated under the laws of the Cayman Islands (the “Mortgagee”). 

BACKGROUND 
  

	(A)	The Mortgagor is entering into this Deed in connection with the Convertible Note Purchase Agreement by and amongst the Mortgagee, the Mortgagor, the Principal, the Company (as herein defined) and certain other parties
thereto dated 15 August, 2017 (the “Purchase Agreement”) and in connection with the Note Documents (as herein defined). 

  

	(B)	The Principal is satisfied that entering into this Deed is for the purposes and to the benefit of the Mortgagor and its business. 

  

	(C)	The Mortgagee and the Mortgagor intend this document to take effect as a deed (even though the Mortgagee may execute it under hand). 

 

	(D)	The Mortgagee holds the benefit of this Deed on the terms of the Note Documents. 

 This DEED witnesses the
following: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Deed, unless a contrary indication appears: 

Company: Puxin Limited, an exempted company incorporated under the Laws of the Cayman Islands. 

Companies Ordinance: the Companies Ordinance (Cap.622) of the Laws of Hong Kong. 

Competitors: any Person (other than a Group Company) that is engaged in the business in connection with extracurricular tutorials for K-12 students, and consulting services and training for overseas study, whether online or offline. 

CPO: the Conveyancing and Property Ordinance (Cap. 219) of the Laws of Hong Kong. 

Covenant Parties: collectively, the Principal, the Company, Prepshine Holdings Co., Limited (

), Pu Xin Education Technology Group Co., Ltd (

) and any other Group Companies (as defined in the Purchase Agreement), each a Covenant Party; for the avoidance of doubt and solely for the purpose of this Deed, Covenant Parties do not include the Mortgagor or
the Mortgagee. 
 Currency of Account: the currency in which the relevant indebtedness is denominated or, if different, is payable.

 Deed: this deed and its schedules. 

  
 1 

 Delegate: a delegate or sub-delegate appointed
under Clause 12.2 (Delegation) and any person appointed as attorney of the Mortgagee, Receiver or Delegate. 
 Dividends: in
relation to any Share, all present and future: 
  

	 	(a)	dividends and distributions of any kind and any other sum received or receivable in respect of that Share; 

  

	 	(b)	rights, shares, money or other assets accruing or offered by way of redemption, bonus, option or otherwise in respect of that Share; 

 

	 	(c)	allotments, offers and rights accruing or offered in respect of that Share; and 

  

	 	(d)	other rights and assets attaching to, deriving from or exercisable by virtue of the ownership of, that Share. 

Enforcement Event: an Event of Default as defined in the Note or any other non-compliance or
breach of the provisions of the Transaction Documents (as defined in the Purchase Agreement). 
 First Mortgages: all or any of the
First Security created or expressed to be created by or pursuant to this Deed. 
 First Mortgaged Assets: the assets from time to time
subject, or expressed to be subject, to the First Mortgages or any part of those assets. 
 First Tranche Shares: 

 

	 	(a)	the shares of the Company described in Schedule 1A (First Tranche Shares), representing 4.15% of the total issued and outstanding share capital of the Company as of the date of this Deed; 

 

	 	(b)	any right or property accruing or offered at any time in relation to such shares by way of redemption, substitution, exchange, bonus or preference, under option rights or otherwise; 

 

	 	(c)	all rights relating to any of those shares which are deposited with or registered in the name of, any depositary, custodian, nominee, clearing house or system, investment manager, mortgagee or other similar person or
their nominee, in each case whether or not on a fungible basis (including any rights against any such person); and 

  

	 	(d)	all warrants, options and other rights to subscribe for, purchase or otherwise acquire any of those shares, 

in each case now or in the future owned by it or (to the extent of its interest) in which it now or in the future has an interest. 

Secured Obligations: all present and future moneys, debts and liabilities due, owing or incurred by the Mortgagor or any Covenant Party
to the Mortgagee under or in connection with any Transaction Documents (in each case, whether alone or jointly, or jointly and severally, with any other person, whether actually or contingently and whether as principal, surety or otherwise), whether
originally incurred by such Covenant Party or by some other person and including all interest (including default interest) accruing in respect thereof. 

Mortgaged Assets: collectively, the First Mortgaged Assets and the Second Mortgaged Assets. 

Mortgages: collectively, the First Mortgages and the Second Mortgages. 

  
 2 

 Note: the convertible promissory note to be issued to the Mortgagee by the Company with a
principal amount of US$23,000,000. 
 Party: a party to this Deed and includes its successors in title, permitted assigns and
permitted transferees. 
 Receiver: a receiver and manager or other receiver appointed in respect of the Mortgaged Assets. 

Register of Members: has the meaning given to it in paragraph (d) of Clause 6.3 (Perfection and registration). 

Relevant Amounts: all distributions (including cash income, dividends and any other return) received from or in respect of any Share.

 Second Mortgages: all or any of the Second Security created or expressed to be created by or pursuant to this Deed. 

Second Mortgaged Assets: the assets from time to time subject, or expressed to be subject, to the Second Mortgages or any part of those
assets. 
 Second Tranche Shares: 
  

	 	(a)	the shares of the Company described in Schedule 1B (Second Tranche Shares), representing 4.15% of the total issued and outstanding share capital of the Company as of the date of this Deed; 

 

	 	(b)	any right or property accruing or offered at any time in relation to such shares by way of redemption, substitution, exchange, bonus or preference, under option rights or otherwise; 

 

	 	(c)	all rights relating to any of those shares which are deposited with or registered in the name of, any depositary, custodian, nominee, clearing house or system, investment manager, mortgagee or other similar person or
their nominee, in each case whether or not on a fungible basis (including any rights against any such person); and 

  

	 	(d)	all warrants, options and other rights to subscribe for, purchase or otherwise acquire any of those shares, 

in each case now or in the future owned by it or (to the extent of its interest) in which it now or in the future has an interest. 

Shares: collectively, the First Tranche Shares and the Second Tranche Shares. 

Winding-up: winding up, amalgamation, reconstruction, administration, dissolution, liquidation,
merger or consolidation or any analogous procedure or step in any jurisdiction. 
  

	1.2	Terms defined in the Purchase Agreement 

 Unless defined in this Deed or the context
otherwise requires, a term defined in the Purchase Agreement or in any other Transaction Document has the same meaning in this Deed or in any notice given under or in connection with this Deed. 

 

	1.3	Construction 

  

	 	(a)	Any reference in this Deed to a “Note Document” is a reference to the Note, the Purchase Agreement and any other document designated as such upon the mutual agreement of the Mortgagor, the Principal and
the Mortgagee, or any other agreement or instrument as amended, novated, supplemented, extended, restated (however fundamentally and whether or not more onerous) or replaced and includes any change in the purpose of, any extension of or any increase
in that the amount extended under the Note Documents or other agreement or instrument, in any manner whatsoever. 

  
 3 

	 	(b)	Unless otherwise stated, references to Clauses and Schedules are to clauses of and schedules to this Deed. 

  

	 	(c)	Unless the context otherwise requires, a reference to a Mortgaged Asset includes: 

  

	 	(i)	any part of that Mortgaged Asset; 

  

	 	(ii)	the proceeds of sale of that Mortgaged Asset; and 

  

	 	(iii)	any present and future asset of that type. 

  

	 	(d)	An Enforcement Event is “continuing” if it has not been waived. 

  

	 	(e)	In this Deed, unless the contrary intention appears, the term “this Security” means the First Security and/or the Second Security created by this Deed. 

 

	1.4	Perpetuity Period 

 If the rule against perpetuities applies to any trust created by this
deed, the perpetuity period shall be eighty (80) years (as specified by section 6(1) of the Perpetuities and Ordinance (Cap. 257 of the Laws of Hong Kong)). 
  

	1.5	Currency, symbols and definitions 

 “USD”, “US$” and
“United States Dollars” each denotes the lawful currency for the time being of the United States of America. 
  

	2.	UNDERTAKING TO PAY 

 The Mortgagor shall, and the Principal shall cause the Mortgagor to,
pay or discharge each of the Secured Obligations when due in accordance with the Note Documents and this Deed or, if they do not specify a time for payment, within ten (10) Business Days following demand by the Mortgagee. 

 

	3.	SECURITY 

  

	3.1	Security 

  

	 	(a)	The Mortgagor, as legal and beneficial owner, charges in favour of the Mortgagee as continuing security for the due and punctual payment and discharge of all Secured Obligations: 

 

	 	(i)	by way of first equitable mortgage all the First Tranche Shares owned by it or held by any nominee on its behalf; and 

  

	 	(ii)	(to the extent that they are not the subject of a mortgage under sub-paragraph (i) above) by way of a first fixed charge its interest in the First Tranche Shares owned by it
or held by any nominee on its behalf. 

  
 4 

	 	(b)	The Mortgagor, as legal and beneficial owner, charges in favour of the Mortgagee as continuing security for the due and punctual payment and discharge of all Secured Obligations: 

 

	 	(i)	by way of first equitable mortgage all the Second Tranche Shares owned by it or held by any nominee on its behalf; and 

  

	 	(ii)	(to the extent that they are not the subject of a mortgage under sub-paragraph (i) above) by way of a first fixed charge its interest in the Second Tranche Shares owned by it
or held by any nominee on its behalf. 

  

	 	(c)	A reference in this Clause 3.1 (Security) to a mortgage or charge of the First Tranche Shares or the Second Tranche Shares (as the case may be) includes: 

 

	 	(i)	the Relevant Amounts; and 

  

	 	(ii)	any right or property accruing or offered at any time in relation to it by way of redemption, substitution, exchange, bonus or preference, under option rights or otherwise. 

 

	 	(d)	The security created on all the First Tranche Shares pursuant to Clause 3.1(a) and Clause 3.1(c) above is collectively referred to as the “First Security”, and the security created on all the Second
Tranche Shares pursuant to Clause 3.1(b) and Clause 3.1(c) above is collectively referred to as the “Second Security”. 

  

	3.2	Share Certificates etc.  

  

	 	(a)	The Mortgagor shall, and the Principal shall cause the Mortgagor to: 

  

	 	(i)	on the date of this Deed and, where Shares are acquired by the Mortgagor after the date of this Deed, within five (5) Business Days of such acquisition, deliver to the Mortgagee, or as the Mortgagee may direct:

  

	 	A.	all original share certificate(s) or confirmation from the Company that it does not issue any such certificate(s) in relation to all such Shares; and 

 

	 	B.	a blank, signed and undated instrument of transfer in respect of the First Tranche Shares; and 

  

	 	C.	a blank, signed and undated instrument of transfer in respect of the Second Tranche Shares; and 

  

	 	(ii)	promptly deliver to the Mortgagee, or as the Mortgagee may direct, any other documents relating to the Shares which the Mortgagee requires. 

 

	 	(b)	Forthwith upon any right, money or property (including any share, stock, debenture, bond or other securities or investments) becoming a Mortgaged Asset, the Mortgagor must deliver to the Mortgagee (or as the Mortgagee
may direct) all documents referred to in Clause 3.2(a) above as if the references to the Mortgaged Asset in those sub-paragraphs were references to such right, money or property. 

  
 5 

	 	(c)	The Mortgagor and the Principal agree and acknowledge that at any time on or after the occurrence of an Enforcement Event (but subject to Clause 18.4), the Mortgagee may, at its sole discretion and at the cost of the
Mortgagor, complete, date and put into effect the documents referred to in this Clause 3.2 (Share Certificates etc.) and may register the Shares in the name of the Mortgagee or its nominee; provided, that if the then Fair Market Value of the
Shares exceeds the amount of the outstanding Secured Obligations (such difference, the “Overpayment”), the Mortgagee shall, and shall procure its nominee to, return an amount equal to the Overpayment to the Mortgagor as soon as
practicable following the completion of registration of the Shares in the name of Mortgage or its nominee (as applicable). For purpose of this Deed, “Fair Market Value” of the Shares will be determined by an independent appraiser jointly
selected by the Mortgagor and the Mortgagee on the basis of the cash price that an unaffiliated third party would pay to acquire all the shares of the Company (computed on a fully diluted basis after giving effect to the exercise of any and all
outstanding conversion rights, exchange rights, warrants and options) in an arm’s-length transaction, assuming that the Company was being sold in a manner reasonably designed to solicit all possible
participants and permit all interested Persons an opportunity to participate and to achieve the best value reasonably available to the shareholders of the Company at the time, taking into account all existing circumstances. 

 

	4.	RESTRICTIONS 

  

	4.1	Security 

 The Mortgagor shall not, and the Principal shall not cause or permit the
Mortgagor to, create or permit to subsist any security over any Mortgaged Asset other than the Security created hereby, nor do anything else prohibited or restricted by the terms of any Transaction Document. 

 

	4.2	Disposal 

 The Mortgagor shall not (and shall not agree or purport to), and the Principal
shall not cause or permit the Mortgagor to, enter into a single transaction or a series of transactions (whether related or not and whether voluntary or involuntary) to dispose of any Mortgaged Asset, except, as expressly contemplated by any
Transaction Document or with written consent of the Mortgagee. 
  

	4.3	No Transfer to the Competitors 

 Notwithstanding anything to the contrary under this
Deed, (a) the Mortgagee agrees that by no means shall the Mortgagee or its affiliates, nominees, Receiver or Delegate transfer or grant any interest in Mortgaged Assets, including the First Mortgaged Assets and Second Mortgaged Assets, to any
of the Competitors of the Company, by enforcement of the Security under this Deed, whether or not by exercising the right under Clause 7.8 or Clause 10.3 or otherwise under this Deed; (b) the Mortgagee shall, at the request of the Mortgagor,
take all and any actions and execute all and any other documents necessary under this Deed and applicable laws which are deemed proper or desirable in a written opinion of an attorney independent of all parties hereto (“Independent Legal
Advisor”) delivered to the Mortgagee, to give legal effect and enforceability to the provisions under this Clause 4.3; and (c) the Mortgagee further agrees that, (i) if its covenant under this Clause 4.3 not to transfer or pledge
any interest in the Mortgaged Assets to any of the Competitors of the Company, is made not enforceable by the act or omission of the Mortgagee (in the absence of any fault attributable to the Mortgagor or the Principal) or under the applicable laws,
and (ii) there is no alternative solutions that may make it otherwise enforceable, in each case of (i) and (ii) above, as concluded by the Independent Legal Advisor in its written opinion which shall be delivered to the Mortgagee, the
Mortgagee shall, and shall procure any of its affiliates, nominees, Receiver or Delegate, refrain from exercising any right or authorizations otherwise exercisable or available under this Deed solely for purpose of preventing the Competitors of the
Company from acquiring any interest in the Mortgaged Assets under this Deed. 

  
 6 

	5.	FURTHER ASSURANCE 

 The Mortgagor shall, and the Principal shall cause the Mortgagor to,
promptly do (at the cost of the Mortgagor) whatever the Mortgagee requires pursuant to this Deed: 
  

	 	(a)	to create, perfect or protect the security intended to be created by this Deed, the Mortgages and/or the priority thereof; or 

  

	 	(b)	while an Enforcement Event is continuing, to facilitate the realisation of any Mortgaged Asset and/or the exercise of any right, power, authority or discretion exercisable vested in the Mortgagee or any Receiver,

 including (if the Mortgagor or any Receiver thinks expedient) executing any transfer, conveyance, charge, mortgage,
assignment or assurance of any Mortgaged Asset (whether to the Mortgagee or its nominee or otherwise), making any registration and giving any notice, order or direction. 
  

	6.	DELIVERY OF DOCUMENTS 

  

	6.1	In addition to the requirements under Clause 3.2 (Share Certificates etc.), the Mortgagor shall, and the Principal shall cause the Mortgagor to, deliver or procure that there shall be delivered to the Mortgagee
the following documents (in form and substance satisfactory to the Mortgagee) upon execution of this Deed which may be held by the Mortgagee until the Mortgages are released: 

 

	 	(a)	signed and dated letters of authority and undertaking from all the directors of the Company authorising the Mortgagee or any of its officers to date and put into effect the resolutions referred to in paragraph
(b) below and undertaking to approve transfers of Shares by or in favour of the Mortgagee substantially in the form set out in Schedule 3 (Form of Letter of Authority and Undertaking); and 

 

	 	(b)	signed but undated resolutions of all the directors and shareholders of the Company approving the transfers of Shares by or in favour of the Mortgagee substantially in the form set out in Schedules 4-A and 4-B (Form of Resolutions for Transfer of Shares); 

  

	6.2	All documents required by paragraphs (a) and (b) of this Clause 6.1 shall be in the forms set out in Schedule 3 (Form of Letter of Authority and Undertaking) to Schedule 4 (Form of Resolutions for
Transfer of Shares) or otherwise as the Mortgagee shall require. At any time on or after the occurrence of an Enforcement Event (but subject to Clause 18.4), the Mortgagee shall have the right to complete, date and put into effect the undated
documents referred to in this Clause 6 and Clause 3.2 (Share Certificates etc.) and/or the placements of any such document delivered to the Mortgagee pursuant to Clause 6.5 (Changes in Directors) below) and to appoint such persons as
the Mortgagee shall think fit as directors of the Company. 

  

	6.3	Perfection and registration 

  

	 	(a)	The Mortgagor shall, and the Principal shall cause the Mortgagor to, on or prior to the date of execution of this Deed, (i) instruct its registered agent to create and maintain (to the extent it has not already
done so) a Register of Charge and to enter particulars of the security created pursuant to this Deed in such Register of Charge, and (ii) instruct its registered agent to effect registration of particulars of this Deed at the Registrar of
Corporate Affairs of the British Virgin Islands (“Registry”) pursuant to Section 163 of the BVI Business Companies Act (as amended) (“BCA”). 

  
 7 

	 	(b)	On the date of execution of this Deed, the Mortgagor shall, and the Principal shall cause the Mortgagor to, deliver or procure to be delivered to the Mortgagee a certified copy of the updated Register of Charge
recording the particulars of the security created pursuant to this Deed and a confirmation in writing from the registered agent of the Mortgagor that the relevant application form to register the security created pursuant to this Deed with the
Registry has been filed with the Registry pursuant to Section 163 of the BCA.  

  

	 	(c)	Promptly and in any event within thirty (30) Business Days from and including the date of execution of this Deed, the Mortgagor shall, and the Principal shall cause the Mortgagor to, deliver or procure to be
delivered to the Mortgagee the certificate of registration of charge issued by the Registry and a Registry stamped copy of the description of the security created pursuant to this Deed. 

 

	 	(d)	On the date of execution of this Deed, the Mortgagor shall, and the Principal shall cause the Mortgagor to, deliver or procure to be delivered to the Mortgagee a certified copy (certified by the Company’s
registered office provider) of an annotated register of members of the Company referencing this Deed (the “Register of Members”). 

  

	6.4	Changes in Directors 

  

	 	(a)	If a new director of the Company is appointed, the Mortgagor shall, and the Principal shall cause the Mortgagor to, on or prior to such appointment becoming effective, procure that such director signs and delivers to
the Mortgagee the documents described in Clauses 6.1(a) and (b) (Delivery of documents). 

  

	 	(b)	If a director of the Company resigns or is removed from such office, the Mortgagee shall promptly upon its becoming aware of the same return to the Mortgagor the documents signed by such director which were received by
the Mortgagee pursuant to this Deed. 

  

	6.5	Directors resolution 

 After the Mortgages have become enforceable, the Mortgagor shall,
and the Principal shall cause the Mortgagor to, procure to the extent that it is within the power of the Mortgagor as a majority shareholder of the Company that any transfer to or by the Mortgagee or its nominee of any of the Mortgaged Assets is
duly approved by the required proportion of directors of the Company and registered in the Register of Members. 
  

	7.	SHARES 

  

	7.1	Acquisition 

 The Mortgagor shall, and the Principal shall cause the Mortgagor to,
promptly notify the Mortgagee of its acquisition of, or agreement to acquire, any Shares. 

  
 8 

	7.2	No changes to rights 

 The Mortgagor shall not, and the Principal shall not cause or
permit the Mortgagor to, take or allow the taking of any action on its behalf which may result in the rights attaching to any Mortgaged Asset being altered. 
  

	7.3	Calls  

 The Mortgagor shall, and the Principal shall cause the Mortgagor to, pay
all calls or other payments due and payable in respect of the Shares. 
  

	7.4	Voting 

 Subject to Clause 7.5 (Voting after enforcement), the Mortgagor shall be
entitled to exercise or direct the exercise of the voting and other rights attached to any Share or Mortgaged Assets as it sees fit provided that: 
  

	 	(a)	it does so for a purpose not inconsistent with any Transaction Document; 

  

	 	(b)	it does so in a manner that does not affect the validity or enforceability of the Security and does not cause an Event of Default to occur; and 

 

	 	(c)	the exercise of or failure to exercise those rights would not have a material adverse effect on the value of the relevant Shares or the Mortgaged Assets and would not otherwise materially prejudice the interests of the
Mortgagee under any Note Document. 

  

	7.5	Voting after enforcement 

 After this Security has become enforceable: 

 

	 	(a)	the Mortgagee or the Receiver shall be entitled to exercise or direct the exercise of the voting and other rights attached to any Share or any Mortgaged Asset in such manner as it or he sees fit; and 

 

	 	(b)	the Mortgagor shall, and the Principal shall cause the Mortgagor to, comply or procure the compliance with any directions of the Mortgagee or the Receiver in respect of the exercise of those rights and shall promptly
execute and/or deliver to the Mortgagee or the Receiver such additional forms of proxy as it or he requires with a view to enabling such person as it or he selects to exercise those rights. 

 

	7.6	Dividends  

 Subject to Clause 7.7 (Dividends after enforcement) and the terms and
conditions set forth in the Note Documents, the Mortgagor is entitled to retain any cash income derived from the Shares or any Mortgaged Asset and (to the extent any such cash income is received by the Mortgagee or its nominee) the Mortgagee shall
(or, as the case may be, ensure that its nominee shall) pay the same to the Mortgagor or as it may direct. 
  

	7.7	Dividends after enforcement 

 After this Security has become enforceable, the Mortgagee
(or, as the case may be, its nominee) shall be entitled to retain any Relevant Amount derived from the Shares or any Mortgaged Asset received by it and apply the same as the Mortgagee sees fit. 

  
 9 

	7.8	Power of attorney 

 If any Share is not held in the Mortgagor’s name other than
pursuant to this Deed, the Mortgagor shall, and the Principal shall cause the Mortgagor to, promptly execute and deliver to the Mortgagee an irrevocable power of attorney, expressed to be given by way of security and executed as a deed by the person
in whose name that Share is held. That power of attorney shall appoint the Mortgagee, each Receiver and each Delegate the attorney of the holder and shall be in such form as the Mortgagee requires provided that any power granted to the Mortgagee in
respect of the enforcement or realisation of the Security created or expressed to be created under this Deed shall not be exercisable until this Security has become enforceable. 

 

	7.9	Communications 

 The Mortgagor shall, and the Principal shall cause the Mortgagor to,
promptly execute and/or deliver to the Mortgagee a copy of each circular, notice, report, set of accounts or other document received by it or its nominee in connection with any Share or in connection with or from the issuer of any of the Shares.

  

	7.10	Role of Mortgagee 

 For the avoidance of doubt, the Mortgagee is not obliged to: 

 

	 	(i)	perform any obligation of the Mortgagor; 

  

	 	(ii)	make any payment, or to make any enquiry as to the nature or sufficiency of any payment received by it or the Mortgagor; or 

  

	 	(iii)	present or file any claim or take any other action to collect or enforce the payment of any amount to which it may be entitled under this Deed, 

in respect of any Share or other Mortgaged Asset. 
  

	8.	GENERAL UNDERTAKINGS 

  

	8.1	The Mortgagor shall not, and the Principal shall cause the Mortgagor not to, do, or permit to be done, anything which could prejudice the Mortgages. 

 

	8.2	The Mortgagor shall (and the Principal shall cause the Mortgagor to) notify the Mortgagee in writing in advance of any plan to register under Part XVI of the Companies Ordinance and shall ensure that details of the
Security created by this Deed are duly registered with the Companies Registry in Hong Kong within one month after the Mortgagor is so registered. 

  

	9.	REPRESENTATIONS AND WARRANTIES 

  

	 	(a)	The Mortgagor makes the representations and warranties set out in section 3 (Representations and Warranties of the Warrantors) of the Purchase Agreement to the Mortgagee on the date of this Deed. 

 

	 	(b)	The Mortgagor makes the representations and warranties set out in this paragraph (b) to the Mortgagee on the date of this Deed: 

 

	 	(i)	the shares described in Schedule 1A (First tranche Shares) and Schedule 1B (Second Tranche Shares) are duly authorised, validly issued and fully paid, non-assessable
and freely transferable and constitute shares in the capital of a limited company. There are no moneys or liabilities outstanding or payable in respect of any of the Shares; 

  
 10 

	 	(ii)	the Shares constitute 8.3% of the total issued and outstanding share capital in the Company and no person has or is entitled to any conditional or unconditional option, warrant or other right to subscribe for, purchase
or otherwise acquire any issued or unissued Shares, or any interest in Shares or the capital of the Company; 

  

	 	(iii)	The Mortgagor is not registered under Part XVI of the Companies Ordinance or, if it has so registered, it has provided sufficient details to the Mortgagee to enable an accurate search against it to be undertaken by the
Morgagee at the Companies Registry; and 

  

	 	(iv)	this Deed creates the security it purports to create and is not liable to be amended or otherwise set aside on the winding up of the Mortgagor or otherwise. 

 

	 	(c)	Unless a representation and warranty is expressed to be given at a specific date, each representation and warranty under this Deed is deemed to be repeated by each of the Mortgagor and the Principal on the date hereof
and the date of consummation of the transactions as contemplated under the Transaction Documents. 

  

	 	(d)	When a representation and warranty is repeated, it is applied to the circumstances existing at the time of repetition. 

  

	10.	ENFORCEMENT 

  

	10.1	Enforcement Event 

 The Security constituted by this Deed shall become immediately
enforceable upon the occurrence of an Enforcement Event. 
  

	10.2	Discretion 

 After this Security has become enforceable, the Mortgagee may in its sole
and absolute discretion, enforce all or any part of this Security at the times, in the manner and on the terms it sees fit. 
  

	10.3	Power of sale 

  

	 	(a)	After this Security has become enforceable, the Mortgagee may, without prior notice to the Mortgagor or prior authorisation from any court, sell or otherwise dispose of all or any part of the Mortgaged Assets at the
times, in the manner and on the terms it thinks fit. 

  

	 	(b)	The power of sale and other powers conferred (or deemed by this Deed to be conferred) by section 51 (Powers of mortgagee and receiver) and Section 53 (Sale by mortgagee) of the CPO and the Fourth Schedule (Powers
of mortgagee and receiver) to the CPO as varied and extended by this Deed shall arise on the date of this Deed and no restriction imposed by any ordinance or other statutory provision in relation to the exercise of any power of sale shall apply to
this Deed. 

  

	10.4	No liability as mortgagee in possession 

 Nothing done by or on behalf of the Mortgagee
pursuant to this Deed shall render it liable to account as a mortgagee in possession for any sums other than actual receipts. 

  
 11 

	11.	APPOINTMENT AND RIGHTS OF RECEIVERS 

  

	11.1	Appointment of receivers 

 If: 

 

	 	(a)	requested by the Mortgagor; or 

  

	 	(b)	after this Security has become enforceable (whether or not the Mortgagee has taken possession of the Mortgaged Assets), 

without any notice or further notice, the Mortgagee may, by deed or otherwise in writing signed by any officer or manager of the Mortgagee or
any person authorised for this purpose by the Mortgagee, appoint one or more persons to be a Receiver. If the Mortgagee appoints more than one person as Receiver, the Mortgagee may give those persons power to act either jointly or severally. The
provisions of section 50 (Power to appoint a receiver) of the CPO (as varied and/or extended by this Deed) shall apply to any appointment made pursuant to this Deed. 
  

	11.2	Scope of appointment 

 Any Receiver may be appointed Receiver of all of the Mortgaged
Assets or Receiver of a part of the Mortgaged Assets specified in the appointment. In the latter case, the rights conferred on a Receiver as set out in Schedule 2 (Rights and powers of Receivers) shall have effect as though every reference in
that Schedule to any Mortgaged Assets were a reference to the part of those assets so specified or any part of those assets. 
  

	11.3	Power of appointment exercisable despite prior appointments 

 The power to appoint a
Receiver (whether conferred by this Deed or by law) shall be, and remain, exercisable by the Mortgagee despite any prior appointment in respect of all or any part of the Mortgaged Assets. 

 

	11.4	Rights and powers of Receivers 

 Any Receiver appointed pursuant to this Clause 11 shall
have the rights, powers, discretions, privileges and immunities conferred (or deemed to be conferred) on receivers by the CPO (as varied and/or extended by this Deed), all powers (if any) conferred on receivers by law or otherwise and shall also
have the powers and rights set out in Schedule 2 (Rights and powers of Receivers), all of which powers and rights are exercisable without further notice. 
  

	11.5	Agent of Mortgagor 

  

	 	(a)	Any Receiver shall be the agent of the Mortgagor for all purposes and accordingly will be deemed to be in the same position as a Receiver duly appointed by a mortgagee under the CPO or any other applicable law. The
Mortgagor alone shall be solely responsible for the Receiver’s contracts, engagements, acts, omissions, defaults, losses and remuneration and for liabilities incurred by the Receiver. 

 

	 	(b)	The agency of each Receiver shall continue until the Mortgagor goes into liquidation and after that, the Receiver shall act as principal and shall not become the agent of the Mortgagee. 

 

	 	(c)	The Mortgagor will not incur any liability (either to the Mortgagee or to any other person) by reason of the appointment of a Receiver or for any other reason. 

  
 12 

	11.6	Remuneration 

 The Mortgagee may determine the remuneration of any Receiver and direct
payment of that remuneration out of moneys received by Receiver. The Mortgagor alone shall be liable for the remuneration and all other costs, losses, liabilities and expenses of the Receiver and the same shall be a debt secured by this Deed which
shall be immediately due and payable. 
  

	11.7	Removal of Receiver 

 The Mortgagee may, without further notice from time to time, by way
of deed or otherwise in writing, remove any Receiver appointed by it and may, whenever it thinks fit, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated. 

 

	12.	MORTGAGEE’S RIGHTS 

  

	12.1	Same rights as Receiver 

 To the fullest extent allowed by law, any right, power or
discretion conferred by any Note Document (either expressly or impliedly) or by law upon a Receiver may be exercised by the Mortgagee, after the Mortgages become enforceable, without first appointing a Receiver, and whether or not the Mortgagee
shall have taken possession or appointed a Receiver of the Mortgaged Assets. 
  

	12.2	Delegation 

 The Mortgagee may delegate in any manner to any person any rights
exercisable by the Mortgagee under any Note Document. Any such delegation may be made upon such terms and conditions (including power to sub-delegate) as the Mortgagee thinks fit. 

 

	13.	ORDER OF DISTRIBUTIONS 

  

	13.1	Application of proceeds 

 All amounts received or recovered by the Mortgagee or any
Receiver or Delegate in exercise of their rights under this Deed shall, subject to the rights of any creditors having priority, be applied in the order provided in Clause 13.2 (Order of distributions). 

 

	13.2	Order of distributions 

 The order referred to in Clause 13.1 (Application of
proceeds) is: 
  

	 	(a)	in or towards the payment of all costs, losses, liabilities, expenses and remuneration of and incidental to the appointment of any Receiver or Delegate and the exercise of any of his rights or powers, including his
remuneration and all outgoings paid by him; 

  

	 	(b)	in or towards the payment of the Secured Obligations in accordance with the Note; and 

  

	 	(c)	in payment of any surplus to the Mortgagor or other person entitled to it. 

  

	13.3	Payment of claims in priority and no prejudice to right to recover shortfall 

 This
Clause 13.2 (Order of distributions) is subject to the payment of any claims having priority over this Security and does not prejudice the right of the Mortgagee to recover any shortfall from the Mortgagor. 

  
 13 

	14.	NO LIABILITY OF MORTGAGEE, RECEIVERS AND DELEGATES 

  

	14.1	No liability as mortgagee in possession 

 If the Mortgagee, any Receiver or any Delegate
takes possession of the Mortgaged Assets, it or he may at any time relinquish possession. Without prejudice to Clause 14.2 (No liability for costs), the Mortgagee shall not be liable as (or required to account as) a mortgagee in possession by
reason of viewing or repairing any of the present or future assets of the Mortgagor. 
  

	14.2	No liability for costs 

 Neither the Mortgagee nor any Receiver or Delegate shall
(either by reason of taking possession of the Mortgaged Assets or for any other reason and whether as mortgagee in possession or otherwise) be liable to the Mortgagor or any other person for any costs, losses, liabilities or expenses relating to the
realisation of any Mortgaged Assets except to the extent caused by its or his own gross negligence or wilful misconduct. 
  

	15.	REDEMPTION OF PRIOR MORTGAGES 

  

	 	(a)	At any time after this Security has become enforceable, the Mortgagee may: 

  

	 	(i)	redeem any prior security against any Mortgaged Asset; and/or 

  

	 	(ii)	procure the transfer of that security to itself; and/or 

  

	 	(iii)	settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on the Mortgagor. 

 

	 	(b)	The Mortgagor must pay to the Mortgagee the costs and expenses incurred by the Mortgagee in connection with any such redemption and/or transfer, including the payment of any principal or interest in accordance with
Section 5 (Waiver; Payment of Fees and Expenses) of the Note. 

  

	16.	POWER OF ATTORNEY 

  

	16.1	Appointment 

 The Mortgagor by way of security irrevocably appoints the Mortgagee, every
Receiver and every Delegate severally as its attorney (with full power of substitution), on its behalf and in its name or otherwise, at such time and in such manner as the attorney thinks fit: 

 

	 	(a)	to create, perfect or protect the Security created or intended to be created under or evidenced by this Deed (or the priority of the Security) and to do anything else which the Mortgagor is obliged to do (but has not
done) under any Note Document to which it is party (including to execute charges over, transfers, conveyances, assignments and assurances of, and other deeds, instruments, notices, orders and directions relating to, the Mortgaged Assets);

  

	 	(b)	to take any action and to execute any other documents which the Mortgagor is required to execute and do under this Deed and any attorney deems proper or desirable in exercising any of the rights, powers, authorities and
discretions conferred by this Deed or by law on the Mortgagee, any Receiver or any Delegate; and 

  
 14 

	 	(c)	after this Security has become enforceable, to exercise any of the rights conferred on the Mortgagee, any Receiver or any Delegate in relation to the Mortgaged Assets or under any Note Document, the CPO or generally
under Hong Kong law. 

  

	16.2	Ratification 

 The Mortgagor ratifies and confirms and agrees to ratify and confirm
whatever any such attorney shall do in the exercise or purported exercise of the power of attorney granted by it in Clause 16.1 (Appointment). 
  

	17.	PROTECTION OF THIRD PARTIES 

  

	17.1	No duty to enquire 

 No person dealing with the Mortgagee, any Receiver or any Delegate
(or any agent or nominee of any of the foregoing) shall be concerned to enquire: 
  

	 	(a)	whether the Secured Obligations have become payable; 

  

	 	(b)	whether the powers or rights conferred by or pursuant to any Note Document are exercisable or are being properly exercised; 

  

	 	(c)	whether any money remains due under the Note Documents; 

  

	 	(d)	whether any consents, regulations, restrictions or directions relating to such rights have been obtained or complied with; 

  

	 	(e)	otherwise as to the propriety or regularity of acts purporting or intended to be in exercise of any such rights; or 

  

	 	(f)	as to the application of any money borrowed or raised. 

  

	17.2	Protection to purchasers 

  

	 	(a)	The receipt of the Mortgagee or any Receiver or Delegate shall be a conclusive discharge to a purchaser and, in making any sale or other disposal of any of the Mortgaged Assets or in making any acquisition in the
exercise of their respective powers, the Mortgagee, every Receiver and Delegate may do so for any consideration, in any manner and on any terms that it or he thinks fit. 

 

	 	(b)	Subject to the provisions of this Deed, all the protection to purchasers contained in Sections 52 (Protection of purchaser), 53 (Sale by mortgagee) and 55 (Mortgagee’s receipt) of the CPO or in any other applicable
legislation shall apply to any person purchasing from or dealing with the Mortgagee, any Receiver or any Delegate. 

  

	18.	SAVING PROVISIONS 

  

	18.1	Continuing Security 

 Subject to Clause 19 (Discharge of Security), the Mortgages
are continuing Security and will extend to the ultimate balance of the Secured Obligations, regardless of any intermediate payment or discharge in whole or in part. 
  

	18.2	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of the Mortgagor, any Covenant Party or any security for those obligations or otherwise) is made by the Mortgagee in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in
insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Mortgagor and the Covenant Parties and the Mortgages shall continue or be reinstated as if the discharge, release or arrangement had not occurred.

  
 15 

	18.3	Mortgagor intent 

 The Mortgagor expressly confirms that it intends that the Mortgages
shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Note Documents and/or any loans or amount made available under any of the Note Documents for the purposes of or in connection
with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making
facilities available to new borrowers; any other variation or extension of the purposes for which any such loan or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 

 

	18.4	Immediate recourse 

 The Mortgagor waives any right it may have of first requiring the
Mortgagee (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Mortgagor under this Deed, and this waiver applies irrespective of any law or any
provision of a Note Document to the contrary; provided, that, the Mortgagee hereby agrees that the Security under this Deed shall not become enforceable unless six (6) months have lapsed since the date of the occurrence of an Enforcement Event
under the Note Documents and any Secured Obligations remain due and outstanding at the time of the enforcement. 
  

	18.5	Appropriations 

 Until this Security is discharged pursuant to Clause 19, the Mortgagee
(or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by the Mortgagee (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner
and order as it sees fit (whether against those amounts or otherwise) and the Mortgagor shall not be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from the Mortgagor or on account of the Mortgagor’s liability under this Deed. 

 

	18.6	Additional Security 

 The Mortgages are in addition to and are not in any way prejudiced
by any other guarantees or security now or subsequently held by the Mortgagee. 
  

	18.7	Tacking 

 The Mortgagee, the Mortgagor and the Covenant Parties shall comply with its
obligations under the Note Documents. 

  
 16 

	19.	DISCHARGE OF SECURITY 

  

	19.1	Final redemption  

  

	 	(a)	If the Captive Structure (as defined in the Purchase Agreement) has been established in accordance with Section 7.3 of the Purchase Agreement, the Mortgagee shall, within five (5) Business Days upon its
receipt of the request of the Mortgagor and at cost of the Mortgagor, release or discharge (as appropriate) the Second Mortgaged Assets from the Second Mortgages. 

 

	 	(b)	If all the Secured Obligations have been irrevocably paid in full (including the exercise of the Conversion Right by the Mortgagee (as defined under the Note Documents) in full in accordance with the terms of the Note
Documents), the Mortgagee shall, within five (5) Business Days upon its receipt of the request of the Mortgagor and at cost of the Mortgagor, release or discharge (as appropriate) the First Mortgaged Assets from the First Mortgages.

  

	20.	EXPENSES 

  

	20.1	Expenses 

 The Mortgagor shall, and the Principal shall cause the Mortgagor to, within
five (5) Business Days of demand, pay to the Mortgagee the amount of all costs, losses, liabilities and expenses (including legal fees) incurred (in the case of costs, losses, liabilities and expenses incurred in relation to realisation or
enforcement of any rights under or in connection with this Deed) or reasonably incurred (in all other cases) by the Mortgagee, any Receiver or any Delegate in relation to this Deed (including the administration, protection, realisation, enforcement
or preservation of any rights under or in connection with this Deed, or any consideration by the Mortgagee as to whether to realise or enforce the same, and/or any amendment, waiver, consent or release of this Deed and/or any other document referred
to in this Deed). 
  

	21.	PAYMENTS 

  

	21.1	Demands 

 Any demand for payment made by the Mortgagee shall be valid and effective only
if it contains a statement of the relevant Secured Obligations. 
  

	21.2	Payments 

 All payments by the Mortgagor under this Deed (including damages for its
breach) shall be made in the Currency of Account and to such account, with such financial institution and in such other manner as the Mortgagee may direct. 
  

	22.	RIGHTS, WAIVERS AND DETERMINATIONS 

  

	22.1	Ambiguity 

 Where there is any ambiguity or conflict between the rights conferred by law
and those conferred by or pursuant to any Note Document, the terms of that Note Document shall prevail. 
  

	22.2	Remedies and waivers 

 No failure to exercise, nor any delay in exercising, on the part
of the Mortgagee, Receiver or Delegate, of any right or remedy under any Note Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Note Documents. No waiver or election to affirm any of the
Note Documents on the part of the Mortgagee, Receiver or Delegate shall be effective unless in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy.
The rights and remedies provided in the Note Documents are cumulative and not exclusive of any rights or remedies provided by law. 

  
 17 

	22.3	Determinations 

 Any determination by or certificate of the Mortgagee or any Receiver or
Delegate under any Note Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	23.	COUNTERPARTS 

 This Deed may be executed in any number of counterparts, and this has the
same effect as if the signatures on the counterparts were on a single copy of this Deed. 
  

	24.	GOVERNING LAW 

 This Deed and any non-contractual
obligations arising out of or in connection with it are governed by Hong Kong law. 
  

	25.	JURISDICTION 

  

	25.1	Dispute Resolution 

  

	 	(a)	Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Deed, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to
arbitration upon the demand of either party to the dispute with notice (the “Arbitration Notice”) to the other. 

  

	 	(b)	The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered
Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be one (1) arbitrator. The HKIAC Council shall select the arbitrator, who shall be
qualified to practice law in Hong Kong. 

  

	 	(c)	The arbitral proceedings shall be conducted in English and Chinese. To the extent that the HKIAC Rules are in conflict with the provisions of this Clause 25.1, including the provisions concerning the appointment of the
arbitrators, the provisions of this Clause 25.1 (Dispute Resolution) shall prevail. 

  

	 	(d)	Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete access to all information and documents requested by such other party in
connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

  

	 	(e)	The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 

 

	 	(f)	The arbitral tribunal shall decide any Dispute submitted by the parties to the arbitration strictly in accordance with the substantive laws of Hong Kong (without regard to principles of conflict of Laws thereunder) and
shall not apply any other substantive law. 

  
 18 

	 	(g)	Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 

 

	 	(h)	During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 

 

	 	(i)	The Parties to this Agreement agree to the consolidation of arbitrations under the Transaction Documents in accordance with the following: 

 

	 	(1)	In the event of two or more arbitrations having been commenced under any of the Transaction Documents, the tribunal in the arbitration first filed (the “Principal Tribunal”) may in its sole discretion,
upon the application of any party to the arbitrations, order that the proceedings be consolidated before the Principal Tribunal if (A) there are issues of fact and/or law common to the arbitrations, (B) the interests of justice and
efficiency would be served by such a consolidation, and (C) no prejudice would be caused to any party in any material respect as a result of such consolidation, whether through undue delay or otherwise. Such application shall be made as soon as
practicable and the party making such application shall give notice to the other parties to the arbitrations. 

  

	 	(2)	The Principal Tribunal shall be empowered to (but shall not be obliged to) order at its discretion, after inviting written (and where desired oral) representations from the parties that all or any of such arbitrations
shall be consolidated or heard together and/or that the arbitrations be heard immediately after another and shall establish a procedure accordingly. All Parties shall take such steps as are necessary to give effect and force to any orders of the
Principal Tribunal. 

  

	 	(3)	If the Principal Tribunal makes an order for consolidation, it: (A) shall thereafter, to the exclusion of other arbitral tribunals, have jurisdiction to resolve all disputes forming part of the consolidation order;
(B) shall order that notice of the consolidation order and its effect be given immediately to any arbitrators already appointed in relation to the disputes that were consolidated under the consolidation order; and (C) may also give such
directions as it considers appropriate (x) to give effect to the consolidation and make provision for any costs which may result from it (including costs in any arbitration rendered functus officio under this Clause 25.1 (Dispute
Resolution)); and (y) to ensure the proper organization of the arbitration proceedings and that all the issues between the parties are properly formulated and resolved. 

  
 19 

	 	(4)	Upon the making of the consolidation order, any appointment of arbitrators relating to arbitrations that have been consolidated by the Principal Tribunal (except for the appointment of the arbitrators of the Principal
Tribunal itself) shall for all purposes cease to have effect and such arbitrators are deemed to be functus officio, on and from the date of the consolidation order. Such cessation is without prejudice to (A) the validity of any acts done or
orders made by such arbitrators before termination, (B) such arbitrators’ entitlement to be paid their proper fees and disbursements and (C) the date when any claim or defence was raised for the purpose of applying any limitation
period or any like rule or provision. 

  

	 	(5)	The Parties hereby waive any objections they may have as to the validity and/or enforcement of any arbitral awards made by the Principal Tribunal following the consolidation of disputes or arbitral proceedings in
accordance with this Clause 25.1 (Dispute Resolution) where such objections are based solely on the fact that consolidation of the same has occurred. 

This Deed has been entered into as a deed and delivered on the date stated at the beginning of this Deed. 

  
 20 

 SCHEDULE 1 - A 

FIRST TRANCHE SHARES 

Company in respect of which the Shares are issued: Puxin Limited 
  

					
	 Registered Shareholder
	  	No. of Shares	  	Share Certificate Number(s)
	 The Mortgagor
	  	4,150,000
(of par value 0.00005
each)	  	No. 13

 SCHEDULE 1 - B 

SECOND TRANCHE SHARES 

Company in respect of which the Shares are issued: Puxin Limited 
  

					
	 Registered Shareholder
	  	No. of Shares	  	Share Certificate Number(s)
	 The Mortgagor
	  	4,150,000
(of par value 0.00005
each)	  	No. 14

  
 21 

 SCHEDULE 2 

RIGHTS AND POWERS OF RECEIVERS 

Any Receiver appointed pursuant to Clause 11 (Appointment and rights of Receivers) shall have the right, either in his own name or in the name of the
Mortgagor or otherwise and in such manner and upon such terms and conditions as the Receiver thinks fit, and either alone or jointly with any other person: 
  

	(a)	Enter into possession 

 to take immediate possession of, get in and collect the Mortgaged
Assets and to require payment to it of all Dividends and Relevant Amounts and, without prejudice to the foregoing, cause to be registered all or any part of the Mortgaged Assets in its own name or in the name of its nominee(s) or in the name of any
purchaser(s) thereof; 
  

	(b)	Deal with Mortgaged Assets 

 to sell, transfer, assign, exchange, convert into money or
otherwise dispose of or realise the Mortgaged Assets to any person (whether by public offer or auction, tender or private contract or otherwise) on such terms as he sees fit, including for a consideration of any kind (which may consist of cash,
debentures or other obligations, shares, stock or other valuable consideration, may be payable or delivered in one amount or by instalments spread over a period or deferred); 
  

	(c)	Borrow money 

 to borrow and/or raise money either unsecured or on the security of the
Mortgaged Assets (either in priority to the Mortgages or otherwise and generally on any terms and for whatever purpose which it thinks fit); 
  

	(d)	Claims 

 to settle, adjust, refer to arbitration, compromise and arrange any claim,
account, dispute, question and demand with or by any person (including any person who is or claims to be a creditor of the Mortgagor) relating in any way to the Mortgaged Assets; 

 

	(e)	Legal actions 

 to bring, prosecute, enforce, defend and abandon any application, action,
suit and/or proceedings in relation to the Mortgaged Assets or any business of the Mortgagor in the name of the Mortgagor or in its own name and to submit to arbitration, negotiate, compromise and settle any such application, claim, action, suit or
proceedings and in addition to take or defend proceedings for the winding-up of the Mortgagor and proceedings for directions under any applicable law; 

  
 22 

	(f)	Receipts 

 to give a valid receipt for any moneys and execute any assurance or thing
which may be proper or desirable for realising any Mortgaged Asset. 
  

	(g)	Redemption of Security 

 to redeem any Security (whether or not having priority to the
Mortgages) over the Mortgaged Assets and to settle the accounts of any person with an interest in the Mortgaged Assets; 
  

	(h)	Rights of ownership 

 to exercise and do (or permit the Mortgagor or any nominee of it to
exercise and do) all such rights and things as the Mortgagee would be capable of exercising or doing if it were the absolute beneficial owner of the Mortgaged Assets; 
  

	(i)	CPO 

 to exercise all powers set out in the Fourth Schedule to the CPO as now in force
(whether or not in force at the date of exercise) and any powers added to the Fourth Schedule, after the date of this Deed; 
  

	(j)	Delegation 

 to delegate its powers in accordance with this Deed; 

 

	(k)	Lending 

 to lend money or advance credit to any customer of the Mortgagor. 

 

	(l)	Covenants, guarantees and indemnities 

 to enter into bonds, covenants, guarantees,
commitments, indemnities and other obligations or liabilities as it shall think fit, make all payments needed to effect, maintain or satisfy such obligations or liabilities and use the company seal(s) (if any) of the Mortgagor; and 

 

	(m)	Other powers 

 to do anything else it may think fit, necessary or desirable for the
realisation of the Mortgaged Assets or incidental or conducive to the exercise of any of the rights, powers, discretions, privileges and immunities conferred on the Receiver under or by virtue of any Note Document to which the Mortgagor is party, or
the CPO and any other applicable law and to use the name of the Mortgagor for any of the above purposes. 
  

	(n)	Construction 

 In the context of all rights, powers, privileges, discretions and
immunities conferred on a Receiver, references to charge or mortgage in any provision of the CPO shall, for the purposes of this Deed, be deemed to be references to the Mortgages and references to mortgaged land in any provision of the CPO shall,
for the purposes of this Deed, be deemed to be references to the Mortgaged Assets. 

  
 23 

 SCHEDULE 3 

FORM OF LETTER OF AUTHORITY AND
UNDERTAKING 
 To: CICC ALPHA Eagle Investment Limited 

            , 2017 

Dear Sirs 
 Puxin Limited (the
“Company”) 
 I irrevocably authorise you or any of your officers to complete, date and put into effect the attached resolutions signed by me
in accordance with the provisions of the share mortgage entered into by Long bright Limited relating to the Company dated             , 2017 (the “Share
Mortgage”). 
 I also irrevocably undertake to vote in favour of any resolution approving that any Shares (as defined in the Share Mortgage)
comprised in the Mortgaged Assets (as defined in the Share Mortgage) be registered in your name or in the name of your nominees or in the name of any purchaser of those Shares or its nominee in accordance with the provisions of the Share Mortgage
(including without limitation, Clause 6 (Delivery of documents)) referred to above. 
 Yours faithfully, 

 

	
	  

	by Yunlong Sha

  
 24 

 SCHEDULE 3 

FORM OF LETTER OF AUTHORITY AND
UNDERTAKING 
 To: CICC ALPHA Eagle Investment Limited 

            , 2017 

Dear Sirs 
 Puxin Limited (the
“Company”) 
 I irrevocably authorise you or any of your officers to complete, date and put into effect the attached resolutions signed by me
in accordance with the provisions of the share mortgage entered into by Long bright Limited relating to the Company dated             , 2017 (the “Share
Mortgage”). 
 I also irrevocably undertake to vote in favour of any resolution approving that any Shares (as defined in the Share Mortgage)
comprised in the Mortgaged Assets (as defined in the Share Mortgage) be registered in your name or in the name of your nominees or in the name of any purchaser of those Shares or its nominee in accordance with the provisions of the Share Mortgage
(including without limitation, Clause 6 (Delivery of documents)) referred to above. 
 Yours faithfully, 

 

	
	  

	 by Gang Li 

  
 25 

 SCHEDULE 3 

FORM OF LETTER OF AUTHORITY AND
UNDERTAKING 
 To: CICC ALPHA Eagle Investment Limited 

            , 2017 

Dear Sirs 
 Puxin Limited (the
“Company”) 
 I irrevocably authorise you or any of your officers to complete, date and put into effect the attached resolutions signed by me
in accordance with the provisions of the share mortgage entered into by Long bright Limited relating to the Company dated             , 2017 (the “Share
Mortgage”). 
 I also irrevocably undertake to vote in favour of any resolution approving that any Shares (as defined in the Share Mortgage)
comprised in the Mortgaged Assets (as defined in the Share Mortgage) be registered in your name or in the name of your nominees or in the name of any purchaser of those Shares or its nominee in accordance with the provisions of the Share Mortgage
(including without limitation, Clause 6 (Delivery of documents)) referred to above. 
 Yours faithfully, 

 

	
	  

	 by Liang Gao

  
 26 

 SCHEDULE 3 

FORM OF LETTER OF AUTHORITY AND
UNDERTAKING 
 To: CICC ALPHA Eagle Investment Limited 

            , 2017 

Dear Sirs 
 Puxin Limited (the
“Company”) 
 I irrevocably authorise you or any of your officers to complete, date and put into effect the attached resolutions signed by me
in accordance with the provisions of the share mortgage entered into by Long bright Limited relating to the Company dated             , 2017 (the “Share
Mortgage”). 
 I also irrevocably undertake to vote in favour of any resolution approving that any Shares (as defined in the Share Mortgage)
comprised in the Mortgaged Assets (as defined in the Share Mortgage) be registered in your name or in the name of your nominees or in the name of any purchaser of those Shares or its nominee in accordance with the provisions of the Share Mortgage
(including without limitation, Clause 6 (Delivery of documents)) referred to above. 
 Yours faithfully, 

 

	
	  

	 by Yun Xiao 

  
 27 

 SCHEDULE 4 - A 

FORM OF RESOLUTIONS FOR TRANSFER OF
SHARES 
 Puxin Limited (the “Company”) 

WRITTEN RESOLUTIONS OF THE DIRECTORS OF THE COMPANY (the “Directors”) made pursuant to the Articles of Association of the
Company 
 Directors: Yunlong Sha, Gang Li, Liang Gao and Yun Xiao 

Date: 
 TRANSFER OF SHARES 

NOTED that instrument(s) of transfer executed by Long bright Limited (the “Mortgagor”) transferring
             share(s) in the Company from the Mortgagor to                      (the
“Transfer”) was provided to the Directors. 
 IT WAS RESOLVED that, the share transfer evidenced by the Transfer be approved, and
that the transferee’s name therein be registered in the register of the members of the Company in respect of the shares so transferred, and that new share certificates in respect of such shares be sealed with the common seal of the Company in
accordance with the Articles of Association of the Company and issued to the transferees as appropriate and that the Company’s register of members be updated accordingly. 

[The remainder of this page has intentionally been left blank] 

  
 28 

 IN WITNESS WHEREOF, the undersigned have executed this written resolution so as to be effective as of the
date first written above. 
  

							
	Name of Directors	 		  	Signature	  	
				
	Yunlong Sha	 		  	  
	  	

  
 29 

 IN WITNESS WHEREOF, the undersigned have executed this written resolution so as to be effective as of the
date first written above. 
  

							
	Name of Directors	 		  	Signature	  	
				
	Gang Li	 		  	  
	  	

  
 30 

 IN WITNESS WHEREOF, the undersigned have executed this written resolution so as to be effective as of the
date first written above. 
  

					
	Name of Directors	  		 	Signature
			
	Liang Gao	  		 	  

  
 31 

 IN WITNESS WHEREOF, the undersigned have executed this written resolution so as to be effective as of the
date first written above. 
  

					
	Name of Directors	  		 	Signature
			
	Yun Xiao	  		 	  

  
 32 

 SCHEDULE 4 - B 

FORM OF RESOLUTIONS FOR TRANSFER OF
SHARES 
 Puxin Limited (the “Company”) 

WRITTEN RESOLUTIONS OF THE SHAREHOLDERS OF THE COMPANY (the “Shareholders”) made pursuant to the Articles of Association of the
Company 
 Shareholders: Long bright Limited, Prospect Limited, Pution Limited and Gao & Tianyi Limited 

Date: 
 TRANSFER OF SHARES 

NOTED that instrument(s) of transfer executed by Long bright Limited (the “Mortgagor”) transferring
             share(s) in the Company from the Mortgagor to                      (the
“Transfer”) was provided to the Shareholders. 
 IT WAS RESOLVED that, the share transfer evidenced by the Transfer be approved, and
that the transferee’s name therein be registered in the register of the members of the Company in respect of the shares so transferred, and that new share certificates in respect of such shares be sealed with the common seal of the Company in
accordance with the Articles of Association of the Company and issued to the transferees as appropriate and that the Company’s register of members be updated accordingly. 

[The remainder of this page has intentionally been left blank] 

  
 33 

 IN WITNESS WHEREOF, the undersigned have executed these written resolutions so as to be effective as of
the date first written above. 
 Name of Members 
 Long bright
Limited 
  

			
	By:	 	  

	Name:	 	Yunlong Sha
	Title:	 	Director

  
 34 

 IN WITNESS WHEREOF, the undersigned have executed these written resolutions so as to be effective as of
the date first written above. 
 Name of Members 
 Prospect
Limited 
  

			
	By:	 	  

	Name:	 	Yun Xiao
	Title:	 	Director

  
 35 

 IN WITNESS WHEREOF, the undersigned have executed these written resolutions so as to be effective as of
the date first written above. 
 Name of Members 
 Pution
Limited 
  

			
	By:	 	  

	Name:	 	Gang Li
	Title:	 	Director

  
 36 

 IN WITNESS WHEREOF, the undersigned have executed these written resolutions so as to be effective as of
the date first written above. 
 Name of Members 

Gao & Tianyi Limited 
  

			
	By:	 	  

	Name:	 	Liang Gao
	Title:	 	Director

  
 37 

 IN WITNESS WHEREOF, this Deed has been duly executed and delivered as a deed on the date first set out above.

  

			
	The COMMON SEAL of
	  	)

		
	Long bright Limited	  	)

		
	was affixed hereto 
	  	) /s/ COMMON SEAL of Long bright Limited
		
	in the presence of:	  	)
		
	 /s/ Sha Yunlong
	  	
		
	Signature of witness	  	
		
	Name: Sha Yunlong	  	
		
	Address: No. 18 Danling Street, Haidian District,	  	
		
	Beijing, China	  	
		
	Occupation: CEO	  	
		
	 SIGNED, SEALED and DELIVERED as a
  

DEED 

	  	 )
 ) /s/ Sha Yunlong

		
	by SHA YUNLONG (

)
	  	) /s/ Seal of Sha Yunlong
		
	in the presence of:	  	
		
	 /s/ Tan Chunxiang
	  	
		
	Signature of witness	  	
		
	Name: Tan Chunxiang	  	
		
	 Address: No. 18 Danling Street, Haidian District,
  

Beijing, China
	  	
		
	Occupation: Manager	  	

  
 38 

 IN WITNESS WHEREOF, this Deed has been duly executed and delivered as a deed on the date first set out above.

  

			
	EXECUTED and DELIVERED	  	)
		
	as a DEED by and in the name of	  	)
		
	CICC ALPHA EAGLE INVESTMENT	  	) /s/ Yin Xiaobin
		
	LIMITED	  	)
		
	by its duly authorized attorney YIN XIAOBIN	  	)
		
	in the presence of:	  	
		
	 /s/ Yeung Ming Ho Stella
	  	
		
	Signature of witness	  	
		
	Name: YEUNG MING HO STELLA	  	
		
	 Address: 12/F Gloucester Tower The Landmark
  

               15 Queen’s Road Central
	  	
		
	 Occupation: Solicitor
  

                     Shearman &
Sterling
	  	

  
 39

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