Document:

EX-10.23

 Exhibit 10.23 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OF THE UNITED STATES OF AMERICA OR UNDER ANY
APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER ANY APPLICABLE SECURITIES LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF ANY
APPLICABLE SECURITIES LAWS. 
 WARRANT TO PURCHASE STOCK 

THIS WARRANT TO PURCHASE STOCK (THIS “WARRANT”) CERTIFIES THAT, for good and valuable consideration, the receipt of which is
hereby acknowledged, East West Bank, a California banking corporation (“Bank”), or its assignee pursuant to Section 6.4 hereof (“Holder”) is entitled to purchase from 17 Education &
Technology Group Inc., a Cayman Islands exempted company (the “Company”), the number of fully paid and non-assessable shares of Subject Securities (the “Shares”) equal to
the Applicable Amount, at a price per share equal to the Warrant Price. The initial Warrant Price and the number and character of shares of Subject Securities with respect to which this Warrant is exercisable, are subject to adjustment as
hereinafter provided. This Warrant is issued in conjunction with a credit facility entered into as of _______ 2020 (the “Credit Facility”) by and between Shanghai Hexu Information Technology Co., Ltd., Shanghai Yiqizuoye Information
Technology Co., Ltd. and Bank’s affiliate. 
  

			
	Company:	  	17 EDUCATION & TECHNOLOGY GROUP INC., an exempted company incorporated under the laws of the Cayman Islands bearing Company Number 272790
		
	Warrant Shares:	  	Series E Preferred Shares
		
	Number of Warrant Shares:	  	111,808 shares
		
	Warrant Price:	  	$3.1716 per share
		
	Issue Date:	  	May 19, 2020
		
	Total Warrant Price:	  	$354,609.93, being the Number of Warrant Shares multiplied by the Exercise Price per share

 ARTICLE 1. DEFINED TERMS. For purposes of this Warrant, the following capitalized terms have the meanings assigned to
them in this Article 1. Capitalized terms used in this Warrant and not defined in this Article 1 have the meanings assigned to them elsewhere in this Warrant. 

“Acceleration Event” means an IPO. 

“Applicable Amount” means 111,808 shares of Subject Securities. 

“Business Day” means any day other than a Saturday, Sunday or a public holiday on which commercial banks in either Hong Kong
or Beijing are open for business throughout their normal business hours. 

  
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 “Common Stock” means the ordinary shares, par value US$0.0001 per share, of
the Company, and any capital stock into which such Common Stock shall have been converted, exchanged or reclassified following the date hereof. 

“Constitutional Documents” means the Company’s Fifth Amended and Restated Articles of Association adopted on
January 12, 2018, and the Fourth Amended and Restated Shareholders Agreement dated January 12, 2018, in each case as may be amended or restated from time to time. 

“Expiration Date” means the earlier to occur of (i) the date five (5) years from the date of the Issue Date;
provided, however, that if such date is not a Business Day, then the Expiration Date shall be the next succeeding Business Day, and (ii) an Acceleration Event. 

“Marketable Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then
subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or like securities regulation and reporting requirements of any other jurisdiction
or Trading Market regulators applicable to the Company in connection with the issuance, sale or trading of its securities (“Applicable Law”), and is then current in its filing of all required reports and other information under the
Act, the Exchange Act and any other Applicable Law; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the
closing thereof is then traded in Trading Market, (iii) Holder would be able to publicly re-sell, within thirty (30) calendar days following the closing of such Acquisition, all of the issuer’s
shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, and (iv) Holder is not subject to any lock-up or similar restriction (whether contractual or regulatory). 
 “Subject
Securities” means shares of Series E Preferred Shares, par value US$0.0001 of the Company. 
 “Warrant Price” US$
3.1716 per share. 
 ARTICLE 2. EXERCISE. 

2.1 Method of Exercise. Holder may exercise this Warrant, in whole but not in part, at any time and from time to time on or before the
Expiration Date set forth above. Holder may exercise this Warrant by delivering the original of this Warrant and a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company.
Unless Holder is exercising the conversion right set forth in Section 2.2, Holder shall also deliver to the Company payment of the aggregate Warrant Price for the Shares being purchased. 

2.2 Conversion Right. In lieu of exercising this Warrant as specified in Section 2.1, Holder may from time to
time convert this Warrant, in whole but not in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares minus the aggregate Warrant Price of such Shares by (b) the fair market value of one
Share. The fair market value of the Shares shall be determined pursuant to Section 2.3. 

  
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 2.3 Fair Market Value. If the Shares are regularly traded in a public market, the
fair market value of each Share shall be the product of (a) the average closing price per share of Common Stock reported during the 90-trading day period immediately prior to the day Holder delivers its
Notice of Exercise to the Company multiplied by (b) the number of shares of Common Stock into which one Share of Subject Securities is convertible at the time of such exercise. If the Shares are not regularly traded in a public market, the
Board of Directors of the Company shall determine fair market value of each Share in its reasonable good faith judgment. If the Warrant is exercised in connection with the Company’s initial public offering of common stock, the fair market value
of each Share shall be the product of (x) the per share offering price of the Common Stock to the public of the Company’s initial public offering multiplied by (y) the number of shares of Common Stock into which one Share of Subject
Securities is convertible at the time of such exercise. 
 2.4 Delivery of Certificate. Promptly after Holder exercises or converts
this Warrant, the Company shall deliver to Holder a certificate for the Shares acquired. 
 2.5 Replacement of Warrants. On receipt
of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance
(including the amount) to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall execute and deliver to Holder, in lieu of this Warrant, a new Warrant of like tenor. 

ARTICLE 3. ADJUSTMENTS TO THE SHARES. 

3.1 Subdivisions and Combinations. In the event that the outstanding shares of Subject Securities are subdivided (by stock split, by
payment of a stock dividend or otherwise) into a greater number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently with the
effectiveness of such subdivision, be proportionately increased, and the Warrant Price shall be proportionately decreased, and in the event that the outstanding shares of Subject Securities are combined (by reclassification or otherwise) into a
lesser number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such combination shall, concurrently with the effectiveness of such combination, be proportionately
decreased, and the Warrant Price shall be proportionately increased. 
 3.2 Reclassification, Exchange, Combination or Substitution.
Upon any reclassification, exchange, combination, substitution or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon
exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, combination, substitution,
or other event. The provisions of this Section 3.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, or other events. 

  
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 3.3 Acquisition. Upon the closing of any sale, license, or other disposition of all
or substantially all of the assets (including intellectual property) of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company’s securities before the transaction beneficially own less than
50% of the outstanding voting securities of the surviving entity after the transaction (each, an “Acquisition”), Holder shall (at its sole option) after having received the notice of such Acquisition from the Company (which shall be
at least fifteen (15) business days in advance of such Acquisition), either (a) exercise this Warrant pursuant to Section 2.1 herein or convert this Warrant pursuant to Section 2.2 herein, and such exercise or conversion will be
deemed effective immediately prior to the consummation of such Acquisition, or (b) exchange for cash or Marketable Securities in case the consideration payable of such Acquisition consists solely of cash and/or Marketable Securities,
(c) if Holder elects not to exercise or convert this Warrant, or exchange for cash or Marketable Securities in case the consideration payable of such Acquisition consists solely of cash and/or Marketable Securities, this Warrant will expire
upon the consummation of such Acquisition. 
 3.4 Stock Dividends. If the Company at any time while this Warrant is outstanding and
unexpired shall pay a dividend with respect to the Subject Securities payable in Subject Securities, then the Warrant Price shall be adjusted, from and after the date of determination of stockholders entitled to receive such dividend or
distribution, to that price determined by multiplying the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of shares of Subject Securities outstanding
immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Subject Securities outstanding immediately after such dividend or distribution. 

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

3.6 No Impairment. The Company shall not, by amendment of its articles or certificate of incorporation or through a reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the
Company, but shall at all times when this Warrant is outstanding in good faith assist in carrying out all the provisions of this Article 3 and in taking all such action as may be necessary or appropriate to issue the Shares pursuant to the
terms of this Warrant.. 

  
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 3.7 No Fractional Share. No fractional Share shall be issuable upon exercise of this
Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall promptly compute such adjustment and deliver
to Holder a certificate of the Chief Executive Officer, the Chief Financial Officer or the Managing Director of the Company setting forth such adjustment and the facts upon which such adjustment is based. 

3.8 Acceleration Event. Provided that in anticipation of an Acceleration Event, Holder shall effect an Exercise within fifteen
(15) business days after the date on which the Company notifies Holder in writing that a formal shareholders’ resolution or board resolution has been adopted to approve the plan of such IPO. 

ARTICLE 4. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

4.1 Representations and Warranties. The Company hereby represents and warrants to the Holder that all Shares which may be issued upon
the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, have been duly authorized by all required corporate action on the part of the Company, and shall, upon issuance, be
duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein, in the Constitutional Documents or under
applicable laws. Until this Warrant is exercised pursuant to the terms hereof, the Company shall have authorized, and reserved for the purpose of issuance of Shares upon exercise of this Warrant, a sufficient number of shares of Subject Securities
to provide for the exercise of the rights represented by this Warrant, and shall have authorized and reserved a sufficient number of shares of its Common Stock to provide for the conversion of the Subject Securities available hereunder. 

4.2 Notice of Certain Events. If the Company proposes at any time: (a) to declare any dividend or distribution upon its common
stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any class or
series or other rights that would give rise to pre-emptive rights of any class or series of shareholders; (c) to effect any reclassification or recapitalization of common stock; or (d) to merge or
consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder (1) at
least ten (10) days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of common stock will be entitled thereto) or for
determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and (2) in the case of the matters referred to in (c) and (d) above at least ten (10) days prior written notice of the date when the
same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event). 

  
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 ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF HOLDER. 

5.1 No Registration. The Holder understands that the Shares have not been, and will not be, registered under the securities acts of any
jurisdiction by reason of exemptions from the registration provisions the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed herein
or otherwise made pursuant hereto. 
 5.2 Investment Intent. The Holder is acquiring the Shares for investment for its own account,
not as a nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof. The Holder has no present intention of selling, granting any participation in, or otherwise distributing the Shares, nor does it have any
contract, undertaking, agreement or arrangement for the same. 
 5.3 Investment Experience. The Holder has substantial experience in
evaluating and investing in private placement transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating the merits and risks of its
investment in the Company and protecting its own interests. 
 5.4 Speculative Nature of Investment. The Holder understands and
acknowledges that its investment in the Company is highly speculative and involves substantial risks. The Holder can bear the economic risk of its investment and is able, without impairing its financial condition, to hold the Securities for an
indefinite period of time and to suffer a complete loss of its investment. 
 5.5 Access to Data. The Holder has had an opportunity
to ask questions of officers of the Company, which questions were answered to its satisfaction. The Holder understands that any such discussions, as well as any information issued by the Company, were intended to describe certain aspects of the
Company’s business and prospects, but were not necessarily a thorough or exhaustive description. The Holder acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections
included in such business plans or otherwise are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. 

5.6 Accredited Investor. The Holder is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated
by the Securities and Exchange Commission of the United States of America and agrees to submit to the Company such further assurances of such status as may be reasonably requested by the Company. 

5.7 Residency. The residency of the Holder (or, in the case of a partnership or corporation, such entity’s principal place of
business) is correctly set forth on the signature page hereto. 
 5.8 Restrictions on Resales. The Holder acknowledges that the
Shares must be held indefinitely unless subsequently registered or an exemption from such registration is available. 

  
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 5.9 No Public Market. The Holder understands and acknowledges that no public market
now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities. 

5.10 Brokers and Finders. The Holder has not engaged any brokers, finders or agents in connection with this Warrant or the Shares, and
the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the Shares.

 5.11 Legal Counsel. The Holder has had the opportunity to review this Warrant, the exhibits and schedules attached hereto and the
transactions contemplated by this Warrant with its own legal counsel. The Holder is not relying on any statements or representations of the Company or its agents for legal advice with respect to this investment or the transactions contemplated by
this Warrant. 
 5.12 Tax Advisors. The Holder has reviewed with its own tax advisors the U.S. and
non-U.S. tax consequences of this investment and the transactions contemplated by this Warrant. With respect to such matters, the Holder relies solely on any such advisors and not on any statements or
representations of the Company or any of its agents, written or oral. The Holder understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment and the transactions contemplated
by this Warrant. 
 5.13 Authorization. Holder has all requisite power and has taken all requisite action required of it to execute
this Warrant, and to carry out and perform all of its obligations hereunder. The execution and delivery of this Warrant has been duly authorized, and this Warrant has been duly executed and delivered on behalf of Holder and constitutes the valid and
binding agreement of Holder, enforceable in accordance with its terms. The execution and delivery of this Warrant do not, and the consummation of the transactions contemplated hereby and thereby will not, conflict with, or result in any violation of
any obligation under Holder’s constitutional documents or any agreement or law applicable to Holder. 
 ARTICLE 6. MISCELLANEOUS. 

6.1 Term. This Warrant is exercisable in whole but not in part at any time and from time to time on or before the Expiration Date set
forth above. [If this Warrant has not been exercised prior to the Expiration Date, this Warrant shall be deemed to have been automatically exercised on the Expiration Date by “cash-less” conversion pursuant to
Section 2.2]. 

  
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 6.2 Legends. 

(a) Securities Law Legend. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the
Shares, if any) may be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 OF THE UNITED STATES OR OF ANY OTHER APPLICABLE JURISDICTION AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER APPLICABLE SECURITIES LAWS OR AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF ANY APPLICABLE SECURITIES LAWS. 
 (b) Market Stand-Off Legend.
The Shares issued upon exercise hereof may also be stamped or imprinted with a legend in substantially the following form: 
 THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE
SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 
 6.3 Compliance with Securities Laws on
Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance
with applicable federal and state securities laws by the transferor and the transferee. 
 6.4 Transfer Procedure. After receipt of
this Warrant, with prior written notice to the Company, Bank may transfer all but not part of this Warrant to its parent company, East West Bancorp, Inc. (“EWBI”), who has assumed in writing the obligations of Holder set forth in
this Warrant. With prior written notice to the Company, this Warrant may be transferred to a third party, in whole but not in part, without restriction, subject only to (i) Holder’s compliance with applicable laws, (ii) the transferee
holder of the new Warrant assuming in writing the obligations of Holder set forth in this Warrant, (iii) any applicable transfer restrictions in the Company SHA as if the Holder has Exercised the Warrant and holds the Warrant Shares;
provided that Holder shall not be entitled to transfer this Warrant or the Warrant Shares to any Company Competitor. 
 6.5 Notices.
All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered and effective when (i) given personally, (ii) on the day it is received by Holder after being mailed by first-class registered or
certified mail, postage prepaid, or (iii) upon actual receipt if given by facsimile or electronic mail and written confirmation of such receipt by the recipient, in each case at such address as may have been furnished to the Company or Holder,
as the case may be, in writing by the Company or Holder from time to time. 
 6.6 Amendment or Waiver. Any term of this Warrant may
be amended or waived upon written consent of the Company and the Holder. 

  
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 6.7 No Rights as Shareholder. Until the exercise this Warrant pursuant to the terms
herein, the Holder shall not have or exercise any rights by virtue hereof as a shareholder of the Company except as expressly provided in this Warrant. 

6.8 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative
Region of the People’s Republic of China, without giving effect to its principles regarding conflicts of law. 
 6.9 Dispute
Resolution. All disputes and controversies arising out of or in connection with this Warrant shall be finally resolved by arbitration in Hong Kong under the Hong Kong International Arbitration Center Administered Arbitration Rules (the
“Rules”) in force when the Notice of Arbitration (as defined by the Rules) is submitted in accordance with the Rules. For the purpose of such arbitration, there shall be three arbitrators to form an arbitration board, with one being
appointed by all claimants collectively, one being appointed by all respondents collectively, and the third being selected by the Chairman of the Hong Kong International Arbitration Centre. The award of the arbitrators shall be final and binding and
may be enforced in any court of competent jurisdiction. 
 6.10 No Withholding. All payments to be made by or for Holder under this
Warrant shall (save insofar as required by law to the contrary) be paid in full without set-off or counterclaim and free and clear of and without any deduction or withholding for or on account of any taxes
that may be imposed in any jurisdiction from which payment may be made by or for Holder under this Warrant. 
 6.11 Further
Assurances. The Company will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of stock upon the exercise
of this Warrant. 
 6.12 California Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS WARRANT HAS NOT
BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF
SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 6.13 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

  
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 6.14 Severability. In the event any one or more of the provisions of this Warrant
shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Warrant shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable
provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 
 ARTICLE 7.
EFFECTIVENESS. The Warrant shall automatically become effective in tandem with the drawdown of the Credit Facility, without further consent of the Company or any other party. 

[Rest of page intentionally left blank; signature page follows] 

  
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 IN WITNESS WHEREOF, the Company and the Holder sign this Warrant as of the Issue Date set
forth above. 
  

			
	17 Education & Technology Group Inc.
	A Cayman Islands exempted company
		
	By:	 	 /s/ LIU Chang

 
			
	Name:	 	LIU Chang

 
			
	Title:	 	  Director

 Warrant Signature Page 

			
	AGREED AND ACKNOWLEDGED,
	
	EAST WEST BANK
		
	By:	 	   /s/ Xin Brachman

			
	Name:	 	Xin Brachman

			
	Title:	 	  First Vice President

 Address: 
 [***] 

Attention: 
 Warrant Signature Page 

 APPENDIX 1 

NOTICE OF EXERCISE 
 1.
The undersigned hereby elects to purchase ___________________ shares of the ________________________________ of 17 Education & Technology Group Inc. a Cayman Islands exempted company, pursuant to the terms of the attached Warrant and
tenders herewith payment of the purchase price of such shares in full. 
 1. The undersigned hereby elects to convert the attached Warrant
into Shares in the manner specified in the Warrant. This conversion is exercised with respect to ____________ of the Shares covered by the Warrant. 

[Strike paragraph that does not apply.] 

2. Please issue a certificate or certificates representing such shares in the name of the undersigned or in such other name as is specified
below: 

                          
      ________________________________ 
 Or Registered Assignee 

3. The undersigned represents it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a
view toward the resale or distribution thereof except in compliance with applicable securities laws and has executed, and delivers herewith, an Investment Representation Statement and Market Stand-Off
Agreement in a form substantially similar to the form attached to the warrant as Appendix A-1. 
 _________________
or Registered Assignee 
  

			
	(Signature)
	
	
	(Date)

 Appendix 1 

 APPENDIX A-1 

INVESTMENT REPRESENTATION STATEMENT AND 

MARKET STAND-OFF AGREEMENT 

 

			
	INVESTOR:	  	__________________________________________________
		
	COMPANY:	  	17 Education & Technology Group Inc. a Cayman Islands exempted company
		
	SECURITIES:	  	THE WARRANT ISSUED ON _________ (THE “WARRANT”) AND THE SECURITIES ISSUED OR ISSUABLE UPON EXERCISE THEREOF
		
	DATE:	  	__________________________________________________

 In connection with the purchase or acquisition of the above-listed Securities, the undersigned Investor
represents and warrants to, and agrees with, the Company as follows: 
 1. No Registration. The Investor understands that the
Securities have not been, and will not be, registered under the Securities Act of 1933 of the United States of America or the applicable securities law of any other jurisdiction by reason of a specific exemption from registration provisions, the
availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Investor’s representations as expressed herein or otherwise made pursuant hereto. 

2. Investment Intent. The Investor is acquiring the Securities for investment for its own account, not as a
nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof. The Investor has no present intention of selling, granting any participation in, or otherwise distributing the Securities, nor does it have any
contract, undertaking, agreement or arrangement for the same. 
 3. Investment Experience. The Investor has substantial
experience in evaluating and investing in private placement transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating the merits and
risks of its investment in the Company and protecting its own interests. 
 4. Speculative Nature of Investment. The Investor
understands and acknowledges that its investment in the Company is highly speculative and involves substantial risks. The Investor can bear the economic risk of its investment and is able, without impairing its financial condition, to hold the
Securities for an indefinite period of time and to suffer a complete loss of its investment. 
 5. Access to Data. The Investor has
had an opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction. The Investor believes that it has received all the information that it considers necessary or appropriate for deciding whether to
acquire the Securities. The Investor understands that any such discussions, as well as any information issued by the Company, were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily a thorough
or exhaustive description. The Investor acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative
in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. 

 6. Accredited Investor. The Investor is an “accredited investor”
within the meaning of Regulation D, Rule 501(a), promulgated by the Securities and Exchange Commission of the United States of America and agrees to submit to the Company such further assurances of such status as may be reasonably
requested by the Company. 
 7. Residency. The residency of the Investor (or, in the case of a partnership or corporation,
such entity’s principal place of business) is correctly set forth on the signature page hereto. 
 8. Restrictions on
Resales. The Investor acknowledges that the Securities must be held indefinitely unless subsequently registered under applicable securities laws or an exemption from such registration is available. 

9. No Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the
Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities. 
 10.
Brokers and Finders. The Investor has not engaged any brokers, finders or agents in connection with the Securities, and the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the
Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the Securities. 

11. Legal Counsel. The Investor has had the opportunity to review the Warrant, the exhibits and schedules attached thereto and
the transactions contemplated by the Warrant with its own legal counsel. The Investor is not relying on any statements or representations of the Company or its agents for legal advice with respect to this investment or the transactions contemplated
by the Warrant. 
 12. Tax Advisors. The Investor has reviewed with its own tax advisors the U.S. and non-U.S. tax consequences of this investment and the transactions contemplated by the Warrant. With respect to such matters, the Investor relies solely on such advisors and not on any statements or representations
of the Company or any of its agents, written or oral. The Investor understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions contemplated by the
Warrant. 
 13. Market Stand-off. The Investor agrees that the Investor shall not sell or
otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common stock (or other securities) of the Company held by the Investor
(other than those included in the registration) during the one hundred eighty (180) day period following the effective date of a registration statement of the Company (or such other period as may be requested by the Company or an underwriter to
accommodate regulatory). The Company may impose stop-transfer instructions and may stamp each certificate with a legend with respect to the shares of common stock (or other securities) subject to the foregoing restriction until the end of such one
hundred eighty (180) day (or other) period. The Investor agrees to execute a market stand-off agreement with the relevant underwriters in customary form consistent with the provisions of this section.

 (signature page follows) 

 The Investor is signing this Investment Representation Statement and Market
Stand-Off Agreement on the date first written above. 
  

	
	INVESTOR
	
	   

	(Print name of the investor)
	
	   

	(Signature)
	
	   

	(Name and title of signatory, if applicable)
	
	   

	(Street address)
	
	   

	(City, state and ZIP)EX-10.24

 Exhibit 10.24 

THE SYMBOL “[***]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH
(i) NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 
 Service Outsourcing
Agreement 
 Party A: Shanghai Yiqi Zuoye Information Technology Co., Ltd. 

Address: 16 / F, Building B, Wangjing Greenland Center, Chaoyang District, Beijing 

Zip: 100102 
 Contact number: [***] 

Contact person: [***] 

E-mail address: [***] 

Party B: Beijing Yicai Human Resource Consulting Co., Ltd. 

Address: Building F1, No. 1 Tianyang Canal(North Gate), No. 56 Jianguo Road, Chaoyang District, Beijing 

Zip: 100022 
 Contact number: [***] 

Fax number: [***] 
 Contact person: [***] 

E-mail address: [***] 

In accordance with the Contract Law of the People’s Republic of China and relevant laws and regulations, Party A, as the project
employer, and Party B, as the project contractor, hereby enter into this Service Outsourcing Agreement (hereinafter referred to as the “Agreement”) through amicable negotiation on the learning counseling project (hereinafter
referred to as the “Outsourcing Service Project”) and its rights and obligations arising therefrom. 
 I. Definitions, 

1.1 Party A, shall mean, the contract-issuing party accepting the outsourcing services. If Party A requests Party B to provide Party A’s affiliates
with the same services as provided herein, Party A shall provide Party B with a list of affiliates in need of such services. All rights and obligations of Party A in this Agreement shall apply to the affiliates in the list. Party A understands and
undertakes that Party A shall be jointly and severally liable for the consequences arising from any breach of this Agreement by its affiliates. 
 1.2
Party B, shall mean, the contractor providing the outsourcing services. Party A understands and undertakes that party B shall have the right to entrust its affiliates or its authorized agencies to provide Outsourcing Service Project in
provinces and cities outside Party B’s service scope. Party B understands and agrees that party B shall be jointly and severally liable for the consequences arising from any breach of this Agreement by its affiliates or its authorized agencies.

 II. Service Items 
 Party B shall
provide position outsourcing services based upon the acceptance of Party A’s entrustment. For the specific contents of the services items, please refer to “Service Items Confirmation”. 

III. Rights and Obligations of Party A 

1. Party A shall have the right to make clear, explicit and reasonable requirements for service items provided by Party B. 

2. Party A shall have the right to inspect the completion of service items by Party B’s staff and give corresponding feedback to Party B.

 3. If the service provided by Party B’s staff fails to meet the relevant requirements,
Party A shall have the right to request Party B to replace its personnel after assessment and confirmation by both parties. 
 4. Party A
shall have the right to supervise and guide the progress of the services and put forward suggestions for improvement. 
 5. The employees
provided by Party B to Party A are legitimate employees carefully selected by Party B, and Party A shall not employ Party B’s employees without Party B’s consent. 

Party B shall not be liable for any failure or delay in completion of the services hereunder due to Party A’s employment of Party B’s
staff. 
 6. Party A shall pay the service fee and other expenses agreed by both parties to Party B on time and in full amount. 

7. Party A shall cooperate with Party B to strengthen the daily management of Party B’s door-to-door service staff. 
 8. Party A shall designate relevant person in charge to examine and
confirm the work tasks completed by Party B and its staff as agreed by both parties. 
 9. Without the written consent of Party B, Party A
shall not designate Party B ’s employees to engage in work beyond the services items. Otherwise, Party A shall be liable for indemnification in case of any accidental injury to Party B’s employees or any damage to any third party arising
therefrom. 
 10. Party A shall provide Party B’s staff with office places and working equipment which are safe, compliant with laws and
regulations in relation to national labor protection and other working conditions necessary for accomplishing work tasks. 
 11. In case of
any change in Party A’s Outsourcing Service Project or business operation, Party B shall increase or decrease its service personnel in accordance with the following notification principles: 

11.1 Party A shall inform Party B one week in advance of any increase or decrease of less than or equal to 10 persons; 

11.2 Party A shall inform Party B two weeks in advance of any increase or decrease of more than 10 persons. 

IV. Rights and Obligations of Party B 
 1.
Party B shall, in accordance with the mutual agreement, employ appropriate staff to undertake the services prior to the commencement of the service project and ensure the services to be carried out as scheduled. 

2. Party B shall provide the services in accordance with the requirements of Party A and report the services to Party A periodically according
to the time period agreed by both parties. 
 3. Party B shall, in accordance with Party A’s inspection and comments on the services
completed by Party B’s staff, make timely working adjustments to ensure that the implementation of the service items is not affected. 

4. Party B shall instruct party B’s staff to comply with Party A’s business process, operation standards, supervision mechanism and
risk control mechanism. 
 5. Party B shall exercise necessary management rights over the services provided, provided that the exercise of
such management rights shall not prejudice Party A’s commercial interests and shall not violate Party A’s requirements for the completion of the services hereunder. 

As agreed by both parties, Party B may entrust Party A with part of the above management authority. 

6. The relationship between the staff of Party B and Party B is labor relation. Party B shall provide services to Party A. The staff of Party B
are not involved in any labor relation with Party A. 
 7. Party B shall have the right to require Party B’s staff to wear their logo
when providing door-to-door services to Party A. 

  
 2 

 V. Service mode 

Party B shall provide door-to-door service. For the working
hours of Party B’s door-to-door service personnel, please refer to the Service Items Confirmation. 

VI. Service fee and invoicing 
 6.1
Service Fee 
 6.1.1 Party A shall pay party B the service fee for the services provided by Party B to Party A hereunder. The service fee
shall be calculated according to the price agreed in the “Service Price List” attached hereto as Annex, the actual workload and the services to be completed by Party B under the “Project Service List”. 

6.1.2 Party B shall, in accordance with Party A’s requirements, prepare statistics on the service achievements provided by Party B on a
calendar month basis and submit them to Party A. The service results of the project shall serve as the settlement basis for both parties only if being confirmed by Party A, and the fee shall be deducted (if any) according to the assessment results
of the service of Party B in the current period. Upon the consent of Party A, for the workload and service achievements of Party B on off days and statutory holidays, Party A may, check and approve the workload recorded as two to three times of the
actual workload. 
 6.1.3 Service fee under this Agreement and the Project Service List shall include all necessary taxes and fees required
by Party B to perform this Agreement and the Project Service List, including but not limited to: 
 (1) All taxes (including but not limited
to VAT) payable by Party B for providing relevant services to Party A; 
 (2) Relevant management fees incurred by Party B in providing
services; (The settlement shall be based on the Project Service List) 
 (3) Other expenses necessary for party B to complete the
services. (The settlement shall be based on the Project Service List) 
 6.1.4 Unless otherwise agreed herein, Party A is not required
to pay any other service fee to Party B for matters agreed herein or in the Project Service List. 
 6.2 Settlement and payment 

6.2.1 The service fee shall be settled on a monthly basis according to the Agreement, the Project Service List and the assessment results.
Party A shall, upon receipt of the following documents provided by Party B, pay the relevant fees prior to the 25th day of each month based on the assessment results: 

Service period: 2 years 
 Total
cost estimated: RMB [***] / year 
 Service rate: [***]% (tax excluded) 

Expense adjustment: the settlement of expenses shall be based on the monthly actual situation 

(1) Notice of payment; (The specific service fee shall be subject to the monthly Project Service List) 

(2) Value-added Tax Special Invoice (or Special VAT invoices) with corresponding amount and in compliance with statutory regulations. 

6.3 After this Agreement entering into force, both Parties shall negotiate with each other through the latest billing price provided that
receiving adjustment notice from the relevant governmental authorities relating to social minimum wage adjustment, minimum cardinality adjustment of social insurance, other expense adjustments legally borne by the employer resulting in the cost
adjustment of Party B. Upon the written confirmation by Party A and Party B, both parties may adjust the billing unit price hereunder and implement such adjustment. 

  
 3 

 6.4 Party B’s account number 

Company name: Beijing Yicai Human Resource Consulting Co., Ltd. 

Bank of deposit: Central Business District Sub-branch of ICBC 

Bank account number: [***] 

Account number: [***] 
 Party A
Information: 
 Party A’s name: Shanghai Yiqi Zuoye Information Technology Co., Ltd. 

Name of the payee: Shanghai Yiqi Zuoye Information Technology Co., Ltd. 

Invoice title: Shanghai Yiqi Zuoye Information Technology Co., Ltd. 

Taxpayer identification Number: [***] 

Invoice Address: [***] 
 Phone
number: [***] 
 Qualification of Party A: General taxpayer 

Bank name: Shanghai Nanxiang Sub-branch of Bank of Communications Co., Ltd. 

Party A account number: [***] 

6.5 Invoices shall not be issued repeatedly. Party B shall not be liable and Party A shall bear all costs for taking relevant remedial measures
if the invoice type, title, amount and other information issued is incorrect due to the wrong information provided by Party A , or if Party A fails to receive the invoice due to the wrong address provided by Party A. If Party A ’s loses Special
VAT invoices or Special VAT invoices is stolen due to Party A’s reason, Party A shall submit a written explanation of the situation under its company seal, and bear all relevant costs of issuing VAT special invoices, including but not limited
to the costs of publishing “Lost Declaration”, courier fees of relevant materials and reporting the loss to the competent tax authorities. Party B shall not be liable for the loss of Party A’s ordinary VAT invoices or the theft of
such ordinary VAT invoices due to Party A’s reasons, and Party A shall bear the costs of taking all relevant remedial measures. 
 6.6
If the special VAT invoice expires due to reasons attributable to Party A, party A shall deal with it by itself in accordance with relevant tax laws and regulations, rather than Party B. 

6.7 For Party A paying after the invoice, Party A shall not take the receipt of the invoice issued by Party B as the evidence for payment, but
shall take the bank payment record as the evidence for payment. 
 VII. Legal liability 

1. Unless otherwise agreed by both parties, both parties shall be bound by the confidentiality obligation hereunder, keep confidential all of
the contents of this Agreement and the information obtained from the other party during the performance of this Agreement. The confidentiality obligation shall mean, without written consent from the other party, each party shall neither use the
aforesaid confidential information for any situation unrelated to the performance of the Agreement, nor disclose or leak to any third party in any form. Both parties are obliged to make every effort to prevent any third party from stealing
Confidential Information. In case any party violating the aforesaid obligation of confidentiality and causing losses to the other party, such party shall be liable for cessation of infringement, elimination of adverse impact, compensation for the
losses suffered by the other party. 
 2.Party B hereby confirms and undertakes that Party A’s business data, system information, business processes, training and customer data and other kinds of information and documents in the
process of entering into the Agreement and the cooperation are Party A’s confidential information. Party B’s staff related to the services under this Agreement have received confidential training and are familiar with and abide by relevant
security regulations. If Party A’s confidential information is damaged or disclosed due to party B’s staff, Party B shall be liable for all losses caused thereby. 

  
 4 

 3. If either party intends to terminate the service of certain position in advance during
the term hereof, it shall notify the other party in writing thirty-five (35) days in advance and pay the full service fee of the position for two months to the other party as liquidated damages. 

4. If Party A fails to perform its obligations hereunder and fails to do so within 10 days upon party B’s written notice, Party B shall
have the right to terminate the Agreement immediately. Upon termination of the Agreement Party A shall pay Party B all the service fee for the unperformed part of the Agreement. 

VIII. Notice and Delivery 
 1. Any notice
and communication between the parties shall be delivered in writing to the addresses and contacts of Party A and Party B (see the beginning of this Agreement for details). 

2. In case contacts of the parties or one party fail to perform the obligations hereunder, both parties or the other party shall timely
communicate and replace the contacts. 
 IX. Term of contract 

The contract period is for 2 years, since September 1, 2020 to August 31, 2022. 

Both parties shall negotiate the renewal of the Agreement 30 days before the expiration. If neither Party A nor Party B raises any written
objection, the Agreement shall be automatically extended for one year upon expiration. 
 X. Dispute Resolution 

Any dispute arising from this Agreement shall be settled by both parties through negotiation. If no settlement could be reached through
negotiation, both parties may file a lawsuit with the court where the plaintiff is located. 
 XI. Others 

1. During the performance of this Agreement, in case of any conflict between the provisions of this Agreement and the relevant laws and
regulations latest promulgated by the Chinese Government and the provisions of the region where the service is provided, Party A and Party B shall change the corresponding terms through negotiation so as to meet the requirements of the relevant
regulations. 
 2. The annexes hereto, the operating procedures and specifications agreed by both parties shall be supplementary to this
Agreement and shall form an integral part hereof and have the equal legal force with this Agreement. 
 3. During the execution of this
Agreement, both parties shall abide by and carry out the Agreement earnestly and shall not alter or modify the Agreement without the other party’s consent. If both parties agree to modify this Agreement, it shall be annexed herein with the form
of agreement. 
 4. This Agreement is made by both parties in two(2) originals of equal legal force, with one(1) held by each party. 

  
 5 

					
	 Party A
 (Seal) /s/ Shanghai Yiqi Zuoye
Information Technology Co., Ltd.
 Authorized representative:
                    
 Date of Signature:
2020.9.1
	  		  	 Party B
 (Seal) /s/ Beijing Yicai Human Resource
Consulting Co., Ltd.
 Authorized representative:
                    
 Date of signature:
2020.9.1

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