Document:

EX-4.4

 Exhibit 4.4 

Execution 
 AMENDED AND RESTATED
SHAREHOLDERS AGREEMENT 
 THIS AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is made and entered into
as of March 15, 2019 by and among: 
  

	 	1.	 GSX Techedu Inc., an exempted company with limited liability organized and existing under the laws of the
Cayman Islands (the “Company”); 

  

	 	2.	 BaiJiaHuLian Co., Ltd., a company organized and existing under the laws of the British Virgin Islands (the
“BVI Holding Company”); 

  

	 	3.	 Mr. Xiangdong Chen, a PRC citizen with his PRC ID number [    ] (the
“Founder”) and Ebetter International Group Limited, a company organized and existing under the laws of the British Virgin Islands and wholly owned by the Founder (the “Founder Holding Company”);

  

	 	4.	 Huai Yuan Group Limited, a company organized and existing under the laws of the British Virgin Islands (the
“BVI 1”) 

  

	 	5.	 Su Wei Group Limited, a company organized and existing under the laws of the British Virgin Islands (the
“BVI 2”); 

  

	 	6.	 Jenny and Jerry International Limited, a company organized and existing under the laws of the British Virgin
Islands (the “BVI 3”); 

  

	 	7.	 Rolancy International Limited, a company organized and existing under the laws of the British Virgin Islands
(the “BVI 4”); 

  

	 	8.	 Super Energy Global Limited, a company organized and existing under the laws of the British Virgin Islands (the
“BVI 5”, collectively with BVI 1, BVI 2, BVI 3, BVI 4 and the BVI Holding Company, the “BVI Companies”); 

  

	 	9.	 BaiJiaHuLian HK Holdings Limited, a company organized and existing under the laws of Hong Kong (the “HK
Co.”); 

  

	 	10.	 Beijing Lexuebang Network Technology Co., Ltd.
(北京乐学帮网络技术有限公司) , a limited liability company organized and existing under the laws of the
People’s Republic of China (the “PRC”) (the “WFOE”); 

  

	 	11.	 Beijing BaiJiaHuLian Technology Co., Ltd.
(北京百家互联科技有限公司), a limited liability company organized and existing under the laws of the PRC (the
“BaiJiaHuLian” or “PRC Affiliate”); 

  

	 	12.	 Each of the persons as set forth in Schedule I attached hereto (collectively, the “Individual
Shareholders”, and each an “Individual Shareholder”); 

  

	 	13.	 Origin Beyond Limited, a company limited by shares established under the laws of British Virgin Islands (
“Origin Beyond”); 

  

	 	14.	 Irefresh Future Limited, a company limited by shares established under the laws of British Virgin Islands (
“Irefresh Future”); 

  
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	 	15.	 `QFcapital Limited, a company organized and existing under the laws of the British Virgin Islands (the
“Angel Investor”); 

  

	 	16.	 Each of the entities as set forth in Schedule II (A) attached hereto (the “Series A-1 Investors”, and each a “Series A-1 Investor”); 

  

	 	17.	 Each of the entities as set forth in Schedule II (B) (the “Series
A-2 Investors”, and each a “Series A-2 Investor”); and 

 

	 	18.	 Each of the entities as set forth in Schedule II (C) ( “Banyan” or the “Series A-3 Investors”, and each a “Series A-3 Investor”, collectively with the Series A-1 Investors, Series A-2
Investors, the “Series A Investors”, and each a “Series A Investor”, and together with the Angel Investor, the “Investors”, and each an “Investor”). 

The Company, the HK Co., the WFOE, the PRC Affiliate and each of their direct or indirect subsidiaries are referred to collectively herein as
the “Group Companies”, and each, a “Group Company”. The WFOE and the PRC Affiliate are referred to collectively herein as the “PRC Companies”, and each a “PRC
Company”. 
 RECITALS 

A.    The Company, the HK Co., the WFOE, the PRC Affiliate, the Founder, the Individual Shareholders the Investors and
certain other parties named therein entered into a Series A Preferred Shares Purchase Agreement dated April 28, 2015 (the “Share Purchase Agreement”), under which the Company shall issue and allot (i) 4,244,050 series A-1
convertible preferred shares, par value US$0.0001 per share (the “Series A-1 Preferred Shares”) to the Series A-1 Investors, (ii) 8,255,950 series A-2
convertible preferred shares, par value US$0.0001 per share (the “Series A-2 Preferred Shares”) to Series A-2 Investors, and (iii) 7,500,000 series A-3
convertible preferred shares, par value US$0.0001 per share (the “Series A-3 Preferred Shares”, together with Series A-1 Preferred Shares and Series A-2 Preferred Shares, the “Series A-1/2/3 Preferred Shares”) to Series A-3 Investor at the Closing. The Angel Investor has purchased from the Company
3,500,000 series A-0 convertible preferred shares, par value US$0.0001 per share (the “Series A-0 Preferred Shares”, and together with the Series
A-1/2/3 Preferred Shares, the “Series A Preferred Shares”). 

B.    In connection with the consummation of the transactions contemplated by the Share Purchase Agreement, the parties to
the Share Purchase Agreement entered into the Shareholders Agreement on April 28, 2015 (the “Original Shareholders Agreement”) for the governance, management and operations of the Group Companies and for the rights and
obligations between and among the shareholders and the Company. 
 C.    On December 31, 2017, BaiJiaHuLian
transferred and sold to another party all the shares it held in the Beijing Zhongzhi Xinyu Information Technology Co., Ltd.
(北京众智新育信息技术有限公司), whose name has
been changed into Beijing Baijia Yuntu Technology Co., Ltd. (北京百家云图科技有限公司) (the “Zhongzhi Xinyu” ), by which Zhongzhi Xinyu is no longer an entity owned by BaiJiaHuLian. 

  
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 D.    The parties hereto wish to amend and restate the Original
Shareholders Agreement in its entirety as provided hereunder and simultaneously amend the Share Purchase Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1.    CAPITALIZATION STRUCTURE OF COMPANY; INFORMATION RIGHTS; BOARD REPRESENTATION;. 

1.1.    Capitalization Structure of Company. 

(a)    The parties hereto acknowledge and confirm that, as of December 31, 2015, the Company issued a certain number
of new securities in the authorized share capital of the Company as agreed by all the shareholders of the Company, and the capitalization structure of the Company immediately thereafter shall be as shown in the Schedule III attached hereto,
without regard to any provisions in connection with the adjustments of number of shares or conversion price as set forth in the Transaction Documents (as defined in the Share Purchase Agreement). 

(b)    In consideration of certain transfer and surrender of shares and exercise of outstanding share options of the
Company by and among the parties hereto, the parties hereto confirm that the Company’s capitalization structure as of the date hereof shall be as shown in the Schedule IV attached hereto. 

1.2.    Information and Inspection Rights. 

(a)    Information Rights. Each of the Group Companies covenants and agrees that, commencing on the date of the
Original Shareholders Agreement, for so long as any Investor holds any outstanding shares of the Company, the Group Companies shall deliver to such Investor: 

(i)    audited annual consolidated financial statements, within ninety (90) days after the end of each fiscal year,
prepared in conformance with the United States generally accepted accounting principles (the “US GAAP”) throughout the period and audited by one reputable accounting firm acceptable to Investors; 

(ii)    unaudited quarterly consolidated financial statements with comparison with actual result against annual capital
expenditure and operations budget, within thirty (30) days after the end of each quarter, prepared in conformance with the PRC generally accepted accounting principles (the “PRC GAAP”) 

(iii)    unaudited monthly consolidated financial statements with comparison with actual result against annual capital
expenditure and operations budget, within thirty (30) days after the end of each month, prepared in conformance with the PRC GAAP; 

(iv)    an annual business plan, capital expenditure and operations budget and forecasted financial statements of the
Group Companies for each fiscal year, as approved by the board of directors of the Company (“Board”), within thirty (30) days before the end of each fiscal year; 

  
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 (v)    an up-to-date capitalization table of the Company certified by the chief executive officer of the Company, within five (5) days after the end of each quarter; 

(vi)    copies of all Company documents or other Company information sent to any shareholder; 

(vii)    upon the written request by any Investor, such other information as such Investor shall reasonably request from
time to time (the above rights, collectively, the “Information Rights”). 
 All financial statements to be provided to the
Investors pursuant to this Section 1.2(a) shall include an income statement, a balance sheet and a cash flow statement for the relevant period as well as for the fiscal year to-date. 

(b)    Inspection Rights. Each of the Group Companies further covenants and agrees that, commencing on the date of
the Original Shareholders Agreement, for so long as any Preferred Shares are outstanding, each holder of Preferred Shares shall have (i) the right to inspect facilities, records and books of the Group Companies, and (ii) the right to
discuss the business, operations and conditions of the Group Companies with their respective directors, officers, employees, accountants, legal counsel and investment bankers (the “Inspection Rights”). 

(c)    Termination of Rights. The Information Rights and Inspection Rights shall terminate upon consummation of a
firm commitment underwritten public offering of the ordinary shares of the Company (“Ordinary Shares”) in the United States, that has been registered under the United States Securities Act of 1933, as amended from time to time,
including any successor statutes (the “Securities Act”), , or in a similar public offering of the Ordinary Shares of the Company in Hong Kong, Mainland China or another jurisdiction which results in the Ordinary Shares trading
publicly on a recognized international securities exchange (including but not limited to stock exchanges in Hong Kong, Shanghai and Shenzhen); (a “Qualified Initial Public Offering”). 

1.3.    Board of Directors. The Second Amended and Restated Memorandum and Articles of Association
of the Company (the “Restated Articles”) shall provide that the Board of the Company shall consist of not less than three (3) members, which number of members shall not be changed except pursuant to an amendment to the
Restated Articles. Effective from the date hereof, 
 (i)    Banyan shall be entitled to appoint and remove one
(1) director (the “Investor Director”), and shall also be entitled to remove any director occupying such position and to fill any vacancy caused by the resignation, death or renewal of any director occupying such position; 

(ii)    the Founder Holding Company shall be entitled to appoint and remove two (2) directors (the “Ordinary
Directors”) and shall also be entitled to remove any director occupying such position and to fill any vacancy caused by the resignation, death or renewal of any director occupying such position. 

  
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 (iii)    The Company shall hold meetings of the Board of Directors at
least every six (6) months. A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than three (3) directors. The Company shall reimburse the
directors for all reasonable out-of-pocket expenses incurred in connection with attending any meetings of the Board and any committee thereof. 

(iv)    For the avoidance of doubt, the provisions under this Section 1.3 shall be terminated upon the occurrence of
the Qualified Initial Public Offering of the Company. 
 2.    REGISTRATION RIGHTS. 

2.1.    Applicability of Rights. The Holders (as defined below) shall be entitled to the following
rights with respect to any proposed public offering of the Company’s Ordinary Shares in the United States and shall be entitled to reasonably equivalent or analogous rights with respect to any other offering of the Company’s securities in
Hong Kong or any other jurisdiction in which the Company undertakes to publicly offer or list such securities for trading on a recognized securities exchange. 

2.2.    Definitions. For purposes of this Section 2: 

(a)    Registration. The terms “register,” “registered,” and
“registration” refer to a registration effected by filing a registration statement which is in a form which complies with, and is declared effective by the SEC (as defined below) in accordance with, the Securities Act. 

(b)    Registrable Securities. The term “Registrable Securities” means: (1) any Ordinary
Shares of the Company issued or issuable pursuant to conversion of any shares of Preferred Shares issued (A) under the Share Purchase Agreement, or (B) pursuant to the Right of Participation (defined in Section 3.1), (2) any Ordinary
Shares issued (or issuable upon the conversion or exercise of any warrant, right or other security which is issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of, any Preferred Shares described in
clause (1) of this subsection (b), (3) any other Ordinary Shares of the Company owned or hereafter acquired by the holders of Preferred Shares. Notwithstanding the foregoing, “Registrable Securities” shall exclude any
Registrable Securities sold by a person in a transaction in which rights under this Section 2 are not validly assigned in accordance with this Agreement, and any Registrable Securities which are sold in a registered public offering under the
Securities Act or analogous statute of another jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another jurisdiction. 

(c)    Registrable Securities Then Outstanding. The number of shares of “Registrable Securities then
Outstanding” shall mean the number of Ordinary Shares of the Company that are Registrable Securities and are then issued and outstanding, issuable upon conversion of Preferred Shares then issued and outstanding, or issuable upon conversion
or exercise of any warrant, right or other security then outstanding. 
 (d)    Holder. For purposes of this
Section 2, the term “Holder” means any person owning or having the rights to acquire Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights under this Section 2 have been
duly assigned in accordance with this Agreement. 

  
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 (e)    Form F-3. The
term “Form F-3” means such respective form under the Securities Act or any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by
reference to other documents filed by the Company with the SEC. 
 (f)    SEC. The term “SEC”
or “Commission” means the U.S. Securities and Exchange Commission. 
 (g)    Registration
Expenses. The term “Registration Expenses” shall mean all expenses incurred by the Company in complying with Sections 2.3, 2.4 and 2.5 hereof, including, without limitation, all registration and filing fees, printing
expenses, fees, and disbursements of counsel for the Company, reasonable fees and disbursements of one counsel for all the Holders, “blue sky” fees and expenses and the expense of any special audits incident to or required by any such
registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

(h)    Selling Expenses. The term “Selling Expenses” shall mean all underwriting discounts and
selling commissions applicable to the sale of Registrable Securities pursuant to Sections 2.3, 2.4 and 2.5 hereof and all fees charged by or payable to the depositary bank. 

(i)    Exchange Act. The term “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended, and any successor statute. 
 2.3.    Demand Registration. 

(a)    Request by Holders. If the Company shall, at any time after the earlier of (i) five (5) years after the
Closing or (ii) one (1) year following the taking effect of a registration statement for a Qualified Initial Public Offering, receive a written request from the Holders of at least fifty percent (50%) of the Registrable Securities then
outstanding that the Company file a registration statement under the Securities Act covering the registration of at least twenty percent (20%) (or any lesser percentage if the anticipated gross proceeds to the Company from such proposed offering
would exceed US$5,000,000) of the Registrable Securities pursuant to this Section 2.3, then the Company shall, within ten (10) business days of the receipt of such written request, give written notice of such request (“Request
Notice”) to all Holders, and use its best efforts to effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered and included in such registration by
written notice given by such Holders to the Company within twenty (20) days after receipt of the Request Notice, subject only to the limitations of this Section 2.3; provided that the Company shall not be obligated to effect any
such registration if the Company has, within the six (6) month period preceding the date of such request, already effected a registration under the Securities Act pursuant to this Section 2.3 or Section 2.5 or in which the Holders had
an opportunity to participate pursuant to the provisions of Section 2.4, other than a registration from which the Registrable Securities of the Holders have been excluded (with respect to all or any portion of the Registrable Securities the
Holders requested be included in such registration) pursuant to the provisions of Section 2.4(a). The Company shall be obligated to effect no more than two (2) Registrations pursuant to this Section 2.3. For purposes of this
Agreement, reference to registration of securities under the Securities Act and the Exchange Act shall be deemed to mean the equivalent registration in a jurisdiction other than the United States as designated by such Holders, it being understood
and agreed that in each such case all references in this Agreement to the Securities Act, the Exchange Act and rules, forms of registration statements and registration of securities thereunder, U.S. law and the SEC, shall be deemed to refer, to the
equivalent statutes, rules, forms of registration statements, registration of securities and laws of and equivalent government authority in the applicable non-U.S. jurisdiction. In addition, “Form
F-3” shall be deemed to refer to Form S-3 or any comparable form under the U.S. securities laws in the condition that the Company is not at that time eligible to use Form
F-3. 

  
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 (b)    Underwriting. If the Holders initiating the registration
request under this Section 2.3 (the “Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request
made pursuant to this Section 2.3 and the Company shall include such information in the Request Notice. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent
provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders
of a majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.3, if the underwriter(s) advise(s) the Company in writing that marketing factors
require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable
Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities then outstanding
held by each Holder requesting registration (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all
other securities are first entirely excluded from the underwriting and registration including, without limitation, all shares that are not Registrable Securities and are held by any other person, including, without limitation, any person who is an
employee, officer or director of the Company or any subsidiary of the Company; provided further, that at least twenty percent (20%) (or any lesser percentage if the anticipated gross proceeds to the Company from such proposed offering
would exceed $5,000,000) of shares of Registrable Securities requested by the Holders to be included in such underwriting and registration shall be so included. If any Holder disapproves of the terms of any such underwriting, such Holder may elect
to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such
underwriting shall be excluded and withdrawn from the registration. 
 (c)    Deferral. Notwithstanding the
foregoing, if the Company shall furnish to Holders requesting registration pursuant to this Section 2.3, a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it
would be materially detrimental to the Company and its shareholders for such registration statement to be filed at such time, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after
receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further, that the Company shall not register any other of
its shares during such twelve (12) month period. A demand right shall not be deemed to have been exercised until such deferred registration shall have been effected. 

  
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 2.4.    Piggyback Registrations. 

(a)    The Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior to
filing any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company,
but excluding registration statements relating to any employee benefit plan or a corporate reorganization), and shall afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then
held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall within twenty (20) days after receipt of the
above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration
statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any
subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. No Holder of Registrable Securities shall be granted
piggyback registration rights superior to those of the Holders of the Preferred Shares without the consent in writing of the Holders of at least two thirds (2/3) of the Preferred Shares or Ordinary Shares issued upon conversion of the Preferred
Shares or a combination of such Preferred Shares and Ordinary Shares. 
 (b)    Underwriting. If a registration
statement under which the Company gives notice under this Section 2.4 is for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable
Securities to be included in a registration pursuant to this Section 2.4 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the
extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such
underwriting. Notwithstanding any other provision of this Agreement but subject to Section 2.12, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten,
then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first, to the Company, second,
to each of the Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata basis based on the total number of shares of Registrable Securities then held by each such Holder, and third, to holders
of other securities of the Company; provided, however, that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that
(i) the number of Registrable Securities included in any such registration is not reduced below twenty-five percent (25%) of the aggregate number of shares of Registrable Securities for which inclusion has been requested; and (ii) all
shares that are not Registrable Securities and are held by any other person, including, without limitation, any person who is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such
registration and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s),
delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

  
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 (c)    Not Demand Registration. Registration pursuant to this
Section 2.4 shall not be deemed to be a demand registration as described in Section 2.3 above. There shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.4. 

2.5.    Form F-3. In case the Company shall receive from any
Holder a written request or requests that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such
Holder or Holders, then the Company will: 
 (a)    Notice. Promptly give written notice of the proposed
registration and the Holder’s or Holders’ request therefor, and any related qualification or compliance, to all other Holders of Registrable Securities; and 

(b)    Registration. As soon as practicable, effect such registration and all such qualifications and compliances
as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable
Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) days after the Company provides the notice contemplated by Section 2.5(a); provided, however,
that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.5: 

(i)    if Form F-3 is not available for such offering by the Holders; 

(ii)    if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than US$500,000; 

(iii)    if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of
the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders for such Form F-3 registration to be
effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement no more than once during any twelve (12) month period for a period of not
more than sixty (60) days after receipt of the request of the Holder or Holders under this Section 2.5; provided that the Company shall not register any of its other shares during such sixty (60) day period; 

  
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 (iv)    if the Company has, within the twelve (12) month period
preceding the date of such request, already effected two (2) registrations under the Securities Act other than a registration from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the
Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Sections 2.3(b) and 2.4 (a); or 

(v)    in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a
general consent to service of process in effecting such registration, qualification or compliance. 
 Subject to the foregoing, the Company shall file a
Form F-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. 

(c)    Not Demand Registration. Form F-3 registrations shall not be deemed
to be demand registrations as described in Section 2.3 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.5. 

2.6.    Expenses. All Registration Expenses incurred in connection with any registration pursuant to
Sections 2.3, 2.4 or 2.5 (but excluding Selling Expenses, underwriting discounts and commissions, and fees for special counsel of the Holders participating in such registration) shall be borne by the Company; provided, however, the
expenses in excess of US$25,000 of any special audit required in connection with a Demand Registration shall be borne pro rata by the Holders participating in such registration. Each Holder participating in a registration pursuant to Sections 2.3,
2.4 or 2.5 shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the Company) of all Selling Expenses or other amounts payable to underwriter(s) or brokers, in
connection with such offering by the Holders. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.3 if the registration request is subsequently
withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered, unless the Holders of a majority of the Registrable Securities then outstanding agree that such registration constitutes the use by the Holders of
one (1) demand registration pursuant to Section 2.3; provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of
the Company not known to the Holders at the time of their request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then the Holders shall not be
required to pay any of such expenses and such registration shall not constitute the use of a demand registration pursuant to Section 2.3. 

  
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 2.7.    Obligations of the Company. Whenever
required to effect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably possible: 

(a)    Registration Statement. Prepare and file with the SEC a registration statement with respect to such
Registrable Securities and use its best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement
effective for a period of up to ninety (90) days or, in the case of Registrable Securities registered under Form F-3 in accordance with Rule 415 under the Securities Act or a successor rule, until the distribution contemplated in the
registration statement has been completed; provided, however, that (i) such ninety (90) day period shall be extended for a period of time equal to the period any Holder refrains from selling any securities included in such
registration at the request of the underwriter(s), and (ii) in the case of any registration of Registrable Securities on Form F-3 which are intended to be offered on a continuous or delayed basis, such
ninety (90) day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold. 

(b)    Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement. 
 (c)    Prospectuses. Furnish to the Holders such number of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such
registration. 
 (d)    Blue Sky. Use its best efforts to register and qualify the securities covered by such
registration statement under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto
to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

(e)    Underwriting. In the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

(f)    Notification. Notify each Holder of Registrable Securities covered by such registration statement at any
time when a prospectus relating thereto is required to be delivered under the Securities Act of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as a result of
which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing. 

  
 11 

 (g)    Opinion and Comfort Letter. Furnish, at the request of
any Holder requesting registration of Registrable Securities, on the date that such Registrable Securities are delivered to the underwriter(s) for sale, if such securities are being sold through underwriters, or, if such securities are not being
sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in
form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Securities and (ii) letters dated as of (x) the effective date of the registration statement covering such Registrable Securities and (y) the closing date of the offering, from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the
Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 

2.8.    Furnish Information. It shall be a condition precedent to the obligations of the Company to
take any action pursuant to Sections 2.3, 2.4 or 2.5 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as
shall be required to timely effect the Registration of their Registrable Securities. 

2.9.    Indemnification. In the event any Registrable Securities are included in a registration
statement under Sections 2.3, 2.4 or 2.5: 
 (a)    By the Company. To the extent permitted by law, the Company
will indemnify and hold harmless each Holder, its partners, officers, directors, legal counsel, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of
the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act, or other United States federal or state law, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

(i)    any untrue statement or alleged untrue statement of a material fact contained in such registration statement,
including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 

(ii)    the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to
make the statements therein not misleading; or 
 (iii)    any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, any United States federal or state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any United States federal or state securities law in connection with the
offering covered by such registration statement; 

  
 12 

 and the Company will reimburse each such Holder, its partner, officer, director, legal counsel, underwriter
or controlling person for any legal or other expenses reasonably incurred by them, as such expenses are incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that
the indemnity agreement contained in this subsection 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not
be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with
written information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, legal counsel, underwriter or controlling person of such Holder. 

(b)    By Selling Holders. To the extent permitted by law, each selling Holder will, if Registrable Securities
held by Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration
statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors,
officers, legal counsel or any person who controls such Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer,
legal counsel, controlling person, underwriter or other such Holder, partner or director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other United States federal or state law,
insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity
with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling
person, underwriter or other Holder, partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this subsection 2.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; and provided, further, that in no event shall any indemnity under this Section 2.9(b) exceed the net proceeds received by such Holder in the registered offering out of which the applicable Violation arises.

 (c)    Notice. Promptly after receipt by an indemnified party under this Section 2.9 of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to the indemnifying party a written notice
of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with
counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The
failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 2.9 to the extent the
indemnifying party is prejudiced as a result thereof, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.9.

  
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 (d)    Contribution. In order to provide for just and equitable
contribution to joint liability under the Securities Act in any case in which either (i) any indemnified party makes a claim for indemnification pursuant to this Section 2.9 but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 2.9 provides
for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any indemnified party in circumstances for which indemnification is provided under this Section 2.9; then, and in each such
case, the indemnified party and the indemnifying party will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that a Holder (together with its
related persons) is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all securities
offered by and sold under such registration statement, and the Company and other selling Holders are responsible for the remaining portion. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of
law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case: (A) no Holder will be required to contribute any amount
in excess of the net proceeds to such Holder from the sale of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement; and (B) no person or entity guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(e)    Survival; Consents to Judgments and Settlements. The obligations of the Company and Holders under this
Section 2.9 shall survive the completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. No indemnifying party, in the defense of
any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to
such indemnified party of a release from all liability in respect to such claim or litigation. 

  
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 2.10.    No Registration Rights to Third Parties.
Without the prior written consent of the holders of a majority of the Preferred Shares then outstanding, the Company covenants and agrees that it shall not grant, or cause or permit to be created, for the benefit of any person or entity any
registration rights of any kind (whether similar to the demand, “piggyback” or Form F-3 registration rights described in this Section 2, or otherwise) relating to any securities of the Company
which are senior to, or on a parity with, those granted to the Holders of Registrable Securities. 

2.11.    Rule 144 Reporting. With a view to making available to the Holders the benefits of certain
rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities to the public without registration or pursuant to a registration on Form F-3, after such time as a public
market exists for the Ordinary Shares, the Company agrees to: 
 (a)    Make and keep public information available, as
those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b)    File with the SEC in a timely manner all reports and other documents required of the Company under the Securities
Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
 (c)    So
long as a Holder owns any Registrable Securities, to furnish to such Holder forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days
after the effective date of the Company’s initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or its qualification as a registrant whose securities may be
resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company as a
Holder may reasonably request in availing itself of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form F-3. 

2.12.    Market Stand-Off. Each party agrees that, so long
as it holds any voting securities of the Company, upon request by the Company or the underwriters managing the initial public offering of the Company’s securities, it will not sell or otherwise transfer or dispose of any securities of the
Company (other than those permitted to be included in the registration and other transfers to affiliates permitted by law) without the prior written consent of the Company or such underwriters, as the case may be, for a period of time specified by
the representative of the underwriters not to exceed 180 days from the effective date of the registration statement covering such initial public offering or the pricing date of such offering as may be requested by the underwriters. The Company shall
use commercially reasonable efforts to take all steps to shorten such lock-up period. The foregoing provision of this Section 2.12 shall not apply to the sale of any securities of the Company to an
underwriter pursuant to any underwriting agreement, and shall only be applicable to the Holders if all other shareholders of the Company enter into similar agreements, and if the Company or any underwriter releases any other shareholder from his,
her or its sale restrictions so undertaken, then each Holder shall be notified prior to such release and shall itself be simultaneously released to the same proportional extent. The Company shall require all future acquirers of the Company’s
securities to execute prior to a Qualified Initial Public Offering a market stand-off agreement containing substantially similar provisions as those contained in this Section 2.12. 

  
 15 

 2.13.    Termination of the
Company’s Obligations. The Company’s obligations under Sections 2.3, 2.4 and 2.5 with respect to any Registrable Securities proposed to be sold by a Holder in a registration pursuant to Section 2.3, 2.4 or 2.5 shall
terminate (i) on the fifth (5th) anniversary of the Qualified Initial Public Offering, (ii) upon the termination, liquidation, dissolution of the Company and Liquidation Event (as defined below) or (iii) if and when in the opinion of
counsel to the Company, all such Registrable Securities proposed to be sold by a Holder may then be sold without registration in any ninety (90) day period pursuant to Rule 144 promulgated under the Securities Act. 

3.    RIGHT OF PARTICIPATION. 

3.1.    General. 

(a)    Any holder of Preferred Shares (hereinafter referred to as a “Participation Rights
Holder”) shall have the right of first refusal to purchase such Participation Rights Holder’s Pro Rata Share (as defined below), of all (or any part) of any New Securities (as defined in Section 3.3) that the Company may
from time to time issue after the date of the Original Shareholders Agreement (the “Right of Participation”). 

3.2.    Pro Rata Share. A Participation Rights Holder’s “Pro Rata Share” for
purposes of the Right of Participation is equal to the product obtained by multiplying (x) the aggregate number of the New Securities to be issued by the Company by (y) a fraction the numerator of which is the number of Ordinary Shares
issued or issuable upon conversion of the Preferred Shares held by such Participation Rights Holder and the denominator of which is the total number of Ordinary Shares (calculated on a fully-diluted and
as-converted basis) then outstanding immediately prior to the issuance of New Securities giving rise to the Right of Participation. For the purpose of this Agreement, “fully-diluted” means,
with respect to the capitalization of the Company, all warrants, options and convertible securities of the Company are taken into account and assumed to be exercised. 

3.3.    New Securities. “New Securities” shall mean any Preferred Shares, Ordinary
Shares or other voting shares of the Company and rights, options or warrants to purchase such Preferred Shares, Ordinary Shares and securities of any type whatsoever that are, or may become, convertible or exchangeable into such Preferred Shares,
Ordinary Shares or other voting shares, provided, however, that the term “New Securities” shall not include: 

(a)    up to 28,400,000 Ordinary Shares (and/or options or warrants therefor) issued to employees, officers, directors,
contractors, advisors or consultants of the Company pursuant to the Company’s employee share option plans approved by the Board (with the consent of the Investor director); 

  
 16 

 (b)    any Ordinary Shares issued upon conversion or exercise of the
Preferred Shares; 
 (c)    any securities issued in connection with any share split, share dividend or other similar
event in which all Participation Rights Holders are entitled to participate on a pro rata basis; 
 (d)    any
securities issued upon the exercise, conversion or exchange of any outstanding security if such outstanding security constituted a New Security prior to the Closing; or 

(e)    any securities issued pursuant to a Qualified Initial Public Offering. 

3.4.    Procedures. 

(a)    First Participation Notice. In the event that the Company proposes to undertake an issuance of New
Securities (in a single transaction or a series of related transactions), it shall give to each Participation Rights Holder written notice of its intention to issue New Securities (the “First Participation Notice”), describing the
amount and type of New Securities, the price and the general terms upon which the Company proposes to issue such New Securities. Each Participation Rights Holder shall have thirty (30) days (the “First Participation Period”)
from the date of receipt of any such First Participation Notice to agree in writing to purchase such Participation Rights Holder’s Pro Rata Share of such New Securities for the price and upon the terms and conditions specified in the First
Participation Notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased (not to exceed such Participation Rights Holder’s Pro Rata Share). If any Participation Rights Holder fails to so
agree in writing within the First Participation Period to purchase such Participation Rights Holder’s full Pro Rata Share of an offering of New Securities, then such Participation Rights Holder shall forfeit the right hereunder to purchase that
part of its Pro Rata Share of such New Securities that it did not agree to purchase. 
 (b)    Second Participation
Notice; Oversubscription. If any Participation Rights Holder fails or declines to exercise its Right of Participation in accordance with subsection (a) above, the Company shall promptly give notice (the “Second Participation
Notice”) to other Participation Rights Holders who exercised their Right of Participation (the “Right Participants”) in accordance with subsection (a) above. Each Right Participant, other than a Participation Rights
Holder who fails or declines to exercise its Right of Participation in accordance with subsection (a) above, shall have five (5) business days from the date of the Second Participation Notice (the “Second Participation
Period”) to notify the Company of its desire to purchase more than its Pro Rata Share of the New Securities, stating the number of the additional New Securities it proposes to buy (the “Additional Number”). Such notice may
be made by telephone if confirmed in writing within two (2) business days. If, as a result thereof, such oversubscription exceeds the total number of the remaining New Securities available for purchase, each oversubscribing Right Participant
will be cut back by the Company with respect to its oversubscription to that number of remaining New Securities equal to the lesser of (x) the Additional Number and (y) the product obtained by multiplying (i) the number of the
remaining New Securities available for subscription by (ii) a fraction, the numerator of which is the number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by such
oversubscribing Right Participant and the denominator of which is the total number of Ordinary Shares (calculated on a fully-diluted and as-converted basis) held by all the oversubscribing Right Participants.
Each Right Participant shall be obligated to buy such number of New Securities as determined by the Company pursuant to this Section 3.4 and the Company shall so notify the Right Participants within fifteen (15) business days following the
date of the Second Participation Notice. 

  
 17 

 3.5.    Failure to Exercise. Upon the expiration
of the Second Participation Period, or in the event no Participation Rights Holder exercises the Right of Participation within the First Participation Period, the Company shall have ninety (90) days thereafter to sell the New Securities
described in the First Participation Notice (with respect to which the Right of Participation hereunder were not exercised) at the same or higher price and upon non-price terms not materially more favorable to
the purchasers thereof than specified in the First Participation Notice. In the event that the Company has not issued and sold such New Securities within such ninety (90) day period, then the Company shall not thereafter issue or sell any New
Securities without again first offering such New Securities to the Participation Rights Holders pursuant to this Section 3. 

3.6.    Notwithstanding anything to the contrary herein, Banyan shall have the right, but not the
obligation, to purchase for such number of New Securities in excess of its Pro Rata Share such that Banyan’s shareholding in the Company may be increased to up to fifteen percent (15%) immediately after such purchase of New Securities (on a
fully-diluted and as-converted basis). 

3.7.    Termination. The Right of Participation for each Participation Rights Holder shall terminate
upon a Qualified Initial Public Offering or a Liquidation Event (as defined in Section 7). 
 4.    TRANSFER RESTRICTIONS.

 4.1.    Certain Definitions. For purposes of this Section 4, “Ordinary
Shares” means (i) the Company’s outstanding Ordinary Shares, (ii) the Ordinary Shares issued or issuable upon conversion of the Company’s outstanding Preferred Shares, (iii) the Ordinary Shares issuable upon
exercise of outstanding options or warrants and (iv) the Ordinary Shares issuable upon conversion of any outstanding convertible securities; “Preferred Shareholder” means each holder of the Preferred Shares and its permitted
assignees to whom its rights under this Section 4 have been duly assigned in accordance with this Agreement; and “Ordinary Shareholder” means any holder of Ordinary Shares of the Company. 

4.2.    Sale of Ordinary Shares; Notice of Sale. Subject to Section 4.6 of this Agreement, if
the Founder and/or the Founder Holding Company (the “Selling Shareholder”) proposes to sell or transfer any Ordinary Shares held by it, then such Selling Shareholder shall promptly give written notice (the “Transfer
Notice”) to the Company and each of the Preferred Shareholders (the “Non-Selling Shareholders”) prior to such sale or transfer. The Transfer Notice shall describe in reasonable detail
the proposed sale or transfer including, without limitation, the number of Ordinary Shares to be sold or transferred (the “Offered Shares”), the nature of such sale or transfer, the consideration to be paid, and the name and address
of each prospective purchaser or transferee. 

  
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 4.3.    Non Selling
Shareholders’ Right of First Refusal. The Non-Selling Shareholders shall have an option for a period of thirty (30) days (the “First Refusal Period”) from
receipt of the Transfer Notice to elect to purchase the Offered Shares at the same price and subject to the same terms and conditions as described in the Transfer Notice. The Non-Selling Shareholders may
exercise such purchase option and purchase all or any portion of the Offered Shares by notifying the Selling Shareholder in writing before expiration of the First Refusal Period as to the number of shares that it wishes to purchase. Each Non-Selling Shareholder will have the right, by delivery of written notice (the “First Refusal Notice”) to the Selling Shareholder, the Company and each other
Non-Selling Shareholder within the First Refusal Period of its election to exercise its right of first refusal hereunder. The First Refusal Notice shall set forth the number of Offered Shares that such Non-Selling Shareholder wishes to purchase, which amount shall not exceed the First Refusal Allotment (as defined below) of such Non-Selling Shareholder. Such right of first
refusal shall be exercised as follows: 
 (a)    First Refusal Allotment. Each
Non-Selling Shareholder shall have the right to purchase that number of the Offered Shares (the “First Refusal Allotment”) equivalent to the product obtained by multiplying the aggregate
number of the Offered Shares by a fraction, the numerator of which is the number of Ordinary Shares issued or issuable upon conversion of the Preferred Shares held by such Non-Selling Shareholder at the time
of the transaction and the denominator of which is the total number of Ordinary Shares issued or issuable upon conversion of the Preferred Shares owned by all Non-Selling Shareholders at the time of the
transaction who elect to participate in the right of first refusal purchase. A Non-Selling Shareholder shall not have a right to purchase any of the Offered Shares unless it exercises its right of first
refusal within the First Refusal Period to purchase up to all of its First Refusal Allotment of the Offered Shares. To the extent that any Non-Selling Shareholder does not exercise its right of first refusal
to the full extent of its First Refusal Allotment, the Selling Shareholder and the exercising Non-Selling Shareholders shall, at the exercising Non-Selling Shareholders’ sole discretion, within five (5) days after the end of the First
Refusal Period, make such adjustment to the First Refusal Allotment of each exercising Non-Selling Shareholder so that any additional Offered Shares may be allocated to those
Non-Selling Shareholders exercising their rights of first refusal on a pro rata basis. 

(b)    Purchase Price and Payment. The purchase price for the Offered Shares to be purchased by the Non-Selling Shareholders exercising their right of first refusal will be the price set forth in the Transfer Notice, but will be payable as set forth below. If the purchase price in the Transfer Notice includes
consideration other than cash, the cash equivalent value of the non-cash consideration will be as previously determined by the Board in good faith, which determination will be binding upon the Selling
Shareholder and the Non-Selling Shareholders, absent fraud or error. Payment of the purchase price for the Offered Shares purchased by the Non-Selling Shareholders shall
be made within ten (10) days following the date of the First Refusal Expiration Notice (as defined in the Section 4.3(c) below) by wire transfer or check as directed by the Selling Shareholder. 

(c)    Expiration Notice. Within ten (10) days after the expiration of the First Refusal Period, the Company
will give written notice (the “First Refusal Expiration Notice”) to the Selling Shareholder and the Non-Selling Shareholders specifying either (i) that all of the Offered Shares were
subscribed by the Non-Selling Shareholders exercising their rights of first refusal, or (ii) that the Non-Selling Shareholders have not subscribed for all of the
Offered Shares in which case the First Refusal Expiration Notice will specify the Co-Sale Pro Rata Portion (as defined below) of the remaining Offered Shares for the purpose of the co-sale right of the holders of the Preferred Shares described in the Section 4.4 below. 

  
 19 

 (d)    Rights of a Selling Shareholder. If any Non-Selling Shareholder exercises its right of first refusal to purchase the Offered Shares, then, upon the date the notice of such exercise is given by the Non-Selling
Shareholder, the Selling Shareholder will have no further rights as a holder of such Offered Shares except the right to receive payment for such Offered Shares from such Non-Selling Shareholder in accordance
with the terms of this Agreement, and the Selling Shareholder will forthwith cause all certificate(s) evidencing such Offered Shares to be surrendered to the Company for transferring to such Non-Selling
Shareholder. 
 4.4.    Preferred Shareholders’ Co-Sale Right. In the event that the Non-Selling Shareholders have not exercised their right of first refusal with respect to any or all of the Offered Shares, then the
remaining Offered Shares not subscribed for under the right of first refusal pursuant to Section 4.3 above shall be subject to co-sale rights under this Section 4.4 and each Preferred Shareholder who
have not exercised any of its right of first refusal with respect to the Offered Shares shall have the right, exercisable upon written notice to the Selling Shareholder, the Company and each other Preferred Shareholder (the “Co-Sale Notice”) within thirty (30) days after receipt of First Refusal Expiration Notice (the “Co-Sale Right Period”), to participate in such
sale of the Offered Shares on the same terms and conditions as set forth in the Transfer Notice. The Co-Sale Notice shall set forth the number of Ordinary Shares (on both an absolute and as-converted to Ordinary Shares basis) that such participating Preferred Shareholder wishes to include in such sale or transfer, which amount shall not exceed the Co-Sale Pro
Rata Portion (as defined below) of such Preferred Shareholder. To the extent one or more of the Preferred Shareholder exercise such right of participation in accordance with the terms and conditions set forth below, the number of Ordinary Shares
that such Selling Shareholder may sell in the transaction shall be correspondingly reduced. The co-sale right of each Preferred Shareholder shall be subject to the following terms and conditions: 

(a)    Co-Sale Pro Rata Portion. Each Preferred Shareholder may sell all
or any part of that number of Ordinary Shares held by it that is equal to the product obtained by multiplying (x) the aggregate number of the Offered Shares subject to the co-sale right hereunder by
(y) a fraction, the numerator of which is the number of Ordinary Shares issued or issuable upon conversion of the Preferred Shares owned by such Preferred Shareholder at the time of the sale or transfer and the denominator of which is the
combined number of Ordinary Shares issued or issuable upon conversion of the Preferred Shares at the time owned by all Preferred Shareholders who elect to exercise their co-sale rights and the Ordinary Shares
(on an as-converted basis) owned by the Selling Shareholder at the time of the sale or transfer (“Co-Sale Pro Rata Portion”). If any Preferred
Shareholder does not elect to exercise the co-sale right to the full extent then its Ordinary Shares (on an as-converted basis) for calculation in the numerator and
denominator shall be proportionately reduced. 

  
 20 

 (b)    Transferred Shares. Each participating Preferred
Shareholder shall effect its participation in the sale by promptly delivering to the Selling Shareholder for transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent: 

(i)    the number of Ordinary Shares which such Preferred Shareholder elects to sell; 

(ii)    that number of Preferred Shares which is at such time convertible into the number of Ordinary Shares that such
Preferred Shareholder elects to sell; provided in such case that, if the prospective purchaser objects to the delivery of Preferred Shares in lieu of Ordinary Shares, such Preferred Shareholder shall convert such Preferred Shares into
Ordinary Shares and deliver Ordinary Shares as provided in Subsection 4.4(b)(i) above. The Company agrees to make any such conversion concurrent with the actual transfer of such shares to the purchaser; or 

(iii)    a combination of the above. 

(c)    Payment to Preferred Shareholders. The share certificate or certificates that the participating Preferred
Shareholder delivers to the Selling Shareholder pursuant to Section 4.4(b) shall be transferred to the prospective purchaser in consummation of the sale of the Offered Shares pursuant to the terms and conditions specified in the Transfer
Notice, and the Selling Shareholder shall concurrently therewith remit to such Preferred Shareholder that portion of the sale proceeds to which such Preferred Shareholder is entitled by reason of its participation in such sale. To the extent that
any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase any shares or other securities from a Preferred Shareholder exercising its co-sale right hereunder, the
Selling Shareholder shall not sell to such prospective purchaser or purchasers any Ordinary Shares unless and until, simultaneously with such sale, the Selling Shareholder shall purchase such shares or other securities from such Preferred
Shareholder. 
 (d)    Right to Transfer. To the extent the Non-Selling
Shareholders do not elect to purchase, or the Preferred Shareholders do not to participate in the sale of, any or all of the Offered Shares subject to the Transfer Notice, the Selling Shareholder may, not later than ninety (90) days following
delivery to the Company and each of the Preferred Shareholders of the Transfer Notice, conclude a transfer of the Offered Shares covered by the Transfer Notice and not elected to be purchased by the
Non-Selling Shareholders, which in each case shall be on substantially the same terms and conditions as those described in the Transfer Notice. Any proposed transfer on terms and conditions which are more
favorable from those described in the Transfer Notice, as well as any subsequent proposed transfer of any Ordinary Shares by the Selling Shareholder, shall again be subject to the right of first refusal of the
Non-Selling Shareholders and the co-sale right of the Preferred Shareholders and shall require compliance by the Selling Shareholder with the procedures described in
Sections 4.3 and 4.4 of this Agreement. 
 4.5.    Permitted Transfers. Notwithstanding
anything to the contrary contained herein, the right of first refusal and co-sale rights of the Non-Selling Shareholders and/or the Preferred Shareholders as set forth
in the Section 4.3 and 4.4 above shall not apply to (a) any sale or transfer of Ordinary Shares to the Company pursuant to a repurchase right or right of first refusal held by the Company in the event of a termination of employment or
consulting relationship, (b) any transfer to the parents, children, or spouse, or to trusts for the benefit of such persons, of any holder of Ordinary Shares for bona fide estate planning purposes, or (c) any transfer of securities under
Section 1.05 of the Share Purchase Agreement (each transferee pursuant to the foregoing subsections (a) to (c) is hereafter referred as a “Permitted Transferee”); provided that adequate documentation therefor is
provided to the Preferred Shareholders to their satisfaction and that any such Permitted Transferee agrees in writing to be bound by this Agreement in place of the relevant transferor. 

  
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 4.6.    Prohibited
Transfers.    Except for transfers by the Founder and the Founder Holding Company to its Permitted Transferees as provided in Section 4.5 above, none of the Founder or his Founder Holding Company or their Permitted
Transferees shall, without the prior written consent of the holders of more than two thirds (2/3) of the Series A Preferred Shares (or their permitted assigns), sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose
through one or a series of transactions any Company securities held by him to any person on or prior to a Qualified Initial Public Offering. Any attempt by a party to sell or transfer Ordinary Shares in violation of this Section 4 shall be void
and the Company hereby agrees it will not effect such a transfer nor will it treat any alleged transferee as the holder of such shares without the written consent of the Preferred Shareholders or its permitted assigns. 

4.7.    Notwithstanding anything to the contrary, Section 4.3, 4.4 and 4.6 shall not apply to any
proposed transfer of Preferred Shares and the Ordinary Shares converted from the Preferred Shares by the Investors, without prejudice to the rights of the certain Investor to purchase any Offered Shares to be transferred by any other shareholders
pursuant to Section 4.3 and 4.4. 
 4.8.    The shareholders specifically agree that the
restrictions with regard to the transfer of the Ordinary Shareholders’ shares in the Company as described under this Section 4 shall apply equally to transfer of the shares of the Founder Holding Company, as if each of the provisions under
this Section 4 has been repeated under this Section 4.8 with regard to transfer of the shares of the Founder Holding Company except that the reference to the shares in the Company has been revised to refer to the shares in the Founder
Holding Company. 
 4.9.    Restriction on Indirect Transfers. Except for transfers
by the Founder of shares in the Founder Holding Company to its Permitted Transferees as provided in Section 4.5 above, without the prior written approval of the holders of more than two thirds (2/3) of the Series A Preferred Shares: 

(a)    (i) the shareholders of the Founder Holding Company shall not, directly or indirectly, sell, assign, transfer,
pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions any equity interest held, directly or indirectly, by him in the Founder Holding Company to any person; and (ii) the Founder Holding Company
shall not, and the shareholders of the Founder Holding Company shall not cause the Founder Holding Company to, issue to any person any equity securities of the Founder Holding Company or any options or warrants for, or any other securities
exchangeable for or convertible into, such equity securities of the Founder Holding Company. 

  
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 (b)    the shareholders of the Founder Holding Company, and the Founder
Holding Company shall not, or shall not cause or permit any other person to, directly or indirectly, sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions any equity interest
held or controlled by him or the Founder Holding Company respectively in the Company to any person. 
 (c)    Except in
compliance with this Agreement, each Group Company shall not, and the Founder shall not (i) sell, assign, transfer, pledge, hypothecate, mortgage, encumber or otherwise dispose through one or a series of transactions any equity interest held,
directly or indirectly, by it and/or him in the Group Companies to any person; and (ii) cause any Group Company to, issue to any person any equity securities of such Group Company, or any options or warrants for, or any other securities
exchangeable for or convertible into, such equity securities of such Group Company. 
 Any transfer or issuance in violation of this
Section 4.9 shall be void and each of the Founder Holding Company and the Group Companies hereby agrees it will not effect such a transfer or issuance nor will it treat any alleged transferee or purchaser as the holder of such equity interest.

 4.10.    Guarantees by the Indirect Shareholders. The Founder hereby guarantee and warrant the
performance and obligations of the Founder Holding Company under this Agreement. 

4.11.    Legend. 

(a)    Each certificate representing the Ordinary Shares shall be endorsed with the following legend: 

“THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER SET FORTH IN A SHAREHOLDERS AGREEMENT, A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 

(b)    Each party agrees that the Company may instruct its transfer agent to impose transfer restrictions on the shares
represented by certificates bearing the legend referred to in Section 4.11(a) above to enforce the provisions of this Agreement and the Company agrees to promptly do so. The legend shall be removed upon termination of the provisions of this
Section 4. 
 4.12.    Term. The provisions under this Section 4 shall terminate upon
the earlier of occurrence of (i) a Qualified Initial Public Offering, or (ii) a Liquidation Event as defined in Section 7 below. 

  
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 5.    DRAG-ALONG RIGHT. 

5.1.    If at any time after the third (3rd)
anniversary of the Closing Date (as defined in the Share Purchase Agreement), the holders of more than two thirds (2/3) of the aggregate number of Series A-2 Preferred Shares and Series A-3 Preferred Shares, voting as a single class, approve a proposed Acquisition (as defined below), and the implied per share price in such Acquisition is no less than five (5) times the Preferred Share Issue
Price (as defined below), as adjusted for share dividends, splits, combinations, recapitalizations or similar events and are otherwise provided herein, then, in any such event, upon written notice from any such holders of Preferred Shares of the
Company requesting them to do so, the holders of Ordinary Shares, directly or indirectly, shall (i) vote, or give their written consent with respect to, all the Ordinary Shares directly or indirectly held by them in favor of such proposed
Acquisition and in opposition of any proposal that could reasonably be expected to delay or impair the consummation of any such proposed Acquisition; (ii) refrain from exercising any dissenters’ rights or rights of appraisal under
applicable law at any time with respect to or in connection with such proposed Acquisition; and (iii) take all actions reasonably necessary to consummate the proposed Acquisition, including without limitation amending the then existing
Memorandum and Articles of Association of the Company; provided, however, the holders of Ordinary Shares may elect not to vote or give their consent with respect to, all the Ordinary Shares directly or indirectly held by them in favor
of such proposed Acquisition, but in any such event, the holders of Ordinary Shares shall be obliged to purchase all the Ordinary Shares (on an as-converted basis) held by the holders of Preferred Shares,
under the same terms and conditions as offered by the prospective purchaser of the proposed Acquisition. 
 For purposes of this
Section 5, an “Acquisition” shall mean (i) a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company, (ii) a transfer or an exclusive licensing of all or substantially all
of the intellectual property of the Company, (iii) a sale, transfer or other disposition of a majority of the issued and outstanding share capital of the Company or a majority of the voting power of the Company; or (iv) a merger,
consolidation or other business combination of the Company with or into any other business entity in which the shareholders of the Company immediately after such merger, consolidation or business combination hold shares representing less than a
majority of the voting power of the outstanding share capital of the surviving business entity. 
 5.2 The provisions under this
Section 5 shall be terminated upon the occurrence of a Qualified Initial Public Offering. 
 6.    REDEMPTION. 

6.1.    Redemption by the Company. 

Notwithstanding anything to the contrary herein, at any time after the earlier of (i) termination of the Founder’s full-time
employment relationship with the Group Companies prior to a Qualified Initial Public Offering, (ii) June 30, 2020, if the Company has not consummated a Qualified Initial Public Offering due to the reason that the Founder of the Company
disapproves or otherwise fails to approve a Qualified Initial Public Offering whilst the Company has satisfied, or is reasonably expected to satisfy the requirements necessary to consummate a Qualified Initial Public Offering,
(iii) June 30, 2020, if the Company has not consummated a Qualified Initial Public Offering due to any reasons other than the reason set forth in the above subsection 6.1(ii), or (iv) any material breach by the Group Companies, the
Founder and/or the Founder Holding Company of any representatives, warranties or covenants of the Transaction Documents (the “Redemption Start Date”), then subject to the applicable laws of the Cayman Islands and, if so requested by
any holders of the Series A Preferred Shares, the Company and/or the Founder shall redeem all or part of the outstanding Series A Preferred Shares in cash out of funds legally available therefore within two (2) months after the Company and/or
the Founder receive the Redemption Notice from such holders of Series A Preferred Shares (the “Redemption”). The price at which each Series A Preferred Share shall be redeemed (the “Redemption Price”) shall be equal
to the greatest of: 
 (1) IP ×(1+R×N)-A, where 
 IP = applicable Preferred Share Issue Price (as defined in the
Restated Articles); 

  
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 R = (a) 20%, if the Redemption is initiated pursuant to subsection 6.1(i); (b) 10%, if the
Redemption is initiated pursuant to subsection 6.1(ii); (c) 15%, if the Redemption is initiated pursuant to Section 6.1(iii); (d) 12%, if the Redemption is initiated pursuant to subsection 6.1(iv)-(vi), as applicable. 

N = a fraction the numerator of which is the number of calendar days between the original issue date of the relevant Series A Preferred
Shares and the Redemption Date (as defined in below) and the denominator of which is 365, 
 A= all declared and paid dividends thereon up
to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers. 

or 
 (2) (I) the product
obtained by multiplying (x) the per share value of the Company which shall be determined through an independent appraisal performed by a qualified appraisal firm mutually agreed upon by all the relevant parties and (y) the amount of shares
held by such holder of Preferred Shares, (II) minus all declared and paid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or
mergers; 
 or 
 (3) (I) the
product obtained by multiplying (x) the total amount of the net asset value of the Company and (y) the shareholding percentage of such holder of Preferred Shares in the Company, (II) minus all declared and paid dividends thereon up to
the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers. 

If the Company does not have sufficient cash or funds legally available to redeem all of the Series A Preferred Shares required to be
redeemed, and the remainder shall be carried forward and redeemed as soon as the Company has legally available funds to do so. 

  
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 6.2.    Notice. A notice of redemption (a
“Redemption Notice”) by such holder of Series A Preferred Shares to be redeemed shall be given by hand or by mail to the Company and/or the Founder at any time on or after the Redemption Start Date stating the date on which the
Series A Preferred Shares are to be redeemed (the “Redemption Date”), provided, however, that the Redemption Date shall be no earlier than the date 30 days after such notice of redemption is given. Upon receipt of any such request,
the Company and the Founder shall promptly give written notice of the redemption request to each non-requesting holder of record of Series A Preferred Shares stating the existence of such request, the
Redemption Price, the Redemption Date and the mechanics of redemption. If on the Redemption Date, the number of Series A Preferred Shares that may then be legally redeemed by the Company and/or the Founder is less than the number of all Series A
Preferred Shares to be redeemed, then (i) the number of Series A Preferred Shares then redeemed shall be based ratably on all Series A Preferred Shares to be redeemed, (ii) the remaining Series A Preferred Shares to be redeemed shall be
carried forward and redeemed as soon as the Company has legally available funds to do so, and (iii) the redemption amount with respect to the remaining Series A Preferred Shares to be redeemed shall be paid to the holder of such Series A
Preferred Shares bearing 3‰ daily interest until all the relevant redemption amount to such holder of Series A Preferred Shares has been fully paid. Notwithstanding anything to the contrary contained herein, no other securities of the Company
shall be redeemed unless and until the Company and/or the Founder shall have redeemed all of the Series A Preferred Shares requested to be redeemed pursuant to this Section 6 and shall have paid all the Redemption Price for such Series A
Preferred Shares requested to be redeemed payable pursuant to this Section 6. 

6.3.    Surrender of Certificates. Before any holder of Series A Preferred Shares shall be entitled
for redemption under the provisions of this Section 6, such holder shall surrender his or her certificate or certificates representing such Series A Preferred Shares to be redeemed to the Company in the manner and at the place designated by the
Company for that purpose, and the Redemption Price shall be payable on the Redemption Date to the order of the person whose name appears on such certificate or certificates as the owner of such shares and each such certificate shall be cancelled on
the Redemption Date. In the event less than all the shares represented by any such certificate are redeemed, a new certificate shall be promptly issued representing the unredeemed shares. Unless there has been a default in payment of the applicable
Redemption Price, upon cancellation of the certificate representing such Series A Preferred Shares to be redeemed, all dividends on such Series A Preferred Shares designated for redemption on the relevant Redemption Date shall cease to accrue and
all rights of the holders thereof, except the right to receive the Redemption Price thereof (including all accrued and unpaid dividend up to the relevant redemption date), without interest, shall cease and terminate and such Series A Preferred
Shares shall cease to be issued shares of the Company. If the Company fails to redeem any Series A Preferred Shares for which redemption is requested, then during the period from the Redemption Date through the date on which such Series A Preferred
Shares are actually redeemed and the Redemption Price is actually made, in full, such Preferred Shares shall continue to be outstanding and be entitled to all rights and preferences of Preferred Shares. After payment in full of the aggregate
Redemption Price for all issued and outstanding Preferred Shares, all rights of the holders thereof as shareholders of the Company shall cease and terminate and such Series A Preferred Shares shall be cancelled. 

  
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 6.4.    Restriction on Distribution. If the
Company fails (for whatever reason) to redeem any Series A Preferred Shares on its due date for redemption then, as from such date until the date on which the same are redeemed, the Company shall not declare or pay any dividend nor otherwise make
any distribution of or otherwise decrease its profits available for distribution. 
 6.5.    To the
extent permitted by law, the Company shall procure that the profits of each subsidiary and affiliate of the Company for the time being legally available for distribution shall be paid to it by way of dividend or otherwise if and to the extent that,
but for such payment, the Company would not itself otherwise have sufficient profits available for distribution to make any redemption of Series A Preferred Shares required to be made pursuant to this Section 6. 

6.6.    All references to “redemption by the Company” in this Section 6 shall be read as
references to “redemption or purchase (as the case maybe) by the Company and the Founder”, provided that the Founder’s total liability in respect of the redemption obligation under this Section 6 in the aggregate shall be limited
to the Ordinary Shares of the Company directly or indirectly held by the Founder. 
 6.7.    For the avoidance of any
doubt, the provisions under this Section 6 shall be terminated upon the occurrence of a Qualified Initial Public Offering. 

7.    LIQUIDATION. 

7.1.    Liquidation Preference. 

(a)    In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the
holders of the Preferred Shares shall be entitled to receive, prior to any distribution to the holders of Ordinary Shares or the holders of any other class or series of shares then outstanding, an amount per Preferred Share equal to (i) one
hundred and fifty percent (150%) of the applicable Preferred Share Issue Price (as defined in the Restated Articles), plus (ii) an amount accruing thereon at a compound annual rate of eight percent (8%) of the applicable Preferred Share Issue
Price, plus (iii) all declared but unpaid dividends thereon (the “Preferred Share Preference Amount”). If the Company has insufficient assets to permit payment of the Preferred Share Preference Amount in full to all holders of
Preferred Shares, then the assets of the Company shall be distributed ratably to the holders of the Preferred Shares in proportion to the full Preferred Share Preference Amount each such holder of Preferred Shares would otherwise be entitled to
receive under this Section 7.1(a). 
 (b)    After the payment according to Section 7.1(a), any remaining
funds or assets of the Company legally available for distribution to shareholders shall be distributed on a pro rata, pari passu basis among the holders of the Preferred Shares (on an as-converted basis),
together with the holders of the Ordinary Shares. 
 7.2.    Any sale of shares, merger, consolidation or
other similar transaction involving the Company in which its shareholders do not retain a majority of the voting power in the surviving or resulting entity, or a sale of all or substantially all the Company’s assets (the “Liquidation
Event”, for avoidance of doubt, each transaction under the Acquisitions also referred herein as a Liquidation Event), shall be deemed a liquidation, dissolution or winding up of the Company, such that the provision of Section 7.1 shall
apply as if all consideration received by the Company and its shareholders in connection with such event were being distributed in a liquidation of the Company. If the requirements of this Section 7 are not complied with, the Company shall
forthwith either (i) cause such closing to be postponed until such time as the requirements of this Section 7 have been complied with, or (ii) cancel such transaction. 

  
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 7.3.    Notwithstanding any other provision of this
Section 7, the Company may at any time, out of funds legally available therefor and subject to compliance with the provisions of the applicable laws of the Cayman Islands, repurchase Ordinary Shares of the Company issued to or held by
employees, officers or consultants of the Company or its subsidiaries upon termination of their employment or services, pursuant to any bona fide agreement providing for such right of repurchase, whether or not dividends on the Preferred Shares
shall have been declared. 
 7.4.    In the event the Company proposes to distribute assets other than
cash in connection with any liquidation, dissolution or winding up of the Company, the value of the assets to be distributed to the holders of Preferred Shares and Ordinary Shares shall be that as determined in good faith by the liquidator or, in
the case of any proposed distribution in connection with a transaction which is a deemed liquidation hereunder, by the Board, which decision shall include the affirmative vote of the Investor Director. Any securities not subject to investment letter
or similar restrictions on free marketability shall be valued as follows: 
  

	 	(i)	 If traded on a securities exchange, the value shall be deemed to be the average of the security’s closing
prices on such exchange over the thirty (30) day period ending one (1) day prior to the distribution; 

  

	 	(ii)	 If actively traded
over-the-counter, the value shall be deemed to be the average of the closing bid prices over the thirty (30) day period ending three (3) days prior to the
distribution; and 

  

	 	(iii)	 If there is no active public market, the value shall be the fair market value thereof as determined in good
faith by the liquidator or, in the case of any proposed distribution in connection with a transaction which is a deemed liquidation hereunder, by the Board. 

The method of valuation of securities subject to restrictions on free marketability shall be adjusted to make an appropriate discount from the
market value determined as above in clauses (i), (ii) or (iii) to reflect the fair market value thereof as determined in good faith by the liquidator or, in the case of any proposed distribution in connection with a transaction which is a
deemed liquidation hereunder, by the Board. The holders of more than fifty percent (50%) of the Preferred Shares, shall have the right to challenge any determination by the liquidator or the Board, as the case may be, of fair market value pursuant
to this Section 7, in which case the determination of fair market value shall be made by an independent appraiser selected jointly by the liquidator or the Board, as the case may be, and the challenging parties, the cost of such appraisal to be
borne equally by the Company and the challenging party. 

  
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 7.5.    For the avoidance of any doubt, the provisions
under this Section 7 shall be terminated upon the occurrence of a Qualified Initial Public Offering. 
 8.    ASSIGNMENT AND
AMENDMENT. 
 8.1.    Assignment and Amendment. Notwithstanding anything herein to the
contrary: 
 (a)    Information Rights; Registration Rights. The Information and Inspection Rights under
Section 1 may be assigned to any holder of Preferred Shares; and the registration rights of the Holders under Section 2 may be assigned to any Holder or to any person acquiring Registrable Securities, provided, however,
that in either case no party may be assigned any of the foregoing rights unless the Company is given written notice by the assigning party stating the name and address of the assignee and identifying the securities of the Company as to which the
rights in question are being assigned; provided further, that any such assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this
Section 8. 
 (b)    Right of Participation; Right of First Refusal;
Co-Sale Right. The rights of the Preferred Shareholder under Sections 3 and 4 are fully assignable in connection with a transfer of shares of the Company by such Preferred Shareholder; provided,
however, that no party may be assigned any of the foregoing rights unless the Company is given written notice by the Preferred Shareholder stating the name and address of the assignee and identifying the securities of the Company as to which
the rights in question are being assigned; and provided further, that any such assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement. 

8.2.    Amendment of Rights. Any provision in this Agreement may be amended and the observance
thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only by the written consent of (i) as to the Company, only by the Company; (ii) as to the holders of Preferred Shares, by the
holders of more than two thirds (2/3) of the Preferred Shares and their permitted assigns; provided, however, that any holder of Preferred Shares may waive any of its rights hereunder without obtaining the consent of any other holders
of Preferred Shares or their assigns; and (iii) as to the holders of Ordinary Shares, by persons or entities holding a majority of the Ordinary Shares and their assigns; provided, however, that any holder of Ordinary Shares may
waive any of its rights hereunder without obtaining the consent of any other holders of Ordinary Shares or their assigns. Any amendment or waiver effected in accordance with this Section 8.2 shall be binding upon the Company, the holders of
Preferred Shares, the holders of Ordinary Shares and their respective assigns. 
 9.    CONFIDENTIALITY AND NON-DISCLOSURE. 
 9.1.    Disclosure of Terms. The terms and
conditions of this Agreement and the Share Purchase Agreement, and all exhibits attached to such agreements (collectively, the “Financing Terms”), including their existence, shall be considered confidential information and shall not
be disclosed by any party hereto to any third party except in accordance with the provisions set forth below; provided that such confidential information shall not include any information that is in the public domain other than caused by the
breach of the confidentiality obligations hereunder. 

  
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 9.2.    Press Releases, Etc. Any press release
issued by the Company shall not disclose any of the Financing Terms and the final form of such press release shall be approved in advance in writing by the Investors. No other announcement regarding any of the Financing Terms in a press release,
conference, advertisement, announcement, professional or trade publication, mass marketing materials or otherwise to the general public may be made without the Investors’ prior written consent. 

9.3.    Permitted Disclosures. Notwithstanding the foregoing, any party may disclose any of the
Financing Terms to its current or bona fide prospective investors, employees, investment bankers, lenders, partners, accountants and attorneys, in each case only where such persons or entities have the need to know such information and are subject
to appropriate nondisclosure obligations. Without limiting the generality of the foregoing, the Investors shall be entitled to disclose the Financing Terms for the purposes of fund reporting or inter-fund reporting or to their fund manager, other
funds managed by their fund manager and their respective auditors, counsel, directors, officers, employees, shareholders or investors have the need to know such information and are subject to appropriate nondisclosure obligations. 

9.4.    Legally Compelled Disclosure. In the event that any party is requested or becomes legally
compelled (including without limitation, pursuant to securities laws and regulations) to disclose the existence of this Agreement and the Share Purchase Agreement, any of the exhibits attached to such agreements, or any of the Financing Terms hereof
in contravention of the provisions of this Section 9, such party (the “Disclosing party”) shall provide the other parties (the “Non-Disclosing Parties”) with prompt written notice of that fact and use all
reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedy. In such event, the Disclosing party shall furnish only that portion of the
information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably requested by any Non-Disclosing party. 

9.5.    Other Information. The provisions of this Section 9 shall be in addition to, and not in
substitution for, the provisions of any separate nondisclosure agreement executed by any of the parties with respect to the transactions contemplated hereby. 

9.6.    Notices. All notices required under this section shall be made pursuant to Section 11.1
of this Agreement. 
 10.    PROTECTIVE PROVISIONS. 

10.1.    Approval by Shareholders. In addition to such other limitations as may be
provided in the Restated Articles, for so long as any Preferred Shares are outstanding, the following acts of the Company shall require the prior written approval of the holders of at least two thirds (2/3) of the Preferred Shares, or the written
approval of at least seventy five percent (75%) of the directors of the Board including the approval of the Investor Director, as the case maybe. 

  
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 (a)    any amendment or change of the rights, preferences, privileges
or powers of, or the restrictions provided for the benefit of the Preferred Shares; 
 (b)     any action that
authorizes, creates or issues any class of the Company securities having preferences superior to or on a parity with the Preferred Shares; increase, decrease or otherwise change the share capital of the Company; 

(c)    any action that reclassifies any outstanding shares into shares having preferences or priority as to dividends or
assets superior to or on a parity with the preference of the Preferred Shares; 
 (d)    any issuance or sale of any
equity or debt securities of the Company, excluding (i) any issuance of Ordinary Shares upon conversion of the Preferred Shares, and (ii) the issuance of Ordinary Shares (or options or warrants therefor) under employee equity incentive
plans approved by the Board (including the affirmative vote of the Investor director); 
 (e)    any action that
repurchases, redeems or retires any of the Company’s voting securities (excluding pursuant to contractual rights to repurchase Ordinary Shares or preferred shares held by employees, directors or consultants of the Company or its subsidiaries
upon termination of their employment or services, or pursuant to the exercise of a contractual right of first refusal held by the Company); 

(f)    any consolidation, merger, corporate reorganization, transaction or series of transactions, in which in excess of
fifty percent (50%) of the Company’s voting power is transferred or in which all or substantially all the assets of the Company are sold; 

(g)    any increase in the maximum number of shares covered by the ESOP (as defined in the Share Purchase Agreement) or
any other similar plans, or any settlement or alteration of the terms of any profit sharing scheme or any employee share option or share participation schemes; 

(h)    the liquidation, dissolution or winding up of the Company; 

(i)    the declaration or payment of any dividend or other distribution on any Ordinary Shares of the Company, or on any
shares of the Company’s subsidiaries, as the case maybe; 
 (j)    provide any loan by the Company to any
director, management or employee of the Company; 
 (k)    any transaction or series of transactions between the
Company and any holder of Ordinary Shares, director, officer or employee of the Company, or any affiliate of the Company or any of its officers, directors or employees in excess of US$100,000; 

  
 31 

 (l)    any other event which may negatively affect the Investors’
rights, preferences, privileges or powers herein, or in the Restated Articles, or Share Purchase Agreement; or 

(m)    agree or commit to do any of the foregoing. 

10.2.    For the avoidance of any doubt, the provisions under this Section 10 shall be terminated upon
the occurrence of a Qualified Initial Public Offering. 
 11.     GENERAL PROVISIONS. 

11.1.    Notices. Except as may be otherwise provided herein, all notices, requests, waivers and
other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party, upon delivery; (b) when sent by facsimile at the number set forth
in Exhibit A hereto, upon receipt of confirmation of error-free transmission; (c) seven (7) business days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other party as set
forth in Exhibit A; or (d) three (3) business days after deposit with an international overnight delivery service, postage prepaid, addressed to the parties as set forth in Exhibit A with next business day delivery guaranteed,
provided that the sending party receives a confirmation of delivery from the delivery service provider. Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given above, or designate additional
addresses, for purposes of this Section 10.1 by giving the other party written notice of the new address in the manner set forth above. 

11.2.    Entire Agreement. The Transaction Documents (as defined in the Share Purchase Agreement),
together with all the exhibits hereto and thereto, constitute and contain the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements,
understandings, duties or obligations between the parties respecting the subject matter hereof, including without limitation, the letters of undertaking respectively issued to each of the parties hereto in January 2019. Capitalized terms which are
not defined hereinto shall have the same meaning as such in the Share Purchase Agreement. 

11.3.    Governing Law. This Agreement shall be governed by and construed exclusively in accordance
with the laws of the Hong Kong, without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of the Hong Kong to the rights and duties of the parties hereunder. 

11.4.    Severability. If any provision of this Agreement is found to be invalid or unenforceable,
then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set forth herein, and
if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits intended by the
parties. In such event, the parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in entering into this Agreement. 

  
 32 

 11.5.    Third Parties. Nothing in this
Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their permitted successors and assigns any rights or remedies under or by reason of this Agreement. 

11.6.    Successors and Assigns. Subject to the provisions of Section 8.1, the provisions of
this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto. 

11.7.    Interpretation; Captions. This Agreement shall be construed according to its fair language.
The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The captions to sections of this Agreement have been inserted for identification and
reference purposes only and shall not be used to construe or interpret this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and Exhibits of this Agreement. 

11.8.    Counterparts. This Agreement may be executed and delivered by facsimile or other electronic
signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

11.9.    Adjustments for Share Splits, Etc. Wherever in this Agreement there is a reference to a
specific number of shares of Preferred Shares or Ordinary Shares of the Company, then, upon the occurrence of any subdivision, combination or share dividend of the Preferred Shares or Ordinary Shares, the specific number of shares so referenced in
this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of shares by such subdivision, combination or share dividend. 

11.10.    Aggregation of Shares. All Preferred Shares or Ordinary Shares held or acquired by
affiliated entities or persons (as defined in Rule 144 under the Securities Act) shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

11.11.    Shareholders Agreement to Control. If and to the extent that there are inconsistencies
between the provisions of this Agreement and those of the Restated Articles, the terms of this Agreement shall prevail. The parties agree to take all actions necessary or advisable, as promptly as practicable after the discovery of such
inconsistency, to amend the Restated Articles so as to eliminate such inconsistency. 

  
 33 

 11.12.    Dispute Resolution. 

(a)    Negotiation Between Parties; Mediation. The parties agree to negotiate in good faith to
resolve any dispute between them regarding this Agreement. If the negotiations do not resolve the dispute to the reasonable satisfaction of all parties within thirty (30) days, Section 11.12(b) shall apply. 

(b)    Arbitration. In the event the parties are unable to settle a dispute between them regarding this Agreement
in accordance with subsection (a) above, such dispute shall be referred to and finally settled by arbitration at Hong Kong International Arbitration Centre in accordance with the HKIAC Rules in effect, which rules are deemed to be incorporated
by reference into this subsection (b). 
 11.13.     Reorganization of PRC Affiliate. For the
purpose of the Qualified Initial Public Offering of the Company, the Investors (excluding Banyan Partners Fund II, L.P.) and the Individual Shareholders agree to transfer at a nominal price to the Founder all the shares they directly or indirectly
hold in the PRC Affiliate. All the Investors (excluding Banyan Partners Fund II, L.P.) and Individual Shareholders shall not and shall cause their affiliates or any other party designated to hold any share in the PRC Affiliate on their behalf not
to, require the Founder to pay any price greater than nominal price for such transfer of shares in the PRC Affiliate, notwithstanding anything contrary in any other agreement, oral or in writing, reached by the shareholders of the PRC Affiliate.

 11.14.    Further Actions. Each shareholder of the Company agrees that it shall use its best
effort to enhance and increase the value and principal business of the Company. 
 11.15.    The parties
hereto agree and acknowledge that, (i) with effect from the date hereof, the provisions under Sections 5.03, 5.04, 5.06, 5.08, 5.14, 5.26, 5.27 and 5.31 of the Share Purchase Agreement shall be terminated and the parties to the Share Purchase
Agreement shall be released or exempted from all and any obligations or liabilities under these sections of the Share Purchase Agreement; (ii) there has been no breach of any provisions under any Transaction Documents on the part of any party
thereto prior to the execution of this Agreement; (iii) unless otherwise provided under this Agreement, all the parties hereto shall be released and exempted from all and any obligations or liabilities under the Original Shareholders Agreement;
and (iv) if and to the extent there is any conflict between this Agreement and the Original Shareholders Agreement or Share Purchase Agreement, the provisions under this Agreement shall control and prevail. 

11.16.    Effective Date. This Agreement should take effect and become binding on and enforceable
against the parties hereto upon due execution of this Agreement. 
 — —REMAINDER OF THIS PAGE LEFT INTENTIONALLY
BLANK— — 

  
 34 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	THE GROUP COMPANIES:
	
	GSX Techedu Inc.
		
	By:	 	 /s/ Chen
Xiangdong                        

	Name:	 	Chen Xiangdong
	Title:	 	Director
	
	BaiJiaHuLian Co., Ltd.
		
	By:	 	 /s/ Chen Xiangdong

	Name:	 	Chen Xiangdong
	Title:	 	Director
	
	BaiJiaHuLian HK Holdings Limited
		
	By:	 	 /s/ Chen Xiangdong

	Name:	 	Chen Xiangdong
	Title:	 	Director
	
	Beijing Lexuebang Network Technology Co., Ltd. (北京乐学帮网络技术有限公司)
	(/s/ Seal of Beijing Lexuebang Network Technology Co., Ltd.)
		
	By:	 	 /s/ Chen Xiangdong

	Name:	 	Chen Xiangdong
	Title:	 	Legal Representative
	
	Beijing BaiJiaHuLian Technology Co., Ltd. (北京百家互联科技有限公司)
	(/s/ Seal of Beijing BaiJiaHuLian Technology Co., Ltd.)
		
	By:	 	 /s/ Chen Xiangdong

	Name:	 	Chen Xiangdong
	Title:	 	Legal Representative

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	THE FOUNDER HOLDING COMPANY:
	
	Ebetter International Group Limited
		
	By:	 	 /s/ Chen
Xiangdong                                        

	Name:	 	Chen Xiangdong
	Title:	 	Director
	
	THE BVI COMPANIES:
	
	BaiJiaHuLian Co., Ltd.
		
	By:	 	 /s/ Chen Xiangdong

	Name:	 	Chen Xiangdong
	Title:	 	Director
	
	Huai Yuan Group Limited
		
	By:	 	 /s/ Zhang Huaiting

	Name:	 	Zhang Huaiting
	Title:	 	Director
	
	Su Wei Group Limited
		
	By:	 	 /s/ Su Wei

	Name:	 	Su Wei
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	THE BVI COMPANIES:
	
	Jenny and Jerry International Limited
		
	By:	 	 /s/ Li
Gangjiang                                

	Name:	 	Li Gangjiang
	Title:	 	Director
	
	Rolancy International Limited
		
	By:	 	 /s/ Luo Bin

	Name:	 	Luo Bin
	Title:	 	Director
	
	Super Energy Global Limited
		
	By:	 	 /s/ Song Yuxiao

	Name:	 	Song Yuxiao
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	ABUNDENT DELIGHT LIMITED
		
	By:	 	 /s/ Ma
Cuilan                                

	Name:	 	Ma Cuilan
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	THE FOUNDER:
		
	By:	 	 /s/ Chen
Xiangdong                    

	Name:	 	Chen Xiangdong (陈向东)
	
	THE INDIVIDUAL SHAREHOLDERS:
		
	By:	 	 /s/ Zhang Huaiting

	Name:	 	Zhang Huaiting (张怀亭)
		
	By:	 	 /s/ Su Wei

	Name:	 	Su Wei (苏伟)
		
	By:	 	 /s/ Li Gangjiang

	Name:	 	Li Gangjiang (李钢江)
		
	By:	 	 /s/ Luo Bin

	Name:	 	Luo Bin (罗斌)
		
	By:	 	 /s/ Song Yuxiao

	Name:	 	Song Yuxiao (宋欲晓)

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	THE ANGEL INVESTOR, SERIES A-0 INVESTOR AND SERIES A-2 INVESTOR:
	
	QFcapital Limited
		
	By:	 	 /s/ Gu
Kai                                         
           

	Name:	 	Gu Kai
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	SERIES A-1 INVESTOR:
	
	BaiJiaHuLian Co., Ltd.
		
	By:	 	 /s/ Chen
Xiangdong                    

	Name:	 	Chen Xiangdong
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	SERIES A-2 INVESTOR AND SERIES A-3 INVESTOR:
	
	ROGER INTERNATIONAL VENTURE LIMITED
		
	By:	 	 /s/ Hou
Haoxiang                

	Name:	 	Hou Haoxiang
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	SERIES A-2 INVESTOR:
	
	JSR Limited
		
	By:	 	 /s/ Ji
Dongmei                    

	Name:	 	Ji Dongmei
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	SERIES A-2 INVESTOR:
	
	JPXC LIMITED
		
	By:	 	 /s/ Hou
Haoxiang                

	Name:	 	Hou Haoxiang
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above written. 
  

			
	SERIES A-2 INVESTOR AND SERIES A-3 INVESTOR:
	
	QF Group Limited
		
	By:	 	 /s/ Fu
Zhekuan                                        
    

	Name:	 	Fu Zhekuan
	Title:	 	Director

  
 SIGNATURE PAGE TO AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	SERIES A-3 INVESTOR:
	
	Banyan Partners Fund II, L.P.
	By: Banyan Partners II Ltd.
		
	By:	 	 /s/ Anthony
Wu                    

	Name:	 	Anthony Wu
	Title:	 	Authorized Signatory

  
 SIGNATURE PAGE OF
SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	ORIGIN BEYOND:
	
	Origin Beyond Limited
		
	By:	 	 /s/ Peter
Goddard                        

	Name:	 	Peter Goddard
	Title:	 	Authorized Signatory

  
 SIGNATURE PAGE OF
SHAREHOLDERS AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	IREFRESH FUTURE:
	
	Irefresh Future Limited
		
	By:	 	 /s/ Peter
Goddard                        

	Name:	 	Peter Goddard
	Title:	 	Authorized Signatory

  
 SIGNATURE PAGE OF
SHAREHOLDERS AGREEMENT 

 SCHEDULE I 

Individual Shareholders 
  

			
	
             
                           NAME              
                          
	  	 PRC ID NO.

	Zhang Huaiting (张怀亭)	  	[    ]
	Su Wei (苏伟)	  	[    ]
	Li Gangjiang (李钢江)	  	[    ]
	Luo Bin (罗斌)	  	[    ]
	Song Yuxiao (宋欲晓)	  	[    ]

  
 SCHEDULE I 

 SCHEDULE II 

Investors 

A         Series A-1 Investor 

 

					
	 No.
	  	
Series A-1 Investor
	  	
Number of Series 
A-1
Preferred Shares

	1	  	BaiJiaHuLian Co., Ltd.	  	1,054,837
	2	  	Ebetter International Group Limited	  	1,925,789
	3	  	Origin Beyond Limited	  	2,324,438

 B         Series A-2
Investors 
  

					
	 No.
	  	
Series A-2 Investors
	  	Number of Series A-2
Preferred Shares
	1.	  	ROGER INTERNATIONAL VENTURE LIMITED	  	2,375,254
	2.	  	JSR Limited	  	1,666,219
	3.	  	JPXC LIMITED	  	1,487,246
	4.	  	QF Group Limited	  	1,875,000
	5.	  	QFcapital Limited	  	1,250,000
	6.	  	Ebetter International Group Limited	  	1,666,219

 C         Series A-3
Investor 
  

					
	 No.
	  	
Series A-3 Investor
	  	Number of Series A-3
Preferred Shares
	1.	  	Banyan Partners Fund II, L.P.	  	9,375,000
	2.	  	Ebetter International Group Limited	  	2,500,000
	3.	  	QF Group Limited	  	3,125,000
	4.	  	ROGER INTERNATIONAL VENTURE LIMITED	  	625,000

  
 SCHEDULE IIEX-10.1

 Exhibit 10.1 

GSX Techedu Inc. 
 Share
Incentive Plan 
 ARTICLE 1 

PURPOSE 
 The purpose of
the Plan is to promote the success and enhance the value of GSX Techedu Inc., an exempted company formed under the laws of the Cayman Islands (the “Company”), by linking the personal interests of the Directors, Employees, and
Consultants to those of the Company’s shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Company’s shareholders. 

ARTICLE 2 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. 

2.1    “Applicable Laws” means the legal requirements relating to the Plan and the Awards under
applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted to residents
therein. 
 2.2    “Award” means an Option, Restricted Share, Restricted Share Units or other types of
award approved by the Committee granted to a Participant pursuant to the Plan. 
 2.3    “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 

2.4    “Board” means the Board of Directors of the Company. 

2.5    “Cause” with respect to a Participant means (unless otherwise expressly provided in the applicable
Award Agreement, or another applicable contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the Participant’s Awards) a termination of employment or service
based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Participant: 

(a)    has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or
assigned duties or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 

  
 1 

 (b)    has been dishonest or committed or engaged in an act of theft,
embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information; 

(c)    has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy
of the Service Recipient; or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses); 

(d)    has materially breached any of the provisions of any agreement with the Service Recipient; 

(e)    has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation,
business or assets of, the Service Recipient; or 
 (f)    has improperly induced a vendor or customer to break or
terminate any contract with the Service Recipient or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship. 

A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date
on which the Service Recipient first delivers written notice to the Participant of a finding of termination for Cause. 

2.6    “Code” means the Internal Revenue Code of 1986 of the United States, as amended. 

2.7    “Committee” means a committee of the Board described in Article 10. 

2.8    “Consultant” means any consultant or adviser if: (a) the consultant or adviser renders bona
fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a
market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

2.9    “Corporate Transaction”, unless otherwise defined in an Award Agreement, means any of the
following transactions, provided, however, that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 

(a)    an amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company is not the
surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following which the holders of the voting securities of the Company do not continue to hold
more than 50% of the combined voting power of the voting securities of the surviving entity; 
 (b)    the sale,
transfer or other disposition of all or substantially all of the assets of the Company; 

  
 2 

 (c)    the complete liquidation or dissolution of the Company; 

(d)    any reverse takeover or series of related transactions culminating in a reverse takeover (including, but not
limited to, a tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately prior to such takeover are converted or exchanged by virtue of the
takeover into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are
transferred to a person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that
the Committee determines shall not be a Corporate Transaction; or 
 (e)    acquisition in a single or series of related
transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of
securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a
Corporate Transaction. 
 2.10    “Director”, means a member of the Board or a member of the board of
directors of any Subsidiary of the Company. 
 2.11    “Disability”, unless otherwise defined in an
Award Agreement, means that the Participant qualifies to receive long-term disability payments under the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides
services regardless of whether the Participant is covered by such policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is
unable to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will
not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 

2.12    “Effective Date” shall have the meaning set forth in Section 11.1. 

2.13    “Employee” means any person, including an officer or a Director, who is in the employment of a
Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by a Service Recipient shall not be sufficient to
constitute “employment” by the Service Recipient. 
 2.14    “Exchange Act” means the
Securities Exchange Act of 1934 of the United States, as amended. 

  
 3 

 2.15    “Fair Market Value” means, as of any date, the
value of Shares determined as follows: 
 (a)    If the Shares are listed on one or more established stock exchanges or
national market systems, including without limitation, the New York Stock Exchange or the NASDAQ Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the
principal exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing
sales price or closing bid was reported), as reported on the website maintained by such exchange or market system or such other source as the Committee deems reliable; or 

(b)    In the absence of an established market for the Shares of the type described in (a) above, the Fair Market
Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of the Company’s business operations and the
general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s business operation and the general economic and market conditions
since such transaction, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value. 

2.16    “Group Entity” means any of the Company and Subsidiaries of the Company. 

2.17    “Incentive Share Option” means an Option that is intended to meet the requirements of
Section 422 of the Code or any successor provision thereto. 
 2.18    “Independent Director”
means (i) if the Shares or other securities representing the Shares are not listed on a stock exchange, a Director of the Company who is a Non-Employee Director; and (ii) if the Shares or other
securities representing the Shares are listed on one or more stock exchange, a Director of the Company who meets the independence standards under the applicable corporate governance rules of the stock exchange(s). 

2.19    “Non-Employee Director” means a member of the Board who
qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board. 

2.20    “Non-Qualified Share Option” means an Option that is not
intended to be an Incentive Share Option. 
 2.21    “Option” means a right granted to a Participant
pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option.

 2.22    “Participant” means a person who, as a Director, Consultant or Employee, has been granted an
Award pursuant to the Plan. 
 2.23    “Parent” means a parent corporation under Section 424(e) of
the Code. 
 2.24    “Plan” means this Share Incentive Plan of GSX Techedu Inc., as amended and/or
restated from time to time. 

  
 4 

 2.25    “Related Entity” means any business,
corporation, partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, or controls through contractual arrangements and
consolidates the financial results according to applicable accounting standards, but which is not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan. 

2.26    “Restricted Share” means a Share awarded to a Participant pursuant to Article 6 that is subject
to certain restrictions and may be subject to risk of forfeiture. 
 2.27    “Restricted Share Unit”
means the right granted to a Participant pursuant to Article 7 to receive a Share at a future date. 

2.28    “Securities Act” means the Securities Act of 1933 of the United States, as amended. 

2.29    “Service Recipient” means the Company or Subsidiary of the Company to which a Participant
provides services as an Employee, a Consultant or a Director. 
 2.30    “Share” means the ordinary
shares of the Company, par value US$0.0001 per share, and such other securities of the Company that may be substituted for Shares pursuant to Article 9. 

2.31    “Subsidiary” means any corporation or other entity of which a majority of the outstanding voting
shares or voting power is beneficially owned directly or indirectly by the Company. 
 2.32    “Trading
Date” means the closing of the first sale to the general public of the Shares pursuant to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act. 

ARTICLE 3 
 SHARES
SUBJECT TO THE PLAN 
  

	 	3.1	 Number of Shares. 

(a)    Subject to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares which may be
issued pursuant to all Awards (including Incentive Share Options) (the “Award Pool”) shall be 28,400,000 Shares, provided that, the Shares reserved shall be increased automatically if and whenever the unissued Shares reserved
accounts for less than one percent (1%) of the total then issued and outstanding Shares, as a result of which increase the Shares unissued and reserved in the Award Pool immediately after each such increase shall equal to five percent (5%) of the
then issued and outstanding Shares. 

  
 5 

 (b)    To the extent that an Award terminates, expires, or lapses for
any reason, any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any
entity acquired in any form or combination by a Group Entity shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award under the Plan,
in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 1.1(a). If any Restricted Shares are forfeited by the Participant or repurchased by
the Company, such Shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 1.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such
action would cause an Incentive Share Option to fail to qualify as an incentive share option under Section 422 of the Code. 

3.2    Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of
authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, at the discretion of the Committee, any Shares distributed pursuant to an Award may be represented by American
Depository Shares. If the number of Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be
adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 
 ARTICLE 4 

ELIGIBILITY AND PARTICIPATION 

4.1    Eligibility. Persons eligible to participate in this Plan include Employees, Consultants, and Directors, as
determined by the Committee. 
 4.2    Participation. Subject to the provisions of the Plan, the Committee may,
from time to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this Plan. 

ARTICLE 5 
 OPTIONS

 5.1    General. The Committee is authorized to grant Options to Participants on the following terms and
conditions: 
 (a)    Exercise Price. The exercise price per Share subject to an Option shall be determined by
the Committee and set forth in the Award Agreement which may be a fixed price or a variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion
of the Committee, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment of the exercise prices of Options mentioned
in the preceding sentence shall be effective without the approval of the Company’s shareholders or the approval of the affected Participants. 

  
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 (b)    Time and Conditions of Exercise. The Committee shall
determine the time or times at which an Option may be exercised in whole or in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided in
Section 12.1. The Committee shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised. 

(c)    Payment. The Committee shall determine the methods by which the exercise price of an Option may be paid, the
form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese Renminbi, (iii) cash or check denominated in any other
local currency as approved by the Committee, (iv) Shares held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences and having a Fair Market Value on the date of delivery equal
to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise
of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company upon
settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or (vii) any combination of the foregoing. Notwithstanding any other provision of the Plan to the contrary, no
Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any method which would violate
Section 13(k) of the Exchange Act. 
 (d)    Effects of Termination of Employment or Service on Options.
Termination of employment or service shall have the following effects on Options granted to the Participants: 

(i)    Dismissal for Cause. Unless otherwise provided in the Award Agreement, if a Participant’s employment
by or service to the Service Recipient is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination, whether or not the Option is then vested and/or exercisable; 

(ii)    Death or Disability. Unless otherwise provided in the Award Agreement, if a Participant’s employment
by or service to the Service Recipient terminates as a result of the Participant’s death or Disability: 
  

	 	(a)	 the Participant (or his or her legal representative or beneficiary, in the case of the Participant’s
Disability or death, respectively), will have until the date that is 12 months after the Participant’s termination of Employment to exercise the Participant’s Options (or portion thereof) to the extent that such Options were vested and
exercisable on the date of the Participant’s termination of Employment on account of death or Disability; 

  

	 	(b)	 the Options, to the extent not vested and exercisable on the date of the Participant’s termination of
Employment or service, shall terminate upon the Participant’s termination of Employment or service on account of death or Disability; and 

  
 7 

	 	(c)	 the Options, to the extent exercisable for the 12-month period
following the Participant’s termination of Employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 12-month period.

 (iii)    Other Terminations of Employment or Service. Unless otherwise provided in the
Award Agreement, if a Participant’s employment by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or because of the Participant’s death or Disability: 

 

	 	(a)	 the Participant will have until the date that is 90 days after the Participant’s termination of Employment
or service to exercise his or her Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination of Employment or service; 

 

	 	(b)	 the Options, to the extent not vested and exercisable on the date of the Participant’s termination of
Employment or service, shall terminate upon the Participant’s termination of Employment or service; and 

  

	 	(c)	 the Options, to the extent exercisable for the 90-day period following
the Participant’s termination of Employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 90-day period. 

5.2    Incentive Share Options. Incentive Share Options may be granted to Employees of the Company or a Subsidiary
of the Company. Incentive Share Options may not be granted to employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements of
Section 5.1, must comply with the following additional provisions of this Section 5.2: 
 (a)    Individual
Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000
or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 
 (b)    Exercise Price. The exercise price of an
Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However, the exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more than ten percent of the
total combined voting power of all classes of shares of the Company or any Parent or Subsidiary of the Company may not be less than 110% of Fair Market Value on the date of grant and such Option may not be exercisable for more than five years from
the date of grant. 

  
 8 

 (c)    Transfer Restriction. The Participant shall give the
Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares to the
Participant. 
 (d)    Expiration of Incentive Share Options. No Award of an Incentive Share Option may be made
pursuant to this Plan after the tenth anniversary of the Effective Date. 
 (e)    Right to Exercise. During a
Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant. 
 ARTICLE 6 

RESTRICTED SHARES 

6.1    Grant of Restricted Shares. The Committee, at any time and from time to time, may grant Restricted Shares to
Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Shares to be granted to each Participant. 

6.2    Restricted Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement
that shall specify the period of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. Unless the Committee determines otherwise, Restricted Shares shall
be held by the Company as escrow agent until the restrictions on such Restricted Shares have lapsed. 

6.3    Issuance and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and
other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Shares). These restrictions may lapse separately or in combination
at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

6.4    Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award
or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or repurchased in accordance with the Award Agreement; provided,
however, the Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting
from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares. 

6.5    Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such
manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to
such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

  
 9 

 6.6    Removal of Restrictions. Except as otherwise provided in
this Article 6, Restricted Shares granted under the Plan shall be released from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate the time at which any restrictions shall
lapse or be removed. After the restrictions have lapsed, the Participant shall be entitled to have any legend or legends under Section 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable by the
Participant, subject to applicable legal restrictions. The Committee (in its discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens
on the Company. 
 ARTICLE 7 

RESTRICTED SHARE UNITS 

7.1    Grant of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted
Share Units to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Share Units to be granted to each Participant. 

7.2    Restricted Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award
Agreement that shall specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

7.3    Form and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the
date or dates on which the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share Units in the form of cash, Shares or a combination thereof. 

7.4    Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award
or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or repurchased in accordance with the Award Agreement; provided,
however, the Committee may (a) provide in any Restricted Share Unit Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived in whole or in part in the event of terminations
resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Share Units. 

  
 10 

 ARTICLE 8 

PROVISIONS APPLICABLE TO AWARDS 

8.1    Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms,
conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend,
modify, suspend, cancel or rescind an Award. 
 8.2    No Transferability; Limited Exception to Transfer
Restrictions. 
 8.2.1    Limits on Transfer. Unless otherwise expressly provided in (or pursuant to) this
Section 8.2, by applicable law and by the Award Agreement, as the same may be amended: 
 (a)    all Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; 

(b)    Awards will be exercised only by the Participant; and 

(c)    amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in
the case of Shares, registered in the name of, the Participant. 
 In addition, the shares shall be subject to the restrictions set forth in
the applicable Award Agreement. 
 8.2.2    Further Exceptions to Limits on Transfer. The exercise and transfer
restrictions in Section 8.2.1 will not apply to: 
 (a)    transfers to the Company or a Subsidiary; 

(b)    transfers by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act; 
 (c)    the designation of a
beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of
descent and distribution; or 
 (d)    if the Participant has suffered a disability, permitted transfers or exercises on
behalf of the Participant by the Participant’s duly authorized legal representative; or 
 (e)    subject to the
prior approval of the Committee or an executive officer or director of the Company authorized by the Committee, transfer to one or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant
and/or the Participant’s family members, including but not limited to trusts or other entities whose beneficiaries or beneficial owners are the Participant and/or the Participant’s family members, or to such other persons or entities as
may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee or may establish. Any permitted transfer shall be subject to the condition that the Committee receives evidence satisfactory to it that the
transfer is being made for estate and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of securities. 

  
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 Notwithstanding anything else in this Section 8.2.2 to the contrary, but subject to
compliance with all Applicable Laws, Incentive Share Options, Restricted Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the intended tax
consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all Applicable Laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject to the
condition precedent that the transfer be approved by the Administrator in order for it to be effective. 

8.3    Beneficiaries. Notwithstanding Section 8.2, a Participant may, in the manner determined by the
Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming
any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed
necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more than 50% of the
Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled
thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with the
Committee. 
 8.4    Performance Objectives and Other Terms. The Committee, in its discretion, shall set
performance objectives or other vesting criteria which, depending on the extent to which they are met, will determine the number or value of the Awards that will be granted or paid out to the Participants. 

ARTICLE 9 
 CHANGES IN
CAPITAL STRUCTURE 
 9.1    Adjustments. In the event of any dividend, share split, combination or exchange
of Shares, amalgamation, arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting
the shares of Shares or the share price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and
type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance
targets or criteria with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan. 

  
 12 

 9.2    Corporate Transactions. Except as may otherwise be
provided in any Award Agreement or any other written agreement entered into by and between the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee may, in its sole
discretion, provide for (i) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise the vested portion of such Awards during a period of time as the Committee
shall determine, or (ii) the purchase of any Award for an amount of cash equal to the amount that could have been attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good
faith that no amount would have been attained upon the exercise of such Award, then such Award may be terminated by the Company without payment), or (iii) the replacement of such Award with other rights or property selected by the Committee in
its sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of
such Award in cash based on the value of Shares on the date of the Corporate Transaction plus reasonable interest on the Award through the date as determined by the Committee when such Award would otherwise be vested or have been paid in accordance
with its original terms, if necessary to comply with Section 409A of the Code. 
 9.3    Outstanding Awards
– Other Changes. In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments in
the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights.

 9.4    No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by
reason of any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other
corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, and no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award. 

ARTICLE 10 

ADMINISTRATION 

10.1    Committee. The Plan shall be administered by the Board or a committee of one or more members of the Board
(the “Committee”) to whom the Board shall delegate the authority to grant or amend Awards to Participants other than any of the Committee members, Independent Directors and executive officers of the Company. Reference to the
Committee shall refer to the Board in absence of the Committee. Notwithstanding the foregoing, the full Board, acting by majority of its members in office, shall conduct the general administration of the Plan if required by Applicable Laws, and with
respect to Awards granted to the Committee members, Independent Directors and executive officers of the Company and for purposes of such Awards the term “Committee” as used in the Plan shall be deemed to refer to the Board. 

  
 13 

 10.2    Action by the Committee. A majority of the Committee
shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and acts approved unanimously in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the
Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of a Group Entity, the Company’s independent certified public
accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

10.3    Authority of the Committee. Subject to any specific designation in the Plan, the Committee has the
exclusive power, authority and discretion to: 
 (a)    designate Participants to receive Awards; 

(b)    determine the type or types of Awards to be granted to each Participant; 

(c)    determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d)    determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the
exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any
provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 

(e)    determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise
price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(f)    prescribe the form of each Award Agreement, which need not be identical for each Participant; 

(g)    decide all other matters that must be determined in connection with an Award; 

(h)    establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

 (i)    interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; 

(j)    amend terms and conditions of Award Agreements; and 

  
 14 

 (k)    make all other decisions and determinations that may be required
pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan, including design and adopt from time to time new types of Awards that are in compliance with Applicable Laws. 

10.4    Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the
Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 

ARTICLE 11 
 EFFECTIVE
AND EXPIRATION DATE 
 11.1    Effective Date. The Plan shall become effective as of the date immediately
prior to the completion of the initial public offering of the Company (the “Effective Date”). 

11.2    Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth
anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

ARTICLE 12 
 AMENDMENT,
MODIFICATION, AND TERMINATION 
 12.1    Amendment, Modification, and Termination. At any time and from time
to time, the Board may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws or stock exchange rules, the Company shall obtain shareholder approval of any Plan
amendment in such a manner and to such a degree as required, unless the Company decides to follow home country practice, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment to
the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 9), or (ii) permits the Committee to extend the term of the Plan or the exercise period for an Option beyond ten
years from the date of grant. 
 12.2    Awards Previously Granted. Except with respect to amendments made
pursuant to Section 12.1, no termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

ARTICLE 13 
 GENERAL
PROVISIONS 
 13.1    No Rights to Awards. No Participant, employee, or other person shall have any claim to
be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 

  
 15 

 13.2    No Shareholders Rights. No Award gives the Participant
any of the rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award. 

13.3    Taxes. No Shares shall be delivered under the Plan to any Participant until such Participant has made
arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a
Participant to remit to the Company, an amount sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable Laws to be withheld with respect to any taxable event concerning
a Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the
return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any
Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy any income and payroll tax liabilities applicable to the Participant with respect to the
issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of
such liabilities based on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income. 

13.4    No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or
limit in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employment or services of any Service Recipient. 

13.5    Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive
compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the
relevant Group Entity. 
 13.6    Indemnification. To the extent allowable pursuant to Applicable Laws, each
member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim,
action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of
judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

  
 16 

 13.7    Expenses. The expenses of administering the Plan shall be
borne by the Group Entities. 
 13.8    Fractional Shares. No fractional Shares shall be issued and the Committee
shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate. 

13.9    Government and Other Regulations. The obligation of the Company to make payment of awards in Shares or
otherwise shall be subject to all Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any
other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer of such
Shares in such manner as it deems advisable to ensure the availability of any such exemption. 
 13.10    Governing
Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands. 

13.11    Section 409A. To the extent that the Committee determines that any Award granted under
the Plan is or may become subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and the Award
Agreements shall be interpreted in accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation or other guidance
that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and
related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award agreement or adopt other policies and
procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve
the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance. 

  
 17

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