Document:

EX-10.18

 Exhibit 10.18 

Equity Transfer Agreement of 
  

 
 ZMN
International Education Consulting (Beijing) Co., Ltd. 

(啄木鸟国际教育咨询(北京)有限公司) 

 
  

Executed Between 

Beijing Meitong Education Consulting Co., Ltd.
(北京美通教育咨询有限公司) 
 and 

the shareholders, among others, Chen Qiyong, Cao Yawei 

March 2018 

 Table of Contents 

 

							
	 Article   1.
	  	Definitions and Interpretations	  	 	4	 
	 Article   2.
	  	Transfer of Rights and Obligations and Equity Transfer	  	 	5	 
	 Article   3.
	  	Transfer Price	  	 	8	 
	 Article   4.
	  	Closing Conditions, Payment and Post-closing	  	 	9	 
	 Article   5.
	  	Management Transfer and Closing	  	 	16	 
	 Article   6.
	  	Representations and Warranties of Party A	  	 	17	 
	 Article   7.
	  	Representations and Warranties of Party B	  	 	17	 
	 Article   8.
	  	Special Undertakings	  	 	20	 
	 Article   9.
	  	Arrangement for Transition Period	  	 	21	 
	 Article 10.
	  	Confidentiality	  	 	21	 
	 Article 11.
	  	Expenses and Fees	  	 	22	 
	 Article 12.
	  	Liabilities for Breach of this Agreement	  	 	22	 
	 Article 13.
	  	Validity and Termination	  	 	23	 
	 Article 15.
	  	Applicable Laws and Dispute Resolution	  	 	24	 
	 Article 16.
	  	Miscellaneous	  	 	25	 

							
	 Appendix   1:
	  	 Settlement Conditions
	  			
	 Appendix   2:
	  	 Representations and warranties
	  			
	 Appendix   3:
	  	 Transition arrangement
	  			
	 Appendix   4:
	  	 Letter of consent
	  			
	 Appendix   5:
	  	 List of transfer
	  			
	 Appendix   6:
	  	 List of assets and liabilities of the Target Company and its subsidiaries, branches and
schools
	  			
	 Appendix   7:
	  	 List of management members and core employee
	  			
	 Appendix   8:
	  	 Letter of disclosure of the Target Company and its subsidiaries, branches and
schools
	  			
	 Appendix   9:
	  	 Housing leasing
	  			
	 Appendix 10:
	  	 Self-prepared teaching materials
	  			
	 Appendix 11:
	  	 Trademark
	  			
	 Appendix 12:
	  	 List of creditor’s rights transferred from ZMN Education to Party B
	  			
	 Appendix 14:
	  	 List of B160 contracts
	  			

 Equity Transfer Agreement 

This Equity Transfer Agreement (the “Agreement”) was signed by the following Parties in Beijing, China on March 15, 2018: 

Party A: 
 Beijing Meitong Education Consulting
Co., Ltd. (北京美通教育咨询有限公司)(hereinafter referred to as “Milestone”), a company of limited liability incorporated in China with the
address of 0616, 5th Floor, Building 1, No.113 Zhichun Road, Haidian District, Beijing. 
 Party B: 

 

							
	 (1)
	  	Chen Qiyong	  	Address: [            ]	  	ID No.: [            ]
				
	 (2)
	  	Cao Yawei	  	Address: [            ]	  	ID No.: [            ]

  
 1 

							
	 (3)
	  	Cheng Laichuan	  	Address: [            ]	  	ID No.: [            ]
				
	 (4)
	  	Yan Yarong	  	Address: [            ]	  	ID No.: [            ]
				
	 (5)
	  	Zhou Pengfei	  	Address: [            ]	  	ID No.: [            ]
				
	 (6)
	  	Jia Qian	  	Address: [            ]	  	ID No.: [            ]
				
	 (7)
	  	Chen Qizhi	  	Address: [            ]	  	ID No.: [            ]
				
	 (8)
	  	Chen Qisheng	  	Address: [            ]	  	ID No.: [            ]
				
	 (9)
	  	Chen Qilun	  	Address: [            ]	  	ID No.: [            ]
				
	 (10)
	  	Chen Qitao	  	Address: [            ]	  	ID No.: [            ]
				
	 (11)
	  	Wang Chunlai	  	Address: [            ]	  	ID No.: [            ]
				
	 (12)
	  	Liu Lei	  	Address: [            ]	  	ID No.: [            ]
				
	 (13)
	  	Feng Gang	  	Address: [            ]	  	ID No.: [            ]
				
	 (14)
	  	Wang Wentao	  	Address: [            ]	  	ID No.: [            ]
				
	 (15)
	  	Fu Huamei	  	Address: [            ]	  	ID No.: [            ]
				
	 (16)
	  	Zhang Lie	  	Address: [            ]	  	ID No.: [            ]
				
	 (17)
	  	Zhang Tianyi	  	Address: [            ]	  	ID No.: [            ]
				
	 (18)
	  	Zhang Bo	  	Address: [            ]	  	ID No.: [            ]

 Party C: 
 Puxin Education
Technology Group Co., Ltd. (hereinafter referred to as “Puxin”), a company of limited liability incorporated in China with the address of 05-535, 8th Floor, No. 18, Zhongguancun Street, Haidian District, Beijing. 

  
 2 

 (Each of these Parties or any party is referred to individually as a” Party” and collectively as
“ Parties”) 
 WHEREAS: 
  

	(1)	ZMN International Education Consulting (Beijing) Co., Ltd. (啄木鸟国际教育咨询(北京)有限公司) (hereinafter referred
to as “Target Company” or “ZMN Education”), is a company of limited liability incorporated and validly existing under the laws of China, with an unified social credit code of 91110108793436874R, Chen Qiyong being
the legal representative, and address of No. 902-03, 3 Suzhou Street, Haidian District, Beijing. 

  

	(2)	Party B agrees that the industrial and commercial registration (the “AIC Registration”) formalities for the change in registered capital and equity of the Target Company shall be completed within
fifteen (15) days from the date of execution of this Agreement, and Party B holds 100% equity interests of the Target Company. 

  

	(3)	Puxin and the Target Company have signed the Letter of Initial Intent for Investment on July 20, 2017. 

  

	(4)	Puxin and all shareholders of the Target Company have signed the Equity Transfer Agreement of ZMN Education executed between Puxin and the shareholders of ZMN Education, among others, Chen Qiyong and Cao Yawei”
(the “Equity Transfer Agreement”) on July 27, 2017. 

  

	(5)	Puxin intends to transfer its rights and obligations under the Equity Transfer Agreement to Milestone, and Milestone agrees to take over Puxin’s rights and obligations under the Equity Transfer Agreement. Where
Milestone is unable to perform its obligations under the Equity Transfer Agreement, Puxin shall also assume the corresponding responsibilities. 

  
 3 

	(6)	Party B agrees to transfer 100% equity interests of the Target Company to Party A in accordance with the terms and conditions contemplated in this Agreement; Party A agrees to acquire the said equity. 

Upon negotiation, all Parties have reached consensus on the following terms regarding the transfer of the equity of the Target Company between Party A and
Party B: 
 Article 1. Definitions and Interpretations 
  

	1.1	Definitions 

 In this Agreement, unless otherwise provided by the context, the following
expressions shall have the following meanings: 
  

	 	(1)	“Target Company” means ZMN International Education Consulting (Beijing) Co., Ltd.
(啄木鸟国际教育咨询(北京)有限公司). 

  

	 	(2)	“Target Equity” means the 100% equity interests in the Target Company held by Party B which shall be acquired from Party B by Party A under this Agreement. 

 

	 	(3)	“Target Interest” means the 100% equity interests in the Target Company held by Party B which shall be acquired from Party B by Party A under this Agreement, for which Party A indirectly holds the equity
interests and ownership of the subsidiaries, branches and schools of the Target Company. 

  

	 	(4)	“Equity Transfer” means Party A acquires and holds the transferred equity of the Target Company under this Agreement. 

  

	 	(5)	“This Transaction” means the transactions related to this Equity Transfer. 

  

	 	(6)	“Date of Management Transfer” means the date on which the business personnel of Party A are actually stationed in the Target Company and its subsidiaries, branches and schools pursuant to the provisions of
Article 5.1 of this Agreement, that is, August 1, 2017. 

  
 4 

	 	(7)	“Closing Date” means the date contemplated in the Article 5.2 of this Agreement. 

  

	 	(8)	“Renminbi” means the lawful currency of China. Unless otherwise specified, “yuan” means “Renminbi yuan”. 

 

	1.2	Interpretations 

  

	 	(1)	References to the laws of China in this Agreement shall include any regulations, ordinances, legally binding policies or other ancillary legislation in the jurisdiction. References to laws shall include revisions and
changes made thereto from time to time. References to this Agreement or any contract shall be construed as including revisions, changes or updates that may be made thereto. 

 

	 	(2)	The terms “of this Agreement”, “in this Agreement” and “under this Agreement” and phrases of similar meanings used in this Agreement shall mean the entire Agreement instead of any specific
article of this Agreement. 

  

	 	(3)	The Parties may sign a simplified version of this Agreement for the purpose of AIC Registration for the Equity Transfer, as the case may be. Where such simplified agreement is inconsistent with this Agreement or such
agreement does not provide otherwise, this Agreement shall prevail. 

 Article 2. Transfer of Rights and Obligations and
Equity Transfer 
  

	2.1	General Transfer of Rights and Obligations and Equity Transfer 

  

	 	(1)	General transfer of rights and obligations 

  
 5 

 All Parties agreed that Puxin shall transfer all of its rights and obligations under the Equity
Transfer Agreement to Milestone upon the execution of this Agreement, and Milestone shall take over Puxin’s status as a party to the Equity Transfer Agreement, and shall be entitled to the corresponding rights and assume the corresponding
obligations. All Parties’ signing on this Agreement shall be deemed to have agreed the transfer of the above-mentioned rights and obligations in entirety. 
  

	 	(2)	Target Company’s equity structure under AIC Registration 

  

							
	 Serial no.
	  	 Name of shareholder
	  	 Subscribed contribution

(RMB’0000)
	  	 Percentage of

contribution

	1.	  	Chen Qiyong	  	519.128	  	37.618%
	2.	  	Zhang Lie	  	233.110	  	16.892%
	3.	  	Cao Yawei	  	197.340	  	14.300%
	4.	  	Yan Yarong	  	93.467	  	6.773%
	5.	  	Cheng Laichuan	  	78.232	  	5.669%
	6.	  	Zhang Tianyi	  	49.680	  	3.600%
	7.	  	Zhou Pengfei	  	28.044	  	2.032%
	8.	  	Chen Qitao	  	26.951	  	1.953%
	9.	  	Fu Huamei	  	24.191	  	1.753%
	10.	  	Chen Qizhi	  	20.769	  	1.505%
	11.	  	Wang Chunlai	  	19.886	  	1.441%
	12.	  	Jia Qian	  	15.235	  	1.104%
	13.	  	Liu Lei	  	14.308	  	1.037%
	14.	  	Chen Qilun	  	13.151	  	0.953%
	15.	  	Zhang Bo	  	12.268	  	0.889%
	16.	  	Wang Wentao	  	11.923	  	0.864%
	17.	  	Feng Gang	  	11.923	  	0.864%
	18.	  	Chen Qisheng	  	10.391	  	0.753%
		  		  	  
	  	  

	 Total
	  	1380.000	  	100.000%
		  		  	  
	  	  

  
 6 

	 	(3)	Equity Transfer 

 Party B agrees to transfer the equity interests it held in the Target Company
to Party A in accordance with the terms and conditions stipulated in this Agreement. The details of the transfer are as follows: 
  

							
	 Serial no.
	  	 Name of

transferor
	  	 Subscribed capital for transfer (RMB’0000)
	  	 Percentage of total

subscribed capital for

transfer

	1.	  	Chen Qiyong	  	519.128	  	37.618%
	2.	  	Zhang Lie	  	233.110	  	16.892%
	3.	  	Cao Yawei	  	197.340	  	14.300%
	4.	  	Yan Yarong	  	93.467	  	6.773%
	5.	  	Cheng Laichuan	  	78.232	  	5.669%
	6.	  	Zhang Tianyi	  	49.680	  	3.600%
	7.	  	Zhou Pengfei	  	28.044	  	2.032%
	8.	  	Chen Qitao	  	26.951	  	1.953%
	9.	  	Fu Huamei	  	24.191	  	1.753%
	10.	  	Chen Qizhi	  	20.769	  	1.505%
	11.	  	Wang Chunlai	  	19.886	  	1.441%
	12.	  	Jia Qian	  	15.235	  	1.104%
	13.	  	Liu Lei	  	14.308	  	1.037%
	14.	  	Chen Qilun	  	13.151	  	0.953%
	15.	  	Zhang Bo	  	12.268	  	0.889%
	16.	  	Wang Wentao	  	11.923	  	0.864%
	17.	  	Feng Gang	  	11.923	  	0.864%
	18.	  	Chen Qisheng	  	10.391	  	0.753%
		  		  	  
	  	  

	 Total
	  	1380.000	  	100.000%
		  		  	  
	  	  

 Upon Closing, Party A shall become the sole shareholder of the Target Company, and Party A shall hold 100%
equity interests in the Target Company. 

  
 7 

	2.2	Entitlement to interests 

 From the Date of Management Transfer, Party A shall directly or
indirectly hold titles to all the assets, creditor’s rights, and other related interests of the Target Company and its subsidiaries, branches and schools, including but not limited to: 

 

	 	(1)	Fixed assets, office equipment, existing hardware facilities, teaching materials and commodity materials in stock, all operations, enrollment and OA systems, technology platforms, and intellectual properties (including
but not limited to the brands, logos, copyrights, trademarks, domain names, WeChat accounts and Weibo accounts, of the Target Company and the Target School) of the Target Company and its subsidiaries, branches and schools; among which, the
trademarks of the Target Company and its subsidiaries, branches and schools to be entitled by Party A trademark shall be limited to the trademarks listed in Appendix 11. 

 

	 	(2)	Party A shall be entitled to the dividends of the Target Company and its subsidiaries and schools, and related rights and interests based on the Target Interest. 

 

	2.3	Liabilities commitment 

 The target of the Target Equity held by Party B transferred to Party A
shall include all liabilities and contingent liabilities of the Target Company and its subsidiaries, branches and schools up to the Date of Management Transfer, but excluding the potential administrative penalties, litigations and arbitrations under
Article 7 of this Agreement. 
 Article 3. Transfer Price 

The Parties agreed that, with reference to the registered capital, carried-over revenue and other factors of the Target Company and its
subsidiaries, branches and schools on the signing date of this Agreement, the transfer price was determined to be RMB65.25 million. 

  
 8 

 As the 100% controlling shareholder of Party A, Puxin agreed to grant Party B the share options
as to 1% of the total share capital of Puxin, for which the Parties concerned shall sign a separate agreement. 
 Article 4. Closing
Conditions, Payment and Post-closing 
  

	4.1	Payment 

 Party A shall pay the transfer price in cash. The specific payment arrangements are as
follows: 
  

	 	(1)	The first installment of the transfer price payable by Party A is RMB18.25 million (the “first installment”). As of the date of the execution of this Agreement, Puxin has already paid the first
installment of the transfer price, and Party B confirms that it has received the first installment of the transfer price paid by Puxin. 

  

	 	(2)	The second installment of the transfer price payable by Party A, that is, RMB42.00 million (the “second installment”), is subject to: 

 

	 	a)	Party B shall fully satisfy (or be exempted through written approval by Party A) all the conditions (hereinafter referred to as the “Closing Conditions”) stipulated in Appendix 1 to this Agreement as
confirmed by both parties; Party B has already passed the shareholder resolution to change the shareholders of the Target Company to Party A, and has revised the Articles of Association of the Target Company; Party B has been responsible for
submitting the application materials for the change of related Target Equity to the competent administration for industrial and commercial authority; and the competent administration for industrial and commercial authority has accepted the above
materials and has issued a notice of acceptance. 

  

	 	(b)	Chen Qiyong, Zhang Lie, Dan Bin and ZMN Education have signed a four-party agreement in respect to the provision of an investment in the amount of RMB13,802,300 and return of interest to ZMN Education by Dan Bin on
22 October 2015, and the previous investment in ZMN Education by Zhang Lie. The four-party agreement stipulated that ZMN Education shall repay RMB10,693,024.66 to Dan Bin and shall repay RMB10 million to Zhang Lie. As such, the historical
account transactions between Dan Bin, Chen Qiyong, Zhang Lie and ZMN Education have been fully cleared, and there shall not be any other creditor’s right, liability, or any dispute or potential dispute among the four parties. 

  
 9 

	c)	Pursuant to the Loan and Warranty Agreement signed by Kunming AEUA International Academy (云南师大附中美华国际高中) and ZMN Education, as well as
the Supplementary Agreement to the Loan and Warranty Agreement signed by ZMN Education and Chen Qiyong, the parties agreed that the amount of loan and interest between Kunming AEUA International Academy and ZMN Education were RMB0.3 million. Chen
Qiyong shall take over the the corresponding creditor’s right to Kunming AEUA International Academy of the remaining RMB0.2 million . ZMN Education shall no longer be involved in any legal issues with such matter or any relevant unsettled debt
transactions. 

  

	d)	ZMN Education agreed to waive the recovery of the relevant creditor’s rights set out in Appendix 12 with the total amount of RMB362,640, and the creditor of such debt shall be changed to Party B from ZMN Education.
In the course of recovery of creditor’s rights, Party B shall be entitled to all revenues and shall bear all legal liabilities incurred therefrom. 

  

	e)	Party A has been provided with the approval documents of the Education Bureau and Civil Affairs Bureau in respect to the change of owner of Beijing Haidian ZMN Education Training School from Tian Jing to the Target
Company, the board resolutions of the school on the change of the owner, the revised Articles of Association and the Private School Business Permit (《民办学校办学许可证》) and the
Private Non-Enterprise Unit Registration Certificate (《民办非企业单位登记证书》) issued upon the change of the owner, proving that the necessary approval and registration
procedures have been performed with regards to the change of owner to the Target Company from Tian Jing, without any disputes or potential disputes. Meanwhile, Chen Qiyong has issued a confirmation letter, confirming that he is not entitled to any
ownership in Beijing Haidian ZMN Education Training School. 

  
 10 

	 	f)	Dalian Shahekou ZMN Education Training School and Xi’an Beilin ZMN Education Training Center have submitted the capital verification reports to Party A at the time of the establishment of the school; and it has
been confirmed that the funds of RMB500,000 for establishment of ZMN Education Training School in Shahekou District, Dalian has been paid on time and in full by ZMN Education (Dalian)
(啄木鸟教育咨询(大连)有限公司); 

  

	 	g)	The Target Company and its subsidiaries, branches and schools have standardized the housing leasing (see Appendix 9 for details), and have provided Party A with the fire acceptance inspection documents and housing
ownership certificates of all the leased houses, including, for the subleased houses, the written documents stipulating the agreement to sublet of the owner of the leased house; 

 

	 	h)	Chen Qiyong, Cheng Laichuan, Li Lin and ZMN Education have signed the Copyright Assignment Agreement for the self-developed teaching materials listed in Appendix 10 and agreed to transfer the copyright of such
self-developed teaching materials to ZMN Education free of charge; 

  

	 	i)	Fu Huamei, the copyright holder of the artwork Dr. Woodpecker, has signed the Copyright Assignment Agreement with the Target Company and agreed to transfer the copyright of Dr. Woodpecker to the Target Company
free of charge; 

 As of the date of the execution of this Agreement, Puxin has already waived the preconditions for payment of
the second installment and has paid the second installment of equity transfer. Party B confirms that it has received the second installment of equity transfer paid by Puxin. 

Exemption of the preconditions for the payment of the second installment by Puxin shall be deemed as such that these preconditions
automatically convert to be preconditions to the payment of the third installment, and shall not be deemed that such preconditions have been fulfilled. 

  
 11 

 As of the Closing Date, where the Target Company or its subsidiaries, branches and schools are
subject to administrative penalties or retrospective payment by the relevant competent authorities due to the non-fulfillment of the above-mentioned Closing Conditions, Party B shall bear the relevant liabilities. 

 

	 	(3)	Party A shall pay the third installment of transfer price, that is, RMB5 million (the “third installment”). The conditions to the payment are: (a) Party B has fulfilled its responsibility to
complete the AIC Registration with regard to the transfer of the Target Equity, and Party B has provided Party A with a complete set of industrial and commercial archives and business licenses of the Target Company when the AIC registration is
completed; (b) the constraints and requirements on Party B set out in Article 4.2 have been satisfied; (c) in accordance with the provisions of Article 4.1(2) of this Agreement, the preconditions for the second installment payment that are
not satisfied but automatically converted into the preconditions for the third installment payment are satisfied or have been exempted by Party A. After all of the above (a), (b), and (c) were satisfied, Party A shall pay the third installment
to Party B. 

  

	 	(4)	The Parties agree that, pursuant to Article 4.1 (2) of this Agreement, ZMN Education shall repay all the debts incurred by Zhang Lie and Dan B in according to the four-party agreement stipulated in Article
4.1(2)(b) within three working days after the preconditions for the second installment payment that are not satisfied but automatically converted into the preconditions for the third installment payment are satisfied. 

 

	4.2	Future matters on management transfer 

 The Parties further agree that: 

 

	 	(1)	Within six months after the Date of Management Transfer, Party B shall cooperate with the Target Company and its subsidiaries, branches and schools in continuing their operation in accordance with the laws, and make
every effort to ensure the stability of the employees, businesses and customers of the Target Company and its subsidiaries, branches and schools, and existing external partnership related to existing students before the Closing. 

  
 12 

 Where the Target Company or its subsidiaries, branches and schools are subject to administrative
penalties by the relevant competent authorities or making retrospective payments after the Closing Date due to the non-fulfillment of the preconditions to the second installment as stipulated in Article 4.1 (2) of this Agreement, Party B shall
bear the relevant liabilities for fines and retrospective payments, and Party A shall be entitled to make the deductions from the third installment accordingly. 

Chen Qiyong and Cheng Laichuan of Party B shall continue to serve as special advisors for the Target Company for one year from the Date of
Management Transfer, and shall participate in various marketing and promotion and student maintenance activities arranged by the Target Company, including but not limited to lectures, parent meetings and services for customers. Party A agrees that
Chen Qiyong and Cheng Laichuan shall use the two Beijing car license plates of the Target Company for [            ] years free of charge, starting from the Date of Management Transfer, and
each of them shall use one of the license plates. Chen Qiyong and Cheng Laichuan agree to bear various outlays and liabilities arising from the use of such license plates, while the Target Company shall not bear any outlays or liabilities arising
therefrom. Where any of the above events cause the Target Company to suffer from any losses, Chen Qiyong and Cheng Laichuan shall be liable for compensation. 

Where Chen Qiyong and Cheng Laichuan are using the license plate in compliance with the laws, ZMN Education shall actively cooperate with the
annual inspection procedures and provide relevant supporting documents and formalities, if required. 
  

	 	(2)	Party B shall fully assist and cooperate with the Target Company’s affiliate, the Xi’an Beilin ZMN Education Training Center, to complete the change of address formalities, in order to make the addresses
recorded in the Private School Business Permit (《民办学校办学许可证》) and the Private Non-Enterprise Unit Registration Certificate
(《民办非企业单位登记证书》) be consistent with the actual schooling address; 

  
 13 

	 	(3)	Party B shall assist and cooperate with the Target Company’s affiliate, Wu De Pai Ke Foreign Language Training Center (伍德派克外语培训中心) in Jinshui
District, Zhengzhou City of at Room 032, 8th Floor, No. 17 Building, Wanfenghuicheng, Dongbeijiao at the intersection of Yinping Road and Yingchun Road to obtain approval issued by the competent education authorities for its physical teaching
center; 

  

	 	(4)	Party B shall assist and cooperate with the Target Company, ZMN Cultural Exchange (Shanghai) Company Limited (啄木鸟文化交流 (上海) 有限公司)
and its Guangzhou branch, and Chengdu ZMN Education Cultural Exchange Company Limited (成都啄木鸟文化传播有限公司) to apply for working permit for their 10 foreign
employees; 

  

	 	(5)	Party B shall assist and cooperate with the Target Company to complete deregistration of Zhongtianyihe (中天一合), a general partnership . 

 

	 	(6)	For the B160 contracts (see Appendix 13 for details) that still have binding force to ZMN Education as of December 31, 2017 , Chen Qiyong shall make due diligence and actively cooperate with ZMN Education to
continue to provide free overseas consulting services for the B160 contracts to ensure that the customers obtain good admission results, and to avoid any disputes with customers. 

 

	 	(7)	The Parties agree that, after Puxin has completed the listing, ZMN Education shall assign the trademark “

” with the number 8476442 and the trademark “

” with the number 8476366 to Chen Qiyong or its designated entity. 

  

	4.3	Party A or Party A’s designated third party shall pay the purchase price to Party B’s designated bank account in accordance with the provisions of this Article after Party B satisfies the terms under this
Agreement: 

 The individual income tax involved in this transaction shall be withheld by Party A, and Party A
shall provide Party B with the proof of tax payment. The relevant individual income tax shall be paid by Party B to Party A. Party B, if natural person , shall provide Party A with receipts. 

  
 14 

 Party B confirms that the payment of final equity transfer price with the
relevant individual income tax deducted to Party B’s designated bank account by Party A shall be deemed as that Party A has fulfilled its obligation to pay the entire equity transfer price to Party B under the Equity Transfer Agreement and
there shall not have any disputes or potential disputes over the payment of such equity price. 
  

							
	Serial
no.	  	Account name	  	Bank account no.	  	Bank information
	1.	  	Chen Qiyong	  	 [●]
	  	 Zhongguancun
Sub-branch of Beijing
 Branch of China Merchants Bank

	2.	  	Cao Yawei	  	[●]	  	Haidian West District Sub-branch of Beijing Branch of Industrial and Commercial Bank of China
	3.	  	Cheng Laichuan	  	[●]	  	 Beijing Zhongguancun
Branch of China
 Merchants Bank

	4.	  	Yan Yarong	  	[●]	  	 Dong Si Huan
Sub-branch of Beijing
 Branch of China Merchants Bank

	5.	  	Zhou Pengfei	  	[●]	  	 Beijing Zhongguancun
Branch of
 China Merchants Bank

	6.	  	Jia Qian	  	[●]	  	 Beijing Jingguang
Bridge Branch of
 China Merchants Bank

	7.	  	Chen Qizhi	  	[●]	  	 Sales Department of
Yizheng Rural
 Commercial Bank Co., Ltd.

	8.	  	Chen Qisheng	  	[●]	  	 Sales Department of
Yizheng Rural
 Commercial Bank Co., Ltd.

	9.	  	Chen Qilun	  	[●]	  	 Nanjing Liuhe
Chaoyang Branch Office
 of Industrial and Commercial Bank of

China

	10.	  	Chen Qitao	  	[●]	  	 Beijing Yu Fa Branch
Office of
 Agricultural Bank of China Limited

	11.	  	Wang Chunlai	  	[●]	  	 Nanjing Liuhe Branch
of China
 Construction Bank

	12.	  	Liu Lei	  	[●]	  	 Haidian Sub-branch
of Beijing Branch of
 China Merchants Bank

	13.	  	Feng Gang	  	[●]	  	 Henan Zhengzhou
Huayuan Bei Road
 Branch of Bank of Communications

	14.	  	Wang Wentao	  	[●]	  	 Taiyuan Pingyang
Road Branch of China
 Merchants Bank

	15.	  	Fu Huamei	  	[●]	  	 Donghu Sub-branch of
Wuhan Branch of
 China Merchants Bank

	16.	  	Zhang Lie	  	[●]	  	 Xi’an City
North Branch of China
 Merchants Bank

	17.	  	Zhang Tianyi	  	[●]	  	 Fenglin Luzhou
Sub-branch of Xi’an
 Branch of China Merchants Bank

	18.	  	Zhang Bo	  	[●]	  	 Sales Department of
Xi’an Branch of
 China Merchants Bank

  
 15 

 Article 5. Management Transfer and Closing 

 

	 	5.1	As confirmed by the Parties, the “Date of Management Transfer” under this Agreement shall be the date on which the business personnel of Party A are actually stationed in the Target Company and its
subsidiaries, branches and schools, that is, determined as 31 July 2017. From the Date of Management Transfer, Party A shall begin to substantively operate and manage the business, finance, personnel and other matters of the Target Company and
its subsidiaries, branches and schools, with the highest operational decision-making authorities and financial management authorities, and the Target Company and its subsidiaries, branches and schools shall, in the form of resolution documents,
change the directors/executive directors, supervisors and senior management personnel of the Target Company and its subsidiaries, heads of branches, principals, legal representatives and members of the council/board of directors of the Target School
to Party A’s designated persons. 

 The rights and interests and liabilities of the Target Company and its subsidiaries,
branches and schools shall be determined in accordance with the provisions of Articles 2.2 and 2.3 of this Agreement. The Target Company and its subsidiaries, branches and schools shall be included in the financial consolidation of Party A. After
the Date of Management Transfer, Party A shall be entitled to the entire equity interests of the Target Company and its subsidiaries, branches and schools and shall assume corresponding obligations. 

 

	 	5.2	As confirmed by the Parties, the “Closing Date” under this Agreement shall be the date on which Party A has completed the registration with the competent industrial and commercial authority as the shareholder
holding the 100% equity interests of the Target Company in accordance with the terms of Appendix 1 “Closing Conditions” of this Agreement. 

  

	 	5.3	The Parties shall make their best effort to ensure that the Closing Conditions are met before 15 March 2018 (hereinafter referred to as the “Long Stop Date”). 

  
 16 

 Article 6. Representations and Warranties of Party A 

 

	 	6.1	For the purpose of completing the transactions under this Agreement, Party A hereby represents and warrants that: 

  

	 	(1)	Party A is an enterprise established under the laws of China and is a validly existing company with an independent corporate status. 

 

	 	(2)	This Agreement constitutes legal, valid and binding obligations for Party A. Except for any reason on Party B’s part, Party A shall not arbitrarily terminate or suspend the performance of this Agreement.

 Article 7. Representations and Warranties of Party B 

 

	 	7.1	For the purpose of completing the transactions under this Agreement, Party B hereby represents and warrants that as of the Date of Management Transfer: 

 

	 	(1)	The matters set forth in Appendix 2 “Representations and Warranties” to this Agreement are true in all material respects. 

  

	 	(2)	Party B’s contribution to the Target Company has been fully paid in accordance with the provisions of the PRC Company Law and the Company’s Articles of Association. The Company’s shareholding structure is
clear and there are no nominee equity holdings or relevant disputes. Party B is the legal holder of the equity held by it, and there are no pledges, guarantees, and other encumbrances on such equity, and nor is there any disputes involved third
parties. Party B has full and legal ownership and disposal rights over the equity transferred to Party A under this Agreement. The process and results of acquiring the Target Equity are in compliance with laws and regulations, and shall not result
in any legal or financial adverse effects or contingent liabilities of the Target Company and/or Party A. Where there is any compensation or any other kind of third-party claims arising from any dispute over the Target Company’s equity,
resulting in any loss to the Target Company and Party A, Party B shall bear full responsibility for compensation to the Target Company and Party A. 

  
 17 

	 	(3)	The Target Company and its subsidiaries and branches have all the necessary permits, licenses and government approvals required for their current business operations, and shall have them remain fully effective until the
date of completion of the closing; there is no matter that may cause or result in any derogation of the effect of any such permit, license or government approval, except that such derogation is resulted from such events that the subsidiaries,
branches and schools of the Target Company have not yet obtained qualifications related to training, or that the business license of Shanghai subsidiaries of the Target Company does not include educational consultation business as of the Data of
Management Transfer. 

  

	 	(4)	The operation of the Target School complies with requirements of the relevant laws and regulations. If any penalty is imposed and the Target School suffers any loss accordingly in case of violation of any laws and
regulations including but not limited to failure to timely obtain documents such as, if applicable, approval documents from competent educational authorities and competent departments of civil affairs in relation to school incorporation and
successive changes of school information, internal resolution documents, Private School Business Permit (《民办学校办学许可证》)” and the “Private Non-Enterprise Unit
Registration Certificate (《民办非企业单位登记证书》), and discrepancy between the actual business address and the registered address set out in Private School Business
Permit (《民办学校办学许可证》)” and the “Private Non-Enterprise Unit Registration Certificate
(《民办非企业单位登记证书》), Party B shall be liable to the Target School and Party A for the relevant liabilities and economic compensation. As of the Date of Management
Transfer, the following circumstances are exceptions: the Target Company’s subsidiaries, branches and schools have not obtained relevant training qualification and the Target Company’s Shanghai subsidiaries are subject to administrative
penalty by relevant competent authorities and are ordered to make additional payment as the educational consultation business had not been included in their business license. 

 

	 	(5)	If administrative penalty is imposed on the Target Company’s schools due to failure to timely and fully make payment of start-up funds, Party B shall be liable to the Target Company and Party A for the relevant
liabilities and economic compensation. 

  
 18 

	 	(6)	If the Target Company and its subsidiaries and schools are subject to administrative penalty due to failure to timely complete the annual inspection procedures of their motor vehicles, and failure to timely purchase
compulsory liability insurance for the motor vehicles, Party B shall be liable to the Target Company and Party A for the relevant liabilities and economic compensation. 

 

	 	(7)	If defects of the property leased by the Target Company and its subsidiaries exist, including but not limited to defective title of the property, failure to complete the procedure of examination and acceptance of fire
prevention measures, non-compliance of actual usage with the designed usage of the property, sublease of leased property without consent of property owner, resulting in loss suffered arising from imposition of administrative penalty, occurrence of
safety lability incidents and relocation of school address, Party B shall be liable to Target Company and Party A for the relevant liabilities and economic compensation 

 

	 	(8)	If the Target School and Party A suffer any loss due to imposition of administrative penalty by tax authorities or is charged with criminal liabilities since the Target Company and its subsidiaries, branches and schools
fail to fully report their taxes, Party B shall be liable to the Target School and Party A for the relevant liabilities and economic compensation. 

  

	 	(9)	If the Target Company is subject to any administrative penalty or suffers any loss accordingly due to part-time employment of public primary and secondary school teachers in the subsidiaries of the Target Company, Party
B shall be liable to the Target Company and Party A for the relevant liabilities and economic compensation. 

  
 19 

 If the Target Company and its subsidiaries, branches and schools are subject to administrative
penalty or are required to make retrospective payments due to non-compliance with requirements of laws and regulations in relation to their payments of social insurance or housing provident fund, or if any labor disputes arise accordingly, Party B
shall undertake to be liable to Target School and Party A for the relevant liabilities and economic compensation. 
 This Agreement
constitutes legal, valid and binding obligations for Party B. In case of any falseness or breach of the aforesaid representations and warranties by Party B, it shall be liable for the related compensation. 

Article 8. Special Undertakings 
  

	 	8.1	Non-competition 

 After the Date of Management Transfer, Party B shall not use or register trade
names and trademarks listed in Appendix 11 (including homophone trade names and trademarks), and within 2 years from the date of the Management Transfer, Party B shall not be engaged in, invest, manage, operate and run any business that compete with
the business conducted by the Target Company and its subsidiaries, branches and schools on the date of execution of this Agreement. However, Chen Qiyong may be engaged in business of “3+1 Planning Platform of Studying Abroad” and be given
priority to cooperate with ZMN Education. Party B shall not procure, induce or persuade any employees of the Target Company and the Target School to leave in any way. 
  

	 	8.2	Restriction on malicious acts 

 Upon the Date of Management Transfer, Party B shall not conduct
any act in the names of the Target Company or its subsidiaries, branches, schools that may cause the said company, subsidiaries, branches and schools to suffer from any liabilities, losses, damages, claims, expenses and outlays, interests,
judgements, awards and penalties. 

  
 20 

	 	8.3	Restriction on material dishonest acts 

 Party A has not discovered the following acts by Party
B, the Target Company and its subsidiaries, branches and schools during due diligence by Party A: (1) the information provided is materially false or contains material omission; or (2) the data provided contains significant error, that is,
the difference between the provided data and the correct data exceeds 10%. 
 Article 9. Arrangement for Transition Period 

Party B agrees to comply with the undertakings and arrangement set out in Appendix 3 from the date of execution of this Agreement to the
Closing Date (hereinafter referred to as “Transition Period”) 
 Article 10. Confidentiality 

All Parties to this Agreement shall keep the content and the existence of this Agreement confidential. Parties to this Agreement shall not
disclose to the public any information of transaction under this Agreement without prior written consent from other Parties, provided that, each party may disclose such confidential information to its own directors, senior management, employees,
professional consultants, or its affiliates (hereinafter referred to as “Authorized Person”), but such disclosing party shall procure those Authorized Persons to comply with said requirements, as if they were a party to this
Agreement. Unless required by the laws or government or regulatory authorities, or unanimously agreed by all Parties, no party shall publicly disclose or announce any information relating to the relationship between the Parties or their
participation in this Agreement. 

  
 21 

 Article 11. Expenses and Fees 

Unless otherwise specified in this Agreement, each party shall be responsible for its own expenses and fees related to this Equity Transfer
transaction, including expenses and fees relating to legal, audit, tax, assessment and other miscellaneous aspects. 
 Article 12.
Liabilities for Breach of this Agreement 
  

	 	12.1	If either Party to this Agreement causes actual loss to other Parties due to breach or non-performance of its obligations under this Agreement in part or in all, the defaulting party is obliged to pay damages; in the
event that multiple Parties are at fault for the loss, such Parties shall undertake their own liabilities for breach of agreement respectively based on actual conditions. 

 

	 	12.2	If one or several persons of Party B breaches Article 4, Article 5, Article 7, Article 8, Article 9, Article 10, Article 11 and/or Article 13.2, or materially breaches this Agreement, which causes any direct or indirect
loss to Party A or its affiliates, senior management, directors, employees, management staff, professional consultants, authorized persons and agents (each as “Indemnified Party of Party A”), including but not limited to:

  

	 	(1)	any liabilities, loss, damage, claim, expenses and outlays, judgements, awards and penalty, excluding any incidental or indirect damage, loss and expenses; 

 

	 	(2)	reasonable legal and consulting cost and expenses. 

 Party A is entitled to request the
responsible person of Party B to pay damages to Party A, and hold Party A harmless; Party A is entitled to deduct such loss and its related expenses or fees from the transfer price. 

  
 22 

	 	12.3	Notwithstanding the aforesaid articles, any violation of special undertakings contemplated in the Article 8 of this Agreement by one person or several persons of Party B shall constitute a fundamental breach of this
Agreement. In case of Party B’s fundamental breach of this Agreement, Party A is entitled to take any of the following measures, in addition to its rights to claim against the responsible person of Party B for liabilities for breach of
agreement stipulated under the aforesaid Article 12.2 that: 

  

	 	(1)	Require Party B (the defaulting party) to cease the breach immediately; 

  

	 	(2)	Elects to terminate the transactions contemplated by this Agreement without payment of any consideration of equity transfer and Party B (the defaulting party) shall return Party A all consideration of equity transfer
that has been paid by Party A. 

 Article 13. Validity and Termination 

 

	 	13.1	This Agreement shall be signed or sealed by all Parties, and shall be effective from the date mentioned in the preamble. 

  

	 	13.2	All Parties agree that if closing conditions have not been fully satisfied within thirty (30) days after the Long Stop Date agreed by the Parties, except for the closing conditions that are waived by Party A in
writing confirmation, Party A is entitled to terminate this Agreement at its discretion. 

  

	 	13.3	All Parties agree that unless Party B breaches this Agreement, if Party A is in breach of its payment obligation under Article 4 of this Agreement, it shall pay to Party B additional damages of 0.05% of the amount
payable and outstanding by Party A to Party B on the scheduled payment date until all payment obligation have been fully performed by Party A. 

  
 23 

	 	13.4	All Parties agree that if Party B breaches the representations and warranties under Article 4, Article 5, Article 7, Article 8, Article 9, Article 10, Article 11, Article 3 of Appendix 1, and Appendix 2, and such breach
cannot be corrected or has not been corrected within ten (10) days after Party A serves a written notice to Party B regarding such breach, Party A may choose to terminate this Agreement. 

 

	 	13.5	This Agreement, once executed, constitutes the final stipulation to each Parties for matters contemplated in this Agreement. 

Article 14. Notice 
 All
notice, demand or other communication issued under this Agreement shall be made in writing, delivered or posted to the valid address or fax number of the relevant party, and written communication by post shall be equally valid. 

Article 15. Applicable Laws and Dispute Resolution 
  

	 	15.1	The laws of the PRC that are officially issued and publicly available shall apply as to the entering, validity, interpretation, performance, amendment and termination and dispute resolution of this Agreement.

  

	 	15.2	If a dispute on the interpretation or performance of this Agreement arise among the Parties, solution shall be first sought through amicable negotiation. If the negotiation fails, either party may bring the case to
arbitration. If the dispute fails to be settled within thirty (30) days after either party issues a written notice to request commencement of negotiation, either party may bring the case to China International Economic and Trade Arbitration
Commission for arbitration (“CIETAC”) according to the prevailing effective arbitration rules of the CIETAC, and the place of arbitration shall be Beijing. 

  
 24 

	 	15.3	During the process of arbitration, except for the part that are involved in the dispute and pending arbitration, the rest of this Agreement shall be continually performed. 

 

	 	15.4	Unless otherwise provided by the arbitration awards, the arbitration cost shall be borne by the losing party. 

Article 16. Miscellaneous 
  

	 	16.1	This Agreement is an amendment and restatement to the Equity Transfer Agreement. This Agreement, once signed, shall supersede all prior undertakings, memoranda, agreements or any other documents between all Parties,
including but not limited to the Equity Transfer Agreement; in case of conflict between the Equity Transfer Agreement and this Agreement and its appendix, this Agreement and its appendix shall prevail. 

 

	 	16.2	For purpose of the relevant AIC registration and tax registration, Parties may enter into a simplified version of this Agreement. However, the rights and obligations of each party shall be subject to the stipulation of
this Agreement. In case of any discrepancy between the simplified version and this Agreement, this Agreement shall prevail, regardless whether the simplified version is signed after the execution of this Agreement. 

 

	 	16.3	This Agreement is executed in quintuplicate (in 5 counterparts), two (2) for Party A, and one (1) for the Target Company, Chen Qiyong (representative of Party B) and Zhang Lie respectively, each of which shall
have equal effect in law. 

  

	 	16.4	A written supplemental agreement shall be signed by all Parties to amend this Agreement. In case of any discrepancy with this Agreement, the supplemental agreement shall prevail. 

(The remained of this page is intentionally left blank) 

  
 25 

 (This page is intentionally left blank, only serving as a signature page of the Equity Transfer Agreement) 

Party A: Beijing Meitong Education Consulting Co., Ltd. (北京美通教育咨询有限公司)
(Seal) 
 Legal Representative: /s/ Sha Yunlong 

                          
          Name: Sha Yunlong 
 /s/ Seal of Beijing Meitong Education Consulting Co., Ltd. 

  
 26 

 (This page is intentionally left blank, only serving as a signature page of the Equity Transfer Agreement) 

Party B: 
  

			
	Chen Qiyong	  	Signature: /s/ Chen Qiyong
		
	Cao Yawei	  	Signature: /s/ Cao Yawei
		
	Cheng Laichuan	  	Signature: /s/ Cheng Laichuan
		
	Yan Yarong	  	Signature: /s/ Yan Yarong
		
	Zhou Pengfei	  	Signature: /s/ Zhou Pengfei
		
	Jia Qian	  	Signature: /s/ Jia Qian
		
	Chen Qizhi	  	Signature: /s/ Chen Qizhi
		
	Chen Qisheng	  	Signature: /s/ Chen Qisheng
		
	Chen Qilun	  	Signature: /s/ Chen Qilun
		
	Chen Qitao	  	Signature: /s/ Chen Qitao
		
	Wang Chunlai	  	Signature: /s/ Wang Chunlai
		
	Liu Lei	  	Signature: /s/ Liu Lei
		
	Feng Gang	  	Signature: /s/ Feng Gang
		
	Wang Wentao	  	Signature: /s/ Wang Wentao
		
	Fu Huamei	  	Signature: /s/ Fu Huamei
		
	Zhang Lie	  	Signature: /s/ Zhang Lie
		
	Zhang Tianyi	  	Signature: /s/ Zhang Tianyi
		
	Zhang Bo	  	Signature: /s/ Zhang Bo

  
 27 

 (This page is intentionally left blank, only serving as a signature page of the Equity Transfer Agreement) 

Party C: Puxin Education Technology Group Co., Ltd. 
  

			
	Legal Representative:	 	 /s/ Sha Yunlong

		 	Name: Sha Yunlong

 /s/ Seal of Puxin Education Technology Group Co., Ltd. 

  
 28EX-10.19

 Exhibit 10.19 

PUXIN LIMITED 
 2018
GRAND TALENT SHARE INCENTIVE PLAN 
 Section 1. Purpose.  

The purpose of the Puxin Limited (“Puxin”) 2018 Grand Talent Share Incentive Plan (“2018 Grand Talent Plan”)
is to enhance the ability of Puxin to attract and retain exceptionally qualified individuals and to encourage them to acquire a proprietary interest in the growth and performance of the Company. 

Section 2. Structure. 

Each Award (as defined below) granted by the Company pursuant to the terms of this 2018 Grand Talent Plan, shall be granted to each
participant, and the corresponding Shares issuable upon the exercise of such Award (the “Award Shares”) shall be issued to the participants or an entity designated by the participants. 

Section 3. Definitions.  

As used in this 2018 Grand Talent Plan and any Award Agreement (as defined below), the following terms shall have the meanings set forth below:

 (a)    “2018 Grand Talent Plan” shall mean this Puxin 2018 Grand Talent Share
Incentive Plan, as amended from time to time. 
 (b)     “Affiliate” shall mean
(i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Committee. 

(c)    “Applicable Laws” shall mean all laws, statutes, regulations, ordinances, rules or
governmental requirements that are applicable to this 2018 Grand Talent Plan or any Award granted pursuant to this 2018 Grand Talent Plan, including but not limited to applicable laws of the People’s Republic of China (“PRC”),
the United States and the Cayman Islands, and the rules and requirements of any applicable securities exchange. 

(d)    “Award” shall mean any Option, award of Restricted Share, Restricted Share Unit or
Other Share-Based Award granted under this 2018 Grand Talent Plan. 
 (e)    “Award
Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted under this 2018 Grand Talent Plan. 

(f)    “Board” shall mean the board of directors of the Company. 

 (g)    “Cause” shall mean an act or acts on
the part of the Participant constituting a violation of the internal rules and procedures of the Company or an Affiliate that employs or retains such Participant.

(h)    “Committee” shall mean a compensation committee of the Board designated by the
Board to administer this 2018 Grand Talent Plan. In the absence of any compensation committee or any other related designation by the Board, the Board shall assume all of the powers and responsibilities under this 2018 Grand Talent Plan. 

(i)    “Company” shall mean Puxin Limited, a company incorporated under the laws of the
Cayman Islands, together with any successor thereto. 
 (j)    “Consultant” means any
individual, including an advisor, who is engaged by the Company or an Affiliate to render services and is compensated for such services, and any director of the Company whether or not compensated for such services. 

(k)     “Discharge” shall mean that the relationship between the Participant and the
Company or an Affiliate, whether it is employment or consultancy, is terminated due to economic layoffs or restructuring of the Company or an Affiliate, as the case may be. 

(l)     “Fair Market Value” shall mean, with respect to any property (including, without
limitation, any Shares or other securities) the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 

(m)    “IPO” shall mean the initial public offering of the Shares (or securities
representing the Shares) of the Company in the United States. 
 (n)    “Option” shall
mean an option granted under Section 7 hereof. 
 (o)    “Other Share-Based Award”
shall mean a right granted under Section 9 hereof. 
 (p)    “Participant” shall
mean an individual granted an Award under this 2018 Grand Talent Plan. 
 (q)     “Restricted
Share” shall mean any Share granted under Section 8 hereof. 
 (r)    “Restricted
Share Unit” shall mean a contractual right granted under Section 8 hereof that is denominated in Shares, each of which represents a right to receive the value of a Share (or a percentage of such value, which percentage may be higher
than 100%) upon the terms and conditions set forth in this 2018 Grand Talent Plan and the applicable Award Agreement. 

  
 2 

 (s)    “Shares” shall mean ordinary shares
of the Company, par value $0.00005 per share. 
 (t)    “Substitute Awards” shall mean
Awards granted in assumption of, or in substitution for, outstanding awards previously granted by, or held by the employees of, a company or other entity or business acquired (directly or indirectly) by the Company or with which the Company
combines. 
 Section 4. Eligibility.  

(a)    Employees (each, an “Employee”) and the Consultants of the Company or an Affiliate
are eligible to participate in this 2018 Grand Talent Plan. An Employee or Consultant who has been granted an Award may, if he or she is otherwise eligible, be granted additional Awards. 

(b)    An individual who has agreed to accept employment by, or to provide services to, the Company or an
Affiliate shall be deemed to be eligible for Awards hereunder as of the date of such agreement. 
 Section 5. Administration. 

 (a)    Before the Company’s IPO, this 2018 Grand Talent Plan shall be administered by the Board.
After the Company’s IPO, this 2018 Grand Talent Plan shall be administered by the Committee formed in accordance with applicable stock exchange rules, unless otherwise determined by the Board. The term “Administrator” shall refer to
the Board or the Committee, as applicable. The Administrator may delegate its duties and powers under this 2018 Grand Talent Plan in whole or in part to a person or committee designated by it. 

(b)    Subject to the terms of this 2018 Grand Talent Plan and Applicable Laws, the Committee shall have
full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under this 2018 Grand Talent Plan; (iii) determine the number of
Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under
what circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards, or other property, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited
or suspended; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, other property, and other amounts payable with respect to an Award under this 2018 Grand Talent Plan shall be
deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret and administer this 2018 Grand Talent Plan and any instrument or agreement relating to, or Award made under, this 2018 Grand Talent
Plan; (viii) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of this 2018 Grand Talent Plan; (ix) determine whether and to what extent Awards
should comply or continue to comply with any requirement of statute or regulation; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of this 2018 Grand Talent
Plan. 

  
 3 

 (c)    All decisions of the Committee shall be final,
conclusive and binding upon all persons, including the Company, the shareholders of the Company and the Participants and their beneficiaries. 

Section 6. Shares Available for Awards.  

(a)    Subject to adjustment as provided below, the maximum aggregate number of Shares that may be issued
pursuant to all Awards shall not exceed 16,400,000 Shares. 
 (b)    If, after the effective date of this
2018 Grand Talent Plan, any Shares covered by an Award, or to which such an Award relates, are forfeited, cancelled or if such an Award otherwise terminates without the delivery of Shares or of other consideration, then the Shares covered by such
Award, or to which such Award relates, to the extent of any such forfeiture or termination, shall again be, or shall become, available for issuance under this 2018 Grand Talent Plan. 

(c)    In the event that any Option or other Award granted hereunder (other than a Substitute Award) is
exercised through the delivery of Shares, or in the event that withholding tax liabilities arising from such Option or Award are satisfied by the withholding of Shares by the Company, the number of Shares available for Awards under this 2018 Grand
Talent Plan shall be increased by the number of Shares so surrendered or withheld. 
 (d)    Any Shares
delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares or Shares purchased on the open market. 

(e)    In the event that the Committee shall determine that any dividend or other distribution (whether in
the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar
corporate transaction or event affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this
2018 Grand Talent Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or property) which thereafter may be made the subject of Awards, including
the aggregate limit specified in Section 6(a) hereof, (ii) the number and type of Shares (or other securities or property) subject to outstanding Awards, (iii) the grant, purchase, or exercise price with respect to any Award or, if
deemed appropriate, make provision for a cash payment to the holder of an outstanding Award, and (iv) the minimum number of Shares which may be purchased by the holder of an outstanding Award at any one time; provided, however, that the
number of Shares subject to any Award denominated in Shares shall always be a whole number. 

  
 4 

 (f)    Shares underlying Substitute Awards shall not reduce
the number of Shares remaining available for issuance under this 2018 Grand Talent Plan. 
 Section 7. Options. 

The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such additional terms and
conditions, in either case not inconsistent with the provisions of this 2018 Grand Talent Plan, as the Committee shall determine and set forth in the Award Agreement: 

(a)    The purchase price per Share under an Option shall be determined by the Committee. 

(b)    The term of each Option shall be fixed by the Committee; provided, however, that the term
shall not be longer than ten years from the date of grant thereof. 
 (c)    The Committee shall
determine the time or times at which an Option may be exercised in whole or in part, and the method or methods by which, and the form or forms, including, without limitation, cash, Shares, other Awards, or other property, or any combination thereof,
having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made. 

Section 8. Restricted Shares and Restricted Share Units.  

(a)    The Committee is hereby authorized to grant Awards of Restricted Shares and Restricted Share Units
to Participants. 
 (b)    Restricted Shares and Restricted Share Units shall be subject to such
restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Restricted Share or the right to receive any dividend or other right or property), which restrictions may lapse separately or in
combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate. 

  
 5 

 (c)    Any Restricted Share granted under this 2018 Grand
Talent Plan may be evidenced in such manner as the Committee may deem appropriate including, without limitation, book-entry registration or issuance of a share certificate or certificates, creation of a new class of shares or amendment of the
Memorandum and/or Articles of Association of the Company. In the event any share certificate is issued in respect of Restricted Shares granted under this 2018 Grand Talent Plan, such certificate shall be registered in the name of the Participant and
shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Share. 

Section 9. Other Share-Based Awards.  

The Committee is hereby authorized to grant to Participants such other Awards (including, without limitation, share appreciation rights and
rights to dividends and dividend equivalents) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares) as are
deemed by the Committee to be consistent with the purposes of this 2018 Grand Talent Plan. Subject to the terms of this 2018 Grand Talent Plan, the Committee shall determine the terms and conditions of such Awards. Shares or other securities
delivered pursuant to a purchase right granted under this Section 9 shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares, other securities,
other Awards, or other property, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, shall, except in the case of Substitute Awards, not be less than the Fair Market Value
of such Shares or other securities as of the date such purchase right is granted. 
 Section 10. General Provisions Applicable to
Awards.  
 (a)    All Awards shall be evidenced by an Award Agreement between the Company and each
Participant. 
 (b)    Awards shall be granted for no cash consideration or for such minimal cash
consideration as may be required by Applicable Laws. 
 (c)    Awards may, in the discretion of the
Committee, be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards
granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

(d)    Subject to the terms of this 2018 Grand Talent Plan, payments or transfers to be made by the Company
upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine including, without limitation, cash, Shares, other securities, other Awards, or other property, or any combination thereof, and may be
made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment
or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 

  
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 (e)    Unless the Committee shall otherwise determine, no
Award and no right under any such Award, shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or by the laws of descent and distribution; provided, however, that, if so determined by the Committee, a
Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant, and to receive any property distributable, with respect to any Award upon the death of the Participant.
Each Award, and each right under any Award, shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible under Applicable Laws, by the Participant’s guardian or legal representative. No Award and no
right under any such Award, may be pledged, charged, mortgaged, alienated, attached, or otherwise encumbered, and any purported pledge, charge, mortgage, alienation, attachment or encumbrance thereof shall be void and unenforceable against the
Company. The provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

(f)    All certificates for Shares or other securities delivered under this 2018 Grand Talent Plan pursuant
to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under this 2018 Grand Talent Plan or the rules, regulations, and other requirements of the United States
Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are then listed, and any Applicable Laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. 
 (g)    No Shares shall be delivered under the 2018 Grand Talent 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 of its subsidiaries shall have the
authority and the right to deduct or withhold, or require a Participant to remit to the Company or its subsidiaries, 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 the 2018 Grand Talent 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 sum required to be withheld. Notwithstanding any other provision of the 2018 Grand
Talent 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. 

  
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 Section 11. Amendment and Termination.  

(a)    Except to the extent prohibited by Applicable Laws and unless otherwise expressly provided in an
Award Agreement or in this 2018 Grand Talent Plan, the Committee may amend, alter, suspend, discontinue or terminate this 2018 Grand Talent Plan, or any Award Agreement hereunder or any portion hereof or thereof at any time; provided,
however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval, if such approval is necessary to comply with any tax or regulatory requirement for which or with which
the Committee deems it necessary or desirable to qualify or comply, (ii) shareholder approval as provided in the Company’s Memorandum and Articles of Association for any amendment to this 2018 Grand Talent Plan that increases the total
number of Shares reserved for the purposes of this 2018 Grand Talent Plan, and (iii) with respect to any Award Agreement, the consent of the affected Participant, if such action would materially and adversely affect the rights of such
Participant under any outstanding Award. 
 (b)    The Committee may waive any conditions or rights
under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary of an Award; provided,
however, that no such action shall materially and adversely affect the rights of any affected Participant or holder or beneficiary under any Award theretofore granted under this 2018 Grand Talent Plan; and provided further that, except as
provided in Section 6(e) hereof, no such action shall reduce the exercise price of any Option established at the time of grant thereof. 

(c)    The Committee shall be authorized to make adjustments in the terms and conditions of, and the
criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 6(e) hereof affecting the Company, or the financial statements of the Company, or of changes in
Applicable Laws or accounting principles); whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this 2018 Grand
Talent Plan. 

  
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 (d)    Any provision of this 2018 Grand Talent Plan or any
Award Agreement to the contrary notwithstanding, with the affected Participant’s consent, the Committee may cause any Award granted hereunder to be canceled in consideration of a cash payment or alternative Award made to the holder of such
canceled Award equal in value to the Fair Market Value of such canceled Award as of the time of the cancellation. 

(e)    The Committee may correct any defect, supply any omission, or reconcile any inconsistency in this
2018 Grand Talent Plan or any Award in the manner and to the extent it shall deem desirable to carry this 2018 Grand Talent Plan into effect. 

Section 12.    Withholding Taxes. The exercise of each Award granted
under this 2018 Grand Talent Plan shall be subject to the condition that, if at any time, the Committee shall determine that the satisfaction of withholding tax is necessary or desirable in respect of such exercise, such exercise shall not be
effective unless such withholding has been effected to the satisfaction of the Committee. In such circumstances, the Committee may require the exercising Participant to pay to the Company, in addition to and in the same manner as the Exercise Price
for the Award Shares, such amount as the Company or any Affiliate is obliged to remit to the relevant taxing authority in respect of the exercise of the Awards. Alternatively, the Committee may direct the Company or an Affiliate thereof to withhold
the appropriate amount of tax from the applicable Participant’s salary in connection with a requested exercise. Any such additional payment shall be due no later than the date as of which any amount with respect to the Award exercised
first becomes includable in the gross income of the exercising Participant for tax purposes. 
 Section 13.
Miscellaneous.  
 (a)    No employee, independent contractor, Participant or other person shall have
any claim to be granted any Award under this 2018 Grand Talent Plan, and there is no obligation for uniformity of treatment of employees, independent contractors, Participants, or holders or beneficiaries of Awards under this 2018 Grand Talent Plan.
The terms and conditions of Awards need not be the same with respect to each recipient. 
 (b)    Nothing
contained in this 2018 Grand Talent Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.

  
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 (c)    The grant of an Award shall not be construed as giving
a Participant the right to be retained in the employ or service of the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant from employment or terminate the services of an independent
contractor, free from any liability, or any claim under this 2018 Grand Talent Plan, unless otherwise expressly provided in this 2018 Grand Talent Plan or in any Award Agreement or in any other agreement binding the parties. 

(d)    If any provision of this 2018 Grand Talent Plan or any Award is or becomes or is deemed to be
invalid, illegal, or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify this 2018 Grand Talent Plan or any Award under any Applicable Laws, such provision shall (to the fullest extent permitted by Applicable Laws)
be construed or deemed amended to conform to Applicable Laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of this 2018 Grand Talent Plan or the Award, such
provision shall be stricken as to such jurisdiction, person or Award, and the remainder of this 2018 Grand Talent Plan and any such Award shall remain in full force and effect. 

(e)    Awards payable under this 2018 Grand Talent Plan shall be payable in Shares or from the general
assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No Participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset
(including Shares, except as expressly otherwise provided) of the Company or one of its subsidiaries by reason of any award hereunder. 

(f)    Neither this 2018 Grand Talent Plan nor any Award shall create or be construed to create a trust or
separate fund of any kind or a fiduciary relationship between the Company and a Participant. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of
any unsecured general creditor of the Company. 
 (g)    No fractional Shares shall be issued or
delivered pursuant to this 2018 Grand Talent Plan or any Award, and the Committee shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or
any rights thereto shall be canceled, terminated or otherwise eliminated. 
 (h)    This 2018 Grand
Talent Plan shall be submitted to the competent foreign exchange regulatory authority and tax authority of the PRC for registration if Applicable Laws require, and shall be implemented in accordance with the applicable rules of these
authorities with respect to Participants who are PRC residents. 

  
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 (i)    In order to assure the viability of Awards granted to
Participants employed in various jurisdictions, the Committee may, in its sole discretion, provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the
jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, amendments, restatements or alternative versions of this 2018 Grand Talent Plan as it may consider necessary or appropriate for
such purposes without thereby affecting the terms of this 2018 Grand Talent Plan as in effect for any other purpose; provided, however, that no such supplements, restatements or alternative versions shall increase the share limitations
contained in Section 6 hereof. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws. 

(j)    The Company shall not be obligated to grant any Awards, permit the exercise of any Awards, issue any
Award Shares upon the exercise of any Awards, make any payments or take any other action pursuant to this 2018 Grand Talent Plan if, in the opinion of the Committee, such action would conflict or be inconsistent with any Applicable Law, the
Company’s trading policies or would result in any delay or other issues in connection with an IPO, and the Committee reserves the right to refuse to take such action for so long as such conflict or inconsistency or issue remains outstanding.

 (k)    The Company shall maintain a register of Awards granted to the Participants and Award Shares
issued to the Participants or an entity designated by the Participants, including the dates of grant of such Awards and the exercise of such Awards and any other details as the Committee may deem appropriate. 

(l)    The 2018 Grand Talent Plan and all Award Agreements shall be governed by and construed in accordance
with the laws of the Cayman Islands. 
 Section 14. Effective Date of 2018 Grand Talent Plan.  

The 2018 Grand Talent Plan shall be effective as of the date of its approval by the Board of the Company. 

Section 15. Term of 2018 Grand Talent Plan. 

No Award shall be granted under this 2018 Grand Talent Plan after the tenth anniversary of the effective date as determined in Section 14
hereof. However, unless otherwise expressly provided in this 2018 Grand Talent Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend,
discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend this 2018 Grand Talent Plan, shall extend beyond such date. 

  
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