Document:

EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of
                , 2020 by and between Yatsen Holding Limited, an exempted company incorporated and existing under the laws of the Cayman Islands (the
“Company”) and                      (Passport/ID Card No.
                    ) (the “Executive”). 

RECITALS 
 WHEREAS, the Company desires to
employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement; 

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement; 

AGREEMENT 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements herein contained, the Company and the Executive agree as follows: 
  

	1.	 EMPLOYMENT 

The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set
forth (the “Employment”). 
  

	2.	 TERM 

Subject to the terms and conditions of the Agreement, the initial term of the Employment shall be
         years, commencing on                 , 2020 (the “Effective Date”) and ending on
                ,          (the “Initial Term”), unless terminated earlier pursuant to the terms
of the Agreement. Upon expiration of the Initial Term of the Employment, the Employment shall be automatically extended for successive periods of          months each (each, an “Extension
Period”) unless either party shall have given 60 days advance written notice to the other party, in the manner set forth in Section 19 below, prior to the end of the Initial Term or the Extension Period in question, as applicable, that
the term of this Agreement that is in effect at the time such written notice is given is not to be extended or further extended, as the case may be (the period during which this Agreement is effective being referred to hereafter as the
“Term”). 
  

	3.	 POSITION AND DUTIES 

 

	 	(a)	 During the Term, the Executive shall serve as
                 of the Company or in such other position or positions with a level of duties and responsibilities consistent with the foregoing with the Company
and/or its subsidiaries and affiliates as the Board of Directors of the Company (the “Board”) may specify from time to time and shall have the duties, responsibilities and obligations customarily assigned to individuals serving in
the position or positions in which the Executive serves hereunder and as assigned by the Board, or with the Board’s authorization, by the Company’s Chief Executive Officer. 

	 	(b)	 The Executive agrees to serve without additional compensation, if elected or appointed thereto, as a director
of the Company or any subsidiaries or affiliated entities of the Company (collectively, the “Group”) and as a member of any committees of the board of directors of any such entity, provided that the Executive is indemnified for
serving in any and all such capacities on a basis no less favorable than is currently provided to any other director of any member of the Group. 

  

	 	(c)	 The Executive agrees to devote all of his/her working time and efforts to the performance of his/her duties for
the Company and to faithfully and diligently serve the Company in accordance with the Agreement and the guidelines, policies and procedures of the Company approved from time to time by the Board. 

 

	4.	 NO BREACH OF CONTRACT 

The Executive hereby represents to the Company that: (i) the execution and delivery of the Agreement by the Executive and the performance
by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or by which the Executive is otherwise bound, except
that the Executive does not make any representation with respect to agreements required to be entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based,
if any; (ii) that the Executive is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent the Executive from freely entering into the Agreement and
carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group. 

 

	5.	 LOCATION 

The Executive will be based in                 ,
         or any other location as requested by the Company during the Term. 
  

	6.	 COMPENSATION AND BENEFITS 

 

	 	(a)	 Cash Compensation. As compensation for the performance by the Executive of his/her obligations
hereunder, during the Term, the Company shall pay the Executive cash compensation (inclusive of the statutory benefit contributions that the Company is required to set aside for the Executive under applicable law) pursuant to Schedule A
hereto, subject to annual review and adjustment by the Board or any committee designated by the Board. 

  
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	 	(b)	 Equity Incentives. During the Term, the Executive shall be eligible to participate, at a level
comparable to similarly situated executives of the Company, in such long-term compensation arrangements as may be authorized from time to time by the Board, including any share incentive plan the Company may adopt from time to time in its sole
discretion. 

  

	 	(c)	 Benefits. During the Term, the Executive shall be entitled to participate in all of the employee benefit
plans and arrangements made available by the Company to its similarly situated executives, including, but not limited to, any retirement plan, medical insurance plan and travel/holiday policy, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans and arrangements. 

  

	7.	 TERMINATION OF THE AGREEMENT 

The Employment may be terminated as follows: 
  

	 	(a)	 Death. The Employment shall terminate upon the Executive’s death. 

 

	 	(b)	 Disability. The Employment shall terminate if the Executive has a disability, including any physical or
mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of his/her position at the Company, even with reasonable accommodation that does not impose an undue burden on the
Company, for more than 180 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period shall apply. 

 

	 	(c)	 Cause. The Company may terminate the Executive’s employment hereunder for Cause. The occurrence of
any of the following, as reasonably determined by the Company, shall be a reason for Cause, provided that, if the Company determines that the circumstances constituting Cause are curable, then such circumstances shall not constitute Cause unless and
until the Executive has been informed by the Company of the existence of Cause and given an opportunity of ten business days to cure, and such Cause remains uncured at the end of such ten-day period:

  

	 	(1)	 continued failure by the Executive to satisfactorily perform his/her duties; 

 

	 	(2)	 willful misconduct or gross negligence by the Executive in the performance of his/her duties hereunder,
including insubordination; 

  

	 	(3)	 the Executive’s conviction or entry of a guilty or nolo contendere plea of any felony or any
misdemeanor involving moral turpitude; 

  

	 	(4)	 the Executive’s commission of any act involving dishonesty that results in material financial,
reputational or other harm, monetary or otherwise, to any member of the Group, including but not limited to an act constituting misappropriation or embezzlement of the property of any member of the Group as determined in good faith by the Board; or

  
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	 	(5)	 any material breach by the Executive of this Agreement. 

 

	 	(d)	 Good Reason. The Executive may terminate his/her employment hereunder for “Good Reason” upon
the occurrence, without the written consent of the Company, of an event constituting a material breach of this Agreement by the Company that has not been fully cured within ten business days after written notice thereof has been given by the
Executive to the Company setting forth in sufficient detail the conduct or activities the Executive believes constitute grounds for Good Reason, including but not limited to: 

 

	 	(1)	 the failure by the Company to pay to the Executive any portion of the Executive’s current compensation or
to pay to the Executive any portion of an installment of deferred compensation under any deferred compensation program of the Company, within 20 business days of the date such compensation is due; or 

 

	 	(2)	 any material breach by the Company of this Agreement. 

 

	 	(e)	 Without Cause by the Company; Without Good Reason by the Executive. The Company may terminate the
Executive’s employment hereunder at any time without Cause upon 60-day prior written notice to the Executive. The Executive may terminate the Executive’s employment voluntarily for any reason or no
reason at any time by giving 60-day prior written notice to the Company. 

  

	 	(f)	 Notice of Termination. Any termination of the Executive’s employment under the Agreement shall be
communicated by written notice of termination (“Notice of Termination”) from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of the Agreement relied upon in effecting the
termination. 

  

	 	(g)	 Date of Termination. The “Date of Termination” shall mean (i) the date set forth
in the Notice of Termination, or (ii) if the Executive’s employment is terminated by the Executive’s death, the date of his/her death. 

  

	 	(h)	 Compensation upon Termination. 

 

	 	(1)	 Death. If the Executive’s employment is terminated by reason of the Executive’s death, the
Company shall have no further obligations to the Executive under this Agreement and the Executive’s benefits shall be determined under the Company’s retirement, insurance and other benefit and compensation plans or programs then in effect
in accordance with the terms of such plans and programs. 

  
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	 	(2)	 By Company without Cause or by the Executive for Good Reason. If the Executive’s employment is
terminated by the Company other than for Cause or by the Executive for Good Reason, the Company shall (i) continue to pay and otherwise provide to the Executive, during any notice period, all compensation, base salary and previously earned but
unpaid incentive compensation, if any, and shall continue to allow the Executive to participate in any benefit plans in accordance with the terms of such plans during such notice period; and (ii) pay to the Executive, in lieu of benefits under
any severance plan or policy of the Company, any such amount as may be agreed between the Company and the Executive. 

  

	 	(3)	 By Company for Cause or by the Executive other than for Good Reason. If the Executive’s employment
shall be terminated by the Company for Cause or by the Executive other than for Good Reason, the Company shall pay the Executive his/her base salary at the rate in effect at the time Notice of Termination is given through the Date of Termination,
and the Company shall have no additional obligations to the Executive under this Agreement. 

  

	 	(i)	 Return of Company Property. The Executive agrees that following the termination of the Executive’s
employment for any reason, or at any time prior to the Executive’s termination upon the request of the Company, he/she shall return all property of the Group that is then in or thereafter comes into his/her possession, including, but not
limited to, any Confidential Information (as defined below) or Intellectual Property (as defined below), or any other documents, contracts, agreements, plans, photographs, projections, books, notes, records, electronically stored data and all
copies, excerpts or summaries of the foregoing, as well as any automobile or other materials or equipment supplied by the Group to the Executive, if any. 

  

	 	(j)	 Requirement for a Release. Notwithstanding the foregoing, the Company’s obligations to pay or
provide any benefits shall (1) cease as of the date the Executive breaches any of the provisions of Sections 8, 9 and 11 hereof, and (2) be conditioned on the Executive signing the Company’s customary release of claims in favor of the
Group and the expiration of any revocation period provided for in such release. 

  

	8.	 CONFIDENTIALITY AND NONDISCLOSURE 

 

	 	(a)	 Confidentiality and Non-Disclosure. 

 

	 	(1)	 The Executive acknowledges and agrees that: (A) the Executive holds a position of trust and confidence
with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and sensitive information, material, and devices relating to the Company and/or its business, activities, products,
services, customers, suppliers and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or stored: the identity of the Company’s actual and prospective customers and, as
applicable, their representatives; prior, current or future research or development activities of the Company; the products and services provided or offered by the Company to customers or potential customers and the manner in which such services are
performed or to be performed; the product and/or service needs of actual or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition or disposition of products
and/or services of the Company; user base personal data, programs, software and source codes, user acquisition channel and partner information, licensing information, personnel information, supplier information, ODM/OEM and other contract
manufacturer partner information, packaging supply partner information, vendor information, promotion and advertising channel and business partner information, sales channel information, marketing plans and techniques, forecasts, and other trade
secrets (“Confidential Information”); and (B) the direct and indirect disclosure of any such Confidential Information would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the
Company’s business. 

  
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	 	(2)	 During the Term and at all times thereafter, the Executive shall not, directly or indirectly, whether
individually, as a director, stockholder, owner, partner, employee, consultant, principal or agent of any business, or in any other capacity, publish or make known, disclose, furnish, reproduce, make available, or utilize any of the Confidential
Information without the prior express written approval of the Company, other than in the proper performance of the duties contemplated herein, unless and until such Confidential Information is or shall become general public knowledge through no
fault of the Executive. 

  

	 	(3)	 In the event that the Executive is required by law to disclose any Confidential Information, the Executive
agrees to give the Company prompt advance written notice thereof and to provide the Company with reasonable assistance in obtaining an order to protect the Confidential Information from public disclosure. 

 

	 	

	 	(4)	 The failure to mark any Confidential Information as confidential shall not affect its status as Confidential
Information under this Agreement. 

  
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	 	(b)	 Third Party Information in the Executive’s Possession. The Executive agrees that he/she shall not,
during the Term, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by
Executive, if any, or (ii) bring into the premises of Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity.
The Executive will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of litigation, arising out of or in connection with any violation of
the foregoing. 

  

	 	(c)	 Third Party Information in the Company’s Possession. The Executive recognizes that the
Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for
certain limited purposes. The Executive agrees that the Executive owes the Company and such third parties, during the Term and thereafter, a duty to hold all such confidential or proprietary information in strict confidence and not to disclose such
information to any person or firm, or otherwise use such information, in a manner inconsistent with the limited purposes permitted by the Company’s agreement with such third party. 

This Section 8 shall survive the termination of the Agreement for any reason. In the event the Executive breaches this Section 8, the
Company shall have right to seek remedies permissible under applicable law. 
  

	9.	 INTELLECTUAL PROPERTY  

 

	 	(a)	 Prior Inventions. The Executive has attached hereto, as Schedule B, a list describing all
inventions, ideas, improvements, designs and discoveries, whether or not patentable and whether or not reduced to practice, original works of authorship and trade secrets made or conceived by or belonging to the Executive (whether made solely by the
Executive or jointly with others) that (i) were developed by Executive prior to the Executive’s employment by the Company (collectively, “Prior Inventions”), (ii) relate to the Company’ actual or proposed business,
products or research and development, and (iii) are not assigned to the Company hereunder; or, if no such list is attached, the Executive represents that there are no such Prior Inventions. Except to the extent set forth in Schedule B,
the Executive hereby acknowledges that, if in the course of his/her service for the Company, the Executive incorporates into a Company product, process or machine a Prior Invention owned by the Executive or in which he/she has an interest, the
Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide right and license (which may be freely transferred by the Company to any other person or entity) to make, have made, modify, use, sell,
sublicense and otherwise distribute such Prior Invention as part of or in connection with such product, process or machine. 

  
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	 	(b)	 Assignment of Intellectual Property. The Executive hereby assigns to the Company or its designees,
without further consideration and free and clear of any lien or encumbrance, the Executive’s entire right, title and interest (within the United States and all foreign jurisdictions) to any and all inventions, discoveries, improvements,
developments, works of authorship, concepts, ideas, plans, specifications, software, formulas, databases, designees, processes and contributions to Confidential Information created, conceived, developed or reduced to practice by the Executive (alone
or with others) during the Term which (i) are related to the Company’s current or anticipated business, activities, products, or services, (ii) result from any work performed by Executive for the Company, or (iii) are created,
conceived, developed or reduced to practice with the use of Company property, including any and all Intellectual Property Rights (as defined below) therein (“Work Product”). Any Work Product which falls within the definition of
“work made for hire”, as such term is defined in the U.S. Copyright Act, shall be considered a “work made for hire”, the copyright in which vests initially and exclusively in the Company. The Executive waives any rights to be
attributed as the author of any Work Product and any “droit morale” (moral rights) in Work Product. The Executive agrees to immediately disclose to the Company all Work Product. For purposes of this Agreement, “Intellectual
Property” shall mean any patent, copyright, trademark or service mark, trade secret, or any other proprietary rights protection legally available. 

  

	 	(c)	 Patent and Copyright Registration. The Executive agrees to execute and deliver any instruments or
documents and to do all other things reasonably requested by the Company in order to more fully vest the Company with all ownership rights in the Work Product. If any Work Product is deemed by the Company to be patentable or otherwise registrable,
the Executive shall assist the Company (at the Company’s expense) in obtaining letters of patent or other applicable registration therein and shall execute all documents and do all things, including testifying (at the Company’s expense) as
necessary or appropriate to apply for, prosecute, obtain, or enforce any Intellectual Property right relating to any Work Product. Should the Company be unable to secure the Executive’s signature on any document deemed necessary to accomplish
the foregoing, whether due to the Executive’s disability or other reason, the Executive hereby irrevocably designates and appoints the Company and each of its duly authorized officers and agents as the Executive’s agent and attorney-in-fact to act for and on the Executive’s behalf and stead to take any of the actions required of Executive under the previous sentence, with the same effect as
if executed and delivered by the Executive, such appointment being coupled with an interest. 

 This Section 9 shall
survive the termination of the Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law. 

  
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	10.	 CONFLICTING EMPLOYMENT  

The Executive hereby agrees that, during the Term, he/she will not engage in any other employment, occupation, consulting or other business
activity related to the business in which the Company is now involved or becomes involved during the Term, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent
of the Company. 
  

	11.	 NON-COMPETITION AND
NON-SOLICITATION 

  

	 	(a)	 Non-Competition. In consideration of the compensation provided
to the Executive by the Company hereunder, the adequacy of which is hereby acknowledged by the parties hereto, the Executive agree that during the Term and for a period of one year following the termination of the Employment for whatever reason, the
Executive shall not engage in Competition (as defined below) with the Group. For purposes of this Agreement, “Competition” by the Executive shall mean the Executive’s engaging in, or otherwise directly or indirectly being employed by
or acting as a consultant or lender to, or being a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting the Executive’s name to be used in connection with the activities of, any other business
or organization which competes, directly or indirectly, with the Group in the Business; provided, however, it shall not be a violation of this Section 11(a) for the Executive to become the registered or beneficial owner of up to
five percent (5%) of any class of the capital stock of a publicly traded corporation in Competition with the Group, provided that the Executive does not otherwise participate in the business of such corporation. 

For purposes of this Agreement, “Business” means the business of research and development, manufacturing or sales of beauty or
skin care products or provision of related services and any other businesses which the Group engages in, or is preparing to become engaged in, during the Term. 
  

	 	(b)	 Non-Solicitation;
Non-Interference. During the Term and for a period of one year following the termination of the Executive’s employment for any reason, the Executive agrees that he/she will not, directly or
indirectly, for the Executive’s benefit or for the benefit of any other person or entity, do any of the following: 

  

	 	(1)	 solicit from any customer or business partner doing business with the Group during the Term business of the
same or of a similar nature to the Business; 

  

	 	(2)	 solicit from any known potential customer or business partner of the Group business of the same or of a similar
nature to that which has been the subject of a known written or oral bid, offer or proposal by the Group, or of substantial preparation with a view to making such a bid, proposal or offer; 

  
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	 	(3)	 solicit the employment or services of, or hire or engage, any person who is known to be employed or engaged by
the Group; or 

  

	 	(4)	 otherwise interfere with the business or accounts of the Group, including, but not limited to, with respect to
any relationship or agreement between the Group and any customer, supplier, vendor, supplier or business partner. 

  

	 	(c)	 Injunctive Relief; Indemnity of Company. The Executive agrees that any breach or threatened breach of
subsections (a) and (b) of this Section 11 would result in irreparable injury and damage to the Company for which an award of money to the Company would not be an adequate remedy. The Executive therefore also agrees that in the event of
said breach or any reasonable threat of breach, the Company shall be entitled to seek an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Executive and/or any and all persons
and/or entities acting for and/or with the Executive. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including, but not limited to, remedies available
under this Agreement and the recovery of damages. The Executive and the Company further agree that the provisions of this Section 11 are reasonable. The Executive agrees to indemnify and hold harmless the Company from and against all reasonable
expenses (including reasonable fees and disbursements of counsel) which may be incurred by the Company in connection with, or arising out of, any violation of this Agreement by the Executive. This Section 11 shall survive the termination of the
Agreement for any reason. 

  

	12.	 WITHHOLDING TAXES 

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any
amounts otherwise due or payable under or pursuant to the Agreement such national, state, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. 

 

	13.	 ASSIGNMENT 

The Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer the
Agreement or any rights or obligations hereunder; provided, however, that the Company may assign or transfer the Agreement or any rights or obligations hereunder to any member of the Group without such consent. If the Executive should die while any
amounts would still be payable to the Executive hereunder if the Executive had continued to live, all such amounts unless otherwise provided herein shall be paid in accordance with the terms of this Agreement to the Executive’s devisee,
legatee, or other designee or, if there be no such designee, to the Executive’s estate. The Company will require any and all successors (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the
Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as the
Executive would be entitled to hereunder if the Company had terminated the Executive’s employment other than for Cause, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be
deemed the Date of Termination. As used in this Section 13, “Company” shall mean the Company as herein before defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for
in this Section 13 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 

  
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	14.	 SEVERABILITY 

If any provision of the Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications
of the Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of the Agreement are declared to be severable. 
  

	15.	 ENTIRE AGREEMENT 

The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment
and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is
not set forth in the Agreement. 
  

	16.	 GOVERNING LAW 

The Agreement shall be governed by and construed in accordance with the law of the State of New York, U.S.A. 

 

	17.	 AMENDMENT 

The Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to the Agreement, which agreement is executed by both of the parties hereto. 
  

	18.	 WAIVER 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under the Agreement shall operate as
a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or
privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have
granted such waiver. 

  
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	19.	 NOTICES 

All notices, requests, demands and other communications required or permitted under the Agreement shall be in writing and shall be deemed to
have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or
second-day delivery to the last known address of the other party; or (iv) sent by e-mail with confirmation of receipt. 

 

	20.	 COUNTERPARTS 

The Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature
appears thereon, and all of which together shall constitute one and the same instrument. The Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 
  

	21.	 NO INTERPRETATION AGAINST DRAFTER 

Each party recognizes that the Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with
legal counsel of choice. In any construction of the terms of the Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. 

[Remainder of the page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Agreement has been executed as of the date first written
above. 
  

									
	COMPANY:	 		 	Yatsen Holding Limited
		 		 	a Cayman Islands exempted company
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
				
	EXECUTIVE:	 		 		 	
			
		 		 	 
		 		 	Name:	 	
		 		 	Address:	 	

 Schedule A 

Cash Compensation 
  

									
	 	  	Amount	 	  	Pay Period	 
	 Base Salary
	  				  			
	 Cash Bonus
	  				  			

 Schedule B 

List of Prior Inventions 
  

					
	 Title
	 	 Date
	 	 Identifying Number

or Brief Description

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

	
	  

                 No inventions
or improvements
  

                 Additional
Sheets Attached
  
 Signature of Executive:
                    
  

Print Name of Executive:
                    
  

Date:EX-10.4

 Exhibit 10.4 

Second Amended and Restated Proxy Agreement and Power of Attorney 

This Second Amended and Restated Proxy Agreement and Power of Attorney (this “Agreement”) is executed on October 28, 2020 by
and among: 
  

	(1)	 Guangzhou Yatsen Global Co., Ltd. (the “WFOE”), a wholly foreign owned enterprise
incorporated under the laws of the People’s Republic of China (the “PRC” or “China”); 

  

	(2)	 Huizhi Weimei (Guangzhou) Trading Co., Ltd. (the “Company”), a limited liability
company incorporated under the laws of the PRC; 

  

	(3)	 Jinfeng HUANG, a PRC citizen (PRC ID No.: ******); 

 

	(4)	 Huiyue (Guangzhou) Trading Limited Partnership, a limited partnership established under the laws of the
PRC (together with Jinfeng HUANG, the “Existing Shareholders”). 

 The above parties shall be referred to
individually as a “Party” and collectively as the “Parties”. 
 RECITALS 

 

	(A)	 WHEREAS, the Company increased its registered capital from RMB 1 million to RMB 10 million on July 15,
2020, and the newly increased registered capital in an amount of RMB 9 million (the “Newly Increased Registered Capital”) was subscribed by the Existing Shareholders (“Capital Increase”). The Existing Shareholders
collectively own 100% of the equity interest in the Company. 

  

	(B)	 WHEREAS, the WFOE and the Company entered into the Exclusive Business Cooperation Agreement on
July 26, 2019 (the “Exclusive Business Cooperation Agreement”), pursuant to which the Company shall pay service fees to the WFOE for the services provided by the WFOE. 

 

	(C)	 WHEREAS, the WFOE, the Company and the Existing Shareholders entered into the Second Amended and
Restated Equity Pledge Agreement on October 28, 2020 (the “Equity Pledge Agreement”). 

  

	(D)	 WHEREAS, the WFOE, the Company and the Existing Shareholders entered into the Second Amended and
Restated Exclusive Call Option Agreement on October 28, 2020 (the “Exclusive Call Option Agreement”). 

  

	(E)	 WHEREAS, the WFOE, the Company, Jinfeng HUANG and other parties entered into the Amended and Restated
Proxy Agreement and Power of Attorney dated March 25, 2020 (the “Original Agreement”). The Parties agree to amend and restate the Original Agreement through consultations, and this Agreement shall supersede the Original
Agreement and the matters set forth in the Original Agreement shall be governed by this Agreement, and the Original Agreement shall terminate. 

THEREFORE, the Parties agree as follows: 

AGREEMENT 
 Article 1 

Each Existing Shareholder hereby irrevocably entrusts the WFOE (the “Proxy”, including any substitute proxy in accordance with this Agreement)
to, on their behalf, exercise any and all rights entitled to such Existing Shareholders with respect to their equity interest (including the equity interest acquired by the Existing Shareholders in the Company through capital increase, equity
transfer or other methods after the execution of this Agreement) in the Company under relevant laws and regulations and the articles of association of the Company, including without limitation the rights set forth below (collectively, the
“Existing Shareholder Rights”): 

  
 1 

	 	(a)	 convene and attend shareholders meetings of the Company; 

 

	 	(b)	 execute and deliver any written resolutions in the name and on behalf of the Existing Shareholders;

  

	 	(c)	 vote in person or by proxy on any matter to be discussed at the Company’s shareholder meetings (including
but not limited to any sale, transfer, mortgage, pledge or disposition of any or all of the Company’s assets); 

  

	 	(d)	 sell, transfer, pledge or dispose of any or all of the equity interest in the Company; 

 

	 	(e)	 nominate, appoint or remove directors of the Company, if necessary; 

 

	 	(f)	 supervise the performance of the Company; 

 

	 	(g)	 access to the Company’s financial information at any time; 

 

	 	(h)	 institute shareholders litigations or other legal actions against any director or senior officer of the Company
where such director or senior officer’s conduct prejudices the interests of the Company or the Existing Shareholders; 

  

	 	(i)	 approve the annual budget or declare dividend distribution; and 

 

	 	(j)	 any other rights conferred on the Existing Shareholders by the articles of association of the Company or
relevant laws and regulations. 

 The Existing Shareholders further agree and undertake that they shall not exercise any of their Existing
Shareholder Rights without the prior written consent of the WFOE. 
 Article 2 

The WFOE agrees to accept the entrustment to become the Proxy; the WFOE shall have the right to, in its sole discretion, to appoint one or more substitute
candidates to exercise any or all rights of the Proxy hereunder, and the WFOE shall also have the right to revoke its appointment of such substitute candidates in its sole discretion, and neither prior notice to the Company or the Existing
Shareholders nor consent or instruction from the Company or the Existing Shareholders is required for the WFOE to make or revoke such appointment. 

Article 3 
 The Company confirms, acknowledges and agrees that
the Proxy can exercise any and all the rights of the Existing Shareholders on their behalf. The Company further confirms and acknowledges that any action having been done or to be done, any decision having been made or to be made, any instrument or
other documents having been executed or to be executed by the Proxy, shall have the same legal force and effect as if they had been done, made or executed by the Existing Shareholders in person. 

Article 4 
 (a) The Existing Shareholders hereby agree that, in
the event of any increase in the Existing Shareholders’ equity interest in the Company, whether or not by additional increase in capital, the increased equity interest held by any of the Existing Shareholder shall be subject to the provisions
of this Agreement, and the Proxy shall have the right, on behalf of the Existing Shareholders, to exercise the Existing Shareholder Rights as set forth in Article 1 hereof with respect to any increased equity interest; likewise, if any person
acquires any equity interest in the Company, whether by voluntary transfer, transfer in accordance with the laws, compulsory auction or any other means, all equity interest acquired by such transferee in the Company shall remain subject to the
provisions of this Agreement, and the Proxy shall have the right to continue exercising the Existing Shareholder Rights as set forth in Article 1 hereof with respect to such equity interest. 

  
 2 

 (b) For avoidance of doubt, if the Existing Shareholders are required to transfer their equity interest to
the WFOE or its designated persons in accordance with the Exclusive Call Option Agreement and the Equity Pledge Agreement (including future amended agreements) entered into by them, the Proxy shall have the right to execute the equity transfer
agreements and other relevant agreements on behalf of the Existing Shareholders, and perform all the obligations of the Existing Shareholders under the Exclusive Call Option Agreement and the Equity Pledge Agreement. If so requested by the WFOE, the
Existing Shareholders shall execute any documents, affix their official seals and/or other seals, and take any other contractual actions necessary to complete the foregoing equity transfers. The Existing Shareholders shall ensure the completion of
such equity transfers, and urge any transferees to enter into an agreement with the WFOE in substantially the same form and substance as this Agreement. 

Article 5 
 The Existing Shareholders further agree and undertake
to the WFOE that if the Existing Shareholders, due to their equity interest in the Company, receive any dividends, interests, any other forms of capital distribution, residual assets after liquidation, or income or consideration arising from the
transfer of equity interest in the Company, they shall pay all such dividends, interests, capital distribution, assets, income or consideration to the WFOE to the extent permitted by the laws, without claiming any compensation therefor. 

Article 6 
 The Existing Shareholders hereby authorize the Proxy
to exercise the Existing Shareholder Rights in its absolute discretion without any futher oral or written instruction from the Existing Shareholders. The Existing Shareholders undertake to approve and acknowledge any lawful action done, or caused to
be done by the Existing Shareholders, by the Proxy or any substitute proxy or agent appointed by the Proxy in accordance with this Agreement. 
 Article 7

 This Agreement, upon due execution by the Parties, shall become effective from the date of execution specified herein and continue to be effective during
the existence of the Company. Without the prior written consent of the WFOE, the Existing Shareholders shall not amend or terminate this Agreement or revoke its appointment of the Proxy. This Agreement shall be binding upon the successors and
assignees of the Parties. All Parties further agree that regarding the Newly Increased Registered Capital, the rights the WFOE enjoy under this Agreement shall be binding upon all parties retrospectively upon the date when the Capital Increase was
completed. 
 Article 8 
 This Agreement constitutes the entire
agreement among the Parties with respect to the subject matter hereof. 
 Article 9 

This Agreement shall be construed in accordance with and governed by the PRC laws. 

Article 10 
 Any dispute arising from or in connection with this
Agreement shall be submitted to China International Economic and Trade Arbitration Commission, and the arbitration shall be conducted in accordance with the commission’s arbitration rules in effect at the time of applying for arbitration. The
arbitral award shall be final and binding on the Parties. The arbitration place is in Beijing. 

  
 3 

 Article 11 

This Agreement shall be executed by the Parties in four (4) originals, and each Party shall hold one original. All originals shall have the same legal
effect. This Agreement may be executed in one or more counterparts. 
 Article 12 

If the SEC (U.S. Securities and Exchange Commission) or any other regulatory authority proposes any revising suggestions to this Agreement, or there is any
change in the listing rules or related requirements of the SEC in connection with this Agreement, the Parties shall amend this Agreement accordingly. 

[SIGNATURE PAGE FOLLOWS] 

  
 4 

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

 

			
	Guangzhou Yatsen Global Co., Ltd.
	(Seal)
		
	By:	 	 /s/ Jinfeng HUANG

	Name: Jinfeng HUANG
	Title: Legal Representative
	
	Huizhi Weimei (Guangzhou) Trading Co., Ltd.
	(Seal)
		
	By:	 	 /s/ Jinfeng HUANG

	Name: Jinfeng HUANG
	Title: Legal Representative
	
	Jinfeng HUANG
		
	By:	 	 /s/ Jinfeng HUANG

	
	Huiyue (Guangzhou) Trading Limited Partnership
	(Seal)
		
	By:	 	 /s/ Jinfeng HUANG

	Name: Jinfeng HUANG
	Title: Authorized Signatory

  

  
 Signature Page to Second
Amended and Restated Proxy Agreement and Power of Attorney 

 Power of Attorney 

I, Jinfeng HUANG, a citizen of the People’s Republic of China (the “PRC” or “China”) with ID No.
******, the holder of certain registered capital of Huizhi Weimei (Guangzhou) Trading Co., Ltd. (the “Company”) (“My Equity Interest”, including the equity interest acquired by me in the Company through capital
increase, equity transfer or other methods after the execution of this Agreement), on October 28, 2020, hereby irrevocably authorize Guangzhou Yatsen Global Co., Ltd. (the “WFOE”) to exercise the following rights with respect to My
Equity Interest during the valid term of this Power of Attorney: 
 The WFOE is hereby authorized to act on behalf of myself as my sole
proxy and attorney in relation to all matters concerning My Equity Interest, including without limitation to: 1) execute and deliver any written resolutions in the name and on behalf of the Existing Shareholders; 2) vote in person or by proxy on any
matter to be discussed at the Company’s shareholder meetings (including but not limited to sale, transfer, mortgage, pledge or dispose of any or all of the Company’s assets); 3) sell, transfer, pledge or dispose of any or all of the equity
interest in the Company; 4) nominate, appoint or remove directors of the Company, if necessary; 5) supervise the performance of the Company; 6) access to the Company’s financial information at any time; 7) institute shareholders litigations or
other legal actions against any director or senior officer of the Company where such director or senior officer’s conduct prejudices the interests of the Company or the Existing Shareholders; 8) approve the annual budget or declare dividend
distribution; and 9) any other rights conferred on the Existing Shareholders by the Company’s articles of association or relevant laws and regulations. 

Without limiting the generality of the powers granted hereunder, the WFOE shall have the powers under this Power of Attorney, to be authorized
to execute the transfer agreements set forth in the Exclusive Call Option Agreement on my behalf (when I am required to be a party to such agreements), and to be authorized to perform the terms of the Equity Pledge Agreement and the Exclusive Call
Option Agreement to which I am a party, both executed on the same date hereof. 
 All the actions related to My Equity Interest conducted by
the WFOE shall be deemed as my own actions, and all the documents executed by the WFOE shall be deemed to be executed by myself. The WFOE can act in its sole discretion in performing the foregoing actions without prior consent from me, and I hereby
acknowledge and approve such actions conducted and/or documents executed by the WFOE. 
 The WFOE is entitled to, in its sole discretion, to
sub-authorize or transfer its rights in relation to the foregoing matters to any other person or entity, without prior notifying me or obtaining consent from me. 

During my term as a shareholder of the Company, this Power of Attorney shall be irrevocable and continuously valid from the date of execution,
unless otherwise instructed by the WFOE in writing. Upon reception of written notice from the WFOE that it wants to terminate this Power of Attorney in whole or in part, I shall immediately withdraw my entrustment and authorization hereby. And
execute a power of attorney in the same form as this Power of Attorney to authorize and entrust other persons designated by the WFOE the same matters covered in this Power of Attorney. 

Throughout the valid term of this Power of Attorney, I hereby waive all the rights associated with My Equity Interest, which have been
authorized to the WFOE herein, and shall not be exercised by myself. 
 [SIGNATURE PAGE FOLLOWS] 

 [Signature Page to Power of Attorney] 

IN WITNESS WHEREOF, I have executed this Power of Attorney as of the date first above written. 

 

			
	Name: Jinfeng HUANG
		
	By:	 	 /s/ Jinfeng HUANG

 Power of Attorney 

This signing Party, Huiyue (Guangzhou) Trading Limited Partnership, a limited partnership established under the laws of the People’s
Republic of China (the “PRC” or “China”) with Unified Social Credit Code 91440101MA5CWX3R1U, the holder certain registered capital of Huizhi Weimei (Guangzhou) Trading Co., Ltd. (the “Company”)
(“This Party’s Equity Interest”, including the equity interest acquired by this signing Party in the Company through capital increase, equity transfer or other methods after the execution of this Agreement), on
October 28, 2020, hereby irrevocably authorizes Guangzhou Yatsen Global Co., Ltd. (the “WFOE”) to exercise the following rights with respect to This Party’s Equity Interest during the valid term of this Power of Attorney: 

The WFOE is hereby authorized to act on behalf of this Party as its sole proxy and attorney in relation to all matters concerning This
Party’s Equity Interest, including without limitation to: 1) execute and deliver any written resolutions in the name and on behalf of the Existing Shareholders; 2) vote in person or by proxy on any matter to be discussed at the Company’s
shareholder meetings (including but not limited to sale, transfer, mortgage, pledge or disposition of any or all of the Company’s assets); 3) sell, transfer, pledge or dispose of any or all of the equity interest in the Company; 4) nominate,
appoint or remove directors of the Company, if necessary; 5) supervise the performance of the Company; 6) access to the Company’s financial information at any time; 7) institute shareholder litigations or other legal actions against any
director or senior officer of the Company where such director or senior officer’s conduct prejudices the interests of the Company or the Existing Shareholders; 8) approve the annual budget or declare dividend distribution; and 9) any other
rights conferred on the Existing Shareholders by the Company’s articles of association or relevant laws and regulations. 
 Without
limiting the generality of the powers granted hereunder, the WFOE shall have the powers under this Power of Attorney, to be authorized to execute the transfer agreements set forth in the Exclusive Call Option Agreement on this Party’s behalf
(when this Party is required to be a party to such agreements), and to be authorized to perform the terms of the Equity Pledge Agreement and the Exclusive Call Option Agreement to which this Party is a party, both executed on the same date hereof.

 All the actions related to This Party’s Equity Interest conducted by the WFOE shall be deemed as this Party’s own actions, and
all the documents executed by the WFOE shall be deemed to be executed by this Party itself. The WFOE may act in its sole discretion in performing the foregoing actions without prior consent from this Party, and this Party hereby acknowledges and
approves such actions conducted and/or documents executed by the WFOE. 
 The WFOE is entitled to, in its sole discretion, to sub-authorize or transfer its rights in relation to the foregoing matters to any other person or entity, without prior notifying or obtaining consent from this Party. 

During the term that this Party is a shareholder of the Company, this Power of Attorney shall be irrevocable and continuously valid from the
date of execution, unless otherwise instructed by the WFOE in writing. Upon reception of written notice from the WFOE that it wants to terminate this Power of Attorney in whole or in part, this Party shall immediately withdraw its entrustment and
authorization hereby. And execute a power of attorney in the same form as this Power of Attorney, to authorize and entrust other persons designated by the WFOE the same matters covered in this Power of Attorney. 

Throughout the valid term of this Power of Attorney, this Party hereby waives all the rights associated with This Party’s Equity
Interest, which have been authorized to the WFOE herein, and shall not be exercised by itself. 
 [SIGNATURE PAGE FOLLOWS] 

 [Signature Page to Power of Attorney] 

IN WITNESS WHEREOF, I have executed this Power of Attorney as of the date first above written. 

 

			
	Huiyue (Guangzhou) Trading Limited Partnership
	(Seal)
		
	By:	 	 /s/ Jinfeng HUANG

	Name: Jinfeng HUANG
	Title: Authorized Signatory

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