Document:

EX-4.4

 Exhibit 4.4 

SERIES A PREFERRED SHARE SUBSCRIPTION AGREEMENT 

THIS SERIES A PREFERRED SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into on February 5, 2018 by
and among: 
  

	1.	Puxin Limited, an exempted company with limited liability incorporated in the Cayman Islands (the “Company”); 

  

	2.	Prepshine Holdings Co., Limited, a company organized under the Laws of Hong Kong (the “HK Company”); 

  

	3.	Pu Xin Education Technology Group Co., Ltd /

, a limited liability company incorporated under the Laws of the PRC (the “Domestic Company”); 

  

	4.	Each of the individuals listed on Schedule I attached hereto (each such individual, a “Principal” and, collectively, the “Principals”); 

 

	5.	Long bright Limited, Gao & Tianyi Limited, Prospect Limited and Pution Limited, each a business company with limited liability incorporated in the British Virgin Islands (collectively, the “Management
Shareholders” and each, a “Management Shareholder”); 

  

	6.	Trustbridge Partners VI, L.P. (“Trustbridge”), an exempted limited partnership formed in the Cayman Islands, with its general partner TB Partners GP6, L.P. acting on behalf of it; and 

 

	7.	Fasturn Overseas Limited, a company with limited liability incorporated in the British Virgin Islands (“Fasturn”, collectively with Trustbridge, the “Investors” and each, an
“Investor”). 

 Each of the parties listed above is referred to herein individually as a
“Party” and collectively as the “Parties”. 
 RECITALS 

 

	A.	The Company owns 100% equity interest in the HK Company and the HK Company owns100% equity interest in Purong (Beijing) Information Technology Co., Ltd./

 (the “WFOE”) which in turn Controls the Domestic Company through the VIE Structure. 

  

	B.	The Group Companies are mainly engaged in provision of education service and/or other related consulting and technical supporting services (the “Business”). The Company seeks expansion capital to grow
the Business and, correspondingly, seeks to secure an investment from the Investors, on the terms and conditions set forth herein. 

  

	C.	The Investors wish to invest in the Company by subscribing for, and the Company wishes to issue and sell to each Investor 5,958,940 Series A Preferred Shares (as defined below) respectively pursuant to the terms and
subject to the conditions of this Agreement (this “Transaction”). 

	D.	The Parties desire to enter into this Agreement and make the respective representations, warranties, covenants and agreements set forth herein on the terms and conditions set forth herein. 

WITNESSETH 
 NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties intending to be legally bound
hereto hereby agree as follows: 
  

	1.	Definitions. 

 1.1 The following terms shall have the meanings ascribed to them
below: 
 “Affiliate/

” means, with respect to any Person other than a natural person, any other Person directly or indirectly controlling, controlled by or under common control with such Person. With respect to any Person who is a
natural Person, such Person’s Affiliates shall also include his or her spouse and lineal descendants, and estates or trusts controlled by the foregoing. The term “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote
of fifty percent (50%) or more of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. 

“Board” or “Board of Directors” means the board of directors of the Company. 

“Business Day/

” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are required or authorized by law to be closed in the United States of America, Cayman Islands, Hong Kong, or the
PRC. 
 “Charter Documents/

” means, with respect to a particular legal entity, the articles of incorporation, certificate of incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of
association, articles of association, bylaws, articles of organization, limited liability company agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing,
or charter documents, or equivalent documents, of such entity. 

  
 2 

 “Circular 37” means, the Notice on Relevant Issues Concerning
Foreign Exchange Administration for Domestic Residents to Engage in Overseas Investment, Financing and Round Trip Investment via Overseas Special Purpose Companies [Huifa (2014) No. 37] issued by SAFE (as defined below) on July 14,
2014 and any other PRC laws, regulations, rules and circulars in force from time to time prior to the completion of such registration that operate to amend, supplement and/or implement the aforesaid regulation or any part thereof. 

“Consent/

” means any consent, approval, authorization, release, waiver, permit, grant, franchise, concession, agreement, license, exemption or order of, registration, certificate, declaration or filing with, or report or
notice to, any Person, including any Governmental Authority. 
 “Contract” means, a contract, agreement,
understanding, indenture, note, bond, loan, instrument, lease, mortgage, franchise, license, commitment, purchase order, and other legally binding arrangement, whether written or oral. 

“Conversion Shares” means the Ordinary Shares issuable upon conversion of any Shares. 

“Disclosure Schedule” means the Disclosure Schedule attached to this Agreement as Exhibit A, dated as
of the date hereof and the Closing, delivered by the Warrantors to the Investors on the date hereof and the Closing in connection with this Agreement. 

“Equity Securities/

” means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership interests, units, profits interests, ownership interests, equity interests, registered capital, and
other equity securities of such Person, and any right, warrant, option, call, commitment, conversion privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the
foregoing, or any Contract providing for the acquisition of any of the foregoing. 
 “Equity Transfer” means
the purchase of the equity interests held by TBP RMB Fund in the WFOE by HK Company, which have been specified under Step 11 of the Restructuring Agreement. 

“Equity Transfer Price” means the purchase price to be paid by HK Company to TBP RMB Fund for the Equity
Transfer. 
 “Governmental Authority/

” means any government of any nation, federation, province or state or any other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of the PRC or any other country, or any political subdivision thereof, any court, tribunal or
arbitrator, and any self-regulatory organization. 
 “Governmental Order” means any applicable order,
ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority. 

  
 3 

 “Group Company/

” means Company, the HK Company, the WFOE, the Domestic Company and any direct and indirect Subsidiaries of the foregoing (with each of such Group Companies being referred to as a “Group
Company”). 
 “Indebtedness/

” of any Person means, without duplication, each of the following of such Person: (i) all indebtedness for borrowed money, (ii) all obligations issued, undertaken or assumed as the
deferred purchase price of property or services (other than trade payables entered into in the ordinary course of business), (iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar
instruments, (iv) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced that are incurred in connection with the acquisition of properties, assets or businesses,
(v) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (vi) all obligations that are capitalized (including capitalized lease obligations),
(vii) all obligations under banker’s acceptance, letter of credit or similar facilities, (viii) all obligations to purchase, redeem, retire, defease or otherwise acquire for value any Equity Securities of such Person,
(ix) all obligations in respect of any interest rate swap, hedge or cap agreement, and (x) all guarantees issued in respect of the Indebtedness referred to in clauses (i) through (ix) above of any other Person, but only
to the extent of the Indebtedness guaranteed. 
 “Indemnifiable Loss” means, with respect to any Person, any
action, claim, cost, damage, deficiency, diminution in value, disbursement, expense, liability, loss, obligation, penalty or settlement of any kind or nature imposed on or otherwise incurred or suffered by such Person, including without limitation,
reasonable legal, accounting and other professional fees and expenses incurred in the investigation, collection, prosecution and defense of claims and amounts paid in settlement and taxes payable by such Person by reason of the indemnification. 

“Knowledge/

” means, with respect to the Warrantors, the actual knowledge of any of the Warrantors, and that knowledge which should have been acquired by each Warrantor after making such due inquiry and exercising such due
diligence as a prudent business person would have made or exercised in the management of his or her business affairs, including but not limited to due inquiry of all officers, directors, employees, consultants and professional advisers (including
attorneys, accountants and auditors) of the Group and of its Affiliates who could reasonably be expected to have knowledge of the matters in question. 

“Law/

” or “Laws” means any and all provisions of any applicable constitution, treaty, statute, law, regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant,
franchise, license, agreement, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority, in each
case as amended, and any and all applicable Governmental Orders. 

  
 4 

 “Liabilities” means, with respect to any Person, all
liabilities, obligations and commitments of such Person of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due. 

“Lien” means any claim, charge, easement, encumbrance, lease, covenant, security interest, lien, option,
pledge, rights of others, or restriction (whether on voting, sale, transfer, disposition or otherwise), whether imposed by Contract, understanding, law, equity or otherwise. 

“Material Adverse Effect/

” means any (i) event, occurrence, fact, condition, change or development that has had, has, or could reasonably be expected to have, individually or
together with other events, occurrences, facts, conditions, changes or developments, a material adverse effect on the business, properties, assets, employees, operations, results of operations, condition (financial or otherwise), prospects, assets
or liabilities of the Group taken as a whole, (ii) material impairment of the ability of any Party (other than the Investors) to perform the material obligations of such party under any Transaction Documents, or
(iii) material impairment of the validity or enforceability of this Agreement or any other Transaction Document against any Party hereto or thereto (other than the Investors). 

“Memorandum and Articles” means the amended and restated memorandum and articles of association of the Company
attached hereto as Exhibit B to be adopted in accordance with applicable Law within five (5) business days from the date hereof. 

“MOFCOM” means the Ministry of Commerce of the PRC or, with respect to any matter to be submitted for
examination and approval by the Ministry of Commerce, any Governmental Authority which is similarly competent to examine and approve such matter under the laws of the PRC. 

“Onshore Equity Increase Agreement” means the Capital Increase Agreement entered by and among the Domestic
Company, the Principals and Shanghai Trustbridge Investment Management Co., Ltd. /

 and Tianjin Puxian Education and Technology Limited Partnership /

 (

) in 2015. 
 “Ordinary Shares” means the Company’s ordinary shares, par
value US$0.00005 per share. 
 “Person/

” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity. 

“PRC/

” means the People’s Republic of China, but solely for the purposes of this Agreement and the other Transaction Documents, excluding the Hong Kong Special Administrative Region, the Macau Special
Administrative Region and the islands of Taiwan. 

  
 5 

 “Restructuring Agreement” means the restructuring agreement/

 entered by and among the Parties, TBP RMB Fund and relevant parties on the date hereof which has been attached hereto as Exhibit C. 

“SAFE” means the State Administration of Foreign Exchange of the PRC. 

“SAIC” means the State Administration of Industry and Commerce of the PRC or, with respect to the issuance of
any business license or filing or registration to be effected by or with the State Administration of Industry and Commerce, any Governmental Authority which is similarly competent to issue such business license or accept such filing or registration
under the laws of the PRC. 
 “Series A Preferred Shares” means the series A preferred shares with a par
value of US$0.00005 per share in the share capital of the Company, having the rights, preferences, privileges and restrictions set out in the Memorandum and Articles and this Agreement. 

“Shareholders Agreement” means the Shareholders Agreement entered by the Management Shareholders, Investors
and the Company on the date hereof which has been attached hereto as Exhibit D. 
 “Shares” means the
Series A Preferred Shares to be issued by the Company pursuant to Section 2.1 hereof. 
 “Subsidiary”
means, with respect to any given Person, any other Person that is Controlled directly or indirectly by such given Person. 

“TBP RMB Fund/TBP

” means Ningbo Trustbridge New Economy II Equity Investment Limited Partnership/

 (

). 
 “Transaction Documents/

” means the Restructuring Agreement, the Shareholders Agreement, this Agreement and the Memorandum and Articles and each of the other agreements and documents otherwise required to implement the transactions
contemplated by the Restructuring Agreement. 
 “VIE Documents/VIE

” shall have the same meanings set forth in the Restructuring Agreement. 
 “VIE
Structure” means the structure under which the WFOE Controls the Domestic Company through the VIE Documents. 

“Warrantors/

” means, collectively, the Group Companies, the Principals and the Management Shareholders (each of such being referred to as a “Warrantor”). 

  
 6 

 1.2 Other Defined Terms. The following terms shall have the meanings defined for
such terms in the Sections set forth below: 
  

			
	 Agreement/

	  	Preamble
	 Arbitration Notice
	  	Section 5.5(i)
	 Business/

	  	Recitals
	 Closing/

	  	Section 2.3
	 Company
	  	Preamble
	 Dispute
	  	Section 5.5(i)
	 Fasturn
	  	Preamble
	 Fasturn Share Subscription Price
	  	Section 2.1
	 Management Shareholder/ Management Shareholders
	  	Preamble
	 HKIAC
	  	Section 5.5(ii)
	 HKIAC Rules
	  	Section 5.5(ii)
	 Hong Kong
	  	Section 5.4
	 HK Company
	  	Preamble
	 Investor/

	  	Preamble
	 Party/Parties
	  	Preamble
	 Principal/Principals
	  	Preamble
	 Share Subscription Price
	  	Section 2.1
	 Trustbridge
	  	Preamble
	 Trustbridge Share Subscription Price
	  	Section 2.1
	 WFOE
	  	Recitals

  

	2.	Purchase and Sale of Shares. 

 2.1 Issuance of the Shares.
Subject to the terms and conditions of this Agreement, Trustbridge agrees to subscribe for and purchase, and the Company agrees to issue and sell to Trustbridge, 5,958,940 Series A Preferred Shares at a subscription price denominated in
USD equivalent to RMB130,806,000 (the “Trustbridge Share Subscription Price”); Fasturn agrees to subscribe for and purchase, and the Company agrees to issue and sell to Fasturn, 5,958,940 Series A Preferred Shares at par value of
US$0.00005 per share, at a subscription price of US$298 (the “Fasturn Share Subscription Price”, collectively with Trustbridge Share Subscription Price, the “Share Subscription Price”). 

2.2 Deliverables of the Company. Within three (3) Business Days after the date hereof, the Company shall deliver to each
Investor, (a) the updated register of members of the Company in a form acceptable to the Investors reflecting the issuance to the Investors of Series A Preferred Shares pursuant to Section 2.1; (b) the updated register of
directors of the Company in a form acceptable to the Investors, evidencing the joint appointment of one (1) director by the Investors; and (c) the share certificates in the name of each Investor representing the Series A Preferred
Shares that such Investor is subscribing for pursuant to Section 2.1. For avoidance of any doubts, each Investor shall be deemed as a shareholder of the Company and enjoy all shareholders rights from the date hereof. 

  
 7 

 2.3 The Closing. The Investors agree to pay the Share Subscription Price under
Section 2.1 within five (5) Business Days after the fulfillment, to the satisfaction of the Investors, or waiver by the Investors, of the following conditions (the “Closing”): 

(a) Representations and Warranties. The representations and warranties of the Warrantors contained in Section 3 that are qualified
by materiality or Material Adverse Effect, shall have been true and complete when made and shall be true and complete on and as of the date hereof and the Closing with the same effect as though such representations and warranties had been made on
and as of the date hereof and the Closing, except in either case for those representations and warranties that address matters only as of a particular date, which representations will have been true and complete as of such particular date, and
(ii) that are not qualified by materiality or Material Adverse Effect, shall have been true and complete in all material aspects when made and shall be true and complete in all material aspects on and as of the date hereof and the Closing with
the same effect as though such representations and warranties had been made on and as of the date hereof and the Closing, except in either case for those representations and warranties that address matters only as of a particular date, which
representations will have been true and complete in all material aspects as of such particular date. 
 (b) Performance. Each
Warrantor shall have performed and complied with all obligations and conditions contained in the Transaction Documents that are required to be performed or complied with by them, on or before the Closing . In particular, except for the payment of
Equity Transfer Price, all the restructuring steps specified under the Restructuring Agreement have been duly completed, including without limitation (A) each of the Management Shareholders have completed the initial SAFE registration under
Circular 37 and obtained an SAFE registration form with respect to his/her direct or indirect interest in the Company in form and substance reasonably satisfactory to the Investors; (B) the Equity Transfer has been duly registered at the
competent local SAIC office and filed with competent MOFCOM office. 
 (c) Authorizations. All Consents of any competent
Governmental Authority or of any other Person that are required to be obtained by any Warrantor in connection with the consummation of the transactions contemplated by the Transaction Documents (including but not limited to those related to the
lawful issuance and sale of the Shares, and any waivers of notice requirements, rights of first refusal, preemptive rights, put or call rights) shall have been duly obtained and effective prior to the Closing, and evidence thereof shall have been
delivered to the Investors. 
 (d) Proceedings and Documents. All corporate and other proceedings in connection with the
transactions to be completed at the Closing and all documents incident thereto, including without limitation written approval from all of the then current holders of equity interests of each Group Company, as applicable, with respect to this
Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby, shall have been completed in form and substance reasonably satisfactory to the Investors, and the Investors shall have received all such counterpart
original or other copies of such documents as it may reasonably request. In particular, the Investors have received all the deliverables under Section 2.2. 

  
 8 

 (e) Memorandum and Articles. The Memorandum and Articles, shall have been duly
adopted by all necessary action of the Board of Directors and/or the members of the Company and shall have been duly filed with the appropriate authority (ies) of the Cayman Islands, and such adoption shall have become effective within five
(5) business days from the date of this Agreement, and reasonable evidence thereof shall have been delivered to the Investors. 
 (f)
Transaction Documents and VIE Documents. Each of the parties to the Transaction Documents and VIE Documents (including the updated VIE Documents under Step 9 of Restructuring Agreement) other than the Investors, shall have
executed and delivered such Transaction Documents and VIE Documents to the Investors. 
 (g) No Material Adverse Effect. There shall
have been no Material Adverse Effect since the execution date of this Agreement. 
 2.4 At the Closing, subject to the satisfaction or
waiver of all the conditions set forth above, the Investors shall pay the Share Subscription Price by wire transfer to an account designated by the Company. 

2.5 Use of Proceeds. The Company shall use the proceeds from the issuance and sale of the Shares to pay the Equity Transfer Price
in accordance with the Restructuring Agreement. The Proceeds shall not be used in the payment of any debts or obligations of any Group Company or its Subsidiaries or in the repurchase or cancellation of securities held by any shareholders of the
Group Companies or for any other purpose. 
 2.6 Conversion into Ordinary Shares. The Series A Preferred Shares can be
converted into Ordinary Shares in accordance with the Memorandum and Articles. 
 3. Representations and Warranties of the Warrantors. Subject
to such exceptions as may be specifically set forth in the Disclosure Schedule, the Warrantors jointly and severally represent and warrant to the Investors that: 

3.1 Organization, Good Standing and Qualification. Each Group Company is duly organized, validly existing and in good standing
(or equivalent status in the relevant jurisdiction) under, and by virtue of, the Laws of the place of its incorporation or establishment and has all requisite power and authority to own its properties and assets and to carry on its business as now
conducted and as proposed to be conducted, and to perform each of its obligations under the Transaction Documents to which it is a party. Each Group Company is qualified to do business and is in good standing (or equivalent status in the relevant
jurisdiction) in each jurisdiction where failure to be so qualified would be a Material Adverse Effect. Each Group Company that is a PRC entity has a valid business license issued by the SAIC or its local branch or other relevant Government
Authorities, and has, since its establishment, carried on its business materially in compliance with the business scope set forth in its business license. 

  
 9 

 3.2 Capitalization and Voting Rights. 

(i) Company. The authorized share capital of the Company is and immediately prior to the Closing shall be US$ 50,000 divided into
(a) a total of 1,000,000,000 authorized Ordinary Shares, 100,000,000 of which are issued and outstanding; (b) a total of 11,917,880 authorized Series A Preferred Shares, none of which are issued and outstanding. Schedule
II sets forth the capitalization table of the Company as of immediately prior to the Closing, and immediately after the Closing, in each case reflecting all then outstanding and authorized Equity Securities of the Company. 

(ii) HK Company. The authorized share capital of the HK Company is HK$1, divided into one (1) shares of HK$1 each, one (1) of
which are issued and outstanding and held by the Company. 
 (iii) No Other Securities. Except for (a) the conversion
privileges of the Series A Preferred Share, (b) certain rights provided in the Transaction Documents, and (c) the convertible bonds which have been disclosed to the Investors, (A) there are no and at the Closing there
shall be no other authorized or outstanding Equity Securities of any Group Company, other than the shares issued or reserved pursuant to this Agreement; (B) no Equity Securities of any Group Company are subject to any preemptive rights,
rights of first refusal (except to the extent provided by applicable PRC Laws) or other rights to purchase such Equity Securities or any other rights with respect to such Equity Securities, and (C) no Group Company is a party or subject
to any Contract that affects or relates to the voting or giving of written consents with respect to, or the right to cause the redemption, or repurchase of, any Equity Security of such Group Company. Except as set forth in the Shareholders Agreement
and the convertible bonds which have been disclosed to the Investors, the Company has not granted any registration rights or information rights to any other Person, nor is the Company obliged to list, any of the Equity Securities of any Group
Companies on any securities exchange. Except as contemplated under the Transaction Documents, there are no voting or similar agreements which relate to the share capital or registered capital of any Group Company. 

(iv) Issuance and Status. All presently outstanding Equity Securities of the Company and HK Company were duly and validly issued (or
subscribed for) in compliance with all applicable Laws, preemptive rights of any Person, and applicable Contracts. All share capital or registered capital, as the case may be, of the Company and HK Company have been duly and validly issued, are
fully paid (or subscribed for) and nonassessable, and are and as of the Closing shall be free of any and all Liens (except for any restrictions on transfer under the Transaction Documents and applicable Laws). Except as contemplated under the
Transaction Documents, there are no (a) resolutions pending to increase the share capital of the Company or HK Company or cause the liquidation, winding up, or dissolution of the Company or HK Company, nor has any distress, execution or
other process been levied against the Company or HK Company, (b) dividends which have accrued or been declared but are unpaid by the Company or HK Company, (c) obligations, contingent or otherwise, of the Company or HK
Company to repurchase, redeem, or otherwise acquire any Equity Securities, or (d) outstanding or authorized equity appreciation, phantom equity, equity plans or similar rights with respect to the Company or HK Company. 

  
 10 

 3.3 Authorization. Each Warrantor has all requisite power and authority to execute
and deliver the Transaction Documents to which it is a party and to carry out and perform its obligations thereunder. All action on the part of each party to the Transaction Documents (other than the Investors) (and, as applicable, its officers,
directors and shareholders) necessary for the authorization, execution and delivery of the Transaction Documents, the performance of all obligations of each such party, and, in the case of the Company, the authorization, issuance (or reservation for
issuance), sale and delivery of the Shares and the Conversion Shares, has been taken or will be taken prior to the Closing. Each Transaction Document has been duly executed and delivered by each party thereto (other than the Investors) and
constitutes valid and legally binding obligations of such party, enforceable against such party in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of
general application affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

3.4 Valid Issuance of Shares. The Shares, when issued, delivered and paid for in accordance with the terms of this
Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and non-assessable, free from any Liens (except for any restrictions on transfer under applicable Laws and under
the Shareholders Agreement and Memorandum and Articles). The Conversion Shares have been reserved for issuance and, upon issuance in accordance with the terms of the Memorandum and Articles, will be duly and validly issued, fully paid and non-assessable, free from any Liens (except for any restrictions on transfer under applicable securities Laws and under the Shareholders Agreement and Memorandum and Articles ). The issuance of the Shares and the
Conversion Shares is not subject to any preemptive rights, rights of first refusal or similar rights. 
 3.5 Consents; No
Conflicts. All Consents from or with any Governmental Authority or any other Person required in connection with the valid execution, delivery and performance of the Transaction Documents, and the consummation of the transactions contemplated by
the Transaction Documents, in any case on the part of any party thereto (other than the Investors) have been duly obtained or completed (as applicable) and are in full force and effect. The execution, delivery and performance of each Transaction
Document by each party thereto (other than the Investors) do not, and the consummation by such party of the transactions contemplated thereby will not, (i) result in any violation of, be in conflict with, or constitute a default under,
require any Consent under, or give any Person rights of termination, amendment, acceleration or cancellation under, with or without the passage of time or the giving of notice, any Governmental Order, any provision of the Charter Documents of any
Group Company, any applicable Laws, (ii) result in any termination, modification, cancellation, or suspension of any material right of, or any augmentation or acceleration of any material obligation of, any Group Company (including
without limitation, any indebtedness of such Group Company), or (iii) result in the creation of any Lien upon any of the material properties or assets of any Group Company other than Permitted Liens. 

  
 11 

 3.6 Offering. The offer, sale and issuance of the Shares are, and the
issuance of the Conversion Shares will be, exempt from the qualification, registration and prospectus delivery requirements of the Securities Act and any other applicable securities Laws. 

3.7 No Operation. Both the Company, HK Company and WFOE are established for the purpose of holding company, neither of them has
conducted any business operation, signed any kind of undisclosed major contracts or owned any kind of undisclosed properties (including real properties and intellectual properties), assets, Indebtedness or Liabilities since its establishment. Both
the Company and HK Company are, and have been in compliance in all material aspects with all applicable laws. 
 3.8 Disclosure.
No representation or warranty by the Warrantors in this Agreement and no information or materials provided by the Warrantors to the Investors in connection with the negotiation or execution of this Agreement or any agreement contemplated hereby
contains any untrue statement of a material fact, or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading. To the
Knowledge of the Warrantors, there is no fact that the Company has not disclosed to the Investors in writing and of which any of its officers, directors or executive employees has knowledge and that has had or would reasonably be expected to have
any Material Adverse Effect. 
 3.9 Others. All the representations and warranties under Schedule III attached
hereto.
 4. Representations and Warranties of the Investors. Unless otherwise disclosed by the Investors at the Closing to the Warrantors in
writing, the Investors represent and warrant to the Warrantors that: 
 4.1 Organization, Good Standing and Qualification. Each
Investor is duly organized, validly existing and in good standing (or equivalent status in the relevant jurisdiction) under, and by virtue of, the Laws of the place of its incorporation or establishment and has all requisite power and authority to
own its properties and assets and to carry on its business as now conducted and as proposed to be conducted, and to perform each of its obligations under the Transaction Documents to which it is a party. Each Investor is qualified to do business and
is in good standing (or equivalent status in the relevant jurisdiction) in each jurisdiction where failure to be so qualified would be a Material Adverse Effect. 

4.2 Authorization. Each Investor has all requisite power and authority to execute and deliver the Transaction Documents to which
it is a party and to carry out and perform its obligations thereunder. All action on the part of each Investor to the Transaction Documents (and, as applicable, its officers, directors and shareholders) necessary for the authorization, execution and
delivery of the Transaction Documents, the performance of all obligations of such Investor, has been taken or will be taken prior to the Closing. Each Transaction Document has been duly executed and delivered by each Investor and constitutes valid
and legally binding obligations of such Investor, enforceable against such Investor in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application
affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

  
 12 

 4.3 Disclosure. No representation or warranty by the Investors in this Agreement
and no information or materials provided by the Investors to the Warrantors in connection with the negotiation or execution of this Agreement or any agreement contemplated hereby contains any untrue statement of a material fact, or omits to state
any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading. 

5. Miscellaneous. 
 5.1
Further Assurances.  
 (i) Upon the terms and subject to the conditions herein, each of the Parties hereto agrees to use its
reasonable best efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist and cooperate with the other Parties hereto in doing, all things necessary, proper or advisable under
applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and other Transaction Documents, provided that except as expressly provided herein, no Party
shall be obligated to grant any waiver of any condition or other waiver hereunder. 
 (ii) The Warrantors undertake that the Group Companies
have engaged Deloitte to be the auditor for the purpose of IPO. Each of the Warrantor shall cause the Company to deliver to the Investors as soon as practical, but in no event later than three (3) months from the execution of this Agreement the
audited consolidated annual report of the Group Companies for the fiscal year ended December 31, 2017, which shall fairly present in all material respects the financial conditions and operating results of the Group Companies as of the end of
2017, including without limitations all the assets, Indebtedness and tax matters. 
 5.2 Indemnification. 

(i) The Warrantors shall, jointly and severally, indemnify, defend and hold harmless each Investor and its directors, officers, employees,
affiliates, agents and assigns, against any and all Indemnifiable Loss incurred by it, directly or indirectly, as a result of, or based upon or arising from any inaccuracy in, breach of, or nonperformance of any of the representations, warranties,
covenants or agreements made by the Group Companies and the Management Shareholders pursuant to this Agreement. Notwithstanding the foregoing, other than cases of fraud or willful misconduct, the maximum liability of the Management Shareholders
pursuant to this Section 5.2 shall be limited to the delivery of the all Company’s Equity Securities held by them (either directly or indirectly); and the maximum liability of the Group Companies to each Investor pursuant to this
Section 5.2 shall be limited to such Investor’s total investment in the Series A Preferred Shares. 

  
 13 

 (ii) The Investors shall indemnify, defend and hold harmless each Warrantor against any and all
Indemnifiable Loss incurred by it, directly or indirectly, as a result of, or based upon or arising from any inaccuracy in, breach of, or nonperformance of any of the representations, warranties, covenants or agreements made by the Investors
pursuant to this Agreement. 
 5.3 Successors and Assigns. Except as otherwise provided herein, the terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties hereto whose rights or obligations hereunder are affected by such terms and conditions. This Agreement and the rights and
obligations therein may not be assigned by any Warrantor without the prior written consent of the Investors. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective
successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

5.4 Governing Law. This Agreement shall be governed by and construed under the Laws of the Hong Kong Special
Administrative Region of the PRC (“Hong Kong”), without regard to principles of conflict of Laws thereunder. 
 5.5
Dispute Resolution. 
 (i) Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this
Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to the dispute with notice (the “Arbitration Notice”) to the other. 

(ii) The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be one
(1) arbitrator. The HKIAC Council shall select the arbitrator, who shall be qualified to practice law in Hong Kong. 
 (iii) The
arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this Section, including the provisions concerning the appointment of the arbitrators, the provisions of this Section shall
prevail. 
 (iv) Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and
providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

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

  
 14 

 (vii) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if
possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 
 (viii) During the course of the
arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 

5.6 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given
either personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address of the relevant Party as shown on
Schedule IV (or at such other address as such Party may designate by fifteen (15) days’ advance written notice to the other Parties to this Agreement given in accordance with this Section). Where a notice is sent by next-day or second-day courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and
sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a written confirmation of delivery, and to
have been effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business Days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or
electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent
as aforesaid, if such day is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day. Notwithstanding the foregoing, to the extent a “with a copy to” address is designated, notice must also
be given to such address in the manner above for such notice, request, consent or other communication hereunder to be effective. 

5.7 Survival of Representations and Warranties. The representations and warranties contained in this Agreement shall survive any
investigation made by any party hereto. The representations and warranties contained in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall survive from the Closing until the second
anniversary of the Closing, except that the following representations and warranties shall survive from the Closing indefinitely: (i) the Section 3.1, Section 3.2, Section 3.3, Section 3.4, Section 3.5, Section 3.6
and Section 3.7 of this Agreement, and (ii) Section 1.1, Section 1.2, Section 1.4, Section 1.5, Section 1.7, Section 1.9, Section 1.10, Section 5.7 and Section 12 under Schedule III of this
Agreement. 
 5.8 Rights Cumulative; Specific Performance. Each and all of the various rights, powers and remedies of a party
hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at Law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise
of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. Without limiting the foregoing, the Parties hereto acknowledge and agree irreparable
harm may occur for which money damages would not be an adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the
Parties shall be entitled to injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement. 

  
 15 

 5.9 Severability. In case any provision of the Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable under any
such applicable Law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable
only to the extent of such invalidity, illegality, or limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction. 

5.10 Amendments and Waivers. Any term of this Agreement may be amended, only with the written consent of each of
(i) the Company, (ii) each Management Shareholder, and (iii) each Investor. Any amendment effected in accordance with this paragraph shall be binding upon each of the Parties hereto. Notwithstanding the foregoing,
the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Party against whom such waiver is sought. 

5.11 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be
deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or
relinquishment of such right, power or remedy at any other time or times. 
 5.12 Delays or Omissions. No delay or
omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such
non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part
of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such
writing. 
 5.13 No Presumption. The Parties acknowledge that any applicable Law that would require interpretation of
any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no
presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 

  
 16 

 5.14 Headings and Subtitles; Interpretation. The titles and subtitles used
in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. Unless a provision hereof expressly provides otherwise: (i) the term “or” is not exclusive;
(ii) words in the singular include the plural, and words in the plural include the singular; (iii) the terms “herein”, “hereof”, and other similar words refer to this Agreement as a whole and not to any
particular section, subsection, paragraph, clause, or other subdivision; (iv) the term “including” will be deemed to be followed by, “but not limited to”, (v) the masculine, feminine, and neuter genders will
each be deemed to include the others; (vi) the terms “shall”, “will”, and “agrees” are mandatory, and the term “may” is permissive; (vii) the term “day” means “calendar
day”, and “month” means calendar month, (viii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of the body of this Agreement,
(ix) all references in this Agreement to designated Schedules, Exhibits and Appendices are to the Schedules, Exhibits and Appendices attached to this Agreement, (x) the phrase “directly or indirectly” means
directly, or indirectly through one or more intermediate Persons or through contractual or other arrangements, and “direct or indirect” has the correlative meaning, (xi) references to laws include any such law modifying, re-enacting, extending or made pursuant to the same or which is modified, re-enacted, or extended by the same or pursuant to which the same is made, (xii) each
representation, warranty, agreement, and covenant contained herein will have independent significance, regardless of whether also addressed by a different or more specific representation, warranty, agreement, or covenant,
(xii) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (xiv) references to this Agreement, the Disclosure Schedule, any other Transaction Documents and any other
document shall be construed as references to such document as the same may be amended, supplemented or novated from time to time, and (xv) all references to dollars or to “US$” are to currency of the United States of America;
all references to dollars or to “HK$” are to currency of the Hong Kong and all references to RMB are to currency of the PRC (and each shall be deemed to include reference to the equivalent amount in other currencies). 

5.15 Counterparts. This Agreement may be executed in eight (8) counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this
Agreement. 
 5.16 Entire Agreement. This Agreement and other Transaction Documents, together with all schedules and
exhibits hereto and thereto, constitute the full and entire understanding and agreement among the Parties with regard to the subjects hereof and thereof, and supersede all other agreements between or among any of the Parties with respect to the
subject matters hereof and thereof. 
 (The remainder of this page is left intentionally blank; signature page to follow) 

  
 17 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute
this Agreement on the date and year first above written. 
 COMPANY:  

 

			
	Puxin Limited
		
	By:	 	 /s/ SHA Yunlong

	Name:	 	SHA Yunlong (

)
	Title:	 	Chief Executive Officer, Director

 HK COMPANY:  
  

			
	Prepshine Holdings Co., Limited
		
	By:	 	 /s/ SHA Yunlong

	Name:	 	SHA Yunlong (

)
	Title:	 	Chief Executive Officer, Director

 DOMESTIC COMPANY:  

 

			
	Pu Xin Education Technology Group Co., Ltd /

		
	By:	 	 /s/ SHA Yunlong

	Name:	 	SHA Yunlong (

)
	Title:	 	Chief Executive Officer, Director
	
	/s/ Seal of Pu Xin Education Technology Group Co., Ltd

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute
this Agreement on the date and year first above written. 
 PRINCIPALS:  

 

			
	SHA YUNLONG (

)
		
	By:	 	 /s/ Sha Yunlong

	
	GAO LIANG (

)
		
	By:	 	 /s/ Gao Liang

	
	XIAO YUN (

)
		
	By:	 	 /s/ Xiao Yun

	
	LI GANG (

)
		
	By:	 	 /s/ Li Gang

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute
this Agreement on the date and year first above written. 
 MANAGEMENT SHAREHOLDERS:  

 

			
	Long bright Limited
		
	By:	 	 /s/ SHA Yunlong

	Name:	 	SHA Yunlong (

)
	Title:	 	Director
	
	Gao & Tianyi Limited
		
	By:	 	 /s/ GAO Liang

	Name:	 	GAO Liang (

)
	Title:	 	Director
	
	Prospect Limited
		
	By:	 	 /s/ XIAO Yun

	Name:	 	XIAO Yun (

)
	Title:	 	Director
	
	Pution Limited
		
	By:	 	 /s/ LI Gang

	Name:	 	LI Gang (

)
	Title:	 	Director

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute
this Agreement on the date and year first above written. 
 INVESTOR: 

 

			
	Trustbridge Partners VI, L.P.
	
	By its general partner TB Partners GP6, L.P. on behalf of Trustbridge Partners VI, L.P.

 
			
		
	By:	 	 /s/ LIN Ning David

			
	Name:	 	LIN Ning David
	Title:	 	Authorized Representative

 [Signature Page to Series A Preferred Share Subscription Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute
this Agreement on the date and year first above written. 
 INVESTOR: 

 

			
	Fasturn Overseas Limited

 
			
		
	By:	 	 /s/ CHEN Yuan

 
			
	Name:	 	CHEN Yuan
	Title:	 	Director

 [Signature Page to Series A Preferred Share Subscription Agreement]EX-4.5

 Exhibit 4.5 

SHAREHOLDERS AGREEMENT 

THIS SHAREHOLDER AGREEMENT (this “Agreement”) dated as of February 5, 2018 by and among: 

 

	 	(a)	Puxin Limited, an exempted company with limited liability incorporated in the Cayman Islands (the “Company”); 

  

	 	(b)	Long bright Limited, Gao & Tianyi Limited, Prospect Limited and Pution Limited, each a business company with limited liability incorporated in the British Virgin Islands (collectively, the “Management
Shareholders” and each, a “Management Shareholder”); 

  

	 	(c)	Trustbridge Partners VI, L.P. (“Trustbridge”), an exempted limited partnership formed in the Cayman Islands, with its general partner TB Partners GP6, L.P. acting on behalf of it; 

 

	 	(d)	Fasturn Overseas Limited, a company with limited liability incorporated in the British Virgin Islands (“Fasturn”, with Trustbridge collectively, the “Investors” and each, an
“Investor”); and 

  

	 	(e)	Puxin Nova Limited, Stary International Limited, Long wit Limited, Long belief Limited, Long faith Limited, Long favor Limited, each a business company with limited liability incorporated in the British Virgin Islands
(collectively, the “Other Shareholders” and each, a “Other Shareholder”). 

 W I T N E S S
E T H: 
 WHEREAS, on the date hereof, (a) the Management Shareholders hold and beneficially own certain number of Ordinary Shares,
(b) the Investors hold and beneficially own certain number of Series A Preferred Shares, and (c) the Other Shareholders hold and beneficially own certain number of Ordinary Shares, each
as set forth opposite such Other Shareholders, Management Shareholder’s, or Investor’s name on Schedule I hereto; and 

WHEREAS, the parties hereto desire to enter into this Agreement to govern certain of their rights, duties and obligations as Shareholders of
the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) As used in this Agreement, the following terms have the following meanings: 

 “Affiliate” means, with respect to any Person other than a natural person, any
other Person directly or indirectly controlling, controlled by or under common control with such Person. With respect to any Person who is a natural Person, such Person’s Affiliates shall also include his or her spouse and lineal descendants,
and estates or trusts controlled by the foregoing. The term “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control
with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of fifty percent (50%) or more of the votes entitled to be cast at a
meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. 

“Alternate Director” means a person appointed pursuant to Section 2.01(d) and designated as an alternate Director by the
appointing Director. 
 “Applicable Law” means, with respect to any Person, any transnational, domestic or foreign federal,
state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a
Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 

“Auditor” means the Person for the time being performing the duties of auditor of the Company (if any). 

“Board” means the board of directors of the Company. 

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are
required or authorized by law to be closed in the PRC, United States of America, Hong Kong or the Cayman Islands. 
 “Company
Competitors” means any of New Oriental, Xueersi Education or any Affiliate or Subsidiary of New Oriental or Xueersi Education. 

“Company Securities” means the Equity Securities of the Company, including the Ordinary Shares and the Preferred Shares. 

“Consent” means any consent, approval, permit, license, exemption or order of, registration or filing with, any Governmental
Authority. 
 “Date of Qualified IPO” means the first day on which the Company Securities begin trading on a stock exchange
pursuant to a Qualified IPO. 
 “Director” means any director of the Company. 

“Domestic Company” means Pu Xin Education Technology Group Co., Ltd (

), a limited liability company incorporated under the Laws of the PRC. 

  
 2 

 “Equity Securities” means, with respect to any Person that is a legal entity,
any and all shares of capital stock, membership interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion
privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing. 

“ESOP” means any equity incentive, purchase or participation plan, employee stock option plan or similar plan of the Company
approved and adopted in accordance with this Agreement, including but not limited to the arrangement under Section 6.06. 

“Founder” means Mr. Yunlong Sha (

), a PRC citizen with identification card number being 21020219760127271X. 
 “Group
Companies” means the Company, the HK Company, the WFOE, the Domestic Company and any direct and indirect Subsidiaries of the foregoing (with each of such Group Companies being referred to as a “Group Company”). 

“Governmental Authority” means any government of any nation, federation, province, state or locality or any other political
subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or
instrumentality of the PRC or any other country, or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Governmental Order” means any applicable order, ruling, decision, verdict, decree, writ, subpoena, mandate, command,
directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority. 

“HK Company” means Prepshine Holdings Co., Limited (

), a company organized under the Laws of Hong Kong. 
 “Hong Kong” means the Hong Kong Special
Administrative Region of the PRC. 
 “IPO Resolution” means a Board resolution or a Shareholders resolution to approve the
Qualified IPO or any related reorganization of the Group Companies for purpose of effecting the Qualified IPO. 
 “Law” or
“Laws” means any and all provisions of any applicable constitution, treaty, statute, law, regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement,
directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended, and any and
all applicable Governmental Orders. 
 “Memorandum and Articles” means the Amended and Restated Memorandum and Articles of
Association of the Company, as the same may be amended from time to time. 

  
 3 

 “New Oriental” means New Oriental Education & Technology Group Inc., an
exempted company with limited liability incorporated in the Cayman Islands. 
 “New Securities” means any Company
Securities, provided, however, that the term “New Securities” shall not include (i) Equity Securities issued pursuant to a Public Offering, (ii) Equity Securities issued or issuable to the Group Companies’
employees, officers, directors, consultants or any other Persons qualified pursuant to the employee ownership or equity incentive plan of the Company, including those reserved in the arrangement under the Section 6.06, (iii) Equity Securities
issued in connection with any bona fide acquisition (whether by consolidation, merger, purchase of assets, amalgamation, reorganization or otherwise) of any other Person, and (iv) Equity Securities issued or issuable pursuant to a share
subdivision, share dividend, combination, Recapitalization or other similar transaction of the Company. 
 “Options” means
rights, options or warrants to subscribe for, purchase or otherwise acquire Ordinary Shares or Company Securities. 
 “Ordinary
Shares” shall mean the Company’s ordinary shares, par value US$0.00005 per share. 
 “Permitted Transfers”
means (i) any Transfer of Company Securities by a Management Shareholder to its Affiliate(s) or a trust for the benefit of such Management Shareholder or its Affiliate(s), or (ii) any Transfer of Company Securities by the Management
Shareholders pursuant to or in furtherance of the ESOP. 
 “Person” means an individual, corporation, partnership, limited
liability company, association, trust or other entity or organization, including a Governmental Authority. 
 “PRC” means
the People’s Republic of China, but solely for the purposes of this Agreement and the other Transaction Documents, excluding Hong Kong, the Macau Special Administrative Region and Taiwan. 

“Preferred Shares” means the Series A Preferred Shares. 

“Principal/Principals” shall have the meaning set forth in Share Subscription Agreement. 

“Public Offering” means a firm underwritten public offering of the Ordinary Shares of the Company and the listing of such
securities for trading on a stock or investment exchange or other public market. 
 “Qualified IPO” means a firm commitment
underwritten public offering of the Ordinary Shares of the Company on the New York Stock Exchange, the Nasdaq Global Market System, the Main Board or the Growth Enterprise Market of the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen
Stock Exchange, or any other recognized international securities exchange approved by the Board, with an implied pre-money valuation of at least RMB10 billion on a fully diluted and as converted basis or
any Public Offering which does not satisfy the requirements described above but is approved by the Investor. 

  
 4 

 “Recapitalization” means any reorganization, restructuring, reclassification or
other similar event by the Company of its capital structure. 
 “Related Party” means any Affiliate, officer, director or
supervisory board member of any Group Company. 
 “Restructuring Agreement” means the restructuring agreement/

 entered by and among the Parties,TBP RMB Fund and relevant parties dated February 5, 2018. 

“RMB” means Renminbi, the lawful currency of the PRC. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the United States Securities Act of 1933, as amended, or any successor federal statute, and the
rules and regulations thereunder. 
 “Series A Preferred Shares” means the series A preferred shares with a par value of
US$0.00005 per share in the share capital of the Company, having the rights, preferences, privileges and restrictions set out in the Memorandum and Articles and this Agreement. 

“Shares” means the Ordinary Shares and the Preferred Shares. 

“Shareholder” means each shareholder of the Company. 

“Share Subscription Agreement” means the Share Subscription Agreement entered by and among the Company, Principles,
Management Shareholders, Investors and other related parties on the date hereof. 
 “Statute” means the Companies Law of
the Cayman Islands as amended and every statutory modification or re-enactment thereof for the time being in effect. 

“Subsidiary” means, with respect to any Person, any other person that is controlled directly or indirectly by such Person.

 “Xueersi Education” means TAL Education Group, an exempted company with limited liability incorporated in the Cayman
Islands. 
 “Transaction Documents” means Restructuring Agreement, Share Subscription Agreement, this Agreement, the
Memorandum and Articles and each of the other agreements and documents otherwise required to implement the transactions contemplated by the Restructuring Agreement. 

“Transfer” means, with respect to any Company Securities, (i) when used as a verb, to sell, assign, dispose of,
exchange, pledge, encumber, hypothecate or otherwise transfer such Company Securities or any participation or interest therein, whether directly or indirectly (including pursuant to a derivative transaction), or agree or commit to do any of the
foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such Company Securities or any participation or interest therein or any agreement or
commitment to do any of the foregoing. 

  
 5 

 “WFOE” means Purong (Beijing) Information Technology Co., Ltd./

     (

 )     

.. 
 “US$” means the lawful currency of the United States of America. 

“VIE Documents” shall have the same meanings set forth in the Restructuring Agreement. 

(b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	Term	  	Section
	 Agreement
 Arbitration Notice
	  	 Preamble
 Section 7.06

	Chairman	  	Section 2.01(a)
	Company	  	Preamble
	Competing Business	  	Section 6.02
	Confidential Information	  	Section 6.01(a)
	Disclosing Party	  	Section 6.01(b)
	 Claim Notice
 Dispute
	  	 Section 5.08

Section 7.06

	Drag-Along Sale	  	Section 4.03(a)
	Drag-Along Sale Notice	  	Section 4.03(b)
	Election Notice	  	Section 4.03(c)
	Election Period	  	Section 4.03(c)
	Fasturn	  	Preamble
	Final Prospectus	  	Section 5.08
	Form S-3	  	Section 5.02
	 Form F-3

HKIAC
 HKIAC Rules
	  	 Section 5.02
 Section 7.06

Section 7.06

	Holder	  	Section 5.02
	Issuance Notice	  	Section 4.04(a)
	Initiating Holders	  	Section 5.03
	Investor	  	Preamble
	Investor Director	  	Section 2.01(a)
	Management	  	Section 2.06
	Management Shareholder	  	Preamble
	Non-Disclosing Parties	  	Section 6.03(b)
	Offered Securities	  	Section 4.01(a)
	Offeror	  	Section 4.03(a)
	Option Period	  	Section 4.01(b)
	Pro Rata Share	  	Section 4.01(b)
	Proposed Issuance	  	Section 4.04(b)
	Proposed Recipient	  	Section 4.04(a)
	Registrable Securities	  	Section 5.02

  
 6 

			
	Term	  	Section
	Replacement Nominee	  	Section 2.01(c)
	Request Notice	  	Section 5.03
	Request Securities	  	Section 5.03
	Transferor	  	Section 4.01(a)
	Transfer Notice	  	Section 4.01(a)
	Trustbridge	  	Preamble
	Violation	  	Section 5.08

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified.
All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein,
shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in
accordance with the terms hereof and thereof; provided that with respect to any agreement or contract listed on any schedules hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule.
References to any law include all rules and regulations promulgated thereunder. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and
including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all Applicable Law. 

ARTICLE 2 

CORPORATE GOVERNANCE 

Section 2.01. Board of Directors. (a) The number of Directors constituting the entire Board shall be four (4) and
the term of a Director shall be three (3) years. Each Shareholder shall vote its Shares at any Shareholders meeting called for the purpose of filling the positions of the Board or in any written consent of Shareholders executed for such purpose
to elect, and shall take all other actions necessary to ensure the election to the Board of: (i) three (3) Director appointed by Long bright Limited, and (ii) one (1) Director appointed by the Investor (the “Investor
Director”). The chairman of the Board (the “Chairman”) shall be selected from one of the three (3) Directors appointed by Long bright Limited. 

  
 7 

 (b) Each Shareholder agrees that, if at any time it is then entitled to vote for the removal of
any Director from the Board, it shall not vote any of its Company Securities or execute proxies or written consents, as the case may be, in favor of the removal of any Director who shall have been designated pursuant to Section 2.01(a) or
Section 2.01(c), unless the Person or Persons entitled to designate or nominate or appoint such Director pursuant to Section 2.01 shall have consented to such removal in writing; provided that, if the Person or Persons entitled to
designate any Director pursuant to Section 2.01 shall request in writing the removal, with or without cause, of such Director, each Shareholder shall vote all of its Company Securities or execute proxies or written consents, as the case may be,
in favor of such removal. 
 (c) If, as a result of death, disability, retirement, resignation, removal (with or without cause) or otherwise,
there shall exist or occur any vacancy on the Board: 
 (i) the Person or Persons entitled under Section 2.01 to
designate such Director whose death, disability, retirement, resignation or removal resulted in such vacancy, subject to the provisions of Section 2.01, shall have the exclusive right to designate another individual (the “Replacement
Nominee”) to fill such vacancy and serve as a Director; and 
 (ii) subject to Section 2.01, each Shareholder
agrees that if it is then entitled to vote for the election of the Directors, it shall vote all of its Company Securities, or execute proxies or written consents, as the case may be, in order to ensure that the Replacement Nominee be elected to the
Board. 
 (d) Each of the Directors may appoint an Alternate Director from time to time to act during his absence and such Alternate Director
shall be entitled, while holding such office at such, to receive notices of meetings of the Board or any committee (if any) thereof (if the Director who has appointed the Alternate Director is a member of such committee), and attend and vote as a
Director at any such meeting at which the appointing Director is not present and generally to exercise all the powers, rights, duties and authorities and to perform all functions of the appointing Director. 

(e) At the written request of the Investors, the Company shall, to the extent practicable and permissible by Law, (i) cause the board of
directors of the WFOE and the Domestic Company to have the same composition as the Company, and (ii) cause the quorum and voting arrangements and other procedures with respect to the boards of directors of the WFOE and the Domestic Company to
be substantially the same as those set forth in this Article 2 with respect to the Board and the Company. 
 Section 2.02. Board
Meetings. (a) The Board shall hold a regularly scheduled meeting at least once every calendar quarter. Meetings shall be held in a location of the Company or other location approved by a majority of the Directors. The Directors may
participate in any meetings of the Board or any committee thereof through remote communication device where the participants can hear one another. 

(b) A Board meeting may be called by the Chairman or any Director by giving notice in writing to the Chairman (or the Board) specifying the
date, time and agenda for such meeting. The Chairman shall upon receipt of such notice give a copy of such notice to all Directors of such meeting, accompanied by a written agenda specifying the business of such meeting and copies of all papers
relevant for such meeting. No less than seven (7) days’ prior written notice shall be given to all Directors; provided, however, that such notice period may be reduced or waived with the written consent of all of the
Directors. 

  
 8 

 (c) All meetings of the Board shall require a quorum of at least three (3) Directors, which
shall at least include the Investor Director. If any Director is absent (and does not designate a representative) for (i) two (2) consecutive duly-called Board meetings or (ii) two (2) Board meeting in aggregate out of four
(4) consecutive duly-called Board meetings, the Shareholder appointing such Director shall remove such Director and such Director shall be removed pursuant to Section 2.01(b). 

(d) At any Board meeting, each Director may exercise one (1) vote. Subject to Section 2.03, all actions of the Board shall require
(i) the affirmative vote of at least a majority of the Directors present at a duly-convened meeting of the Board at which a quorum is present or (ii) the unanimous written consent of the Board; provided that, if there is a vacancy
on the Board and an individual has been nominated to fill such vacancy, the first order of business shall be to fill such vacancy. 
 (e) The
reasonable costs of attendance of Directors at Board meetings shall be borne by the Company. 
 Section 2.03. Board Reserve
Matters. (a) In addition to such other limitations as may be provided by this Agreement, the Statute and the Memorandum and Articles, the Company shall not, and shall cause the other Group Companies not to, without the approval of the
Investor Director, take any of the following actions: 
 (i) sell, pledge, mortgage, lease or otherwise dispose of assets
outside the ordinary course of business; or with a transaction amount in excess of US$5,000,000 in aggregate per fiscal year; with respect to any disposal of the Equity Securities of the Group Companies, if the revenue or turnover of such Equity
Securities disposed accounts for more than 5% of the revenue or turnover of the Company in the preceding fiscal year on consolidated basis; 

(ii) create, incur or assume any indebtedness or payment obligation in excess of US$15,000,000; 

(iii) approve or amend any quarterly budget and operational plan, including any capital expenditure, operating budget and
financial plan (such approval shall be obtained before the beginning of each financial quarter); 
 (iv) incur any capital
expenditure not contemplated by the duly-approved budget or plan; 
 (v) incur any financial indebtedness not contemplated by
the duly approved budget or plan; 
 (vi) provide guarantee or security in respect of obligations of a third party (including
the Shareholders or actual controlling persons of the Company); 

  
 9 

 (vii) make any material changes to the accounting policies, engage or change the
independent Auditor; 
 (viii) adopt or amend the ESOP (including the adoption of the ESOP under Section 6.06), or grant
any options under the ESOP; 
 (ix) execute, terminate or amend any VIE Documents; or 

(x) other matters to be approved by the Board as requested by the Shareholders meeting. 

Section 2.04. Shareholders Meetings. (a) The Shareholders shall hold a regularly scheduled meeting once every calendar year.
The Shareholders may participate in any Shareholders meeting through remote communication device where the participants can hear one another. 

(b) A Shareholders meeting may be called by (i) 1/3 or more of the Directors or (ii) Shareholder(s), individually or in the aggregate,
holding at least ten percent (10%) or more of the outstanding Shares by giving notice in writing to the Secretary of the Company specifying the date, time and agenda for such meeting. The Secretary of the Company shall upon receipt of such notice
give a copy of such notice to all Shareholders, accompanied by a written agenda specifying the business of such meeting and copies of all papers relevant for such meeting. No less than fifteen (15) days’ prior written notice shall be given
to all Shareholders. 
 (c) All Shareholders meetings shall require the attendance of Shareholders holding at least a majority in voting
power of the outstanding Shares of the Company, which shall at least include the Investors. 
 (d) At any Shareholders meeting, each
Shareholder is entitled to the voting power proportionate to its ownership of Shares. Holders of Ordinary Shares and Preferred Shares shall vote at any Shareholders Meeting as a single class. Holders of Preferred Shares shall vote their Preferred
Shares on an as-converted basis. Subject to Section 2.05, the adoption of any resolution at the Shareholders meeting shall require the affirmative vote of at least a majority in voting power of all the
Shareholders. 
 (e) Notwithstanding anything to the contrary herein, any action that may be taken by the Shareholders at a meeting may be
taken by a written resolution signed by all the Shareholders. 
 Section 2.05. Shareholder Reserve Matters. In addition to such
other limitations as may be provided by this Agreement, the Statute and the Memorandum and Articles, the Company shall not, and shall cause the other Group Companies not to, without (1) the approval of the Investors, and (2) the
affirmative written consent or approval of the Shareholders holding at least two thirds (2/3) of the Shares (including Ordinary Shares and Preferred Shares, voting together as a single class and on an
as-converted basis), take any of the following actions: 
 (i) effect a merger,
spilt, consolidation, restructuring, change of control, establishment of any Subsidiary, joint venture or partnership arrangements, change of organizational form, liquidation, winding up, dissolution, insolvency or other similar transactions; 

  
 10 

 (ii) declare or pay any dividends or distribution to shareholders, or determine
any profit distribution policy; 
 (iii) engage in any business materially different from the existing business lines, change
or cease any existing business line, or change the principal business of the Company; 
 (iv) increase or reduce (by
redemption, repurchase or otherwise) the authorized share capital of the Company and the Domestic Company (save for the issuance of Ordinary Shares upon the conversion of any Preferred Shares, or the redemption of any Preferred Shares in accordance
with their terms of issue, or issuance or sale of any Equity Security or debt security or grant any warrant, option, award or other right to acquire the foregoing pursuant to the ESOP duly approved by the Board), change the shareholding structure of
the Company (save for those issued, transferred or granted pursuant to the ESOP duly approved by the Board), WFOE and the Domestic Company, or dilute or reduce the ownership of any Investor in the Company and the Domestic Company (save for any
arrangement under ESOP); 
 (v) dispose of all or any portion of material assets, business, goodwill or other interests of
any Group Company; 
 (vi) amend the constitutional documents (including the Memorandum and Articles) of the Company and the
Domestic Company; 
 (vii) change the size or composition of the Board or any committee thereof; 

(viii) transact with any Related Party; 

(ix) engage in any debt financing plan or arrangement in excess of US$15,000,000; 

(x) engage in any merger or acquisition with an amount in excess of RMB100,000,000; 

(xi) issue or sell any Equity Security or grant any warrant, option, award or other right to acquire the foregoing (except for
those issued or granted pursuant to the ESOP duly approved by the Board); 
 (xii) determine the underwriter(s) and stock
exchange of, and approve the valuation and terms and conditions of, the Public Offering; 
 (xiii) approve or amend any
annual budget and operational plan, including any capital expenditure, operating budget and financial plan (such approval shall be obtained before the beginning of each fiscal year); 

  
 11 

 (xiv) amend or cancel any Investor’s rights under the Transaction Documents
or grant any third party any right more favorable than any Investor’s rights under the Transaction Documents; 
 (xv)
engage in other matters that materially and adversely affect the financial condition and business development of the Company; 

(xvi) engage in any jointly operated project; or 

(xvii) other matters agreed upon by the parties to this Agreement. 

Section 2.06. Management. (a) Unless otherwise provided herein, Chief Executive Officer, Chief Financial Officer, Deputy Chief
Financial Officer and other senior management of the Company as the Board may deem necessary (collectively, the “Management”) shall be authorized and appointed by the Board in accordance with this Agreement and the Memorandum and
Articles; (b) Founder shall have the right to nominate, for the Board’s authorization and appointment, the Chief Financial Officer of the Company; (c) the Investors shall have the right to jointly nominate, for the Board’s
authorization and appointment, the Deputy Chief Financial Officer of the Company; and (d) the Investors shall have the right to (through its PRC designated party) jointly nominate one (1) supervisor for each of the WFOE and the Domestic
Company. The Management Shareholders shall cause the boards of directors (or other competent corporate bodies) of the WFOE and the Domestic Company to approve such nominee(s). 

ARTICLE 3 

RESTRICTIONS ON TRANSFER 

Section 3.01. General Restrictions on Transfer. Each Shareholder agrees that it shall not Transfer any Company Securities (or
solicit any offer in respect of any Transfer of any Company Securities), except in compliance with all Applicable Laws and the terms and conditions of this Agreement. With respect to an initial Public Offering of the Company, the Shareholder further
agrees to strictly comply with all restrictions and limitations on Transfer under all Applicable Laws of the proposed place of listing. Any attempt to Transfer any Company Securities not in compliance with this Agreement shall be null and void, and
the Company shall not, and shall cause any transfer agent not to, give any effect in the Company’s share register or equivalent documents to such attempted Transfer. 

Section 3.02. Restrictions on Transfer by Management Shareholders. Prior to the Date of Qualified IPO, except for the Permitted
Transfers, the Management Shareholders agree not to Transfer any Company Securities held by them without the prior written consent of each of the Investors. In addition, if any Director, officer or other employee of the Company acquires, directly or
indirectly, Companies Securities in the future, the Company shall ensure that such Director, officer or employee complies with the restrictions on Transfer provided in the preceding sentence and such compliance of restrictions shall be a condition
for the direct or indirect acquisition by such Director, officer or employee of the Companies Securities. 

  
 12 

 Section 3.03. Restrictions on Transfer by the Investors. The Investors shall
not Transfer any Company Securities to any of the Company Competitors at any time. Subject to the preceding sentence, for the avoidance of doubt, the Transfer of any Company Securities by any Investor shall not be subject to the restrictions
provided in Section 3.02, Section 4.01 or Section 4.02. 
 ARTICLE 4 

RIGHT OF FIRST REFUSAL;
CO-SALE RIGHTS; DRAG-ALONG RIGHTS; PREEMPTIVE RIGHTS 

Section 4.01. Right of First Refusal. (a) Subject to Section 3.02 and except for the Permitted Transfers, if any
Management Shareholder (the “Transferor”) proposes to Transfer any Company Securities to one or more Persons other than the Shareholders, the Transferor shall give the Company and the Investors a written notice of the
Transferor’s intention to make the Transfer (the “Transfer Notice”), which shall include (i) a description of the Company Securities to be transferred (the “Offered Securities”), (ii) the identity and
address of the prospective transferee and (iii) the consideration and other material terms and conditions upon which the proposed Transfer is to be made. 

(b) Each Investor shall have an option for a period of twenty (20) Business Days following receipt of the Transfer Notice (the
“Option Period”) by notifying the Transferor in writing before expiration of the Option Period to (i) disapprove such Transfer, or (ii) approve such Transfer and not exercise its right of first refusal, or
(iii) approve such Transfer and elect to purchase all or any portion of the Offered Securities at the same price and subject to the same terms and conditions as described in the Transfer Notice and specify the number of such Offered Securities
that it wishes to purchase. Failure by any Investor to give such notice within the Option Period shall be deemed a consent to the Transfer and a waiver by such Investor of its rights of first refusal under this Section 4.01 with respect to such
Offered Securities. 
 (c) If any Investor gives the Transferor and the Company notice that it desires to purchase Offered Securities,
payment for the Offered Securities to be purchased shall be made by wire transfer in immediately available funds of the appropriate currency, against delivery of such Offered Securities to be purchased, remotely via the exchange of documents and
signatures no later than the 60th day after expiration of the Option Period, or other time as agreed by the Transferor and such Investor. The Company will update its register of members upon the
consummation of any such Transfer. 
 Section 4.02. Co-Sale Rights. (a) After
receiving the Transfer Notice, to the extent that any Investor does not elect to exercise its right of first refusal provided under Section 4.01, such Investor shall have the right to participate in such sale of Offered Securities proposed to
be Transferred by the Transferor to the prospective transferee identified in the Transfer Notice on the same terms and conditions as specified in the Transfer Notice, by notifying the Transferor in writing the number of such Offered Securities that
it wishes to sell before expiration of the Option Period. Failure by any Investor to give such notice within the Option Period shall be deemed a waiver by such Investor of its co-sale rights under this
Section 4.02 with respect to such Offered Securities. 

  
 13 

 (b) The maximum number of Company Securities that each Investor may elect to sell shall be equal
to the product of (x) the number of the Offered Securities proposed to be Transferred by the Transferor to the prospective transferee identified in the Transfer Notice, multiplied by (y) a fraction, the numerator of which shall be the
number of Companies Securities owned by such Investor and the denominator of which shall be the total number of Companies Securities held by the Transferor and such Investor immediately prior to the proposed Transfer. 

(c) Any Investor shall effect its participation in the sale by promptly delivering to the Transferor for Transfer to the prospective
transferee, before the applicable closing, one or more certificates, which represent the type and number of Company Securities which such Investor elects to sell. 

(d) The share certificate or certificates that any Investor delivers to the Transferor pursuant to Section 4.02(c) shall be submitted to
the Company for cancellation and the Company shall, upon the consummation of the sale of the Company Securities pursuant to the terms and conditions specified in the Transfer Notice, issue a new certificate to such Investor for the remaining
balance. The Transferor shall concurrently therewith remit to such Investor that portion of the sale proceeds to which such Investor is entitled by reason of its participation in such Transfer. The Company shall update its register of members upon
consummation of such Transfer. 
 (e) To the extent that any prospective purchaser prohibits the participation by any Investor exercising its
co-sale rights hereunder in a proposed Transfer or otherwise refuses to purchase Company Securities from such Investor, the Transferor shall not sell to such prospective purchaser any Company Securities. In
the event that the Transferor sell any Company Securities not in compliance with this Section 4.02, the Investors shall have the right to sell to the Transferor and the Transferor shall purchase from the Investors such Company Securities that
the Investors would otherwise be entitled to sell to the prospective purchaser pursuant to its co-sale rights for the same consideration and on the terms and conditions as the proposed Transfer described in
the Transfer Notice. 
 Section 4.03. Drag-Along Rights. (a) Subject to Section 3.03, at any time prior to the Date of
Qualified IPO, if any Investor proposes a transaction to Transfer all or any portion of the Company Securities held by such Investor (the “Drag-Along Sale”), to any third party (other than such Investor or any Affiliate of such
Investor) (the “Offeror”), such Investor may, at its option, require each Management Shareholder to Transfer all or any portion of the Company Securities of such Management Shareholder to the Offeror and take all actions necessary
or desirable to consummate the Drag-Along Sale; provided that such Drag-Along Sale shall be (i) approved by such Investor and the Founder; and (ii) at an equity valuation of the Company of no less than US$1,000,000,000 on a fully
diluted basis. 
 (b) If any Investor elects to exercise its drag-along rights, such Investor shall give a written notice (the
“Drag-Along Sale Notice”) to the Management Shareholders as soon as practicable, and in any event not less than thirty (30) days prior to the expected closing date of the Drag-Along Sale. The Drag-Along Sale Notice shall
include (i) the number and type of Company Securities to be Transferred, (ii) the name and address, and beneficial owner of the Offeror, (iii) the amount and form of the proposed consideration in connection with the Drag-Along Sale
for such Company Securities to be Transferred and (iv) any other terms and conditions of the Drag-Along Sale. In the event that the proposed consideration for the Drag-Along Sale includes consideration other than cash, the Drag-Along Sale
Notice shall include a calculation of the fair market value of such consideration and an explanation of the basis for such calculation. Such Drag-Along Sale Notice shall be accompanied by a form of the proposed agreement, if any exists at such time,
between such Investor and the Offeror regarding the Drag-Along Sale. 

  
 14 

 (c) If any Management Shareholder desires to purchase the Company Securities held by any Investor
as proposed to be Transferred in the Drag-Along Sale, such Management Shareholder shall give a written notice (the “Election Notice”) to such Investor within thirty (30) days after the receipt of the Drag-Along Sale Notice (the
“Election Period”), indicating that it intends to purchase such Company Securities held by such Investor at the same price and on the same terms and conditions as described in the Drag-Along Sale Notice. Such Investor shall agree to
Transfer such Company Securities to such Management Shareholder upon receipt of such Election Notice, and the Transfer shall be consummated within sixty (60) days after the expiration of such Election Period. If the Management Shareholders fail
to give the Election Notice within such Election Period or refuse to purchase the Company Securities held by any Investor in writing, such Investor shall have the right to exercise its drag-along rights under this Section 4.03 to require each
Management Shareholder to Transfer, together with such Investor, all or any portion of the Company Securities of such Management Shareholder to the Offeror at the same price and on the same terms and conditions described in the Drag-Along Sale
Notice. 
 (d) The Investors shall have sixty (60) days from the expiration of the Election Period to consummate the Drag-Along Sale on
the terms and conditions set forth in such Drag-Along Sale Notice. 
 (e) The Management Shareholders agree to cause the then Management
and/or other relevant employees of the Company to use their reasonable best efforts to cooperate with the Investors to consummate the Drag-Along Sale, including participating in or assisting in any onsite investigation, management interview or due
diligence investigation conducted by the Offeror; provided that the Investors shall give reasonable period of advance notice to the Management Shareholders in relation to such investigation or interview. 

Section 4.04. Preemptive Rights. (a) The Company shall not issue any New Securities to any Person (the “Proposed
Recipient”) unless the Company has offered each Investor in accordance with the provisions of this Section 4.04 the right to purchase up to such Investor’s pro rata share of a portion of the New Securities, for a purchase price
equal to the price to be paid by the Proposed Recipient and on the same terms and conditions as are offered to the Proposed Recipient. For purpose of this Section 4.04, each Investor’s “pro rata share” to purchase a portion of
the New Securities shall be equal to the product of (x) the number of New Securities to be issued in the Proposed Issuance, multiplied by (y) a fraction, the numerator of which shall be the number of Company Securities owned by such
Investor and the denominator of which shall be the total number of Company Securities then outstanding immediately prior to the issuance of such New Securities. 

(b) Not less than twenty (20) Business Days (or other shorter period as agreed by the Investors) prior to any proposed issuance of Such
New Securities (a “Proposed Issuance”), the Company shall deliver to the Investors a written notice of the Proposed Issuance (the “Issuance Notice”) setting forth (i) the number, type and material terms and
conditions of the New Securities to be issued, (ii) the consideration to be received by the Company in connection with the Proposed Issuance, and (iii) the identity of the Proposed Recipients. 

  
 15 

 (c) Within fifteen (15) Business Days following receipt of the Issuance Notice, the
Investors shall give written notice to the Company of its election to waive or exercise its preemptive rights under this Section 4.04 and if elect to exercise, specifying the number of Company Securities to be purchased by the Investors.
Failure by any Investor to give such notice within such fifteen (15) Business Day period shall be deemed a waiver by such Investor of its preemptive rights under this Section 4.04 with respect to such Proposed Issuance. 

(d) If both Investors fail to exercise their preemptive rights within the time period described above, the Company shall be free to complete
the Proposed Issuance on terms no less favorable to the Company than those set forth in the Issuance Notice; provided, that (i) such issuance is consummated within sixty (60) Business Days after the earlier of (x) expiration of
the fifteen (15) Business Day period described in Section 4.04(c), and (y) the date of written notice given by such Investor described in Section 4.04(c), and (ii) the price at which the new Equity Securities are issued
shall be equal to or higher than the purchase price described in the Issuance Notice. In the event that the Company has not issued such New Securities within such sixty (60) Business Day period, the Company shall not thereafter issue or sell
any New Securities, without first again offering such New Securities to the Investors in the manner provided in this Section 4.04. 

ARTICLE 5 

REGISTRATION RIGHTS 

Section 5.01. Applicability of Rights. The holders of the Preferred Shares shall be entitled to the following rights with respect
to any potential public offering of Ordinary Shares of the Company (or securities representing such Ordinary Shares) in the United States, and to any analogous or equivalent rights with respect to any other offering of shares in any other
jurisdiction pursuant to which the Company undertakes to publicly offer or list such securities for trading on a recognized securities exchange. 

Section 5.02. Definitions. For purposes of this Article 5: 

(a) Registration. The terms “register”, “registered”, and “registration” refer to a
registration effected by preparing and filing a registration statement under the Securities Act, and the declaration of effectiveness of such registration statement. 

(b) Registrable Securities. The term “Registrable Securities” means collectively: (i) Preferred Shares,
(ii) Ordinary Shares of the Company issued or issuable (A) upon conversion of the Preferred Shares and (B) pursuant to the issuance of New Securities by the Company to the holders of Preferred Shares pursuant to this Agreement;
(iii) Ordinary Shares of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of,
any of the foregoing; (iv) any other Ordinary Share owned or hereafter acquired by the holders of Preferred Shares, including Ordinary Shares issued in respect of the Ordinary Shares described in (ii) and (iii) above upon any share split,
share dividend, recapitalization or a similar event; and (v) any depositary receipts issued by an institutional depositary upon deposit of any of the foregoing. Notwithstanding the foregoing, “Registrable Securities” shall not include
any Registrable Securities sold by a Person in a transaction in which rights under this Article 5 are not assigned in accordance with this Agreement or any Registrable Securities sold in a public offering, whether sold pursuant to Rule 144
promulgated under the Securities Act, or in a registered offering, or otherwise. 

  
 16 

 (c) Registrable Securities Then Outstanding. The number of shares of “Registrable
Securities then outstanding” shall mean the number of Ordinary Shares of the Company that are Registrable Securities and are then issued and outstanding or would be outstanding assuming full conversion of all Registrable Securities which
are convertible into Ordinary Shares. 
 (d) Holder. For purposes of this Article 5, the term “Holder” means any Person who
holds Registrable Securities of record, whether such Registrable Securities were acquired directly from the Company or from another Holder in a permitted transfer, to whom the rights under this Article 5 have been duly assigned in accordance with
this Agreement; provided, however, that for purposes of this Agreement, a record holder of the Preferred Shares convertible into such Registrable Securities shall be deemed to be the Holder of such Registrable Securities; and
provided, further, that (i) the Company shall in no event be obligated to register the Preferred Shares and that (ii) Holders of Registrable Securities will not be required to convert their Preferred Shares into Ordinary
Share in order to exercise the registration rights granted hereunder, until immediately prior to the declaration of effectiveness of the registration statement for the offering to which the registration relates. 

(e) Form S-3 and Form F-3. The terms “Form S-3” and “Form F-3” means such respective form under the Securities Act as is in effect on the date hereof or any successor or comparable
registration form under the Securities Act subsequently adopted by the SEC, which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

Section 5.03. Demand Registration. 

(a) Request by Holders. If the Company shall receive, at any time after six (6) months following the closing of a Qualified IPO, a written
request from the Holders of at least ten percent (10%) of the Registrable Securities then outstanding that the Company files a registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this
Section 5.03, then the Company shall, within ten (10) Business Days after the receipt of such written request, give a written notice of such request (the “Request Notice”) to all Holders of the Preferred Shares. The
Holders shall send a written notice stating the number of Registrable Securities requested to be registered and included in such registration (the “Request Securities”) to the Company within ten (10) Business Days after receipt
of the Request Notice. The Company shall thereafter use its best efforts to effect, as soon as practicable, the registration of the Request Securities, subject only to the limitations of this Section 5.03. 

  
 17 

 (b) Underwriting. If the Holders initiating the registration request under this Section 5.03
(the “Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this this
Section 5.03 and the Company shall include such information in the Request Notice referred to in this Section 5.03(a). In the event of an underwritten offering, the right of any Holder to include its Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the
Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or
underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 5.03, if the underwriter(s)
advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Preferred Shares on a
pro-rata basis according to the number of Registrable Securities then outstanding held by each Holder requesting registration (including the Initiating Holders); provided, however, that the
number of Registrable Securities to be included in such underwriting and registration shall not be reduced (x) by more than seventy percent (70%) and (y) unless all other securities are first entirely excluded from the underwriting and
registration including all shares that are not Registrable Securities and are held by any other Person, including any Person who is an employee, officer or director of the Company or any Subsidiary of the Company. Further, if, as a result of such
underwriter cutback, the Holders cannot include in the IPO all of the Registrable Securities that they have requested to be included therein, then such Registration shall not be deemed to constitute one of the two (2) demand Registrations to
which the Holders are entitled pursuant to this Article 5. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by delivering a written notice to the Company and the underwriter(s), delivered
at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a
partnership, the Holder and the partners and retired partners of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing Persons, and for any Holder that is a
corporation, the Holder and all corporations that are affiliates of such Holder, shall be deemed to be a single “Holder”, and any pro-rata reduction with respect to such “Holder” shall be
based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder”, as defined herein. 

(c) Maximum Number of Demand Registrations. The Company shall have no obligation to effect more than two (2) registrations pursuant to
this Section 5.03. 

  
 18 

 (d) Deferral. Notwithstanding the foregoing, if the Company shall furnish to the Holders
requesting the filing of a registration statement pursuant to this Section 5.03, a certificate signed by the president or chief executive officer of the Company stating that in the good faith judgment of the Board, it would be materially
detrimental to the Company and its shareholders for such registration statement to be filed, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the
Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further that during such ninety (90) day period, the Company shall not file
any registration statement pertaining to the public offering of any securities of the Company. 
 (e) Expenses. The Company shall pay all
expenses (excluding only underwriting discounts and commissions relating to the Registrable Securities sold by the Holders) incurred in connection with any registration pursuant to this Section 5.03, including all U.S. federal, “blue
sky” and all foreign registration, filing and qualification fees, printer’s and accounting fees, the fees and expenses (including disbursements) of outside counsels for the Holders of the Registrable Securities and any fee charged by any
depositary bank, transfer agent or share registrar. Each Holder participating in a registration pursuant to this Section 5.03 shall bear such Holder’s proportionate share (based on the total number of shares of Registrable Securities sold
in such registration other than for the account of the Company) of all discounts and commissions relating to the Registrable Securities sold by the Holders. Notwithstanding the foregoing, the Company shall not be required to pay any expense of any
registration proceeding begun pursuant to this Section 5.03 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered, unless the Holders of a majority of
the Registrable Securities then outstanding agree that such registration constitutes the use by the Holders of one (1) demand registration pursuant to this this Section 5.03 (in which case such registration shall also constitute the use by
all Holders of Registrable Securities of one (l) such demand registration); provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition,
business, or prospects of the Company not known to the Holders at the time of their request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, or if the
registration proceeding is terminated for any reason not specifically covered by this this Section 5.03(e), then the Company shall be required to pay all of such expenses and such registration shall not constitute the use of a demand
registration pursuant to this this Section 5.03. 
 Section 5.04. Piggyback Registrations. The Company shall notify all
Holders of Registrable Securities in writing at least thirty (30) days prior to filing of any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including registration
statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to any registration under Section 5.03 or Section 5.05 of this Agreement or to any employee benefit plan or a corporate
reorganization) and will afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration statement all
or any part of the Registrable Securities held by such Holder shall within ten (10) Business Days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the
number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall
nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and
conditions set forth herein. 

  
 19 

 (a) Underwriting. If a registration statement under which the Company gives notice under this
Section 5.04 is for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this
Section 5.04 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute
their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected by the Company for such underwriting. Notwithstanding any other provision of
this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the
underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first to the Company, and second, to each of the Holders requesting inclusion of their Registrable Securities in such
registration statement on a pro-rata basis based on the total number of Registrable Securities then held by each such Holder; provided, however, that the right of the underwriter(s) to exclude
shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of Registrable Securities included in any such registration is not reduced below thirty percent (30%)
of the aggregate number of Registrable Securities for which inclusion has been requested, even if this will cause the Company to reduce the number of shares it wishes to offer; and (ii) all shares that are not Registrable Securities and are
held by any other Person, including any Person who is an employee, officer or director of the Company or any Subsidiary of the Company shall first be excluded from such registration and underwriting before any Registrable Securities are so excluded.
If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by delivering a written notice to the Company and the underwriter(s) at least ten (10) Business Days prior to the effective date of the
registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership, the Holder and the partners and retired partners of such
Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing Persons, and for any Holder that is a corporation, the Holder and all corporations that are affiliates of such
Holder, shall be deemed to be a single “Holder,” and any pro-rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights
owned by all entities and individuals included in such “Holder,” as defined in this sentence. 
 (b) Expenses. The Company shall
pay all expenses (excluding only underwriting and brokers’ discounts and commissions relating to shares sold by the Holders) incurred in connection with a registration pursuant to this Section 5.04, including all U.S. federal, “blue
sky” and all foreign registration, filing and qualification fees, printers’ and accounting fees, the fees and expenses (including disbursements) of outside counsels for the Holders and any fee charged by any depositary bank, transfer agent
or share registrar. For the avoidance of doubt, the Company shall pay all expenses incurred in connection with a registration pursuant to this Section 5.04 notwithstanding the cancellation or delay of the registration proceeding for any reason.

  
 20 

 (c) Not Demand Registration. Registration pursuant to this Section 5.04 shall not be deemed
to be a demand registration as described in Section 5.03 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 5.04.

 Section 5.05. Form S-3 or Form F-3
Registration. After its initial public offering, the Company shall use its best efforts to qualify for registration on Form S-3 or Form F-3 or any comparable or
successor form promptly and to maintain such qualification thereafter. If the Company is qualified to use Form S-3 or Form F-3, any Holder or Holders shall have a right
to request in writing that the Company effect a registration on either Form S-3 or Form F-3 and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Holder or Holders, and upon receipt of each such request, the Company shall perform the tasks set out in paragraphs (a) and (b) below: 

(a) Notice. Promptly give written notice of the proposed registration and the Holder’s or Holders’ request therefor, and any related
qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) Registration. As soon as practicable, effect such
registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such
request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) days after the date on which the Company provides the
notice contemplated by Section 5.05(a); provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 5.05: 

(i) if Form S-3 or Form F-3 becomes unavailable
for such offering by the Holders; 
 (ii) if the Holders, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price of less than US$1,000,000 to the public; or 

(iii) if the Company has, within the six (6) month period preceding the date of such request, already effected a
registration under the Securities Act other than a registration from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested to be included in such
registration) pursuant to the provisions of Section 5.04(a). 

  
 21 

 (c) Expenses. The Company shall pay all expenses (excluding only underwriting or brokers’
discounts and commissions relating to shares sold by the Holders) incurred in connection with each registration requested pursuant to this Section 5.05, including all U.S. federal, “blue sky” and all foreign registration, filing and
qualification fees, printers’ and accounting fees, the fees and expenses (including disbursements) of outside counsels for the Holders and any fee charged by any depositary bank, transfer agent or share registrar. For the avoidance of doubt,
the Company shall pay all expenses incurred in connection with a registration pursuant to this Section 5.05 notwithstanding the cancellation or delay of the registration proceeding for any reason. 

(d) Maximum Frequency. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration
of Registrable Securities under this Section 5.05. 
 (e) Deferral. Notwithstanding the foregoing, if the Company shall furnish to
Holders requesting the filing of a registration statement pursuant to this Section 5.05, a certificate signed by the president or chief executive officer of the Company stating that in the good faith judgment of the Board, it would be
materially detrimental to the Company and its shareholders for such Form S-3 or Form F-3 registration statement to be filed, then the Company shall have the right to
defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) month
period; provided further that during such ninety (90) day period, the Company shall not file any registration statement pertaining to the public offering of any securities of the Company. 

(f) Not Demand Registration. Form S-3 or Form F-3 registrations
shall not be deemed to be demand registrations as described in Section 5.03 above. 
 (g) Underwriting. If the requested registration
under this Article 5 is for an underwritten offering, the provisions of Section 5.03(b) shall apply. 
 (h) If the Company fails to
perform any of the Company’s obligations set forth above in this Section 5.05 relating to a demand registration made pursuant to Section 5.03, such registration shall not constitute the use of a demand registration under
Section 5.03. 
 Section 5.06. Obligations of the Company. Whenever required to effect the registration of any Registrable
Securities under this Agreement, the Company shall, as soon as practicable: 
 (a) Registration Statement. Prepare and file with the SEC a
registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, and keep any such registration statement effective for a period of one (1) year or until the
Holder or Holders have completed the distribution described in the registration statement relating thereto, whichever is earlier; 
 (b)
Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement; 

  
 22 

 (c) Prospectuses. Furnish to the Holders such number of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such
registration; 
 (d) Blue Sky. Use its best efforts to register and qualify the securities covered by such registration statement under such
other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions; 
 (e) Deposit Agreement. If the registration relates to an
offering of depositary shares or other securities representing Ordinary Shares deposited pursuant to a deposit agreement or similar facility, cause the depositary under such agreement or facility to accept for deposit under such agreement or
facility all Registrable Securities requested by each Holder to be included in such registration in accordance with this Article 5; 
 (f)
Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such
underwriting shall also enter into and perform its obligations under such an agreement; 
 (g) Notification. Notify each Holder of
Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing; 
 (h) Opinions and Comfort Letter. Furnish, at the request of any Holder requesting registration of Registrable Securities,
on the date that such Registrable Securities are delivered to the underwriter(s) for sale, if such Registrable Securities are being sold through underwriters, or, if such Registrable Securities are not being sold through underwriters, on the date
that the registration statement with respect to such Registrable Securities becomes effective, (i) opinions, each dated as of such date, of the counsels representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering and reasonably satisfactory to Holders representing a majority of the Registrable Securities requested to be registered, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Securities and (ii) a “comfort letter” dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to Holders representing a majority of the Registrable Securities requested to be registered, addressed to the underwriters, if any, and to
the Holders requesting registration of Registrable Securities. 

  
 23 

 Section 5.07. Furnish Information. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to Sections 5.03, 5.04 or 5.05 that the Holders shall furnish to the Company information regarding such Holders, the Registrable Securities held by them and the intended method of disposition of such
Registrable Securities as shall reasonably be required to timely effect the Registration of their Registrable Securities. 

Section 5.08. Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 5.03, 5.04
or 5.05: 
 (a) By the Company. To the extent permitted by law, the Company shall indemnify and hold harmless each Holder and its Affiliates,
partners, officers, directors, employee, legal counsel, agent, any underwriter (as determined in the Securities Act) for such Holder and each Person, if any, who Controls such Holder or underwriter within the meaning of the Securities Act or the
Exchange Act against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other applicable law, insofar as such losses, claims, damages, or liabilities or
actions in respect thereof arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

(i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 
 (ii) the omission
or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or 

(iii) any violation or alleged violation of the Securities Act, the Exchange Act, any federal or state securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or other applicable law in connection with the offering covered by such registration statement; 

        and the Company shall reimburse each such Holder and its Affiliates, partners,
officers, directors, employees, legal counsel, agents, underwriters or controlling Person for any legal or other expenses reasonably incurred by them, in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity contained in this Section 5.08(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the
Company, which consent shall not be unreasonably withheld, conditioned or delayed, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a
Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, underwriter or controlling Person of such Holder. 

  
 24 

 (b) By Selling Shareholders. To the extent permitted by law, each selling Holder, on a several
and not joint basis, will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each Person, if any, who Controls the Company, any underwriter and any other Holder selling
securities under such registration statement or any of such other Holder’s partners, directors, officers, legal counsel or any Person who Controls such Holder within the meaning of the Securities Act or the Exchange Act, against any losses,
claims, damages or liabilities (joint or several) to which the Company or any such director, officer, legal counsel, controlling Person, underwriter or other such Holder, partner or director, officer or controlling Person of such other Holder may
become subject under the Securities Act, the Exchange Act or other applicable law, insofar as such losses, claims, damages or liabilities or actions in respect thereto arise out of or are based upon any Violation, in each case to the extent (and
only to the extent) that such Violation occurs in the Company’s reasonable reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will
reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling Person, underwriter or other Holder, partner, officer, director or controlling Person of such other Holder in connection with
investigating or defending any such loss, claim, damage, liability or action: provided, however, that the indemnity contained in this Section 5.08(b) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that the total amounts payable in indemnity by a Holder under this
Section 5.08(b) plus any amount under Section 1.8(e) in respect of any Violation shall not exceed the net proceeds received by such Holder in the registered offering out of which such Violation arises. 

(c) Notice. Promptly after receipt by an indemnified party under this Section 5.08 of notice of the commencement of any action, including
any governmental action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 5.08, deliver to the indemnifying party a written notice of the commencement thereof (a
“Claim Notice”) and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with
counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, (i) during the period from
the delivery of a Claim Notice until retention of counsel by the indemnifying party; and (ii) if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential
conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver a written notice to the indemnifying party within a reasonable time of the commencement of any such
action shall relieve such indemnifying party of liability to the indemnified party under this Section 5.08 to the extent the indemnifying party is prejudiced as a result thereof, but the omission to deliver a written notice to the indemnified
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 5.08. 

  
 25 

 (d) Defect Eliminated in Final Prospectus. The foregoing indemnity of the Company and Holders are
subject to the condition that, insofar as they relate to any Violation made in a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the SEC at the time the registration statement in question becomes effective or
the amended prospectus filed with the SEC pursuant to SEC Rule 424(b) (the “Final Prospectus”), such indemnity shall not inure to the benefit of any Person if a copy of the Final Prospectus was timely furnished to the indemnified
party and was not furnished to the Person asserting the loss, liability, claim or damage at or prior to the time such action is required by the Securities Act. 

(e) Contribution. In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which
either (i) any Holder exercising rights under this Agreement, or any controlling Person of any such Holder, makes a claim for indemnification pursuant to this Section 5.08 but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 5.08 provides
for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling Holder or any such controlling Person in circumstances for which indemnification is provided under this
Section 5.08; then, and in each such case, the Company and such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion as is appropriate to
reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other
relevant equitable considerations; provided, however, that, in any such case: (A) no such Holder will be required to contribute any amount in excess of the net proceeds received by such Holder pursuant to such registration
statement absent guilty of such fraudulent misrepresentation; and (B) no Person or entity guilty of fraudulent misrepresentation as defined in Section 11(f) of the Securities Act will be entitled to contribution from any Person or entity
who was not guilty of such fraudulent misrepresentation. 
 (f) Survival. The obligations of the Company and Holders under this
Section 5.08 shall survive the completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. 

Section 5.09. Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of
the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to: 
 (a) Make and
keep public information available, as those terms are understood and defined in Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for
an offering of its securities to the general public; 
 (b) File with the SEC, in a timely manner, all reports and other documents required
of the Company under the Securities Act or the Exchange Act, at all times after the effective date of the first registration under the Securities Act filed by the Company; 

  
 26 

 (c) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon
request, (i) a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements,
(ii) a copy of the most recent annual, interim, quarterly or other report of the Company and, (iii) such other reports and documents as a Holder may reasonably request availing itself of any rule or regulation of the SEC allowing it to
sell any such securities without registration. 
 Section 5.10. Termination of the Company’s Obligations.
Notwithstanding the foregoing, the Company shall have no obligations pursuant to Sections 5.03, 5.04 or 5.05 with respect to any Registrable Securities proposed to be sold by a Holder in a registered public offering (i) five (5) years after the
consummation of a Qualified IPO, or (ii), if, in the opinion of counsel to the Company, all such Registrable Securities proposed to be sold by a Holder may then be sold under Rule 144 in one transaction without exceeding the volume limitations
thereunder. 
 Section 5.11. No Registration Rights to Third Parties. Without the prior written consent of the Holders of more
than fifty percent (50%) of the Registrable Securities then outstanding, the Company covenants and agrees that it shall not grant, or cause or permit to be created, for the benefit of any Person or entity any registration rights of any kind, whether
similar to the demand, “piggyback” or Form S-3 or Form F-3 registration rights described in this Article 5, or otherwise, relating to any shares or other
securities of the Company, other than rights that are subordinate to the rights of the Holders hereunder. 
 Section 5.12.
“Market Stand-Off” Agreement. Each Holder hereby agrees that, if and to the extent requested by the lead underwriter of securities of the Company in connection with a
registration relating to a specific proposed public offering (other than a registration on Form S-8 or a related or successor form relating solely to an employee benefit plan or a registration on Form S-4 or a related or successor form relating solely to a transaction under SEC Rule 145), such Holder will, subject to the following conditions, enter into a lock-up or
standoff agreement in customary form (subject to the following conditions) under which such Holder agrees not to sell or otherwise transfer or dispose of any Registrable Securities or other shares of the Company owned by such Holder as of the date
of such registration for up to one hundred eighty (180) days following the effective date of the related registration statement. The obligations of each Holder under this Section 5.12 are subject to the following conditions: (i) the
lockup or standoff agreement applies only to the first registration statement of the Company which covers securities to be sold on its behalf to the public in an underwritten offering, but not to Registrable Securities actually sold pursuant to such
registration statement; (ii) such Holder is satisfied that all directors, officers, and holders of 1% or more of any class of securities of the Company are bound by substantially identical restrictions; (iii) the lockup or standoff
agreement provides that if any securities of the Company are to be excluded or released in whole or part from such restrictions, the underwriter shall so notify each Holder within three (3) days and each Holder shall be excluded or released, in
proportionate amounts to the extent of the exclusion or release with respect to any other holder of Company’s securities, including any director, officer, or holder of 1% or more of any class of securities of the Company subject to such
restrictions; and (iv) the lockup or standoff agreement by its terms permits transfers of Registrable Securities by any Holder to any Affiliate of such Holder during the restricted period, provided that such Affiliate executes a lock-up or standoff agreement substantively identical to that signed by the transferring Holder. The lock-up or standoff agreement shall expire no later than ninety
(90) days after execution by the Holder if no underwritten public offering has occurred by the date of such execution. The Company may impose a stop-transfer restriction with respect to Registrable Securities that are subject to any such lockup
or standoff agreement, but shall remove such restriction immediately upon the expiration or termination of such lockup or standoff agreement. 

  
 27 

 Section 5.13. Public Offering Rights (Non-U.S.
Offerings). If shares of the Company are offered in an underwritten public offering (whether or not a Qualified IPO) outside of the United States for the account of any Ordinary Shareholder or other shareholders, each Holder shall have the right
to include a pro-rata number of shares (based on the number of shares (on an as—converted basis) then held by such Holder and all other shareholders of the Company selling in such offering) in such
offering on terms and conditions no less favorable to the Holders than to any other selling shareholder. 
 Section 5.14. Re-sale Rights. The Company shall use its best efforts to assist each Holder in the sale or disposition of its Registrable Securities after a Qualified IPO, including the prompt delivery of applicable
instruction letters by the Company and legal opinions from the Company’s counsels in forms reasonably satisfactory to the Holder’s counsel. In the event the Company has depositary receipts listed or traded on any stock exchange or
inter-dealer quotation system, the Company shall pay all costs and fees related to such depositary facility, including conversion fees and maintenance fees for Registrable Securities held by the Holders. 

ARTICLE 6 
 CERTAIN
COVENANTS AND AGREEMENTS 
 Section 6.01. Confidentiality. (a) The
parties shall, and shall cause its Affiliates, shareholders, directors, officers, employees, representatives and agents to, treat as strictly confidential the existence and terms of the Transaction Documents and all information received or obtained
from the other parties as a result of or in connection with the entering into or performing this Agreement or other Transaction Documents or the transactions contemplated hereby and thereby (the “Confidential Information”). 

(b) The parties must not disclose any Confidential Information to any third party without the prior written consent of the other parties. In
the event that any party is requested or becomes legally compelled (including, without limitation, pursuant to securities laws and regulations and other applicable laws and stock exchange rules) to disclose any Confidential Information, such party
(the “Disclosing Party”) shall provide the other parties (the “Non-Disclosing Parties”) with prompt written notice of that fact and use all reasonable efforts to seek (with
the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedy; provided that if such protective order, confidential treatment or other appropriate remedy is not available,
the Disclosing Party shall furnish only that portion of the information which is requested or legally required to be disclosed. 

  
 28 

 Section 6.02. Non-Competition,
Non-Solicitation and Confidentiality. (a) For so long as any Investor remains a Shareholder and unless such Investor otherwise consents in writing, each Management Shareholder shall not, and
shall cause each of their Affiliates (excluding the Group Companies) not to, (i) directly or indirectly own, manage, control, invest in or otherwise participate in any business that competes with the business currently or proposed to be
conducted by the Company and its Subsidiaries (the “Competing Business”) regardless of being a shareholder, joint venture party, licensor, licensee, agent, distributor, counsel, employee, etc.; (ii) hire, attempt to hire or solicit
any officer of the Company or its Subsidiaries to conduct the Competing Business within twelve (12) months after such officer’s termination of employment with the Company or its Subsidiaries; (iii) solicit, induce or attempt to cause
any officer of the Company or its Subsidiaries to conduct the Competing Business, in each case which may result in the termination of such officer’s employment with the Company or its Subsidiaries; or (iv) permit, support or through other
Person take any of the foregoing actions. 
 (b) The Management Shareholders and the Company shall cause the senior management of the Group
Companies to enter into employment agreement or side letter containing a confidentiality provision or other provisions of a similar nature. 

Section 6.03. Information Rights. The Company agrees to furnish to each Shareholder, for so long as it owns any Company
Securities: 
 (i) within ninety (90) days after the end of each fiscal year, the financial statements of the Company
for such fiscal year, as audited by the Auditors mutually agreed upon by the Company and the Investors; 
 (ii) within thirty
(30) days after the end of each fiscal quarter, the unaudited financial statements (including balance sheet, statement of operations and cash flows as of/for such period), and the analysis report of the results of operations of the Company
prepared by the management (including the financial data and analysis on the variances from the budget and target for such period); 

(iii) within fifteen (15) days after the end of each fiscal month, the unaudited financial statements (including balance
sheet, statement of operations and cash flows as of/for such period), and the analysis report of the results of operations of the Company prepared by the management (including the financial data and analysis on the variances from the budget and
target for such period); 
 (iv) no later than fifteen (15) days prior to the end of a fiscal quarter, the proposed
financial budget for the next quarter; 
 (v) no later than thirty (30) days prior to the end of a fiscal year, the
proposed financial budget for the next year; 
 (vi) within five (5) Business Days after receiving any document(s) from
any Governmental Authority, claiming the Company, any Director or officer of the Company is in violation of any Applicable Law, copies of such document(s) to the Investors; and 

(vii) other report as reasonably requested by any Shareholder. 

  
 29 

 Section 6.04. Inspection Rights. The Company shall allow, and the Management
Shareholders shall ensure that the Company shall allow, each Investor and its authorized representatives the right during normal business hours with reasonable advance notice, at such Shareholder’s own expense, (a) to inspect the
facilities, books and records of the Company and its Subsidiaries, to make extracts and copies therefrom and to have reasonable access to the Company’s and its Subsidiaries’ property and assets; (b) to discuss the business, operations
and conditions of the Company and its Subsidiaries with relevant directors, officers, employees, accountants, legal counsel and investment bankers. The Company shall allow, and the Management Shareholders shall ensure that the directors, officers,
employees of the Company cooperate with each Investor and its authorized representatives during such process. 
 Section 6.05. Most
Favored Nations. If the Company provides other investors with more favorable rights or terms than those provided to the Investors under the Transaction Documents in the future, each Investor shall be entitled to such more favorable rights or
terms automatically without paying any additional consideration. 
 Section 6.06. ESOP Reservation. The Company, the Management
Shareholders and the Investors hereby agree that, as soon as practicable immediately after the Company’s first confidential submission of its registration statement on the Form F-1 with the U.S.
Securities and Exchange Commission, the Company shall (i) reserve 18,222,222 Ordinary Shares (as adjusted for any share dividends, combinations, reclassifications or splits with respect to such shares), which is equivalent to 10% of the
Company’s share capital after such issuance on a fully-diluted and as-converted basis; and (ii) adopt an ESOP in the forms and substance reasonably satisfactory to the Investor Director to administer
such reserved share capital. The Investors agree to take all necessary actions to reserve such share capital. 
 ARTICLE 7 

MISCELLANEOUS 

Section 7.01. Binding Effect; Assignability; Benefit. (a) This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, successors, legal representatives and permitted assigns. 
 (b) Neither this Agreement nor any
right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto pursuant to any Transfer of Company Securities or otherwise, except that any Person acquiring Company Securities from any
Shareholder in a Transfer in compliance with Article 3 (but excluding any such Transfer made in a Public Offering) or any Person acquiring Company Securities that is required or permitted by the terms of this Agreement or any employment agreement or
share purchase, option, share option or other compensation plan of the Company or any other Group Company to become a party hereto shall (unless already bound hereby) execute and deliver to the Company an agreement to be bound by this Agreement in
the form of Exhibit A hereto and shall thenceforth be a “Shareholder”. 

  
 30 

 (c) Except as expressly provided herein, this Agreement and the rights and obligations of each
party hereunder may not be assigned without the prior written consent of the other parties; provided that each Investor may assign its rights and obligations hereunder to its Affiliates without the prior written consent of the other parties.

 (d) Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their
respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Section 7.02. Notices. (a) Except as may be otherwise provided herein, all notices, requests, waivers and other
communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party, upon delivery; (b) when sent by facsimile at the number set forth in
Schedule II hereto, upon receipt of confirmation of error-free transmission; (c) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other
party as set forth in Schedule II; (d) three (3) Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the parties as set forth in Schedule II with next business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider; or (e) when sent by
e-mail if sent to the address set forth in Schedule II, and a receipt of the e-mail is requested and received. 

(b) Each Person making a communication hereunder by facsimile or e-mail shall promptly confirm by
telephone to the Person to whom such communication was addressed but the absence of such confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given above, or designate additional
addresses, for purposes of this Section 7.02 by giving the other party written notice of the new address in the manner set forth above. 

Section 7.03. Amendment and Waiver. The provisions of this Agreement may be amended or modified only upon the prior
written consent of all parties hereto. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each
and every provision of this Agreement in accordance with its terms. In addition, no delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this
Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or
default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. 

Section 7.04. Fees and Expenses. All costs and expenses incurred in connection with the preparation of this Agreement, or any
amendment or waiver hereof, and the transactions contemplated hereby shall be paid by the party incurring such costs or expenses. 

  
 31 

 Section 7.05. Governing Law. This Agreement shall be governed by and construed under
the laws of Hong Kong, without regard to principles of conflict of laws thereunder. 
 Section 7.06. Dispute Resolution.
(i) Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of
either party to the dispute with notice (the “Arbitration Notice”) to the other. (ii) The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance
with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be one (1) arbitrator. The HKIAC
Council shall select the arbitrator, who shall be qualified to practice law in Hong Kong. (iii) The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions of this Section,
including the provisions concerning the appointment of the arbitrators, the provisions of this Section shall prevail. (iv) Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and
providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. (v) The award of the arbitral tribunal
shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. (vi) The arbitral tribunal shall decide any Dispute submitted by the parties to the
arbitration strictly in accordance with the substantive Laws of Hong Kong (without regard to principles of conflict of Laws thereunder) and shall not apply any other substantive Law. (vii) Any party to the Dispute shall be entitled to seek
preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. (viii) During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall
continue to be performed except with respect to the part in dispute and under adjudication.] 
 Section 7.07. Counterparts;
Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when
each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. 
 Section 7.08. Entire
Agreement. This Agreement and other Transaction Documents, together with all schedules and exhibits hereto and thereto, constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof,
and supersede all other agreements between or among any of the parties with respect to the subject matters hereof and thereof. 

Section 7.09. Severability. If any term, provision, covenant or restriction of this Agreement is held by the HKIAC, a court of
competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
 32 

 Section 7.10. Specific Enforcement. The parties hereto agree that irreparable damage
would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the
performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 

Section 7.11. Effectiveness; Termination. This Agreement shall become effective upon the execution hereof by all of the
parties to this Agreement, and shall continue in effect until the earlier to occur of the following: (a) consummation of a Qualified IPO, (b) any date agreed upon in writing by the Company and all the Shareholders, and (c) with
respect to any Shareholder, upon the time it no longer holds any Company Securities; provided that (i) this Section 7.11, Section 7.02, Section 7.05 and Section 7.06 shall survive any termination of this Agreement,
and (ii) no such termination shall release any party from any liability arising prior to such termination. 
 — REMAINDER OF
THIS PAGE LEFT INTENTIONALLY BLANK — 

  
 33 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	THE COMPANY:
	Puxin Limited
		
	By: 	 	/s/ SHA Yunlong
		 	Name:	 	SHA Yunlong (

)
		 	Title:	 	Chief Executive Officer, Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	MANAGEMENT SHAREHOLDER:
	Long bright Limited
		
	By: 	 	/s/ SHA Yunlong
		 	Name:	 	SHA Yunlong (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	MANAGEMENT SHAREHOLDER:
	Gao & Tianyi Limited
		
	By: 	 	/s/ GAO Liang
		 	Name:	 	GAO Liang (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	MANAGEMENT SHAREHOLDER:
	Prospect Limited
		
	By: 	 	/s/ XIAO Yun
		 	Name:	 	XIAO Yun (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	MANAGEMENT SHAREHOLDER:
	Pution Limited
		
	By: 	 	/s/ LI Gang
		 	Name:	 	LI Gang (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	INVESTOR:
	 Trustbridge Partners VI, L.P.
  

By its general partner TB Partners GP6, L.P.
 on behalf of
Trustbridge Partners VI, L.P.

		
	By: 	 	/s/ LIN Ning David
		 	Name:	 	LIN Ning David
		 	Title:	 	Authorized Representative

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	INVESTOR:
	
	Fasturn Overseas Limited
		
	By:	 	/s/ CHEN Yuan
	Name:	 	CHEN Yuan
	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	Puxin Nova Limited
		
	By: 	 	/s/ XIAO Yun
		 	Name:	 	XIAO Yun (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	Stary International Limited
		
	By: 	 	/s/ XIAO Yun
		 	Name:	 	XIAO Yun (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	Long wit Limited
		
	By: 	 	/s/ XIAO Yun
		 	Name:	 	XIAO Yun (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	Long belief Limited
		
	By: 	 	/s/ XIAO Yun
		 	Name:	 	XIAO Yun (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	Long faith Limited
		
	By: 	 	/s/ XIAO Yun
		 	Name:	 	XIAO Yun (

)
		 	Title:	 	Director

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	Long favor Limited
		
	By: 	 	/s/ YANG Hao
		 	Name:	 	YANG Hao (

)
		 	Title:	 	Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}]]