Document:

EX-10.17

 Exhibit 10.17 

Exclusive Management Service and Business Cooperation Agreement 

This Exclusive Management Service and Business Cooperation Agreement (this “Agreement”) is made and entered into by and between the
following parties on May 20, 2020 and in Shanghai, the People’s Republic of China (“PRC” or “China”). 

Party A: Shanghai Zhangxue Education Technology Co., Ltd. 

Address: 1258E, Building 1, 196 Yangtai Road, Baoshan District, Shanghai 

Party B: Shanghai Zhangshi Education Training Co., Ltd. 

Address: Room 202, 2 / F, 82 Tongjia Road, Hongkou District, Shanghai 

Each of Party A and Party B shall be hereinafter referred to as a “Party” respectively, and as the
“Parties” collectively. 
 Whereas: 

Party A is a wholly foreign-owned enterprise established and validly existing under the laws of PRC, and has the necessary resources to provide
technical and management consulting services; 
 Party B is a domestic company established and validly existing under the laws of PRC. The
businesses conducted by Party B currently and any time during the term of this Agreement are collectively referred to as the “Principal Business”; 

Party A is willing to provide Party B with technical support and consulting services on exclusive basis in relation to the Principal Business
during the term of this Agreement, utilizing its advantages in technology, human resources and information, and Party B is willing to accept such services provided by Party A or its designee (s), each on the terms set forth in this Agreement; 

Now, therefore, through mutual discussion, the Parties have reached the following agreements: 

 

	1	 Services Provided by Party A 

 

	 	1.1	 Party B hereby appoints Party A as Party B’s exclusive services provider to provide Party B with complete
technical support, business support and related consulting services during the term of this Agreement, in accordance with the terms and conditions of this Agreement, including but not limited to the follows: 

 

	 	1.1.1	 Licensing Party B to use relevant software and technology legally owned by Party A and necessary for the
Principal Business of Party B; 

  

	 	1.1.2	 Development, maintenance and updating of software required by the Principal Business of Party B;

  
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	 	1.1.3	 Design, installation, daily management, maintenance and updating of network systems, hardware and database;

  

	 	1.1.4	 Development and testing of new products; 

 

	 	1.1.5	 Technical support and training for employees of Party B; 

 

	 	1.1.6	 Assisting Party B in consultancy, collection and research of technology and market information (excluding
market research business that wholly foreign-owned enterprises are restricted from conducting under PRC law); 

  

	 	1.1.7	 Providing business management consultation for Party B; 

 

	 	1.1.8	 Leasing of equipment or properties; and 

 

	 	1.1.9	 Other relevant technical services and consulting services requested by Party B from time to time to the extent
permitted under PRC law. 

  

	 	1.2	 Party B agrees to accept all the consultations and services provided by Party A. Party B further agrees that
unless with Party A’s prior written consent, during the term of this Agreement, Party B shall not directly or indirectly accept the same or any similar consultations and/or services provided by any third party and shall not establish similar
corporation relationship with any third party regarding the matters contemplated by this Agreement. Party A may appoint other parties, who may enter into certain agreements described in Section 1.3 with Party B, to provide Party B with the
consultations and/or services under this Agreement. 

  

	 	1.3	 Service Providing Methods 

 

	 	1.3.1	 Party A and Party B agree that during the term of this Agreement, where necessary, Party B may enter into
further technical service agreements or consulting service agreements with Party A or any other party designated by Party A, which shall provide the specific contents, manner, personnel, and fees for the specific technical services and consulting
services. 

  

	 	1.3.2	 To fulfill this Agreement, Party A and Party B agree that during the term of this Agreement, where necessary,
Party B may enter into equipment or property lease agreements with Party A or any other party designated by Party A which shall permit Party B to use Party A’s relevant equipment or properties based on the needs of the business of Party B.

  
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	 	1.4	 Party B hereby grants to Party A an irrevocable and exclusive option to purchase, according to which, Party A
shall designate one or more persons to purchase any or all of the assets of Party B at its sole discretion to the extent permitted under the PRC laws, at the lowest purchase price permitted by the PRC laws. In this case, the relevant parties shall
enter into a separate assets transfer agreement, specifying the terms and conditions of the transfer of the assets. 

  

	 	1.5	 To ensure that Party B shall perform its agreement, Party B agrees to mortgage Party A with its receivables in
its business operation and all the assets of the company as security. 

  

	2	 The Calculation and Payment of the Service Fees 

 

	 	2.1	 With respect to the services provided by Party A under this Agreement, Party B shall pay the service fee 100%
of the balance of the revenue of Party B for the current year after deducting the costs and expenses acknowledged by Party A. In addition, Party B shall pay Party A the Service Fees for certain technical services provided by Party A from time to
time upon Party B’s request, as separately agreed upon by the Parties. 

  

	 	2.2	 Within three (3) months after the end of each calendar year, Party B shall provide Party A with audited
financial statements of Party B for such fiscal year, which shall be audited and certified by an independent certified public accountant approved by Party A. Party B shall prepare financial statements satisfactory to Party A’s requirements in
accordance with the requirements of laws and business practices. 

  

	 	2.3	 Within fifteen (15) business days after Party A confirms the financial statements provided by Party B
under Article 2.2 and notifies Party B in writing of the Service Fees determined in accordance with the principles under Article 2.1, Party B shall pay the Service Fees determined under Article2.1 in lump sum to the bank account designated by Party
A. If Party A changes its bank account number, it shall notify Party B in writing seven (7) business days in advance. 

  

	 	2.4	 Both Parties agree that in principle, the aforesaid payment of the Service Fees shall not cause either Party to
encounter operation difficulties in the current year. For the above purpose and to the extent of the aforesaid principle, Party A may agree that Party B may delay the payment of the Service Fees or adjust, in writing, at Party A’s discretion,
the percentage and/or specific amount of the Service Fees payable by Party B to Party A under Article 2.1. 

  

	 	2.5	 If at any time during the term of this Agreement, Party A determines to adjust the calculation and payment
method of the Service Fees for any reason in its reasonable discretion, Party A shall have the right to notify Party B in writing of such adjustment five (5) days in advance but without the need for Party B’s consent.

  
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	3	 Intellectual Property 

 

	 	3.1	 Party A shall have exclusive and proprietary rights and interests in all rights, ownership, interests and
intellectual properties arising out of or created during the performance of this Agreement, including but not limited to copyrights, patents, patent applications, software, technical secrets, trade secrets and others, and shall have the right to use
such rights free of charge. 

  

	 	3.2	 For Party B’s business needs, Party A agrees that Party B shall register part of the intellectual property
rights as designated by Party A under the name of Party B. However, upon request by Party A, Party B shall assign to Party A such intellectual property rights registered in the name of Party B free of charge or at the lowest price permitted by law,
and Party B shall execute all appropriate documents, take all appropriate actions, submit all filings and/or applications, render all appropriate assistance and otherwise conduct whatever is necessary as deemed by Party A in its sole discretion for
the purposes of vesting any ownership, right or interest of any such intellectual property rights in Party A, and/or perfecting the protections for any such intellectual property rights in Party A. Party A shall have the right to use any
intellectual property rights registered in the name of Party B free of charge. 

  

	4	 Confidentiality 

The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in
connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it
shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Confidential Information Party’s unauthorized
disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its
shareholders, directors, employees, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, investors, legal counsels or financial advisors shall be
bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the shareholders, directors, employees, investors, legal counsels or financial advisors of any Party shall be deemed
disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement. 

  
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	5	 Representations, Warranties and Undertakings 

 

	 	5.1	 Party A hereby represents, warrants and covenants as follows: 

 

	 	5.1.1	 Party A is a wholly foreign-owned enterprise legally registered and validly existing in accordance with the
laws of PRC; Party A or the service providers designated by Party A will obtain all government permits and licenses for providing the services under this Agreement before providing such services. 

 

	 	5.1.2	 Party A has taken all necessary corporate actions, obtained all necessary authorizations as well as all
consents and approvals from third parties and government agencies (if any) for the execution, delivery and performance of this Agreement. Party A’s execution, delivery and performance of this Agreement do not violate any explicit requirements
under any law or regulation binding on Party A. 

  

	 	5.1.3	 This Agreement constitutes Party B’s legal, valid and binding obligations, and shall be enforceable
against it. 

  

	 	5.2	 Party B hereby represents, warrants and covenants as follows: 

 

	 	5.2.1	 Party B is a company legally registered and validly existing in accordance with the laws of PRC and has
obtained and will maintain all permits and licenses for engaging in the Principal Business. 

  

	 	5.2.2	 Party B has taken all necessary corporate actions, obtained all necessary authorizations as well as all
consents and approvals from third parties and government agencies (if any) for the execution, delivery and performance of this Agreement. Party B’s execution, delivery and performance of this Agreement do not violate any explicit requirements
under any law or regulation binding on Party B. 

  

	 	5.2.3	 This Agreement constitutes Party B’s legal, valid and binding obligations, and shall be enforceable
against it. 

  

	6	 Effectiveness and Term of Agreement 

 

	 	6.1	 This Agreement shall come into force from the date of Party B’s establishment. Unless terminated in
accordance with the provisions of this Agreement or mandatory rules of PRC law, this Agreement shall remain effective permanently. 

  

	 	6.2	 During the term of this Agreement, Party A may, in its sole discretion, terminate this Agreement
unconditionally by giving Party B thirty (30) days’ prior written notice of such termination or rescission without any liabilities. Unless otherwise required by applicable laws, Party B shall not have any right to unilaterally terminate
this Agreement. 

  

	 	6.3	 During the term of this Agreement, each Party shall renew its operation term prior to the expiration thereof
and use its best efforts to obtain the approval of competent authorities so as to maintain the effectiveness and performance of this Agreement. This Agreement shall be terminated upon the expiration of the operation term of such Party if the
application for the renewal of its operation term is not approved by relevant government authorities. 

  
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	 	6.4	 The rights and obligations of the Parties under Sections 3, 4, 7, 8, 9 and this Section 6.4 shall survive
the termination of this Agreement. 

  

	7	 Governing Law and Resolution of Disputes 

 

	 	7.1	 The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the
resolution of disputes hereunder shall be governed by the laws of PRC. 

  

	 	7.2	 In the event of any dispute with respect to the construction and performance of this Agreement, the Parties
shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the resolution of such a dispute within thirty (30) days after either Party’s request to the other Party for resolution
of the dispute through negotiations, either Party may submit the relevant dispute to the Shanghai International Economic and Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted
in Shanghai, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on both Parties. 

  

	 	7.3	 Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during
the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

  

	8	 LIABILITY FOR BREACH OF AGREEMENT AND INDEMNIFICATION 

 

	 	8.1	 The Parties agree and confirm that, if any Party (the “Defaulting party”) materially breaches
any agreements under this Agreement, or fails to perform, partially perform or delays the performance of any obligations under this Agreement, such breach shall constitute a default under this Agreement (the “Default”). Non-defaulting Party is entitled to request the Defaulting party to rectify or remedy such Default within a reasonable period of time. If the Defaulting party fails to rectify or remedy such Default within the
reasonable period of time or within 10 days of non-defaulting Party ‘s written notice requesting for such rectification or remedy, then the non-defaulting Party
shall be entitled to elect any one of the following remedial actions: (a) to terminate this Agreement and request the Defaulting party to fully compensate its losses and damages; or (b) to request the specific performance by the Defaulting
party of its obligations hereunder as well as to request the Defaulting party to fully compensate all losses and damages of the Defaulting party. This Section 8.1 shall not prejudice any other rights of Party A hereunder. 

  
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	 	8.2	 Notwithstanding the above Clause 8.1, the Parties agree and confirm that in no circumstance shall Party B early
terminate this Agreement unless the applicable law or this Agreement provides otherwise. 

  

	 	8.3	 Party B shall indemnify and hold harmless Party A from any losses, injuries, obligations or expenses incurred
by Party A due to any lawsuits, claims or other demand demands against Party A arising from or caused by the services provided by Party A to Party B pursuant to this Agreement, except where such losses, injuries, obligations or expenses arise from
the gross negligence or willful misconduct of Party A. 

  

	9	 Force Majeure 

 

	 	9.1	 In the case of any force majeure events (“Force Majeure”) such as earthquake, typhoon,
flood, fire, flu, war, riot, hostile actions, public disturbance, strike or any other events that cannot be predicted and are unpreventable and unavoidable by the affected Party, which directly or indirectly causes the failure of either Party to
perform this Agreement, the Party affected by such Force Majeure shall not be liable. However, the Party so affected shall immediately send written notices to the other Parties without any undue delay and provide the other Parties with details of
the Force Majeure and relevant documentary evidence explaining the reasons for such failure of performance, inability of full performance or delay of performance within fifteen (15) days after sending out such notice. 

 

	 	9.2	 If such Party claiming Force Majeure fails to notify the other Party and furnish it with competent proof
pursuant to the above provision, such Party shall not be excused from its inability to perform, inability to fully perform or delay in the performance of its obligations hereunder. The Party so affected by the event of Force Majeure shall use
reasonable efforts to minimize the consequences of such Force Majeure and to promptly resume performance hereunder whenever the causes of such excuse are cured. Should the Party so affected by the event of Force Majeure fail to resume performance
hereunder when the causes of such excuse are cured, such Party shall be liable to the other Party. 

  

	 	9.3	 In the event of Force Majeure, the Parties shall immediately consult with each other to find an equitable
solution and shall use all reasonable endeavours to minimize the consequences of such Force Majeure. 

  
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	 	10	 Notices 

  

	 	10.1	 All notices and other communications required or permitted to be given pursuant to this Agreement shall be
delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on
which notices shall be deemed to have been effectively given shall be determined as follows: 

  

	 	10.1.1	 Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed
effectively given on the date of receipt or refusal at the address specified for notices. 

  

	 	10.1.2	 Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission). 

  

	 	10.2	 For the purpose of notices, the addresses of the Parties are as follows: 

 

			
	Party A:	  	Shanghai Zhangxue Education Technology Co., Ltd.
		
	 Address:
	  	Building D, Helen center, Financial Street, 440 hailun Road, Hongkou District, Shanghai
	Attn:	  	CHEN Zhongyi
	Tel:	  	***
		
	Party B:	  	Shanghai Zhangshi Education Training Co., Ltd.
		
	 Address:
	  	Building D, Helen center, Financial Street, 440 hailun Road, Hongkou District, Shanghai
	Attn:	  	 WU Jiajun

	Tel:	  	 ***

  

	 	10.3	 Any Party may at any time change its address for notices by a notice delivered to the other Party in accordance
with the terms hereof. 

  

	 	11	 Assignment 

  

	 	11.1	 Without Party A’s prior written consent, Party B shall not assign its rights and obligations under this
Agreement to any third party. 

  

	 	11.2	 Party B agrees that Party A may assign its obligations and rights under this Agreement to any third party upon
a prior written notice to Party B but without the consent of Party B. Meanwhile, Party B shall execute related agreements with third parties to the satisfaction of Party A based on the requirements of Party A to specify the rights and obligations of
the Parties. 

  
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	12	 Entirety of Agreement 

The Parties acknowledge that this Agreement constitutes the entire agreement and understanding reached by the Parties with respect to the
content hereof upon taking effect, and supersedes all prior oral and/or written agreements and understanding between the Parties with respect to the content hereof. 
  

	13	 Waiver 

Failure of any Party to this Agreement to exercise its rights hereunder in a timely manner shall not be deemed as a waiver thereof, nor shall
it affect its exercise thereof in any future time. 
  

	14	 Severability of Agreement 

In the event that one or several of the provisions of this Agreement are held or determined by a court or arbitration institution with
competent jurisdiction to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in
any aspect. The Parties shall strive in good faith to amend such provision to the greatest extent possible legal, valid and enforceable, to the extent permitted by law, and the economic effect of the amended provision shall be as close as possible
to the economic effect of those invalid, illegal or unenforceable provisions. 
  

	15	 Amendment and Supplement 

Any amendments and supplements to this Agreement shall be in writing. The amendment agreements and supplementary agreements that have been
signed by the Parties and that relate to this Agreement shall be an integral part of this Agreement and shall have the same legal validity as this Agreement. 
  

	16	 Version 

This Agreement is made in two (2) originals, each Party holding one (1) counterpart, which shall be equally valid. 

  
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 IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Agreement as of
the date first above written. 
 Party A: Shanghai Zhangxue Education Technology Co., Ltd. (Seal) 

 

			
	By:	 	 /s/ ZHANG Yi

	Name:	 	ZHANG Yi (张翼)
	Title:	 	Legal Representative

 Party B: Shanghai Zhangshi Education Training Co., Ltd. (Seal) 

 

			
	By:	 	 /s/ WU Jiajun

	Name:	 	WU Jiajun (吴佳峻)
	Title:	 	Legal Representative

 Shanghai Zhangshi – Exclusive Management Service and Business Cooperation Agreement – Signature PageEX-10.18

 Exhibit 10.18 

EXCLUSIVE OPTION AGREEMENT 

This Exclusive Option Agreement (this “Agreement”) is executed by and among the following Parties as of May 20, 2020, in
Shanghai, the People’s Republic of China (“PRC” or the “PRC”): 
  

	 	(1)	 Party A: Shanghai Zhangxue Education Technology Co., Ltd. 

Address: 1258E, Building 1, 196 Yangtai Road, Baoshan District, Shanghai 

 

	 	(2)	 Party B: WU Jiajun(the “Pledgor”), a PRC citizen with Chinese Identification Card No.:
*** 

  

	 	(3)	 Party A: Shanghai Zhangshi Education Training Co., Ltd. 

Address: Room 202, 2 / F, 82 Tongjia Road, Hongkou District, Shanghai 

(In this Agreement, each of Party A, Party B and Party C shall be referred to as a “Party” respectively, and they shall be
collectively referred to as the “Parties”.) 
 Whereas: 
  

	(1)	 Party A is a wholly foreign-owned enterprise incorporated and validly existing under the laws of the PRC;

  

	(2)	 Party C is a limited liability company incorporated and validly existing under the laws of the PRC; Party B is
a citizen of the PRC, a shareholder of Party C and holds 100% of equity interest in Party C; 

  

	(3)	 Party B agrees to grant Party A an exclusive right through this Agreement and Party A agrees to accept such
exclusive right to purchase all or part equity interest held by Party B in Party C; 

 NOW, THEREFORE, through mutual consultations, the
Parties agree as follows: 
  

	1	 Exclusive Option 

 

	 	1.1	 Option Granted 

Party B hereby grants to Party A an exclusive option (the “Equity Interest Purchase Option”) to the extent permitted by PRC
laws and at the price described in Section 1.3 herein, Party A may designate one or more persons (each, a “Designee”) to purchase the equity interests in Party C then held by Party B (the “Equity Interest”) at
any time in part or in whole at Party A’s sole and absolute discretion to the extent permitted by the PRC laws. Party A shall have the right to determine the transfer and acquisition of all or part of the Equity Interest in Party A’s
Designee (s), and Party B shall not withhold and shall transfer all or part of the Equity Interest to the Designee (s) as requested by Party A. Except for Party A and the Persons designated by Party A, no other person shall be entitled to the
Equity Interest Purchase Option. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The “person” as referred to in this Section and this Agreement shall mean individuals, corporations, joint
ventures, partners, enterprises, trusts or other non-corporate organizations. 

  
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 Party C hereby irrevocably grants to Party A an irrevocable and exclusive right (the
“Asset Purchase Option”, together with the “Equity Interest Purchase Option”, the “Exclusive Purchase Option”) to purchase from Party C, or cause the Designee (s) of Party A to purchase, all or
part of the assets of Party C (the “Assets”) at any time during the validity term of this Agreement according to the steps for exercise as determined by Party A in its sole discretion and at the purchase price equal to
Section 1.3 hereof. 
  

	 	1.2	 Steps for Exercise 

Subject to the provisions of the laws and regulations of the PRC, Party A may exercise the Equity Interest Purchase Option at any time
according to section 1.1 by giving a written notice (the “Equity Interest Purchase Option Notice”) to Party B specifying the portion of the Equity Interest to be purchased from Party B (the “Optioned Equity
Interest”), the method of purchase and the transfer date of the Optioned Equity Interest. Party A has no limit on the times of exercise of options. Within seven (7) Business Days after the receipt of the Equity Interest Purchase Option
Notice, Party B shall enter into an equity transfer agreement with Party A and/or the Designee (s) satisfactory to Party A, to ensure the transfer of the Optioned Equity Interest to Party A and/or the Designee (s) as soon as possible and
take all necessary actions to ensure the completion of the filing procedures with the relevant administration for industry and commerce as soon as possible. 

Subject to the provisions of the laws and regulations of the PRC, Party A may exercise the Asset Purchase Option at any time by giving a
written notice (the “Asset Purchase Notice”) to Party C specifying the Assets to be purchased from Party C (the “Optioned Assets”), the method of purchase and the transfer date of the Optioned Equity Interest. Party
A has no limit on the times of exercise of options. Within seven (7) Business Days after the receipt of the Asset Purchase Notice, Party C shall enter into an asset transfer agreement with Party A and/or the Designee (s) satisfactory to
Party A, to ensure the transfer of the Optioned Assets to Party A and/or the Designee (s) as soon as possible and take all necessary actions to ensure the completion of the relevant asset title transfer registration procedures, if required.

  
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	 	1.3	 Equity Purchase Price and Asset Purchase Price 

Unless the laws and regulations of the PRC applicable at the time of Party A’s exercise of the Equity Interest Purchase Option require the
appraisal of the Optioned Equity Interest or are otherwise restrictive on the transfer price, the Parties agree that the purchase price of the Optioned Equity Interest (the “Equity Interest Purchase Price”) shall be equal to the
actual contribution made by Party B with respect to the Optioned Equity Interest; if the minimum price permitted by applicable laws is higher than the actual contribution made by Party B with respect to the Optioned Equity Interest, i.e. the
registered capital, the transfer price shall be the minimum price permitted by the laws of the PRC. After deducting the applicable taxes and fees on the Equity Interest Purchase Price in accordance with the PRC laws, Party A shall pay the Equity
Interest Purchase Price to the account designated by Party B within seven (7) days from the date on which the Optioned Equity Interest is duly transferred to Party A. 

Unless the laws and regulations of the PRC applicable at the time of Party A’s exercise of the Asset Purchase Option require the appraisal
of the Optioned Assets or are otherwise restrictive on the purchase price, the Parties agree that the purchase price of the Optioned Assets (the “Assets Purchase Price”) shall be the minimum price permitted by the laws of the PRC.
After deducting the applicable taxes and fees on the Assets Purchase Price in accordance with the PRC laws, Party A shall pay the Assets Purchase Price to the account designated by Party C within seven (7) days from the date on which the
Optioned Assets are duly transferred to Party A. 
  

	 	1.4	 Transfer of Optioned Equity Interest 

Upon each exercise of the Exclusive Purchase Option: 
  

	 	1.4.1	 Party B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution shall be
adopted approving Party B’s transfer of the Equity Interest and/or assets to Party A and/or the Designee (s). With respect to equity transfer, Party B shall sign a confirmation letter, agreeing to waive the right of first refusal with respect
to the equity transfer by any other shareholder of Party C to Party A and/or the Person (s) designated by Party A; 

  

	 	1.4.2	 With respect to the transfer of the Optioned Equity Interest, Party B shall enter into an equity transfer
agreement with Party A and/or the Designee (s) in accordance with the provisions of this Agreement and the relevant Optioned Equity Purchase Notice and in respect of the version requested by Party A with respect to each transfer; With respect
to the transfer of the Optioned Assets, Party C shall enter into an asset transfer agreement with Party A and/or the Designee (s) in accordance with the provisions of this Agreement and the relevant Optioned Assets Purchase Notice and in
respect of the version requested by Party A with respect to each transfer; 

  
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	 	1.4.3	 The relevant Parties shall execute all other necessary agreements, or documents, obtain all necessary
government licenses and permits and take all necessary actions to grant ownership of the Optioned Equity Interest to Party A and/or the Designee(s), unencumbered by any security interests or other Encumbrances, and cause Party A and/or the Designee
(s) to become the registered owner(s) of the Optioned Equity Interest with the relevant administration for industry and commerce. For the purpose of this Section and this Agreement, in this Section and this Agreement, “Encumbrance”
shall include a guarantee, warranty, mortgage, pledge, third party’s right or interest, any stock option, acquisition right, right of first refusal, right to offset, ownership retention or other security arrangement. However, it shall exclude
any security interests or encumbrance created under this Agreement and the Equity Pledge Agreement. The “Equity Pledge Agreement” as used in this Section and this Agreement shall refer to the Equity Pledge Agreement executed by and between
the third party designated by Party A and Party B on the date hereof (the “Equity Pledge Agreement”), whereby Party B pledges all of its equity interests in Party C to Party A, in order to guarantee that Party B and Party C can
perform their obligations under this Agreement, the Power of Attorney executed by and among Party A and Party C(the “Power of Attorney”) on the date hereof and the Exclusive Management Service and Business Cooperation Agreement
dated as of the date hereof and issued by each person of Party B; 

  

	 	1.4.4	 Party B and Party C shall take all necessary actions to ensure the transfer of the Optioned Equity Interest and
the Optioned Assets shall not be interfered with any substantial or procedural aspects. Unless otherwise expressly stipulated herein, neither Party B nor Party C shall set any impediment or restrictive condition on the transfer of the Optioned
Equity Interest or the Optioned Assets. Party B and Party C shall make their unconditional best efforts to assist Party A and/or the Designee (s) to complete all governmental approvals, permits, registrations, filings and all necessary
procedures necessary for the obtainment of the Optioned Equity Interest. 

  

	2	 Covenants Concerning Equity Interest 

 

	 	2.1	 Covenants Relating to Party C 

Party B and Party C hereby severally but not jointly covenant as follows: 

 

	 	2.1.1	 Without the prior written consent of Party A, they shall not in any manner supplement, change or amend the
articles of association and bylaws of Party C, increase or decrease its registered capital, or change its equity structure in other manners; 

  

	 	2.1.2	 They shall maintain the existence of Party C in accordance with good financial and business standards and
practices by prudently and effectively operating its business and handling its affairs; 

  
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	 	2.1.3	 Without the prior written consent of Party A, they shall not engage in any action/omission that may have an
adverse effect on the assets, business and liabilities of Party C; Without the prior written consent of Party A, they shall not sell, transfer, mortgage or dispose of in any manner any assets of Party C or legal beneficial interests in the business
or revenues of Party C, or allow the encumbrance thereon, including the Security Interest, at any time following the date hereof; 

  

	 	2.1.4	 Without the prior written consent of Party A, they shall not incur, assume, guarantee or suffer the existence
of any debt to Party C, except for (i) debts incurred in the ordinary course of business other than through loans; and (ii) debts disclosed to and approved by Party A in writing; 

 

	 	2.1.5	 They shall always operate all of Party C’s businesses during the ordinary course of business to maintain
the asset value of Party C and refrain from any action and/or omission that may be detrimental to Party C’s operating status and asset value; 

  

	 	2.1.6	 Without the prior written consent of Party A, Party C shall not enter into any material agreement (for purpose
of this subsection, an agreement whose value exceeds RMB30,000 shall be deemed a material agreement), except for the agreements in the ordinary course of business; 

 

	 	2.1.7	 Without the prior written consent of Party A, Party C shall not provide any person with any loan or security;

  

	 	2.1.8	 They shall provide Party A with information on Party C’s business operations and financial conditions at
Party A’s request; 

  

	 	2.1.9	 They shall purchase and keep at all times insurance from an insurance company acceptable to Party A, at an
amount and type of coverage equal to or at the same levels as are customarily insured by companies operating similar businesses and owning similar properties or assets in the same region where Party C is located; 

 

	 	2.1.10	 Without the prior written consent of Party A, Party C shall not merge, consolidate with, acquire or invest in
any person; 

  

	 	2.1.11	 They shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to the assets, business and income of Party C; 

  

	 	2.1.12	 To maintain the ownership by Party C of all of its assets, they shall execute all necessary or appropriate
documents, take all necessary or appropriate actions and file all necessary or appropriate claims or raise necessary and appropriate defenses against all claims; 

  
 5 

	 	2.1.13	 Without the prior written consent of Party A, Party C shall ensure that they shall not in any manner distribute
dividends to their shareholders, provided that upon Party A’s written request, they shall immediately distribute all distributable profits to their shareholders; 

 

	 	2.1.14	 Unless mandatorily required by PRC law, they shall not dissolve or liquidate Party C without prior written
consent of Party A; 

  

	 	2.1.15	 Once foreign investment in the business conducted by Party C is permitted by the laws of PRC, Party B shall
immediately transfer all of the Equity Interest in Party C held by it to Party A or Party A’s Designee, and/or Party C shall immediately transfer all of the Assets held by it to Party A or Party A’s Designee (s). Party B and Party C shall
pay Party A or its Designee (s) all considerations relating to equity/assets transfer received by them in accordance with Section 1.3 of this Agreement; and 

 

	 	2.1.16	 To the fullest extent permitted by the laws of PRC, Party A shall have the right to exercise the exclusive
option under this Agreement towards Party B or Party B’s legal successors or agents in accordance with the terms of this Agreement in the event of the death or incompetency of Party B. 

 

	 	2.2	 Covenants of Party B 

Party B hereby covenants as follows: 
  

	 	2.2.1	 Without the prior written consent of Party A, they shall not at any time following the date hereof, sell,
transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the Equity Interest, or allow the encumbrance thereon, except for the pledge placed on the Equity Interest in Party C held by Party B in accordance with the
Equity Pledge Agreement; 

  

	 	2.2.2	 Party B shall cause the shareholders’ meeting of the Company not to approve the sale, transfer, pledge or
disposition in any other manner of any legal or beneficial interest in the Equity Interest, or allow the encumbrance thereon of any security interest, except to Party A and/or the Designee (s) of Party A; Party B shall cause the
shareholders’ meeting of the Company to vote for the transfer of the Optioned Equity Interest as set forth in this Agreement; 

  

	 	2.2.3	 Without the prior written consent of Party A, they shall not vote for or support or execute any resolution at
the shareholders’ meeting of Party C approving Party C’s merger or consolidation with any person, acquisition of any person by any person or investment in any person; 

 

	 	2.2.4	 Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the Equity Interest in Party C held by Party B; 

  
 6 

	 	2.2.5	 To the extent necessary to maintain Party B’s ownership of its Equity Interest in Party C, Party B shall
execute all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate claims or raise necessary and appropriate defenses against all claims; 

 

	 	2.2.6	 Without the prior written consent of Party A, they shall not engage in any action or omission that may have a
material impact on the assets, business and liabilities of Party C; 

  

	 	2.2.7	 Party B shall agree to appoint persons designated by Party A as directors, general manager and other senior
officers of Party C, at the request of Party A; Party B shall replace such directors and senior officers at any time as directors and senior officers of Party C; Party B shall appoint newly designated persons of Party A as directors and senior
officers of Party C; Party B shall actively assist in handling all matters related to appointment and change of such persons, including without limitation executing necessary documents; To assist in registering the appointment and change of
directors and senior officers with the administration for industry and commerce; 

  

	 	2.2.8	 To the extent permitted by the laws of PRC, at the request of Party A at any time, Party B shall promptly and
unconditionally transfer all or any part of the Equity Interest in Party C held by Party B to Party A and/or the Designee (s) of Party A at any time, waive its right of first refusal to the equity interest transferred by any other shareholder
of Party C to Party A or the Designee of Party A, and Party B shall actively assist in all matters related to such transfer, including but not limited to executing necessary documents to assist in registering the equity interest transfer with the
administration for industry and commerce. In addition, Party B shall pay all consideration received by it to Party A or its designee (s) in accordance with Section1.3 herein; 

 

	 	2.2.9	 Party B shall promptly donate any profit, bonus, or dividend income from Party C to Party A or any other person
designated by Party A to the extent permitted by the PRC laws, if Party B receives the income from Party C; 

  

	 	2.2.10	 Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or severally
executed with and by Party C and Party A, perform the obligations hereunder and thereunder, and refrain from any action and/or omission that may affect the effectiveness and enforceability thereof; 

  
 7 

	 	2.2.11	 In the event of liquidation of Party C (including bankruptcy liquidation) due to any reason, Party B shall
promptly donate all proceeds received therefrom to Party A or any other person designated by Party A to the extent permitted under applicable PRC laws; and 

  

	 	2.2.12	 Party B agrees and warrants to execute an irrevocable power of attorney satisfactory to Party A, which
authorizes Party A or the Designee (s) to exercise all of his or her rights as a shareholder of Party C. 

  

	3	 Representations and Warranties 

Party B and Party C hereby severally but not jointly represent and warrant to Party A as of the date of this Agreement and each date of
transfer of the Optioned Equity Interest and the Optioned Assets as follows: 
  

	 	3.1	 They have the right to enter into this Agreement and any share transfer agreement or asset transfer agreement
to which they are parties concerning the Optioned Equity Interest to be transferred thereunder (each, a “Transfer Agreement”), and to perform their obligations under this Agreement and any Transfer Agreements. This Agreement and the
Transfer Agreements to which they are parties will constitute their legal, valid and binding obligations and shall be enforceable against them in accordance with the provisions thereof; 

 

	 	3.2	 The execution and performance of this Agreement or any Transfer Agreements and the obligations under this
Agreement or any Transfer Agreement shall not: (i) cause any violation of any applicable laws of PRC; (ii) be inconsistent with the articles of association, bylaws or any other constitutional documents of Party C; (iii) cause the
violation of any agreements or instruments to which they are a party or which are binding on them, or constitute any breach under any agreements or instruments to which they are a party or which are binding on them; (iv) cause any violation of
any restriction on the grant and/or continuance of any licenses or permits issued to them; or (v) cause the suspension or revocation of or imposition of any conditions to any licenses or permits issued to them; 

 

	 	3.3	 Party B has a good and merchantable title to the Equity Interest in Party C it holds, free and clear of any
Encumbrance in any form including the Security Interest, except for the pledge created in accordance with the Equity Pledge Agreement; 

  

	 	3.4	 Party C has a good and merchantable title to the assets that it holds, and the assets are free and clear of any
Encumbrance in any form including the Security Interest; 

  
 8 

	 	3.5	 Party C does not have any outstanding debts, except for (i) debt incurred in the ordinary course of
business; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained. 

  

	 	3.6	 If Party C is required by the laws of any PRC to be dissolved or liquidated, it shall sell all its assets to
Party A or other qualified persons designated by Party A, to the extent permitted by PRC laws at the lowest price permitted by the laws of PRC. Party C waives Party A or a qualified person designated by it of any payment obligation arising therefrom
to the extent applicable under the then effective laws of the PRC; or any proceeds generated from such transaction shall be paid as part of the Service Fees under the Exclusive Management Service and Business Cooperation Agreement to Party A or a
qualified person designated by Party A to the extent applicable under the then effective laws of PRC; 

  

	 	3.7	 Party C has complied with applicable laws and regulations; and 

 

	 	3.8	 There are no ongoing, pending or threatened litigation, arbitration or administrative proceedings relating to
the Equity Interest in Party C, assets of Party C or Party C. 

 Party B warrants to Party A that it has made all proper
arrangement and executed all necessary documents to ensure that in the event of his or her death, incapacity, bankruptcy, divorce or occurrence of any other events that may affect his or her exercise of shareholders’ rights, his or her heirs,
guardians, creditors or spouse shall not affect or hinder the performance of this Agreement. 
  

	4	 Breach 

  

	 	1.1.	 In the event of the breach of any term of this Agreement by any Party (the “breaching Party”) which
has caused damages to the other Parties (the “non- breaching Party”), the non-breaching Party may issue a written notice to the breaching Party, requesting the
breaching Party to immediately rectify and remedy its breach; if the breaching Party fails to take actions satisfactory to the non-breaching Parties to rectify and remedy such breach within fifteen
(15) days after the delivery of the said written notice by the non-breaching Party, the non-breaching Party may immediately adopt other remedies in accordance with
the methods specified in this Agreement or at law. For the avoidance of doubt, the Parties agree that notwithstanding anything to the contrary in this Agreement, Party B shall not be liable for any breach of this Agreement by the other Parties
hereto. 

  

	5	 Effectiveness and Term of Agreement 

 

	 	5.1	 This Agreement shall come into force from the date of Party A’s establishment on May 20, 2020.

  
 9 

	 	5.2	 This Agreement shall be terminated after all equity interests held by Party B in Party C or all assets of Party
C have been legally transferred or assigned to Party A and/or any other Person designated by it in accordance with this Agreement. 

  

	 	5.3	 During the term of this Agreement, Party A may, in its sole discretion, terminate this Agreement
unconditionally by giving Party B thirty (30) days prior written notice of such termination or cancellation during the term of this Agreement without any liabilities. Unless otherwise mandatorily required by PRC law, Party B and Party C shall
have no right to unilaterally terminate this Agreement. 

  

	6	 Governing Law and Resolution of Disputes 

 

	 	6.1	 The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the
resolution of disputes hereunder shall be governed by the laws of PRC. 

  

	 	6.2	 In the event of any dispute with respect to the construction and performance of this Agreement, the Parties
shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within thirty (30) days after either Party’s request to the other Party for resolution of the dispute through
negotiations, either Party may submit the relevant dispute to the Shanghai International Economic and Trade Arbitration Commission for arbitration, in accordance with its then effective Arbitration Rules. The arbitration shall be conducted in
Shanghai, and the language of the arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties. 

  

	 	6.3	 Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during
the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

  

	7	 Taxes and Fees 

Party C and Party A shall bear any and all taxes, expenses and fees incurred by the Parties or levied thereon in accordance with the laws and
regulations of PRC in connection with the preparation and execution of this Agreement and the Transfer Agreements, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Agreements. 

 

	8	 Notices 

  

	 	8.1	 All notices and other communications required or permitted to be given pursuant to this Agreement shall be
delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on
which notices shall be deemed to have been effectively given shall be determined as follows: 

  
 10 

	 	8.1.1	 Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed
effectively given on the date of receipt or refusal at the address specified for notices. 

  

	 	8.1.2	 Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission). 

  

	 	8.2	 For the purpose of notices, the addresses of the Parties are as follows: 

 

			
	Party A:	  	Shanghai Zhangxue Education Technology Co., Ltd.
		
	Address:	  	Building D, Helen center, Financial Street, 440 Hailun Road, Hongkou District, Shanghai
	Attn:	  	CHEN Zhongyi
	Tel:	  	***
		
	Party B:	  	WU Jiajun
	Address:	  	Building D, Helen center, Financial Street, 440 Hailun Road, Hongkou District, Shanghai
	Attn:	  	WU Jiajun
	Tel:	  	***
		
	Party B:	  	Shanghai Zhangshi Education Training Co., Ltd.
	Address:	  	Room 202, 2 / F, 82 Tongjia Road, Hongkou District, Shanghai
	Attn:	  	WU Jiajun
	Tel:	  	***

  

	9	 Confidentiality 

The Parties acknowledge that any oral or written information exchanged between them in connection with this Agreement shall be regarded as
confidential information. Each Party shall maintain confidentiality of all such information, and without obtaining the written consent of other Parties, it shall not disclose any relevant information to any third party, except for the information
that: (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to applicable laws or rules or regulations of any stock exchange; or
(c) is required to be disclosed by any Party to its legal or financial advisors regarding the transaction contemplated hereunder, provided that such legal or financial advisors shall be bound by the confidentiality obligations similar to those
set forth in this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this
Agreement. This Section shall survive whatever reason this Agreement is deemed to be invalid, rescinded, terminated or unenforceable. 

  
 11 

	10	 Further Warranties 

The Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and
purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement. 
  

	11	 Miscellaneous 

 

	 	11.1	 Amendment, change and supplement 

Any matters not provided in this Agreement shall be separately determined by the Parties through negotiation. The Parties shall amend, modify
and supplement this Agreement and the appendices hereto through a written agreement. The amendment agreements and supplementary agreements that have been duly executed by the Parties hereto and that relate to this Agreement and the appendices hereto
shall be an integral part of this Agreement and shall have the same legal validity as this Agreement. 
  

	 	11.2	 Compliance with Laws and Regulations 

Each Party shall comply with and shall ensure that its operations comply with all currently effective and publicly available laws and
regulations of PRC. 
  

	 	11.3	 Entire Agreement 

The Parties acknowledge that, upon the effectiveness of this Agreement, this Agreement constitutes the entire agreement and understanding
reached by and among the Parties with respect to the content hereof and completely supersedes all prior agreements and understanding, both written and oral, reached by and among the Parties with respect to the content hereof. The appendices hereto
shall be an integral part of this Agreement and shall have the same legal validity as this Agreement. 
  

	 	11.4	 Headings 

The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the
provisions of this Agreement. 

  
 12 

	 	11.5	 Severability 

In the event that any one or several of the provisions of this Agreement are held or determined by a competent court or arbitration agency to
be invalid, illegal or unenforceable in any aspect in accordance with applicable laws or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The
Parties to this Agreement shall cease to perform such invalid, illegal or unenforceable provision and amend it as closely as possible to make it legal, valid and enforceable, and the economic effect of the amended provisions shall be as close as
possible to the economic effect of those invalid, illegal or unenforceable provisions. 
  

	 	11.6	 Assignment 

  

	 	11.6.1	 Without the prior consent of Party A, Party B and Party C shall not assign any of their respective rights and
obligations under this Agreement to any third party. Party B and Party C hereby agree that Party A may assign its rights and obligations under this Agreement at its sole discretion, upon giving written notice of such assignment to Party B and Party
C but without the consent of Party B and Party C. Upon the request of Party A, Party B and Party C shall execute a supplementary agreement with such assignee or any agreement substantially the same as this Agreement. 

 

	 	11.6.2	 Party B hereby agrees and acknowledges that, in the event of death or becoming a person with restricted
capacity or an incapacitated person (if a natural person) or dissolution or liquidation, all the equity interest held by Party B in Party C may be transferred automatically and unconditionally to Party A or any person designated by Party A at the
purchase price set forth in Section 1.3 hereof. The purchase price payable to Party B shall be disposed of in accordance with Section 1.3 hereof. 

  

	 	11.7	 Successors 

This Agreement shall be binding and binding on the Parties and their respective heirs, successors and assigns. 

 

	 	11.8	 Survival 

Any obligations that occur or that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall
survive the expiration or early termination thereof. The provisions of Sections 6, 8, 9 and this Section 11.8 shall survive the termination of this Agreement. 
  

	 	11.9	 Waiver 

The failure of any Party to this Agreement to exercise its right hereunder in a timely manner shall not be deemed as a waiver thereof, nor
shall it affect such Party’s exercise of such right in the future. 

  
 13 

	 	11.10	 Counterparts 

There shall be four (4) original originals of this Agreement, of which each Party shall hold one (1) copy, and the other one
(1) copy shall be kept for future use. Each original shall have the same legal effect. 
 [The remainder of this page is intentionally
left blank] 

  
 14 

 IN WITNESS WHEREOF, the Parties have executed or caused their respective authorized representatives to
execute this Agreement as of the date first written above. 
 Party A: Shanghai Zhangxue Education Technology Co., Ltd.(Seal) 

 

	
	 /s/ Shanghai Zhangxue Education Technology Co., Ltd.

	Seal of Shanghai Zhangxue Education Technology Co., Ltd.

  

			
	By:	 	 /s/ ZHANG Yi

	Name:	 	ZHANG Yi(张翼)
	Title:	 	Legal Representative

 Shanghai Zhangshi – Exclusive Option Agreement – Signature Page 

 IN WITNESS WHEREOF, the Parties have executed or caused their respective authorized representatives to
execute this Agreement as of the date first written above. 
 Party B: WU Jiajun 

 

			
	Signature:	 	 /s/ WU Jiajun

	Name:	 	WU Jiajun

 Shanghai Zhangshi – Exclusive Option Agreement – Signature Page 

 IN WITNESS WHEREOF, the Parties have executed or caused their respective authorized representatives to
execute this Agreement as of the date first written above. 
 Party C: Shanghai Zhangshi Education Training Co., Ltd.(Seal) 

 

	
	 /s/ Shanghai Zhangshi Education Training Co., Ltd.

	Seal of Shanghai Zhangshi Education Training Co., Ltd.

  

			
	By:	 	 /s/ WU Jiajun

	Name:	 	WU Jiajun (吴佳峻)
	Title:	 	Legal Representative

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