Document:

EX-10.15

 Exhibit 10.15 

EQUITY PLEDGE AGREEMENT 

This Equity Pledge Agreement (this “Agreement”) is entered into by and among the following parties on November 20, 2017:

  

	 	(1)	 NetEase Youdao Information Technology (Beijing) Co., Ltd.(the “Pledgee”), a Wholly foreign
owned enterprise registered in Beijing, People’s Republic of China (“PRC”) with its address at 1/F, Tower C, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian
District; and 

  

	 	(2)	 Feng Zhou(ID Number: ***********, the “Pledgor”), a PRC citizen with his address at
No. 15, Guang Hua Li, Chaoyang District, Beijing. 

 The Pledgee and the Pledgor are hereinafter jointly referred to
as the “Parties” and individually, as a “Party”. 
 Whereas: 

 

	 	(A)	 The Pledgor is a registered shareholder of Beijing NetEase Youdao Computer System Co., Ltd., a limited
liability company registered in Beijing, PRC with its address at 2/F, Tower A, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District (the “Domestic Company”), and
holds 28.927%of the equity interests in the Domestic Company. The equity structure of Domestic Company as of the date of execution of this Agreement is set forth in Appendix I. 

 

	 	(B)	 Pursuant to a Loan Agreement dated November 20, 2017 between the Pledgee and the Pledgor (as the same may
be amended and supplemented from time to time, the “Loan Agreement”), the Pledgee has provided a loan to the Pledgor in the original principal amount of RMB 1,446,350 Yuan. 

 

	 	(C)	 Pursuant to a Shareholder Voting Right Trust Agreement dated as of November 20, 2017 among the Pledgee,
the Pledgor, the Domestic Company and the other Parties thereto (as amended and supplemented from time to time, the “Voting Trust Agreement”), the Pledgor has irrevocably appointed the Pledgee as proxy and vested the Pledgee with
full power to exercise on his behalf all of his shareholder’s voting rights in respect of the Domestic Company. 

  

	 	(D)	 Pursuant to an Exclusive Purchase Option Agreement dated as of November 20, 2017 among the Pledgee, the
Pledgor and the Domestic Company (as amended and supplemented from time to time, the “Purchase Option Agreement”), the Pledgor has irrevocably granted to the Pledgee an option to purchase all or a portion of the Pledgor’s
equity interests in the Domestic Company. 

  

	 	(E)	 Pursuant to an Operating Agreement dated as of November 20, 2017 among the Pledgee, the Pledgor, the
Domestic Company and the other Parties thereto (as amended and supplemented from time to time, the “Operating Agreement”), the Pledgor has agreed, among other things, not to engage in certain transactions relating to the Domestic
Company without the Pledgee’s prior written consent. 

	 	(F)	 As security for performance by the Pledgor of the Contract Obligations (as defined below) and discharge and
satisfaction of the Secured Debts (as defined below), the Pledgor agrees to pledge all of his equity interests in the Domestic Company to the Pledgee and grants the Pledgee the right to repayment in first priority on and subject to the terms of this
Agreement. 

 Therefore, the Parties enter into this Agreement as follows upon friendly negotiation: 

 

	1.	 Definitions 

 

	 	1.1.	 Unless the context otherwise requires, the following terms in this Agreement shall have the following meanings:

 “Breaching Event” shall mean any breach by the Pledgor of any of his Contract Obligations (as defined
below). 
 “Contract Obligations” shall mean the obligations of the Pledgor to repay the Loan (as defined in the Loan
Agreement) under the Loan Agreement, all contractual obligations of the Pledgor under the Voting Trust Agreement, all contractual obligations of the Pledgor under the Purchase Option Agreement, all contractual obligations of the Pledgor under the
Operating Agreement and all contractual obligations of the Pledgor under this Agreement. 
 “Pledged Equity” shall mean all
of the equity interests in the Domestic Company which are legally owned by the Pledgor during the term of this Agreement and are to be pledged to the Pledgee pursuant to the provisions hereof as the security for the performance by the Pledgor of the
Contract Obligations. 
 “PRC Law” shall mean the then valid laws, administrative regulations, administrative rules, local
regulations, judicial interpretations and other binding regulatory documents of the PRC. 
 “Secured Debts” shall mean all
direct, indirect and consequential losses and losses of foreseeable profits suffered by the Pledgee due to any Breaching Event of any of the Pledgor, and all fees incurred by Pledgee for the enforcement of the Contract Obligations of the Pledgor.

 “Transaction Agreements” shall mean the Loan Agreement, the Purchase Option Agreement, the Operating Agreement and the
Voting Trust Agreement. 
  

	 	1.2.	 The references to any PRC Law herein shall be deemed: 

(1)    to include references to the amendments, changes, supplements and reenactments of such law, irrespective of whether
they take effect before or after the formation of this Agreement; and 

  
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 (2)    to include references to other decisions, notices or regulations
enacted in accordance therewith or effective as a result thereof. 
  

	 	1.3.	 Unless otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall
refer to the relevant article, clause, item or paragraph of this Agreement. 

  

	2.	 Equity Pledge 

 

	 	2.1.	 As collateral security for the timely and complete payment and performance of all Contract Obligations, the
Pledgor hereby pledges to the Pledgee a first security interest in all of the Pledgor’s rights, title and interests, whether now owned or hereinafter acquired by the Pledgor, in the Pledged Equity (the “Equity Pledge”).

  

	 	2.2.	 The Pledgor shall have been or will be registered at the local branch of State Administration for Industry and
Commerce (“SAIC”) as one of the shareholders of the Domestic Company holding his proportion of the equity interests in the Domestic Company as set forth in Recital (A) above and hold such equity interests free and clear of
encumbrances except for the Equity Pledge as provided in this Agreement and/or as otherwise agreed by the Parties. 

  

	 	2.3.	 The Pledgor hereby undertakes that he will be responsible for recording the Equity Pledge on the register of
equityholders (if any) of the Domestic Company on the date hereof or as soon as practicable from the date hereof, and will use his best endeavors to register the Equity Pledge with SAIC (the “Registration of Equity Pledge”). In the
event the SAIC requires that the Registration of Equity Pledge be completed by using an equity pledge agreement between the Parties substantially in form stipulated by the SAIC, subject to Section 13.5, the Parties shall enter into an equity
pledge agreement in such stipulated form (the “Registration Version”) and the Pledgor shall and hereby undertakes that he will use his best endeavors to register the Equity Pledge with SAIC by using the Registration Version.

  

	 	2.4.	 During the term of this Agreement, the Pledgee shall not be liable in any way for impairment in value of the
Pledged Equity, nor shall the Pledgor have any right to make any claims against the Pledgee for such impairment in value. 

  

	 	2.5.	 Upon the occurrence of any Breaching Event, the Pledgee shall have the right to dispose of the Pledged Equity
in the manner set forth in Article 4 hereof. 

  

	 	2.6.	 Without the prior written consent of the Pledgee, the Pledgor shall not increase the registered capital of the
Domestic Company by contributing additional capital, or allowing any third party to contribute additional capital to the Domestic Company. 

  

	 	2.7.	 Without the prior written consent of the Pledgee, the Pledgor shall not consent to the adoption of any
shareholders’ resolution or by any other means permit the Domestic Company to declare or distribute any dividends or profits. 

  
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	 	2.8.	 Without the prior written consent of the Pledgee, the Pledgor shall not enter into any transactions with the
Domestic Company. 

  

	 	2.9.	 During the term of the Equity Pledge, the Pledgor shall deliver to the Pledgee’s custody the original
capital contribution certificate for the Pledged Equity and the original equityholders’ register (if any) containing the Equity Pledge within five business days from the execution of this Agreement or from the completion of any re-registration of shareholding if the percentage of equity interests changes (in such case, the Pledgor shall deliver to the Pledgee’s custody the updated original capital contribution certificates for the
Pledged Equity and the updated original equityholders’ register (if any) containing the Equity Pledge). The Pledgee shall take custody of such original documents during the entire term of this Agreement. 

 

	 	2.10.	 The Pledgee shall have the right to collect dividends or any other distribution paid with respect to the
Pledged Equity during the term of this Agreement. 

  

	3.	 Release of Pledge 

Upon full and complete performance by the Pledgor of all of his Contract Obligations (including the full discharge and satisfaction of the
Secured Debts), the Pledgee shall, at the request of the Pledgor, release the pledge, and shall cooperate with the Pledgor to go through the formalities to cancel the record of the Equity Pledge in the register of equityholders (if any) of the
Domestic Company and the registration with SAIC, and all expenses reasonably incurred in connection with such release shall be borne by the Domestic Company. The Parties shall procure the Domestic Company to bear such expenses. 

 

	4.	 Disposal of the Pledged Equity 

 

	 	4.1.	 The Pledgor and the Pledgee hereby agree that, upon the occurrence of any Breaching Event, the Pledgee shall
have the right to exercise, upon giving written notice to the Pledgor, all of the rights and powers enjoyed by him under PRC Law, the Transaction Agreements and the terms hereof, including but not limited to being repaid in priority with proceeds
from the sale of the Pledged Equity. If the Pledgee disposes of the Pledged Equity in accordance with this Agreement, the Pledgor and the Domestic Company shall provide all necessary assistance to enable the Pledgee to enforce the Equity Pledge in
accordance with this Agreement. 

  

	 	4.2.	 The Pledgee shall have the right to designate in writing its legal counsel or other agents to exercise on its
behalf any and all rights and powers referred to above, and the Pledgor shall not raise any objection thereto. 

  

	 	4.3.	 The reasonable costs incurred by the Pledgee in connection with its exercise of any and all rights and powers
set out above shall be borne by the Pledgor, and the Pledgee shall have the right to deduct the costs actually incurred from the proceeds that it acquires from the exercise of its rights and powers. 

  
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	 	4.4.	 The proceeds that the Pledgee acquires from the exercise of its rights and powers shall be applied in the
following order of priority: 

  

	 	(1)	 first, to pay any cost incurred in connection with the disposal of the Pledged Equity and the exercise by the
Pledgee of its rights and powers (including remuneration paid to its legal counsels and agents); 

  

	 	(2)	 second, to pay any taxes and levies payable for the disposal of the Pledged Equity (for the avoidance of doubt,
such taxes do not include any income tax); and 

  

	 	(3)	 third, to repay the Pledgee for the Secured Debts. 

Any proceeds remaining after payment of the above amounts shall be paid to the Pledgee or its designee. The Pledgee shall have no obligation to
account to the Pledgor for proceeds of disposition of the Pledged Equity and the Pledgor hereby waives any rights that he may have to demand such amount from the Pledgee. 
  

	5.	 Continuity and No Waiver 

The Equity Pledge hereunder is a continuous security, and will continue to be valid until the full performance of the Contract Obligations or
the full discharge and satisfaction of the Secured Debts. Neither exemption or grace period granted by the Pledgee to the Pledgor in respect of any breach, nor delay by the Pledgee in exercising any of its rights under the Transaction Agreements and
this Agreement, shall affect the rights of the Pledgee under this Agreement, relevant PRC Law and the Transaction Agreements, the rights of the Pledgee to demand at any time thereafter the strict performance of the Transaction Agreements and this
Agreement by the Pledgor or the rights the Pledgee may be entitled to due to any subsequent breach by the Pledgor of his obligations under the Transaction Agreements and/or this Agreement. 

 

	6.	 Representations and Warranties 

 

	 	6.1.	 As of the date of this Agreement and during the term of this Agreement through the date of termination or
expiration of this Agreement, the Pledgor hereby represents and warrants as follows: 

  

	 	(a)	 The Pledgor is a PRC citizen with power and capacity to execute and perform his obligations under this
Agreement. 

  

	 	(b)	 The execution and performance of this Agreement by the Pledgor do not violate any laws and regulations or
government approvals, authorizations, notices or other governmental documents having binding effect on or affecting the Pledgor, nor do they violate any agreements between the Pledgor and any third party or any covenants made to any third party.

  

	 	(c)	 This Agreement constitutes the lawful, valid and enforceable obligations of the Pledgor. 

  
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	 	(d)	 All reports, documents and information provided by the Pledgor to the Pledgee are true, correct and accurate in
all material respects. 

  

	 	(e)	 The Pledgor constitutes the only legal owner of the Pledged Equity, with no existing dispute concerning the
ownership of the Pledged Equity. Except for the restrictions imposed by the Transaction Agreements and this Agreement or as otherwise agreed by the Parties, the Pledgor has the right to dispose of the Pledged Equity or any part thereof.

  

	 	(f)	 Except for the encumbrance set on the Pledged Equity hereunder and otherwise agreed by the Parties and the
rights set forth under the Transaction Agreements, there is no other encumbrance or third party interest over the Pledged Equity. 

  

	 	(g)	 The Pledged Equity is capable of being pledged or transferred according to PRC Law, and the Pledgor has the
full right and power to pledge the Pledged Equity to the Pledgee according to this Agreement. 

  

	 	(h)	 Any consent, permission, waiver or authorization by any third person, or any approval, permission or exemption
by any government authority, or any registration or filing formalities with any government authority to be effected or obtained in respect of the execution and performance hereof and the creation of the Equity Pledge hereunder have been or will be
handled or obtained, and will be fully effective during the term of this Agreement. 

  

	 	(i)	 The Equity Pledge hereunder constitutes a first pledge on the Pledged Equity. 

 

	 	(j)	 There is no pending or, to the knowledge of the Pledgor, threatened litigation, legal process or demand by any
court or any arbitral tribunal or by any government authority or any administration authority against the Pledgor, or his property, or the Pledged Equity, which would have a material adverse effect on the economic status of the Pledgor or his
capability to perform the obligations hereunder and the Contract Obligations or to discharge and satisfy the Secured Debts. 

  

	 	6.2.	 As of the date of this Agreement and during the term of this Agreement through the date of termination or
expiration of this Agreement, the Pledgee hereby represents and warrants as follows: 

  

	 	(a)	 The Pledgee is a Wholly foreign owned enterprise duly registered and existing under PRC Law.

  

	 	(b)	 The Pledgee has the power to execute and perform its obligations under this Agreement. The execution and
performance of this Agreement by the Pledgee is in compliance with the articles of association or other organizational documents of the Pledgee, and the Pledgee has obtained all necessary and appropriate approvals and authorizations for the
execution and performance of this Agreement. 

  
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	 	(c)	 This Agreement shall constitute lawful, valid and enforceable obligations of the Pledgee.

  

	7.	 Undertakings by the Pledgor 

The Pledgor hereby undertakes to the Pledgee as follows: 
  

	 	(a)	 Without the prior written consent by the Pledgee, the Pledgor shall not establish or permit to establish any
further pledge or any other encumbrance on the Pledged Equity. Any pledge or other encumbrance on all or part of the Pledged Equity without such prior written consent shall be null and void. 

 

	 	(b)	 Without having the Pledgee’s prior written consent, the Pledgor shall not transfer the Pledged Equity, and
any attempt by the Pledgor to transfer the Pledged Equity shall be null and void. The proceeds from the transfer of the Pledged Equity by the Pledgor shall be used to repay to the Pledgee in advance the Secured Debts or submit the same to the third
party agreed with the Pledgee. 

  

	 	(c)	 The Pledgor shall promptly notify the Pledgee of any litigation, arbitration, claim or other proceedings which
may adversely affect the interest of the Pledgor or the Pledgee under the Transaction Agreements and hereunder or in respect of the Pledged Equity, shall keep the Pledgee timely informed of developments in connection therewith and shall take all
reasonable measures to defend such proceedings and protect the interest of the Pledgee in the Pledged Equity. 

  

	 	(d)	 The Pledgor shall not take or permit any act or action which may adversely affect the interest of the Pledgee
under the Transaction Agreements and hereunder or in respect of the Pledged Equity. 

  

	 	(e)	 At the request of the Pledgee, the Pledgor shall cause the Domestic Company to, within the first month of each
calendar quarter, provide the Pledgee with the financial statements, including (but not limited to) the balance sheet, the profit statement and the cash flow statement of the Domestic Company for the previous calendar quarter. 

  
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	8.	 Change of Circumstances 

Subject to compliance with other terms of the Transaction Agreements and this Agreement, the event of any promulgation or change of any PRC
Law, regulations or rules, or change in interpretation or application of such laws, regulations and rules, or the change of the relevant registration procedures which causes the Pledgee to believe that it will be illegal or in conflict with such
laws, regulations or rules to further maintain the effectiveness of this Agreement and/or dispose of the Pledged Equity in the manner provided herein, the Pledgor shall, at the written direction of the Pledgee and in accordance with the reasonable
request of the Pledgee, promptly take all actions and/or execute any agreement or other document, in order to: 

(1)    keep this Agreement valid and effective; 

(2)    facilitate the disposal of the Pledged Equity in the manner provided herein; and/or 

(3)    maintain or realize the intention or the security established hereunder. 

 

	9.	 Effectiveness and Term of the Agreement 

 

	 	9.1.	 This Agreement shall become effective when it has been duly executed by the parties hereto and recorded in the
register of equityholders (if any) of the Domestic Company, and the Equity Pledge under this Agreement or the Registration Version, as applicable, shall become effective when it has been registered with SAIC to the extent permitted by SAIC. The
Pledgor shall carry out all the approval and registration formalities in a timely manner as required by PRC Law (including but not limited to the registration of the Equity Pledge with SAIC to the extent permitted by SAIC) and shall take all other
necessary actions required for completing such approval and/or registration formalities. 

  

	 	9.2.	 This Agreement shall continue to be valid until the full performance of the Contract Obligations or the full
discharge and satisfaction of the Secured Debts. 

  

	10.	 Notices 

All notices, claims, certificates, requests, demands and other communications under this Agreement shall be made in writing and shall be
delivered to either Party hereto by hand or sent by facsimile, or sent, postage prepaid, by reputable overnight courier services, or by email properly addressed to the email address of the relevant Party and left the email gateway of the sender and
the sender did not receive a message that the email was undeliverable, at the following addresses (or at such other address for such Party as shall be specified by like notice), and shall be deemed given when so delivered by hand, or if sent by
facsimile, upon receipt of a confirmed transmittal receipt, or if sent by overnight courier, five (5) days after delivery to or pickup by the overnight courier service or, if sent by email, at the time of completion of transmission thereof:

 If to Pledgee: NetEase Youdao Information Technology (Beijing) Co., Ltd. 

 

			
	Address:	  	 1/F, Tower C, Building No. 7, West Zone

Zhongguancun Software Park (Phase II) No. 10
 Xibeiwang East Road,
Haidian District

		
	Fax:	  	***********
		
	 Email:
	  	 ***********

		
	 Attention:
	  	 Feng Zhou

  
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 If to Pledgor: Feng Zhou 

 

			
	 Address:
	  	 ***********

		
	 Fax:
	  	 ***********

		
	 Email:
	  	 ***********

  

	11.	 Confidentiality 

The Parties acknowledge and confirm that any oral or written information exchanged among them with respect to this Agreement constitutes
confidential information. The Parties shall maintain the confidentiality of all such information. Without the prior written consent of the Party who had provided such information, none of the Parties shall disclose any confidential information to
any third party, except in the following circumstances: (a) such information is or comes into the public domain (through no fault or disclosure by the receiving party); (b) information disclosed as required by applicable laws or rules or
regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal or financial advisors regarding the transactions contemplated hereunder, and such legal or financial advisors are also bound by duties of
confidentiality similar to the duties set forth in this Article. Disclosure of any confidential information by the staff or employee of any Party shall be deemed as disclosure of such confidential information by such Party, for which the Party shall
be held liable for breach of this Agreement. This Article shall survive the termination of this Agreement for any reason. 
  

	12.	 Applicable Law and Dispute Resolution 

 

	 	12.1.	 The formation, validity, interpretation, performance, amendment, termination and dispute resolution of this
Agreement shall be governed by PRC Law. 

  

	 	12.2.	 Any dispute arising from the interpretation and performance of this Agreement shall first be resolved through
friendly consultations by the Parties. If the dispute fails to be resolved within thirty (30) days after one Party gives notice requesting consultations to the other Party, either Party may refer such dispute to a competent court having legal
jurisdiction over the registration place of Party A. The Parties agree to submit to the jurisdiction of such court. The Parties agree that the dispute and any court proceedings shall be kept confidential and that the existence of the proceedings and
any element of it (including but not limited to any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed beyond the court, the Parties, their counsels and any
person necessary to the conduct of the proceeding, except as may be lawfully required in judicial proceedings or as required by the rules of the U.S. Securities and Exchange Commission, the NASDAQ stock market rules or the rules of any other
quotation system or exchange on which the securities of the disclosing Parties or their affiliates are listed or as otherwise required by applicable law. The Parties further agree to request that the court conduct any proceedings in closed session
and to keep the existence of the proceedings and any element of it, including the decision of the court, confidential and refrain from publishing or otherwise disclosing any of the foregoing information to the public, except as may be lawfully
required in judicial proceedings or as otherwise required by applicable law. 

  
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	 	12.3.	 During the existence of any dispute, the Parties shall continue to exercise their remaining respective rights,
and fulfill their remaining respective obligations under this Agreement, except insofar as the same may relate directly to the matters in dispute. 

  

	13.	 Miscellaneous 

 

	 	13.1.	 The Pledgee may, upon notice to the Pledgor but without the Pledgor’s consent, assign the Pledgee’s
rights and/or obligations hereunder to any third party. In the event of an assignment by the Pledgee hereunder, the Pledgor shall, at the request of the Pledgee, execute a new pledge agreement with the assignee on the same terms and conditions as
this Agreement and register such change with the SAIC. The Pledgor may not, without the Pledgee’s prior written consent, assign any of the Pledgor’s rights, obligations and/or liabilities hereunder to any third party. Successors or
permitted assignees (if any) of the Pledgor shall be bound by, and continue to perform, the obligations of the Pledgor under this Agreement. 

  

	 	13.2.	 The amount of Secured Debts determined by the Pledgee in exercising its rights over the Pledged Equity in
accordance with the provisions contained herein shall be conclusive evidence of the amount of the Secured Debts hereunder. 

  

	 	13.3.	 This Agreement may not be amended or modified in any manner except by an instrument in writing signed by the
Parties hereto. 

  

	 	13.4.	 No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the
Parties. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by either Party to exercise any right or privilege hereunder shall be
deemed a waiver of such Party’s rights or privileges hereunder or shall be deemed a waiver of such Party’s rights to exercise the same at any subsequent time or times hereunder. 

  
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	 	13.5.	 In the event the Registration Version is used for the purposes of the Registration of the Equity Pledge, the
Parties agree that, to the extent there is any discrepancy between this Agreement and the Registration Version and/or to the extent any contents of this Agreement supplement the Registration Version, this Agreement shall prevail. If any provision of
this Agreement is deemed or becomes invalid, illegal or unenforceable, such provision shall be construed or deemed amended to conform to applicable laws so as to be valid and enforceable, or, if it cannot be so construed or deemed amended without
materially altering the intention of the Parties, it shall be stricken and the remainder of this Agreement shall remain in full force and effect, and the Parties will negotiate in good faith to amend this Agreement with respect to the unenforceable
provision to replace it with an enforceable provision which as closely as possible reflects the intent of the Parties. 

  

	 	13.6.	 Upon the execution of this Agreement, the Pledgor shall enter into a power of attorney (the “Power of
Attorney”, the form of which is set forth in Appendix II attached hereto) to authorize a person acceptable to the Pledgee to sign, on behalf of the Pledgor and according to this Agreement, any and all legal documents necessary for
the exercise of the Pledgee’s rights hereunder. Such Power of Attorney shall be delivered to the Pledgee and the Pledgee may, at any time if necessary, require the Pledgor to execute multiple copies of the Power of Attorney and deliver the same
to the relevant government authority. 

  

	 	13.7.	 Each Party shall use all reasonable efforts to do and perform, or cause to be done and performed, all such
further acts and things and shall execute and deliver all such other agreements, certificates, instruments and documents as may be necessary or desirable to give effect to the terms and intent of this Agreement and any ancillary documents. If
required under any applicable law, regulations or listing rules or required or deemed desirable by any stock exchange, government or other regulatory authority having competent jurisdiction over the Parties or their affiliates (the
“Applicable Requirements”), the Pledgor agrees and undertakes to (a) take all such actions (including the amendment of this Agreement and its appendices, any authorizations, documents and notices entered into or delivered in
connection with this Agreement and the execution of additional documents) to comply with or, as applicable, meet the Applicable Requirements and (b) take all actions referred to in paragraph (a) above within three (3) Business Days
from demand by the Pledgee. 

 [Signature page follows] 

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

			
	Pledgee:	 	NetEase Youdao Information Technology (Beijing) Co., Ltd. (seal)
		
		 	/s/ Seal of NetEase Youdao Information Technology (Beijing) Co., Ltd.
		
	Pledgor:	 	Feng Zhou
		
		 	 /s/ Feng Zhou

 Appendix I 

Basic Information of the Domestic Company 
  

			
	Company Name:	  	Beijing NetEase Youdao Computer System Co., Ltd.
		
	Registered Address:	  	2/F, Tower A, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District
		
	Registered Capital:	  	RMB 5,000,000 Yuan
		
	Equity Structure:	  	 William Lei Ding —71.073%
  

Feng Zhou —28.927%

 Appendix II 

Power of Attorney 
 I, Feng Zhou, hereby
irrevocably entrust                      as my authorized representative, to sign all legal documents necessary for NetEase Youdao Information
Technology (Beijing) Co., Ltd. as the pledgee to exercise its rights under the Equity Pledge Agreement entered into on November 20, 2017 by and betweenNetEase Youdao Information Technology (Beijing) Co., Ltd.and me. 

 

			
	Signature:	 	  

		
	Date:EX-10.16

 Exhibit 10.16 

EXCLUSIVE PURCHASE OPTION AGREEMENT 
 This
Exclusive Purchase Option Agreement (this “Agreement”) is entered into as of November 20, 2017 among the following parties in Beijing: 
  

			
	 Party A:
	  	NetEase Youdao Information Technology (Beijing) Co., Ltd.
		
	 Legal Address:
	  	1/F, Tower C, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District
		
	 Party B:
	  	Feng Zhou
		
	 ID Number:
	  	***********
		
	 Legal Address:
	  	***********
		
	 Party C:
	  	Beijing NetEase Youdao Computer System Co., Ltd. 
		
	Legal Address:	  	2/F, Tower A, Building No. 7, West Zone Zhongguancacun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District

 In this Agreement, Party A, Party B and Party C are called collectively as the “Parties” and each of them is
a “Party.” 
 WHEREAS: 
  

	1.	 Party A is a Wholly foreign owned enterprise incorporated under the laws of the People’s Republic of China
(the “PRC”); 

  

	2.	 Party C is a limited liability company incorporated in the PRC; 

 

	3.	 Party B is a shareholder of Party C. Party B has ownership of 28.927% of the equity interest in Party C (the
“Equity Interest”). 

  

	4.	 Party A and Party B entered into a loan agreement (as the same may be amended and supplemented from time to
time, the “Loan Agreement”), on November 20, 2017 pursuant to which Party A made a loan, and may make additional loans from time to time, to Party B (such loans are hereinafter collectively referred to as the
“Loan”), so that Party B could invest the proceeds from the Loan in Party C as a capital contribution; and 

  

	5.	 Party A and Party B entered into an equity pledge agreement (the “Equity Pledge Agreement”) on
November 20, 2017. 

  
 1 

 NOW, THEREFORE, through negotiations, all parties to this Agreement hereby agree as
follows: 
  

	1.	 Purchase and Sale of Interest  

 

	 	1.1	 Granting of Rights 

  

	 	1.1.1	 Equity Option 

Party B hereby irrevocably grants to Party A an option (exercisable one or more times) to purchase or cause any one or more persons designated
by Party A (“Designated Persons”) to purchase, to the extent permitted under PRC law, according to the steps determined by Party A, at the price specified in Article 1.3 of this Agreement, and at any time from Party B, a portion of,
or all of, the Equity Interest (the “Equity Option”). No Equity Option shall be granted to any third party other than Party A and/or the Designated Persons. Party C hereby agrees to the granting of the Equity Option by Party B to
Party A and/or the Designated Persons. The term “person” in this Agreement means an individual person, corporation, joint venture, partnership, enterprise, trust or a non-corporation
organization. 
  

	 	1.1.2	 Asset Option 

Party C hereby irrevocably grants to Party A an option (exercisable one or more times) to purchase or cause any Designated Persons to
purchase, to the extent permitted under PRC law, according to the steps determined by Party A, at the price specified in Article 1.3 of this Agreement, and at any time from the Party C or its subsidiaries, a portion of, or all of, the assets of
Party C held by Party C or its subsidiaries (the “Asset Option”). No Asset Option shall be granted to any third party other than Party A and/or the Designated Persons. Upon exercise of the Asset Option, Party B and Party C hereby
agree to take all actions (including execution and delivery of documents), and to cause Party C to take all actions (including execution and delivery of documents), that are necessary or advisable for Party C to transfer any assets to be transferred
by the Asset Option. The term “Option” in this Agreement means either the Equity Option or the Asset Option. The term “Transferor” in this Agreement means (i) Party B, in reference to the Equity Option and
(ii) Party C, in reference to the Asset Option. 
  

	 	1.2	 Exercise Steps 

  

	 	1.2.1	 Option Exercise 

Subject to PRC law and regulations, Party A and/or the Designated Persons may exercise either Option, one or more times to the extent the
relevant Transferor still owns any Equity Interest or assets subject to an Option, by issuing a written notice in the form attached hereto as Exhibit A (the “Notice”) (i) in the case of the Equity Option, to Party B as the
Transferor, specifying the Equity Interest and (ii) in the case of the Asset Option, to Party C as the Transferor, specifying the assets to be purchased (such Equity Interest or assets, as the case may be, the “Purchased
Interest”) and the manner of such purchase. 

  
 2 

	 	1.2.2	 Transferor Obligations 

Before or upon execution of this Agreement, each of Party B and Party C shall execute a power of attorney in the form attached hereto as
Exhibit B, which may be relied upon by Party A upon exercise of either Option, to execute any documents necessary or advisable to effect the transfer of the Purchased Interest. Upon receipt of the Notice by a Transferor, Party B and Party C agree to
promptly take any other required actions (including assisting in obtaining governmental approvals or execution of an updated document in the form of Exhibit B) to effect the transfer of the Purchased Interest to Party A and/or the Designated
Persons. 
  

	 	1.3	 Purchase Price 

  

	 	1.3.1	 If Party A exercises either Option, the purchase price of the Purchased Interest (“Purchase
Price”) shall be: (i) in the case of the Equity Option, equal to the original and any additional paid-in capital paid by the Transferor for such Equity Interest, and (ii) in the case of the
Asset Option, equal to the net book value of the assets as shown in Party C’s financial statements. 

  

	 	1.4	 Transfer of the Purchased Interest 

At each exercise of either Option: 
  

	 	1.4.1	 Party C shall (and Party B shall cause Party C to) convene a shareholders’ meeting. During the meeting,
resolutions approving the transfer of the Purchased Interest from the Transferor to Party A and/or the Designated Persons shall be adopted; 

  

	 	1.4.2	 The Transferor shall, in accordance with the terms and conditions of this Agreement and the Notice in
connection with the Purchased Interest, enter into a transfer agreement with Party A and/or the Designated Persons (as applicable) for each transfer in the form attached hereto as Exhibit C (“Transfer Agreement”);

  

	 	1.4.3	 The relevant parties shall execute all other requisite contracts, agreements or documents, obtain all requisite
government approvals and consents, and take all necessary actions to transfer the valid ownership of the Purchased Interest to Party A and/or the Designated Persons free of any Security Interest, and cause Party A and/or the Designated Persons to be
the registered owner(s) of the Purchased Interest. In this clause and this Agreement, “Security Interest” means guaranty, mortgage, pledge, third-party right or interest, any share option, right of acquisition, right of first
refusal, right of set-off, ownership, detainment or other security arrangements. However, it does not include any security interest arising under the Equity Pledge Agreement. 

  
 3 

	 	1.5	 Payment 

The manner of payment of the Purchase Price shall be determined as set forth in this Article 1.5, unless otherwise determined through
agreement among Party A and/or the Designated Persons and the Transferor or otherwise required by the applicable laws at the time of the exercise of the Option. 
  

	 	1.5.1	 Offset Payment for Equity Option 

Each time Party A exercises the Equity Option, the Purchase Price that is payable by Party A and/or the Designated Persons to the Transferor
in connection with the Purchased Interest shall be used to offset the amount outstanding on the Loan (with such offset applied to the principal, interest and capital utilization costs for the Loan), provided that if there is any tax and/or other
expenses paid or payable by Party B in connection with the transfer of the Purchased Interest in accordance with this Agreement, then a portion of the Purchase Price equal to the amount of such tax and/or other expenses shall be paid to Party B in
cash and not applied as an offset to the amount outstanding on the Loan. 
  

	 	1.5.2	 Cash Payment for Asset Option 

Each time Party A exercises the Asset Option, the Purchase Price that is payable by Party A and/or the Designated Persons to the Transferor in
connection with the Purchased Interest shall be paid in cash to any bank account or person designated by mutual agreement between the Transferor and Party A. 
  

	 	1.6	 Restrictions on Purchase Price 

Notwithstanding anything to the contrary in this Agreement, if the then applicable PRC laws or regulations require appraisal of the Purchased
Interest or stipulate other restrictions on the Purchase Price at the time that Party A exercises the Option, the Parties agree that the Purchase Price shall be set at the lowest price permissible under applicable law. 

 

	2.	 Covenants Relating to the Purchased Interest  

 

	 	2.1	 Covenants Relating to Party B and Party C 

Each of Party B and Party C hereby covenants: 
  

	 	2.1.1	 Not to supplement, amend or modify Party C’s articles of association in any way, or to increase or
decrease its registered capital, or to change its registered capital structure in any way without Party A’s prior written consent; 

  

	 	2.1.2	 To maintain the corporate existence of Party C and operate its business and deal with matters prudently and
effectively according to good financial and business rules and practices; 

  
 4 

	 	2.1.3	 Not to sell, transfer, mortgage or otherwise dispose of, or permit any other Security Interest to be created
on, any of Party C’s assets, business or legal or beneficial interests in its revenue at any time after the signing of this Agreement without Party A’s prior written consent; 

 

	 	2.1.4	 Not to create, succeed to, guarantee or permit any liability, without Party A’s prior written consent,
except (i) liabilities arising from the normal course of business, but not arising from loans; and (ii) liabilities disclosed to Party A and approved by Party A in writing; 

 

	 	2.1.5	 To operate all the business in the normal course of business to maintain the value of Party C’s assets,
and not to commit any act or omission that would adversely affect Party C’s operations and asset value; 

  

	 	2.1.6	 Without prior written consent by Party A, not to enter into any material agreement, other than agreements
entered into in Party C’s normal course of business (for purpose of this paragraph, an agreement will be deemed material if its value exceeds RMB100,000); 

 

	 	2.1.7	 Not to provide loans or credit to any person (other than in the normal course of business) without Party
A’s prior written consent; 

  

	 	2.1.8	 To provide all information relating to Party C’s operations and financial conditions upon the request of
Party A; 

  

	 	2.1.9	 To purchase and maintain insurance from insurance companies accepted by Party A. The amount and category of the
insurance shall be the same as those of the insurance normally procured by companies engaged in similar businesses and possessing similar properties or assets in the area where Party C is located; 

 

	 	2.1.10	 Not to merge or consolidate with, or acquire or invest in, any person without Party A’s prior written
consent; 

  

	 	2.1.11	 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings
concerning Party C’s assets, business or revenue; 

  

	 	2.1.12	 To execute all necessary or appropriate documents, to take all necessary or appropriate actions and to bring
all necessary or appropriate claims or to make all necessary and appropriate defenses against all claims in order for Party C to maintain the ownership over all its assets; 

 

	 	2.1.13	 Not to distribute dividends to Party C’s shareholders in any way without Party A’s prior written
consent. However, Party C shall promptly distribute all or part of its distributable profits to its shareholders upon Party A’s request; and 

  

	 	2.1.14	 At the request of Party A, to appoint persons nominated by Party A to be the directors of Party C.

  
 5 

	 	2.2	 Covenants Relating to Party B 

Party B hereby covenants: 
  

	 	2.2.1	 Not to sell, transfer, mortgage or otherwise dispose of, or allow any other Security Interest to be created on,
the legal or beneficial interest in the Equity Interest at any time after the signing of this Agreement without Party A’s prior written consent, other than the pledge created on Party B’s Equity Interest in accordance with the Equity
Pledge Agreement; 

  

	 	2.2.2	 Without Party A’s prior written consent, not to vote for or sign any shareholders’ resolution at
Party C’s shareholders’ meetings to approve the sale, transfer, mortgage or disposition in any other manner of, or the creation of any other Security Interest on, any legal or beneficial interest in the Equity Interest or Party C’s
assets, except to or for the benefit of Party A or its designated persons; 

  

	 	2.2.3	 Without Party A’s prior written consent, not to vote for or sign any shareholders’ resolution at
Party C’s shareholders’ meetings to approve Party C’s merger or consolidation with, acquisition of or investment in, any person; 

  

	 	2.2.4	 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings
concerning the Equity Interest owned by it; 

  

	 	2.2.5	 To cause any relevant shareholders’ meeting to approve the transfer of any Purchased Interest under this
Agreement; 

  

	 	2.2.6	 To execute all necessary or appropriate documents, to take all necessary or appropriate actions and to bring
all necessary or appropriate claims or to make all necessary and appropriate defenses against all claims in order to maintain his/her ownership over the Equity Interest; 

 

	 	2.2.7	 At the request of Party A, to appoint persons nominated by Party A to be the directors of Party C;

  

	 	2.2.8	 At any time, upon the request of Party A, to transfer its Purchased Interest immediately and unconditionally to
the representative designated by Party A, and, in the case of a purchase of any Equity Interest, waive its preemptive right with respect to the transfer of such Equity Interest by any other shareholder of Party C; and 

 

	 	2.2.9	 To fully comply with the provisions of this Agreement and the other agreements entered into jointly or
respectively by and among Party A, Party B and Party C, perform all obligations under such agreements and not commit any act or omission that would affect the validity and enforceability of these agreements. 

  
 6 

	3.	 Representations and Warranties  

As of the execution date of this Agreement and every transfer date, each of Party B and Party C hereby represents and warrants to Party A as
follows: 
  

	 	3.1	 It has the power and authority to execute and deliver this Agreement, and any Transfer Agreement, to which it
is party for each transfer of the Purchased Interest under this Agreement and to perform its obligations under this Agreement and any Transfer Agreement. Once executed, this Agreement and any Transfer Agreement to which it is party will constitute a
legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

  

	 	3.2	 The execution, delivery and performance of this Agreement or any Transfer Agreement by it will not:
(i) violate any relevant PRC laws and regulations; (ii) conflict with its articles of association or other organizational documents; (iii) violate or constitute a default under any contract or instrument to which it is party or that
binds upon it; (iv) violate any condition for the grant and/or continued effectiveness of any permit or approval granted to it; or (v) cause any permit or approval granted to it to be suspended, cancelled or attached with additional
conditions; 

  

	 	3.3	 Party C has good and marketable ownership interest in all of its assets and has not created any Security
Interest on the said assets; 

  

	 	3.4	 Party C has no outstanding liabilities, except (i) liabilities arising in its normal course of business;
and (ii) liabilities disclosed to Party A and approved by Party A in writing; 

  

	 	3.5	 Party C complies with all PRC laws and regulations applicable to the acquisition of assets;

  

	 	3.6	 There are currently no existing, pending or threatened litigation, arbitration or administrative proceedings
related to the Equity Interest, Party C’s assets or Party C; and 

  

	 	3.7	 Party B has good and marketable ownership interest in the Equity Interest and has not created any Security
Interest on such Equity Interest, other than the Security Interest pursuant to the Equity Pledge Agreement. 

  

	4.	 Assignment of Agreement  

 

	 	4.1	 Party B and Party C shall not assign their rights and obligations under this Agreement to any third party
without the prior written consent of Party A. 

  

	 	4.2	 Party B and Party C hereby agree that Party A may assign all its rights and obligations under this Agreement to
a third party without the consent of Party B and Party C, but such assignment shall be notified in writing to Party B and Party C. 

  
 7 

	5.	 Effective Date and Term  

 

	 	5.1	 This Agreement shall be effective as of the date first set forth above. 

 

	 	5.2	 This Agreement shall remain in full force and effect until the earlier of (i) the date on which all of the
Equity Interest held by Party B or all of the assets of Party C held by Party C or its subsidiaries have been acquired by Party A directly and/or through its Designated Persons in accordance with this Agreement, (ii) the unilateral termination
of this Agreement by Party A at its sole and absolute discretion by giving thirty (30) days prior written notice to the other Parties of its intention to terminate this Agreement, and (iii) if the duration of operation (including any
extension thereof) of Party A or Party C is expired or terminated, except in the situation where Party A has assigned its rights and obligations in accordance with Article 4.2 hereof. 

 

	6.	 Applicable Laws and Dispute Resolution  

 

	 	6.1	 Applicable Law 

The formation, validity, interpretation and performance of and settlement of disputes under this Agreement shall be governed by the laws of
the PRC. 
  

	 	6.2	 Dispute Resolution 

Any dispute, conflict, or claim arising in connection with the interpretation and performance of the provisions of this Agreement (including
any issue relating to the existence, validity, and termination of this Agreement) shall be resolved by the Parties in good faith through negotiations. In case no resolution can be reached by the Parties within thirty (30) days after a Party
makes a request for dispute resolution through negotiations, any Party may refer such dispute to a competent court having legal jurisdiction over the registration place of Party A. The Parties agree to submit to the jurisdiction of such court. The
Parties agree that the dispute and any court proceedings shall be kept confidential and that the existence of the proceedings and any element of it (including but not limited to any pleadings, briefs or other documents submitted or exchanged, any
testimony or other oral submissions, and any awards) shall not be disclosed beyond the court, the Parties, their counsels and any person necessary to the conduct of the proceeding, except as may be lawfully required in judicial proceedings or as
required by the rules of the U.S. Securities and Exchange Commission, the NASDAQ stock market rules or the rules of any other quotation system or exchange on which the securities of the disclosing Parties or their affiliates are listed or as
otherwise required by applicable law. The Parties further agree to request that the court conduct any proceedings in closed session and to keep the existence of the proceedings and any element of it, including the decision of the court, confidential
and refrain from publishing or otherwise disclosing any of the foregoing information to the public, except as may be lawfully required in judicial proceedings or as otherwise required by applicable law. 

  
 8 

	7.	 Taxes and Expenses  

Party A shall bear any and all transfer and registration taxes, expenses and charges incurred by or levied on it, Party B or Party C with
respect to the preparation and execution of this Agreement and each Transfer Agreement and the consummation of the transactions contemplated under this Agreement and each Transfer Agreement. 

 

	8.	 Confidentiality  

 

	 	8.1	 All parties acknowledge and confirm that any oral or written materials exchanged pursuant to this Agreement are
confidential. Each party shall keep confidential all such materials and not disclose any such materials to any third party without the prior written consent from the other parties except in the following situations: (a) such materials are or
will become known by the public (through no fault of the receiving party); (b) any materials as required to be disclosed by the applicable laws or rules of any stock exchange or governmental entity; and (c) any materials disclosed by each party
to its legal or financial advisors relating to the transactions contemplated by this Agreement, and such legal or financial advisors shall comply with the confidentiality provisions set forth in this Article 8. Any disclosure of confidential
information by the personnel of any party or by the institutions engaged by such party shall be deemed as a disclosure by such party, and such party shall be liable for the breach under this Agreement. 

 

	 	8.2	 All parties agree that this Article 8 shall survive the invalidity, cancellation, termination or
unenforceability of this Agreement. 

  

	9.	 Notices 

All notices, claims, certificates, requests, demands and other communications under this Agreement shall be made in writing and shall be
delivered to any Party hereto by hand or sent by facsimile, or sent, postage prepaid, by reputable overnight courier services, or by email properly addressed to the email address of the relevant Party and left the email gateway of the sender and the
sender did not receive a message that the email was undeliverable, at the following addresses (or at such other address for such Party as shall be specified by like notice), and shall be deemed given when so delivered by hand, or if sent by
facsimile, upon receipt of a confirmed transmittal receipt, or if sent by overnight courier, five (5) days after delivery to or pickup by the overnight courier service or, if sent by email, at the time of completion of transmission thereof:

 If to Party A: NetEase Youdao Information Technology (Beijing) Co., Ltd. 

 

					
		 	Address:	  	 1/F, Tower C, Building No. 7, West Zone

Zhongguancun Software Park (Phase II) No. 10
 Xibeiwang East
Road, Haidian District

			
		 	Fax:	  	***********
			
		 	Email:	  	***********
			
		 	Attention:	  	Feng Zhou

  
 9 

 If to Party B: Feng Zhou 

 

					
		 	Address:	  	***********
			
		 	Fax:	  	***********
			
		 	Email:	  	***********

 If to Party C: Beijing NetEase Youdao Computer System Co., Ltd. 

 

					
		 	Address:	  	 2/F, Tower A, Building No. 7, West Zone

Zhongguancun Software Park (Phase II) No. 10
 Xibeiwang East
Road, Haidian District

			
		 	Fax:	  	***********
			
		 	Email:	  	***********
			
		 	Attention:	  	Feng Zhou

  

	10.	 Further Assurances  

The Parties agree to promptly execute documents and take further actions that are reasonably required for, or beneficial to, the purpose of
performing the provisions and carrying out the intent of this Agreement. 
  

	11.	 Miscellaneous  

 

	 	11.1	 Amendment, Modification or Supplement 

Any amendment or supplement to this Agreement shall be made by the Parties in writing. The amendments or supplements duly executed by each
Party shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement. 
  

	 	11.2	 Entire Agreement 

The Parties acknowledge that once this Agreement becomes effective, it shall constitute the entire agreement of the Parties with respect to
the subject matters hereof and shall supersede all prior oral and/or written agreements and understandings by the Parties with respect to the subject matters hereof. 
  

	 	11.3	 Severability 

If any provision of this Agreement is judged to be invalid, illegal or unenforceable in any respect according to any applicable law or
regulation, the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through good-faith negotiations, replace those invalid, illegal or unenforceable provisions with
valid provisions that may bring about economic effects as similar as possible to those from such invalid, illegal or unenforceable provisions. 

  
 10 

	 	11.4	 Headings 

The headings contained in this Agreement are for the convenience of reference only and shall not be used for the interpretation or explanation
or otherwise affect the meaning of the provisions of this Agreement. 
  

	 	11.5	 Successor 

This Agreement shall bind upon and inure to the benefit of the successors and permitted assigns of each Party. In the event of Party B’s
death or incapacity, the terms of this Agreement shall be binding upon the executors, administrators, heirs and successors of Party B. Any Equity Interest held by Party B shall not be part of Party B’s estate upon death or incapacity and shall
not pass to Party B’s heirs or successors. Upon Party B’s death or incapacity, any Equity Interest held by Party B shall be transferred to Party A or its Designated Persons. 

 

	 	11.6	 Survival 

Any obligation arising from or becoming due under this Agreement before its expiration or premature termination shall survive such expiration
or premature termination. Articles 6, 8, 9 and 10 and this Article 11.6 shall survive the termination of this Agreement. 
  

	 	11.7	 Waiver 

Any Party may waive the terms and conditions of this Agreement by a written instrument signed by the Parties. Any waiver by a Party to a
breach by the other Parties in a specific situation shall not be construed as a waiver to any similar breach by the other Parties in other situations. 

IN WITNESS WHEREOF, each Party has caused this Agreement to be executed by himself/herself, its legal representative or its duly authorized
representative as of the date first written above. 
 [Signature page follows] 

  
 11 

 Party A: NetEase Youdao Information Technology (Beijing) Co., Ltd. 

/s/ Seal of NetEase Youdao Information Technology (Beijing) Co., Ltd. 

Party B: Feng Zhou 
 /s/ Feng Zhou 

Party C: Beijing NetEase Youdao Computer System Co., Ltd. 

/s/ Seal of Beijing NetEase Youdao Computer System Co., Ltd. 

  
 12 

 Exhibit A 

Form of Notice 

[Date] 
 Dear Feng Zhou,

 Pursuant to the Exclusive Purchase Option Agreement between us executed on November 20, 2017 (the “Option
Agreement”), you agreed to transfer to us or our Designated Person(s) certain equity interests or assets upon notice from us. 

This letter serves as our notice to you under Article 1.2.1 of the Option Agreement, and we hereby notify you that we wish to purchase from
you the following [equity interests / assets], which constitute the Purchased Interest under Article 1.2.1 of the Option Agreement: 

[All /     % of the shares in Beijing NetEase Youdao Computer System Co., Ltd.] 

[All the assets of Beijing NetEase Youdao Computer System Co., Ltd. / The following assets of Beijing NetEase Youdao Computer System Co.,
Ltd.: 
  

	
	]

 In consideration for the Purchased Interest, the Purchase Price (as defined in Article 1.3 of the Option
Agreement) of the Purchased Interest will be RMB                     . We shall handle payment of the Purchase Price pursuant to Article 1.5 of the
Option Agreement. 
 Please assist us in arranging for the transfer of the Purchased Interest to [us / our Designated Person(s), which
is/are
                                         
   ].    Such transfer should occur no later than forty-five (45) business days after the date hereof 
  

	
	Sincerely,
	
	 NetEase Youdao Information
 Technology (Beijing)
Co., Ltd.

  
 13 

 Exhibit B 

Form of Power of Attorney 
 I
hereby irrevocably appoint
                                         
                       , holder of PRC identification number
:                            , as my proxy, to sign and deliver any and all legal documents that are
necessary or useful to effect any exercise of an option to purchase any equity interests or assets pursuant to the Exclusive Purchase Option Agreement between NetEase Youdao Information Technology (Beijing) Co., Ltd., Feng Zhou and Beijing NetEase
Youdao Computer System Co., Ltd. executed on November 20, 2017. 
  

	
	
                   
                             

	 Feng Zhou

	
	 Date:

  
 14 

 Exhibit C 

Form of Transfer Agreement 
 This Transfer
Agreement (this “Agreement”) is jointly signed by the Parties on                     at the offices of Beijing NetEase Youdao
Computer System Co., Ltd. (the “Company”). 
 Transferor:    [Feng Zhou /Beijing NetEase Youdao Computer System
Co., Ltd.] (“Party A”) 
 Transferee:    [NetEase Youdao Information Technology (Beijing) Co., Ltd. or
designated person(s)] (“Party B”) 
 In this Agreement, Party A and Party B are called collectively as the
“Parties” and each of them is a “Party.” 
 [Party A owns 28.927% of the equity interest of
the Company.] According to the relevant laws, rules and regulations, upon friendly negotiations between the Parties, and pursuant to the Exclusive Purchase Option Agreement entered into by the Parties on [date of agreement] (the
“Exclusive Purchase Option Agreement”), the Parties agree to the following: 
 Article 1. Subject of Transfer and Purchase Price

 Party A shall transfer to [Party B / Party B’s designated
person(s):                            ] [    % equity interest of the Company / the
following assets:
                                         
       ] (the “Transferred Interest”) for the total purchase price of [RMB
                                         
       ]. 
 Article 2. Undertakings and Guarantee 

Party A guarantees that the Transferred Interest is legally owned by Party A and that Party A owns the complete, effective right of disposal.
Party A guarantees that the Transferred Interest is free of any mortgage or other security and not the subject of claims of any third party. Otherwise, Party A shall undertake all legal liabilities incurred therefrom. Party A undertakes and
guarantees that after this Agreement has become effective, Party B shall have all of Party A’s previous rights in the Transferred Assets. 
 Article 3.
Liabilities for Breach of Contract 
 If any Party to this Agreement fails to, according to the provisions of this Agreement, appropriately
and fully perform its obligations, such Party shall be liable for breach of contract. Any damages and costs incurred by the non-breaching Party, due to a breach of contract by the breaching Party, shall be
paid by the breaching Party to the non-breaching Party. 
 Article 4. Method of Dispute Resolutions 

This Agreement shall be subject to the relevant laws of the People’s Republic of China and the interpretations thereof. Any dispute
arising from or in connection with this Agreement shall be resolved by the dispute resolution mechanism in Article 6.2 of the Exclusive Purchase Option Agreement. 

Article 5. Others 
 Both Parties guarantee that
the above agreed contents are the real expression of intention of the Parties, and the legal liabilities for all consequences caused by misstatement shall be borne by the Parties correspondingly. This Agreement shall become effective upon execution
by Party A and Party B. 

  
 15 

 This Agreement shall be executed in triplicate, one for each of the Parties
and one for the Company for use in completing the relevant formalities. 
 Party A (signature): 

Party B (signature): 
 Dated:

  
 16

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