Document:

EX-4.6

 Exhibit 4.6 

THIS NOTES PURCHASE AGREEMENT (this “Agreement”) is made as of August 1, 2017 by and among: 

 

	 	(1)	Puxin Limited, a company organized and existing under the laws of the Cayman Islands (the “Company”); 

 

	 	(2)	Prepshine Holdings Co., Limited (

), a company organized and existing under the laws of Hong Kong (the “HK Company”); 

  

	 	(3)	Haitong International Investment Holdings Limited, a limited liability company incorporated under the laws of the British Virgin Islands (the “Purchaser”); 

 

	 	(4)	The individual listed in Schedule I hereto (the “Founder”); 

  

	 	(5)	The entity listed in Schedule II hereto (the “Founder Holdco”; together with the Founder, the “Key Parties”); 

 

	 	(6)	Puxin Education Technology Group Co., Ltd (

, the “Domestic Company”), a limited liability company incorporated and validly existing under the laws of the PRC. 

The Company, the HK Company, the Purchaser, the Founder, the Founder Holdco, the PRC Companies (as defined below) are hereinafter collectively
referred to as the “Parties” and respectively referred to as a “Party”. 
 WHEREAS, the Founder
owns 85.24% of the equity ownership of the Company through the Founder Holdco and own 59.24% of the equity interest in the Domestic Company;  

WHEREAS, the Company has requested the Purchaser to provide loans in the aggregate principal amount of US$50,000,000 (the
“Principal Amount”) pursuant to the terms and conditions of this Agreement and the Notes (as defined below), under which the Company will issue to the Purchaser a convertible promissory note in the aggregate principal amount of
US$25,000,000 (the “Convertible Principal Amount”) and a promissory note in the aggregate principal amount of US$25,000,000 (the “Ordinary Principal Amount”); and 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows: 
 SECTION 1. ISSUANCE OF NOTES 

1.1 Issuance of Notes. 

(i) Subject to the terms and conditions of this Agreement, at the Note Closing (as defined below), the Company shall issue and sell to the
Purchaser, and the Purchaser agrees to purchase from the Company, the convertible promissory note in the form of Exhibit A hereto (the “Convertible Note”) in the Convertible Principal Amount, against
payment by the Purchaser to the Company of the Convertible Principal Amount; 
 (ii) Subject to the terms and conditions of this Agreement,
at the Note Closing (as defined below), the Company shall issue and sell to the Purchaser, and the Purchaser agrees to purchase from the Company, the promissory note in the form of Exhibit B hereto (the
“Ordinary Note”, together with the Convertible Note, the “Notes”) in the Ordinary Principal Amount, against payment by the Purchaser to the Company of the Ordinary Principal Amount. 

  
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 (iii) In order to secure their obligations under this Agreement and the Note, the Warrantors
agree to enter into the Security Deed and Domestic Equity Pledge Agreements (as defined below) to which it is a party. 
 1.2 Use of
Proceeds. Subject to Section 6 hereof, the Company shall use the proceeds from the issuance of the Notes solely for payment of the consideration for the Company’s purchase and acquisition of 100% equity interest
held by the offshore Affiliate of PEARSON PLC. in Beijing Global Education & Technology Co., Ltd. (

) and its Affiliates (the “Proposed Acquisition”), and shall not use such proceeds to pay any debt of the Group Companies or to repurchase or cancel any securities held by any shareholder of the Group
Companies or to make any payment to the shareholders or affiliates of any Group Company or for any other purposes without the prior written consent of the Purchaser. 

SECTION 2. NOTE CLOSING 

2.1 Note Closing. The closing of the purchase and sale of the Notes hereunder (the “Note Closing”) shall take place
remotely via the exchange of documents and signatures on the Closing Date, within three (3) Business Days upon completion by the Company (or waiver by the Purchaser) of all conditions in Section 5 below. 

2.2 Delivery. 
 (i) Within
five (5) Business Days after the Note Closing, the Purchaser shall pay the Company, by wire transfer of immediately available funds, an amount equal to the Principal Amount, to the offshore bank account designated in writing by the Company and
delivered to the Purchaser at least five (5) Business Days prior to the Note Closing (the “Designated Account”). The obligation of the Purchaser to pay the Principal Amount under this Agreement and both of the Convertible Note
and the Ordinary Note are completed upon the full payment of the Principal Amount into the Designated Account; and 
 (ii) At the Note
Closing, the Company shall (a) execute and deliver to the Purchaser a Convertible Note and an Ordinary Note in its name evidencing the Purchaser’s payment of the Convertible Principal Amount and the Ordinary Principal Amount. The Notes
issued to the Purchaser shall be binding obligation of the Company upon execution thereof by the Company and delivery thereof to the Purchaser (including delivery via fax, email or other electronic means); and (b) deliver other documents as
provided under Section 5 hereof. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES 

Unless specifically indicated otherwise, the Group Companies and the Key Parties (collectively, the “Warrantors”) hereby
jointly and severally represent and warrant to the Purchaser that the statements in this Section 3, except as set forth in the Disclosure Schedules (the “Disclosure Schedules”) attached to this Agreement as
Exhibit C (the contents of which shall also be deemed to be representations and warranties hereunder) are all true, accurate, complete and not misleading as of the date of this Agreement and as of the Note Closing. For purposes of this
Section 3, with respect to a Party that is an entity, any reference to such Party’s “knowledge” means such Party’s best knowledge after due and diligent inquiries of officers, directors, and other
employees of such Party reasonably believed to have knowledge of the matter in question. 
 3.1 Organization, Good Standing and
Qualification. 
 (i) Each of the Company and the HK Company is duly organized, validly existing and in good standing under, and by
virtue of, the laws of the place of its incorporation or establishment and has all requisite power and authority to own its properties and assets and to carry on its business as now conducted and as presently proposed to be conducted. Each of the
Company and the HK Company is qualified to do business and is in good standing in each jurisdiction where failure to be so qualified would have a Material Adverse Effect. 

  
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 (ii) Each of the PRC Companies is a company duly organized and existing under the laws of the
PRC, and has all powers and all governmental licenses, permits, Governmental Authorizations, consents and approvals required to carry on its business as now conducted, unless failure to do so would not result in a Material Adverse Effect. Each of
the PRC Companies has paid all such governmental fees, Taxes and stamp duty required to be paid by it under applicable PRC and other laws prior to or upon the Closing, unless any default in paying such governmental fees, Taxes and stamp duty would
not have Material Adverse Effect. Copies of the business license, articles of association, and other organizational documents of each of the PRC Companies, as amended to date, have been delivered to the Purchaser and are true, correct and complete
and are in full force and effect. 
 3.2 Due Authorization and No Conflict. All corporate action on each Group Company, its officers,
directors and shareholders and authorization, approval and consent of a third Person necessary for the authorization, execution and delivery of each Transaction Agreement (as defined below), the authorization, issuance, sale and delivery of the
Notes, the performance of their respective obligations under each Transaction Agreement and all other agreements, instruments and documents executed and delivered in connection with the transactions contemplated hereby, has been taken or will be
taken prior to the Note Closing. The execution, delivery, performance and observance by such Group Company of its obligations under each Transaction Agreement and the transactions contemplated hereby and thereby, and the issue and sale of the Notes
to the Purchaser pursuant hereto, have been duly authorized and are, or will be duly authorized prior to the Note Closing and will be, the legally valid and binding obligations of such Group Company, enforceable against such Group Company in
accordance with their respective terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting creditors’ rights generally and to general equitable principles. Neither
the Notes, nor the Conversion Shares are subject to any pre-emptive rights, rights of first refusal, or liens of any kind. The execution, delivery, performance and observance by such Group Company of its
obligations under each Transaction Agreement, the issue and delivery of the Notes and the Conversion Shares do not and will not, with or without the passage of time or the giving of notice or both, (i) result in the existence or imposition of
any Liens, in favour of any person or entity over all or any of the assets or properties of any Group Company (except for such Lien created by the Transaction Agreements); (ii) conflict with or result in a breach of any agreement, mortgage, bond or
other instrument to which any Group Company is a party or which is binding upon any Group Company, or any of their respective assets or properties; (iii) conflict with or result in a breach of the certificate of incorporation, memorandum of
association, articles of association or other organizational or charter documents of any Group Company; (iv) conflict with or result in a breach of any law, regulation or judicial order binding on any Group Company; or (v) result in any
Group Company (a) being rendered insolvent or bankrupt as the case may be, (b) being incapable of paying its debts or performing its obligations as such debts or obligations become due in the usual course of business, (c) having
liabilities that exceed its assets, (d) having final money judgments rendered in amounts that it will be unable to satisfy promptly in accordance with their terms (taking into account the maximum probable amount of such judgments in any such
actions and the earliest reasonable time at which such judgments might be rendered) as well as all other obligations of such Group Company, or (e) commencing any bankruptcy, reorganization or insolvency proceeding, or other proceeding, under
any federal, state or other law for the relief of debtors. 

  
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 3.3 Capitalization. The authorized share capital of the Company will consist of the
following immediately prior to the Closing: 
 (i) Ordinary Shares. A total of 1,000,000,000 authorized Ordinary Shares of which
100,000,000 shares are issued and outstanding. 
 (ii) Options, Warrants, Available Shares. Other than with respect to the Conversion
Shares and those disclosed in Section 3.3(ii) of the Disclosure Schedule, there are no options, warrants, conversion privileges or other rights or agreements outstanding or under which the Company is or may become obligated to issue any
securities of any class or series except as set forth above. Apart from the exceptions noted in this Section 3.3 and those disclosed in Section 3.3(ii) of the Disclosure Schedule, none of the Company’s outstanding shares, and no
shares issuable upon exercise, conversion, or exchange of any outstanding options or other shares issuable by the Company, are subject to any pre-emptive rights, rights of first refusal, or other rights to purchase such shares (whether in favor of
the Company or any other Person), pursuant to any agreement or commitment to which the Company is a party or of which the Company is aware, except for the rights imposed under the M&AA and in the Transaction Agreements. 

(iii) Outstanding Security Holders. Section 3.3(iii) of the Disclosure Schedule sets forth a complete list of all outstanding
shareholders, option holders and other security holders of the Company as of the date hereof. 
 3.4 Subsidiaries (General). The
Company does not presently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association, or other Person, except for one hundred percent (100%) of the equity interests in the HK
Company who will directly own one hundred percent (100%) of the equity interests in the WFOE upon WFOE’s incorporation. The Company was formed solely to acquire and hold an equity interest in the HK Company and since its formation has not
engaged in any business and has not incurred any Liability except in the ordinary course of acquiring, managing and disposing of its equity interest in the HK Company. 

3.5 PRC Companies. Except as disclosed in Section 3.5 of the Disclosure Schedule: 

(i) Except as provided under the Equity Pledge Agreements (as defined below), there are no outstanding rights, or commitments made by each of
the PRC Companies or any of its investors and owners, to issue, purchase or sell any equity interest in each of the PRC Companies, nor is there any due but unpaid amount of purchase price for purchase, sale or transfer of equity interests in each of
the PRC Companies in violation of the terms of relevant transaction documents contemplating purchase, sale or transfer of such equity interests. 

(ii) There are no bonds, debentures, notes or other indebtedness of any of the PRC Companies having the right to vote (or convertible into, or
exchangeable for, securities having the right to vote) on any matters on which holders of equity interests of each of the PRC Companies may vote. There are no voting trusts, shareholder agreements, proxies or other agreements or understandings in
effect with respect to the voting or transfer of any of the equity interests to which of any of the PRC Companies is a party or is otherwise bound. 

(iii) The incorporation documents relating to each of the PRC Companies are valid and have been duly approved or issued (as applicable) by the
appropriate PRC authorities and are valid and in full force. 

  
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 (iv) All consents, approvals, Governmental Authorizations, permits or licenses required under PRC
laws for the due and proper establishment of each of the PRC Companies have been duly obtained from the appropriate PRC authorities and are in full force and effect. All material consents, approvals, Governmental Authorizations, permits or licenses
required under PRC laws for operation of each of the PRC Companies as currently operated, or contemplated to be operated, have been duly obtained from the appropriate PRC authorities and are in full force and effect, unless the absence of any of
such consents, approvals, Governmental Authorizations, permits or licenses would have no Material Adverse Effect. 
 (v) All filings and
registrations with the PRC authorities required in respect of each of the PRC Companies and its operations, including the registrations with, the State Administration of Industry and Commerce, department of education, tax bureau, customs
authorities, product registration authorities and health regulatory authorities, as applicable, have been duly completed in accordance with the relevant rules and regulations. 

(vi) None of the PRC Companies has received any letter or notice from any relevant authority notifying each of the PRC Companies of the
revocation of any Governmental Authorizations, permits or licenses issued to it for non-compliance or the need for compliance or remedial actions in respect of the activities carried out directly or indirectly
by each of the PRC Companies. 
 (vii) With respect to any land use right, building, property and investment held or leased by each of the
PRC Companies, it has exclusive, full and unimpaired legal and beneficial ownership of its rights, leasehold interests, property and investments free from any mortgages or security interests of any nature, third party rights, conditions, orders or
other restrictions and has obtained all necessary approvals and effected all necessary registrations with government authorities with respect thereto. 

(viii) All requisite formalities in respect of the importation of machinery, equipment, parts, tools and materials by each of the PRC
Companies has been and will be complied with in accordance with the relevant PRC laws and regulations. 
 (ix) Each of the PRC Companies has
been conducting and will conduct its business activities within the permitted scope of business or is otherwise operating its business in material compliance with all relevant legal requirements, including producing, processing and/or distributing
products with all requisite licenses, permits and approvals granted by competent PRC authorities.  
 (x) No Group Company has any
reason to believe that any Governmental Authorizations, licenses or permits requisite for the conduct of any part of each of the PRC Companies’ business which are subject to periodic renewal will not be granted or renewed by the relevant PRC
authorities. Section 3.5(xii) of the Disclosure Schedule lists all lines of business in which the each of the PRC Companies is participating or engaged. 

(xi) All applicable laws and regulations with respect to the opening and operation of foreign exchange accounts and foreign exchange
activities of each of the PRC Companies have been complied with in all material respects, and all requisite approvals from the SAFE in relation thereto have been duly obtained. 

(xii) With regard to employment and staff or labour management, each of the PRC Companies has complied with all applicable PRC laws and
regulations, including laws and regulations pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits, pensions or the like. 

  
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 (xiii) There are no outstanding stock options with respect to each of the PRC Companies. All
presently outstanding equity securities of each Group Company were duly and validly issued (or subscribed for) in compliance with all applicable laws, pre-emptive rights of any Person, and applicable contracts, and are fully paid and non-assessable. All share capital of each Group Company is and as of the Note Closing shall be free and clear of any and all Liens or other third party rights, claims or interests (except as provided under the
Transaction Documents or disclosed in Section 3.5 (xiii) under the Disclosure Schedule). There are no (a) resolutions pending to increase the share capital of any Group Company or cause the liquidation, winding up, or dissolution of any
Group Company or (b) dividends which have accrued or been declared but are unpaid by any Group Company. The name of each director and officer of the Domestic Company on the date hereof, and the position held by each, are listed in
Section 3.5(xiv) of the Disclosure Schedule. 
 (xiv) There are no other companies, partnerships, joint ventures, associations or other
entities in which each of the PRC Companies owns, of record or beneficially, any direct or indirect equity or other interest or any right (contingent or otherwise) to acquire the same. 

(xv) Each of the PRC Companies owns free and clear from all encumbrances and third party rights all properties and assets, including
Proprietary Rights, necessary for its operations as presently conducted and as proposed to be conducted. 
 3.6 Valid Issuance of Notes
and Shares. 
 (i) The Convertible Note when issued, sold and delivered in accordance with the terms hereof for the consideration
expressed herein, and the Conversion Shares when issued in accordance with the terms of the Convertible Note (or the securities issuable upon conversion of such Conversion Shares) will be duly and validly issued, fully paid and non-assessable and
free of restrictions on transfer other than restrictions on transfer under this Agreement, the Convertible Note and applicable state and federal securities laws. Subject to the truthfulness and accuracy of the representations and warranties made by
the Purchaser under Section 4 below, the Convertible Note and the Conversion Shares will be issued in compliance with all applicable federal and state securities laws. 

(ii) All presently outstanding shares of the Company are duly and validly issued, fully paid and
non-assessable and free of any liens, and all outstanding shares, options and other securities of the Company, have been issued in full compliance with the requirements of all applicable securities laws and
regulations, including the Securities Act, and all other antifraud and other provisions of applicable securities laws and regulations. 

3.7 Financial Statements. The Company has provided the unaudited consolidated balance sheets, cash flow statements and income
statements of the Group Companies as of June 30, 2017 (“Financial Statements Date”) (all such financial statements being collectively referred to herein as the “Financial Statements”). Such Financial Statements
(a) accord with the books and records of the respective Group Company, (b) are true, correct and complete and present fairly the financial condition and state of affairs of the respective Group Company at the date or dates therein
indicated and the results of operations for the period or periods therein specified, and (c) have been prepared in accordance with PRC GAAP applied on a consistent basis, except, as to the unaudited financial statements, for the omission of
notes thereto and normal year-end audit adjustments. 
 Specifically, but not by way of limitation,
the respective balance sheets included in the Financial Statements disclose all of the respective Group Company’s debts, liabilities and obligations of any nature, whether due or to become due, as of their respective dates (including absolute,
accrued, and contingent liabilities) to the extent such debts, liabilities and obligations are required to be disclosed in accordance with the PRC GAAP, and each Group Company has good and marketable unencumbered title to all assets set forth on the
balance sheets of the respective Financial Statements, except for such assets as have been spent, sold or transferred in the ordinary course of business since their respective dates. 

  
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 3.8 Liabilities. Except as described in Section 3.8 of the Disclosure Schedule, no
Group Company has any indebtedness for borrowed money that it has directly or indirectly created, incurred, assumed, or guaranteed, or with respect to which the Group Company has otherwise become directly or indirectly liable, except as reflected on
the Financial Statements and none of the Group Companies is unable to pay its debts as and when such debts fall due or is subject to any insolvency proceedings or has had a receiver, liquidator or administrator appointed over its assets. 

3.9 Title to Properties and Assets. Each Group Company has good and marketable title to all respective properties and assets reflected
on the Financial Statements, in each case such property and assets are subject to no Lien. With respect to the property and assets it leases, each Group Company is in compliance with such leases and holds valid leasehold interests in such assets
free of any Liens. 
 3.10 Activities Since Financial Statements Date. Except as disclosed in Section 3.10 of the Disclosure
Schedule, none of the following events has occurred with respect to any Group Company since the Financial Statements Date and prior to the Note Closing: 

(i) any declaration or payment of any dividend, or authorization or payment of any distribution upon or with respect to any class or series of
its capital shares or any other equity interest; 
 (ii) any incurrence of indebtedness for money borrowed or any other liabilities in an
aggregate amount exceeding US$ 500,000; 
 (iii) any sale, exchange, assignment, or other disposition of any assets or rights (including any
Proprietary Rights or other intangible assets) or creation of any encumbrance on any of its assets or rights; 
 (iv) any agreements or
transactions with any of its officers, directors or employees or any entity controlled by any of such individuals or with its shareholders or Persons related to such shareholders, or any agreement on transaction with any other party; 

(v) any damage, destruction or loss, whether or not covered by insurance, affecting its assets, properties, financial condition, operating
results, prospects or business as presently conducted and as presently proposed to be conducted; 
 (vi) any waiver of a valuable right or
of a debt owed to it; 
 (vii) any satisfaction or discharge of any Lien, claim or encumbrance or payment of any obligation; 

(viii) any resignation or termination of any of its directors or key officers; or 

(ix) any other event or condition of any character which would have Material Adverse Effect. 

  
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 3.11 Proprietary Rights. 

(i) Each Group Company (i) owns free and clear of all claims, security interests, Liens and other encumbrances, or (ii) has the valid
right or license to use, all products, materials, software, tools, software tools, computer programs, specifications, source code, object code, improvements, discoveries, user interfaces, software, mask works, Internet domain names, enterprise or
business names, logos, data, information and inventions, and all documentation and media constituting, describing or relating to the foregoing that is required or used in its business as currently conducted or as proposed to be conducted together
with all Proprietary Rights in or to all of the foregoing (collectively, the “Group Company Technology”). Section 3.11(i) of the Disclosure Schedule contains a true, complete and accurate list of all Proprietary Rights
necessary for the conduct of the Group Company’s business as currently being conducted or proposed to be conducted. 
 (ii) The
possession, development, production, manufacturing, use, offering, marketing, licensing, distribution, sale and other exploitation by each Group Company of any and all Group Company Technology as now conducted does not (A) infringe, violate,
misappropriate or otherwise interfere or conflict with any patent and trademark rights or (B) infringe, violate, misappropriate or otherwise interfere or conflict with any other rights, title or interest of any third party. 

(iii) No Group Company has received any notice or claim (whether written, oral or otherwise) that (1) contests or challenges in any
manner whatsoever the Group Company’s ownership or other rights in any Group Company Technology, (2) contests or challenges in any manner whatsoever the validity or enforceability of any of the Proprietary Rights of the Group Company in
the Group Company Technology, or (3) claims or otherwise asserts that the Group Company, the Group Company Technology or the conduct of the Group Company’s business as currently conducted infringes, violates, misappropriates or otherwise
interferes or conflicts with any right, title or interest of any third party. 
 (iv) There are no outstanding options, material licenses or
agreements granting third parties the rights to own or use any Group Company Technology owned by the Group Company (“Group Company Outbound Technology Licenses”). 

(v) The material licenses or other agreements giving a Group Company the right to use certain Group Company Technology are listed in
Section 3.11(v) of the Disclosure Schedule (“Group Company Inbound Technology Licenses”). 
 (vi) True
and complete copies of all Group Company Outbound Technology Licenses and Group Company Inbound Technology Licenses (other than licenses of generally commercially available “off the shelf” software used by the Company)
(collectively, the “Group Company Technology Agreements”) have been provided to the Purchaser. 
 (vii) All Group Company
Technology Agreements are valid, binding and in full force and effect with respect to each Group Company, and to the best information, knowledge and belief of the Group Company, each other party thereto. To the best information, knowledge and belief
of each Group Company, all parties to the Group Company Technology Agreements have performed in all material respects their obligations thereunder, and neither any Group Company nor any other party thereto is in material default thereunder, nor to
the best knowledge of the Warrantors, has there occurred any material event or circumstance that with notice or lapse of time or both would constitute a default or event of default on the part of the Group Company or any other party thereto or give
to any other party thereto the right to terminate or modify any Group Company Technology Agreement. 

  
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 (viii) No Group Company has received notice that any party to any Group Company Technology
Agreement intends to cancel or terminate any Group Company Technology Agreement. 
 (ix) No Group Company is or will be as a result of the
execution or delivery of this Agreement and the other Transaction Agreements to which it is a party, the consummation of the transactions contemplated hereby and thereby or the performance of obligations hereunder or thereunder, or as a result of
conducting its business as currently contemplated, in breach of any license or other agreement relating to Group Company Technology. 
 (x)
No government funding, facilities of any university, college or other educational institution or public research centre or funding from third parties was used in the development of any Group Company Technology. 

(xi) None of the software or firmware embedded or included in or on any hardware or other products sold by a Group Company or any other
software or firmware that a Group Company now or in the future intends to sell or license either as a separate product or bundled with any other product or service, is required to be (a) disclosed or distributed in source code form,
(b) licensed for the purpose of making derivative works, or (c) redistributable at no charge as the result of the use or incorporation of any Public Software in any Group Company Technology, the use of any Public Software (as defined
below) in connection with the development of any Group Company Technology or for any other reason. 
 (xii) All inventions and know-how conceived by employees of a Group Company related to the business of such Group Company are currently owned exclusively by a Group Company. None of the Group Companies believes it is or will be necessary to
utilize any inventions of any of its officers or employees (or any person it currently intends to hire) made prior to or outside the scope of their employment by such Group Company. All employees, contractors, agents and consultants of a Group
Company who are or were involved in the creation of any Proprietary Rights for such Group Company have executed an assignment of inventions agreement that vests in a Group Company exclusive ownership of all right, title and interest in and to such
Proprietary Rights, to the extent not already provided by Law. All employee inventors of Group Company Technology have received reasonable reward and remuneration from a Group Company for his/her service inventions or service technology achievements
in accordance with the applicable PRC laws. It will not be necessary to utilize any Proprietary Rights of any such persons made prior to their employment by a Group Company and none of such Proprietary Rights has been utilized by any Group Company,
except for those that are exclusively owned by a Group Company. None of the employees, consultants or independent contractors, currently or previously employed or otherwise engaged by any Group Company, (a) is in violation in any material
respect of any current or prior confidentiality, non-competition or non-solicitation obligations to such Group Company or to any other Persons, including former
employers, or (b) is obligated under any Contract, or subject to any Governmental Order, that would interfere with the use of his or her best efforts to promote the interests of the Group Companies or that would conflict with the business of
such Group Company as presently conducted. 
 3.12 Material Contracts. 

(i) Material Contracts and Obligations. All agreements, contracts, leases, licenses, instruments, commitments (oral or written),
indebtedness, liabilities and other obligations to which any Group Company is a party or by which it is bound that (i) are material to the conduct and operations of its business and properties; (ii) involve any of the officers,
consultants, directors, employees or shareholders of any Group Company; or (iii) obligate any Group Company to share, license or develop any product or technology, (iv) involve purchase or acquisition of equity interest or assets of a
school, training centre or its operator, (v) involve the right to purchase, or to request any Group Company or Founder to repurchase, any equity interest in any Group Company, are listed in Section 3.12 of the Disclosure Schedule and have
been provided to the Purchaser and its counsel. For purposes of this Section 3.12 “material” shall mean any agreement, contract, indebtedness, Liability, arrangement or other obligation having an aggregate value, cost,
Liability or amount of RMB1,000,000 or more. 

  
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 (ii) Validity and Status. All the material contracts listed on Section 3.12 of the
Disclosure Schedule are legally valid and binding, in full force and effect, and enforceable in accordance with their respective terms against the parties thereto. There is no existing default or breach by any party thereto and no Group Company has
received any notice or claim or allegation of default or breach thereof from any party thereto, and the various transfers of assets, shares, equity interests, capital, personnel, contracts and Proprietary Rights. 

3.13 Litigation. There is no Action pending or to the best knowledge of the Warrantors, currently threatened against any of the Key
Group Company, any Key Group Company’s activities, properties or assets or against any officer, director or employee of any Key Group Company in connection with such officer’s, director’s or employee’s relationship with, or
actions taken on behalf of, any Key Group Company. There is no Action pending or to the best knowledge of the Warrantors, currently threatened against any of other Group Companies, any Group Company’s activities, properties or assets or against
any officer, director or employee of any Group Company in connection with such officer’s, director’s or employee’s relationship with, or actions taken on behalf of, any other Group Company, which could have Material Adverse Effect.
There is no factual or legal basis for any such Action that might result, individually or in the aggregate, in any material adverse change in the business, properties, assets, financial condition, affairs or prospects of any Group Company. No Key
Group Company is a party to or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality and there is no Action by any Key Group Company currently pending or which it intends to
initiate. To the best knowledge of the Warrantors, no other Group Company is a party to or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality and there is no Action by
any of such other Group Company currently pending or which it intends to initiate. 
 3.14 Governmental Consents. All consents,
approvals, orders, authorizations, permits or registrations, qualifications, designations, declarations or filings with any governmental authority (“Governmental Authorizations”) on the part of each Group Company required in
connection with the execution, delivery and performance of the Transaction Agreements and the consummation of the transactions contemplated herein have been obtained and are currently effective and in consummating such transactions. The offer, sale
and issuance of the Notes and the Conversion Shares, in conformity with the terms of this Agreement, are exempt from the registration and prospectus delivery requirements of the Securities Act and all other applicable securities laws and
regulations. 
 3.15 Compliance with Other Instruments. No Group Company is in, nor will the conduct of business of any Group Company
as proposed to be conducted result in, any violation, breach or default of any constitutional document of any Group Company (which include, as applicable, articles of incorporation, memoranda and/or articles of association, by-laws, joint venture contracts and the like), or in any material respect of any term or provision of any mortgage, indenture, contract, agreement or instrument to which any Group Company is a party or by which it
may be bound, or of any provision of any judgment, decree, order, statute, rule or regulation applicable to or binding upon any Group Company. The execution, delivery and performance of and compliance with the Transaction Agreements and the
consummation of the transactions contemplated hereby will not result in any such violation, breach or default, or be in conflict with or constitute, with or without the passage of time or the giving of notice or both, either a default under any such
constitutional documents, any such contract, agreement or instrument or a violation of any statutes, laws, regulations or orders, or an event which results in the creation of any Lien, charge or encumbrance upon any asset of any Group Company. 

  
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 3.16 Registration Rights. Except as provided in the Transaction Agreements, no Group
Company has granted or agreed to grant any Person or entity any registration rights with respect to any of the securities of any Group Company. 

3.17 Tax Matters. 
 (i)
All Tax Returns required to be filed on or prior to the date hereof with respect to each Group Company have been duly and timely filed by such Group Company within the requisite period and completed on a proper basis in accordance with the
applicable Laws, and are up to date and correct in all material respects. All Taxes owed by each Group Company (whether or not shown on every Tax Return) have been paid in full or provision for the payment thereof have been made. No deficiencies for
any Taxes with respect to any Tax Returns have been asserted in writing by, and no notice of any pending action with respect to such Tax Returns has been received from, any Tax authority, and no dispute relating to any Tax Returns with any such Tax
authority is outstanding or contemplated. Each Group Company has timely paid all Taxes owed by it which are due and payable (whether or not shown on any Tax Return) and withheld and remitted to the appropriate Governmental Authority all Taxes which
it is obligated to withhold and remit from amounts owing to any employee, creditor, customer or third party, unless failure to do so would not have Material Adverse Effect. 

(ii) No audit of any Tax Return of each Group Company and no formal investigation with respect to any such Tax Return by any Tax authority is
currently in progress. No Group Company has waived any statute of limitations with respect to any Taxes, or agreed to any extension of time with respect to an assessment or deficiency for such Taxes. 

(iii) No written claim has been received by the Company in a jurisdiction where the Group does not file Tax Returns that any Group Company is
or may be subject to taxation by that jurisdiction. 
 (iv) The assessment of any additional Taxes with respect to the applicable Group
Company for periods for which Tax Returns have been filed is not expected to exceed the recorded Liability therefor in the most recent balance sheet in the Financial Statements, and there are no unresolved questions or claims concerning any Tax
Liability of any Group Company. which could have any Material Adverse Effect. Since the Financial Statements Date, no Group Company has incurred any liability for Taxes outside the ordinary course of business or otherwise inconsistent with past
custom and practice. Except as disclosed in Section 3.17(iv) of the Disclosure Schedule, there is no pending dispute with, or notice from, any Tax authority relating to any of the Tax Returns filed by any Key Group Company, and to the best
knowledge of the Warrantors, there is not pending dispute with, or notice from, any Tax authority relating to any of the Tax Returns filed by any other Group Company. There is no proposed Liability for a deficiency in any Tax to be imposed upon the
properties or assets of any Group Company. 
 (v) No Group Company has been the subject of any examination or investigation by any Tax
authority relating to the conduct of its business or the payment or withholding of Taxes that has not been resolved or is currently the subject of any examination or investigation by any Tax authority relating to the conduct of its business or the
payment or withholding of Taxes. No Group Company is responsible for the Taxes of any other Person by reason of contract, successor liability or otherwise. 

  
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 (vi) All Tax credits and Tax holidays enjoyed by the Group Company established under the laws of
the PRC under applicable Laws since its establishment have been in compliance in all material respects with all applicable Laws and is not subject to reduction, revocation, cancellation or any other changes (including retroactive changes) in the
future, except through change in applicable Laws published by relevant Governmental Authority. 
 (vii) No Group Company is, or has ever
been a PFIC or CFC or a U.S. real property holding corporation. No Group Company anticipates that it will become a PFIC or CFC or a U. S. real property holding corporation for the current taxable year or any future taxable year. No Group Company has
any plan or intention to conduct its business in a manner that would be reasonably expected to result in such Group Company becoming a PFIC or CFC or a U.S. real property holding corporation in the future. 

3.18 Obligations of Management. Each key employee of each Group Company is identified in Section 3.18 of the Disclosure Schedule
(the “Key Employees”) and except for the part-time employees specified in Section 3.18 of the Disclosure Schedule, each such Key Employee is currently devoting one hundred percent (100%) of his or her working time to the
conduct of the business of a Group Company. To the best knowledge of the Warrantors after due inquiry, no Warrantor is aware that any such Key Employee is planning to work less than full time at a Group Company in the future. To the best knowledge
of the Warrantors after due inquiry and except as disclosed in Section 3.18 of the Disclosure Schedule, no such Key Employee directly or indirectly holds any interest in or is currently working for a competitive enterprise, whether or not such
Person is or will be compensated by such enterprise. 
 3.19 Employment Agreement, Invention Assignment and Confidentiality
Agreement. Each employee, officer, consultant and contractor of each Group Company has entered into an employment agreement, and a confidentiality, non-competition and Proprietary Rights agreement
satisfactory to the Purchaser. 
 3.20 Environmental Compliance. 

(i) Each Group Company is in full compliance with all Environmental Laws, which compliance includes the possession by each Group Company of all
permits and other Governmental Authorizations required under applicable Environmental Laws and compliance with the terms and conditions thereof. No Group Company has received any communication (written or oral), whether from a Governmental
Authority, citizens group, employee, or otherwise, that alleges that it is not in such full compliance and to the best knowledge of each Warrantor, there are no circumstances that may prevent or interfere with such full compliance in the future.

 (ii) There is no Environmental Claim pending or threatened against any Group Company or any Person whose Liability for an Environmental
Claim a Group Company has retained or assumed either contractually or by operation of law. There are no past or present actions, activities or circumstances, including the release, emission, discharge, or disposal of any Material of Environmental
Concern, that could form the basis of any Environmental Claim against any Group Company or any Person whose Liability for any Environmental Claim a Group Company has retained or assumed either contractually or by operation of law. 

  
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 3.21 Interested Party Transactions. Except as disclosed in Section 3.21 of the
Disclosure Schedule, no shareholder, officer, employee or director of a Group Company or any Affiliate of any such Person (each of the foregoing, an “Interested Party”) has any agreement, understanding, or proposed transaction with,
or is indebted to, any Group Company, nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any of them. Except as disclosed in Section 3.21 of the Disclosure Schedule, no Interested Party has any
direct or indirect ownership interest in any firm or corporation with which a Group Company is affiliated or with which a Group Company has a business relationship, or any firm or corporation that competes with a Group Company, except that any of
the foregoing Persons may have less than one percent (1%) of record ownership interest in the Company or own less than one percent (1%) of shares in publicly traded companies that may compete with a Group Company. No Affiliate of any officer or
director of a Group Company is directly or indirectly interested in any material contract with a Group Company. No Interested Party has had, either directly or indirectly, any interest in: (a) any Person which purchases from or sells, licenses
or furnishes to a Group Company any goods, property, intellectual or other property rights or services; or (b) any contract or agreement to which a Group Company is a party or by which it may be bound or affected. 

3.22 Minute Books. The minute books of each Group Company made available to the Purchaser contain a complete summary of all meetings
and actions taken by directors and shareholders or owners of each Group Company since their respective time of formation, and reflect all transactions referred to in such meetings and actions accurately in all material respects. 

3.23 No Brokers. None of the Warrantors has any Contract with or retained any broker, finder or similar agent with respect to or in
connection with the transactions contemplated by this Agreement or by any of the Transaction Documents, and none of them has incurred any Liability for any brokerage fees, agents’ fees, commissions or finders’ fees in connection with any
of the Transaction Documents or the consummation of the transactions contemplated therein. 
 3.24 Labor Agreement and Actions; Employee
Compensation. Except as disclosed in Section 3.24 of the Disclosure Schedule, no Group Company is bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or implied, contract,
commitment or arrangement with any labor union, and no labor union has requested or has sought to represent any of the employees, representatives or agents of a Group Company. There is no strike or other labor dispute involving a Group Company
pending or threatened (nor has there been since the incorporation of each Group Company), which could have a Material Adverse Effect on any Group Company, nor is any Group Company aware of any labor organization activity involving its employees. To
the best knowledge of the Warrantors after due inquiry, none of the officers or Key Employees, or any group of Key Employees, intends to terminate his, her or their employment with a Group Company, nor does any Group Company have a present intention
to terminate the employment of any officer or Key Employee. Each Group Company has complied in material respects with all applicable national, provincial, local or municipal equal employment opportunity and other laws related to employment. No Group
Company is a party to or bound by any currently effective employment contract that provides for compensation exceeding three (3) months’ average remuneration of that employee upon termination, deferred compensation agreement, severance
agreement, bonus plan, incentive plan, profit sharing plan, retirement agreement, or other employee compensation agreement. 
 3.25
Exempt Offering. Based in part on the representations and warranties of the Purchaser set forth in Section 4 below, the offer, sale and issuance of the Notes under this Agreement are exempt from the registration requirements of the Act
and from the registration or qualification requirements of any other applicable securities laws of any governmental authority, and the issuance of the Conversion Shares in accordance with the Notes, will be exempt from such registration or
qualification requirements. 
 3.26 Insurance. To the extent required by applicable law, each Group Company has obtained the
insurance coverage of the same types and at the same coverage levels as other similar situated companies. No Group Company has done or omitted to do or suffered anything to be done or not to be done other than any acts in the ordinary course of
business which has or would render any policies of insurance taken out by it or by any other person in relation to any of such Group Company’s assets void or voidable or which would result in an increase in the rate of premiums on the said
policies. There is no claim pending under the insurance policies and bonds maintained by each Group Company as to which coverage has been questioned, denied or disputed. All premiums due and payable under all such policies and bonds have been timely
paid, and each Group Company is otherwise in compliance in all respects with the terms of such policies and bonds. All such policies and bonds are in full force and effect. 

  
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 3.27 Disclosure. No representation or warranty by any Warrantor in this Agreement or in
any written statement or certificate furnished or to be furnished to the Purchaser pursuant to any Transaction Agreement contains or will contain any untrue statement of fact or omits or will omit to state any fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading in any way. Each of the Warrantors has fully provided the Purchaser with all the information that the Purchaser has requested for
deciding whether to purchase the Notes and all information that could reasonably be expected to enable the Purchaser to make such decision. 

SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to, and agrees with, the Company that: 

4.1 Authorization. This Agreement constitutes, and the Notes when executed and delivered will constitute, its valid and binding
obligation, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application relating to or affecting the enforcement of
creditors’ rights, and (ii) the effect of rules of law governing the availability of equitable remedies. The Purchaser represents that it has full power and authority to enter into this Agreement and the Notes.  

4.2 Sufficient Funds. The Purchaser represents that it has and will maintain the sufficient funds as of the Closing Date to fulfil its
obligations to pay the Company the Principal Amount pursuant to this Agreement. 
 SECTION 5. CONDITIONS TO PURCHASER’S OBLIGATIONS
AT CLOSING. 
 The obligations of the Purchaser to the Company under this Agreement are subject to the fulfilment, on or before the Note
Closing, of each of the following conditions, unless otherwise waived in writing by the Purchaser: 
 5.1 Representations and
Warranties. The representations and warranties of the Warrantors contained in Section 3 shall be true, correct and complete when made, and shall be true and correct and complete as of the Closing Date with the same
force and effect as if they had been made on and as of such date, or as of another date if any representations and warranties are made with respect to such other date. 

5.2 Performance. The Warrantors shall have performed and complied with all agreements, obligations and conditions contained in this
Agreement which are required to be performed or complied with by it on or before the Note Closing, and shall have obtained all approvals, consents and qualifications necessary to complete the purchase and sale described herein. 

5.3 Waiver of Rights of First Refusal. The Company shall have received all requisite waivers of any rights of first refusal, pre-emptive rights or other contractual participation rights with respect to the issuance of the Notes and the Conversion Shares thereunder. 

  
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 5.4 Consents, Permits, and Waivers. The Warrantors shall have obtained any and all
permits, third party consents and waivers necessary or appropriate for consummation (without adverse effect) of the transactions contemplated by each Transaction Agreement. 

5.5 Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated hereby and all
documents and instruments incident to such transactions shall be satisfactory in substance and form to the Purchaser, and the Purchaser shall have received all such counterpart originals or certified or other copies of such documents as it may
reasonably request. In particular, (i) the shareholders (except for Trustbridge) and board of directors (except for Trustbridge Director) of each of the Company, the HK Company, Founder Holdco and the Domestic Company shall have validly
approved each Transaction Agreement and the transactions contemplated hereby and thereby and all other agreements and actions necessary to effect the terms contained therein, and such approval shall be in full force and effect; (ii) the
shareholders of Guizhou Puxintian and Dalian Pude shall have approved the execution and performance of the Domestic Equity Pledge Agreements by resolution. 

5.6 No Material Adverse Change. There shall not have been any Material Adverse Effect since the Statement Date. There shall not be on
the Closing Date any Governmental Order or any condition imposed under any applicable laws which would, in the reasonable judgment of the Purchaser, (a) prohibit or restrict (i) the sale and issuance of the Notes or (ii) the
consummation of the transactions contemplated by this Agreement, (b) subject the Purchaser to any material penalty or onerous condition under or pursuant to any applicable law if the Notes were to be sold and issued hereunder or
(c) restrict the operation of the business of any Group Company in a manner that would have a Material Adverse Effect. 
 5.7
Domestic Equity Pledge. The Domestic Company, Guizhou Puxintian and Dalian Pude shall have entered into an equity interest pledge agreement with a designee of the Purchaser in the form attached as Exhibit D (collectively, the
“Domestic Equity Pledge Agreements”). The Domestic Equity Pledge Agreements shall have been duly registered with competent PRC Governmental Authorities and a certified true copy of such registration shall have been furnished
to the Purchaser. 
 5.8 Offshore Share Mortgage. The Company and the Founder Holdco shall have entered into a security deed (the
“Security Deed”) to mortgage eighteen percent (18%) of the equity interests in the Company held by the Founder Holdco, in the form attached as the Exhibit E (the “Share Mortgage”), and an executed copy of the
Security Deed shall have been delivered to the Purchaser. 
 5.9 Register of Charge. The particulars of the Share Mortgage
shall have been entered in the register of charges of the Founder Holdco pursuant to the memorandum of association and articles of association of the Founder Holdco, and the agent of the Founder Holdco shall have submitted such register of charge
for registration with the Registry of Corporate Affairs in the British Virgin Islands. The Founder Holdco shall have delivered a copy of such register of charge, as certified by agent of the Founder Holdco as true and complete as of the Closing
Date, and the receipt of registration application issued from the Registry of Corporate Affairs in the British Virgin Islands or a confirmation letter issued by registered agent of the Founder Holdco evidencing that the registration application has
been submitted to and accepted by the Registry of Corporate Affairs in the British Virgin Islands, to the Purchaser. 
 5.10 Register of
Members. The particulars of the Share Mortgage shall have been entered in the register of members of the Company, and a copy of annotated registered of members, as certified by the Chief Executive Officer or registered agent of the Company as
true and complete as of the Closing Date, shall have been delivered to the Purchaser. 

  
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 5.11 Certificate of Good Standing. The Purchaser shall have received a certificate
of good standing issued by the appropriate authority of the Cayman Islands in customary form and substance satisfactory to the Purchaser, dated no earlier than twenty (20) days prior to the Note Closing. 

5.12 Certificate of Incumbency. The Purchaser shall have received a certificate of incumbency issued by the appropriate registered
agency of the Company in customary form and substance satisfactory to the Purchaser, dated no earlier than twenty (20) days prior to the Note Closing. 

5.13 Legal Opinions. The Cayman counsel to the Company shall have delivered to the Purchaser a legal opinion dated as of the date of
the Note Closing addressed to the Purchaser in form and substance satisfactory to the Purchaser. 
 5.14 Employment Agreement. The
Company shall have delivered to the Purchaser a copy of duly executed employment contracts between each Key Employee and the relevant Group Company and a copy of duly executed confidentiality, non-competition
and invention assignment agreement with each Key Employee, each in form and substance satisfactory to the Purchaser. 
 5.15 Due
Diligence. The Purchaser shall have completed its due diligence investigation of the Warrantors and the results of the due diligence investigation in legal, financial and commercial aspects shall be satisfactory to the Purchaser. 

5.16 Spousal Consent. The spouse of the Founder (if applicable) shall have executed a consent letter to confirm her consent to the
Founder’s execution and performance of the Transaction Agreements, in form and substance to the satisfaction of the Purchaser. 
 5.17
Letter of Undertaking by other Founding Shareholders. Each of Gao Liang (

), Xiao Yun (

) and Li Gang (

), each a senior officer and beneficial owner of the Group Companies, shall have executed a letter of undertaking, confirming his agreement to be bound by the provisions regarding full time commitment, non-competition covenant and share transfer restriction as provided in Section 6.19, 6.20 and 6.10 herein as if he was the Founder, except that the applicable
non-competition period starts from the date of this Agreement until the later of (x) the expiry of the twenty-four (24) months’ period after the date he ceases to be employed by any Group
Company, or (y) the expiry of the twenty four (24) months’ period after the date when he is neither a director of the Company nor a beneficial owner of more than half of the total shares or equity interest he holds in the Company or
the Domestic Company as of the Closing Date. 
 5.18 Founder’s Special Covenant. The Founder shall have executed and
delivered to the Purchaser a letter of warranty and undertaking in connection with the consent of Trustbridge and Trustbridge Director to the transaction contemplated under the Transaction Agreements, in form and substance to the satisfaction of the
Purchaser. 
 5.19 Closing Certificate. The Warrantors shall have delivered to the Purchaser a closing certificate signed by the Key
Parties, the Company, the HK Company and the Domestic Company, dated as of the Closing Date, certifying that the conditions specified in this Section 5 have been fulfilled. 

  
 16 

 SECTION 6. COVENANTS OF THE WARRANTORS 

The Warrantors hereby jointly and severally undertake and covenant to the Purchaser that: 

6.1 Founder’s Guarantee. The Founder and the Founder Holdco hereby unconditionally and irrevocably guarantees, as a continuing
obligation, the full and punctual payment and due performance by the Company of its obligation under this Agreement and the Notes. If and to the extent the Company has failed to pay any monies due and payable to the Purchaser under any Note, whether
at their scheduled due date, upon acceleration, termination or otherwise, the Founder and the Founder Holdco shall promptly pay such monies to the Purchaser on demand and in currency as set forth under the Notes. The Founder and the Founder
Holdco’s obligations hereunder shall be a continuing guarantee on a joint and several basis, and shall remain in full force and effect until the Company has fully and properly performed all its obligations under this Agreement and the Notes,
notwithstanding the insolvency or liquidation or any incapacity or change in the constitution or status of the Company. This is a guarantee of payment, and not merely of collection. The Founder and the Founder Holdco further agree to pay all costs,
fees and expenses (including, without limitation, reasonable fees of outside counsel) incurred by the Purchaser in connection with enforcing or exercising its rights hereunder or arising from any breach by the Founder and the Founder Holdco of the
provisions hereof. In no event shall the Purchaser be obligated to take any action, obtain any judgment or file any claim prior to enforcing the guarantee provided hereunder. The Purchaser’s rights under this
Section 6.1 shall be in addition to, but not in substitution for, any security interest, guarantee or other security or right or remedy now or at any time hereafter held by or available to the Purchaser. 

6.2 Authorization of Conversion Shares. The Company shall authorize sufficient shares to enable the conversion of the Convertible Note
in accordance with the terms of the Convertible Note prior to the date of the proposed conversion. When issued, all such shares shall be duly authorized, fully paid and non-assessable, and validly issued in
accordance with the M&AA and any relevant securities laws. 
 6.3 Certificate of the Proposed Acquisition and Joint Signature
Arrangement. As soon as practicable but within one (1) month after the Note Closing (the “Grace Period”), the Warrantors shall provide the Purchaser with documents evidencing the consummation of the Proposed Acquisition and
utilization of the Principal Amount for purpose of the Proposed Acquisition, including but without limitation, (i) the executed copy of definitive transaction documents regarding the Proposed Acquisition; (ii) the wiring instructions
issued by the target of the Proposed Acquisition to the Company, and (iii) the transfer voucher evidencing that the fund equivalent to the Principal Amount has been transferred from the Designated Account to the account designated by the target
of the Proposed Acquisition. If the Warrantors fail to provide the foregoing documents within the Grace Period, the Warrantors must cause the Designated Account to be modified to the effect that any disbursement of the Principal Amount from the
Designated Account must require the joint signatures of the person designated by the Company and a person designated by the Purchaser (the “Joint Signature Arrangement”) within three (3) Business Days after the expiration of
the Grace Period. The Joint Signature Arrangement ceases to apply upon the VIE Completion Date. 
 6.4 Negative Covenants. The
Warrantors hereby jointly and severally covenant and agree with the Purchaser that, so long as any obligation of any Warrantor under this Agreement or any Note remains un-fulfilled, each of the Warrantors
shall not carry out, and shall cause any other Group Companies not to carry out, the following acts without the prior written approval of the Purchaser (provided that no such consent shall be needed for the taking of such actions solely as are
required to be taken by the Group Companies based on the terms of this Agreement): 
 (i) Trade Sale; 

  
 17 

 (ii) any direct or indirect sale, assignment, transfer or otherwise dispose of any securities of
any Group Company held by the Founder or the Founder Holdco in violation of Section 6.10; 
 (iii) the sale, assignment, conveyance,
transfer, create any Lien on or otherwise disposal of any of Dalian Pude’s or Guizhou Puxintian’s property or asset, whether now owned or hereafter acquired prior to the VIE Completion Date; 

(iv) the liquidation, winding up or dissolution of any Group Company (or suffer of any liquidation, winding up or dissolution); 

(v) the declaration or payment of a dividend or other distribution on any capital stock of any Group Company; 

(vi) the extension by any Group Company of any loan or guarantee for indebtedness to any party; 

(vii) any transaction involving any Group Company, on the one hand, and any of the Group Company’s employees, officers, directors,
shareholders or any affiliate of the foregoing, on the other hand other than the Restructuring Agreements; 
 (viii) any substantive change
in the scope of business or business plan of any Group Company; or 
 (ix) any amendment or termination of any Restructuring Agreements.

 6.5 SAFE Registration. As soon as practicable after the date hereof but in any event before the incorporation of the WFOE, all
record and beneficial owners of the equity securities in the Company, who is a “domestic resident” (as defined in the Circular 37 shall have completed and obtained the foreign exchange initial registration with the competent local branch
of the SAFE with respect to his direct and/or indirect record and beneficial ownership of any equity securities in the Company and each other Group Company as required under the Circular 37, and delivered evidence of such registration satisfactory
to the Purchaser. 
 6.6 Incorporation of WFOE and Restructuring Agreements. As soon as practicable but in any event no later than
three (3) months after the date hereof, (i) the WFOE shall have been duly incorporated by the HK Company and executed the joinder agreement in substantially the form as Exhibit F attached hereto; (ii) the Restructuring
Agreements shall have been duly executed and delivered by and between the parties thereto, (iii) the Domestic Company shall have completed the equity pledge registration contemplated under the Restructuring Agreements with the competent PRC
administration for industry and commerce, and provided to the Purchaser the written record evidencing such equity pledge registration satisfactory to the Purchaser; and (iv) all necessary corporate authorization and approval for execution,
delivery and performance of such Restructuring Agreements, as applicable, shall have been duly obtained (the date of completion of the matters set forth in (i) to (iv) above, the “VIE Completion Date”). 

6.7 Release of the Domestic Equity Pledge and Share Mortgage. As soon as practicable after the VIE Completion Date, the Warrantors and
the Purchaser shall terminate the Domestic Equity Pledge Agreements, and release the mortgage of such number of shares representing nine percent (9%) of the then outstanding shares of the Company pursuant to the Security Deed. 

6.8 Board Observer. The Purchaser has the right to appoint one observer (the “Board Observer”) to attend all
the Board meetings in a non-voting observer capacity. This board observer shall be entitled to receive all notices and other materials sent by any Group Company to any member of the Board. 

  
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 6.9 Information Rights. The Company covenants and agrees that, for so long as the
Purchaser holds any Note and commencing from the Closing Date, the Company will and will cause the Group Companies to, deliver to the Purchaser the following with respect to the Company and its Subsidiaries: 

(i) annual audited consolidated financial statements within ninety (90) days after the end of each fiscal year, audited in accordance
with U.S. GAAP or PRC GAAP or other accounting principle as agreed by the Purchaser by a Big Four Accounting Firm or such other reputable accounting firm recognized by the Purchaser; 

(ii) semi-annual bank statements of each Group Company and semi-annual unaudited consolidated financial statements of the Group Companies
within thirty (30) days after the end of first half of each fiscal year; 
 (iii) a preliminary annual consolidated budget and business
plan for the following fiscal year within thirty (30) days prior to the end of each fiscal year, and the finalized annual consolidated budget and business plan for the following fiscal year within thirty (30) days after the end of each
fiscal year; and 
 (iv) copies of all documents or other information sent to any shareholder or any member of the Board of the Company,
including but without limitation to the shareholders resolutions and the Board resolutions; and 
 (v) upon written request by the
Purchaser, such other information as the Purchaser shall reasonably request. 
 6.10 Share Transfer Restriction. Before completion of
a Qualified IPO, none of the Founder and Founder Holdco shall, directly or indirectly, sell, transfer, pledge, hypothecate, encumber or otherwise dispose of, in a single transaction or a series of transaction, more than five percent (5%) of total
outstanding shares of the Company in aggregate directly or indirectly held by it/him/her to any Person without prior written consent of the Purchaser, except for (i) any share transfer for the purpose of implementing the employee shares
incentive plan of the Company (the “ESIP”) or Trade Sale as approved by the Purchaser, and (ii) creation of any Lien over no more than half of total shares of the Company owned by such Founder or Founder Holdco as of the
Closing Date as security for the debenture, bonds and notes of similar nature herewith to be issued by the Company solely for the purpose of financing the merger and acquisition undertaken by the Company. 

6.11 Use of the Purchaser’s Name or Logo. Without the prior written consent of the Purchaser, and whether or not the Purchaser
then holds any Note or Conversion Shares, none of the Warrantors shall use, publish or reproduce the name “Haitong”, “

”or any similar name, trademark or logo in any of their marketing, advertising or promotion materials or otherwise for any marketing, advertising or promotional purposes. 

6.12 Proprietary Rights and Confidentiality Agreement. The Company shall cause each of the future employees of any Group Company to
enter into an employment agreement, and a confidentiality, non-solicitation and Proprietary Rights assignment agreement with an appropriate Group Company. 

  
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 6.13 Regulatory Compliance. The Warrantors shall comply with all applicable laws and
regulations in all material respects, including but not limited to applicable laws and regulations in connection with the operations of the Group Companies. Each Warrantor shall use its best efforts to cause all shareholders of each Group Company,
and any successor entity or controlled affiliate of any Group Company to, timely complete all required registrations and other procedures with applicable Governmental Authorities (including without limitation, SAFE) as and when required by
applicable laws and regulations. The Warrantors shall ensure that, each entity described above and its respective shareholders are in compliance with such requirements and that there is no barrier to repatriation of profits, dividends and other
distributions from the WFOE (or any successor entity) to the HK Company. Without limiting the generality of the foregoing, the PRC Companies shall use their best effort to complete the procedures for conversion of
for-profit schools operated by them into limited liability companies and obtain necessary education operation licenses. 

6.14 Permit and License. To the extent permitted by the applicable laws, each of the Group Companies and the Key Parties shall
procure each of the Group Companies to, use its best efforts to obtain and maintain in a timely manner all requisite Governmental Authorizations for conducting the Principal Business in compliance with all applicable laws. Without limiting the
generality of the foregoing sentence, (i) the Domestic Company and the Founder shall procure each of the PRC Companies and its affiliated schools and education centres to obtain and renew (if applicable) necessary certificate for private non-enterprise entities (if applicable) and operation permit or filing to operate education and training business as soon as practicable after the Note Closing and ensure the lacking or deficiency of such
certificate or operation permits and filings will not adversely affect the initial public offering of the Group Companies as a whole; (ii) all the articles of association and education operation permits concerning the schools and education
centres operated by the Key Group Companies must be updated to reflect that the applicable Key Group Company is the owner thereof, as soon as practicable after the Note Closing but not later than October 31, 2017; (iii) the education operation
permits concerning at least 90% of the schools and education centres operated by the Key Group Companies must pass the annual inspection for the year 2016 by the PRC education authority as soon as practicable after the Note Closing but not later
than September 30, 2017; (iv) all the premises of schools and education centres operated by Key Group Companies must pass fire safety inspection as soon as practicable after the Note Closing; (v) the PRC Companies shall duly file tuition
fee reports of the schools with the local price administration authority as soon as practicable after the Note Closing (vi) the PRC Companies that engage in publishing business shall obtain the publishing operation permit as soon as practicable
after the Note Closing. 
 6.15 Proprietary Rights Protection. The Group Companies shall establish and maintain appropriate
intellectual inspection system satisfactory to the Purchaser to protect the Proprietary Rights of the Group Companies. The Group Companies shall, and the Key Parties shall cause the Group Companies to fully comply with the laws and regulations in
respect of the protection of the Proprietary Rights and refrain from infringing from the Proprietary Rights of other parties. Without limiting the generality of the foregoing, (i) trademarks with the respective trademark
registration/application number of 4832427, 10013837, 4832426, 4832431, 4832424, 4832430, 4832429 and 4220819 must be transferred to a PRC Company, and such transfer must be approved by the PRC trademark registration authority as soon as practicable
after the Note Closing; (ii) the domain name of lychxx.com, meitongjy.cn and meitongjy.com and abc0575.com must be transferred to a PRC Company by September 30, 2017. 

6.16 Employee Matters. The PRC Companies shall comply with all applicable PRC labour laws and regulations in all material respects,
including without limitation, laws and regulations pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits, pensions, employment of teachers and foreigners and labour dispatch. 

  
 20 

 6.17 Tax Matters. The PRC Companies shall comply with all applicable PRC tax laws and
regulations, including without limitation, laws and regulations pertaining to income tax, withholding tax, value added tax and business tax. 

6.18 Accrual Accounting. As soon as practicable after the Note Closing, the Group Companies shall establish and maintain the accounting
policies, financial system and internal controls in full compliance with all applicable laws and regulations and to the Purchaser’s satisfaction, including without limitation, using bank accounts of the Group Companies to process all cash and
amounts of the Group Companies. 
 6.19 Full Time Commitment. The Founder undertakes and covenants to the Purchaser that, as long as
he remains an employee of any of the Group Companies, he shall commit all of his efforts to furthering the business of the Group Companies and shall not, without the prior written consent of the Purchaser, either on his own account or through any of
his Affiliates, or in conjunction with or on behalf of any other Person, (i) possess, directly or indirectly, the power to direct or cause the direction of the management and business operation of any entity whether (A) through the
ownership of any equity interest in such entity, or (B) by occupying half or more of the board seats of the entity; or (C) by contract or otherwise; or (ii) devote time to carry out the business operation of any other entity or work
for or be employed by any other entity. 
 6.20 Non-Competition. The Founder undertakes and
covenants to the Investors that commencing from the date of this Agreement until the later of (x) the expiry of the twenty-four (24) months’ period after the date he/she ceases to be employed by any Group Company, or (y) the
expiry of the twenty four (24) months’ period after the date when he is neither a director of the Company nor a beneficial owner of more than five percent (5%) of the total outstanding shares or equity interest of the Company or the
Domestic Company (the “Non-Competition Period”), he will not, without the prior written consent of the Investors, either on his/her/its own account or through any of his Affiliates, or in
conjunction with or on behalf of any other Person: (i) carry out, be engaged, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent in any business in direct competition with, or otherwise
related to, the business relating to providing the Business engaged by any Group Company (except for a passive investment of less than one percent (1%) of the stock of any publicly traded company that engages in the foregoing); (ii) solicit or
entice away or attempt to solicit or entice away from any Group Company, any Person, firm, company or organization who is an employee, customer, client, representative, agent or correspondent of such Group Company or in the habit of dealing with
such Group Company. 
 6.21 Other Issues in the Disclosure Schedule. As soon as practicable after the Note Closing, the Warrantors
shall, to the satisfaction of the Purchaser, resolve the issues in a practically reasonable manner, which are disclosed in the Disclosure Schedule or identified by the Purchaser in the due diligence process but not expressly specified as a specific
covenant under Section 6 or a specific condition for the Note Closing under Section 5. 

6.22 Share Purchaser Agreement; New Shareholders Agreement and New M&A. The Warrantors shall enter into a share purchase agreement
with terms of representations, warranties and indemnification no less favourable than those set forth in this Agreement, with the holder of the Convertible Note at the time of conversion of the Convertible Note. In addition, each of the Warrantors
shall by itself, and shall cause other shareholders of the Company to enter into amended and restated shareholders agreement and adopt amended and restated memorandum and articles of association by resolutions, in accordance with the Convertible
Note, to reflect the issuance of shares upon conversion of the Convertible Note. 

  
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 6.23 Registration of Register of Charge. Within ten (10) Business Days after the Note
Closing, the Founder Holdco of the Founder must complete registration of the register of charge with respect to the Share Mortgage with the Registry of Corporate Affairs in the British Virgin Islands, and deliver to the Purchaser a copy of such
registered register of charge, as certified by the Chief Executive Officer or registered agent of the Company as true and complete as of date of delivery. 

6.24 Pre-emptive Right. If the Company issues any New Securities (as defined in the Convertible
Note) from time to time between the Note Closing and the date of conversion of the entire Convertible Principal Amount into shares of the Company pursuant to the Convertible Note, it shall give to the Purchaser a written notice of its intention to
issue New Securities (the “New Issuance Notice”), describing the amount, the class and the price of New Securities and the general terms upon which the Company proposes to issue such New Securities. The Purchaser has a pre-emptive right to purchase such New Securities at the price and upon the terms and conditions specified in the New Issuance Notice, subject to negotiation between the Company and the Purchaser in good faith. 

6.25 Trustbridge’s Consent. As soon as practicable but within thirty (30) Business Days after the Note Closing, the
Warrantors shall provide the Purchaser with an executed copy of the unconditional written consent of Trustbridge and Trustbridge Director to the transaction contemplated under the Transaction Agreements, including without limitation, the issuance of
the Notes, the Share Mortgage and the equity pledge under Domestic Equity Pledge Agreements. 
 SECTION 7. DEFINITIONS 

7.1 Certain Defined Terms. As used in this Agreement, the following terms shall have the following respective meanings: 

“Action” shall mean any action, suit, proceeding, claim, arbitration or investigation. 

“Affiliate” in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such Person, and without limiting the generality of the foregoing, (a) in the case of a natural Person, shall include, without limitation, such Person’s spouse, parents,
children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, (b) in the case of the Purchaser, shall include (i) any Person who holds shares as a nominee for the Purchaser, (ii) any shareholder of the
Purchaser, (iii) any entity or individual which has a direct and indirect interest in the Purchaser (including, if applicable, any general partner or limited partner) or any fund manager thereof; (iv) any Person that directly or indirectly
Controls, is Controlled by, under common Control with, or is managed by the Purchaser, its shareholder, its general partner or its fund manager, (v) the relatives of any individual referred to in (iii) above, and (vi) any trust
Controlled by or held for the benefit of such individuals. For the avoidance of doubt, the Purchaser shall not be deemed to be an Affiliate of any Group Company. 

“Big Four Accounting Firm” means an accounting firm under the brand of Price Waterhouse Coopers, Deloitte & Touche,
KPMG or Ernst & Young. 
 “Board” means the board of directors of the Company. 

“Business Day” or “business day” means any day that is not a Saturday, Sunday, legal holiday or other day on
which banks are required to be closed in the PRC, Hong Kong or New York. 

  
 22 

 “Circular 37” shall mean the Notice on Relevant Issues Concerning
Foreign Exchange Administration for Domestic Residents to Engage in Overseas Financing and Round Trip Investment via Overseas Special Purpose Companies (

) issued by SAFE on July 4, 2014, and its amendment, interpretation and operational guidance promulgated by SAFE from time to time. 

“Closing Date” means such date as mutually agreed by the Parties, on which the Note Closing occurs. 

“Control” of a given Person means the power or authority, whether exercised or not, to direct the business, management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or
power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. The
terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 
 “Conversion Shares”
means the shares which shall be authorized and then become issuable upon conversion of the Convertible Note. 
 “Dalian
Pude” means Dalian Pude Education Consultancy Co., Ltd. (

), a limited liability company established under the laws of the PRC. 
 “Environmental
Claim” shall mean any claim, action, cause of action, investigation, or notice (written or oral) by any Person alleging potential liability arising out of, based on, or resulting from: (i) the presence, or release into the environment,
of any Material of Environmental Concern at any location; or (ii) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law. 

“Environmental Laws” shall mean all laws and regulations of any jurisdiction where a Group Company is or has engaged in
business activities relating to pollution or protection of human health or the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental
Concern. 
 “Governmental Authority” means the government of any nation, state or other political subdivision thereof, any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the
foregoing and the term “Government Authorities” shall be construed accordingly. 
 “Governmental Order”
means any applicable order, ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any
Governmental Authority. 
 “Group Companies” means the Company, the HK Company, the PRC Companies, and any direct and
indirect Subsidiaries of the foregoing (with each of such Group Companies being referred to as a “Group Company”). Upon the formation of the WFOE, it shall be included as one of the Group Companies. 

  
 23 

 “Guizhou Puxintian” means Guizhou Puxintian Education Technology Co., Ltd. (

), a limited liability company established under the laws of the PRC. 
 “Hong Kong” means the
Hong Kong Special Administrative Region of the PRC. 
 “Key Group Companies” means collectively, (i) the Company, the
HK Company, the WFOE (upon its incorporation) and the Domestic Company, and (ii) each of the following PRC Subsidiaries and its Subsidiaries:

,

,

,

,

,

,

,

,

,

,

,

,

 and

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

“Lien” means any mortgage, pledge, claim, security interest, encumbrance, title defect, lien, charge, easement, adverse
claim, restrictive covenant, or other restriction or limitation of any kind whatsoever, including any restriction on the use, voting, transfer, receipt of income, or exercise of any attributes of ownership. 

“M&AA” means the effective Memorandum and Articles of Association of the Company adopted by the shareholders of the
Company, as amended from time to time. 
 “Material Adverse Effect” means any (a) event, occurrence, fact, condition,
change or development that has had, has, or could reasonably be expected to have a material adverse effect on the business, properties, assets, employees, operations, results of operations, condition (financial or otherwise), prospects or
liabilities of the Group Companies taken as a whole, (b) material impairment of the ability of any Group Company, Founder Holding Company or Founder to perform the material obligations of such Person hereunder or under any other Transaction
Agreement, as applicable, or (c) material impairment of the validity or enforceability of this Agreement or any other Transaction Agreement against any Group Company, Founder Holdco or Founder. 

“Ordinary Shares” shall mean the Company’s ordinary shares, par value US$0.00005 per share. 

“Person” means any individual, firm, corporation, limited liability company, partnership, trust, incorporated or
unincorporated association, joint venture, joint stock company, private non-enterprise entity (or “

” as such terms is defined under the PRC law) as or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

“PRC” means the Peoples’ Republic of China, excluding the Hong Kong Special Administrative Region, the Macau Special
Administrative Region and the Islands of Taiwan. 
 “PRC Companies” means collectively, the Domestic Company, the WFOE
(upon its incorporation) and the PRC Subsidiaries; and “PRC Company” means any of them. 
 “PRC GAAP”
means the generally accepted accounting principles of the PRC. 

  
 24 

 “PRC Subsidiaries” means collectively, the entities listed in Schedule
III hereto, and the Subsidiaries of the Domestic Company and the foregoing entities; and “PRC Subsidiary” means any of them. 

“Preferred Shares” shall mean the Company’s redeemable and convertible preference shares of any class or series. 

“Principal Business” means the business as currently conducted by the Group Companies, or such other business to be conducted
by the Group Companies during the term of this Agreement. 
 “Proprietary Rights” shall mean any and all worldwide,
international, PRC, or foreign registered and unregistered patents, all patent rights and all applications therefore and all reissues, re-examinations, continuations, continuations-in-part, divisions, and patent term extensions thereof, inventions (whether patentable or not), discoveries, improvements, concepts, innovations, industrial models, registered and unregistered
copyrights, copyright registrations and applications, author’s rights, works of authorship (including artwork of any kind and software of all types in whatever medium, inclusive of computer programs, source code, object code and executable
code, and related documentation), URLs, web sites, web pages and any part thereof, technical information, know-how, trade secrets, drawings, designs, design protocols, specifications for parts and devices,
quality assurance and control procedures, design tools, manuals, research data concerning historic and current research and development efforts, including the results of successful and unsuccessful designs, databases and proprietary data,
proprietary processes, proprietary rights, technology, engineering, discoveries, formulae, algorithms, operational procedures, trade names, trade dress, registered and unregistered trademarks, domain names, service marks, mask works, and
registrations and applications therefore, the goodwill of the business symbolized or represented by the foregoing, customer lists and other proprietary information and common law rights. 

“Qualified IPO” shall mean a firm underwritten public offering of the Ordinary Shares of the Company on the New York Stock
Exchange, the Nasdaq Global Market System, the Main Board or the Growth Enterprise Market of the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, or any other recognized international securities exchange approved by the
Board, with an implied pre-money valuation of US$1,500,000,000 or more on a fully diluted and as converted basis. 

“Restructuring Agreements” means the restructuring agreements to be entered into by and among the WFOE, the Domestic Company
and the shareholders of the PRC Domestic Company upon incorporation of the WFOE, whereby the WFOE effectively Controls the PRC Domestic Company, in form and substance satisfactory to the Purchaser; 

“SEC” shall mean the U.S. Securities and Exchange Commission. 

“Subsidiary” or “subsidiary” means, with respect to any subject entity (the “subject entity”), (i)
any company, partnership or other entity (x) more than 50% of whose shares or other interests entitled to vote in the election of directors or (y) more than a 50% interest whose in the profits or capital of such entity are owned or
controlled directly or indirectly by the subject entity or through one or more Subsidiaries of the subject entity, (ii) any entity whose assets, or portions thereof, are consolidated with the net earnings of the subject entity and are recorded
on the books of the subject entity for financial reporting purposes in accordance with US GAAP or PRC GAAP, consistently applied, or (iii) any entity with respect to which the subject entity has the power to otherwise direct the business
and policies thereof directly or indirectly through another subsidiary. Notwithstanding the above, for the purpose of the Transaction Agreements, as applied to the Company, the term “Subsidiary” or “subsidiary” includes, without
limitation, the Domestic Company, the HK Company and the WFOE, and any of their respective Subsidiaries, if any. 

  
 25 

 “Tax” means any national, provincial or local income, sales and use, excise,
franchise, real and personal property, gross receipt, capital stock, production, business and occupation, disability, employment, payroll, severance or withholding tax or any other type of tax, levy, assessment, custom duty or charge imposed by any
Governmental Authority, any interest and penalties (civil or criminal) related thereto or to the non-payment thereof, and any loss or tax Liability incurred in connection with the determination, settlement or
litigation of any Liability arising therefrom. 
 “Tax Return” means any return, declaration, report, estimate, claim for
refund, claim for extension, information return, or statement relating to any Tax, including any schedule or attachment thereto. 

“Trade Sale” means (i) a merger, amalgamation, consolidation or other business combination of any Group Company with or
into any Person, or any other transaction or series of transactions, as a result of which the Shareholders of the Company immediately prior to such transaction or series of transactions will cease to own a majority of the voting power of the
surviving entity immediately after consummation of such transaction or series of transactions, (ii) the sale, lease, transfer, exclusive license to a third party or other disposition of all or substantially all of the assets of the Group
Companies taken as a whole (including the equity securities and/or contractual arrangements by which any Group Company owns and/or Controls any other Group Company, the licenses and permits necessary to conduct the business of the Group Companies in
the PRC and the intellectual property assets of the Group Companies taken as a whole) or (iii) the sale (whether by merger, reorganization or other transaction) of a majority of the issued and outstanding share capital of the Company or a
majority of the voting power of the Company. 
 “Transaction Agreements” means this Agreement, the Notes, the Security
Deed, the Domestic Equity Pledge Agreements, the exhibits attached to any of the foregoing and each of the agreements and other documents otherwise required in connection with implementing the transactions contemplated by any of the foregoing. 

“Trustbridge” means collectively, Shanghai Trustbridge Investment Management Co., Ltd. (

) and Ningbo Trustbridge New Economy Phrase II Equity Investment Partnership (Limited Partnership) (

 (

) ), each a Person established under the law of the PRC. 
 “Trustbridge Director” means the
director appointed by Trustbridge to the board of directors of the Domestic Company. 
 “WFOE” means a wholly foreign owned
enterprise to be incorporated under the laws of the PRC, all registered capital of which will be owned by the HK Company. 
 “US
GAAP” means the generally accepted accounting principles of the United States of America. 
 “US$” means the legal
currency of the United States of America. 

  
 26 

 SECTION 8. INDEMNITY 

8.1 Upon the conversion of the Convertible Note into the Conversion Shares in accordance with the terms of the Convertible Note, each
Warrantor hereby agrees to jointly and severally indemnify and hold harmless the Purchaser, and the Purchaser’s Affiliates, shareholders, partners, directors, officers, agents and assigns, from and against any and all losses,
liabilities, damages, liens, penalties, diminution in value, costs and expenses, including reasonable advisor’s fees and other reasonable expenses of investigation and defense of any of the foregoing (“Indemnifiable Losses”)
suffered by the Purchaser, or the Purchaser’s Affiliates, shareholders, partners, directors, officers, agents and assigns (each, an “Indemnified Person”), directly or indirectly, as a result of, or based upon or arising
from (i) any breach or violation of, or inaccuracy or misrepresentation in, any representation or warranty made by the Warrantors contained herein or any of the other Transaction Agreements or, or (ii) any breach or violation of any
covenant or agreement contained herein or any of the other Transaction Agreements. The rights contained in this Section 8 shall not be deemed to preclude or otherwise limit in any way the exercise of any other rights or pursuit of other
remedies for the breach of this Agreement or with respect to any misrepresentation. This Section 8 shall survive any termination of this Agreement. 

8.2 Without limiting generality of foregoing, upon the conversion of the Convertible Note into the Conversion Shares in accordance with the
terms of the Convertible Note, each Warrantor hereby agrees to jointly and severally indemnify and hold harmless each Indemnified Person from and against any and all Indemnifiable Loss, directly or indirectly, as a result of, or based upon or
arising from (i) any Tax Liability of any Group Company not reflected in the Financial Statements or arising out of any failure, whether intentional or not, by any Warrantor to comply with any applicable laws of the PRC or of any other
applicable jurisdiction relating to Tax before or on the Closing Date, (ii) any Liability incurred by any Group Company arising in respect of, by reference to or in consequence of a school’s lack of education operation permit or filing as
necessary for the conduct of the education-related business before or on the Closing Date, whether it has been disclosed in the Disclosure Schedule. 

8.3 Notwithstanding Section 8.1, each Warrantor hereby agrees to jointly and severally indemnify and hold harmless the
Indemnified Persons from Indemnifiable Losses directly or indirectly, as a result of or arising from the Warrantors’ default in payment of outstanding amounts under the Notes, regardless of conversion of the Convertible Note into Conversion
Shares. 
 8.4 Notwithstanding anything to the contrary in this Section 8, the Warrantors shall not be required to indemnify the
Indemnifiable Person unless and until the aggregate amount of Indemnifiable Losses actually incurred by the Purchaser exceeds US$200,000. The maximum aggregate amount payable to the Indemnifiable Person shall not exceed an amount equal to the
Principal Amount. For the avoidance of doubt, the Purchaser’s right to claim payment of the Principal Amount and interest accrued thereon is not subject to the limitations as provided in the foregoing sentences in this Section 8.3. 

8.5 For the avoidance of doubt, each of the Warrantors hereby agrees and covenants that (i) it will not challenge or raise a defense to
any claim against such Warrantor or the exercise of any right or remedy against such Warrantor (whether under this Section 8 or any other provision of this Agreement or any other Transaction Document) on the grounds that such claim, right or
remedy is not enforceable or permitted by applicable Law, and (ii) it will do all such things and undertake all such actions, including without limitation any applications to and registrations with the Governmental Authorities and any other
protective measures reasonably requested by the Purchaser, to ensure that the agreement of the Parties with respect to joint and several liability of the Warrantors under the Transaction Documents is given full force and effect. 

8.6 The representations and warranties of the Warrantors in Section 3 hereof shall survive the Note Closing until the fourth (4th) anniversary of the Closing Date; provided, however, that (i) the representations and warranties made pursuant to Sections 3.1, 3.2, 3.3, 3.6 and 3.27 shall survive indefinitely, and
(ii) the representations and warranties dealing with Tax and labor and employment matters shall not terminate until the fifth (5th) anniversary of the Closing Date. Notwithstanding the
foregoing, in case of fraud, gross negligence or wilful misconduct of any of the Warrantors in connection with any of the representations and warranties made by it under Section 3 hereof, such representations and warranties shall survive the
Note Closing indefinitely. 

  
 27 

 SECTION 9. MISCELLANEOUS 

9.1 Survival of Representations, Warranties and Covenants. The representations, warranties and covenants of the Warrantors contained in
or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Note Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Purchaser. 

9.2 Rights Cumulative. Each and all of the various rights, powers and remedies of the Parties hereto shall be considered to be
cumulative with and in addition to any other rights, powers and remedies which such Parties may have at law or in equity in the event of a breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy
shall neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. 
 9.3
Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement and the Notes shall be in English, in writing, and shall be conclusively deemed to have been duly
given (a) when hand delivered to the other party; (b) when sent by facsimile at the number set forth below, upon successful transmission report being generated by sender’s machine; (c) when sent by electronic mail to the address
set forth below, upon receipt of confirmation of transmission, or (d) three (3) business days after deposit with an overnight delivery service, postage prepaid, addressed to the parties as set forth in Schedule IV attached hereto,
provided that the sending party receives a confirmation of delivery from the delivery service provider. 
 9.4 Each person making a
communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the
validity of any such communication. A Party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section 9.3 by giving the other Parties written notice of the new
address in the manner set forth above. 
 9.5 Costs and Attorneys’ Fees. In the event that any action, suit or other proceeding
is instituted concerning or arising out of this Agreement, or any transaction contemplated hereby, the prevailing party shall be entitled to recover all of its costs (including reasonable attorneys’ fees, costs and disbursements) incurred in
each such Action, including any and all appeals or petitions therefrom. 
 9.6 Severability. If any provision of this Agreement is
found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same
terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the
rights or benefits intended by the Parties. In such event, the Parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most closely effectuates the Parties’ intent in entering
into this Agreement. 

  
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 9.7 Headings; References; Exhibits. The headings in this Agreement are only for
convenience and ease of reference and are not to be considered in construction or interpretation of this Agreement, nor as evidence of the intention of the Parties hereto. All exhibits, schedules and appendices attached to this Agreement are an
integral part of this Agreement. Except where otherwise indicated, all references in this Agreement to Sections refer to Sections of this Agreement. 

9.8 Counterparts. This Agreement may be executed in one or more counterparts and may be delivered by electronic or facsimile
transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original. 
 9.9 Entire
Agreement. This Agreement, the schedules and the exhibits hereto, together with the Notes and other Transaction Agreements, constitute the full and entire understanding and agreement between the Parties with regard to the subjects hereof and
supersede any and all prior understandings and agreements, whether oral or written, between or among the Parties with respect to the specific subject matter hereof. 

9.10 Modification. Except as otherwise specifically provided, no modification or waiver of any provision of this Agreement or consent
to departure therefrom shall be effective unless in writing and approved by the Company and the Purchaser. 
 9.11 Waiver or
Indulgence. No delay or failure to require performance of any provision of this Agreement, or to exercise any power, right or remedy, shall be deemed a waiver or impairment of such performance, power, right or remedy or of any other provision of
this Agreement nor shall be it construed as a breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring. 

9.12 Interpretation; Titles and Subtitles. This Agreement shall be construed according to its fair language. The rule of construction
to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement. 
 9.13 Governing Law and Dispute Resolution. This Agreement shall be governed by and
construed in accordance with the laws of Hong Kong without regard to the conflicts of laws principles. Each of the Parties hereto irrevocably (i) agrees that any dispute or controversy arising out of, relating to, or concerning any
interpretation, construction, performance or breach of this Agreement, shall be settled by arbitration to be held in Hong Kong which shall be administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance
with the Hong Kong International Arbitration Centre Administered Arbitration Rules in force at the time of the commencement of the arbitration (the “Arbitration Rules”), (ii) waives, to the fullest extent it may effectively do so,
any objection which it may now or hereafter have to the laying of venue of any such arbitration, and (iii) submits to the exclusive jurisdiction of Hong Kong in any such arbitration. There shall be one (1) arbitrator. The HKIAC Council
shall select the arbitrator, who shall be qualified to practice law in Hong Kong. The arbitration shall be conducted in English. The decision of the arbitration tribunal shall be final, conclusive and binding on the Parties to the arbitration.
Judgment may be entered on the arbitration tribunal’s decision in any court having jurisdiction. The Parties to the arbitration shall each pay an equal share of the costs and expenses of such arbitration, and each Party shall separately pay for
its respective counsel fees and expenses; provided, however, that the prevailing Party in any such arbitration shall be entitled to recover from the non-prevailing Party its reasonable costs and attorney fees.
The Parties acknowledge and agree that, in addition to contract damages, the arbitrator may award provisional and final equitable relief, including injunctions, specific performance, and lost profits. 

  
 29 

 9.14 Successors and Assigns. Except as otherwise provided herein, the terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. None of the Parties shall, without the prior written consent of other Parties, assign or transfer (i) the Notes or
(ii) the rights and obligations thereof under the Notes or this Agreement. For the avoidance of doubt, the Purchaser may assign its rights and obligations under this Agreement and the Notes to its Affiliates without the prior written consent of
other Parties but with a prior written notice to the Company and the Founder and by delivering to the Company a joinder agreement in the form attached hereto as Exhibit G. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

9.15 Specific Performance. It might be impossible to measure in monetary terms the damage to a Party if another Party fails to comply
with any provision of this Agreement. If any such failure occurs, the non-defaulting party might not have an adequate remedy at law or in damages. Therefore each Party consents to the issuance of an injunction
and the enforcement of other equitable remedies against it to compel performance of this Agreement. 
 9.16 Further Assurances. The
Parties agree to execute such further documents and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 

9.17 Expenses. The Group Companies shall pay all of their own costs and expenses incurred in connection with the negotiation,
execution, delivery and performance of this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby, including without limitation all legal fees incurred by the Group Companies. If the Note Closing occurs, the
Group Companies shall pay the Purchaser’s fees and expenses, including legal, accounting and out-of-pocket costs incurred by the Purchaser in connection with the
negotiation, execution, delivery and performance of this Agreement and other Transaction Agreements and the transactions contemplated hereby and thereby (the “Investment Expenses”), within five (5) Business Days after its
receipt of written invoices for such Investment Expenses, provided that such fees and expenses shall not exceed RMB 2,000,000. If the Note Closing does not occur due for any reason whatsoever, the Group Companies and the Purchase shall bear the
Investment Expenses equally. 
 9.18 No Finder’s Fees. Each Warrantor represents that it is not and will not be obligated for
any finder’s or broker’s fee or commission in connection with this transaction. Each of the Warrantors agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature of a
finder’s or broker’s fee (and any asserted liability) for which such Warrantor or any of its officers, employees or representatives is responsible. 

9.19 Confidentiality and Non-Disclosure. 

(a) The terms and conditions of this Agreement and the other Transaction Agreements, any term sheet or memorandum of understanding entered into
pursuant to the transactions contemplated hereby, all exhibits and schedules attached hereto and thereto, the transactions contemplated hereby and thereby, including their existence, and all information furnished by any Party hereto and by
representatives of such Party to any other Party hereof or any of the representatives of such Parties (collectively, the “Confidential Information”), shall be considered confidential information and shall not be disclosed by any
Party hereto to any third party except in accordance with the provisions set forth below. The obligations of each Party hereto under this Section 9.18 shall survive and continue to be binding upon such Party for a period of three years after
the termination of this Agreement. 

  
 30 

 (b) Notwithstanding the foregoing, the Company and the Purchaser may disclose (i) the
Confidential Information to its current or bona fide prospective Purchaser, Affiliates of the Company and the Purchaser and their respective employees, bankers, lenders, accountants, legal counsels, business partners or representatives or advisors
who need to know such information, in each case only where such persons or entities are informed of the confidential nature of the Confidential Information and are under appropriate nondisclosure obligations substantially similar to those set forth
in this Section 9.10, (ii) such Confidential Information as is required to be disclosed pursuant to routine examination requests from Governmental Authorities with authority to regulate such Party’s operations, in each case as such Party
deems appropriate in its sole discretion, and (iii) the Confidential Information to any Person to which disclosure is approved in writing by the other Parties hereto. Any Party hereto may also provide disclosure in order to comply with
applicable Laws, as set forth in Section 9.19(c) below. 
 (c) Except as set forth in Section 9.19(b) above, in the event that any
Party is requested or becomes legally compelled (including without limitation, pursuant to any applicable Tax, securities, or other Laws and regulations of any jurisdiction) to disclose the existence of this Agreement or any other Transaction
Document or content of any of the financing terms hereunder, such Party (the “Disclosing Party”) shall, to the extent legally permitted and reasonably possible, provide the other Parties hereto with prompt written notice of that
fact and consult with the other Parties hereto regarding such disclosure. At the request of the other Parties, the Disclosing Party shall, to the extent reasonably possible and with the cooperation and reasonable efforts of the other Parties, seek a
protective order, confidential treatment or other appropriate remedy. In any event, the Disclosing Party shall furnish only that portion of the information that is legally required and shall exercise reasonable efforts to obtain reliable assurance
that confidential treatment will be accorded to such information. 
 (d) Notwithstanding any other provision of this Section 9.19, the
confidentiality obligations of the Parties shall not apply to: (i) information which a Party learns from a third party which the receiving Party reasonably believes to have the right to make the disclosure, provided the receiving Party complies
with any restrictions imposed by the third party; (ii) information which is rightfully in the receiving Party’s possession prior to the time of disclosure by the Disclosing Party and not acquired by the receiving Party under a
confidentiality obligation; or (iii) information which enters the public domain without breach of confidentiality by the receiving Party. 

9.20 Further Assurances. Each Party shall from time to time and at all times hereafter make, do, execute, or cause to be made,
done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which may reasonably be required to effect the transactions contemplated by this Agreement. 

9.21 Termination of Agreement. This Agreement may be terminated prior to the Note Closing (a) by mutual written consent of
the Purchaser and the Company, (b) by the Purchaser if any of the conditions to the Note Closing have not been fulfilled or waived in writing by the Purchaser by August 4, 2017, (c) by the Purchaser by written notice to the Company if
there has been a material misrepresentation or material breach of a covenant or agreement contained in this Agreement on the part of the Warrantors, and such breach, if curable, has not been cured within thirty (30) days of such notice stating
the reason and intention to so terminate, (d) by the Company if the Purchaser fails to pay the Principal Amount in full in accordance with this Agreement, or (d) by the Purchaser or the Company if, due to change of applicable laws, the
consummation of the transactions contemplated hereunder would become prohibited under applicable laws. If this Agreement is terminated pursuant to the provision of Section 9.21, this Agreement will be of no further force or
effect and the share pledge and share mortgage completed pursuant to this Agreement shall be terminated and released accordingly, provided that no party shall be relieved of any Liability for a breach of this Agreement or for any misrepresentation
hereunder, nor shall such termination be deemed to constitute a waiver of any available remedy (including specific performance if available) for any such breach or misrepresentation. 

  
 31 

 9.22 Survival. The provisions of Section 6.11,
Section 7, Section 8, Section 9.13, Section 9.19 and Section 9.21 shall survive the expiration or early termination of this Agreement. 

[The remainder of this page is deliberately left blank.] 

  
 32 

 IN WITNESS WHEREOF, the Parties have executed, or caused their duly authorized
representatives to execute this Agreement as of the date first above written. 
 COMPANY: 

Puxin Limited 
  

			
	By:	 	 /s/ Sha Yunlong

	Name:	 	Sha Yunlong (

)
	Title:	 	Director

 HK COMPANY: 

Prepshine Holdings Co., Limited (

) 
  

			
	By:	 	 /s/ Sha Yunlong

	Name:	 	Sha Yunlong (

)
	Title:	 	Director

 DOMESTIC COMPANY: 

Puxin Education Technology Group Co., Ltd (Seal) 
 

 
  

			
	By:	 	 /s/ Sha Yunlong

	Name:	 	Sha Yunlong (

)
	Title:	 	Legal Representative

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

  
 1 

 IN WITNESS WHEREOF, the Parties have executed, or caused their duly authorized
representatives to execute this Agreement as of the date first above written. 
 FOUNDER & FOUNDER HOLDCO: 

Sha Yunlong (

) 
  

			
	By:	 	 /s/ Sha Yunlong

 FOUNDER HOLDCO: 

Long bright Limited 
  

			
	By:	 	 /s/ Sha Yunlong

	Name:	 	Sha Yunlong (

)
	Title:	 	Director

  

 IN WITNESS WHEREOF, the Parties have executed, or caused their duly authorized
representatives to execute this Agreement as of the date first above written. 
 PURCHASER 

Haitong International Investment Holdings Limited 
  

			
	By:	 	 /s/ Deng Xi

	Name:	 	Deng Xi
	Title:	 	DirectorEX-4.7

 Exhibit 4.7 

PUXIN LIMITED 
  

 
 CONVERTIBLE
PROMISSORY NOTE 
  

	 US$25,000,000 
	 August 4, 2017             

FOR VALUE RECEIVED, Puxin Limited, a limited liability company incorporated in the Cayman Islands with its registered office at Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands (the “Company”) promises to pay, in the lawful
currency of the United States of America, to the order of Haitong International Investment Holdings Limited, a limited liability company incorporated in the British Virgin Islands, or its assigns (the “Holder”), the principal
sum of US$25,000,000 (the “Principal Amount”), together with accrued and unpaid interest thereon (the “Interest”), each due and payable on the dates and in the manner set forth below. 

1. Notes Purchase Agreement. This convertible promissory note (the “Note”) is issued pursuant to the terms of
that certain Notes Purchase Agreement dated as of August 1, 2017, by and between the Company, the Holder and certain other parties named therein (as the same may from time to time be amended, modified or supplemented or restated, the
“Agreement”) and is subject to the terms thereof. Capitalized terms used but not otherwise defined herein shall have the respective meaning ascribed therein to them in the Agreement. The provisions of this Note are subject to
the terms and conditions of the Agreement, which are deemed incorporated by reference into this Note. 
 2. Repayment. The
outstanding Principal Amount under this Note and accrued Interest thereon shall be due and payable on the date that is the fifth (5th) anniversary of the date of this Note, or such later date as
the Holder may in writing agree (the “Maturity Date”), unless this Note is previously converted pursuant to Section 5 herein or unless the maturity of this Note is accelerated pursuant to
Section 5(b) or 5(c) or upon the occurrence of Event of Default. This Note may not be prepaid without the prior written consent of the Holder. 

3. Interest Rate. 
 (i)
Interest shall accrue at a compound interest rate of 12% per annum on the outstanding Principal Amount under this Note for the period commencing on and from the date of this Note until the date of payment in full of the outstanding Principal Amount
under this Note and the accrued interests thereon; provided that no interest shall accrue on the outstanding Principal Amount under this Note if the entire Principal Amount has been converted into Ordinary Shares or Preferred Shares on or before the
Maturity Date pursuant to this Note. Interest shall be due and payable on the Maturity Date, and shall be calculated on the basis of a 365-day year for the actual number of days elapsed. 

(ii) Default Interest. From and after the Maturity Date, or the date on which an Event of Default occurs, whichever is earlier, any
unpaid and outstanding Principal Amount under this Note and accrued interest thereon shall bear interest at the compound interest rate of 12% per annum (computed on the basis of a 365-day year and accruing
daily), until such amount has been paid in full to the Holder. 
 4. Payments. 

(a) Currency and Account. All payments of the outstanding Principal Amount (other than payment by way of conversion) and all payments of
the accrued interest shall be paid in lawful money of the United States of America to the Holder, made by wire transfer of immediately available funds to the bank account designated by the Holder in a written notice delivered to the Company. 

  
 1 

 (b) Application of Payments. Payment on this Note shall be applied first to any expense
reimbursement owed to the Holder by the Company pursuant to this Note or otherwise, second to accrued interest, and thereafter to the outstanding Principal Amount. 

(c) Priority of the Note. This Note shall rank senior and superior to all the other existing or future Indebtedness owed by the
Company, except that this Note shall rank on a parity with the other Note under the Agreement. 
 (d) No
Set-Off. All payments on or in respect of this Note or the Indebtedness evidenced hereby shall be made to the Holder without any set-off and free and clear of and
without any deduction of any kind whatsoever. 
 5. Automatic Discharge upon Conversion; Interest Repayment. 

(a) If a Qualified IPO (as defined in the Agreement) occurs before or on June 30, 2019, this Note and the Company’s obligation to pay
the outstanding Principal Amount shall be deemed automatically discharged, at the date of completion of the Qualified IPO, upon the automatic conversion of this Note into certain number of Ordinary Shares and the issuance to the Holder by the
Company of such number of Ordinary Shares, calculated by dividing the outstanding Principal Amount by the applicable Ordinary Share Conversion Price. 

For purpose of this Note, the “Ordinary Share Conversion Price” under this
Section 5(a) shall be calculated according to the following formula: 
 Ordinary Share Conversion Price = N
× X, 
 “N” means offering price per Ordinary Share in the Qualified IPO; 

“X” means (i) seventy percent (70%), in the event of consummation of a Qualified IPO before or on December 31, 2018; (ii)
sixty-five percent (65%), in the event of consummation of a Qualified IPO between January 1, 2019 and March 31, 2019; (iii) sixty percent (60%), in the event of consummation of a Qualified IPO between April 1, 2019 and June 30,
2019. 
 (b) If a Qualified IPO fails to occur and this Note is not fully repaid or converted into Preferred Shares pursuant hereto before
or on June 30, 2019, this Note and the Company’s obligation to pay the outstanding Principal Amount shall be deemed automatically discharged, on the date of July 1, 2019, upon the automatic conversion of this Note into certain number
of redeemable and convertible preferred shares of the Company with the rights, preferences and privileges as set forth in Schedule I hereto (the “Converted Preferred Shares”) and the issuance to the Holder by the
Company of such number of Converted Preferred Shares, calculated by dividing the outstanding Principal Amount by the applicable Preferred Share Conversion Price (as defined below), provided, however, that if the Holder notifies the Company in
writing of its decision to choose repayment in cash rather than conversion at least five (5) Business Days prior to June 30, 2019, all the outstanding Principal Amount under this Note and accrued Interest thereon shall become due and
payable on the date of July 1, 2019 and no automatic conversion into Converted Preferred Shares will apply. 
 (c) If the Company
contemplates a Trade Sale prior to full repayment of this Note, the Company shall deliver to the Holder a written notice describing the information of such Trade Sale at least twenty (20) Business Days before the closing of the Trade Sale. The
Holder shall have right to (i) declare all Indebtedness under this Note become immediately due and payable in full on or prior to the closing of the Trade Sale, or (ii) convert all such Indebtedness into the such number of Converted
Preferred Shares calculated by dividing the outstanding Principal Amount by the applicable Preferred Share Conversion Price on or prior to the closing of the Trade Sale. 

  
 2 

 (d) For purpose of this Note, the applicable “Preferred Share Conversion
Price” shall be: 
 (i) in the case of conversion as provided in Section 5(b) above, the product
obtained pursuant to the formula: Preferred Share Conversion Price = A × 1600%, “A” means the after-tax net earnings per outstanding share of the Company (calculated on a fully diluted and as
converted basis) in the year of 2018, which shall be determined based on the consolidated audit report of the Group Companies for the year of 2018 formulated by a Big Four Accounting Firm or such other reputable accounting firm recognized by the
Holder according to the U.S. GAAP; 
 (ii) in the case of conversion as provided in Section 5(c) above, the
product obtained pursuant to the following formula: 
 Preferred Share Conversion Price for Trade Sale = N × X, 

“N” means the amount of consideration or proceeds for each share deriving from the Trade Sale to which a shareholder of Company
participating in the Trade Sale is entitled; 
 “X” means (i) seventy percent (70%), in the event of consummation of a Trade
Sale before or on December 31, 2018; (ii) sixty-five percent (65%), in the event of consummation of a Trade Sale between January 1, 2019 and March 31, 2019; (iii) sixty percent (60%), in the event of consummation of a Trade Sale
between April 1, 2019 and June 30, 2019. 
 (e) For the avoidance of doubt, the Converted Preferred Shares shall have rights,
preferences and privileges senior to all outstanding shares or other equity securities of the Company as of the date of the conversion. In addition, if the Company hereafter grants any other investors or shareholders any rights, privileges or
protections more favourable than those listed in Schedule I hereto, the Purchaser shall, at its option, be entitled to the same rights, privileges or protections in preference to such other investors or shareholders without additional
consideration. 
 6. Mechanics and Effect of Conversion. No fractional shares of the Company will be issued upon conversion of this
Note. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company will pay to the Holder in cash the amount of the unconverted principal balance of this Note that would otherwise be converted into such fractional
share. Upon conversion of this Note pursuant to Section 5, the Holder shall surrender this Note, duly endorsed, at the principal office of the Company. Notwithstanding the foregoing, the failure of the Holder to surrender
this Note pursuant to Section 6 shall not affect the conversion of this Note pursuant to Section 5. Upon the conversion of this Note pursuant to Section 5, this Note shall
be deemed to have been cancelled even if it is not surrendered for cancellation. 

  
 3 

 7. Events of Default. 

(a) Definition. For purpose of this Note, each of the following events shall be an “Event of Default” hereunder:

 (i) The Company fails to make any payment when due under this Note for more than ten (10) days; 

(ii) without prejudice to (i), the Company or any other Warrantor breaches any material representation, warranty, covenant or obligation set
forth in, or an event of default occurs under, any of the Transaction Agreements, and such breach or event of default, if curable, is not been cured within thirty (30) Business Days after occurrence; 

(iii) The entry of one or more judgments against the Company and/or any of its Subsidiaries by any court, tribunal, arbitration or any other
legal proceeding calling for the payment by the Company and/or its Subsidiaries of more than US$5,000,000 in the aggregate; 
 (iv) An
attachment or garnishment is levied, or writ of execution is enforced, against the assets or properties of the Company and/or its Subsidiaries involving an amount in excess of US$5,000,000 and such attachment or garnishment or writ of execution is
not vacated or otherwise terminated within thirty (30) days after the date of its effectiveness; 
 (v) The Company and/or its
Subsidiaries is legally dissolved or its existence is otherwise legally terminated; 
 (vi) The Company and/or its Subsidiaries commences or
has commenced against it any proceeding to dissolve or otherwise terminate its existence under any dissolution, liquidation or similar statue now or hereafter in effect or its board of directors or shareholders take any corporate action in
furtherance of any of the foregoing; 
 (vii) The Company and/or its Subsidiaries files any petition or action for relief under any
bankruptcy, reorganization, insolvency, arrangement, readjustment of debt, moratorium or any other similar law for the relief of, or relating to, debtors, nor or hereafter in effect, or makes any assignment for the benefit of creditors or its board
of directors or shareholders take any corporate action in furtherance of any of the foregoing; 
 (viii) An involuntary petition is filed
against the Company and/or its Subsidiaries (unless such petition is dismissed or discharged within sixty (60) days) under any bankruptcy, reorganization, insolvency, arrangement, readjustment of debt, moratorium, or similar law for the relief
of, or relating to, debtors, nor or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company and/or
its Subsidiaries; 
 (ix) The failure by the Company to (i) make any payment of any principal of, interest or premium on, any
Indebtedness in excess of US$5,000,000 (other than in respect of the Notes under the Agreement) when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after the applicable
grace period, if any specified in the agreement or instrument relating to such Indebtedness as of the date of such failure or otherwise agreed to by the parties; or (ii) to perform or observe any material term, covenant or condition on its part
to be performed or observed under any agreement or instrument relating to any Indebtedness, when required to be performed or observed, and such failure shall continue after the applicable grace period, if any, specified in such agreement or
instrument, if the effect of such failure to perform or observe accelerates the maturity of such Indebtedness; 
 (x) The VIE Completion
Date does not occur within three (3) months after the date of the Agreement; or 
 (xi) Unless otherwise agreed upon by the Holder in
writing, any of Restructuring Agreements is amended, terminated or rescinded, or breached in any material aspect. 

  
 4 

 In this Convertible Note, the term “Indebtedness” means: (i) all
indebtedness or other obligations for borrowed money or for the deferred purchase price of property or services; (ii) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in
connection with the acquisition of property, assets or businesses; (iii) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired (even though the rights and remedies of
the seller or lender under such agreement in the event of default are limited to repossession or sale of such property); (iv) all obligations under capital leases; (v) all reimbursement or other obligations under or in respect of letters of
credit and bankers acceptances; and (vi) all indebtedness secured by any Lien upon or in property owned whether or not a person assumed or became liable for the payment of such indebtedness. 

(b) Consequences of Events of Default. 

(i) If an Event of Default occurs, the Holder has the right (but not the obligation) to declare that all or part of Principal Amount and
Interest accrued thereon under this Note shall become immediately due and payable, in which case the Company shall immediately pay to Holder all such due and payable Indebtedness. The Company agrees to pay Holder all reasonable out-of-pocket costs and expenses incurred by Holder in any effort to collect Indebtedness under this Note, including reasonable attorney fees. 

(ii) Holder shall also have any other rights which Holder may have been afforded under any contract or agreement at any time and any other
rights which Holder may have pursuant to applicable law. 
 8. Expenses. The Company agrees to pay Holder all reasonable out-of-pocket costs and expenses incurred by Holder in any effort to collect Indebtedness under this Note, including reasonable attorney fees. 

9. New Shareholders Agreement and new MA&A. 

(a) New Shareholders Agreement. Certain shareholders agreement entered into by and among the shareholders of the Company shall be
amended, in form and substance to the satisfaction of the Holder, by all necessary action of the Board and shareholders of the Company upon the conversion of this Convertible Note (the “New Shareholders Agreement”). In the
case of issuance of Converted Preferred Shares, the New Shareholders Agreement shall set forth the rights, privileges and preferences of the Converted Preferred Shares listed in Schedule I hereto. 

(b) New MA&A. The memorandum and articles of association of the Company (as amended and restated) shall be amended, in form and
substance to the satisfaction of the Holder, by all necessary action of the Board and shareholders of the Company upon the conversion of this Convertible Note (the “New MA&A”) and such New MA&A shall have been duly
filed and stamped with the Registrar of Companies of the Cayman Islands within ten (10) Business Days after the conversion. In the case of issuance of Converted Preferred Shares, the New MA&A shall set forth the rights, privileges and
preferences of the Converted Preferred Shares listed in Schedule I hereto. 
 10. No impairment. The Company shall not, by
amendment of its MA&A, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Convertible Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder under this Convertible Note
against wrongful impairment. Without limiting the generality of the foregoing, the Company will take all such action as may be necessary or appropriate in order that the Company may duly and validly issue fully paid and non-assessable Ordinary Shares or Converted Preferred Shares upon conversion of this Convertible Note. Notwithstanding the foregoing, nothing herein limits the ability of the Holder to approve any amendment or
waiver related to this Convertible Note. 

  
 5 

 11. Lost, Stolen, Destroyed or Mutilated Note. In the case that this Note shall be
mutilated, lost, stolen or destroyed, the Company shall issue a new Note of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation of the mutilated Note, or in lieu of the Note
lost, stolen or destroyed, upon receipt of evidence satisfactory to the Company of the loss, theft or destruction of the Note. 
 12.
Severability. If one or more provisions of this Note are held to be unenforceable under applicable law, such provision(s) shall be excluded from this Note and the balance of the Note shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms. The parties will work in good faith to substitute the excluded provision with a provision intended to accomplish the parties’ intent to the greatest extent permitted by law. 

13. Amendments and Waivers. Any term of this Note may be amended, and the observance of any term of this Note may be waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Holder and the Company. Any amendment or waiver effected in accordance with this Section 13 shall be
binding upon the Holder and its successors and assigns and the Company. 
 14. Attorneys’ Fees. In the event any party hereto is
required to engage the services of any attorneys for the purpose of enforcing this Note, or any provision thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this Note (including attorneys’
fees, cost and disbursements) plus all other costs of collection. 
 15. Waiver of Presentment, Dishonour, etc. The Company hereby
waives presentment and demand for payment, notice of dishonour, protest and notice of protest of this Note. The right to plead any and all statutes of limitations as a defence to any demands hereunder is hereby waived to the fullest extent permitted
by law. 
 16. Governing Law and Dispute Resolution. This Note shall be governed by and construed in accordance with the laws of Hong
Kong without regard to the conflicts of laws principles. The dispute resolution provision in the Agreement applies mutatis mutandis to this Note. 

17. Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the Parties. Neither Party shall not assign this Note or delegate any of its respective rights or obligations hereunder without the written consent of the other Party. However, the Holder may assign its rights and
obligations under this Note to its Affiliate without the prior written of the Company but with a prior written notice to the Company. Immediately upon the delivery of a written notice about such assignment to the Company by the Holder, the Company
shall issue a new Note to the Holder’s assign(s) and this Note shall be cancelled upon the issuance of such new Note. 
 18.
Notices. The notice provision in the Agreement shall apply mutatis mutandis to this Note. 
 [The remainder of this page is
deliberately left blank.] 

  
 6 

 IN WITNESS WHEREOF, the Company has caused this Convertible Promissory Note to be duly
executed by its representative, thereunto duly authorized as of the date first above written. 
 Puxin Limited 

 

			
	By:	 	 /s/ Sha Yunlong

	Name:	 	Sha Yunlong (

)
	Title:	 	Director

 SCHEDULE I 

Rights, Preference and Priority of Converted Preferred Shares 
  

	1.	REGISTRATION RIGHTS. 

  

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

  

	 	1.2	Definitions. For purposes of this Section 1: 

  

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

  

	 	(b)	Registrable Securities. The term “Registrable Securities” means collectively, the Converted Preferred Registrable Securities. 

 

	 	(c)	Converted Preferred Registrable Securities. The term “Converted Preferred Registrable Securities” means: (1) Ordinary Shares of the Company issued or to be issued upon conversion of the
Preferred Shares held by the Holder issued (A) under the Convertible Note and (B) pursuant to the issuance of New Securities by the Company to the Holder pursuant to Section 2.1 hereof; (2) Ordinary Shares of the Company issued
as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, any of the foregoing; (3) any other Ordinary
Share owned or hereafter acquired by the Holder, including Ordinary Shares issued in respect of the Ordinary Shares described in (1)-(2) above upon any share split, share dividend, recapitalization or a similar event; and (4) any depositary
receipts issued by an institutional depositary upon deposit of any of the foregoing. 

  

	 	(d)	Converted Preferred Registrable Securities Then Outstanding. The number of shares of “Converted Preferred Registrable Securities then outstanding” shall
mean the number of Ordinary Shares of the Company that are Converted Preferred Registrable Securities and are then issued and outstanding or would be outstanding assuming full conversion of all Converted Preferred Registrable Securities which are
convertible into Ordinary Shares. 

  
 1 

	 	(e)	Registration Right Holder. For purposes of this Section 3, the term “Registration Right Holder” means any Person (as defined in the Agreement) who holds Registrable Securities of
record, whether such Registrable Securities were acquired directly from the Company or from another Registration Right Holder in a permitted transfer, to whom the rights under this Section 1 have been duly assigned in accordance with this
Agreement; provided, however, that for purposes of this Convertible Note, a record holder of the Preferred Shares convertible into such Registrable Securities shall be deemed to be the Registration Right Holder of such Registrable
Securities; and provided, further, that (i) the Company shall in no event be obligated to register the Preferred Shares and that (ii) Holders of Registrable Securities will not be required to convert their Preferred Shares
into Ordinary Share in order to exercise the registration rights granted hereunder, until immediately prior to the declaration of effectiveness of the registration statement for the offering to which the registration relates. 

 

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

  

	 	1.3	Demand Registration. 

  

	 	(a)	Request by Holders. If the Company shall receive, at any time after the earlier of (i) the third (3rd) anniversary of the date hereof, or (ii) a
Qualified IPO, a written request from the Registration Right Holders of at least ten percent (10%) of the Converted Preferred Registrable Securities then outstanding that the Company files a registration statement under the Securities Act covering
the registration of Registrable Securities pursuant to this Section 1.3, then the Company shall, within ten (10) Business Days after the receipt of such written request, give a written notice of such request (the “Request
Notice”) to all Registration Right Holders of the Converted Preferred Registrable Securities. The Registration Right Holders shall send a written notice stating the number of Registrable Securities requested to be registered and
included in such registration (the “Request Securities”) to the Company within ten (10) Business Days after receipt of the Request Notice. The Company shall thereafter use its best efforts to effect, as soon as
practicable, the registration of the Request Securities, subject only to the limitations of this Section 3.3. 

  
 2 

	 	(b)	Underwriting. If the Registration Right Holders initiating the registration request under this Section 1.3 (the “Initiating Registration Right Holders”)
intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 1.3 and the Company shall include such
information in the Request Notice referred to in Section 1.3(a). In the event of an underwritten offering, the right of any Registration Right Holder to include its Registrable Securities in such registration shall be conditioned upon such
Registration Right Holder’s participation in such underwriting and the inclusion of such Registration Right Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating
Registration Right Holders and such Holder) to the extent provided herein. All Registration Right Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 1.3,
if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Registration Right Holders of Registrable Securities which would
otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Registration Right Holders of
Converted Preferred Registrable Securities on a pro-rata basis according to the number of Converted Preferred Registrable Securities then outstanding held by each Registration Right Holder requesting
registration (including the Initiating Registration Right Holders); provided, however, that the number of shares of Converted Preferred Registrable Securities to be included in such underwriting and registration shall not be reduced
(x) by more than seventy-five percent (75%) and (y) unless all other securities are first entirely excluded from the underwriting and registration including all shares that are not Converted Preferred Registrable Securities and are held by
any other Person, including any Person who is an employee, officer or director of the Company or any Subsidiary of the Company. Further, if, as a result of such underwriter cutback, the Registration Right Holders cannot include in the IPO all of the
Converted Preferred Registrable Securities that they have requested to be included therein, then such Registration shall not be deemed to constitute one of the two (2) demand Registrations to which the Registration Right Holders are entitled
pursuant to this Section 1. If any Registration Right Holder disapproves of the terms of any such underwriting, such Registration Right Holder may elect to withdraw therefrom by delivering a written notice to the Company and the underwriter(s),
delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder
that is a partnership, the Registration Right Holder and the partners and retired partners of such Registration Right Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the
foregoing Persons, and for any Registration Right Holder that is a corporation, the Registration Right Holder and all corporations that are affiliates of such Registration Right Holder, shall be deemed to be a single “Registration Right
Holder”, and any pro-rata reduction with respect to such “Registration Right Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and
individuals included in such “Registration Right Holder”, as defined herein. 

  
 3 

	 	(c)	Maximum Number of Demand Registrations. The Company shall have no obligation to effect more than two (2) registrations pursuant to this Section 1.3. 

 

	 	(d)	Deferral. Notwithstanding the foregoing, if the Company shall furnish to the Registration Right Holders requesting the filing of a registration statement pursuant to this Section 1.3, a certificate signed by
the president or chief executive officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed, then the Company shall
have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Registration Right Holders; provided, however, that the Company may not utilize this right more than
once in any twelve (12) month period; provided further that during such ninety (90) day period, the Company shall not file any registration statement pertaining to the public offering of any securities of the Company.

  
 4 

	 	(e)	Expenses. The Company shall pay all expenses (excluding only underwriting discounts and commissions relating to the Converted Preferred Registrable Securities sold by the Registration Right Holders) incurred in
connection with any registration pursuant to this Section 1.3, including all U.S. federal, “blue sky” and all foreign registration, filing and qualification fees, printer’s and accounting fees, the fees and expenses (including
disbursements) of outside counsels for the Registration Right Holders of the Converted Preferred Registrable Securities and any fee charged by any depositary bank, transfer agent or share registrar, provided that such expenses shall not exceed
US$50,000 for each registration in aggregate. Each Registration Right Holder participating in a registration pursuant to this Section 1.3 shall bear such Registration Right Holder’s proportionate share (based on the total number of shares
of Registrable Securities sold in such registration other than for the account of the Company) of all discounts and commissions relating to the Registrable Securities sold by the Registration Right Holders and the expenses exceeding US$50,000 for
each registration. Notwithstanding the foregoing, the Company shall not be required to pay any expense of any registration proceeding begun pursuant to this Section 1.3 if the registration request is subsequently withdrawn at the request of the
Registration Right Holders of a majority of the Registrable Securities to be registered, unless the Registration Right Holders of a majority of the Registrable Securities then outstanding agree that such registration constitutes the use by the
Holders of one (1) demand registration pursuant to this Section 1.3 (in which case such registration shall also constitute the use by all Registration Right Holders of Registrable Securities of one (l) such demand registration);
provided further, however, that if at the time of such withdrawal, the Registration Right Holders have learned of a material adverse change in the condition, business, or prospects of the Company not known to the Registration Right
Holders at the time of their request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, or if the registration proceeding is terminated for any reason
not specifically covered by this Section 1.3(e), then the Company shall be required to pay all of such expenses and such registration shall not constitute the use of a demand registration pursuant to this Section 1.3. 

 

	 	1.4	Piggyback Registrations. The Company shall notify all Registration Right Holders of Registrable Securities in writing at least thirty (30) days prior to filing of any registration statement under the
Securities Act for purposes of effecting a public offering of securities of the Company (including registration statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to any
registration under Section 1.3 or Section 1.5 of this Agreement or to any employee benefit plan or a corporate reorganization) and will afford each such Registration Right Holder an opportunity to include in such registration statement all
or any part of the Registrable Securities then held by such Registration Right Holder. Each Registration Right Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Registration
Right Holder shall within ten (10) Business Days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such
Registration Right Holder wishes to include in such registration statement. If a Registration Right Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Registration
Right Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon
the terms and conditions set forth herein. 

  
 5 

	 	(a)	Underwriting. If a registration statement under which the Company gives notice under this Section 1.4 is for an underwritten offering, then the Company shall so advise the Registration Right Holders of
Registrable Securities. In such event, the right of any such Registration Right Holder’s Registrable Securities to be included in a registration pursuant to this Section 1.4 shall be conditioned upon such Registration Right Holder’s
participation in such underwriting and the inclusion of such Registration Right Holder’s Registrable Securities in the underwriting to the extent provided herein. All Registration Right Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected by the Company for such underwriting. Notwithstanding any other provision of this Agreement, if
the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the
number of shares that may be included in the registration and the underwriting shall be allocated, first to the Company, and second, to each of the Registration Right Holders requesting inclusion of their Registrable Securities in such
registration statement on a pro-rata basis based on the total number of Registrable Securities then held by each such Registration Right Holder; provided, however, that the right of the
underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of Registrable Securities included in any such registration is not reduced
below twenty-five percent (25%) of the aggregate number of Registrable Securities for which inclusion has been requested, even if this will cause the Company to reduce the number of shares it wishes to offer; and (ii) all shares that are not
Registrable Securities and are held by any other Person, including any Person who is an employee, officer or director of the Company or any Subsidiary of the Company shall first be excluded from such registration and underwriting before any
Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting, such Registration Right Holder may elect to withdraw therefrom by delivering a written notice to the Company and the underwriter(s) at least ten
(10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Registration Right Holder that
is a partnership, the Registration Right Holder and the partners and retired partners of such Registration Right Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the
foregoing Persons, and for any Holder that is a corporation, the Registration Right Holder and all corporations that are affiliates of such Holder, shall be deemed to be a single “Registration Right Holder,” and any pro-rata reduction with respect to such “Registration Right Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“Registration Right Holder,” as defined in this sentence. 

  
 6 

	 	(b)	Expenses. The Company shall pay all expenses (excluding only underwriting and brokers’ discounts and commissions relating to shares sold by the Holders) incurred in connection with a registration pursuant to
this Section 1.4, including all U.S. federal, “blue sky” and all foreign registration, filing and qualification fees, printers’ and accounting fees, the fees and expenses (including disbursements) of outside counsels for the
Holders and any fee charged by any depositary bank, transfer agent or share registrar. For the avoidance of doubt, the Company shall pay all expenses incurred in connection with a registration pursuant to this Section 1.4 notwithstanding the
cancellation or delay of the registration proceeding for any reason. 

  

	 	(c)	Not Demand Registration. Registration pursuant to this Section 1.4 shall not be deemed to be a demand registration as described in Section 1.3 above. Except as otherwise provided herein, there shall be
no limit on the number of times the Registration Right Holders may request registration of Registrable Securities under this Section 1.4. 

  

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

  
 7 

	 	(a)	Notice. Promptly give written notice of the proposed registration and the Registration Right Holder’s or Registration Right Holders’ request therefor, and any related qualification or compliance, to all
other Registration Right Holders of Registrable Securities; and 

  

	 	(b)	Registration. As soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion
of such Registration Right Holders or Registration Right Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Registration Right Holder or Registration
Right Holders joining in such request as are specified in a written request given within twenty (20) days after the date on which the Company provides the notice contemplated by Section 1.5(a); provided, however, that the
Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 1.5: 

  

	 	(i)	if Form S-3 or Form F-3 becomes unavailable for such offering by the Registration Right Holders; 

 

	 	(ii)	if the Registration Right Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any)
at an aggregate price of less than US$1,000,000 to the public; or 

  

	 	(iii)	if the Company has, within the six (6) month period preceding the date of such request, already effected a registration under the Securities Act other than a registration from which the Registrable Securities of
Registration Right Holders have been excluded (with respect to all or any portion of the Registrable Securities the Registration Right Holders requested to be included in such registration) pursuant to the provisions of Section 1.4(a).

  

	 	(c)	Expenses. The Company shall pay all expenses (excluding only underwriting or brokers’ discounts and commissions relating to shares sold by the Holders) incurred in connection with each registration requested
pursuant to this Section 1.5, including all U.S. federal, “blue sky” and all foreign registration, filing and qualification fees, printers’ and accounting fees, the fees and expenses (including disbursements) of outside counsels
for the Registration Right Holders and any fee charged by any depositary bank, transfer agent or share registrar. For the avoidance of doubt, the Company shall pay all expenses incurred in connection with a registration pursuant to this
Section 1.5 notwithstanding the cancellation or delay of the registration proceeding for any reason. 

  
 8 

	 	(d)	Maximum Frequency. Except as otherwise provided herein, there shall be no limit on the number of times the Registration Right Holders may request registration of Registrable Securities under this
Section 1.5. 

  

	 	(e)	Deferral. Notwithstanding the foregoing, if the Company shall furnish to Registration Right Holders requesting the filing of a registration statement pursuant to this Section 1.5, a certificate signed by the
president or chief executive officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such Form S-3 or Form F-3 registration statement to be filed, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Registration
Right Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further that during such ninety (90) day period, the Company shall not file any
registration statement pertaining to the public offering of any securities of the Company. 

  

	 	(f)	Not Demand Registration. Form S-3 or Form F-3 registrations shall not be deemed to be demand registrations as described in
Section 3.3 above. 

  

	 	(g)	Underwriting. If the requested registration under this Section 3 is for an underwritten offering, the provisions of Section 3.3(b) shall apply. 

If the Company fails to perform any of the Company’s obligations set forth above in this Section 1.5 relating to a demand
registration made pursuant to Section 1.3, such registration shall not constitute the use of a demand registration under Section 1.3. 
  

	 	1.6	Obligations of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement, the Company shall, as soon as practicable: 

 

	 	(a)	Registration Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, and
keep any such registration statement effective for a period of one (1) year or until the Registration Right Holder or Registration Right Holders have completed the distribution described in the registration statement relating thereto, whichever
is earlier; 

  
 9 

	 	(b)	Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary
to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement; 

  

	 	(c)	Prospectuses. Furnish to the Registration Right Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other
documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration; 

 

	 	(d)	Blue Sky. Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by
the Registration Right Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

  

	 	(e)	Deposit Agreement. If the registration relates to an offering of depositary shares or other securities representing Ordinary Shares deposited pursuant to a deposit agreement or similar facility, cause the
depositary under such agreement or facility to accept for deposit under such agreement or facility all Registrable Securities requested by each Registration Right Holder to be included in such registration in accordance with this Section 1;

  

	 	(f)	Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such
offering. Each Registration Right Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; 

  

	 	(g)	Notification. Notify each Registration Right Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities
Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then existing; 

  
 10 

	 	(h)	Opinions and Comfort Letter. Furnish, at the request of any Registration Right Holder requesting registration of Registrable Securities, on the date that such Registrable Securities are delivered to the
underwriter(s) for sale, if such Registrable Securities are being sold through underwriters, or, if such Registrable Securities are not being sold through underwriters, on the date that the registration statement with respect to such Registrable
Securities becomes effective, (i) opinions, each dated as of such date, of the counsels representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public
offering and reasonably satisfactory to Registration Right Holders representing a majority of the Registrable Securities requested to be registered, addressed to the underwriters, if any, and to the Registration Right Holders requesting registration
of Registrable Securities and (ii) a “comfort letter” dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants
to underwriters in an underwritten public offering and reasonably satisfactory to Registration Right Holders representing a majority of the Registrable Securities requested to be registered, addressed to the underwriters, if any, and to the
Registration Right Holders requesting registration of Registrable Securities. 

  

	 	1.7	Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 1.3, 1.4 or 1.5 that the Registration Right Holders shall furnish to the Company
information regarding such Registration Right Holders, the Registrable Securities held by them and the intended method of disposition of such Registrable Securities as shall reasonably be required to timely effect the Registration of their
Registrable Securities. 

  

	 	1.8	Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 1.3, 1.4 or 1.5: 

 

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

  
 11 

	 	(iv)	any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto; 

  

	 	(v)	the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or 

 

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

 and the Company shall reimburse each such Registration
Right Holder and its Affiliates, partners, officers, directors, employees, legal counsel, agents, underwriters or controlling Person for any legal or other expenses reasonably incurred by them, in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the indemnity contained in this Section 1.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent
that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Registration Right Holder, underwriter or
controlling Person of such Registration Right Holder. 
  

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

  
 12 

	 	(c)	Notice. Promptly after receipt by an indemnified party under this Section 1.8 of notice of the commencement of any action, including any governmental action, such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this Section 1.8, deliver to the indemnifying party a written notice of the commencement thereof (a “Claim Notice”) and the indemnifying party shall have
the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, (i) during the period from the delivery of a Claim Notice until retention of counsel by
the indemnifying party; and (ii) if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other
party represented by such counsel in such proceeding. The failure to deliver a written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the
indemnified party under this Section 1.8 to the extent the indemnifying party is prejudiced as a result thereof, but the omission to deliver a written notice to the indemnified party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section 1.8. 

  
 13 

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

  

	 	(e)	Contribution. In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any Registration Right Holder exercising rights under this
Agreement, or any controlling Person of any such Registration Right Holder, makes a claim for indemnification pursuant to this Section 1.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 1.8 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any such selling Registration Right Holder or any such controlling Person in circumstances for which indemnification is provided under this Section 1.8; then, and in
each such case, the Company and such Registration Right Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the
relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant
equitable considerations; provided, however, that, in any such case: (A) no such Registration Right Holder will be required to contribute any amount in excess of the net proceeds received by such Registration Right Holder pursuant
to such registration statement absent guilty of such fraudulent misrepresentation; and (B) no Person or entity guilty of fraudulent misrepresentation as defined in Section 11(f) of the Securities Act will be entitled to contribution from
any Person or entity who was not guilty of such fraudulent misrepresentation. 

  
 14 

	 	(f)	Survival. The obligations of the Company and Registration Right Holders under this Section 1.8 shall survive for six (6) years after the completion of any offering of Registrable Securities in a
registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. 

  

	 	1.9	Rule 144 Reporting. With a view to making available to the Registration Right Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public
without registration, the Company agrees to: 

  

	 	(a)	Make and keep public information available, as those terms are understood and defined in Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first
registration filed by the Company for an offering of its securities to the general public; 

  

	 	(b)	File with the SEC, in a timely manner, all reports and other documents required of the Company under the Securities Act or the Exchange Act, at all times after the effective date of the first registration under the
Securities Act filed by the Company; 

  

	 	(c)	So long as a Registration Right Holder owns any Registrable Securities, furnish to such Registration Right Holder forthwith upon request, (i) a written statement by the Company as to its compliance with the
reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements, (ii) a copy of the most recent annual, interim, quarterly or other report of the
Company and, (iii) such other reports and documents as a Holder may reasonably request availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration. 

 

	 	1.10	Termination of the Company’s Obligations. Notwithstanding the foregoing, the Company shall have no obligations pursuant to Sections 1.3, 1.4 or 1.5 with respect to any Registrable Securities
proposed to be sold by a Registration Right Holder in a registered public offering (i) five (5) years after the consummation of a Qualified IPO, or (ii), if, in the opinion of counsel to the Company, all such Registrable Securities proposed to
be sold by a Holder may then be sold under Rule 144 in one transaction without exceeding the volume limitations thereunder. 

  

	 	1.11	No Registration Rights to Third Parties. Without the prior written consent of the Holders of more than fifty percent (50%) of the Converted Preferred Registrable Securities then outstanding, the Company covenants
and agrees that it shall not grant, or cause or permit to be created, for the benefit of any Person or entity any registration rights of any kind, whether similar to the demand, “piggyback” or Form
S-3 or Form F-3 registration rights described in this Section 3, or otherwise, relating to any shares or other securities of the Company, other than rights that are
subordinate to the rights of the Registration Right Holders hereunder. 

  
 15 

	 	1.12	“Market Stand-Off” Agreement. Each Registration Right Holder hereby agrees that, if and to the extent requested by the lead underwriter of
securities of the Company in connection with a registration relating to a specific proposed public offering (other than a registration on Form S-8 or a related or successor form relating solely to an employee
benefit plan or a registration on Form S-4 or a related or successor form relating solely to a transaction under SEC Rule 145), such Registration Right Holder will, subject to the following conditions, enter
into a lock-up or standoff agreement in customary form (subject to the following conditions) under which such Registration Right Holder agrees not to sell or otherwise transfer or dispose of any Registrable
Securities or other shares of the Company owned by such Registration Right Holder as of the date of such registration for up to one hundred eighty (180) days following the effective date of the related registration statement. The obligations of
each Registration Right Holder under this Section 1.12 are subject to the following conditions: (i) the lockup or standoff agreement applies only to the first registration statement of the Company which covers securities to be sold on its
behalf to the public in an underwritten offering, but not to Registrable Securities actually sold pursuant to such registration statement; (ii) such Registration Right Holder is satisfied that all directors, officers, and holders of 1% or more
of any class of securities of the Company are bound by substantially identical restrictions; (iii) the lockup or standoff agreement provides that if any securities of the Company are to be excluded or released in whole or part from such
restrictions, the underwriter shall so notify each Holder within three (3) days and each Registration Right Holder shall be excluded or released, in proportionate amounts to the extent of the exclusion or release with respect to any other
holder of Company’s securities, including any director, officer, or holder of 1% or more of any class of securities of the Company subject to such restrictions; and (iv) the lockup or standoff agreement by its terms permits transfers of
Registrable Securities by any Registration Right Holder to any Affiliate of such Holder during the restricted period, provided that such Affiliate executes a lock-up or standoff agreement substantively
identical to that signed by the transferring Registration Right Holder. The lock-up or standoff agreement shall expire no later than ninety (90) days after execution by the Registration Right Holder if no
underwritten public offering has occurred by the date of such execution. The Company may impose a stop-transfer restriction with respect to Registrable Securities that are subject to any such lockup or standoff agreement, but shall remove such
restriction immediately upon the expiration or termination of such lockup or standoff agreement. 

  
 16 

	 	1.13	Public Offering Rights (Non-U.S. Offerings). If shares of the Company are offered in an underwritten public offering (whether or not a Qualified IPO) outside of the United
States for the account of any Ordinary Shareholder or other shareholders, each Registration Right Holder shall have the right to include a pro-rata number of shares (based on the number of shares (on an as -
converted basis) then held by such Registration Right Holder and all other shareholders of the Company selling in such offering) in such offering on terms and conditions no less favorable to the Registration Right Holders than to any other selling
shareholder. 

  

	 	1.14	Re-sale Rights. The Company shall use its best efforts to assist each Registration Rights Holder in the sale or disposition of its Registrable Securities after a Qualified
IPO, including the prompt delivery of applicable instruction letters by the Company and legal opinions from the Company’s counsels in forms reasonably satisfactory to the Registration Rights Holder’s counsel. In the event the Company has
depositary receipts listed or traded on any stock exchange or inter-dealer quotation system, the Company shall pay all costs and fees related to such depositary facility, including conversion fees and maintenance fees for Registrable Securities held
by the Registration Rights Holders. 

  

	2.	RIGHT OF PARTICIPATION; RIGHT OF FIRST REFUSAL. 

  

	 	2.1	With Respect to Issuance of New Securities: 

  

	 	(a)	General. Each of the holder of Preferred Shares (including, but without limitation, the Converted Preferred Shares) (under this Section 2, the “Participation Rights
Holders”, and each a “Participation Rights Holder”) shall have a right of first refusal to purchase such a Pro Rata Share of all or any part of the New Securities that the Company may from time to
time issue after the date of issuance of the Converted Preferred Shares (the “Right of Participation”). Each Participation Rights Holder shall be entitled to apportion its Right of Participation hereby granted to it among
itself and its Affiliates in such proportions as it deems appropriate. 

  

	 	(b)	Pro Rata Share. A Participation Rights Holder’s “Pro Rata Share” is the ratio of (a) the number of Ordinary Shares (calculated on an
as-converted basis) then held by such Participation Rights Holder, to (b) the total number of Ordinary Shares (assuming conversion of all convertible securities) then outstanding immediately prior to the
issuance of New Securities giving rise to the Right of Participation. 

  

	 	(c)	New Securities. “New Securities” shall mean any Preferred Shares, Ordinary Shares or other voting shares of the Company, whether now authorized or not, and rights, options or warrants to
purchase such Preferred Shares, Ordinary Shares and securities of any type whatsoever that are, or may become, convertible or exchangeable into such Preferred Shares, Ordinary Shares or other voting shares, provided, however, that the
term “New Securities” shall not include: 

  
 17 

	 	(i)	any Converted Preferred Shares issued upon the conversion of this Convertible Note, or Ordinary Shares issued upon conversion of the Converted Preferred Shares authorized; 

 

	 	(ii)	any securities issued in connection with any share split, share dividend or other similar event in which all Participation Rights Holders are entitled to participate on a pro rata basis; 

 

	 	(iii)	any Ordinary Shares issued or issuable to officers, directors, employees and consultants of the Company pursuant to any employee equity incentive plan to be approved by the Board and the shareholders of the Company
pursuant to the New MA&A; 

  

	 	(iv)	those issued as a dividend or distribution on Preferred Shares or any event for which adjustment is made; 

  

	 	(v)	any securities offered in an underwritten registered public offering by the Company, as duly approved by the Board and the shareholders of the Company pursuant to the New MA&A. 

 

	 	(d)	Procedures. 

  

	 	(i)	First Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities in a single transaction or a series of related transactions, it shall give to each Participation
Rights Holder a written notice of its intention to issue New Securities (the “First Participation Notice”), describing the amount, the type and the price of New Securities and the general terms upon which the Company proposes
to issue such New Securities. Each Participation Rights Holder shall be entitled to purchase such Participation Rights Holder’s Pro Rata Share of such New Securities at the price and upon the terms and conditions specified in the First
Participation Notice by giving a written notice to the Company and stating therein the number of New Securities to be purchased (such number shall not exceed such Participation Rights Holder’s Pro Rata Share) within twenty (20) Business
Days from the date of such First Participation Notice. If any Participation Rights Holder fails to send such written notice within the prescribed time period or declines to exercise fully its Right of Participation, then the right of such
Participation Rights Holder to purchase the part of its Pro Rata Share that it did not agree to purchase hereunder shall be forfeited. 

  
 18 

	 	(ii)	Second Participation Notice; Oversubscription. If any Participation Rights Holder fails or declines to exercise fully its Right of Participation in accordance with subsection (d)(i) above, the Company shall
promptly give a written notice (the “Second Participation Notice”) to the Participation Rights Holders who agreed to exercise their Right of Participation in full (the “Rights Participants”) in
accordance with subsection (d)(i) above. Each Rights Participant shall have five (5) Business Days from the date of the Second Participation Notice (the “Second Participation Period”) to notify the Company of its desire
to purchase more than its Pro Rata Share of the New Securities, stating the number of the additional New Securities it proposes to purchase. Such notice may be made by telephone if followed by a written confirmation within two (2) Business Days
from the date of verbal notice. If as a result thereof, such oversubscription exceeds the total number of the remaining New Securities available for purchase, the oversubscribing Rights Participants will be cut back by the Company with respect to
their oversubscriptions to that number of remaining New Securities equal to the product obtained by multiplying (i) the number of the remaining New Securities available for subscription by (ii) a fraction the numerator of which is the
number of Ordinary Shares (calculated on an as-converted basis) held by each oversubscribing Rights Participant and the denominator of which is the total number of Ordinary Shares (calculated on an as-converted basis) held by all the oversubscribing Rights Participants. Each oversubscribing Rights Participant shall be obligated to purchase such number of additional New Securities as determined by the Company
pursuant to this subsection (d)(ii) and the Company shall so notify the Rights Participants within fifteen (15) Business Days from the date of the Second Participation Notice. 

 

	 	(e)	Failure to Exercise. (i) In the event Participation Rights Holders do not exercise the Right of Participation with respect to all New Securities described in the First Participation Notice, after twenty
(20) days following the date of the First Participation Notice, or (ii) upon the expiration of the Second Participation Period, the Company shall have a period of ninety (90) days thereafter to sell the New Securities described in the
First Participation Notice (with respect to which the Right of Participation was not fully exercised) at the same price and upon the same non-price terms specified in the First Participation Notice. In the
event that the Company has not issued and sold such New Securities within such prescribed period, then the Company shall not thereafter issue or sell any New Securities without first offering such New Securities to the Participation Rights Holders
pursuant to this Section 2. 

  
 19 

	 	2.2	With Respect to Shares Owned by Ordinary Shareholders: 

  

	 	(a)	Restriction on Transfers. Before completion of a Qualified IPO, none of the Key Parties shall, directly or indirectly, sell, transfer, pledge, hypothecate, encumber or otherwise dispose of, in a single
transaction or a series of transaction, more than five percent (5%) of total outstanding shares of the Company in aggregate, directly or indirectly held by it/him/her to any Person without prior written consent of the Purchaser, except for any share
transfer for the purpose of implementing the ESIP or Trade Sale as approved by the Holder. 

 Each of Key Party and Ordinary
Shareholders shall not sell, transfer, pledge, hypothecate, encumber or otherwise dispose of its shares of the Company to any Person, whether directly or indirectly, except in compliance with this Section 2.2 and Section 3. 

 

	 	(b)	Notice of Sale. If any Key Party and Ordinary Shareholders (under this Section 2.2, the “Selling Shareholder”) proposes to sell or transfer, directly or indirectly, any of its Shares
(the “Transfer Shares”), then the Selling Shareholder shall promptly give a written notice (the “Transfer Notice”) to the Company and to each holder of the Preferred Shares (the “Non-Selling Shareholder”), which Transfer Notice shall include the number of Transfer Shares to be sold or transferred and the nature of such sale or transfer, (ii) the identity (identities)
(including name(s) and address(es)) of the prospective transferee(s), and (iii) the consideration and the material terms and conditions upon which the proposed sale or transfer is to be made. The Transfer Notice shall certify that the Selling
Shareholder has received a firm offer from the prospective transferee(s) and in good faith believes a binding agreement for the sale or transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a
copy of any written proposal, term sheet or letter of intent or other agreement relating to the proposed transfer. Each holder of Preferred Shares shall be entitled to apportion its right of first refusal hereby granted to it among itself and its
Affiliates in such proportions as it deems appropriate. 

  

	 	(c)	Notice of Purchase. Each Non-Selling Shareholder shall be entitled to purchase all or any part of such Non-Selling
Shareholder’s pro rata share of the Transfer Shares at the price and upon the terms and conditions specified in the Transfer Notice by giving a written notice to the Selling Shareholder within twenty (20) Business Days after the receipt of
the Transfer Notice (the “First Refusal Period”) stating therein the number of Transfer Shares to be purchased. If a Non-Selling Shareholder exercises such right and notifies the
Selling Shareholder of the number of Transfer Shares to be purchased, then such Non-Selling Shareholder shall complete the purchase of the Transfer Shares on the same terms and conditions as those set out in
the Transfer Notice. A failure by a Non-Selling Shareholder to respond within such prescribed period shall constitute a decision by such Non-Selling Shareholder not to
exercise its right to purchase such Transfer Shares. For purposes of this clause (c), each Non-Selling Shareholder’s pro rata share of the Transfer Shares shall be equal to the number of Transfer Shares,
multiplied by a fraction, the numerator of which shall be the number of Ordinary Shares (on an as-converted basis) held by such Non-Selling Shareholder on the date of
the Transfer Notice and the denominator of which shall be the total number of Ordinary Shares (on an as-converted basis) held on the date of the Transfer Notice by all
Non-Selling Shareholders which exercise their right of first refusal under this clause (c) on the date of the Transfer Notice. 

  
 20 

	 	(d)	Second Transfer Notice; Over-Allotment. To the extent that any Non-Selling Shareholder does not exercise its right of first refusal to the full extent to purchase such Non-Selling Shareholder’s pro rata share of the Transfer Shares, the Selling Shareholder shall deliver written notice thereof (the “Second Transfer
Notice”), within two (2) days after the expiration of the First Refusal Period, to each Non-Selling Shareholder that elected to the full extent to purchase such Non-Selling Shareholder’s pro rata share of the Transfer Shares (the “Exercising Holder”). Each Exercising Holder shall have five (5) Business Days from the date of the Second
Transfer Notice (the “Second Refusal Period”) to notify the Selling Shareholder of its desire to purchase more than its pro rata share of the Transfer Shares, stating the number of the additional Transfer Shares it proposes
to purchase. Such notice may be made by telephone if followed by a written confirmation within two (2) Business Days from the date of verbal notice. If as a result thereof, such over-allotment exceeds the total number of the remaining Transfer
Shares available for purchase, the over-purchasing Exercising Holders will be cut back or limited by the Selling Shareholder with respect to their over-allotment to that number of remaining Transfer Shares equal to the lesser of (a) the number
of the additional Transfer Shares it proposes to purchase; (b) the product obtained by multiplying (i) the number of the remaining Transfer Shares available for purchase by (ii) a fraction the numerator of which is the number of
Ordinary Shares (on an as converted basis) held by each over-purchasing Exercising Holder and the denominator of which is the total number of Ordinary Shares (on an as converted basis) held by all the over-purchasing Exercising Holders. Each
over-purchasing Exercising Holder shall be obligated to purchase such number of additional Transfer Shares as determined by the Selling Shareholder pursuant to this subsection (d) and the Selling Shareholder shall so notify such Exercising
Holders within fifteen (15) Business Days from the date of the Second Transfer Notice. 

  
 21 

	 	(e)	Non-Exercise. Subject to the provisions of Section 3, in the event the Non-Selling Shareholder fails to purchase all of the
Transfer Shares within the above-prescribed period, the Selling Shareholder shall have ninety (90) days after delivery of the Transfer Notice to each Non-Selling Shareholder to sell such Transfer Shares
at a price upon terms and conditions no more favorable to the transferee than specified in the original Transfer Notice. In the event that the Selling Shareholder has not sold the Transfer Shares within such prescribed period, the Selling
Shareholder shall not thereafter sell any Shares without first offering such Shares to the Non-Selling Shareholders in the manner provided in this Section 2 and in Section 3. 

 

	 	(f)	Closing. If any Non-Selling Shareholder elects to purchase the Transfer Shares pursuant to this Section 2.2, then the payment for the Transfer Shares to be purchased
shall be made by wire transfer in immediately available funds of the appropriate currency, against delivery of such Transfer Shares to be purchased, at a place and time agreed by the Selling Shareholder and each
Non-Selling Shareholder that has elected to purchase all or part of the Transfer Shares. 

  

	3.	NON-SELLING SHAREHOLDER’S CO-SALE RIGHT. 

 

	 	3.1	Co-Sale Right. To the extent any Non-Selling Shareholder does not exercise its respective rights of first refusal as to all of the
Transfer Shares pursuant to Section 2.2, such Non-Selling Shareholder (a “Co-Sale Right Holder”) shall have the right, exercisable upon
delivery of a written notice to the Selling Shareholder, with a copy to the Company, within twenty (20) Business Days after the receipt of the Transfer Notice, to participate in the sale of any Transfer Shares to the extent of such Co-Sale Right Holder’s Pro Rata Co-Sale Share at the same price and upon the same terms and conditions indicated in the Transfer Notice. A failure by the Co-Sale Right Holder to respond within such prescribed period shall constitute a decision by such Co-Sale Right Holder not to exercise its right of co-sale as provided herein. To the extent one (1) or more of the Co-Sale Right Holders exercise such right of co-sale in
accordance with the terms and conditions set forth below, the number of Transfer Shares that the Selling Shareholder may sell in the transaction shall be correspondingly reduced. The foregoing co-sale right of
each Co-Sale Right Holder shall be subject to the following terms and conditions: 

  
 22 

	 	(a)	each Co-Sale Right Holder may sell all or any part of its Pro Rata Share of the Transfer Shares. A Co-Sale Right Holder’s
“Pro Rata Co-Sale Share” of a specified quantity of Transfer Shares shall mean that number of Ordinary Shares (or that number of Preferred Shares which, if converted at the current
conversion ratio, would equal that number of Ordinary Shares) which equals the specified quantity of Transfer Shares proposed to be transferred multiplied by a fraction equal to (i) the total number of Ordinary Shares (on an as converted basis)
then held by such Co-Sale Right Holder exercising co-sale rights pursuant to this Section 3, divided by (ii) the total number of Ordinary Shares held by the
Selling Shareholder plus the total number of Ordinary Shares then held by all Co-Sale Right Holders exercising co-sale rights pursuant to this Section 3, on an as
converted basis. As used in this definition, the phrase “on an as converted basis” shall mean assuming conversion of all Preferred Shares but not assuming exercise or conversion of any other outstanding option, warrants, or other
convertible securities. 

  

	 	(b)	each Co-Sale Right Holder shall effect its participation in the sale by promptly delivering to the Selling Shareholder, with a copy to the Company, for transfer to the prospective
purchaser share certificates in respect of all Shares to be sold by such Co-Sale Right Holder and a transfer form signed by such Co-Sale Right Holder, which indicates:

  

	 	(i)	the number of Ordinary Shares which such Co-Sale Right Holder elects to sell; 

  

	 	(ii)	that number of Preferred Shares which is at such time convertible into the number of Ordinary Shares that such Co-Sale Right Holder elects to sell; or 

 

	 	(iii)	any combination of the foregoing; 

 provided, however, that if the
prospective purchaser objects to the delivery of Preferred Shares in lieu of Ordinary Shares, such Co-Sale Right Holder shall convert such Preferred Shares into Ordinary Shares and deliver Ordinary Shares. The
Company agrees to make any such conversion concurrent with the actual transfer of such shares to the purchaser. 
  

	 	3.2	Procedure at Closing. The share certificate or certificates that such Co-Sale Right Holder delivers to the Selling Shareholder pursuant to paragraph 3.1(b) shall be
transferred to the prospective purchaser in consummation of the sale of the Transfer Shares pursuant to the terms and conditions specified in the Transfer Notice, and the Selling Shareholder shall concurrently therewith remit to such Co-Sale Right Holder that portion of the sale proceeds to which such Co-Sale Right Holder is entitled by reason of its participation in such sale. To the extent that any
prospective purchaser or purchasers prohibit such assignment or otherwise refuse to purchase shares or other securities from a Co-Sale Right Holder exercising its rights of
co-sale hereunder, the Selling Shareholder shall not sell any Transfer Shares to such prospective purchaser or purchasers unless and until, simultaneously with such sales, the Selling Shareholder shall
purchase such shares or other securities from such Co-Sale Right Holder. In selling their Shares pursuant to their co-sale right hereunder, the Co-Sale Right Holders shall not be required to give any representations or warranties with respect to their Shares to be sold except to confirm that they have not transferred or encumbered such Shares.

  
 23 

	 	3.3	Non-Exercise. Subject to Section 2.2, to the extent the Co-Sale Right Holders do not elect to participate in the sale of
Transfer Shares pursuant to the Transfer Notice, the Selling Shareholder may, not later than ninety (90) days following delivery of the Transfer Notice to each Co-Sale Right Holder, effect a transfer of
the Transfer Shares covered by the Transfer Notice and not elected to be sold by the Co-Sale Right Holders. Any proposed transfer on terms and conditions more favorable than those described in the Transfer
Notice, as well as any subsequent proposed transfer of any Shares by the Selling Shareholder, shall be subject to the procedures described in Section 4 and this Section 5. 

 

	 	3.4	Prohibited Transfer. 

  

	 	(a)	Prohibited Transfer. In the event a Selling Shareholder should sell any Transfer Shares in disregard or contravention of the terms and conditions of the New Shareholders Agreement and/or the New MA&A, or the
right of first refusal under Section 2.2 or the co-sale rights Section 3.1 of under this Agreement (a “Prohibited Transfer”), the
Non-Selling Shareholders, in addition to such other remedies as may be available at law, in equity or hereunder, shall have the put option provided below, and such Selling Shareholder shall be bound by the
applicable provisions of such option. 

  

	 	(b)	Put Right. Without prejudice to any other rights and remedies available to any Non-Selling Shareholder, in the event of a Prohibited Transfer, each Non-Selling Shareholder shall have the right to sell to the Selling Shareholder the type and number of Ordinary Shares equal to the number of Shares such Non-Selling
Shareholder would have been entitled to transfer to the purchaser under Section 3.1 hereof had the Prohibited Transfer been effected pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and
conditions: 

  

	 	(i)	The price per share at which the Shares are to be sold to the Selling Shareholder shall be equal to the price per share paid by the purchaser to the Selling Shareholder in the Prohibited Transfer. The Selling
Shareholder shall also reimburse each Non-Selling Shareholder for any and all reasonable fees and expenses, including legal fees and
out-of-pocket expenses, incurred pursuant to the exercise or the attempted exercise of such Non-Selling Shareholder’s rights
under this Section 3. 

  
 24 

	 	(ii)	Each Non-Selling Shareholder shall, if exercising the option created hereby, deliver to the Selling Shareholder within ninety (90) days after the later of the dates on which
the Non-Selling Shareholder (A) received notice of the Prohibited Transfer or (B) otherwise become aware of the Prohibited Transfer, a notice describing the type and the number of Shares to be
transferred by the Non-Selling Shareholder. 

  

	 	(iii)	The Selling Shareholder shall, promptly upon receipt of the notice described in subsection 3.4(b)(ii) above from the Non-Selling Shareholder(s) exercising the option created
hereby, pay to each such Non-Selling Shareholder the aggregate purchase price for the Shares to be sold by such Non-Selling Shareholder, and the amount of reimbursable
fees and expenses, as specified in subparagraph 3.4(b)(i), in cash or by other means acceptable to the Non-Selling Shareholder. 

 

	 	(iv)	Upon receipt of full payment of the amount due from the Selling Shareholder, the Non-Selling Shareholder shall deliver to the Selling Shareholder the certificate or certificates
representing Shares to be sold, together with a transfer form signed by the Non-Selling Shareholder transferring such shares. 

 

	 	(v)	Notwithstanding the foregoing, any attempt by a Selling Shareholder to transfer any of the Transfer Shares in violation of Section 2 or 3 hereof, or other terms and conditions of the New Shareholders Agreement
and/or the New MA&A shall be void, and the Company undertakes it will not effect such a transfer nor will treat any alleged transferee as the holder of such shares. 

 

	 	3.5	Legend. 

  

	 	(a)	Each certificate representing the Ordinary Shares shall be endorsed with the following legend: 

“THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER SET FORTH IN A SHAREHOLDERS AGREEMENT, AS AMENDED FROM TIME TO TIME, A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 
  

	 	(b)	Each party agrees that the Company may instruct its transfer agent to impose transfer restrictions on the shares represented by certificates bearing the legend referred to in Section 3.5(a) above to enforce the
provisions of this Agreement and the Company agrees to promptly do so. The legend shall be removed upon termination of the provisions of this Section 3. 

  
 25 

	4.	LIQUIDATION PREFERENCE. 

  

	 	4.1	Upon any liquidation, dissolution or winding up of the Company and/or any Group Company, either voluntary or involuntary (each a “Liquidation Event”), distributions to the shareholders of the
Company shall be made in the following manner: 

  

	 	(a)	Before any distribution or payment shall be made to the holders of any other classes and series of shares, including the Ordinary Share, the holder of Converted Preferred Shares shall be entitled to receive, on a parity
with each other, an amount equal to the sum of (x) the Principal Amount; (y) all dividends declared and unpaid with respect to Converted Preferred Share then held by such holder; and (z) annual compound interest calculated at twelve
percent (12%) per annum on Principal Amount from the date of the issuance date of this Convertible Note and up to and including the date of receipt by the Holder of such full distribution amount set forth in (x), (y) and (z). 

 

	 	(b)	After distribution or payment in full of the amount distributable or payable on the Converted Preferred Shares pursuant to Section 4.1(a), the remaining assets of the Company available for distribution to Members
shall be distributed among the holders of outstanding Preferred Shares other than the Converted Preferred Shares pursuant to the New MA&A. 

  

	 	(c)	After distribution or payment in full of the amount distributable or payable on the Converted Preferred Shares pursuant to Section 4.1(a) and other outstanding Preferred Shares pursuant to Section 4.1(b), the
remaining assets of the Company available for distribution to shareholders shall be distributed on a pro rata basis among the holders of outstanding Ordinary Shares and the holders of outstanding Preferred Shares in proportion to the number of
outstanding Ordinary Shares held by them (with outstanding Preferred Shares treated on an as-if-converted basis). 

 

	 	(d)	Liquidation on Trade Sale. In the event of a Trade Sale, any proceeds resulting to the shareholders of the Company therefrom shall be distributed in accordance with the terms of Section 4.1(a) through (c).

  

	 	(e)	In the event the Company proposes to distribute assets other than cash in connection with any liquidation, dissolution or winding up of the Company, the value of the assets to be distributed to the holder of the
Preferred Shares and Ordinary Shares shall be determined in good faith by the Board pursuant to the New MA&A or by a liquidator if one is appointed. Any securities not subject to investment letter or similar restrictions on free marketability
shall be valued as follows: 

  
 26 

	 	(i)	if traded on a securities exchange, the value shall be deemed to be the average of the security’s closing prices on such exchange over the thirty (30) day period ending one (1) day prior to the
distribution; 

  

	 	(ii)	if traded over-the-counter, the value shall be deemed to be the average of the closing bid prices over the thirty (30) day period
ending three (3) days prior to the distribution; and 

  

	 	(iii)	if there is no active public market, the value shall be the fair market value thereof as determined in good faith by the Board pursuant to the New MA&A. 

 

	5.	CONVERSION OF CONVERTED PREFERRED SHARES 

  

	 	5.1	The Holder have the following conversion rights described below with respect to the conversion of the Converted Preferred Shares into Ordinary Shares. The number of Ordinary Shares to which the Holder shall be entitled
upon conversion of any Converted Preferred Share shall be the quotient of the applicable conversion price of this Note under the Section 5(b) of this Note (the “Applicable Original Price”) divided by the then-effective
Preferred Conversion Price. The “Preferred Conversion Price” with respect to a Converted Preferred Share shall initially equal to the Applicable Original Price, and each shall be adjusted from time to time as provided in
Section 5 below. For the avoidance of doubt, the initial conversion ratio for Converted Preferred Shares to Ordinary Shares shall be 1:1. 

  

	 	(a)	Optional Conversion. Subject to and in compliance with the provisions of this Section 5.1(a) and subject to complying with the requirements of the Statute, any Converted Preferred Share may, at the option of
the Holder thereof, be converted at any time into fully-paid and nonassessable Ordinary Shares based on the then-effective Preferred Conversion Price. 

  

	 	(b)	Automatic Conversion. Without any action being required by the Holder of such share and whether or not the certificates representing such share are surrendered to the Company or its transfer agent, each Converted
Preferred Share shall automatically be converted, based on the then-effective Preferred Conversion Price, into Ordinary Shares upon the closing of a Qualified IPO. Any conversion pursuant to this Section 5.1(b) shall be referred to as an
“Automatic Conversion”. 

  
 27 

	 	(c)	Mechanics of Conversion. No fractional Ordinary Share shall be issued upon conversion of the Converted Preferred Shares. In lieu of any fractional shares to which the holder would otherwise be entitled, the
Company shall pay cash equal to such fraction multiplied by the then-effective Preferred Conversion Price. Before the Holder shall be entitled to convert the same into full Ordinary Shares and to receive certificates therefor, the Holder shall
surrender the certificate or certificates for the applicable Converted Preferred Shares, duly endorsed, at the principal office of the Company or of any transfer agent for the Converted Preferred Shares to be converted and shall give written notice
to the Company at such office that the holder elects to convert the same. The Company shall promptly issue and deliver at such office to the Holder a certificate or certificates for, a copy of the Company’s register of member showing the Holder
as a holder of the number of Ordinary Shares to which the Holder shall be entitled as aforesaid certified by the Company’s share registrar and a check payable to the Holder in the amount of any cash amounts payable as the result of a conversion
into fractional Ordinary Shares. The Converted Preferred Shares converted into Ordinary Shares shall be cancelled and shall not be reissued. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of
such surrender of the certificate or certificates for the Converted Preferred Shares to be converted, and the person or persons entitled to receive the Ordinary Shares issuable upon such conversion shall be treated for all purposes as the record
holder or holders of such Ordinary Shares on such date. For the avoidance of doubt, no conversion shall prejudice the right of the Holder to receive dividends and other distributions declared but not paid as at the date of conversion on the
Converted Preferred Shares being converted. 

 The Company may give effect to any conversion pursuant to the New MA&A by
one or more of the following methods: 
  

	 	(i)	If the total nominal par value of the Converted Preferred Shares being converted is equal to the total nominal par value of the Ordinary Shares into which such Converted Preferred Shares convert such that each Converted
Preferred Share is convertible into one (1) Ordinary Share and both the Converted Preferred Share and the Ordinary Share have the same par value, the Company may, by resolution of the Board, redesignate the Converted Preferred Shares to
Ordinary Shares. On re-designation, each Converted Preferred Share to be converted shall become an Ordinary Share with the rights, privileges, terms and obligations of the class of Ordinary Shares and the
converted Ordinary Shares shall thenceforth form part of the class of the Ordinary Shares (and shall cease to form part of the class of Converted Preferred Shares for all purposes). 

 

	 	(ii)	The Board may by resolution resolve to redeem the Converted Preferred Shares for the purpose of this Note (and, for accounting and other purposes, may determine the value therefor) and in consideration therefor issue
fully-paid Ordinary Shares in relevant number. 

  
 28 

	 	(iii)	The Board may by resolution adopt any other method permitted by Statute including capitalizing reserves to pay up new Ordinary Shares, or by making a fresh issue of Ordinary Shares, except that if conversion is capable
of being effected in the manner described in paragraph (i) above, the conversion shall be effected in that manner in preference to any other method permitted by law or the New MA&A. 

 

	 	(d)	Availability of Shares Issuable Upon Conversion. The Company shall at all times keep available out of its authorized but unissued Ordinary Shares, free of Liens of any kind, solely for the purpose of effecting
the conversion of the Converted Preferred Shares, such number of its Ordinary Shares as shall from time to time be sufficient to effect the conversion of all outstanding Converted Preferred Shares, and if at any time the number of authorized but
unissued Ordinary Shares shall not be sufficient to effect the conversion of all then outstanding Converted Preferred Shares, in addition to such other remedies as shall be available to the Holder, the Company shall take such corporate action as
may, in accordance with the Articles and the Companies Law (as amended) of the Cayman Islands, as amended, and every statutory modification or re-enactment thereof for the time being in force (the
“Statues”), be necessary to increase its authorized but unissued Ordinary Shares to such number of shares as shall be sufficient for such purposes. 

 

	 	(e)	Cessation of Certain Rights on Conversion. Subject to Section 5.1(c), on the date of conversion of any Converted Preferred Shares to Ordinary Shares, the Holder shall cease to be entitled to any rights in
respect of such Converted Preferred Shares and accordingly his name shall be removed from the register of members as the Holder and shall correspondingly be inserted onto the register of members as the holder of the number of Ordinary Shares into
which such Converted Preferred Shares convert. 

  

	 	(f)	Ordinary Shares Resulting from Conversion. The Ordinary Shares resulting from the conversion of the Converted Preferred Shares: 

 

	 	(i)	shall be credited as fully paid and non-assessable; 

  

	 	(ii)	shall rank pari passu in all respects and form one class with the Ordinary Shares then issued; and 

  

	 	(iii)	shall entitle the holder to all dividends payable on the Ordinary Shares by reference to a record date after the date of conversion. 

  
 29 

	 	5.2	Adjustment to Preferred Conversion Price 

  

	 	(a)	Special Definitions. For purposes of this Section 5.2, the following definitions shall apply: 

  

	 	(i)	“Options” mean rights, options or warrants to subscribe for, purchase or otherwise acquire either Ordinary Shares or Convertible Securities. 

 

	 	(ii)	“Convertible Securities” shall mean any notes, debentures, preferred shares or other securities or rights which are ultimately convertible into or exchangeable for Ordinary Shares.

  

	 	(iii)	“Additional Ordinary Shares” (each an “Additional Ordinary Share”) shall mean all Ordinary Share Equivalents (including reissued shares) issued (or, pursuant to
Section 5.2(c), deemed to be issued) by the Company, other than: 

  

	 	(A)	Ordinary Shares issued upon conversion of Preferred Shares; 

  

	 	(B)	Ordinary Shares issued or issuable to officers, directors, employees and consultants of the Company pursuant to any equity plan or incentive arrangement approved by the Directors in accordance with the New MA&A;

  

	 	(C)	those issued as a dividend or distribution on Preferred Shares or any event for which adjustment is made pursuant to Section 5.2(f), (g) or (h) hereof; and 

 

	 	(D)	Ordinary Shares issued or issuable pursuant to a share split or sub-division, share dividend, combination, recapitalization or other similar transaction of the Company.

  

	 	(b)	No Adjustment of Preferred Conversion Price. No adjustment in the applicable Preferred Conversion Price for any Converted Preferred Shares shall be made in respect of the issuance of Additional Ordinary Shares
unless the consideration per share for any Additional Ordinary Share issued or deemed to be issued by the Company is less than the applicable Preferred Conversion Price of each such Converted Preferred Share in effect on the date of any immediately
prior to such issue. 

  
 30 

	 	(c)	Deemed Issue of Additional Ordinary Shares. In the event the Company issues any Options or Convertible Securities or shall fix a record date for the determination of holders of any class of securities entitled to
receive any such Options or Convertible Securities, then the maximum number (as set forth in the instrument relating thereto without regard to any provisions contained therein for a subsequent adjustment of such number that would result in an
adjustment pursuant to clause (ii) below) of Ordinary Shares issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed
to be Additional Ordinary Shares issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date, provided, that Additional Ordinary Shares shall not be deemed to have
been issued unless the consideration per share (determined pursuant to Section 5.2(e) hereof) of such Additional Ordinary Shares would be less than the applicable Preferred Conversion Price for the Converted Preferred Shares in effect on the
date of and immediately prior to such issue, or such record date, and provided, further that in any such case in which Additional Ordinary Shares are deemed to be issued: 

 

	 	(i)	no further adjustment in the applicable Preferred Conversion Price for the Converted Preferred Shares shall be made upon the subsequent issue of Convertible Securities or Ordinary Shares upon the exercise of such
Options or conversion or exchange of such Convertible Securities; 

  

	 	(ii)	if such Options or Convertible Securities by their terms provide, with the passage of time or otherwise, for any increase or decrease in the consideration payable to the Company, or increase or decrease in the number of
Ordinary Shares issuable, upon the exercise, conversion or exchange thereof, the applicable Preferred Conversion Price for the Converted Preferred Shares computed upon the original issue thereof (or upon the occurrence of a record date with respect
thereto), and any subsequent adjustments based thereon, shall, upon any such increase or decrease becoming effective, be recomputed to reflect such increase or decrease insofar as it affects such Options or the rights of conversion or exchange under
such Convertible Securities; 

  

	 	(iii)	upon the expiration of any such Options or any rights of conversion or exchange under such Convertible Securities which shall not have been exercised, the applicable Preferred Conversion Price for the Converted
Preferred Shares computed upon the original issue thereof (or upon the occurrence of a record date with respect thereto), and any subsequent adjustments based thereon, shall, upon such expiration, be recomputed as if: 

 

	 	(A)	in the case of Convertible Securities or Options for Ordinary Shares, the only Additional Ordinary Shares issued were Ordinary Shares, if any, actually issued upon the exercise of such Options or the conversion or
exchange of such Convertible Securities and the consideration received therefor was the consideration actually received by the Company for the issue of all such Options, whether or not exercised, plus the consideration actually received by the
Company upon such exercise, or for the issue of all such Convertible Securities which were actually converted or exchanged, plus the additional consideration, if any, actually received by the Company upon such conversion or exchange; and

  
 31 

	 	(B)	in the case of Options for Convertible Securities, only the Convertible Securities, if any, actually issued upon the exercise thereof were issued at the time of issue of such Options, and the consideration received by
the Company for the Additional Ordinary Shares deemed to have been then issued was the consideration actually received by the Company for the issue of all such Options, whether or not exercised, plus the consideration deemed to have been received by
the Company upon the issue of the Convertible Securities with respect to which such Options were actually exercised; 

  

	 	(iv)	no re-adjustment pursuant to clause (ii) or (iii) above shall have the effect of increasing the applicable Preferred Conversion Price for Converted Preferred Shares to an
amount which exceeds the lower of (i) the applicable Preferred Conversion Price for Preferred Shares on the original adjustment date, or (ii) the applicable Preferred Conversion Price for the Converted Preferred Shares that would have
resulted from any issuance of Additional Ordinary Shares between the original adjustment date and such re-adjustment date; and 

 

	 	(v)	in the case of any Options which expire by their terms not more than thirty (30) days after the date of issue thereof, no adjustment of the applicable Preferred Conversion Price for the Converted Preferred Shares
shall be made until the expiration or exercise of all such Options, whereupon such adjustment shall be made in the manner provided in clause (iii) above. 

  

	 	(d)	Adjustment of Preferred Conversion Price Upon Issuance of Additional Ordinary Shares. In the event that the Company shall issue Additional Ordinary Shares for a consideration per share received by the Company
(net of any selling concessions, discounts or commissions) that is less than the applicable Preferred Conversion Price of a Converted Preferred Share in effect on the date of and immediately prior to such issue, then and in such event, the
applicable Preferred Conversion Price for such Converted Preferred Share shall be reduced, to a price equal the price per share of such Additional Ordinary Shares. 

  
 32 

	 	(e)	Determination of Consideration. For purposes of this Section 5.2, the consideration received by the Company for the issue of any Additional Ordinary Shares shall be computed as follows: 

 

	 	(i)	Cash and Property. Except as provided in clause (ii) below, such consideration shall: 

  

	 	(A)	insofar as it consists of cash, be computed at the aggregate amount of cash received by the Company, excluding amounts paid or payable for accrued interest or accrued dividends; 

 

	 	(B)	insofar as it consists of property other than cash, be computed at the fair value thereof at the time of such issue, as determined in good faith by the Board; provided, however, that no value shall be attributed to any
services performed by any employee, officer or director of the Company; and 

  

	 	(C)	in the event Additional Ordinary Shares are issued together with other shares or securities or other assets of the Company for consideration which covers both, be the proportion of such consideration so received with
respect to such Additional Ordinary Shares, computed as provided in clauses (A) and (B) above, as determined in good faith by the Board. 

  

	 	(ii)	Options and Convertible Securities. The consideration per share received by the Company for Additional Ordinary Shares deemed to have been issued pursuant to Section 5.2(c), relating to Options and
Convertible Securities, shall be determined by dividing 

  

	 	(A)	the total amount, if any, received or receivable by the Company (net of any selling concessions, discounts or commissions) as consideration for the issue of such Options or Convertible Securities, plus the minimum
aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Company upon the exercise of such
Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities by

  
 33 

	 	(B)	the maximum number of Ordinary Shares (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such
Options or the conversion or exchange of such Convertible Securities. 

  

	 	(f)	Adjustments for Shares Dividends, Subdivisions, Combinations or Consolidations of Ordinary Shares. In the event the outstanding Ordinary Shares shall be subdivided (by share dividend, share split, or otherwise),
into a greater number of Ordinary Shares, the applicable Preferred Conversion Price for the Converted Preferred Shares then in effect shall, concurrently with the effectiveness of such subdivision, be proportionately decreased. In the event the
outstanding Ordinary Shares shall be combined or consolidated, by reclassification or otherwise, into a lesser number of Ordinary Shares, the applicable Preferred Conversion Price for the Converted Preferred Shares then in effect shall, concurrently
with the effectiveness of such combination or consolidation, be proportionately increased. 

  

	 	(g)	Adjustments for Other Distributions. In the event the Company makes, or files a record date for the determination of holders of Ordinary Shares entitled to receive any distribution payable in securities or assets
of the Company other than Ordinary Shares, then and in each such event, provision shall be made so that the holders of Converted Preferred Shares shall receive upon conversion thereof, in addition to the number of Ordinary Shares receivable
thereupon, the amount of securities or assets of the Company which they would have received had their Converted Preferred Shares been converted into Ordinary Shares on the date of such event and had they thereafter, during the period from the date
of such event to and including the date of conversion, retained such securities or assets receivable by them as aforesaid during such period, subject to all other adjustment called for during such period under this Section 5.2 with respect to
the rights of the Holder. 

  

	 	(h)	Adjustments for Reclassification, Exchange and Substitution. If the Ordinary Shares issuable upon conversion of the Converted Preferred Shares shall be changed into the same or a different number of shares of any
other class or classes of shares, whether by capital reorganization, reclassification or otherwise (other than a subdivision or combination of shares provided for above), then and in each such event, the Holder shall have the right thereafter to
convert such share into the kind and amount of shares and other securities and property receivable upon such reorganization or reclassification or other change by holders of the number of Ordinary Shares that would have been subject to receipt by
the Holders upon conversion of the Converted Preferred Shares immediately before that change, all subject to further adjustment as provided herein. 

  
 34 

	 	(i)	No Impairment. The Company shall not, by amendment of the New MA&A or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company but shall at all times in good faith assist in the carrying out of all the provisions of Section 5.2 and in
the taking of all such action as may be necessary or appropriate in order to protect the rights of the Converted Preferred Shares hereunder against impairment. 

  

	 	(j)	Certificate as to Adjustments. Upon the occurrence of each adjustment or re-adjustment of the applicable Preferred Conversion Price for the Preferred Shares pursuant to
this Section 5.2, the Company shall, at its expense, promptly compute such adjustment or re-adjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such
adjustment or re-adjustment and showing in detail the facts upon which such adjustment or re-adjustment is based. The Company shall, upon the written request at any time
of the Holder, furnish or cause to be furnished to such holder a like certificate setting forth (i) such adjustments and re-adjustments, (ii) the applicable Preferred Conversion Prices for the
Converted Preferred Shares at the time in effect, and (iii) the number of Ordinary Shares and the amount, if any, of other property which at the time would be received upon the conversion of each series of Preferred Shares. 

 

	6.	REDEMPTION 

  

	 	6.1	At any time after the earlier of (i) the failure by the Company to complete a Qualified IPO or an Trade Sale within five (5) years after the Closing Date ; (ii) the occurrence of a material breach by any Group
Company or any of the Key Parties of any of their respective representations, warranties, covenants or undertakings under any of the Transaction Agreements, New Shareholders Agreements or New MA&A, or (iii) request by any other holder of
Preferred Shares to redeem any Preferred Share, each Converted Preferred Share shall be redeemable at the option of the holder thereof, out of funds legally available therefor in accordance with the following terms of this Section 6.

  
 35 

	 	6.2	The redemption price of each Converted Preferred Share to be redeemed (the “Redemption Price”) shall be, the sum of (x) one hundred percent (100%) of the Preferred Share Conversion Price (adjusted
for any share splits, share dividends, combinations, recapitalizations and similar transactions), (y) annual interest calculated at a compound interest rate of twelve percent (12%) per annum on Preferred Share Conversion Price (adjusted for any
share splits, share dividends, combinations, recapitalizations and similar transactions), from the date of the Note Closing and up to and including the date of receipt by the holder thereof of the full Redemption Price, and (z) all dividends
declared and unpaid with respect thereto per Converted Preferred Share then held by such holder. 

  

	 	6.3	If the Company’s assets or funds that are legally available on the date that any redemption payment of Preferred Shares is due are insufficient to pay in full all redemption payments to be paid, (i) those
assets or funds which are legally available shall be used to the extent permitted by applicable law to pay all Redemption Price due on such date on the Converted Preferred Shares in proportion to the full amounts to which the holders to which such
Redemption Price are due would otherwise be respectively entitled thereon, and (ii) after the payment of Redemption Price for all Converted Preferred Shares redeemed by the Company in full, those remaining assets or funds shall be used to the
extent permitted by applicable law to pay all redemption payments due on such date on other Preferred Shares in proportion to the full amounts to which the holders to which such redemption payments are due would otherwise be respectively entitled
thereon. 

  

	 	6.4	Without limiting any rights of the holders of Converted Preferred Shares which are set forth in these Articles, or are otherwise available under law, the balance of any shares subject to redemption hereunder with
respect to which the Company has become obligated to pay the Redemption Price but which it has not paid in full shall continue to have all the powers, designations, preferences and relative participating, optional, and other special rights
(including, without limitation, rights to accrue dividends) which such shares had prior to such date, until the Redemption Price has been paid in full with respect to such shares. 

 

	 	6.5	To the extent permitted by law, the Company shall procure that the profits of each Subsidiary of the Company for the time being available for distribution shall be paid to it by way of dividend if and to the extent
that, but for such dividend upstream, the Company would not itself otherwise have sufficient profits available for distribution to make any redemption of Converted Preferred Shares required to be made pursuant to this Section 6.

  
 36 

	7.	INFORMATION RIGHTS 

 The Company will and will cause the Group Companies to, deliver to
the Holder the following with respect to the Company and its Subsidiaries: 
  

	 	(a)	annual audited consolidated financial statements within ninety (90) days after the end of each fiscal year, audited in accordance with U.S. GAAP or PRC GAAP or other accounting principle as agreed by the Purchaser
by a “Big Four” accounting firm or such other reputable accounting firm recognized by the Holder; 

  

	 	(b)	semi-annual bank statements of each Group Company and semi-annual unaudited consolidated financial statements of the Group Companies within thirty (30) days after the end of first half of each fiscal year;

  

	 	(c)	a preliminary annual consolidated budget and business plan for the following fiscal year within thirty (30) days prior to the end of each fiscal year, and the finalized annual consolidated budget and business plan
for the following fiscal year within thirty (30) days after the end of each fiscal year; and 

  

	 	(d)	copies of all documents or other information sent to any shareholder or any member of the Board of the Company, including but without limitation to the shareholders resolutions and the Board resolutions; and

  

	 	(e)	upon written request by the Holder, such other information as the Holder shall reasonably request. 

  

	8.	PROTECTIVE PROVISIONS 

 For so long as any Converted Preferred Share remains outstanding,
None of the Group Companies shall, directly or indirectly, and whether by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, take any of the actions listed in this Section 8 without the prior written consent of
the Holder: 
  

	 	(a)	any amendment or change of the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, the Converted Preferred Shares; 

 

	 	(b)	any authorization, creation or issuance by the Company of any class or series of securities, any instruments that are convertible into securities, or the reclassification of any outstanding securities into securities,
having rights, powers or preferences, such as dividend rights, redemption rights or liquidation preferences, superior to or on a parity with the Converted Preferred Shares; 

  
 37 

	 	(c)	adoption, change or waiver of any provision of the memorandum and articles of association or other charter documents of any Group Company; 

 

	 	(d)	any Trade Sale; 

  

	 	(e)	any reorganization, split, Liquidation Event or any filing by or against any Group Company for the appointment of a receiver, administrator or other form of external manager, or the winding up, liquidation, bankruptcy
or insolvency of any Group Company; 

  

	 	(f)	termination of, or any amendment to, any Restructuring Agreement or any other document through which a Group Company effects Control over another Group Company; 

 

	 	(g)	any direct or indirect sale, assignment, transfer or otherwise disposition of any securities of any Group Company held by the Founder, Gao Liang (

), Xiao Yun (

) or Li Gang (

) or their respective holding companies, except those disposition in compliance with Section 6.10 of the Agreement; 

  

	 	(h)	any transaction involving a Group Company, on the one hand, and any Group Company’s employees, officers, directors or shareholders or any Affiliate of the Group Company’s shareholders or any of its officers,
directors or shareholders, on the other hand, except for employment contracts between a Group Company and an employee or officer; 

  

	 	(i)	declaration and/or payment of any dividends or other distributions on any securities of any Group Company; 

  

	 	(j)	sell, transfer, license, charge, mortgage, license, encumber or otherwise dispose of or create any third party right on any assets, intellectual property or business of any Group Company involving an amount exceeding
US$5,000,000; 

  

	 	(k)	any incurrence of indebtedness or loan, any provision of any loan, or any issuance or creation of any bond or debenture by any Group Company with an amount exceeding US$50,000,000; 

 

	 	(l)	any provision of guarantee or suety for indebtedness of any third party other than the Group Companies; 

  

	 	(m)	any material alteration or change to, or termination of any principal business of any Group Company or entry into a new line of business; 

  
 38 

	 	(n)	appointment, replacement or removal of the chief financial officer, the chief operating officer, and any other senior management at or above the level of vice president of any Group Company; 

 

	 	(o)	any investment by any Group Company in any form (including without limitation, acquisition of equity interests or assets by way of acquisition, merger or reorganization) in a target Person at a consideration equal to or
greater than the applicable Investment Cap (as defined below) with respect to such target Person; and 

  

	 	(p)	agreement or commitment to do any of the foregoing. 

 For the purpose of Section 8(o), the
applicable “Investment Cap” with respect to a target Person means the lessor of (i) the product obtained by multiplying NIt and PE, and (ii) the product
obtained by multiplying St and PS, and the term of NIt, PE, St and PS shall have the following respective meaning: 
 “NIt” means the audited consolidated after-tax net profit of such target Person for the immediately preceding year as of the date on which the board of
directors of the Domestic Company resolves to approve the investment into such target Person; 
 “PE” means pre-money price-to-earning ratio as of the date on which the board of directors of the Domestic Company resolves to approve the investment into such target Person, which shall
be 15; 
 “St” means audited consolidated revenue of such target
Person for the immediately preceding year as of the date on which the board of directors of the Domestic Company resolves to approve the investment into such target Person; 

“PS” means pre-money sales multiple as at the date on which the board of directors of
the Domestic Company resolves to approve the investment into such target Person, which shall be 1.6. 

  
 39

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