Document:

Exhibit 10.9

 

AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT

 

This AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT (this “Amended and Restated Registration Rights Agreement”) is entered into as of March [●],
2020, by and among EdtechX Holdings Acquisition Corp., a Delaware corporation (“EdtechX”), Meten EdtechX
Education Group Ltd., a Cayman Islands exempted company (“Holdco”), and the undersigned parties listed
under Investors on the signature page hereto (each, an “Investor” and collectively, the “Investors”),
amends and restates in its entirety the Registration Rights Agreement dated as of October 5, 2018 by and among EdtechX and the
Investors (the “Prior Agreement”).

 

WHEREAS, the Prior Agreement provides for
certain rights of registration of the securities of EdtechX held by the Investors;

 

WHEREAS, EdtechX has entered into an Agreement
and Plan of Reorganization (“Merger Agreement”), dated as of December 12, 2019, by and among EdtechX,
Holdco, Meten Education Inc., a Delaware corporation and wholly owned subsidiary of Holdco, Meten Education Group Ltd., a Cayman
Islands exempted company and wholly owned subsidiary of Holdco, and Meten International Education Group, a Cayman Islands exempted
company, and, as a result of the transactions contemplated by the Merger Agreement, among other things, each outstanding share
of EdtechX common stock will be exchanged for one ordinary share of Holdco (“Holdco Ordinary Shares”),
each outstanding warrant of EdtechX will be exchanged for one warrant of Holdco (“Holdco Warrants”),
with each Holdco Warrant entitling the holder to purchase one Holdco Ordinary Share at a price of $11.50 per share, and each outstanding
unit purchase option will remain outstanding but will be deemed to have been converted into the right to purchase one unit of Holdco
(“Holdco Unit”), with each Holdco Unit consisting of one Holdco Ordinary Share and one Holdco Warrant;

 

WHEREAS, EdtechX entered into a forward
purchase agreement (“Forward Purchase Agreement”) with Azimut Enterprises S.r.l. (formerly known as Azimut
Enterprises Holdings S.r.l.) (“Azimut”), pursuant to which Azimut agreed that it or its designees would
purchase certain units of EdtechX and Azimut and/or its designees were granted certain registration rights with respect to the
Forward Purchase Units and securities underlying them;

 

WHEREAS, pursuant to Section 7.13(b) of
the Merger Agreement, and Sections 4.3.5 and 5.2 of the Forward Purchase Agreement, EdtechX and Holdco agreed to amend the Prior
Agreement such that, (i) after giving effect to the transactions contemplated by the Merger Agreement, the Holdco securities held
by the Investors shall bear the same registration rights as currently held under the Prior Agreement and (ii) the Forward Purchase
Units and Holdco securities underlying the Forward Purchase Units shall bear the same registration rights as the Holdco securities
held by the other Investors;

 

WHEREAS, EdtechX, Holdco, and the Investors
desire to amend and restate the Prior Agreement as set forth in this Amended and Restated Registration Rights Agreement;

 

     

     

    

 

WHEREAS, each of the parties to the Prior
Agreement is a signatory to this Amended and Restated Registration Rights Agreement, satisfying the requirements for amendments
as set forth in Section 6.7 of the Prior Agreement; and

 

WHEREAS, the purchaser of the Forward Purchase
Units is a signatory to this Amended and Restated Rights Agreement, satisfying the requirements of Section 4.3.5 of the Forward
Purchase Agreement;

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1. CERTAIN DEFINITIONS. The following
capitalized terms used herein have the following meanings:

 

“Commission” means
the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange Act.

 

“Escrow Shares”
means the Holdco Ordinary Shares owned by the Investors and held in escrow pursuant to that certain Amended and Restated Stock
Escrow Agreement dated on or about the date hereof by and among EdtechX, Holdco, the Investors, Continental Stock Transfer &
Trust Company, and the other parties thereto.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Forward Purchase Units”
means Holdco Units issued to Azimut and/or its designees in exchange for units of EdtechX purchased pursuant to the Forward Purchase
Agreement.

 

“Lock-Up Agreement”
means a Lock-Up Agreement dated on or about the date hereof by and among EdtechX, Holdco and the Investors, pursuant to which Restricted
Warrants shall be subject to certain lock-up restrictions.

 

“Lock-Up Period”
has the meaning set forth in the Lock-Up Agreement.

 

“Register,” “Registered”
and “Registration” mean a registration effected by preparing and filing a registration statement or similar
document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

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“Registrable Securities”
means (i) the Holdco Ordinary Shares including the Escrow Shares and (ii) the Holdco Warrants including the Restricted Warrants
(and underlying securities), and (iii) the Forward Purchase Units (and underlying securities), in each case held by the Investors
(and in respect of the Forward Purchase Units, Azimut’s designees). Registrable Securities include any warrants, units, shares
of capital stock or other securities of Holdco issued as a dividend or other distribution with respect to or in exchange for or
in replacement of such Holdco Ordinary Shares, Holdco Warrants (and underlying securities), and Forward Purchase Units (and underlying
securities). As to any particular Registrable Securities, such securities shall cease to, or be deemed not to, be Registrable Securities
when: (a) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities
Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer
shall have been delivered by Holdco and subsequent public distribution of them shall not require registration under the Securities
Act; (c) such securities shall have ceased to be outstanding, or (d) the Registrable Securities are freely saleable under Rule
144 under the Securities Act without volume limitations.

 

“Registration Statement”
means a registration statement filed by Holdco with the Commission in compliance with the Securities Act and the rules and regulations
promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities (other than a registration statement on Form F-4 or Form S-8, or their successors,
or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another entity).

 

“Release Date”
means the date on which the Escrow Shares are disbursed from escrow pursuant to Section 3 of that certain Amended and Restated
Stock Escrow Agreement dated on or about the date hereof by and among EdtechX, Holdco, the Investors and Continental Stock Transfer
& Trust Company.

 

“Restricted Warrants”
means the Holdco Warrants held by the Investors, which shall not include Holdco Warrants underlying the Forward Purchase Units.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.

 

“Triggering Date”
means (i) with respect to the Escrow Shares, the date falling three months prior to the Release Date; (ii) with respect to the
Restricted Warrants, the date falling three months prior to the expiration of the applicable Lock-Up Period; and (iii) with respect
to all other Registrable Securities, the date that is the earlier of (x) one month after the Company has filed its first annual
report on Form 20-F with the Commission after the Closing (as defined in the Merger Agreement) or (y) June 30, 2020.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

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2. REGISTRATION RIGHTS.

 

2.1 Demand Registration.

 

2.1.1 Request for Registration.
At any time and from time to time on or after the Triggering Date, the holders of a majority-in-interest of all the outstanding
Registrable Securities held by the Investors (but not including Escrow Shares, to the extent the Release Date has not occurred,
or the Restricted Warrants, to the extent the applicable Lock-Up Period has not ended) may make a written demand for registration
under the Securities Act of all or part of their Registrable Securities (a “Demand Registration”). Any
demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended
method(s) of distribution thereof. Holdco will notify all holders of Registrable Securities of the demand, and each holder of Registrable
Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each
such holder including shares of Registrable Securities in such registration, a “Demanding Holder”) shall
so notify Holdco within fifteen (15) days after the receipt by the holder of the notice from Holdco. Upon any such request, the
Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section
2.1.4 and the provisos set forth in Section 3.1.1. Holdco shall not be obligated to effect more than an aggregate of two (2) Demand
Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

2.1.2 Effective Registration. A
registration will not count as a Demand Registration until the Registration Statement filed with the Commission with respect to
such Demand Registration has been declared effective and Holdco has complied with all of its obligations under this Amended and
Restated Registration Rights Agreement with respect thereto; provided, however, that if, after such Registration Statement has
been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop
order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such
Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue
the offering; provided, further, that Holdco shall not be obligated to file a second Registration Statement until a Registration
Statement that has been filed is counted as a Demand Registration or is terminated. 

 

2.1.3 Underwritten Offering. If
a majority-in-interest of the Demanding Holders so elect and such holders so advise Holdco as part of their written demand for
a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of
an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration shall
be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable
Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities
through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected
for such underwriting by a majority-in-interest of the holders initiating the Demand Registration.

 

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2.1.4 Reduction of Offering. If
the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering advises Holdco and the
Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding Holders desire
to sell, taken together with all other Holdco Ordinary Shares, Holdco Warrants, Holdco Units or other securities which Holdco desires
to sell and Holdco securities, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other shareholders of Holdco who desire to sell, exceeds the maximum dollar amount or maximum number of shares that
can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
Number of Shares”), then Holdco shall include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each such
Person has requested be included in such registration, regardless of the number of shares held by each such Person (such proportion
is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Holdco Ordinary
Shares or other securities that Holdco desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third,
to the extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i) and (ii), the Holdco Ordinary
Shares or other securities for the account of other persons that Holdco is obligated to register pursuant to written contractual
arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

2.1.5 Withdrawal. If a majority-in-interest
of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable Securities
in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by giving written
notice to Holdco and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the Registration
Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding Holders
withdraws from a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration
provided for in Section 2.1. 

 

2.2 Piggy-Back Registration.

 

2.2.1 Piggy-Back Rights. If at any
time on or after the Closing (as defined in the Merger Agreement) Holdco proposes to file a Registration Statement under the Securities
Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities, by Holdco for its own account and/or for shareholders of Holdco for their account (including, without
limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee stock option
or other benefit plan, (ii) for an exchange offer or offering of securities solely to Holdco’s existing shareholders, (iii)
for an offering of debt that is convertible into equity securities of Holdco or (iv) for a dividend reinvestment plan, then Holdco
shall (x) give written notice of such proposed filing to the holders of the Escrow Shares (but only if such offering is proposed
to be made after the Release Date), the holders of the Restricted Warrants (but only if such offering is proposed to be made after
the expiration of the applicable Lock-Up Period), and the holders of all other Registrable Securities (but only if such offering
is proposed to be made after the applicable Triggering Date), as soon as practicable but in no event less than ten (10) days before
the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the
intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering,
and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares
of Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). Holdco shall cause such Registrable Securities to be included in such registration and shall use
its best efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of
Holdco and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of
distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration
that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected for such Piggy-Back Registration.

 

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2.2.2 Reduction of Offering. If
the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises Holdco and
the holders of Registrable Securities in writing that the dollar amount or number of Holdco Ordinary Shares, Holdco Warrants, Holdco
Units or other Holdco securities which Holdco desires to sell, taken together with the Holdco securities, if any, as to which registration
has been demanded pursuant to separate written contractual arrangements with persons or entities other than the holders of Registrable
Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2, and the Holdco
securities, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights
of other shareholders of Holdco, exceeds the Maximum Number of Shares, then Holdco shall include in any such registration:

 

a) If
the registration is undertaken for Holdco’s account: (A) the Holdco Ordinary Shares, Holdco Warrants, Holdco Units or other
Holdco securities that Holdco desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Registrable Securities as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro
Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), the Holdco securities for the account of other persons that Holdco
is obligated to register pursuant to written contractual piggy-back registration rights with such persons and that can be sold
without exceeding the Maximum Number of Shares; and

 

b) If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities, (A) first, the Holdco securities for the account of the demanding persons that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A),
the Holdco securities that Holdco desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to
the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), collectively the Registrable
Securities, Pro Rata, as to which registration has been requested pursuant to the terms of this Section 2.2 that can be sold without
exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under
the foregoing clauses (A), (B) and (C), the Holdco securities for the account of other persons that Holdco is obligated to register
pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

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2.2.3 Withdrawal. Any holder of
Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any Piggy-Back
Registration by giving written notice to Holdco of such request to withdraw prior to the effectiveness of the Registration Statement.
Holdco (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual
obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding
any such withdrawal, Holdco shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back
Registration as provided in Section 3.3. 

 

2.3 Registrations on Form F-3. The
holders of Registrable Securities may at any time and from time to time after the Release Date, with respect to the Escrow Shares,
following the expiration of the applicable Lock-Up Period, with respect to the Restricted Warrants, or following the applicable
Triggering Date, with respect to other Registrable Securities, request in writing that Holdco register the resale of any or all
of such Registrable Securities on Form F-3 or any similar short-form registration which may be available at such time (“Form
F-3”); provided, however, that Holdco shall not be obligated to effect such request through an underwritten offering.
Upon receipt of such written request, Holdco will promptly give written notice of the proposed registration to all other holders
of Registrable Securities, and, as soon as practicable thereafter, effect the registration of all or such portion of such holder’s
or holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable
Securities or other securities of Holdco, if any, of any other holder or holders joining in such request as are specified in a
written request given within fifteen (15) days after receipt of such written notice from Holdco; provided, however, that Holdco
shall not be obligated to effect any such registration pursuant to this Section 2.3: (i) if Form F-3 is not available for such
offering; or (ii) if the holders of the Registrable Securities, together with the holders of any other securities of Holdco entitled
to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price
to the public of less than $500,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations
effected pursuant to Section 2.1. Holdco shall be obligated to consummate no more than two (2) registrations that have been declared
and ordered effective within any twelve (12) month period pursuant to this Section 2.3.

 

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3. REGISTRATION PROCEDURES.

 

3.1 Filings; Information. Whenever
Holdco is required to effect the registration of any Registrable Securities pursuant to Section 2, Holdco shall use its best efforts
to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof
as expeditiously as practicable, and in connection with any such request:

 

3.1.1 Filing Registration Statement.
Holdco shall use its best efforts to, as expeditiously as possible after receipt of a request for a Demand Registration pursuant
to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which Holdco then qualifies or which
counsel for Holdco shall deem appropriate and which form shall be available for the sale of all Registrable Securities to be registered
thereunder in accordance with the intended method(s) of distribution thereof, and shall use its best efforts to cause such Registration
Statement to become effective and use its best efforts to keep it effective for the period required by Section 3.1.3; provided,
however, that Holdco shall have the right to defer any Demand Registration for up to thirty (30) days, and any Piggy-Back Registration
for such period as may be applicable to deferment of any demand registration to which such Piggy-Back Registration relates, in
each case if Holdco shall furnish to the holders a certificate signed by the President or Chairman of Holdco stating that, in the
good faith judgment of the Board of Directors of Holdco, it would be materially detrimental to Holdco and its shareholders for
such Registration Statement to be effected at such time; provided further, however, that Holdco shall not have the right to exercise
the right set forth in the immediately preceding proviso more than once in any 365-day period in respect of a Demand Registration
hereunder.

 

3.1.2 Copies. Holdco shall, prior
to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the holders
of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration Statement
as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary
prospectus), and such other documents as the holders of Registrable Securities included in such registration or legal counsel for
any such holders may request in order to facilitate the disposition of the Registrable Securities owned by such holders.

 

3.1.3 Amendments and Supplements.
Holdco shall prepare and file with the Commission such amendments, including post-effective amendments, and supplements to such
Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities covered
by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement or such securities have been withdrawn.

 

3.1.4 Notification. After the filing
of a Registration Statement, Holdco shall promptly, and in no event more than two (2) business days after such filing, notify the
holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders
promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of any of the following:
(i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes
effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and Holdco shall take all actions required
to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or
supplement to such Registration Statement or any prospectus relating thereto or for additional information or of the occurrence
of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers
of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and
promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or
amendment; except that before filing with the Commission a Registration Statement or prospectus or any amendment or supplement
thereto, including documents incorporated by reference, Holdco shall furnish to the holders of Registrable Securities included
in such Registration Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed
sufficiently in advance of filing to provide such holders and legal counsel with a reasonable opportunity to review such documents
and comment thereon, and Holdco shall not file any Registration Statement or prospectus or amendment or supplement thereto, including
documents incorporated by reference, to which such holders or their legal counsel shall object.

 

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3.1.5 State Securities Laws Compliance.
Holdco shall use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under
such securities or “blue sky” laws of such jurisdictions in the United States as the holders of Registrable Securities
included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action
necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such
other governmental authorities as may be necessary by virtue of the business and operations of Holdco and do any and all other
acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that Holdco shall
not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but
for this paragraph or subject itself to taxation in any such jurisdiction. 

 

3.1.6 Agreements for Disposition.
Holdco shall enter into customary agreements (including, if applicable, an underwriting agreement in customary form) and take such
other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. The
representations, warranties and covenants of Holdco in any underwriting agreement which are made to or for the benefit of any Underwriters,
to the extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities included in such registration
statement. No holder of Registrable Securities included in such registration statement shall be required to make any representations
or warranties in the underwriting agreement except, if applicable, with respect to such holder’s organization, good standing,
authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material agreements and organizational
documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly
for inclusion in such Registration Statement.

 

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3.1.7 Cooperation. The principal
executive officer of Holdco, the principal financial officer of Holdco, the principal accounting officer of Holdco and all other
officers and members of the management of Holdco shall cooperate fully in any offering of Registrable Securities hereunder, which
cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering and
all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and
potential investors.

 

3.1.8 Records. Holdco shall make
available for inspection by the holders of Registrable Securities included in such Registration Statement, any Underwriter participating
in any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any holder
of Registrable Securities included in such Registration Statement or any Underwriter, all financial and other records, pertinent
corporate documents and properties of Holdco, as shall be necessary to enable them to exercise their due diligence responsibility,
and cause Holdco’s officers, directors and employees to supply all information requested by any of them in connection with
such Registration Statement.

 

3.1.9 Opinions and Comfort Letters.
Holdco shall furnish to each holder of Registrable Securities included in any Registration Statement a signed counterpart, addressed
to such holder, of (i) any opinion of counsel to Holdco delivered to any Underwriter and (ii) any comfort letter from Holdco’s
independent public accountants delivered to any Underwriter. In the event no legal opinion is delivered to any Underwriter, Holdco
shall furnish to each holder of Registrable Securities included in such Registration Statement, at any time that such holder elects
to use a prospectus, an opinion of counsel to Holdco to the effect that the Registration Statement containing such prospectus has
been declared effective and that no stop order is in effect.

 

3.1.10 Earnings Statement. Holdco
shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available to its shareholders,
as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

 

3.1.11 Listing. Holdco shall use
its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges or otherwise designated
for trading in the same manner as similar securities issued by Holdco are then listed or designated or, if no such similar securities
are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities included in
such registration.

 

3.1.12 Road Show. If the registration
involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000, Holdco shall use its reasonable
efforts to make available senior executives of Holdco to participate in customary “road show” presentations that may
be reasonably requested by the Underwriter in any underwritten offering.

 

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3.2 Obligation to Suspend Distribution.
Upon receipt of any notice from Holdco of the happening of any event of the kind described in Section 3.1.4(iv), or, in the case
of a resale registration on Form F-3 pursuant to Section 2.3 hereof, upon any suspension by Holdco, pursuant to a written insider
trading compliance program adopted by Holdco’s Board of Directors, of the ability of all “insiders” covered by
such program to transact in Holdco’s securities because of the existence of material non-public information, each holder
of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended
prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders” to transact in Holdco’s
securities is removed, as applicable, and, if so directed by Holdco, each such holder will deliver to Holdco all written copies,
other than permanent file copies then in such holder’s possession, of the most recent prospectus covering such Registrable
Securities at the time of receipt of such notice.

 

3.3 Registration Expenses. Holdco
shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration
pursuant to Section 2.2, and any registration on Form F-3 effected pursuant to Section 2.3, and all expenses incurred in performing
or complying with its other obligations under this Amended and Restated Registration Rights Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance
with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities); (iii) printing expenses; (iv) Holdco’s internal expenses (including, without limitation,
all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of
the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements
of counsel for Holdco and fees and expenses for independent certified public accountants retained by Holdco (including the expenses
or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the fees
and expenses of any special experts retained by Holdco in connection with such registration and (ix) the fees and expenses of one
legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration. Holdco
shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being
sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally,
in an underwritten offering, all selling shareholders and Holdco shall bear the expenses of the Underwriter pro rata in proportion
to the respective amount of shares each is selling in such offering. 

 

3.4 Information. The holders of Registrable
Securities shall provide such information as may reasonably be requested by Holdco, or the managing Underwriter, if any, in connection
with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration
of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with Holdco’s obligation to
comply with federal and applicable state securities laws.

 

    11

     

    

 

4. INDEMNIFICATION AND CONTRIBUTION.

 

4.1 Indemnification by Holdco. Holdco
agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities, and each of their respective
officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls an Investor
and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) (each, an “Investor Indemnified Party”), from and against any expenses, losses, judgments, claims,
damages or liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly untrue statement)
of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under
the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission)
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation
by Holdco of the Securities Act or any rule or regulation promulgated thereunder applicable to Holdco and relating to action or
inaction required of Holdco in connection with any such registration; and Holdco shall promptly reimburse the Investor Indemnified
Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating
and defending any such expense, loss, judgment, claim, damage, liability or action whether or not any such person is a party to
any such claim or action and including any and all legal and other expenses incurred in giving testimony or furnishing documents
in response to a subpoena or otherwise; provided, however, that Holdco will not be liable in any such case to the extent that any
such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement
or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus,
or any such amendment or supplement, in reliance upon and in conformity with information furnished to Holdco, in writing, by such
selling holder expressly for use therein. Holdco also shall indemnify any Underwriter of the Registrable Securities, their officers,
affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the same basis
as that of the indemnification provided above in this Section 4.1. 

 

4.2 Indemnification by Holders of Registrable
Securities. Subject to the limitations set forth under Section 4.4.3 hereof, each selling holder of Registrable Securities
will, in the event that any registration is being effected under the Securities Act pursuant to this Amended and Restated Registration
Rights Agreement of any Registrable Securities held by such selling holder, indemnify and hold harmless Holdco, each of its directors
and officers and each Underwriter (if any), and each other selling holder and each other person, if any, who controls another selling
holder or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities,
whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final
prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement,
or arise out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein or
necessary to make the statement therein not misleading, if the statement or omission was made in reliance upon and in conformity
with information furnished in writing to Holdco by such selling holder expressly for use therein, and shall reimburse Holdco, its
directors and officers, and each other selling holder or controlling person for any legal or other expenses reasonably incurred
by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s
indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually
received by such selling holder.

 

    12

     

    

 

4.3 Conduct of Indemnification Proceedings.
Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any action in respect of which indemnity
may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”) shall, if a claim
in respect thereof is to be made against any other person for indemnification hereunder, notify such other person (the “Indemnifying
Party”) in writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure
by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which the
Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually
prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against
the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent
that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory
to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other
expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation;
provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the
Indemnified Party shall have the right to employ separate counsel (but no more than one such separate counsel) to represent the
Indemnified Party and its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity
may be sought by the Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to be paid by
such Indemnifying Party if, based upon the written advice of counsel of such Indemnified Party, representation of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim
or pending or threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such
Indemnified Party from all liability arising out of such claim or proceeding. 

 

4.4 Contribution.

 

4.4.1 If the indemnification provided for
in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss, claim, damage, liability
or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or action in such proportion
as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the
actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations.
The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission.

 

    13

     

    

 

4.4.2 The parties hereto agree that it
would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations referred to in the immediately preceding Section
4.4.1.

 

4.4.3 The amount paid or payable by an
Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately preceding paragraph
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified
Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.4,
no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds
(after payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder from the sale of Registrable
Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) with respect to any action shall be entitled to contribution in such action from any person
who was not guilty of such fraudulent misrepresentation.

 

5. RULE 144. Holdco covenants that
it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further
action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable
such holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation
hereafter adopted by the Commission. 

 

6. MISCELLANEOUS.

 

6.1 Other Registration Rights. Except
for the Registration Rights Agreement between Holdco and the prior shareholders of Meten International Education Group entered
into pursuant to Section 7.13(a) of the Merger Agreement and/or the Registration Rights Agreements between Holdco and certain investors
entered into in connection with a Financing (as defined in the Merger Agreement), Holdco represents and warrants that no person
other than the holders of the Registrable Securities has any right to require Holdco to register any shares of Holdco’s capital
stock for sale or to include shares of Holdco’s capital stock in any registration filed by Holdco for the sale of shares
of capital stock for its own account or for the account of any other person.

 

6.2 Assignment; No Third Party Beneficiaries.
This Amended and Restated Registration Rights Agreement and the rights, duties and obligations of Holdco hereunder may not be assigned
or delegated by Holdco in whole or in part. This Amended and Restated Registration Rights Agreement and the rights, duties and
obligations of the holders of Registrable Securities hereunder may be freely assigned or delegated by such holder of Registrable
Securities in conjunction with and to the extent of any transfer of Registrable Securities by any such holder. This Amended and
Restated Registration Rights Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of
the parties, to the permitted assigns of the Investors or holder of Registrable Securities or of any assignee of the Investors
or holder of Registrable Securities. This Amended and Restated Registration Rights Agreement is not intended to confer any rights
or benefits on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2.

 

    14

     

    

 

6.3 Notices. All notices, demands,
requests, consents, approvals or other communications (collectively, “Notices”) required or permitted
to be given hereunder or which are given with respect to this Amended and Restated Registration Rights Agreement shall be in writing
and shall be personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery,
telegram, telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently
by written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours,
then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day
delivery.

 

To Holdco, to:

 

Meten EdtechX Education Group Ltd.

c/o Meten International Education Group

3rd Floor, Tower A, Tagen Knowledge & Innovation Center

2nd Shenyun West Road, Nanshan District

Shenzhen, Guangdong Province 518045

The People’s Republic of China

Attention: Yupeng Guo

Email: richard@meten.com

 

with a copy, which shall not constitute
notice, to:

 

Morgan, Lewis & Bockius

Beijing Offices

Beijing Kerry Centre South Tower, Suite 823, 8th Floor

No. 1 Guang Hua Road

Chaoyang, Beijing 100020

The People’s Republic of China

Attention: Ning Zhang

Email: ning.zhang@morganlewis.com

 

To an Investor, to the address set forth below such
Investor’s name on Exhibit A hereto. 

 

6.4 Severability. This Amended and
Restated Registration Rights Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Amended and Restated Registration Rights Agreement or of any other
term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend
that there shall be added as a part of this Amended and Restated Registration Rights Agreement a provision as similar in terms
to such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

    15

     

    

 

6.5 Counterparts. This Amended and
Restated Registration Rights Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and
all of which taken together shall constitute one and the same instrument. Delivery of a signed counterpart of this Amended and
Restated Registration Rights Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof.

 

6.6 Entire Agreement. This Amended
and Restated Registration Rights Agreement (including all agreements entered into pursuant hereto and all certificates and instruments
delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof
and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the
parties, whether oral or written.

 

6.7 Modifications and Amendments.
No amendment, modification or termination of this Amended and Restated Registration Rights Agreement shall be binding upon any
party unless executed in writing by such party.

 

6.8 Titles and Headings. Titles and
headings of sections of this Amended and Restated Registration Rights Agreement are for convenience only and shall not affect the
construction of any provision of this Amended and Restated Registration Rights Agreement.

 

6.9 Waivers and Extensions. Any party
to this Amended and Restated Registration Rights Agreement may waive any right, breach or default which such party has the right
to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such
party, and specifically refers to this Amended and Restated Registration Rights Agreement. Waivers may be made in advance or after
the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach
of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any
other agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts shall
be deemed a waiver or extension of the time for performance of any other obligations or acts.

 

6.10 Remedies Cumulative. In the
event that Holdco fails to observe or perform any covenant or agreement to be observed or performed under this Amended and Restated
Registration Rights Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce its
rights by suit in equity or action at law, whether for specific performance of any term contained in this Amended and Restated
Registration Rights Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted
in this Amended and Restated Registration Rights Agreement or to enforce any other legal or equitable right, or to take any one
or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Amended
and Restated Registration Rights Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative
and in addition to any other right, power or remedy, whether conferred by this Amended and Restated Registration Rights Agreement
or now or hereafter available at law, in equity, by statute or otherwise. 

 

    16

     

    

 

6.11 Governing Law. This Amended
and Restated Registration Rights Agreement shall be governed by, interpreted under, and construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed within the State of New York, without giving effect
to any choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction. Holdco
irrevocably submits to the nonexclusive jurisdiction of any New York State or United States Federal court sitting in The City of
New York, Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Amended and Restated Registration
Rights Agreement. Holdco irrevocably waives, to the fullest extent permitted by law, any objection that they may now or hereafter
have to the laying of venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action
or proceeding brought in such a court has been brought in an inconvenient forum.

 

6.12 Waiver of Trial by Jury. Each
party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding
(whether based on contract, tort or otherwise) arising out of, connected with or relating to this AMENDED AND RESTATED REGISTRATION
RIGHTS Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance
or enforcement hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    17

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Amended and Restated Registration Rights Agreement to be executed and delivered by their duly authorized
representatives as of the date first written above.

 

	 	EDTECHX HOLDINGS ACQUISITION CORP.
	 	 	 
	 	By:	                  
	 	 	Name: Benjamin Vedrenne-Cloquet
	 	 	Title: Chief Executive Officer
	 	 	 
	 	METEN EDTECHX EDUCATION GROUP LTD.
	 	 	 
	 	By:	 
	 	 	Name: Yupeng Guo
	 	 	Title: Director

 

	 	Investors:
	 	 
	 	IBIS CAPITAL SPONSOR LLC
	 	 	 
	 	By:	                  
	 	 	Name: Charles McIntyre
	 	 	Title: Managing Member
	 	 	 
	 	IBIS CAPITAL SPONSOR II LLC
	 	 	 
	 	By:	 
	 	 	Name: Charles McIntyre
	 	 	Title: Managing Member
	 	 	 
	 	AZIMUT ENTERPRISES S.R.L. (formerly known as Azimut Enterprises Holdings S.r.l.)
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	COFIRCONT COMPAGNIA FIDUCIARIA S.R.L.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    18

     

    

 

EXHIBIT A

 

Name and Address of Investor

 

IBIS Capital Sponsor LLC

22 Soho Square

London, W1D 4NS, United Kingdom

Attn: Benjamin Vedrenne-Cloquet

 

IBIS Capital Sponsor II LLC

22 Soho Square

London, W1D 4NS, United Kingdom

Attn: Benjamin Vedrenne-Cloquet

 

Azimut Enterprises S.r.l. (formerly

known as Azimut Enterprises Holdings S.r.l.)

Via Cusani, 4-20121

Milano, Italy

 

Cofircont Compagnia Fiduciaria S.r.l.

[ADDRESS]

 

 

19Exhibit
10.20

 

AMENDED
AND RESTATED STOCK ESCROW AGREEMENT

 

This
AMENDED AND RESTATED STOCK ESCROW AGREEMENT, dated as of March [●], 2020 (“Amended and Restated Escrow Agreement”),
by and among EDTECHX HOLDINGS ACQUISITION CORP., a Delaware corporation (“EdtechX”), METEN EDTECHX EDUCATION GROUP
LTD., a Cayman Islands exempted company (“Holdco”), the individuals and entities listed on Exhibit A hereto (collectively
the “Founders”), and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”)
amends and restates in its entirety that certain Stock Escrow Agreement by and among EdtechX, the Founders, and the Escrow Agent
dated October 5, 2018 (“Prior Agreement”).

 

WHEREAS,
in connection with the initial public offering of units of EdtechX, the Founders agreed to deposit all of the shares of common
stock of EdtechX, par value $0.0001 per share (“EdtechX Common Stock”), owned by them into escrow pursuant to the
terms and conditions of the Prior Agreement;

 

WHEREAS,
EdtechX has entered into an Agreement and Plan of Reorganization (“Merger Agreement”), dated as of December 12, 2019,
by and among EdtechX, Holdco, Meten Education Inc., a Delaware corporation and wholly owned subsidiary of Holdco, Meten Education
Group Ltd., a Cayman Islands exempted company and wholly owned subsidiary of Holdco, and Meten International Education Group,
a Cayman Islands exempted company, and, as a result of the transactions contemplated by the Merger Agreement, among other things,
each outstanding share of EdtechX Common Stock will be exchanged for one ordinary share of Holdco (“Holdco Ordinary Shares”);

 

WHEREAS,
pursuant to Section 8.2(j) of the Merger Agreement, each Holdco Ordinary Share received by the Founders upon consummation of the
business combination shall be subject to the same transfer restrictions as set forth in the Prior Agreement;

 

WHEREAS,
EdtechX, Holdco, and the Founders desire that the Escrow Agent hold the Holdco Ordinary Shares held by the Founders in escrow,
subject to the terms of this Amended and Restated Escrow Agreement; and

 

WHEREAS,
each of the parties to the Prior Agreement is a signatory to this Amended and Restated Escrow Agreement, satisfying the requirements
for amendments as set forth in Section 6.3 of the Prior Agreement.

 

IT
IS AGREED:

 

1. Appointment
of Escrow Agent. EdtechX, Holdco, and the Founders hereby appoint the Escrow Agent to act in accordance with and subject to
the terms of this Amended and Restated Escrow Agreement and the Escrow Agent hereby accepts such appointment and agrees to act
in accordance with and subject to such terms.

 

2. Deposit
of Shares. On or about the date hereof and upon consummation of the Business Combination, EdtechX shall instruct the Escrow
Agent to exchange each share of EdtechX Common Stock held in escrow pursuant to the Prior Agreement for one Holdco Ordinary Share,
with such Holdco Ordinary Shares to be held and disbursed subject to the terms and conditions of this Amended and Restated Escrow
Agreement. Each Founder acknowledges that the certificate representing such Founder’s Holdco Ordinary Shares will be legended
to reflect the deposit of such shares under this Amended and Restated Escrow Agreement.

  

     

     

    

 

3. Disbursement
of the Escrow Shares. Except as otherwise set forth herein, the Escrow Agent shall hold the Holdco Ordinary Shares deposited
into escrow pursuant to Section 2 above (such shares to be referred to herein as the “Escrow Shares”) until (i) with
respect to 50% of the Escrow Shares, the earlier of (x) six months after the date hereof and (y) the date on which the last sale
price of the Holdco Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period commencing from the date hereof and (ii) with
respect to the remaining 50% of the Escrow Shares, six months after the date hereof (such period of time during which the Escrow
Shares are held in escrow, the “Escrow Period”). Upon completion of the Escrow Period, the Escrow Agent shall disburse
such amount of each Founder’s Escrow Shares to such Founder; provided, however, that if, within the Escrow Period, Holdco
subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders
of such entity having the right to exchange their Holdco Ordinary Shares for cash, securities or other property, then the Escrow
Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer
of Holdco, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such
conditions have been achieved, as applicable, release the Escrow Shares to the Founders. The Escrow Agent shall have no further
duties hereunder after the disbursement of the Escrow Shares in accordance with this Section 3.

 

4. Rights
of Founders in Escrow Shares.

 

4.1 Voting
Rights as a Shareholder. Except as herein provided, the Founders shall retain all of their rights as shareholders of Holdco
as long as any shares are held in escrow pursuant to this Amended and Restated Escrow Agreement, including, without limitation,
the right to vote such shares.

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. For as long as any Escrow Shares are held in escrow pursuant to this
Amended and Restated Escrow Agreement, all dividends payable in cash with respect to the Escrow Shares shall be paid to the Founders,
but all dividends payable in shares or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow
Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include
the Non-Cash Dividends distributed thereon, if any.

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Founders and Holdco’s
officers, directors, employees, consultants or their affiliates, (ii) to a Founder’s stockholders, partners or members upon
the Founder’s liquidation, (iii) by bona fide gift to a member of the Founder’s immediate family or to a trust, the
beneficiary of which is the Founder or a member of the Founder’s immediate family for estate planning purposes, (iv) by
virtue of the laws of descent and distribution upon death of the Founder, or (v) pursuant to a qualified domestic relations order
binding on the Founder; provided, however, that except with Holdco’s prior written consent, such permitted transfers may
be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Amended
and Restated Escrow Agreement.

  

    2

     

    

 

5. Concerning
the Escrow Agent.

 

5.1 Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is believed by the Escrow Agent in good faith to be genuine and to be signed or presented
by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Amended and Restated Escrow Agreement unless evidenced by a writing delivered to the Escrow Agent signed
by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior
written consent thereto.

 

5.2 Indemnification.
The Escrow Agent shall be indemnified and held harmless by Holdco from and against any expenses, including reasonable counsel
fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving
any claim which in any way, directly or indirectly, arises out of or relates to this Amended and Restated Escrow Agreement, the
services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from
the gross negligence, fraud or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice
of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties
hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action
in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit
the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow
Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns
or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation.
The Escrow Agent shall be entitled to reasonable compensation from Holdco for all services rendered by it hereunder. The Escrow
Agent shall also be entitled to reimbursement from Holdco for all reasonable expenses paid or incurred by it in the administration
of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and
all taxes or other governmental charges.

 

5.4 Further
Assurances. From time to time on and after the date hereof, EdtechX, Holdco and the Founders shall deliver or cause to be
delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the
Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Amended and Restated Escrow
Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.

 

5.5 Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by Holdco and approved
by the EdtechX Committee (as defined in the Merger Agreement), which approval will not be unreasonably withheld, conditioned or
delayed. If no new escrow agent is so appointed within the 60-day period following the giving of such notice of resignation, the
Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate in the State of New York.

  

    3

     

    

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by all of the other parties hereto; provided, however, that such resignation shall become effective only
upon the appointment of a successor escrow agent selected by Holdco and approved by the EdtechX Committee (as defined in the Merger
Agreement), which approval will not be unreasonably withheld, conditioned or delayed.

 

5.7 Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence, fraud or willful misconduct.

 

6. Miscellaneous.

 

6.1 Governing
Law. This Amended and Restated Escrow Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The parties hereto consent to the jurisdiction and venue of any state or federal court located in
the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim, or
counterclaim in any way relating to this Amended and Restated Escrow Agreement, each party waives the right to trial by jury.

 

6.2 Entire
Agreement. This Amended and Restated Escrow Agreement contains the entire agreement of the parties hereto with respect to
the subject matter hereof and, except as expressly provided herein, may only be changed, amended, or modified by a writing signed
by each of the parties hereto.

 

6.3 Headings.
The headings contained in this Amended and Restated Escrow Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation thereof.

 

6.4 Binding
Effect. This Amended and Restated Escrow Agreement shall be binding upon and inure to the benefit of the respective parties
hereto and their legal representatives, successors and assigns.

 

6.5 Notices.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Amended and Restated Escrow
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery, by email or by facsimile transmission:

 

If
to Holdco, to:

 

Meten
EdtechX Education Group Ltd.

c/o
Meten International Education Group

3rd Floor, Tower A, Tagen Knowledge & Innovation Center

2nd Shenyun West Road, Nanshan District

Shenzhen, Guangdong Province 518045

The People’s Republic of China

Attention: Yupeng Guo

Email: richard@meten.com

 

    4

     

    

 

with
a copy, which shall not constitute notice, to:

 

Morgan,
Lewis & Bockius

Beijing Offices

Beijing
Kerry Centre South Tower, Suite 823, 8th Floor

No.
1 Guang Hua Road

Chaoyang,
Beijing 100020

The
People’s Republic of China

Attn:
Ning Zhang

Email: ning.zhang@morganlewis.com

 

If
to the EdtechX Committee, to:

 

EdtechX
Holdings Acquisition Corp.

c/o
IBIS Capital Limited

22
Soho Square

London,
W1D 4NS

United
Kingdom

Attn:
Benjamin Vedrenne-Cloquet

Fax
No.: +44 (0)20 7070 7081

Email:
bvc@Ibiscap.com

 

If
to a Founder, to the address set forth in Exhibit A

 

with
a copy, which shall not constitute notice, to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Ave, 11th Floor

New
York, NY 10174

Attn:
David Alan Miller, Esq. / Jeffrey M. Gallant, Esq.

Email:
dmiller@graubard.com / jgallant@graubard.com

 

and
if to the Escrow Agent, to:

 

Continental
Stock Transfer & Trust Company

1
State Street

New
York, New York 10004

Attn:
Chairman

Fax
No.:

Email:

 

The
parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice
to any such change in the manner provided herein for giving notice.

 

6.6 Counterparts.
This Amended and Restated Escrow Agreement may be executed in several counterparts, each one of which shall constitute an original
and may be delivered by facsimile transmission and together shall constitute one instrument.

  

[Signature
Page Follows]

  

    5

     

    

 

WITNESS
the execution of this Amended and Restated Escrow Agreement as of the date first above written.

 

	 	EDTECHX
    HOLDINGS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
    Benjamin Vedrenne-Cloquet
	 	 	Title:
    Chief Executive Officer
	 	 	 
	 	METEN
    EDTECHX EDUCATION GROUP LTD.
	 	 	 
	 	By:	 
	 	 	Name:
    Yupeng Guo
	 	 	Title:
    Director

 

	 	FOUNDERS:
	 	 
	 	IBIS CAPITAL SPONSOR LLC
	 	 
	 	By:	 
	 	 	Name: Charles McIntyre
	 	 	Title: Managing Member
	 	 
	 	IBIS CAPITAL SPONSOR II LLC
	 	 
	 	By:	 
	 	 	Name: Charles McIntyre
	 	 	Title: Managing Member
	 	 
	 	AZIMUT ENTERPRISES S.R.L.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	COFIRCONT COMPAGNIA FIDUCIARIA S.R.L.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    6

     

    

 

	 	CHARDAN CAPITAL MARKETS, LLC
	 	 
	 	By:	 
	 	 	Name: George Kaufman
	 	 	Title: Managing Director
	 	 
	 	I-BANKERS SECURITIES, INC.
	 	 
	 	By:	 
	 	 	Name: Mike McCrory
	 	 	Title: Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    7

     

    

 

EXHIBIT
A

   

	Name and Address of Founder	 	Number

    of Shares	 
	 	 	 	 
	IBIS Capital Sponsor LLC
 22 Soho Square
 London, W1D 4NS, United Kingdom
 Attn: Benjamin Vedrenne-Cloquet	 	 	416,000	 
	 	 	 	 	 
	IBIS Capital Sponsor II LLC
 22 Soho Square
 London, W1D 4NS, United Kingdom
 Attn: Benjamin Vedrenne-Cloquet	 	 	740,250	 
	 	 	 	 	 
	Azimut Enterprises S.r.l.
 Via Cusani, 4-20121
 Milano, Italy	 	 	125,000	 
	 	 	 	 	 
	Cofircont Compagnia Fiduciaria S.r.l.
 [ADDRESS]	 	 	262,500	 
	 	 	 	 	 
	Chardan Capital Markets, LLC
 17 State Street, Suite 1600
 New York, NY 10004	 	 	18,750	 
	 	 	 	 	 
	I-Bankers Securities, Inc.
 535 5th Avenue, 5th Floor
 New York, NY 10017	 	 	18,750	 

 

 

7

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