Document:

EX-10.8

 Exhibit 10.8 

[English Translation] 

Equity Pledge Agreement 
 This Equity
Pledge Agreement (this “Agreement”) is amended and entered into on September 30, 2017 by and among: 
  

			
	Party A:	 	Shanghai Fuxi Enterprise Management Consulting Co., Ltd., a wholly foreign-owned enterprise duly established and existing under the laws of the PRC (the uniform social credit code: 913100003216954485) having its registered
address at Room 213, No. 865, 867, 869 and 877, Qiujiang Road, Jing’an District, Shanghai (the “Pledgee”);
		
	Party B:	 	Shanghai Four Seasons Education and Training Co., Ltd., a limited liability company duly established and existing under the laws of the PRC (the uniform social credit code: 91310106088554568M) having its registered address at
Room 215-234, Room C, No. 865, 867, 869, 877, Qiujiang Road, Zhabei District, Shanghai;
		
	Party C:	 	Peiqing Tian, an individual (the ID Card No.: 310110196202283271) having his residential address at Room 402, No. 17, Tian Lin Shi Yi Cun, Xuhui District, Shanghai (“Pledgor”)

 (The aforesaid shall be individually referred to as a “Party” or collectively referred to as the
“Parties”.) 
 Whereas: 
  

	1.	The Pledgor (Party C) has the ownership of 100% equity interests of Party B. Party B acknowledges and confirms the Pledgor’ and the Pledgee’s respective rights and obligations under this Agreement, and agrees
to provide any necessary assistance in respect of the equity pledge (including the registration of the pledge) under this Agreement. 

  

	2.	In accordance with the VIE Agreements, Party B shall pay management and consulting service fee, technological service fee and other fees to the Pledgee and perform relevant obligations in accordance with relevant
agreements. 

  

	3.	As a security for the performance by Party B of the Contractual Obligations (as defined below) and the discharge of the Secured Debts (as defined below), the Pledgor are willing to create a pledge over all equity
interests held by them in Party B in favor of the Pledgee and grant the Pledgee the first ranking pledge, and the Pledgee agrees on such equity pledge arrangement. 

  
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 Therefore, the Parties, through friendly negotiation, hereby agree as follows: 

 

	1	Definitions and Interpretations 

 “Proposed Listing Company” shall mean
Four Seasons Education (Cayman) INC., a limited company incorporated under the laws of the Cayman Islands on June 9, 2014. 

“Party B’s affiliated enterprises” shall mean schools listed under Schedule A of the Exclusive Service Agreement and
schools to be established or controlled. 
 “Control” shall mean the right to directly or indirectly decide or urge others
or other subjects to decide someone’s or a certain subject’s operating management and business policy through shares or equities of voting rights, contracts or other means. 

“VIE Agreements” shall mean the Exclusive Service Agreement, the Exclusive Call Option Agreement, the Shareholder Voting
Rights Proxy Agreement and the Equity Pledge Agreement entered into by and among some or all of the Parties hereto on the same day this agreement is entered, including any supplementary agreements or amendments to such agreements, and any other
agreements, contracts or legal documents executed or issued by one or more Parties and/or Party B’s affiliated enterprises from time to time to ensure the performance of the aforesaid agreements and signed or accepted by Party A in writing.

 “Exclusive Service Agreement” shall mean the Exclusive Service Agreement amended and entered into by and among the
Parties hereto and other related parties on September 30, 2017, pursuant to which Party A shall provide relevant exclusive technological service, management consulting and other services to Party B and Party B’s affiliated enterprises. 

“Exclusive Call Option Agreement” shall mean the Exclusive Call Option Agreement amended and entered into by and among the
Parties hereto on September 30, 2017. To the extent that the PRC laws permit and subject to relevant conditions, if Party A, at its own discretion, proposes a purchase request, Party C shall, at the request of Party A, transfer all or part of
equity interests held by it in Party B to Party A and/or any other entity or individual as designated by Party A. 

  
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 “Contractual Obligations” shall mean the obligations of Party B under the VIE
Agreements (other than those under relevant agreements which have been rescinded or the obligations which have been exempted by the counterparty). 

“Default Event” shall mean any of the following: Party B violate any of their Contractual Obligations under the VIE
Agreements; any of representations or warranties or other information provided by Party B to the Pledgee under the VIE Agreements is or is proven to be wrong or misleading in any material respect; or any provision of the VIE Agreements becomes
invalid or is unable to be performed due to a change in the PRC law or regulation or the promulgation of a new PRC law or regulation or for any other reason, and the Parties fail to find an alternative arrangement. 

“Secured Debts” shall mean all direct, indirect or derivative losses and foreseeable benefit losses incurred by the Pledgee
due to any Default Event occurring on the part of Party B (if the VIE Agreements have other requirements, such requirements shall prevail), and all fees arising out of the act of the Pledgee to force Party B to perform their Contractual Obligations.
The amount of such losses shall be determined by the Pledgee at its sole and absolute discretion to the extent that the PRC law permits, and the Pledgor shall be fully bound by it. 

“Pledged Equity” shall mean Party B’s equity and interests legally owned by the Pledgor when this Agreement comes into
force and pledged to the Pledgee as a security for the performance by Party B of the Contractual Obligations in accordance with this Agreement, including but not limited to the equity rights, interests, revenues, right of claim owned by the Pledgor
now and in future in respect of all equity interests held by them in Party B, and the amount and compensation that is receivable now or in future in respect of Party B’s equity interests, and the profits, dividends and other amounts allocated
by Party B to the Pledgor from time to time, and the increased capital contribution made in accordance with Clause 2.6 of this Agreement and relevant dividends. 
  

	2	Equity Pledge 

  

	2.1	As the collateral for the timely and full payment of the Secured Debts and the performance of the Contractual Obligations, the Pledgor hereby create a first ranking pledge over the Pledged Equity in favor of the Pledgee
in accordance with this Agreement. Party B agrees that the Pledgor may create pledge over the equity interests in favor of the Pledgee in accordance with this Agreement. 

  
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	2.2	The Parties understand and agree that the monetary valuation arising from or in connection with the Secured Debts changes and fluctuates until the Settlement Date (as defined in Clause 2.4). Given the change in the
monetary valuation of the Secured Debts and that of the equity interests, the Pledgor and the Pledgee may adjust and determine, from time to time prior to the Settlement Date, the maximum Secured Debts secured by the Pledged Equity in aggregate by
amending and supplementing this Agreement. 

  

	2.3	In case of any of the following events (each, a “Settlement Event”), the value of the Secured Debts shall be determined in accordance with the total amount of the due and outstanding Secured Debts
payable to the Pledgee on the date immediately prior to the occurrence of the Settlement Event or the date on which the Settlement Event occurs (the “Determined Debts”): 

 

	 	(1)	the VIE Agreements expire or are terminated in accordance with relevant provisions thereunder; 

  

	 	(2)	a Default Event occurs and remains unresolved, causing the Pledgee to deliver a default notice to the Pledgor in accordance with Clause 6 of this Agreement; 

 

	 	(3)	the Pledgee, through proper investigation, reasonably considers that the Pledgor and/or Party B have lost the solvency or may be in a condition of insolvency; or 

 

	 	(4)	any other event under which the Secured Debts are required to be determined in accordance with the PRC laws and regulations. 

  

	2.4	For the avoidance of doubt, the date on which a Settlement Event occurs shall be a settlement date (the “Settlement Date”). The Pledgee has the right to realize the pledge at its discretion in
accordance with the Clause 6 of this Agreement on or after the Settlement Date. 

  

	2.5	During the Term of Pledge (as defined in Clause 3), the Pledgee has the right to receive any distributions, dividends or other distributable interests arising from the equity interests. The Pledgor shall deposit (or
cause Party B to deposit) such fructus into an account as designated by the Pledgee in writing after the receipt of the Pledgee’s written request, or use the aforesaid to prepay the Secured Debts. The above fructus deposited in the account as
designated by the Pledgee in writing shall not be withdrawn without the Pledgee’s written consent. 

  
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	2.6	With the Pledgee’s prior written consent, the Pledgor may increase their capital contribution to Party B. The increased capital contribution made by the Pledgor in Party B shall also constitute the Pledged Equity
and relevant equity pledge registration shall be completed as soon as possible. 

  

	2.7	Within the term of this Agreement, Pledgee shall not be liable for any decrease in the value of the equity interests, unless it is due to the Pledgee’s willful misconduct or gross negligence, and the Pledgor shall
not exercise the right of recourse in any form or propose any claim against the Pledgee. 

  

	2.8	Without prejudice to the provisions in Clause 2.7 of this Agreement, if there is any possibility that the value of the equity interests may decrease significantly, as a result of which the rights of the Pledgee may be
impaired, the Pledgor agree that the Pledgee may act on behalf of the Pledgor to auction or sell the equity interests at any time and reach an agreement with the Pledgor to use the amount received from the such auction or sale to prepay the Secured
Debts or lodge such amount with the notary office at the place where the Pledgee is located (any fee arising therefrom shall be paid from the amount received from the auction or sale). In addition, the Pledgor shall provide other properties to the
satisfaction of the Pledgee as a security. In case of an event that is possible to make the value of the equity interests decrease significantly and is sufficient to impair the rights of the Pledgees, the Pledgor must notify the Pledgee in a timely
manner and, at the reasonable request of the Pledgee, take necessary actions to solve such event or mitigate its adverse effect. Otherwise, the Pledgor shall assume relevant compensation liabilities to the Pledgee in respect of the direct or
indirect losses arising therefrom. 

  

	2.9	The pledge created over the equity interests under this Agreement is an on-going assurance and it shall remain valid until the Contractual Obligations have been fully performed
and the Secured Debts have been fully discharged. Any waive or grace period given by the Pledgee in respect of any default of the Pledgor or any delay by the Pledgee to perform any of its rights under the VIE Agreement and this Agreement shall not
affect the rights of the Pledgee to require the Pledgor and Party B to strictly perform the VIE Agreements and this Agreement at any time in future under this Agreement and relevant PRC laws and the VIE Agreements, or the rights available to the
Pledgee when the Pledgor, Party B violate the VIE Agreements and/or this Agreement in future. 

  
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	3	Term of Pledge 

  

	3.1	The pledge shall come into force at the date on which it is registered with the administrative organs for industry and commerce at the place where Party B is located (the “Registration Authority”). The
valid term of such pledge (the “Term of Pledge”) shall be from the said effective date until (a) the last Secured Debt or Contractual Obligation secured by such pledge is fully discharged and performed, (b) all of the VIE
Agreements become invalid or are terminated, or (c) the Pledgee, to the extent that the PRC laws permit, decides to purchase all of the equity interests held by the Pledgor in Party B in accordance with the Exclusive Call Option Agreement.

  

	3.2	During the Term of Pledge, if Party B fail to perform the Contractual Obligations or discharge the Secured Debts (including failure to pay the service fee in accordance with the Exclusive Service Agreement or failure to
perform any of the VIE Agreements in other aspect), the Pledgee shall have the right without obligation to dispose of the pledge in accordance with this Agreement. 

 

	4	Pledge Registration and Custody of Equity Record Subject to the Pledge 

  

	4.1	The Pledgor and Party B agree and undertake that, upon the execution of this Agreement, Party B shall, and the Pledgor shall cause Party B to, immediately record the equity pledge arrangement hereunder on the register
of shareholders of Party B on the date on which this Agreement is executed, and apply to the Registration Authority for registering the creation (or change) of the equity pledge in accordance with the Measures for the Registration of Equity Pledge
with the Administrative Organs for Industry and Commerce no later than the twentieth (20) days after the execution date of this Agreement. The Pledgor and Party B further agree and undertake that, within thirty (30) days from the formal
acceptance by the Registration Authority of the equity pledge registration application, all equity pledge registration formalities shall be completed, the registration notification letter issued by the Registration Authority shall be obtained, and
the Registration Authority shall fully and accurately record the equity pledge matters on the equity pledge registration book. 

  
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	4.2	Within the Term of Pledge set forth in this Agreement, the Pledgor shall deliver the originals of the capital contribution certificates and the register of shareholders recording the pledge (and other documents as
reasonably required by the Pledgee, including but not limited to the pledge registration notification letter issued by the administrative organs for industry and commerce) to the Pledgee for custody, within one week from the date on which the pledge
registration has been completed in accordance with Clause 4.1 above. The Pledgee shall keep such documents through the entire Term of Pledge set forth in this Agreement. 

 

	5	Release of Pledge 

  

	5.1	Upon the expiration of the Term of Pledge, the Pledgee shall, at the request of the Pledgor, release such pledge and assist the Pledgor in deregistering the equity pledge recorded in the register of shareholders of
Party B and the equity pledge registered with the Registration Authority for industry and commerce. Any reasonable fee arising from the release of the pledge shall be assumed by the Pledgor. 

 

	6	Disposal of the Pledged Equity 

  

	6.1	The Pledgor, Party B and the Pledgee agree that if any Default Event occurs, the Pledgee shall, after giving a written notice to the Pledgor, have the right to exercise all remedies available to it in accordance with
the PRC laws and regulations and the VIE Agreements, and have the right to dispose of the Pledged Equity in one or more following ways: 

  

	 	(1)	to the extent that the PRC laws permit, the Pledgor, at the request of the Pledgee, transfers all or part of the Pledged Equity held by it in Party B to the Pledgee and/or any other entity or individual as designated by
the Pledgee at the minimum price as permitted by the PRC law; meanwhile, the Pledgor irrevocably undertake that if the consideration paid by the Pledgee or its designated purchaser to purchase all or part of the equity interests held by the Pledgor
in Party B exceeds RMB0 (in word: Renminbi zero), the Pledgor shall fully compensate the Pledgee or its designated person against any balance part; 

  
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	 	(2)	without prejudice to the VIE Agreements, the Pledged Equity can be sold by auction or by conversion into money, and the Pledgee has the priority to be paid from the sale price; 

 

	 	(3)	subject to laws and regulations, the Pledged Equity can be disposed of in other ways as agreed by the Pledgor and the Pledgee. 

  

	6.2	The Pledgee has the right to appoint its legal counsel or other proxy in writing to exercise any and all of its rights mentioned above, and the Pledgor or Party B shall not propose any objection. 

 

	6.3	The Pledgee has the right to deduct the reasonable fees on time in connection with its exercise of any or all rights mentioned above from the amount received from its exercise of the rights. 

 

	6.4	The amount received by the Pledgee from the exercise of its rights shall be used to pay following items in the order set forth below: 

First: all the fees in connection with the disposal of the Pledged Equity and the exercise by the Pledgee of its rights
(including the compensation paid to its legal counsel and proxy); 
 Second: the taxes payable in connection with the
disposal of the Pledged Equity; and 
 Third: the Secured Debts owed to the Pledgee. 

If there is any remaining amount after the deduction of above items, the Pledgee shall return such remaining amount to the Pledgor. 

 

	6.5	The Pledgee has the right to exercise any of its remedies at the same time or in a sequential order, and the Pledgee’s exercise of its right to auction or sell the Pledged Equity under this Agreement is not subject
to the prior exercise of any other remedy. 

  
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	7	Fee and Expense 

  

	7.1	All actual expenses in connection with the creation of the equity pledge under this Agreement, including but not limited to any stamp duty, any tax, charge and legal fee, shall be assumed by the Pledgor.

  

	8	Representations and Warranties of the Pledgor 

 The Pledgor represent and warrant to the
Pledgee that: 
  

	8.1	The Pledgor have full capacity for civil conduct and may execute this Agreement pursuant to law and assume legal obligations in accordance with this Agreement. 

 

	8.2	Party B is a limited liability company duly established and validly existing in accordance with the PRC law and has formally registered with competent administrative organ for industry and commerce. The registered
capital of Party B is RMB20 million. 

  

	8.3	All reports, documents and information provided by the Pledgor to the Pledgee before this Agreement comes into force in connection with the Pledgor and all matters as required for this Agreement are true, accurate and
complete in material respects when this Agreement comes into force. 

  

	8.4	All reports, documents and information provided by the Pledgor to the Pledgee after this Agreement comes into force in connection with the Pledgor and all matters as required for this Agreement are true, accurate and
complete in material respects when they are provided. 

  

	8.5	At the time when this Agreement comes into force, the Pledgor are the sole legal owners of the Pledged Equity and have the right to dispose of the Pledged Equity, and there is no dispute on the ownership of the Pledged
Equity. 

  

	8.6	Other than the restrictions of rights created under the VIE Agreement, no other security interests or encumbrances have been created over the Pledged Equity. No mortgage, pledge, security, lien, priority right, option
or trust (other than the encumbrances under the VIE Agreements), restriction of rights in any other form, trust or restrictive condition, due but pending legal proceedings or formalities, currently exist or will exist in respect of the Pledged
Equity, and the Pledged Equity has not been seized, frozen, detained or held in escrow by any third party. 

  
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	8.7	The execution and performance by the Pledgor of this Agreement and the holding by the Pledgor of Party B’s equity interests will not violate (i) any applicable law, regulation and judicial order; (ii) any
judgement made by a court or any award made by an arbitration agency, or any decision, approval or license made by an administrative authority; and (iii) any agreement or document which is binding upon the Pledgor or their assets or any
agreement or document which creates mortgage over their assets, nor result in any suspension, revocation or confiscation of, or inability to renew upon the expiration, any governmental authorities’ approval or license which is applicable to
them. 

  

	8.8	The Pledged Equity can be pledged and transferred in accordance with law, and the Pledgor have full rights and powers to pledge the Pledged Equity to the Pledgee in accordance with this Agreement and have the right to
dispose of all or any part of the Pledged Equity. 

  

	8.9	This Agreement, once duly signed by the Pledgor, constitutes the legal, effective and binding obligation of the Pledgor. 

  

	8.10	Any consent, license, waiver or authorization required to be obtained from any third person in respect of the execution and performance of this Agreement and the equity pledge under this Agreement has been obtained or
completed, and will be fully effective during the term of this Agreement. 

  

	8.11	The pledge under this Agreement constitutes the first ranking security interest over the Pledged Equity. 

  

	8.12	There is no pending or, to the knowledge of the Pledgor, threatening litigation, legal proceeding or claim in any court or arbitral tribunal against the Pledgor or their assets or the Pledged Equity, and, meanwhile,
there is no pending or, to the knowledge of the Pledgor, threatening litigation, legal proceeding or claim in any governmental authority or administrative authority against the Pledgor or their assets or the Pledged Equity, which will have adverse
effect on the economic condition of the Pledgor or their abilities to perform the obligations and security liabilities under this Agreement. 

  
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	8.13	The above representations and warranties made by the Pledgor to the Pledgee will be true, accurate and complete at any time and in any condition prior to the full performance of the Contractual Obligations or full
discharge of the Secured Debts, and will be fully complied with. 

  

	9	Representations and Warranties of Party B 

 Party B represents and warrants to the
Pledgor that: 
  

	9.1	Party B is a limited liability company registered and duly existing in accordance with the PRC law, having independent legal person status. It has full and independent legal status and legal capacity to execute, deliver
and perform this Agreement, and can act as a party in litigation independently. 

  

	9.2	It will record the equity pledge matters under this Agreement with and on Party B and the register of shareholders of Party B. 

  

	9.3	All reports, documents and information provided by Party B to the Pledgee before this Agreement comes into force in connection with the Pledged Equity and all matters as required for this Agreement are true, accurate
and complete in material respects when this Agreement comes into force. 

  

	9.4	All reports, documents and information provided by Party B to the Pledgee after this Agreement comes into force in connection with the Pledged Equity and all matters as required for this Agreement are true, accurate and
complete in material respects when they are provided. 

  

	9.5	This Agreement, once duly executed by Party B, constitutes the legal, effective and binding obligation of Party B. 

  

	9.6	Party B has full corporate internal power and authorization to execute and deliver this Agreement and any other documents to be executed by it in connection with the transaction under this Agreement, and it has full
power and authorization to complete the transaction under this Agreement. Any consent, license, waiver or authorization required to be obtained from any third person in respect of the execution and performance of this Agreement and the equity pledge
under this Agreement has been obtained or completed, and will be fully effective during the term of this Agreement. 

  
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	9.7	The execution and performance by Party B of this Agreement will not violate (i) any applicable law, regulation and judicial order; (ii) any judgement made by a court or any award made by an arbitration agency,
or any decision, approval or license made by an administrative authority; (iii) any agreement or document which is binding upon Party B or its assets or any agreement or document which creates mortgage over its assets, nor result in any
suspension, revocation or confiscation of, or inability to renew upon the expiration, any governmental authorities’ approval or license which is applicable to it. 

 

	9.8	There is no pending or, to the knowledge of Party B, threatening litigation, legal proceeding or claim in any court or arbitral tribunal against Party B or its assets, and, meanwhile, there is no pending or, to the
knowledge of Party B, threatening litigation, legal proceeding or claim in any governmental authority or administrative authority against Party B or its assets, which will have adverse effect on the economic condition of Party B or the Pledgor’
abilities to perform the obligations and security liabilities under this Agreement. 

  

	9.9	The above representations and warranties made by Party B to the Pledgee will be true, accurate and complete at any time and in any condition prior to the full performance of the Contractual Obligations or full discharge
of the Secured Debts, and will be fully complied with. 

  

	10	Undertakings of the Pledgor 

 The Pledgor undertake to the Pledgee that: 

 

	10.1	Without the prior written consent of the Pledgee, the Pledgor shall not create any new pledge or encumbrance over the Pledged Equities. 

 

	10.2	Without the prior written notice to and the prior written consent of the Pledgee, the Pledgor shall not transfer the Pledged Equities, and all of the Pledgor’ actions of proposed transfer of the Pledged Equities
are ineffective. Whether the prior written consent of the Pledgee is obtained or not, the proceeds from transfer of the Pledged Equities by the Pledgor shall be first used to prepay the Pledgee for the Secured Debts or lodged with the third party as
agreed with the Pledgee to continue to secure the Secured Debts. 

  
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	10.3	During the effective period of this Agreement, if the Pledgor subscribe for the new registered capital (including the new registered capital converted from the reserved funds or the undistributed profits) of Party B
(“New Equities”), such New Equities shall become part of the Pledged Equities hereunder automatically, and the Pledgor shall complete or cause to complete the procedures necessary for creating pledge over such New Equities within
ten (10) days upon receipt of the New Equities. If the Pledgor fail to do so, Party A shall have the right to immediately realize its pledge rights pursuant to the provisions of Article 6 hereof. 

 

	10.4	When there is any lawsuit, arbitration or other claim which may have adverse effects on the interests or the Pledged Equities of the Pledgor or the Pledgee under the VIE Agreements, the Pledgor assure that they will
timely notify the Pledgee in writing as soon as possible, and as reasonably requested by the Pledgee, take all necessary measures to ensure the pledge interests of the Pledgee in the Pledged Equities. 

 

	10.5	The Pledgor shall not engage in or permit any action or act that may have adverse effects on the interests or Pledged Equities of the Pledgee under the VIE Agreements. The Pledgor shall waive their rights of first
refusal when the Pledged Equities are realized by the Pledgee, and agree to the relevant equity transfer. 

  

	10.6	The Pledgor assure that, as reasonably requested by the Pledgee, they will take all measures and execute all documents (including but not limited to the supplements to this Agreement) necessary to ensure the pledge
interests of the Pledgee in the Pledged Equities and the exercise and realization of such rights. 

  

	10.7	When the exercise of the pledge rights hereunder causes any transfer of the Pledged Equities, the Pledgor assure that they will take all measures to realize such equity transfer. 

 

	10.8	This Agreement shall remain valid and irrevocable for the inheritors, successors, agents or property managing agents of the Pledgor, and the Pledgor shall procure their inheritors, successors, agents or property
managing agents to undertake to be bound by this Agreement; If the target equities under the Exclusive Call Option Agreement are the common property of the Pledgor and others, such Pledgor shall procure such others to agree to the arrangement
hereunder and undertake to be bound by this Agreement. 

  
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	10.9	If the Pledgor are dead, incapacitated, divorced or subject to other situations which may affect their exercise of holding Party B’s equities (if applicable), (1) all of the rights and obligations of the Pledgor
hereunder shall be inherited by their inheritors; (2) unless with the prior written consent of Party A, the effectiveness of this Agreement shall prevail over the wills, divorce agreements and other forms of legal documents entered into by the
Pledgor after the execution of this Agreements. 

  

	11	Undertakings of Party B 

 As the target enterprise of the Pledged Equities, Party B undertakes to the
Pledgee that: 
  

	11.1	Without the prior written consent of the Pledgee, it will not help or permit the Pledgor to create any new pledge or any other security interests on the Pledged Equities. 

 

	11.2	Without the prior written consent of the Pledgee, it will not help or permit the Pledgor to transfer the Pledged Equities. 

  

	11.3	When there is any lawsuit, arbitration or other claim which may have adverse effects on Party B, the Pledged Equities or the interests of the Pledgee under the VIE Agreements, Party B assures that it will timely notify
the Pledgee in writing as soon as possible, and as reasonably requested by the Pledgee, take all necessary measures to ensure the pledge interests of the Pledgee in the Pledged Equities. 

 

	11.4	Party B shall not engage in or permit any action or act that may have adverse effects on the interests or Pledged Equities of the Pledgee under the VIE Agreements. 

 

	11.5	Party B assures that, as reasonably requested by the Pledgee, it will take all measures and execute all documents (including but not limited to the supplements to this Agreement) necessary to ensure the pledge interests
of the Pledgee in the Pledged Equities and the exercise and realization of such rights. 

  

	11.6	When the exercise of the pledge rights hereunder causes any transfer of the Pledged Equities, Party B assures that it will take all measures to realize such equity transfer. 

  
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	12	Change in Circumstances 

  

	12.1	Subject to no contradiction with other terms of the VIE Agreements, if any promulgation of or any amendment to any PRC laws, regulations or rules, or any change of the interpretation or application of such laws,
regulations and rules, or any change of relevant registration procedures at any time makes the Pledgee believe that the maintenance of the validity of this Agreement and/or the disposal of Pledged Equity in the manner provided by this Agreement
becomes illegal or violates such laws, regulations or rules, the Pledgor and Party B shall, as instructed by the Pledgee in writing and as reasonably requested by the Pledgee, immediately take any action and/or execute any agreement or other
document in order to: 

  

	 	(1)	maintain the validity of this Agreement; 

  

	 	(2)	dispose of the Pledged Equity in the manner provided by this Agreement; and/or 

  

	 	(3)	maintain the security created or intended to create by this Agreement. 

  

	13	Effectiveness and Term of this Agreement 

  

	13.1	This Agreement shall take effect as of the date on which the Parties officially signed or sealed on this Agreement. 

  

	13.2	The term of this Agreement shall be terminated upon the full performance of contractual obligations or the full repayment of Secured Debts. If the term of business of any Party expires within the term of this Agreement,
such Party shall be obliged to promptly apply to the competent authority to extend its term of business, and ensure the receipt of business license with the extended term of business before the expiration of the term of business. The Pledgee may
unilaterally terminate this Agreement after giving a thirty (30)-day prior notice. Unless otherwise provided by law, Party B or the Pledgor shall have no right to unilaterally terminate or rescind this
Agreement in any event. 

  
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	14	Confidentiality 

  

	14.1	The Parties acknowledge and confirm that any oral or written information exchanged by them in respect of this Agreement shall be Confidential Information. Each of the Parties shall keep all of such information
confidential and shall not disclose any relevant information to any third party without the other Parties’ written consents, except for: 

  

	 	(1)	the information that has been known or to be known by the public (not through the disclosure by the receiving Party of such information); 

 

	 	(2)	the information that is required to be disclosed pursuant to applicable laws or rules or regulations of any stock exchange; or 

  

	 	(3)	the information that is required to be disclosed by any Party to its legal counsel or financial advisor in respect of the transaction under this Agreement, which legal counsel or financial advisor shall be bound by the
confidentiality obligations similar to the obligations in this Clause. 

  

	14.2	Any disclosure of any Confidential Information made by the staff members or agencies hired by any Party shall be deemed as the disclosure of such Confidential Information made by such Party, and such Party shall assume
legal liabilities for breach of this Agreement. 

  

	14.3	The Parties agree that this Clause shall remain in force, no matter if this Agreement is invalid, altered, discharged, terminated or inoperative. 

 

	15	Force Majeure 

  

	15.1	If a Party is unable to perform its obligations under this Agreement due to a force majeure event, such obligations under this Agreement shall be exempted to the extent that they are affected by the force majeure. For
the purpose of this Agreement, a force majeure event only includes natural disasters, storm, tornado and other acts of nature, strikes, lockout/shutdown or other industrial issues, wars, riots, conspiracy, hostility, terrorist activities or acts of
violence by criminal organizations, blockade, severe diseases or epidemic, earthquake or other crustal movements, flood and other natural disasters, bomb explosion or other explosions, fire, accidents or governmental activities which make such Party
unable to perform this Agreement. 

  
 16 

	15.2	In case of a force majeure event, the Party being affected by the force majeure event shall use its efforts to mitigate and eliminate the consequences of the force majeure event, and shall be liable for performing the
delayed and impeded obligations under this Agreement. The Parties agree to use their best efforts to continue to perform this Agreement after the end of the force majeure event. 

 

	15.3	If there is a possibility that a force majeure event may occur, as a result of which the performance of this Agreement will be delayed or impeded or will be threatened to be delayed or impeded, relevant Party shall
immediately notify the other Parties in writing and provide all relevant materials. 

  

	16	Miscellaneous 

  

	16.1	The Pledgor or Party B shall not assign their respective rights and obligations under this Agreement to any third party unless the Pledgee agrees in writing in advance. The Pledgor and Party B’s successor or
permitted assignee (if any) shall continue to perform their respective obligations under this Agreement. If the Pledgee is changed due to the equity transfer, the Pledgor shall enter into a new equity pledge agreement with contents identical to this
Agreement with the new Pledgee and register the new agreement with the competent administration for industry and commerce. 

  

	16.2	The amount of Secured Debts determined by the Pledgee on its own when exercising its pledge right over the Pledged Equity pursuant to the provisions of this Agreement shall be the definitive evidence for the Secured
Debts under this Agreement. 

  

	16.3	The execution, validity, interpretation, performance, revision and termination of this Agreement and dispute settlement in respect hereof shall be governed by the PRC Law. 

 

	16.4	Any dispute, controversy or claim arising from, or in connection with, this Agreement or the performance, interpretation, breach, termination or validity of this Agreement shall be settled through friendly negotiation.
Such negotiation shall start immediately after one Party to the dispute has delivered to other Parties a written notice for requesting negotiation, in which notice the specific dispute or claims shall be specified. 

  
 17 

	16.5	If such dispute fails to be settled within thirty (30) days of the delivery of the said notice, either Party shall have the right to submit such dispute to arbitration. The Parties agree to submit such dispute to
China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration rules then in effect. The place of the arbitration shall be Shanghai. The arbitral award shall be final and legally binding on the
Parties. The arbitration commission shall have the right, in respect of Party B’s equity interests, property interests or other assets, to award to indemnify or compensate the Pledgee against the losses suffered by the Pledgee due to the breach
by other Parties of this Agreement or issue relevant injunctive (for the purpose of operation of business or compulsory transfer of assets), or award to dissolve and liquidate Party B. After the arbitral award becomes effective, any Party has the
right to apply to the competent court for enforcing the arbitral award. 

  

	16.6	During the period of arbitration, except for the disputed matters submitted for arbitration, the Parties hereto shall continue to perform their respective other obligations hereunder. 

 

	16.7	Any right, power and remedy granted to a Party under any provisions of this Agreement shall not preclude any other right, power or remedy available to such Party pursuant to laws and other provisions under this
Agreement, and the exercise by a Party of its rights, powers and remedies shall not preclude the exercise by such Party of its other rights, powers and remedies. 

  

	16.8	No failure or delay by a Party in exercising any of its rights, powers and remedies pursuant to this Agreement or laws (“Such Party’s Rights”) shall be construed as a waiver of Such Party’s
Rights, and no single or partial waiver of Such Party’s Rights shall preclude the exercise by such Party of such rights in other way and the exercise of other Such Party’s Rights. 

 

	16.9	The headings to Clauses of this Agreement are inserted for index only, and in no event shall be used for, or affect, the interpretation of the provisions of this Agreement. 

 

	16.10	Each provision of this Agreement is severable and distinct from the others and, if any one or more provision hereof becomes invalid, illegal or unenforceable at any time, the validity, legality and enforceability of the
remaining provisions of this Agreement shall not be affected. 

  
 18 

	16.11	Upon the unanimous agreement of the Parties hereto and the approval by the shareholders (meeting) of the Pledgee, the Parties hereto may make amendments or supplements to this Agreement and take all necessary steps and
actions, at their cost, to make such amendments or supplements legal and effective. If any stock exchange or other regulatory authority proposes any amendment to this Agreement, or any change of relevant listing rules or relevant requirements is
applicable to this Agreement, the Parties shall make amendments to this Agreement accordingly. 

  

	16.12	This Agreement is drawn up in Chinese in three originals. Each of the Parties shall hold one counterpart. 

(There is no text below.) 

  
 19 

 (There is no text on this page which is the signature page of the Equity Pledge Agreement.) 

 

					
	 Shanghai Fuxi Enterprise Management Consulting Co., Ltd. 

 
 [Company seal is affixed]
	  	
			
	Legal Representative or Authorized Representative:	  	 /s/ Peiqing Tian
	  	

 Peiqing Tian 
  

					
	Signature:	 	 /s/ Peiqing Tian
	 	

 Shanghai Four Seasons Education and Training Co., Ltd. 

[Company seal is affixed] 
  

					
	Legal Representative or Authorized Representative:	 	 /s/ Peiqing Tian
	 	

  
 20EX-10.9

 Exhibit 10.9 

[English Translation] 

Shareholder Voting Rights Proxy Agreement 

This Shareholder Voting Rights Proxy Agreement (this “Agreement”) is amended and entered into on September 30, 2017 by and among: 

 

	1.	Shanghai Fuxi Enterprise Management Consulting Co., Ltd., a wholly foreign-owned enterprise duly established and existing under the laws of the PRC (the uniform social
credit code: 913100003216954485) having its registered address at Room 213, No. 865, 867, 869 and 877, Qiujiang Road, Jing’an District, Shanghai (“Party A”); 

 

	2.	Shanghai Four Seasons Education and Training Co., Ltd., a limited liability company duly established and existing under the laws of the PRC (the uniform social
credit code: 91310106088554568M) having its registered address at Room 215-234, No. 865, 867, 869, 877, Qiujiang Road, Zhabei District, Shanghai (“Party B”); 

 

	3.	Peiqing Tian, an individual (the ID Card No.: 310110196202283271) having his residential address at Room 402, No. 17, Tian Lin Shi Yi Cun, Xuhui District, Shanghai (“Party C”);

 (The aforesaid shall be individually referred to as a “Party” or collectively referred to as the
“Parties”.) 
 Whereas: 
  

	1.	Party C has the ownership of 100% equity interests of Party B (“Party B’s Equity Interests”). 

  

	2.	Party A is a wholly foreign-owned enterprise registered in Shanghai, the PRC. 

  

	3.	In order to secure the performance of the VIE Agreements (as defined below) and protect Party A’s legitimate interests, Party C intends to entrust the individual or entity as designated by Party A to exercise the
Entrusted Rights (as defined below) held by it in Party B, and Party A intends to designate such individual or entity to accept the entrustment. 

The Parties, through friendly negotiation, hereby agree as follows: 
  

	1.	Definitions and Interpretations 

 In this Agreement, unless otherwise stated or required,
the following terms shall have the meanings as set out below when they are used in this Agreement: 
 “Proposed Listing
Company” shall mean Four Seasons Education (Cayman) INC., a limited company incorporated under the laws of the Cayman Islands on June 9, 2014. 

  
 1 

 “Party B’s affiliated enterprises” shall mean schools listed under Schedule
A of the Exclusive Service Agreement and schools to be established or controlled. 
 “Control” shall mean the right to
directly or indirectly decide or urge others or other subjects to decide someone’s or a certain subject’s operating management and business policy through shares or equities of voting rights, contracts or other means. 

“VIE Agreements” shall mean the Exclusive Service Agreement, the Exclusive Call Option Agreement, the Shareholder
Voting Rights Proxy Agreement and the Equity Pledge Agreement entered into by and among some or all of the Parties hereto on the same day this agreement is entered, including any supplemental agreements or amendments to such agreements, and any
other agreements, contracts or legal documents executed or issued by one or more Parties and/or Party B’s affiliated enterprises from time to time to ensure the performance of the aforesaid agreements and signed or accepted by Party A in
writing. 
 “Exclusive Service Agreement” shall mean the Exclusive Service Agreement amended and entered into
by and among the Parties hereto and other related parties on September 30, pursuant to which Party A shall provide relevant exclusive technological service, management consulting and other services to Party B and Party B’s affiliated
enterprises. 
 “Exclusive Call Option Agreement” shall mean the Exclusive Call Option Agreement
amended and entered into by and among the Parties hereto on September 30, 2017. To the extent that the PRC laws permit and subject to relevant conditions, if Party A, at its own discretion, proposes a purchase request, Party C shall, at the
request of Party A, transfer all or part of equity interests held by it in Party B to Party A and/or any other entity or individual as designated by Party A. 

“Equity Pledge Agreement” shall mean the Equity Pledge Agreement amended and entered into by and among the
Parties hereto on September 30, 2017, pursuant to which Party C will pledge all equity interests held by it in Party B (i.e. Party B’s Equity Interests) to Party A as the pledged collateral for the contractual obligations and secured debts
under the VIE Agreements. 
 “Trustor” shall mean Party C acting as the shareholder of Party B. 

“Trustee” shall mean Party A or a person as designated by Party A in accordance with Clause 3 hereof who accepts the
entrustment by the Trustor. 

  
 2 

 “PRC” shall mean the People’s Republic of China (for the purpose of this
Agreement, excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan). 
  

	2.	Entrusted Rights 

  

	2.1	Party C unconditionally and irrevocably undertakes that it will sign a power of attorney (the “Power of Attorney”) in the substance and form as shown in Appendix 1 hereto after the
execution of this Agreement, to respectively authorize Party A or any person as designated by Party A according to Party A’s instruction (the “Trustee”) to exercise all shareholders’ rights available to it as the
shareholders of Party B in accordance with Party B’s articles of association then in effect and applicable laws and regulations. Such shareholders’ rights (the “Entrusted Rights”) include without limitation:

  

	 	(1)	acting as the proxy of Party C to propose, convene or attend as an observer a shareholders’ meeting in accordance with Party B’s articles of association; 

 

	 	(2)	exercising all shareholders’ rights and shareholders’ voting rights available to Party C in accordance with the PRC laws (including any law, regulation, rules, notification, interpretation or other binding
document promulgated by any central or local legislative, administrative and judicial authority before or after the execution of this Agreement, the “PRC Law”) and Party B’s articles of association (including any other
shareholder’s voting rights provided for in the amendments of such articles of association), including but not limited to the right to receive dividends, the right to sell, transfer, pledge or dispose of part or all of Party B’s Equity
Interests; the right to decide the increase or decrease of the registered capital, merger, division and other issues; the right to amend the articles of association; the right to decide the operation guidelines and investment plans; the right to
determine the financial budget and final accounts; the right to decide the allocation plan; the right to decide dissolution and liquidation; the right to designate and appoint the members of the liquidation committee; the right to approve
liquidation plan and liquidation report, etc; 

  

	 	(3)	acting as Party B’s legal representative or acting as Party B’s chairman of the board, managing director or manager and/or acting on behalf of Party C to designate, appoint or remove Party B’s legal
representative (chairman of the board or managing director), directors, supervisors, chief executive officer (or managers) and other senior management members, in accordance with the provisions regarding the way in which the legal representative is
appointed in Party B’s articles of association; 

  
 3 

	 	(4)	executing documents (including the minutes of the shareholders’ meetings) and the documents filed with relevant company registry; 

 

	 	(5)	acting on behalf of Party B’s registered shareholders to exercise voting rights at the time of Party B’s bankruptcy, liquidation, dissolution or termination; 

 

	 	(6)	the allocation right in respect of the remaining assets after Party B’s bankruptcy, liquidation, dissolution or termination; and 

 

	 	(7)	deciding matters in connection with the delivery or registration of Party B’s relevant documents to or with the governmental authorities. 

 

	2.2	Without prejudice to the generality of the powers granted under this Agreement, Party A shall have the power and authority hereunder to act on behalf of Party C to execute the transfer contract as agreed and defined in
the Exclusive Call Option Agreement (when Party C is required to be a party to such contract), and perform the provisions of the Equity Pledge Agreement and the Exclusive Call Option Agreement executed by Party C as a party thereto on the same date
on which this Agreement is executed. 

  

	2.3	Party C hereby undertakes that, in case of Party B’s bankruptcy, liquidation, dissolution or termination, all assets obtained by Party C after Party B’s bankruptcy, liquidation, dissolution or termination
(including Party B’s Equity Interests) shall be transferred to Party A free of charge or at the minimum price as permitted by the PRC Law then in effect, or the then liquidator shall dispose of all of Party B’s assets, including the equity
interests, for the purpose of protecting the interests of Party A’s direct or indirect shareholders and/or creditors. 

  

	2.4	The Trustee and/or Party A exercises the Entrusted Rights as if Party C exercises the shareholders’ rights. When Party A issues a written notice to Party C to replace the Trustee, Party C shall immediately instruct
the other entity or individual as designated by Party A then to exercise the aforesaid Entrusted Rights, and sign a Power of Attorney in the substance and form as shown in Appendix 1 hereto. Once such new Power of Attorney is signed, it shall
replace the original Power of Attorney. Meanwhile, Party C shall also announce or clarify that the original Power of Attorney has been abolished by notifying relevant persons or in other publicity form. In addition, Party C shall not revoke the
entrustment and authorization granted to the Trustee and/or Party A. 

  

	2.5	Party C shall confirm and acknowledge, and assume relevant legal liabilities in respect of, any legal consequence arising from the exercise of the aforesaid Entrusted Rights by the Trustee and/or Party A.

  

	2.6	All acts performed by the Trustee and/or Party A in respect of Party B’s Equity Interests and/or the exercise of the Entrusted Rights by the Trustee and/or Party A shall be deemed as acts performed by Party C
itself, and all documents executed by the Trustee and/or Party A shall be deemed as executed by Party C. The Trustee and/or Party A may perform the aforesaid acts at its own discretion without seeking Party C’s prior consent, provided that
after the Party B’s resolution or the proposal to hold Party B’s extraordinary general meeting has been made, the Trustee and/or Party A shall immediately notify Party C. Party C hereby acknowledges and approves such acts done and/or
documents executed by the Trustee and/Party A. 

  
 4 

	2.7	During the term of this Agreement, Party C hereby waives all rights that have been granted to Party A and/or the Trustee hereunder and are related to Party B’s Equity Interests, and shall not exercise such rights
on its own. 

  

	2.8	If Party C deceases, loses the capacity for civil conduct or suffers other incidents that may affect Party C’s exercise of rights related to Party B’s Equity Interests held by it, each of the successors of
Party C or the then shareholders or assignees of Party B’s Equity Interests shall be deemed as a party to this Agreement to succeed/assume all rights and obligations of Party C under this Agreement (as amended and restated). 

 

	3.	Access to Information 

  

	3.1	For the purpose of performing the Entrusted Rights under this Agreement, Party A and/or the Trustee shall have the right to know various information related to, among others, Party B’s corporate operation,
business, clients, financial affairs and employees, and shall have the access to Party B’s relevant materials. Party B shall provide sufficient assistance in respect of this. 

 

	4.	Exercise of Entrusted Rights 

  

	4.1	Party C shall provide sufficient assistance in connection with the exercise by the Trustee and/or Party A of the Entrusted Rights, including, when necessary (for example, in order to meet the requirements to submit
documents as required for the approval by, registration or filing with, governmental authorities, or the requirements of laws and regulations, regulatory documents, the articles of association, or instructions or order of other governmental
authorities), immediately executing relevant legal documents, including but not limited to a resolution of Party B’s shareholders’ meeting made by the Trustee and/or Party A, or a power of attorney which specifies the specific scope of
authorization (if any of relevant laws and regulations or articles of association or other regulatory documents requires). 

  

	4.2	Party C irrevocably agrees that when Party A proposes a written request in respect of the exercise of the Entrusted Rights, Party C shall take actions in accordance with the written request within three (3) days
after the receipt of such written request, in order to satisfy Party A’s request to exercise the Entrusted Rights. 

  
 5 

	4.3	If at any time during the term of this Agreement, the grant or exercise of the Entrusted Rights under this Agreement cannot be realized for any reason (other than Party B or Party C’s breach), the Parties shall
immediately seek an alternative plan which comes as close as possible to the clauses that are unable to be realized, and execute a supplementary agreement to amend or adjust relevant clauses of this Agreement when necessary, in order to ensure the
purpose of this Agreement can be realized. 

  

	5.	Exemption from Liabilities and Compensation 

  

	5.1	The Parties acknowledge that, in no event, Party A shall be required to assume any liabilities, or make any economic or other compensations, to other Parties or any third party in respect of the exercise of the
Entrusted Rights under this Agreement by it and/or its designated Trustee. 

  

	5.2	Party C agrees to indemnify and hold harmless Party A against all losses incurred or possibly incurred by it arising from the exercise of the Entrusted Rights by it and/or its designated Trustee, including but not
limited to any losses arising out of the litigation, recovery, arbitration or claim brought by any third party against it or the administrative investigation or punishment made by governmental authorities, provided that if the losses are caused by
willful misconduct or gross negligence of Party A and/or the Trustee, it shall not be indemnified. 

  

	6.	Representations and Warranties 

  

	6.1	Party C hereby represents and warrants that: 

  

	 	(1)	It has full and independent legal status and legal capacity, has obtained proper authorization to execute, deliver and perform this Agreement, and can act as a party in litigation independently. 

 

	 	(2)	It has full power and authorization to execute and deliver this Agreement and any other documents to be executed by it in connection with the transaction under this Agreement, and it has full power and authorization to
complete the transaction under this Agreement. This Agreement is legally and properly executed and delivered by it. This Agreement constitutes the legal and binding obligation of it and is enforceable against it in accordance with the clauses
hereof. 

  

	 	(3)	It is Party B’s legal shareholder registered with the administration for industry and commerce and recorded on the register of shareholders when this Agreement comes into force. Other than the rights set forth in
this Agreement, the Equity Pledge Agreement and the Exclusive Call Option Agreement, no other third party rights exist over the Entrusted Rights. In accordance with this Agreement, Party A and/or the Trustee may fully and sufficiently exercise the
Entrusted Rights pursuant to Party B’s articles of association then in effect. 

  
 6 

	 	(4)	Its execution and performance of this Agreement will not violate any PRC Law and regulation, court judgement or arbitral award, or any decision, approval or license made by any administrative authority, or any agreement
to which it is a party or by which it is bound, or any of its articles of association, regulations and rules or other constitutional documents (as applicable), nor result in any suspension, revocation or confiscation of, or inability to renew upon
the expiration, any governmental authorities’ approval or license which is applicable to it. 

  

	 	(5)	There is no existing but pending litigation, arbitration or other judicial or administrative proceedings which may affect Party B’s ability to perform its obligations under this Agreement, and to the knowledge of
Party C, nobody threatens to take such actions. 

  

	6.2	Each of Party A and Party B hereby represents and warrants that: 

  

	 	(1)	It is a limited liability company duly registered and validly existing in accordance with the laws of the place where it is registered, having independent legal person status. It has full and independent legal status
and legal capacity to execute, deliver and perform this Agreement, and can act as a party in litigation independently. 

  

	 	(2)	It has full corporate internal power and authorization to execute and deliver this Agreement and any other documents to be executed by it in connection with the transaction under this Agreement, and it has full power
and authorization to complete the transaction under this Agreement. 

  

	 	(3)	Its execution and performance of this Agreement will not violate any PRC Law and regulation, court judgement or arbitral award, or any decision, approval or license made by any administrative authority, or any agreement
to which it is a party or by which it is bound, or any of its articles of association, regulations and rules or other constitutional documents, nor result in any suspension, revocation or confiscation of, or inability to renew upon the expiration,
any governmental authorities’ approval or license which is applicable to it. 

  

	 	(4)	There is no existing but pending litigation, arbitration or other judicial or administrative proceedings which may affect Party B’s ability to perform its obligations under this Agreement, and, to the knowledge of
Party A and Party B, nobody threatens to take such actions. 

  
 7 

	 	(5)	Party C is Party B’s legal shareholder registered with the administration for industry and commerce and recorded on the register of shareholders when this Agreement comes into force. Other than the rights set forth
in this Agreement, the Equity Pledge Agreement and the Exclusive Call Option Agreement, no other third party rights exist over the Entrusted Rights. In accordance with this Agreement, Party A and/or the Trustee may fully and sufficiently exercise
the Entrusted Rights pursuant to Party B’s articles of association then in effect. 

  

	7.	Transfer 

 Party A has the right to re-authorize
or transfer this Agreement and/or its rights in connection with this Agreement to any other person or entity at its own discretion, without notifying Party B or Party C in advance or obtaining Party B or Party C’s consent. 

 

	8.	Amendment to this Agreement 

  

	8.1	Upon the unanimous agreement of the Parties hereto and the approval by the shareholders (meeting) of Party A, the Parties hereto may make amendments or supplements to this Agreement and take all necessary steps and
actions, at their cost, to make such amendments or supplements legal and effective. 

  

	8.2	If any stock exchange or other regulatory authority propose any amendment to this Agreement, or any change of relevant listing rules or relevant requirements is applicable to this Agreement, the Parties shall make
amendments to this Agreement accordingly. 

  

	9.	Term of this Agreement 

  

	9.1	This Agreement shall come into force as of the date of execution or affixing seals by the Parties and shall be automatically terminated when Party A and/or the person designated by Party A has fully exercised its rights
to purchase all equity interests held by Party C in Party B in accordance with the Exclusive Call Option Agreement. Once Party A notifies Party C in writing to fully or partially terminate this Agreement or change the Trustee, Party C shall
immediately revoke the entrustment and authorization granted to Party A and the Trustee hereunder, and shall, as instructed by Party A in writing, immediately sign a Power of Attorney in the same form of the Power of Attorney as Appendix 1 hereto to
grant the same authorization and entrustment hereunder to the other person or entity designated by Party A. 

  
 8 

	10.	Default 

  

	10.1	The Parties agree and acknowledge that if a Party (the “Defaulting Party”) violates any provision under this Agreement or fails or delays to perform any obligation under this Agreement, it
constitutes a default under this Agreement (a “Default”) and any of other non-defaulting Parties (the “Non-defaulting Parties”)
has the right to require the Defaulting Party to make rectifications or adopt remedial measures within a reasonable period. If the Defaulting Party fails to make rectifications or adopt remedial measures within the reasonable period or ten
(10) days after the other Party issues a written notice to the Defaulting Party requesting to make rectifications, then 

  

	 	(1)	in case that Party B or Party C is the Defaulting Party, Party A has the right to unilaterally terminate this Agreement and require the Defaulting Party to assume compensation for damages; 

 

	 	(2)	in case that Party A is the Defaulting Party, the Non-defaulting Parties shall exempt Party A from assuming compensation for damages and, unless otherwise required by law, the Non-defaulting Parties shall, in no event, have the right to terminate or rescind this Agreement. 

  

	10.2	Notwithstanding other provisions in this Agreement, the validity of this Clause 10 shall not be affected by the termination of this Agreement. 

 

	10.3	If Party B is liable to other Parties hereto and/or any third party due to its performance of the rights and obligations under the VIE Agreements, after Party B has made compensations, Party A has the right to recover
from Party C in respect of such compensations. 

  

	11.	Confidentiality Obligations 

 The Parties acknowledge that any oral or written
information exchanged by them in respect of this Agreement shall be confidential information. Each of the Parties shall keep all of such information confidential and shall not disclose any relevant information to any third party without the other
Parties written consents, except for: (a) the information that has been known by the public (not through the disclosure by the receiving Party of such information); or (b) the information that is required to be disclosed pursuant to
applicable laws or rules or regulations of any stock exchange; or (c) the information that is required to be disclosed by any Party to its legal counsel or financial advisor in respect of the transaction under this Agreement, which legal
counsel or financial advisor shall be bound by the confidentiality obligations similar to the obligations in this Clause. Any disclosure of any confidential information made by the staff members or agencies hired by any Party shall be deemed as the
disclosure of such confidential information made by such Party, and such Party shall assume legal liabilities for breach of this Agreement. This Clause shall survive the termination of this Agreement regardless of the reason causing such
termination. 

  
 9 

	12.	Force Majeure 

  

	12.1	If a Party is unable to perform its obligations under this Agreement due to a force majeure event, such obligations under this Agreement shall be exempted to the extent that they are affected by the force majeure. For
the purpose of this Agreement, a force majeure event only includes natural disasters, storm, tornado and other acts of nature, strikes, lockout/shutdown or other industrial issues, wars, riots, conspiracy, hostility, terrorist activities or acts of
violence by criminal organizations, blockade, severe diseases or epidemic, earthquake or other crustal movements, flood and other natural disasters, bomb explosion or other explosions, fire, accidents or governmental activities which make such Party
unable to perform this Agreement. 

  

	12.2	In case of a force majeure event, the Party being affected by the force majeure event shall use its efforts to mitigate and eliminate the consequences of the force majeure event, and shall be liable for performing the
delayed and impeded obligations under this Agreement. The Parties agree to use their best efforts to continue to perform this Agreement after the end of the force majeure event. 

 

	12.3	If there is a possibility that a force majeure event may occur, as a result of which the performance of this Agreement will be delayed or impeded or will be threatened to be delayed or impeded, relevant Party shall
immediately notify the other Parties in writing and provide all relevant materials. 

  

	13.	Change in Circumstances 

  

	13.1	As a supplement and without prejudice to other provisions of the VIE Agreements, if any promulgation of or any amendment to any PRC Laws, regulations or rules, or any change of the interpretation or application of such
laws, regulations and rules, or any change of relevant registration procedures at any time makes Party A believe that the maintenance of the validity of this Agreement or the acceptance of the entrustment to exercise its rights in the manner as
provided for in this Agreement will become illegal or violate such laws, regulations or rules, the trustor shall, as instructed by Party A in writing and as reasonably requested by Party A, immediately take any action and/or execute any agreement or
other document in order to: 

  

	 	(1)	maintain the validity of this Agreement; and/or 

  

	 	(2)	realize the intent and purpose of this Agreement in the manner as provided for in this Agreement or in another manner. 

  

	14.	Miscellaneous 

  

	14.1	The execution, validity, interpretation, performance, revision and termination of this Agreement and dispute settlement in respect hereof shall be governed by the PRC Law. 

  
 10 

	14.2	Any dispute, controversy or claim arising from, or in connection with, this Agreement or the performance, interpretation, breach, termination or validity of this Agreement shall be settled through friendly negotiation.
Such negotiation shall start immediately after one Party to the dispute has delivered to other Parties a written notice for requesting negotiation, in which notice the specific dispute or claims shall be specified. If such dispute fails to be
settled within thirty (30) days of the delivery of the said notice, either Party shall have the right to submit such dispute to arbitration. The Parties agree to submit such dispute to China International Economic and Trade Arbitration
Commission for arbitration in accordance with its arbitration rules then in effect. The place of the arbitration shall be Shanghai. The arbitral award shall be final and legally binding on the Parties. The arbitration commission shall have the
right, in respect of Party B or Party B’s equity interests, property interests or other assets, to award to indemnify or compensate Party A against the losses suffered by Party A due to the breach by other Parties hereto, or issue relevant
injunctive (for the purpose of operation of business or compulsory transfer of assets), or award to dissolve and liquidate Party B. After the arbitral award becomes effective, any Party has the right to apply to the competent court for enforcing the
arbitral award. 

  

	14.3	Any right, power and remedy granted to a Party under any provisions of this Agreement shall not preclude any other right, power or remedy available to such Party pursuant to laws and other provisions under this
Agreement, and the exercise by a Party of its rights, powers and remedies shall not preclude the exercise by such Party of its other rights, powers and remedies. 

  

	14.4	No failure or delay by a Party in exercising any of its rights, powers and remedies pursuant to this Agreement or laws (“Such Party’s Rights”) shall be construed as a waiver of Such
Party’s Rights, and no single or partial waiver of Such Party’s Rights shall preclude the exercise by such Party of such rights in other way and the exercise of other Such Party’s Rights. 

 

	14.5	The headings to Clauses of this Agreement are inserted for index only, and in no event shall be used for, or affect, the interpretation of the provisions of this Agreement. 

 

	14.6	Each provision of this Agreement is severable and distinct from the others and, if any one or more provision hereof becomes invalid, illegal or unenforceable at any time, the validity, legality and enforceability of the
remaining provisions of this Agreement shall not be affected. 

  

	14.7	This Agreement shall be binding upon the legitimate successors and assignees of the Parties. 

  

	14.8	This Agreement is drawn up in Chinese in three originals. Each of the Parties shall hold one counterpart. The counterparts shall have the same legal effect. 

(There is no text below.) 

  
 11 

 (There is no text on this page which is the signature page of the Shareholder Voting Rights Proxy
Agreement) 
  

					
	 Shanghai Fuxi Enterprise Management Consulting Co., Ltd. 

 
 [Company seal is affixed]
	 	
			
	Legal Representative or Authorized Representative:	  	 /s/ Peiqing Tian
	 	

  

					
	Peiqing Tian	  	
			
	Signature:	 	 /s/ Peiqing Tian
	  	

  

					
	 Shanghai Four Seasons Education and Training Co., Ltd. 

 
 [Company seal is affixed]
	 	
			
	Legal Representative or Authorized Representative:	  	 /s/ Peiqing Tian
	 	

  
 12 

 Appendix 1: Power of Attorney 

Date: 
 I,
                    , am the registered shareholder (the “Shareholder”) of
            % equity interests of Shanghai Four Seasons Education and Training Co., Ltd. (the “Company”). The Shareholder hereby irrevocably authorizes
                     as designated by Shanghai Fuxi Enterprise Management Consulting Co., Ltd. (the “Trustee”) to act on behalf of
the Trustee to exercise the entrusted rights specified and defined in the Shareholder Voting Rights Proxy Agreement (the “Agreement”) amended and entered into by and among the Shareholder, the Company and the Trustee on September
30, 2017. 
 The Trustee may perform the aforesaid acts at its own discretion without seeking my prior or ex post facto consent. Within the
term of this Power of Attorney, I shall not exercise such rights on my own and hereby waive all rights that have been granted to the Trustee under this Power of Attorney. 

This Power of Attorney shall come into force at the same time when the Agreement becomes effective and shall be irrevocable and remain
effective from the effective date to the termination date of the Agreement. 
 The clauses regarding confidentiality obligations, change in
circumstances, governing laws and dispute settlement in the Agreement shall be applicable to this Power of Attorney. 
  

			
	Signature of Shareholder:	 	  

 (There is no text below.) 

  
 13

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