Document:

EX-10.11

 Exhibit 10.11 

EQUITY PLEDGE AGREEMENT 

This Equity Pledge Agreement (“this Agreement”) has been executed by and among the following parties on [Execution Date] in
                , the People’s Republic of China (“PRC” or the “PRC”): 

 

			
	Party A:	  	Shanghai Zhangxue Education Technology Co., Ltd. (the “Pledgee”),A wholly foreign-owned company established and existing under the laws of the PRC. The registered address is 1258E, Building 1,
196 Yangtai Road, Baoshan District, Shanghai
		
	Party B:	  	[Name of Pledgor] (the “Pledgor”), a PRC citizen with Chinese Identification Card No.:
		
	Party C:	  	Shenzhen Zhangmenren Education Consulting Co., Ltd., a limited liability company established and validly existing under the laws of PRC. The registered address is Room 1004, 10th floor, West Tower, Nanshan Cultural Industry
Base, 10128 Shennan Avenue, Nantou Street, Nanshan District, Shenzhen

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

 

	1.	 As of the date of this Agreement, Pledgor holds
                % equity interest in Party C. 

  

	2.	 Party C is a limited liability company registered in PRC. Party C acknowledges the respective rights and
obligations of Pledgor and Pledgee under this Agreement, and intends to provide any necessary assistance in registering the Pledge as defined below. 

  

	3.	 Pledgee is a wholly foreign-owned enterprise registered in PRC. 

 

	4.	 To ensure that Party C and Pledgor fully perform their obligations under the Transaction Documents (as defined
below), Pledgor hereby pledges to the Pledgee all of the equity interest he or she holds in Party C as security for Party C’s and Pledgor’s performance of the Transaction Documents. 

NOW, THEREFORE, the Parties have mutually agreed to execute this Agreement upon the following terms. 

 

	1.	 Definitions 

Unless otherwise provided herein, the terms below shall have the following meanings: 

  
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	 	1.1.	 Pledge: shall refer to the security interest granted by Pledgor to Pledgee pursuant to Article 2 of this
Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales price of the Equity Interest. 

  

	 	1.2.	 Equity Interest: shall refer to all of the equity interest lawfully now held and hereafter acquired by Pledgor
in Party C. 

  

	 	1.3.	 Term of Pledge: shall refer to the term set forth in Section 3 of this Agreement. 

 

	 	1.4.	 Transaction Documents: shall refer to the Exclusive Management Services and Business Cooperation Agreement
executed by and between Party C and Pledgee on                 (the “Business Cooperation Agreement”); the Exclusive Option
Agreement executed by and among Party C, Pledgee and Pledgor on                 (the “Exclusive Option Agreement”); Power of
Attorney executed by and between Pledgor and Pledgee (the “Power of Attorney”) and any modification, amendment and restatement to the aforementioned documents. 

 

	 	1.5.	 Contract Obligations: shall refer to all the obligations of Pledgor under the Exclusive Option Agreement, the
Power of Attorney and this Agreement; and all the obligations of Party C under the Business Cooperation Agreement, the Exclusive Option Agreement and this Agreement. 

 

	 	1.6.	 Secured Indebtedness: shall refer to all the direct, indirect and derivative losses and loss of foreseeable
profits, suffered by Pledgee as a result of any Event of Default of Pledgor and/or Party C or the invalidity, cancellation or rescission of any Transaction Documents. The basis for the amounts of such losses includes but is not limited to the
reasonable business plan and profit forecast of Pledgee, the consulting and consulting fees payable to Pledgors under the Business Cooperation Agreement, all expenses occurred in connection with enforcement by Pledgee of Pledgors’ and/or Party
C’s Contract Obligations and etc. The Parties agree that the initial amount of the Secured Indebtedness under this Agreement shall be
RMB                 million. During the term of validity of the Transaction Documents, Pledgee shall have the right to require the adjustment
of the Initial Registered Amount when necessary; Pledgor shall promptly complete the adjustment of the Initial Registered Amount and complete the registration procedures as required by Pledgee. 

 

	 	1.7.	 Event of Default: shall refer to any of the circumstances set forth in Section 7 of this Agreement.

  

	 	1.8.	 Notice of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement declaring an
Event of Default. 

  

	2.	 Pledge 

  

	 	2.1.	 Pledgor hereby agrees to pledge to the Pledgee the Equity Interest which he lawfully owns and is entitled to
dispose of as security for the repayment of the Secured Indebtedness. Party C hereby assents that Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement. 

  
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	 	2.2.	 The subject matter of pledge and specific amount of equity interest: The subject matter of pledge is all the
Equity Interest in the Company held by Pledgor, which corresponds to the registered capital of RMB                . 

 

	 	2.3.	 It is understood and agreed that the monetary valuation arising out of or relating to the Secured Indebtedness
shall be a variable and floating valuation until the Settlement Date (as defined below). 

  

	 	2.4.	 If any of the following events (each an “Event of Settlement”) occurs, the value of the
Secured Indebtedness shall be determined based on the total amount of the Secured Indebtedness that are due, outstanding and payable to Pledgee immediately prior to or on the date of occurrence of the Event of Settlement (the “Determined
Indebtedness”): 

  

	 	(a)	 Any other Transaction Documents are terminated in accordance with its relevant provisions;

  

	 	(b)	 The Event of Default set forth in Article 7 hereof occurs and fails to be resolved, as a result of which the
Pledgee gives a Notice of Default to the relevant Pledgors in accordance with Section 7.3; 

  

	 	(c)	 Upon due inquiry, Pledgee reasonably determines that Pledgors and/or Party C is insolvent or could potentially
be made insolvent; or 

  

	 	(d)	 Any other event that requires the determination of the Secured Indebtedness in accordance with relevant laws of
the PRC. 

  

	 	2.5.	 For the avoidance of doubt, the date on which an Event of Settlement occurs shall be the settlement date (the
“Settlement Date”). Pledgee shall have the right, at its option, to realize the Pledge in accordance with Article 8 of this Agreement on or after the Settlement Date. 

 

	 	2.6.	 The validity of the security hereunder shall not in any way be affected by any amendment or change of the
Transaction Documents. The security hereunder shall survive the obligations of Pledgor and Party C under the amended Transaction Documents. In the event that any Transaction Document becomes invalid, cancelled or rescinded due to any reason, Pledgee
shall have the right to immediately exercise the Pledge in accordance with Article 8 of this Agreement. 

  

	 	2.7.	 During the term of the Pledge, Pledgee is entitled to receive dividends distributed on the Equity Interest.
Without Pledgee’s prior written consent, Pledgor shall not receive dividends distributed on the Equity Interest. Dividends received by Pledgor on Equity Interest shall, upon the request of Pledgee, be (1) deposited into an account
designated and supervised by Pledgee and used to pay the Secured Indebtedness in priority; or (2) unconditionally donated to Pledgee or any other person designated by Pledgee at its sole discretion to the extent permitted under applicable laws of
the PRC. 

  
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	 	2.8.	 With prior written consent of Pledgee, Pledgor may increase the capital of Party C. Any equity interest
obtained by Pledgor as a result of Pledgor’s subscription of the increased registered capital of the Company shall also be deemed as Equity Interest. 

  

	 	2.9.	 In the event that Party C is required by PRC law to be liquidated or dissolved, any interest distributed to
Pledgor upon Party C’s dissolution or liquidation shall, upon the request of the Pledgee, be (1) deposited into an account designated and supervised by Pledgee and used to pay the Secured Indebtedness in priority; or (2) donated or
assigned to Pledgee or any other person designated by Pledgee at its sole discretion at the lowest price to the extent permitted under applicable laws of the PRC. 

 

	3.	 Term of Pledge 

 

	 	3.1.	 The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein is
registered ‘with relevant administration for industry and commerce. The Pledge shall be continuously valid until all payments due under the Business Cooperation Agreement have been fulfilled by Party C. Pledgor and Party C shall
(1) register the Pledge in the shareholders’ register of Party C within three (3) business days following the execution of this Agreement, and (2) submit an application to the relevant administration for industry and commerce for
the registration of the Pledge of the Equity Interest contemplated herein in a timely manner following the execution of this Agreement. Pledgor and Party C shall submit all necessary documents and complete all necessary procedures, as required by
the PRC laws and regulations and the relevant the relevant administration for industry and commerce, to ensure that the Pledge of the Equity Interest shall be registered and provide documents to Pledgee to evidence the completion of such
registration within thirty (30) days following the execution of this Agreement. 

  

	 	3.2.	 During the Term of Pledge, in the event Pledgors and/or Party C fails to perform the Contract Obligations,
Pledgee shall have the right, but not the obligation, to exercise the Pledge in accordance with the provisions of this Agreement. 

  

	4.	 Custody of Records for Equity Interest subject to Pledge 

 

	 	4.1.	 During the Term of Pledge set forth in this Agreement, Party C shall deliver to Pledgee’s custody the
shareholders’ register containing the Pledge. Pledgee shall have custody of such original documents during the entire Term of Pledge set forth in this Agreement. 

  
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	5.	 Representations and Warranties of Each Pledgor and Party C 

As of the execution date of this Agreement, Pledgor and Party C hereby jointly and severally represent and warrant to Party A that: 

 

	 	5.1.	 Pledgor is the sole legal and beneficial owner of the Equity Interest. 

 

	 	5.2.	 Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions
set forth in this Agreement. 

  

	 	5.3.	 Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the Equity
Interest. 

  

	 	5.4.	 Pledgor and Party C have obtained any and all approvals and consents from applicable third parties and
government agencies (if required) for execution, delivery and performance of this Agreement. 

  

	 	5.5.	 The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC laws;
(ii) conflict with Party C’s articles of association, bylaws or other constitutional documents; (iii) result in any breach of or constitute any breach under any contract or instrument to which it is a party or by which it is otherwise
bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit or permit issued to any Party; or (v) cause any license or permit issued to any Party to be suspended, cancelled or attached with
additional conditions. 

  

	6.	 Covenants of Each Pledgor and Party C 

 

	 	6.1.	 During the term of this Agreement, Pledgor and Party C hereby jointly and severally covenant to the Pledgee:

  

	 	6.1.1.	 Pledgor shall not transfer the Equity Interest, place or permit the existence of any security interest or other
encumbrance on the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Transaction Documents; Party C shall not consent or assist the foregoing actions; 

 

	 	6.1.2.	 Pledgor and Party C shall comply with the provisions of all laws and regulations applicable to the pledge of
rights, and within five (5) days of receipt of any notice, order or recommendation issued or prepared by relevant competent authorities regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall
comply with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon Pledgee’s reasonable request or upon consent of Pledgee; 

 

	 	6.1.3.	 Pledgor and Party C shall promptly notify Pledgee of any event or notice received by Pledgor that may have an
impact on Pledgee’s rights to the Equity Interest or any portion thereof, as well as any event or notice received by Pledgor that may have an impact on any guarantees and other obligations of Pledgor arising out of this Agreement.

  
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	 	6.1.4.	 Party C shall complete the registration procedures for extension of the term of operation within three
(3) months prior to the expiration of such term to maintain the validity of this Agreement. 

  

	 	6.2.	 Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge
shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through any legal proceedings. 

  

	 	6.3.	 Pledgor and Party C shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by the Parties hereto or any of them, including the Transaction Documents, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any
remaining rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except in accordance with the written instructions of Pledgee. 

 

	 	6.4.	 To protect or perfect the security interest granted by this Agreement for the Contract Obligations, Pledgor
hereby undertakes to execute in good faith and to cause other parties who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgor also undertakes to perform and to cause other
parties who have an interest in the Pledge to perform actions required by Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all relevant documents regarding ownership of
Equity Interest with Pledgee or designee (s) of Pledgee at its sole discretion (natural persons/legal persons). Pledgor undertakes to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are
required by Pledgee. 

  

	 	6.5.	 Pledgor hereby guarantees to Pledgee that it will comply with and perform all guarantees, promises, agreements,
representations and conditions under this Agreement. In the event of failure or partial performance of its guarantees, promises, agreements, representations and conditions, Pledgor shall be deemed to be in breach of this Agreement and shall
indemnify Pledgee for all losses resulting therefrom. 

  

	7.	 Event of Breach 

 

	 	7.1.	 The following circumstances shall be deemed Event of Default: 

 

	 	7.1.1.	 Pledgor’s failure or partial performance of its obligations under the Transaction Documents and/or this
Agreement or any breach of any Contract Obligations; 

  

	 	7.1.2.	 Party C’s failure or partial performance of its obligations under the Transaction Documents and/or this
Agreement or any breach of any Contract Obligations. 

  
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	 	7.2.	 Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned
circumstances described in Section 7.1, Pledgor and Party C shall immediately notify Pledgee in writing accordingly. 

  

	 	7.3.	 Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s
satisfaction within twenty (20) days after the Pledgee and/or Party C delivers a notice to the Pledgor requesting ratification of such Event of Default, Pledgee may issue a Notice of Default to Pledgor in writing at any time thereafter,
demanding the Pledgor to immediately exercise the Pledge in accordance with the provisions of Section 8 of this Agreement. 

  

	8.	 Exercise of Pledge 

 

	 	8.1.	 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 

 

	 	8.2.	 Subject to the provision of Section 7.3, Pledgee may exercise the right to enforce the Pledge at any time
after the issuance of the Notice of Default in accordance with Section 8.1. 

  

	 	8.3.	 After Pledgee issues a Notice of Default to Pledgor in accordance with Section 8.1, Pledgee may exercise
any remedy measure under applicable PRC laws, the Transaction Documents and this Agreement, including (without limitation) repayment in priority with proceeds from auction or sale of the Equity Interest. The Pledgee shall not be liable for any loss
incurred by its duly exercise of such rights and powers. 

  

	 	8.4.	 The proceeds from exercise of the Pledge by Pledgee shall be used to pay for tax and expenses incurred as
result of disposing the Equity Interest and pay the Secured Indebtedness to Pledgee prior and in preference to any other payment. After the payment of the aforementioned amounts, the remaining balance may be returned to Pledgor or any other person
who have rights thereto under applicable laws, or be deposited to the local notary institution where Pledgor resides (any fees incurred in relation thereto shall be borne by Pledgee); to the extent permitted under applicable PRC laws, Pledgor shall
donate the aforementioned proceeds to Pledgee or any other person designated by Pledgee at its sole discretion. 

  

	 	8.5.	 Pledgee may exercise any remedy measure available simultaneously or in any order. Pledgee is not obliged to
exercise any other remedy measure first before its exercise of the rights to auctions or sale-offs of the Equity Interest. 

  

	 	8.6.	 Pledgee is entitled to designate an attorney or other representatives to exercise the Pledge on its behalf, and
Pledgor or Party C shall not raise any objection to such exercise. 

  

	 	8.7.	 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall provide
necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 

  
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	9.	 Liability for Breach 

The Parties agree and confirm that, being in violation of any provisions herein or failure or delay of performance of its obligations hereunder
of any Party (the “Defaulting Party”) shall constitute a default under this Agreement (the “Default”), which shall entitle non-defaulting Party to request the Defaulting Party
to rectify or remedy such Default with a reasonable period of time. In the event that the Defaulting Party fails to rectify or remedy such Default during the reasonable period of time or within 10 days of
non-Defaulting Party’s written notice requesting for such rectification or remedy, the non-defaulting Party shall have the right to elect, in its sole discretion:

  

	 	9.1.	 If Pledgor or Party C is the Defaulting Party, Pledgee shall have the right to terminate this Agreement and
request the Defaulting Party to fully compensate all damages; this Section 9 shall not prejudice any other rights of Pledgee herein; 

  

	 	9.2.	 If Pledgee is the Defaulting Party, then the non-defaulting Party may
request the Defaulting Party to fully compensate its losses and damages, but in no event shall the non-defaulting Party early terminate this Agreement unless the applicable laws provide otherwise.

  

	10.	 Assignment 

  

	 	10.1.	 Without Pledgee’s prior written consent, Pledgor shall not have the right to assign or delegate its rights
and obligations under this Agreement. 

  

	 	10.2.	 This Agreement shall be binding on Pledgor and its successors and assigns, and shall be valid with respect to
Pledgee and each of its successors and assigns. 

  

	 	10.3.	 At anytime, Pledgee may assign any and all of its rights and obligations under the Transaction Documents to its
designee (s) at its sole discretion, in which case the assigns shall have the rights and obligations of Pledgee under this Agreement, as if it were the original party to this Agreement. When the Pledgee assigns the rights and obligations under
the Business Cooperation Agreement, upon Pledgee’s request, Pledgor and/or Party C shall execute relevant agreements or other documents relating to such assignment. 

 

	 	10.4.	 In the event of a change in Pledgee due to an assignment, Pledgor and Party C shall, at the request of Pledgee,
execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and register the same with the relevant administration for industry and commerce. 

  
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	11.	 Termination 

  

	 	11.1.	 The parties acknowledge that although the pledge of the Equity Interest contemplated herein shall only become
effective upon the registration with the relevant administration for industry and commerce, this Agreement shall become effective upon the execution by the parties. 

 

	 	11.2.	 Upon the fulfillment of all Contract Obligations and the full payment of all Secured Indebtedness by Pledgors
and Party C, Pledgee shall release the Pledge under this Agreement upon Pledgor’s request as soon as reasonably practicable and shall assist Pledgors to de-register the Pledge from the shareholders’
register of Party C and with relevant PRC local administration for industry and commerce. 

  

	 	11.3.	 The provisions under Sections9, 13, 14 and 11.3 herein of this Agreement shall survive the termination of this
Agreement. 

  

	12.	 Handling Fees and Other Expenses 

All fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and
any other taxes and fees, shall be borne by Party C. 
  

	13.	 Confidentiality 

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

	14.	 Governing Law and Resolution of Disputes 

 

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

  

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

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

  

	15.	 Notices 

  

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

  

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

  

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

  

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

 

			
	 Party A:
	    	Shanghai Zhangxue Education Technology Co., Ltd.
		
	 Address:
	    	
	 Attn:
	    	
	 Tel:
	    	

  

			
	 Party B:
	    	[Name of Pledgor]
		
	 Address:
	    	
	 Attn:
	    	
	 Tel:
	    	

  

			
	 Party B:
	    	Shenzhen Zhangmenren Education Consulting Co., Ltd.
		
	 Address:
	    	
	 Attn:
	    	
	 Tel:
	    	

  
 10 

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

  

	16.	 Severability 

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in
accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any aspect. The Parties shall strive in good faith to replace such invalid,
illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the
economic effect of those invalid, illegal or unenforceable provisions. 
  

	17.	 Attachments 

The attachments set forth herein shall be an integral part of this Agreement. 

 

	18.	 Effectiveness 

 

	 	18.1.	 Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective upon
the signatures or seals of the Parties. 

  

	 	18.2.	 This Agreement is written in the Chinese language in four (4) counterparts with the same validity. Each
Party shall hold one counterpart. The other originals shall be used for the registration with the relevant administration for industry and commerce. 

  

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

 [The remainder of this page is intentionally left blank] 

 

  
 11 

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

 

			
	By:	 	 /s/ ZHANG Yi

			
	Name: ZHANG Yi(张翼)
	Title: Legal Reprehensive

 Shenzhen Zhangmenren – Equity Pledge Agreement – Signature Page 

 IN WITNESS WHEREOF, the Parties have executed, or caused their authorized representatives to
execute, this Agreement as of the date first above written. 
 Party B: [Name of Pledgor] 

 

			
	Signature:	 	 /s/ [Name of Pledgor]

 Name: [Name of Pledgor] 

Shenzhen Zhangmenren – Equity Pledge Agreement – Signature Page 

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

 

			
	By:	 	 /s/ ZHANG Yi

 Name: ZHANG Yi(张翼) 

Title: Legal Representative 
 Shenzhen Zhangmenren
– Equity Pledge Agreement – Signature Page 

 Schedule of Material Differences 

One or more persons entered into Equity Pledge Agreement with Shanghai Zhangxue Education Technology Co., Ltd. and Shenzhen Zhangmenren
Education Consulting Co., Ltd. using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details
in which the executed agreements differ from this form: 
  

											
	 No.
	  	 Name of Variable

Interest Entity (the

“VIE”)
	  	 Name of Pledgee
	  	% of equity in
the VIE	 	 Name of Pledgor
	  	Execution Date
	1	  	Shenzhen Zhangmenren Education Consulting Co., Ltd.	  	Shanghai Zhangxue Education Technology Co., Ltd.	  	62.5764%	 	ZHANG Yi	  	September 22, 2020
	2	  	Shenzhen Zhangmenren Education Consulting Co., Ltd.	  	Shanghai Zhangxue Education Technology Co., Ltd.	  	16.7212%	 	YU Teng	  	September 22, 2020
	3	  	Shenzhen Zhangmenren Education Consulting Co., Ltd.	  	Shanghai Zhangxue Education Technology Co., Ltd.	  	0.0001%	 	CHEN Xiaohong	  	September 22, 2020
	4	  	Shenzhen Zhangmenren Education Consulting Co., Ltd.	  	Shanghai Zhangxue Education Technology Co., Ltd.	  	0.0001%	 	Shanghai Zhangda Education Technology Co., Ltd.	  	September 22, 2020
	5	  	Shenzhen Zhangmenren Education Consulting Co., Ltd.	  	Shanghai Zhangxue Education Technology Co., Ltd.	  	0.0001%	 	SHAO Hongxia	  	September 22, 2020

 Shenzhen Zhangmenren – Equity Pledge Agreement – Signature PageEX-10.12

 Exhibit 10.12 

Exclusive Management Service and Business Cooperation Agreement 

This Exclusive Management Service and Business Cooperation Agreement (this “Agreement”) is made and entered into by and between the following
parties on September 22, 2020 and in Shanghai, the People’s Republic of China (“PRC” or “China”). 

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

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

Party B: Shenzhen Zhangmenren Education Consulting Co., Ltd. 

Address: Room 1004, 10th floor, West Tower, Nanshan Cultural Industry Base, 10128 Shennan Avenue, Nantou Street, Nanshan District, Shenzhen 

Each of Party A and Party B shall be hereinafter referred to as a “Party” respectively, and as the “Parties”
collectively. 
 Whereas: 
 Party A is a
wholly foreign-owned enterprise established and validly existing under the laws of PRC, and has the necessary resources to provide technical and management consulting services; 

Party B is a domestic company established and validly existing under the laws of PRC. The businesses conducted by Party B currently and any
time during the term of this Agreement are collectively referred to as the “Principal Business”; 
 Party A is willing to
provide Party B with technical support and consulting services on exclusive basis in relation to the Principal Business during the term of this Agreement, utilizing its advantages in technology, human resources and information, and Party B is
willing to accept such services provided by Party A or its designee (s), each on the terms set forth in this Agreement; 
 Now, therefore,
through mutual discussion, the Parties have reached the following agreements: 
  

	 	1	 Services Provided by Party A 

 

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

 

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

  
 1 

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

  

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

  

	 	1.1.4	 Development and testing of new products; 

 

	 	1.1.5	 Technical support and training for employees of Party B; 

 

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

  

	 	1.1.7	 Providing business management consultation for Party B; 

 

	 	1.1.8	 Leasing of equipment or properties; and 

 

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

  

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

  

	 	1.3	 Service Providing Methods 

 

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

  

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

  
 2 

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

  

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

  

	 	2	 The Calculation and Payment of the Service Fees 

 

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

  

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

  

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

  

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

  

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

  
 3 

	 	3	 Intellectual Property 

 

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

  

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

  

	 	4	 Confidentiality 

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

  
 4 

	 	5	 Representations, Warranties and Undertakings 

 

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

 

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

 

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

  

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

  

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

 

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

  

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

  

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

  

	 	6	 Effectiveness and Term of Agreement 

 

	 	6.1	 This Agreement shall become effective upon execution by the Parties. Unless terminated in accordance with the
provisions of this Agreement or mandatory rules of PRC law, this Agreement shall remain effective permanently. 

  

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

  
 5 

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

  

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

  

	 	7	 Governing Law and Resolution of Disputes 

 

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

  

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

  

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

  

	 	8	 LIABILITY FOR BREACH OF AGREEMENT AND INDEMNIFICATION 

 

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

  
 6 

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

  

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

  

	 	9	 Force Majeure 

 

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

 

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

  

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

  
 7 

	 	10	 Notices 

  

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

  

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

  

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

  

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

 

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

  

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

  

	 	11	 Assignment 

  

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

  

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

  
 8 

	 	12	 Entirety of Agreement 

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

	 	13	 Waiver 

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

	 	14	 Severability of Agreement 

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

	 	15	 Amendment and Supplement 

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

	 	16	 Version 

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

  
 9 

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

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

Seal of Shanghai Zhangxue Education Technology Co., Ltd. 
  

	
	 By: /s/ ZHANG Yi

	Name: ZHANG Yi (张翼)
	Title: Legal Representative

 Party B: Shenzhen Zhangmenren Education Consulting Co., Ltd. (Seal) 

/s/ Shenzhen Zhangmenren Education Consulting Co., Ltd. 

Seal of Shenzhen Zhangmenren Education Consulting Co., Ltd. 
  

	
	 By: /s/ ZHANG Yi

	Name: ZHANG Yi (张翼)
	Title: Legal Reprehensive

 Shenzhen Zhang Men Ren– Exclusive Management Service and Business Cooperation Agreement – Signature
Page

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