Document:

EX-10.14

 Exhibit 10.14 

NOTE PURCHASE AGREEMENT 

This NOTE PURCHASE AGREEMENT, dated January 22, 2020 (this “Agreement”) is entered into by and between: 

(i)    Yatsen Holding Limited, an exempted company incorporated under the laws of Cayman Islands (the
“Issuer”); 
 (ii)    Yatsen (HK) Limited, a limited company incorporated under the laws of Hong Kong
(the “HK Co”); 
 (iii)    Guangzhou Yatsen E-Commerce Co., Ltd. (广州逸仙电子商务有限公司), a company incorporated under the laws of
the People’s Republic of China (the “WFOE”); 
 (iv)    Guangzhou Yiyan Cosmetics Co., Ltd.
(广州逸妍化妆品有限公司), a company incorporated under the laws of
the People’s Republic of China (the “Domestic Company”); and 
 (v)    Internet Fund V Pte.
Ltd. (the “Purchaser”). 
 The Issuer, the HK Co, the WFOE, the Domestic Company and the Purchaser shall be referred to
individually as a “Party” and collectively as the “Parties”. 
 Capitalized terms not defined herein shall
have the meaning set forth in the Note (as defined below) attached hereto as Exhibit A. 
 RECITALS 

WHEREAS, on the terms and subject to the conditions set forth herein, the Purchaser intends to purchase from the Issuer, and the Issuer
intends to sell to the Purchaser certain senior convertible promissory note in the aggregate principal amount of USD10,000,000. 
 NOW
THEREFORE, in consideration of the foregoing, and the representations, warranties, conditions and covenants set forth below, the Parties hereto, intending to be legally bound, hereby agree as follows: 

1.    The Note. 

(a)    Issuance of Note. At the Closing (as defined below), the Issuer agrees to issue and sell to the Purchaser,
and, subject to all of the terms and conditions hereof, the Purchaser agrees to purchase from the Issuer the convertible promissory note, in the form of Exhibit A hereto (the “Note”), in aggregate principal amount of
USD10,000,000 (the “Purchase Price”). 
 (b)    Delivery. The sale and purchase of the Note
shall take place at a closing (the “Closing”) to be held at such place and time as the Issuer and the Purchaser may determine (the “Closing Date”). The payment of the Purchase Price shall be made within five
(5) Business Days following all closing conditions stipulated in Sections 2 and 3 in respect of the Closing have been satisfied or waived. At the Closing, the Issuer will deliver to the Purchaser the Note to be purchased by the
Purchaser, and the Purchaser will deliver to the Issuer the Purchase Price in one lump sum of immediately available funds. 

2.    Conditions to Closing of the Purchaser. 

The Purchaser’s obligations at the Closing are subject to the fulfillment, on or prior to the Closing Date, of all of the following
conditions, any of which may be waived in whole or in part by the Purchaser: 

  
 1 

 (a)    Representations and Warranties. The representations and
warranties made by the Group Companies (as defined below) in Section 4 hereunder shall have been true and correct when made, and shall be true and correct on the Closing Date, in material respects. 

(b)    Legal Requirements. At the Closing, the sale and issuance by the Issuer and the purchase by the Purchaser,
of the Note shall have been duly approved by the Company, with evidence provided to the Purchaser to its satisfaction. 

(c)    Transaction Documents. The Parties (other than the Purchaser) shall have duly executed and delivered to the
Purchaser the following documents (“Transaction Documents”): 
 (i)    this Agreement; 

(ii)    the Note. 

3.    Conditions to Closing of the Issuer. 

The Issuer’s obligation to issue and sell the Note at the Closing is subject to the fulfillment, on or prior to the Closing Date, of the
following conditions, any of which may be waived in whole or in part by the Issuer: 
 (a)    Representations and
Warranties. The representations and warranties made by the Purchaser in Section 5 hereunder shall be true and correct when made, and shall be true and correct on the Closing Date. 

(b)    Legal Requirements. At the Closing, the sale and issuance by the Issuer and the purchase by the Purchaser,
of the Note shall be legally permitted by all laws and regulations to which the Purchaser or the Issuer is subject. 

(c)    Transaction Documents. The Purchaser shall have duly executed and delivered to the other Parties the
Transaction Documents. 
 4.    Representations and Warranties of the Issuer, the HK Co, the WFOE, and the Domestic
Company. 
 The Issuer, the HK Co, the WFOE, and the Domestic Company (collectively with the Subsidiaries of each of the foregoing,
the “Group Companies”, and each, a “Group Company”), in each case as applicable, jointly and severally, represent and warrant to the Purchaser that: 

(a)    Due Incorporation, Qualification, etc. Each of the Group Companies (i) is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation; (ii) has the power and authority to own, lease and operate its properties and carry on its business as now conducted; and (iii) is duly qualified,
licensed to do business and in good standing in each jurisdiction where the failure to be so qualified or licensed could reasonably be expected to have a Material Adverse Effect on such Group Company. 

(b)    Authority. The execution, delivery and performance of each Transaction Document to be executed by the
Parties other than the Purchaser, and the consummation of the transactions contemplated thereby (i) are within the power of such Parties; and (ii) have been duly authorized by all necessary actions on the part of such Parties. 

  
 2 

 (c)    Enforceability. Each Transaction Document executed, or to
be executed, by the Parties other than the Purchaser has been, or will be, duly executed and delivered by such Parties, and constitutes, or will constitute, a legal, valid and binding obligation of such Parties, enforceable against such Parties in
accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity. 

(d)    Non-Contravention. The execution and delivery of the Transaction Documents by the Parties other than the
Purchaser, and the performance and consummation of the transactions contemplated thereby do not and will not (i) violate the memorandum and articles of association of the Company or the Domestic Company or any material judgment, order, writ,
decree, statute, rule or regulation applicable to such Parties; (ii) violate any provision of, or result in the breach or the acceleration of, or entitle any other Person to accelerate any material mortgage, indenture, agreement, instrument or
contract to which such Party is a party; or (iii) result in the creation or imposition of any lien upon any property, asset or revenue of such Parties or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit,
license, authorization or approval applicable to any such Party, its business or operations, or any of its assets or properties, where, in each case, such violation, breach or result could have a Material Adverse Effect. 

(e)    Approvals. All consents, approvals, orders or authorizations of, or registrations, declarations or filings
with, any governmental authority or other Person that are required in connection with the execution and delivery of the Transaction Documents executed by the Parties other than the Purchaser, and the performance and consummation of the transactions
contemplated thereby have been obtained. 
 (f)    No Violation or Default. None of the Parties (other than the
Purchaser) is in violation of or in default with respect to (i) its memorandum and articles of association or any material judgment, order, writ, decree, statute, rule or regulation applicable to such Person; or (ii) any material mortgage,
indenture, agreement, instrument or contract to which such Person is a party, where, in each case, such violation or default could have a Material Adverse Effect. 

(g)    No Material Adverse Effect. To the knowledge of the Group Companies, no event has occurred which could
result in a Material Adverse Effect. For purposes of this Section 4, any reference to a Party’s “knowledge” means such party’s knowledge after reasonable inquiries of the senior management. 

(h)    Accuracy of Information Furnished. To the knowledge of the Group Companies, none of the other certificates,
statements or information furnished to the Purchaser by or on behalf of the Parties (other than the Purchaser) in connection with the Transaction Documents contain any untrue statement of a material fact. 

The Parties (other than the Purchaser) hereby agree and acknowledge that the Purchaser is entering into the Transaction Documents in reliance
upon such Parties’ representations and warranties set forth in this Section 4, and hereby agree and undertake to promptly notify the Purchaser of any event or circumstance which may render any of such representations
and warranties untrue, inaccurate or misleading in any material respect. 
 5.    Representations and Warranties of the
Purchaser. 
 The Purchaser represents and warrants to the Issuer upon the acquisition of the Note as follows: 

(a)    Due Incorporation, Qualification, etc. The Purchaser (i) is a corporation, limited partnership or a
limited liability corporation/partnership duly incorporated and validly existing under the laws of its jurisdiction of incorporation; (ii) has the power and authority to own, lease and operate its properties and carry on its business as now
conducted; and (iii) is duly qualified, licensed to do business and in good standing in its jurisdiction. 

  
 3 

 (b)    Authority. The execution, delivery and performance by the
Purchaser of each Transaction Document to be executed by the Purchaser and the consummation of the transactions contemplated thereby (i) are within the power of the Purchaser; and (ii) have been duly authorized by all necessary actions on
the part of the Purchaser. 
 (c)    Enforceability. Each Transaction Document executed, or to be executed, by
the Purchaser has been, or will be, duly executed and delivered by the Purchaser and constitutes, or will constitute, a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as
limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity. 

(d)    Acquisition of Securities. The Purchaser represents that it is acquiring the Note and the Equity Securities
issuable upon conversion of the Note (collectively, the “Securities”) solely for its own account and beneficial interest for investment and not for sale or with a view to distribution of the Securities or any part thereof, has no
present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention. The Purchaser acknowledges
that the Securities have not been registered under the Securities Act and may not be sold, offered for sale, pledged or hypothecated in the absence of an effective registration statement as to the securities under said act or an opinion of counsel
satisfactory to the Issuer that such registration is not required. 
 (e)    Sophistication. The Purchaser
represents that it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risk of this investment and is an “Accredited Investor” as defined in Rule 501(a) of
Regulation D of the Securities Act. The Purchaser acknowledges that investment in the Securities involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the Securities for
an indefinite period of time and to suffer a complete loss of its investment. 
 6.    Covenants of the Issuer, the HK Co,
the WFOE, and the Domestic Company. 
 Until the principal and the Interest (as applicable) owed on the Note have been irrevocably
and unconditionally repaid in full or the Note has been converted in full according to the terms and conditions thereunder, except as otherwise expressly contemplated pursuant to the Transaction Documents, the Parties (other than the Purchaser)
hereby jointly and severally covenant and undertake to the Purchaser and procure the same as follows: 
 (a)    The
Group Companies shall abide by the provisions of this Agreement and refrain from any action/omission that may materially affect the effectiveness and enforceability of this Agreement; 

(b)    Without the prior written consent of the Purchaser, the Group Companies shall not effect a bankruptcy taken as a
whole; 
 (c)    The Group Companies shall conduct their respective business in compliance with all applicable laws in
material respect; 
 (d)    In addition and without prejudice to any rights and remedies available to the Purchaser
under the Transaction Documents or otherwise under law, the Company shall forthwith upon written demand fully indemnify the Purchaser and keep the Purchaser harmless from or against all claims, demands, actions, proceedings, losses, damages,
liabilities, costs and expenses (including, without limitation, reasonable legal costs and out-of-pocket expenses, and losses and expenses incurred in the payment of Purchase Price or any part thereof) actually incurred by the Purchaser arising from
or in connection with any material breach on the part of any Party other than the Purchaser of any of its representations, warranties, agreements, undertakings, covenants and obligations under the Transaction Documents and/or the enforcement or
preservation of the Transaction Documents; provided such damages, fees and expenses shall not include indirect, consequential, special or punitive damages. 

  
 4 

 7.    Miscellaneous. 

(a)    Waivers and Amendments. Any provision of this Agreement and any provision of the Note may be amended, waived
or modified only upon the written consent of the Parties. 
 (b)    Governing Law. This Agreement and all actions
arising out of or in connection with this Agreement shall be governed by and construed in accordance with the laws of Hong Kong, without regard to the conflicts of law provisions therein. 

(c)    Dispute Resolutions. Any dispute arising out of or in connection with this Agreement, including any question
regarding its existence, validity or termination, shall be referred to representatives of Parties for settlement through friendly consultations. In case no agreement can be reached through consultation within sixty (60) days from either
Party’s written notice to the other for commencement of such consultations, either Party may submit the dispute to arbitration for settlement. Any and all such disputes shall be finally resolved by arbitration administered by the Hong Kong
International Arbitration Centre (“HKIAC”) in accordance with the HKIAC Administered Arbitration Rules as then in force and as may be amended by the rest of this section. The seat of arbitration shall be Hong Kong, and the language
of the arbitration proceedings shall be English. The tribunal shall consist of three arbitrators, with experience of handling China cross border financing disputes, to be appointed by HKIAC. In the course of arbitration, the Parties shall continue
to implement the terms of this Agreement and the Note except for those matters subject to arbitration. 

(d)    Survival. The representations, warranties, covenants and agreements made herein shall survive 12 months
after the execution and delivery of this Agreement. 
 (e)    Successors and Assignees. Subject to the
restrictions on transfer described in Sections 7(f) and 7(g) below, the rights and obligations of the Parties shall be binding upon and benefit the successors, assignees, heirs, administrators and transferees of the Parties. 

(f)    Registration, Transfer and Replacement of the Note. The Note issuable under this Agreement shall be a
registered note. The Company will keep, at its principal executive office, books for the registration and registration of transfer of the Note. Prior to presentation of the Note for registration of transfer, the Company shall treat the Person in
whose name the Note is registered as the owner and holder of the Note for all purposes whatsoever, whether or not the Note shall be overdue, and the Company shall not be affected by notice to the contrary. Subject to any restrictions on or
conditions to transfer set forth in the Note, the holder of the Note, at its option, may in person or by duly authorized attorney surrender the same for exchange at the Company’s chief executive office, and promptly thereafter and at the
Company’s expense, except as provided below, receive in exchange therefor one or more new Note(s), each in the principal requested by the holder (not to exceed the original principal amount in the aggregate), dated the date to which interest
shall have been paid on the Note so surrendered or, if no interest shall have yet been so paid, dated the date of the Note so surrendered and registered in the name of such Person or Persons as shall have been designated in writing by the holder or
its attorney for the same principal amount as the then unpaid principal amount of the Note so surrendered. Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of
the Note and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it; or (b) in the case of mutilation, upon surrender thereof, the Company, at its expense, will execute and deliver in lieu thereof a new
note executed in the same manner as such Note being replaced, in the same principal amount as the unpaid principal amount of the Note and dated the date to which interest shall have been paid on the Note or, if no interest shall have yet been so
paid, dated the date of the Note. 

  
 5 

 (g)     Assignment. Neither the Note nor any of the rights,
interests or obligations hereunder may be assigned or transferred, by operation of law or otherwise, in whole or in part, by the Company without the prior written consent of the Purchaser. The Purchaser shall only be entitled to assign or transfer
the Note or any of its rights and obligations thereunder (whether in whole or in part) to its affiliate. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure the benefit and binding effect upon the respective
successors and assignees of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the Parties hereto or their respective successors and assignees any rights, remedies, obligations or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 
 (h)     Entire
Agreement. This Agreement together with the Note, constitute the full and entire understanding and agreement between the Parties with regard to the subjects hereof and thereof. 

(i)     Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and
shall be deemed to have been duly given if personally delivered or mailed by registered or certified mail, postage prepaid, electronic mail, or by recognized overnight courier or personal delivery, addressed (i) if to the Purchaser, at the
Purchaser’s address, or at such other address as the Purchaser shall have furnished to the Company in writing, or (ii) if to the Parties other than the Purchaser such addresses they shall have furnished to the Purchaser in writing. Notice
shall conclusively be deemed to have been given when received. 
 (j)     Separability of Agreements; Severability of
Agreement. This Agreement is a separate and independent agreement from the Note. If any provision of this Agreement is judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions of this Agreement and the Note shall not in any way be affected or impaired thereby. 
 (k)    
Counterparts. This Agreement is executed in the English languages. This Agreement may be executed and delivered by facsimile, electronic mail or other electronic signature and in any number of counterparts, each of which shall be an original,
but all of which together shall be deemed to constitute one instrument. 
 (l)     Confidentiality. The terms and
conditions of the Transaction Documents, including their existence, shall be considered confidential information and shall not be disclosed by any party, except to its employees, investment bankers, lenders, partners, accountants and attorneys, in
each case only where such persons or entities are on an as-needed basis and under appropriate nondisclosure obligations. 

  
 6 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the date and year first written above. 
  

							
	ISSUER:	 		 	Yatsen Holding Limited
				
		 		 	By:	 	 /s/ Huang Jinfeng

		 		 	Name:	 	Huang Jinfeng
		 		 	Title:	 	
			
	HK Co:	 		 	Yatsen (HK) Limited
				
		 		 	By:	 	 /s/ Huang Jinfeng

		 		 	Name:	 	Huang Jinfeng
		 		 	Title:	 	
			
	WFOE:	 		 	Guangzhou Yatsen E-Commerce Co., Ltd. (广州逸仙电子商务有限公司)
(Seal)
				
		 		 	By:	 	 /s/ Huang Jinfeng (Seal)

		 		 	Name:	 	Huang Jinfeng
		 		 	Title:	 	Legal Representative
			
	DOMESTIC COMPANY:	 		 	Guangzhou Yiyan Cosmeties Co., Ltd. (逸妍(上海)化妆品有限公司) (Seal)
				
		 		 	By:	 	 /s/ Lyu Jianhua (Seal)

		 		 	Name:	 	Lyu Jianhua
		 		 	Title:	 	Legal Representative

  
 SIGNATURE PAGE TO NOTE
PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the date and year first written above. 
  

							
	 PURCHASER:
	 		 	 INTERNET FUND V PTE. LTD.

				
		 		 	By:	 	 /s/ Venkatagiri Mudeliar

		 		 	Name:	 	Venkatagiri Mudeliar
		 		 	Title:	 	Director

  
 SIGNATURE PAGE TO NOTE
PURCHASE AGREEMENT 

 EXHIBIT A 

THIS NOTE AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED. INVESTORS SHOULD BE AWARE
THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 
 Yatsen Holding Limited

 SENIOR CONVERTIBLE PROMISSORY NOTE 

(THE “NOTE”) 
  

			
	 USD 10,000,000
	  	January 22, 2020

 FOR VALUE RECEIVED, Yatsen Holding Limited, an exempted company incorporated under the laws of Cayman Islands
(the “Issuer” or the “Company”), promises to pay to Internet Fund V Pte. Ltd. (the “Holder”), or its permitted transferees and assignees, subject to the terms and conditions set forth herein, the
principal sum of USD10,000,000 together with simple interest from the Closing Date on the unpaid principal balance at a rate equal to six percent (6%) per annum (the “Interest”). The Interest shall be computed on the basis of the
actual number of days elapsed and a year of 365 days. All principal, together with any accrued Interest (as applicable), shall be due and payable on the earlier of (i) the closing of the Next Financing and (ii) the Maturity Date (as
defined below). Upon payment in full of all principal and the Interest payable (if applicable) hereunder or conversion thereof into the Equity Securities pursuant to provisions hereof, this Note shall, without any further action on the part of the
Parties hereto, be deemed null and void and further be surrendered to the Issuer for cancellation. This Note is issued pursuant to the note purchase agreement, dated even date herewith, entered into by and among the Issuer, the Holder and certain
other parties thereto (the “Note Purchase Agreement”). 
 The following is a statement of the rights of the Holder and the
conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note, agrees: 

1.    Definitions. 

As used in this Note, the following capitalized terms have the following meanings: 

(a)     “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which banks
located in New York, Hong Kong or Beijing, People’s Republic of China (“China”) are generally closed for business. 

(b)     “Corporate Transaction” shall mean the sale, conveyance or other disposition of all or
substantially all of the Company’s property or business or the Company’s merger with or into or consolidation with any other corporation, limited liability company or other entity (other than a wholly foreign-owned enterprise to be
established in China by the Company). 
 (c)     “Equity Securities” shall mean any preferred shares,
ordinary shares or other shares or other form of equity of any Group Company or any of its Subsidiaries, whether now authorized or not, and rights, options or warrants to purchase such preferred shares, ordinary shares and securities of any type
whatsoever that are, or may become, convertible into or exchangeable for such preferred shares, ordinary shares or other shares. 

  
 1 

 (d)     “Material Adverse Effect” shall mean a material
adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operations of the Company and any of the Group Companies, taken as a whole. 

(e)     “Maturity Date” shall mean the date that is forty-five (45) days following the date hereof,
which may be extended by the Company at its sole discretion for no more than thirty (30) days. 
 (f)    
“Next Financing” shall mean the sale of Equity Securities issued by any Group Company in a bona fide equity financing of the Company involving one or a series of transactions subsequent to the date hereof pursuant to the terms as
set forth in the term sheet entered into by and between the Issuer and the Holder as of December 30, 2019 (the “Term Sheet”), or such other similar terms. 

(g)     “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations,
howsoever arising, owed by the Issuer to the Holder of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), now existing or hereafter arising under or pursuant to the terms of
this Note, including, all the Interest, fees, charges, expenses, reasonable attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Issuer hereunder and thereunder. 

(h)     “Person” shall mean any individual, entity or group, including, without limitation, any
corporation, limited liability company, limited or general partnership, joint venture, association, joint stock company, trust, unincorporated organization or governmental or regulatory authority. 

(i)     “Securities Act” shall mean the United States Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder. 
 (j)     “Subsidiary” shall mean, as of the relevant date of
determination, with respect to any Person (the “Subject Entity”), (i) any Person (x) more than 50% of whose shares or other interests entitled to vote in the election of directors or (y) more than a 50% interest in the
profits or capital of such Person are owned or controlled directly or indirectly by the subject entity or through one (1) or more Subsidiaries of the Subject Entity, (ii) any Person whose assets, or portions thereof, are consolidated with
the net earnings of the subject entity and are recorded on the books of the Subject Entity for financial reporting purposes in accordance with International Financial Reporting Standards or U.S. Generally Accepted Accounting Principles, or
(iii) any Person with respect to which the Subject Entity has the power to otherwise direct the business and policies of that entity directly or indirectly through another subsidiary. For the Purpose of this Note and the Note Purchase
Agreement, the “Subsidiary” of the Company shall include without limitation the Domestic Company (as defined in the Note Purchase Agreement). 

Capitalized terms not defined herein shall have the meaning set forth in the Note Purchase Agreement. 

2.    Priority. 

This Note issued pursuant to the Note Purchase Agreement shall be senior in all respects (including right of payment) to all other indebtedness
of the Issuer and the Group Companies, now existing, until repaid in full. 
 3.    Payment. 

All payments shall be made in United States Dollars (without any set-off, counterclaim, restriction, condition, withholding or deduction, and
free and clear of all encumbrances, taxes, duties, fees, charges, levies, assessments and impositions of any nature whatsoever) and shall be credited to the bank account to be designated by the Holder on the payment’s due date. 

  
 2 

 4.    Conversion and Right to Purchase. 

(a)     Repayment; Conversion. The Company shall repay the outstanding principal and Interest (if
applicable) owed on the Note on the earlier of (i) the Maturity Date and (ii) the closing of the Next Financing; provided, however, (i) if the Next Financing closes on or prior to the Maturity Date, and the principal of this Note
shall be automatically converted upon the closing of the Next Financing into the Equity Securities of the Company sold in the Next Financing, in which case the Interest shall be waived in its entirety, and (ii) if the Next Financing does not
close on or prior to the Maturity Date, the Company may at its sole discretion elect to (X) repay to the Holder the principal of this Note and any Interests accrued thereon, or (Y) convert the principal of this Note into the Equity
Securities of the Company which will provide for substantially the same rights and privileges to the Holder as set forth in the Term Sheet, in which case the Interest shall be waived in its entirety. 

(b)     Conversion Shares. The number of Equity Securities to be issued upon such conversion as provided in
Section 4(a) shall be equal to the quotient obtained by dividing the outstanding principal due on this Note on the date of such conversion by the Conversion Price (as defined below). The issuance of Equity Securities
pursuant to the conversion of this Note shall be upon and subject to the same terms and conditions applicable to the Equity Securities sold in the Next Financing. 

(c)     Conversion Price. For the purpose of Section 4(a), the conversion
price (the “Conversion Price”) shall equal the purchase price per share of the Equity Securities to be sold in the Next Financing as set forth in the definitive share purchase agreement thereof. 

(d)     Fractional Shares; Effect of Conversion. No fractional shares shall be issued upon conversion
of this Note. In lieu of the Company issuing any fractional shares to the Holder upon the conversion of this Note, the Company shall pay to the Holder an amount equal to the product obtained by multiplying the Conversion Price by the fraction of a
share not issued pursuant to Section 4(d). 
 (e)    Process for Conversion. In
connection with the conversion of this Note, the Holder shall deliver to the Issuer the Note upon the closing of the Next Financing for cancellation. 

(f)    Release of all obligations. Upon conversion of this Note in accordance with this
Section 4, the Issuer shall be forever released from all its obligations and liabilities under this Note. 

5.    Events of Default. 

The occurrence of any of the following shall constitute an “Event of Default” under this Note: 

(a)     Breaches of Covenants. The Issuer or any of its Subsidiaries fails to observe or perform any other
covenant, obligation, condition or agreement contained in the Note Purchase Agreement and this Note which has a Material Adverse Effect to the Group Companies; provided that such covenant, obligation, condition or agreement has not been observed or
performed within fifteen (15) Business Days of the Issuer’s receipt of the Holder’s written notice to the Issuer of such failure; 

(b)     Representations and Warranties. Any representation, warranty, certificate, or other statement
(financial or otherwise) made or furnished by or on behalf of the Issuer and other relevant Parties to the Holder in the Note Purchase Agreement is not true and correct in any material respect when made or furnished; 

  
 3 

 (c)     Voluntary Bankruptcy or Insolvency Proceedings. Any Group
Company (i) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (ii) be unable, or admit in writing its inability, to pay its debts generally
as they mature; (iii) makes a general assignment for the benefit of its or any of its creditors; (iv) be dissolved or liquidated; (v) becomes insolvent (as such term may be defined or interpreted under any applicable statute); (vi)
commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or
to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it; or (vii) takes any action for the purpose of effecting any of the foregoing; 

(d)     Material Adverse Effect. One or more conditions exist or events have occurred, which have
resulted in a Material Adverse Effect; or 
 (e)     Corporate Transaction. A Corporate Transaction has occurred
on or before the earlier of (i) the closing of the Next Financing, or (ii) the Maturity Date. 
 6.     Rights of the
Holder upon Default. 
 Upon the occurrence or existence of any Event of Default and at any time thereafter during the continuance of
such Event of Default, the Holder may, by written notice to the Issuer, declare all outstanding Obligations payable by the Issuer hereunder to be immediately due and payable. 

7.    Successors and Assignees. 

Subject to the restrictions on transfer described in Section 9 below, the rights and obligations of the Issuer and
the Holder of this Note shall be binding upon and benefit the successors, assignees, heirs, administrators and transferees of the Parties. 

8.    Waiver and Amendment. 

Any provision of this Note may be amended, waived or modified only upon the written consent of the Issuer and the Holder. 

9.    Assignment by the Parties. 

Neither this Note nor any of the rights, interests or obligations hereunder may be assigned or transferred, by operation of law or otherwise,
in whole or in part, by the Issuer without the prior written consent of the Holder. Notwithstanding the forgoing, the Holder shall be entitled to assign or transfer, this Note or any of its rights and obligations hereunder (whether in whole or in
part) to its affiliate. 
 10.    Indemnification. 

In addition and without prejudice to any rights and remedies available to the Holder under this Note or otherwise under law, the Issuer shall
forthwith upon written demand fully indemnify the Holder and keep the Holder harmless from or against all claims, demands, actions, proceedings, losses, damages, liabilities, costs and expenses (including, without limitation, reasonable legal costs
and out- of-pocket expenses, and losses and expenses incurred in connection with this Note and the Note Purchase Agreement) actually incurred by the Holder in connection with any material breach on the part of the Issuer of any of its
representations, warranties, agreements, undertakings, covenants and obligations under this Note and the Note Purchase Agreement and/or the enforcement or preservation of this Note and the Note Purchase Agreement; provided such damages, fees and
expenses shall not include indirect, consequential, special or punitive damages. 

  
 4 

 11.    Waivers. 

The Issuer agrees that any delay on the part of the Holder in exercising any rights hereunder will not operate as a waiver of such rights. The
Holder of this Note shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies, and no waiver of any kind shall be valid unless in writing and signed by the Party or Parties waiving such rights or
remedies. 
 12.    Governing Law. 

This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws of Hong
Kong, without regard to the conflicts of law provisions therein. 
 13.    Dispute Resolutions. 

Any dispute arising out of or in connection with this Note, including any question regarding its existence, validity or termination, shall be
referred to representatives of the Holder and the Issuer for settlement through friendly consultations. In case no agreement can be reached through consultation within sixty (60) days from either Party’s written notice to the other for
commencement of such consultations, either Party may submit the dispute to arbitration for settlement. Any and all such disputes shall be finally resolved by arbitration administered by the Hong Kong International Arbitration Centre
(“HKIAC”) in accordance with the HKIAC Administered Arbitration Rules as then in force and as may be amended by the rest of this section. The seat of arbitration shall be Hong Kong, and the language of the arbitration proceedings
shall be English. The tribunal shall consist of three arbitrators, with experience of handling China cross border financing disputes, to be appointed by HKIAC. In the course of arbitration, the Parties shall continue to implement the terms of this
Note and the Note Purchase Agreement except for those matters subject to arbitration. 
 14.    Counterparts. 

This Note is executed in English. This Note may be executed and delivered by facsimile, email or other electronic signature and in any number
of counterparts, each of which shall be an original, but all of which together shall be deemed to constitute one instrument. 
 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

  
 5 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed as a deed by its
representative, thereunto duly authorised as of the date first written above. 
  

			
	ISSUER:
	
	Yatsen Holding Limited
		
	By:	 	 /s/ Huang Jinfeng

	Name:	 	Huang Jinfeng
	Title:	 	

  
 Exhibit A 

			
	ACKNOWLEDGED AND AGREED:
	
	Internet Fund V Pte. Ltd.
		
	By:	 	 /s/ Venkatagiri Mudeliar

	Name:	 	Venkatagiri Mudeliar
	Title:	 	Director

  
 Exhibit AEX-10.15

 Exhibit 10.15 

Executed Version 
  

SHARE PURCHASE AGREEMENT 

by and among 
 YATSEN HOLDING
LIMITED 
 INTERNET FUND V PTE. LTD. 

and 
 THE OTHER PARTIES NAMED
HEREIN 
 March 13, 2020 
  

 

 SHARE PURCHASE AGREEMENT 

This SHARE PURCHASE AGREEMENT (this “Agreement”) is entered into on March 13, 2020 by and among: 

A. Yatsen Holding Limited, an exempted company incorporated under the laws of the Cayman Islands (the “Company”); 

B. Yatsen (HK) Limited, a limited liability company incorporated under the laws of Hong Kong (the “HK Company”); 

C. Yatsen Investment Limited, a limited liability company incorporated under the laws of Hong Kong (the “HK Investment
Company”); 
 D. The entities as set forth on Schedule A-1 (each, a
“PRC Company” and collectively, the “PRC Companies”); 
 E. The Persons as set forth on Schedule A-2 (each, a “Founder” and collectively, the “Founders”); 
 F.
The entities as set forth on Schedule A-3 (each, a “Founder Holdco” and collectively, the “Founder Holdcos”); and 

G. The entity as set forth on Schedule A-4 (the “Investor”). 

Each of the foregoing parties is referred to herein individually as a “Party” and collectively as the
“Parties”. 
 RECITALS: 

A. Subject to the terms and conditions set forth in this Agreement, the Company desires to issue and sell to the Investor certain Shares (as
defined below) and the Investor desires to purchase such Shares from the Company. 
 B. The Parties intend to enter into this Agreement and
make the respective representations, warranties, covenants and agreements set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions hereinafter set forth, the Parties hereto agree as follows:

 1. DEFINITIONS. 
 1.1 Certain
Defined Terms. As used in this Agreement, the following terms shall have the following respective meanings: 
 “Action”
shall mean any notice, charge, claim, action, complaint, petition, investigation, appeal, suit, litigation, grievance, inquiry or other proceeding, whether administrative, civil, regulatory or criminal, whether at law or in equity, or otherwise
under any applicable law, and whether or not before any mediator, arbitrator or Governmental Authority. 

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

“Agreement” shall have the meaning ascribed to it in the preamble of this Agreement. 

“Board” or “Board of Directors” shall mean the board of directors of the Company. 

“Business” shall mean the business of cosmetics E-commerce currently conducted and
proposed to be conducted by the Group Companies. 
 “Business Day” or “business day” shall mean any
day that is not a Saturday, Sunday, legal holiday or a day on which banks are required to be closed in Cayman Islands, Hong Kong or the PRC. 

“Business Plan” shall mean the Company’s consolidated annual budget and business plan as adopted by the Board of
Directors. 
 “Circular 37” shall mean the Notice on Relevant Issues Concerning Foreign Exchange Administration for
Domestic Residents to Engage in Overseas Financing and Round Trip Investment via Overseas Special Purpose Companies
(《国家外汇管理局关于境内居民通过境外特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》)
 issued by SAFE on July 4, 2014, and its amendment and interpretation promulgated by SAFE from time to time. 

“Class A Ordinary Shares” shall mean the class A ordinary shares of the Company with a par value of
US$0.00001 each. 
 “Class B Ordinary Shares” shall mean the class B ordinary shares of the Company with
a par value of US$0.00001 each. 
 “Closing” shall have the meaning ascribed to it in Section 2.2. 

“Company” shall have the meaning ascribed to it in the preamble of this Agreement. 

“Compliance Laws” shall have the meaning ascribed to it in Section 3.25. 

  
 2 

 “Contract” shall mean, a contract, agreement, understanding, indenture,
note, bond, loan, instrument, lease, mortgage, franchise, license, commitment, purchase order, and other legally binding arrangement, whether written or oral. 

“Control” shall mean the power or authority, whether exercised or not, to direct the business, management and policies of a
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct
the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors or the equivalent body of such Person
The terms “Controlling” and “Controlled” have meanings correlative to the foregoing. 
 “Control
Documents” means the following Contracts to be entered into prior to or on the Closing: (i) the Exclusive Business Cooperation Agreement (独家业务合作协议) entered into by and between
Ecommerce Company and the Domestic Company, (ii) the Exclusive Option Agreement (独家购买权协议) entered into by and among Ecommerce Company, the Domestic Company and all of the shareholders of the
Domestic Company, (iii) the Proxy Agreement (委托协议) and Power of Attorney (授权委托书) entered into by and the among Ecommerce Company, the Domestic Company and the shareholders of the
Domestic Company, (iv) the Equity Pledge Agreement (股权质押协议) entered into by and among Ecommerce Company, the Domestic Company and the shareholders of the Domestic Company and (v) the Spousal
Consent (配偶同意函) to be signed by the spouse of each shareholder of the Domestic Company, each as amended from time to time. 

“Conversion Shares” shall mean Class A Ordinary Shares issuable upon conversion of the Preferred Shares. 

“Disclosing Party” shall have the meaning ascribed to it in Section 9.4. 

“Disclosure Schedule” shall have the meaning ascribed to it in Section 3. 

“Employee Share Option Plan” or “ESOP” shall mean the employee share option plan of the Company adopted by
the shareholders resolutions of the Company on September 5, 2018 and such other arrangements, contracts, or plans as are recommended by management and approved by the Board, with the written approval of the Majority Preferred Holders (as
defined in the Shareholders Agreement and Restated M&A), in accordance with the Shareholders Agreement and Restated M&A. 

“Equity Securities” shall mean, with respect to any Person that is a legal entity, any and all shares of capital stock,
membership interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion privilege, preemptive right or other
right to acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing, or any Contract providing for the acquisition of any of the foregoing. 

“Financial Statements” shall have the meaning ascribed to it in Section 3.7. 

“Financial Statements Date” shall have the meaning ascribed to it in Section 3.7. 

  
 3 

 “Founder” and “Founders” shall have the meaning ascribed
to it in the preamble of this Agreement. 
 “Founder Holdco” shall have the meaning ascribed to it in the preamble of this
Agreement. 
 “Governmental Authority” shall mean any nation or government, or any federation, province or state or any
other political subdivision thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board,
commission or instrumentality of the PRC, the Cayman Islands, Hong Kong or any other country, or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Governmental Authorizations” shall have the meaning ascribed to it in Section 3.14. 

“Group Companies” shall mean, collectively, the Company, the HK Company, the PRC Companies, another Person (except
individuals) Controlled by the Company and their respective Subsidiaries from time to time (each a “Group Company”), unless the text specifically indicates otherwise. 

“Hong Kong” shall mean the Hong Kong Special Administrative Region of the People’s Republic of China. 

“HK Company” shall have the meaning ascribed to it in the preamble of this Agreement. 

“HKIAC Rules” shall have the meaning ascribed to it in Section 10.13(a). 

“IFRS” shall mean the International Financial Reporting Standards published by the International Accounting Standards Board,
as amended from time to time. 
 “Indemnifiable Loss” shall mean, with respect to any Person, any action, claim, cost,
damage, deficiency, diminution in value, disbursement, expense, liability, loss, obligation, penalty, settlement, suit, or tax of any kind or nature, together with all interest, penalties, legal, accounting and other professional fees and expenses
reasonably incurred in the investigation, collection, prosecution and defense of claims and amounts paid in settlement, that may be imposed on or otherwise incurred or suffered by such Person, whether directly or indirectly. 

“Interested Party” shall have the meaning set forth in Section 3.20. 

“Indemnification Agreement” shall mean the Indemnification Agreement between the Company, the Investor and the director
appointed by the Investor to be entered into on or prior to the Closing. 
 “Investor” shall have the meaning ascribed to
it in the preamble of this Agreement. 
 “Key Employee” shall mean each individual listed in Schedule E-1. 

  
 4 

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

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

“Management Rights Letter” shall mean the management rights letter to be executed by the Company and the Investor on or prior
to the Closing in form and substance satisfactory to the Investor. 
 “Material Adverse Effect” shall mean any
(a) event, occurrence, fact, condition, change or development that has had, has, or could reasonably be expected to have a material adverse effect on the business, properties, assets, employees, operations, results of operations, condition
(financial or otherwise), prospects or liabilities of the Group Companies taken as a whole, (b) material impairment of the ability of any Warrantor to perform the material obligations of such Person hereunder or under any other Transaction
Documents, as applicable, or (c) material impairment of the validity or enforceability of this Agreement or any other Transaction Document against any Group Company, Founder or Founder Holdco. 

“MOFCOM” shall have the meaning ascribed to it in Section 3.5(g). 

“Non-Disclosing Parties” shall have the meaning ascribed to it in Section 9.4.

 “OFAC” shall have the meaning ascribe to in in Section 3.25 

“Ordinary Shares” shall mean, collectively, the Class A Ordinary Shares and the Class B Ordinary Shares. 

“Person” shall mean any individual, sole proprietorship, partnership, limited partnership, limited liability company, firm,
joint venture, estate, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or governmental or regulatory authority or other enterprise or entity of any kind or nature. 

“PRC” shall mean the People’s Republic of China, but solely for purposes of this Agreement and the other Transaction
Documents, excluding Hong Kong, the Macau Special Administrative Region and the Islands of Taiwan. 
 “PRC Companies” and
“PRC Company” shall have the meaning ascribed to it in the preamble of this Agreement. 
 “PRC GAAP” shall
mean the generally accepted accounting principles in the PRC. 
 “Preferred Shares” shall mean, collectively, the Series
Seed Preferred Shares, the Series A-1 Preferred Shares, the Series A-2 Preferred Shares, the Series B-1 Preferred Shares, the
Series B-2 Preferred Shares, the Series B-3 Preferred Shares, the Series B-3+ Preferred Shares, the Series C Preferred Shares,
and the Series D Preferred Shares. 

  
 5 

 “Prior Financing Documents” shall mean, collectively, the transaction
documents entered into by and among the Company, any other Warrantor and any holder of Preferred Shares in connection with the issuance and allotment of any Preferred Shares to such holder prior to the date hereof. 

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

“Purchased Shares” shall have the meaning ascribed to it in Section 2.1. 

“Restated M&A” shall mean the Fifth Amended and Restated Memorandum and Articles of Association of the Company to be
adopted on or prior to the Closing in form and substance satisfactory to the Investor. 
 “Representatives” shall have the
meaning ascribed to it in Section 3.25. 
 “RMB” shall mean the lawful currency of the PRC. 

“SAFE” shall have the meaning ascribed to it in Section 3.5(g). 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

“Senior Management” shall mean each individual listed in Schedule E-2. 

“Series Seed Preferred Shares” shall mean the Company’s series seed preferred shares, par value US$0.00001 per share.

 “Series A-1 Preferred Shares” shall mean the Company’s series A-1 preferred shares, par value US$0.00001 per share. 
 “Series
A-2 Preferred Shares” shall mean the Company’s series A-2 preferred shares, par value US$0.00001 per share. 

“Series B-1 Preferred Shares” shall mean the Company’s series B-1 preferred shares, par value US$0.00001 per share. 
 “Series
B-2 Preferred Shares” shall mean the Company’s series B-2 preferred shares, par value US$0.00001 per share. 

  
 6 

 “Series B-3 Preferred Shares” shall
mean the Company’s series B-3 preferred shares, par value US$0.00001 per share. 

“Series B-3+ Preferred Shares” shall mean the Company’s series B-3+ preferred shares, par value US$0.00001 per share. 
 “Series C Preferred Shares”
shall mean the Company’s series C preferred shares, par value US$0.00001 per share. 
 “Series D Director” shall have
the meaning ascribed to it in Section 5.15. 
 “Series D Preferred Shares” shall mean the Company’s series D
preferred shares, par value US$0.00001 per share. 
 “Series D Purchase Price” shall mean the per share price of US$1.1173,
at which the Investor has agreed to purchase, and the Company has agreed to sell and issue, the Series D Preferred Shares under this Agreement. 

“Junior Purchase Price” shall mean the per share price of US$1.0615, at which the Investor has agreed to purchase, and the
Company has agreed to sell and issue, certain Series Seed Preferred Shares and certain Series A-2 Preferred Shares under this Agreement. 

“Shares” shall mean, collectively, the Preferred Shares and the Ordinary Shares. 

“Shareholders Agreement” shall mean the Fourth Amended and Restated Shareholders Agreement among the Investor, the Company,
the HK Company, the PRC Companies, the Founder Holdcos, the Founders and certain other parties thereto to be entered into on or prior to the Closing in form and substance satisfactory to the Investor. 

“Restricted Share Agreement” shall mean the Third Amended and Restated Restricted Share Agreement among the Investor, the
Company, the Founder Holdcos, the Founders and certain other parties thereto to be entered into as of the Closing in form and substance satisfactory to the Investor. 

“Subsidiary” or “subsidiary” shall mean, with respect to any subject entity (the “subject
entity”), (i) any company, partnership or other Person (x) more than 50% of whose shares or other interests entitled to vote in the election of directors or (y) more than a 50% interest in the profits or capital of such entity are
owned or controlled directly or indirectly by the subject entity or through one or more Subsidiaries of the subject entity, (ii) any entity whose assets, or portions thereof, are consolidated with the net earnings of the subject entity and are
recorded on the books of the subject entity for financial reporting purposes in accordance with IFRS or U.S. GAAP or PRC GAAP, or (iii) any entity with respect to which the subject entity has the power to otherwise direct the business and
policies of that entity directly or indirectly through another subsidiary. Notwithstanding the above, as applied to the Company, the term “Subsidiary” or “subsidiary” includes the HK Company, the Ecommerce Company and the PRC
Companies. 
 “Tax” shall mean (i) in the PRC: (a) any national, provincial, municipal, or local taxes, charges,
fees, levies, or other assessments, including, without limitation, all net income (including enterprise income tax and individual income withholding tax), turnover (including value-added tax, business tax, and consumption tax), resource (including
urban and township land use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional education fees), property (including urban real estate tax and land use fees), documentation (including stamp
duty and deed tax), filing, recording, tariffs (including import duty and import value-added tax), and estimated and provisional taxes, charges, fees, levies, or other assessments of any kind whatsoever, (b) all interest, penalties
(administrative, civil or criminal), or additional amounts imposed by any Governmental Authority in connection with any item described in clause (a) above, and (c) any form of transferee liability imposed by any Governmental Authority in
connection with any item described in clauses (a) and (b) above, and (ii) in any jurisdiction other than the PRC: all similar liabilities as described in clause (i)(a) and (i)(b) above. 

  
 7 

 “Tiger” shall mean Internet Fund V Pte, Ltd. and/or its Affiliates. 

“Transaction Documents” shall mean this Agreement, the Shareholders Agreement, the Restated M&A, the Restricted Share
Agreement, the Management Rights Letter, the Indemnification Agreement, the exhibits attached to any of the foregoing and any other document, certificate, and agreement delivered in connection with the transactions contemplated hereby and thereby.

 “US$” shall mean the lawful currency of the United States of America. 

“U.S. GAAP” shall mean the generally accepted accounting principles in the United States. 

“Warrantors” shall mean the Founders, the Founder Holdcos and the Group Companies. 

“Warrants” shall mean certain number of warrants issuable by the Company at its sole discretion pursuant to the Shareholders
Agreement. 
 1.2 Warrantor Obligations. Where this Agreement or any other Transaction Document places an obligation on any Warrantor,
each other Warrantor shall use its best efforts to cause the obligated Warrantor to perform such obligation. 
 1.3 Exhibits and
Schedules. The following annex, schedule and exhibits are a part of this Agreement and hereby are deemed incorporated herein by reference: 
  

			
	 Schedule A-1
	  	PRC Companies
		
	 Schedule A-2
	  	Founders
		
	 Schedule A-3
	  	Founder Holdcos
		
	 Schedule A-4
	  	Investor
		
	 Schedule B
	  	Capitalization Table
		
	 Schedule C
	  	Disclosure Schedule
		
	 Schedule D
	  	Notices
		
	 Schedule E-1
	  	List of Key Employees
		
	 Schedule E-2
	  	List of Senior Management

  
 8 

 2. AGREEMENT TO PURCHASE AND SELL SHARES AT THE CLOSING. 

2.1 Agreement to Purchase and Sell. Subject to the terms and conditions hereof, at the Closing, the Company shall issue and sell to the
Investor, and the Investor shall purchase from the Company: (a) at the Series D Purchase Price, up to an aggregate of 40,312,346 Series D Preferred Shares, provided however, US$10,000,000 of its Series D Purchase Price shall be deemed paid by
cancellation of the convertible note issued by the Company on January 22, 2020 (the “Tiger Note”); and (b) at the Junior Purchase Price, up to an aggregate of 26,342,928 Series Seed Preferred Shares and 7,376,020 Series A-2 Preferred Shares, in the amount set forth opposite the name of the Investor and the applicable series of Preferred Shares in Schedule A-4 (collectively, the
“Purchased Shares”). At the Closing, the Investor shall pay the purchase price set forth opposite the name of the Investor in Schedule A-4 for the Purchased Shares by
(i) cancellation of the Tiger Note with respect to the purchase price in the amount of US$10,000,000, and (ii) wire transfer of immediately available funds, with respect to the purchase price in the amount of US$70,832,812, to the bank
account designated in writing by the Company and delivered to the Investor at least five (5) Business Days prior to the Closing. For the avoidance of doubt, as of the Closing, against the issuance of corresponding Purchased Shares, the Tiger
Note shall be immediately deemed repaid in full, and, any and all obligations and liabilities of the Company under the Tiger Note shall be immediately discharged. 

2.2 Closing. Subject to the fulfillment of the conditions to the closing as set forth in Section 5 and Section 6, the purchase
and sale of the Purchased Shares shall take place remotely via the exchange of documents and signatures, on a date specified by the Parties, or at such other time and place as the Company and the Investor may mutually agree upon, which date shall be
no later than three (3) Business Days after the satisfaction or waiver of each condition to the closing as set forth in Section 5 and Section 6 (the “Closing”). The Company’s shareholding structure immediately
prior to the Closing shall be as set forth in the Company’s capitalization table attached hereto as Schedule B. 
 2.3
Deliveries. At the Closing, the Company shall deliver the following items to the Investor: 
 (a) a certified true copy of the
register of members of the Company as at the date of the Closing reflecting the Investor’s ownership of the Purchased Shares, certified by the registered agent of the Company to be a true and complete copy thereof; 

(b) a certified true copy of the register of directors of the Company as at the date of the Closing reflecting the appointment of the Series D
Director, certified by the registered agent of the Company to be a true and complete copy thereof; 
 (c) a certified true copy of the share
certificate to the Investor representing the Purchased Shares purchased by the Investor, with the original (duly signed and sealed for and on behalf of the Company) to be delivered to the Investor within ten (10) Business Days after the
Closing; 
 (d) a compliance certificate dated as of the Closing signed by each Warrantor or a duly authorized representative of each
Warrantor, as applicable, certifying that all of the conditions set forth in Section 5 have been fulfilled, and attaching and certifying as true and complete a copy of the Company’s Restated M&A as in effect as of the Closing; 

(e) a certificate of good standing issued by the Registrar of Companies of the Cayman Islands dated no earlier than ten (10) Business Days
prior to the Closing certifying that the Company has been duly incorporated, has paid all required fees and taxes, and is validly existing and in good standing under the laws of the Cayman Islands; and 

  
 9 

 (f) the resolutions of the Board, and if necessary, the shareholders’ resolutions of
the applicable Group Companies approving the Transaction Documents and the transactions contemplated herein. 
 2.4 Subsequent Purchase by
Co-Investors. At the Closing, the Company may offer and issue certain Series Seed Preferred Shares and Series A-2 Preferred Shares (“Junior Preferred
Shares”) at Junior Purchase Price, and certain Series D Preferred Shares at Series D Purchase Price, to certain co-investors (“Co-Investors”)
disclosed to and recognized by the Investor, provided that the overall purchase price for Junior Preferred Shares paid by the Co-Investors shall not exceed US$40,000,000, and the overall purchase price for
Series D Preferred Shares paid by the Co-Investors shall not exceed US$30,000,000. 
 3. REPRESENTATIONS AND
WARRANTIES OF THE WARRANTORS. 
 Unless specifically indicated otherwise, the Warrantors hereby jointly and severally represent and
warrant to the Investor that the statements in this Section 3, except as set forth in the Disclosure Schedule (the “Disclosure Schedule”) attached to this Agreement as Schedule C (the contents of which shall also be
deemed to be representations and warranties hereunder), are all true, correct and complete as of the date hereof and the date of the Closing. For purposes of this Section 3, any reference to a party’s “knowledge” means
such party’s best knowledge after due and diligent inquiries of officers, directors, and other employees of such party reasonably believed to have knowledge of the matter in question. 

3.1 Organization, Good Standing and Qualification. 

(a) Each of the Company and the HK Company is duly organized, validly existing and in good standing under, and by virtue of, the laws of the
place of its incorporation or establishment and has all requisite power and authority to own its properties and assets and to carry on its business as now conducted and as presently proposed to be conducted. Each of the Company and the HK Company is
qualified to do business and is in good standing in each jurisdiction where failure to be so qualified would have a Material Adverse Effect on its financial condition, business, prospects or operations. 

(b) Each of the PRC Companies is a company duly organized and existing under the laws of the PRC, and has all powers and all governmental
licenses, permits, Governmental Authorizations, consents and approvals required to carry on its business as now conducted. Each of the PRC Companies has paid all such governmental fees, taxes and stamp duty required to be paid by it under applicable
PRC and other laws prior to or upon the Closing. Copies of the business license, articles of association, and other organizational documents of each of the PRC Companies, as amended to date, have been delivered to the Investor and are true, correct
and complete and are in full force and effect. 
 3.2 Due Authorization. All action on the part of each Warrantor (and as applicable,
its respective officers, directors and shareholders) necessary for the authorization, execution and delivery of each Transaction Document, the authorization, issuance, reservation for issuance and delivery of all of the Purchased Shares and the
Conversion Shares, and, as applicable, the performance of their respective obligations under each Transaction Document and all other agreements, instruments and documents executed and delivered in connection with the transactions contemplated
hereby, will be taken prior to the Closing. The Transaction Documents are valid and binding obligations of each Warrantor, enforceable in accordance with their respective terms upon due execution by the applicable Warrantor, subject as to
enforcement of remedies to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting creditors’ rights generally and to general equitable principles. The Purchased Shares and the Conversion Shares are not subject
to any preemptive rights, rights of first refusal, or liens of any kind except for rights imposed under the Restated M&A and/or the other Transaction Documents. 

  
 10 

 3.3 Capitalization. The authorized share capital of the Company will consist of the
following immediately prior to the Closing: 
 (a) Ordinary Shares. A total of 3,901,234,182 authorized Ordinary Shares, (i)
2,997,398,982 of which are designated as Class A Ordinary Shares with par value US$0.00001 each but none of which are issued and outstanding; (ii) 903,835,200 of which are designated as Class B Ordinary Shares with par value US$0.00001
each and all of which issued and outstanding. 
 (b) Preferred Shares. A total of 1,098,765,818 authorized Preferred Shares, (i)
202,118,672 of which are designated as Series Seed Preferred Shares with par value US$0.00001 each; 191,378,675 of which are issued and outstanding, and 10,739,997 of which has not been issued or outstanding; (ii) 66,667,000 of which are designated
as Series A-1 Preferred Shares with par value US$0.00001 each and all of which issued and outstanding; (iii) 131,987,050 of which are designated as Series A-2 Preferred
Shares with par value US$0.00001 each and all of which issued and outstanding; (iv) 14,503,820 of which are designated as Series B-1 Preferred Shares with par value US$0.00001 each and all of which issued and
outstanding; (v) 171,289,239 of which are designated as Series B-2 Preferred Shares with par value US$0.00001 each and all of which issued and outstanding; (vi) 85,351,118 of which are designated as Series B-3 Preferred Shares with par value US$0.00001 each and all of which issued and outstanding, (vii) 87,075,383 of which are designated as Series B-3+ Preferred Shares with par
value US$0.00001 each and all of which issued and outstanding, (viii) 273,340,565 of which are designated as Series C Preferred Shares with par value US$0.00001 each; 206,907,594 of which are issued and outstanding, and 66,432,971 of which has not
been issued or outstanding; and (ix) 66,432,971 of which are designated as Series D Preferred Shares with par value US$0.00001 each but none of which are issued or outstanding. 

(c) Options, Warrants, Available Shares. The Company has made available and free of any Liens (i) up to 66,432,971 Series D
Preferred Shares for issuance and sale under this Agreement and the Co-Investors SPA; (ii) 1,098,765,818 Class A Ordinary Shares representing the Conversion Shares, (iii) 278,264,322 Class A Ordinary
Shares reserved for issuance under the Employee Share Option Plan; and (iv) 66,432,971 Series C Preferred Shares reserved for issuance of the Warrants. Other than with respect to the Purchased Shares, the Conversion Shares, Employee Share Option
Plan and the Warrants, there are no options, warrants, conversion privileges or other rights or agreements outstanding or under which the Company is or may become obligated to issue any securities of any class or series except as set forth above and
except for the rights imposed under the Transaction Documents. Apart from the exceptions noted in this Section 3.3, none of the Company’s outstanding shares, and no shares issuable upon exercise, conversion, or exchange of any outstanding
options or other shares issuable by the Company, are subject to any preemptive rights, rights of first refusal, or other rights to purchase such shares (whether in favor of the Company or any other Person), pursuant to any agreement or commitment to
which the Company is a party or of which the Company is aware, except for the rights imposed under the Transaction Documents. 

  
 11 

 (d) Outstanding Security Holders. Section 3.3(d) of the Disclosure Schedule sets
forth a complete list of all outstanding shareholders, option holders and other security holders of the Company as of the date hereof. 
 3.4
Subsidiaries (General). The Company does not presently own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association, or other Person, except for (i) one hundred percent
(100%) of the equity interests in the HK Company who directly owns one hundred percent (100%) of the equity interests in the Ecommerce Company and (ii) one hundred percent (100%) of the equity interests in the HK Investment Company. The Company
was formed solely to acquire and hold the equity interests in the HK Company and the HK Investment Company and since its formation has not engaged in any business and has not incurred any Liability except in the ordinary course of acquiring,
managing and disposing of its equity interests in the HK Company and the HK Investment Company. The HK Company was formed solely to acquire and hold the equity interests in the Ecommerce Company and has no other business, except as contemplated by
this Agreement, and has not incurred any Liability other than annual filing, maintenance and other standard fees. Each of the PRC Companies (other than Yatsen Pet Products) is engaged primarily in the Business, and has no other activities outside
its permitted business scope. All the Proprietary Rights, business contracts and employees of Yatsen Pet Products have been transferred to Ecommerce Company. Yatsen Pet Products has not engaged in any actual business activities. Section 3.4 of
the Disclosure Schedule sets forth the accurate and complete corporate chart of the Group Companies and other Persons in which any Group Company or any Founder, directly or indirectly, holds any Equity Securities, indicating the ownership and
Control relationship, the nature of the legal entity each Person constitutes and the jurisdiction in which each Person was incorporated, except those Persons in which the Group Companies hold less than five percent (5%) equity ownership on a fully
diluted basis with the investment amount for such outstanding equity ownership not exceeding US$1,000,000. 
 3.5 PRC Companies.
Section 3.5 of the Disclosure Schedule sets forth all Equity Securities of each Group Company other than the Company, together with an accurate and complete list of the record and beneficiary owners of such Equity Securities. Except as
disclosed in Section 3.5 of the Disclosure Schedule: 
 (a) Except as disclosed in Section 3.5(a) of the Disclosure Schedule, the
registered capital of each PRC Company is fully paid as required under its articles of association in accordance with applicable PRC rules and regulations. 

(b) There are no outstanding rights, resolutions or commitments made by each of the PRC Companies or any of its investors and owners, to issue,
purchase or sell any Equity Securities in each of the PRC Companies. 
 (c) There are no bonds, debentures, notes or other indebtedness of
any of the PRC Companies having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters on which holders of equity interests of each of the PRC Companies may vote. There are no voting trusts,
shareholder agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer of any of the equity interests to which of any of the PRC Companies is a party or is otherwise bound. 

(d) Except as disclosed in Section 3.5(d) of the Disclosure Schedule, each of the PRC Companies does not maintain any offices, branches or
subsidiaries except for its registered office. 

  
 12 

 (e) The incorporation documents relating to each of the PRC Companies are valid and have
been duly approved or issued (as applicable) by the appropriate PRC Governmental Authorities and are valid and in full force. 
 (f) All
consents, approvals, Governmental Authorizations, permits or licenses required under PRC laws for the due and proper establishment and the business of each of the PRC Companies as currently operated, or contemplated to be operated, have been duly
obtained from the appropriate PRC Governmental Authorities and are in full force and effect. 
 (g) All filings and registrations with the
PRC Governmental Authorities required in respect of each Founder, each of the PRC Companies and its operations, including the registrations with the Ministry of Commerce of the PRC (“MOFCOM”), the State Administration for Market
Regulation (or its predecessor) (“SAMR”), the State Administration of Foreign Exchange of the PRC (“SAFE”), the Ministry of Industry and Information Technology, the National Medical Products Administration
(“NMPA”), tax bureau, customs authorities, product registration authorities and health regulatory authorities, as applicable, have been duly completed in accordance with the relevant laws, rules and regulations, including all
required registrations conducted pursuant to Circular 37. 
 (h) None of the PRC Companies has received any letter or notice from any
relevant Governmental Authority notifying it of the suspension, non-renewal or revocation of any Governmental Authorizations, permits or licenses issued to it for
non-compliance or other reason or the need for compliance or remedial actions in respect of the activities carried out directly or indirectly by each of the PRC Companies. 

(i) Each of the PRC Companies has been conducting and will conduct its business activities within the permitted scope of business or is
otherwise operating its business in full compliance with all relevant legal requirements, including producing, processing and/or distributing products with all requisite licenses, permits and approvals granted by or filings with the competent PRC
Governmental Authorities. 
 (j) No Group Company has any reason to believe that any Governmental Authorizations, licenses or permits
requisite for the conduct of any part of each of the PRC Companies’ business which are subject to periodic renewal will not be granted or renewed by the relevant PRC authorities. Section 3.5(j) of the Disclosure Schedule lists all lines of
business in which the PRC Companies participate or are engaged. 
 (k) All applicable laws and regulations with respect to the opening and
operation of foreign exchange accounts and foreign exchange activities of each of the PRC Companies have been fully complied with, and all requisite approvals from the SAFE in relation thereto have been duly obtained. 

(l) Except as disclosed in Section 3.5(l) of the Disclosure Schedule, with regard to employment and staff or labour management, each of
the PRC Companies has complied with all applicable PRC laws and regulations, including laws and regulations pertaining to employment, welfare funds, statutory social insurances and the housing fund or the like. 

(m) There are no outstanding stock options or similar plan with respect to each of the PRC Companies. The name of each director and officer of
each of the PRC Companies on the date hereof, and the position held by each, are listed in Section 3.5(m) of the Disclosure Schedule. 

  
 13 

 (n) There are no other companies, partnerships, joint ventures, associations or other
Persons in which any Founder or PRC Company owns, of record or beneficially, any direct or indirect equity or other interest or any right (contingent or otherwise) to acquire the same. 

(o) Each of the PRC Companies owns free and clear from all Liens all properties and assets, including Proprietary Rights, necessary for its
operations as presently conducted and as proposed to be conducted. 
 3.6 Valid Issuance of Purchased Shares.  

(a) The Purchased Shares, when issued, sold and delivered in accordance with the terms of this Agreement, will be duly authorized and validly
issued, fully paid, non-assessable, and free of any Liens. The Conversion Shares have been duly and validly made available for issuance and, will be duly and validly issued, fully paid, non-assessable and free of any Liens upon issuance. 
 (b) All presently outstanding Ordinary Shares of the
Company are duly and validly issued, fully paid and non-assessable and free of any Liens, and such Ordinary Shares, and all outstanding shares, options and other securities of the Company, have been issued in
full compliance with the requirements of all applicable securities laws and regulations, including the Securities Act, and all other antifraud and other provisions of applicable securities laws and regulations. 

3.7 Financial Statements. The Company has provided the unaudited consolidated balance sheets, cash flow statements and income statements
of the PRC Companies as of and for the twelve-month period ending December 31, 2019 (the “Financial Statements Date”) (all such financial statements being collectively referred to herein as the “Financial
Statements”). Such Financial Statements (a) accord with the books and records of the respective PRC Company, (b) are true, correct and complete and present fairly the financial condition and state of affairs of the respective PRC
Company at the date or dates therein indicated and the results of operations for the period or periods therein specified, and (c) have been prepared in accordance with IFRS applied on a consistent basis, except, as to the unaudited financial
statements, for the omission of notes thereto and normal year-end audit adjustments that are not expected to be material. 

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

3.9 Title to Properties and Assets. Each Group Company has good and marketable title to all respective properties and assets, in each
case such property and assets are subject to no Liens. With respect to the property and assets it leases, each Group Company is in compliance with such leases and holds valid leasehold interests in such assets free of any Liens. 

  
 14 

 3.10 Activities since Financial Statements Date. Since the Financial Statement Date,
with respect to any Group Company, there has not been any material change in the assets, liabilities, financial condition or operating results, except for changes in the ordinary course of business consistent with past practice. 

3.11 Intellectual Property; Status of Proprietary Rights. 

Each Group Company (i) has independently developed and owns free and clear of all material claims, security interests, liens or other
encumbrances, or (ii) has a valid right or license to use, all Proprietary Assets (as defined below), including without limitation all Registered Intellectual Property (as defined below), necessary, material and appropriate for the Business and
to the best knowledge of the Company, without any conflict with or infringement of the rights of others in any material respect. For purpose of this Agreement, (i) “Proprietary Assets” shall mean all patents, patent applications,
trademarks, service marks, trade names, domain names, copyrights, copyright registrations and applications and all other rights corresponding thereto, inventions, databases and all rights therein, all computer software including all source code,
object code, firmware, development tools, files, records and data, including all media on which any of the foregoing is stored, formulas, designs, business methods, trade secrets, confidential and proprietary information, proprietary rights, know-how and processes, and all documentation related to any of the foregoing; and (ii) “Registered Intellectual Property” means all Proprietary Assets of any Group Company, wherever located, that
has been filed with or recorded by any competent Governmental Authority. 
 3.12 Contracts. 

(a) Material Contracts and Obligations. All agreements, contracts, leases, licenses, instruments, commitments (oral or written),
indebtedness, liabilities and other obligations to which any Group Company is a party or by which it is bound that (i) are material to the conduct and operations of its business and properties; (ii) involve any of the officers,
consultants, directors, employees or shareholders of any Group Company; or (iii) obligate any Group Company to share, license or develop any product or technology are listed in Section 3.12 of the Disclosure Schedule and have been provided
to the Investor and its counsel. For purposes of this Section 3.12, “material” shall mean any agreement, contract, indebtedness, Liability, arrangement or other obligation either (i) having an aggregate value, cost,
Liability or amount of RMB4,000,000 or more, or (ii) not terminable upon no more than thirty (30) days’ notice without penalty or obligation, or (iii) relating to the leased stores with a monthly rental of RMB300,000 or more and
leased warehouses. 
 (b) Validity and Status. All the material contracts listed on Section 3.12 of the Disclosure Schedule are
legally valid and binding, in full force and effect, and enforceable in accordance with their respective terms against the parties thereto, and will not violate any applicable laws. There is no existing default or breach by any party thereto and no
Group Company has received any notice or claim or allegation of default or breach thereof from any party thereto. 
 3.13 Litigation.
To the best knowledge of the Warrantors, except as described in Section 3.13 of the Disclosure Schedule, there is no Action pending or currently threatened against or brought by any Founder, any Founder Holdco, any Group Company, any Group
Company’s activities, properties or assets or against or brought by any registered general managers or registered supervisors, director or Key Employee of any Group Company in connection with such officer’s, director’s or Key
Employee’s relationship with, or actions taken on behalf of, any Group Company. No Group Company is a party to or subject to the provisions of any material order, writ, injunction, judgment or decree of any court or government agency and there
is no material Action by any Group Company currently pending. 

  
 15 

 3.14 Governmental Consents. All consents, approvals, licenses, permits, orders,
authorizations or registrations, qualifications, designations, declarations or filings with any Governmental Authority (the “Governmental Authorizations”) on the part of each Group Company required in connection with the execution,
delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby have been obtained and are currently effective and in consummating such transactions, the Group Companies are in full compliance with
the “Provisions for Foreign Investors to Merge and Acquire Domestic Enterprises” promulgated by MOFCOM et.al. on August 8, 2006, amended on June 22, 2009 and amended from time to time. The offer, sale and issuance of the
Purchased Shares and the Conversion Shares, in conformity with the terms of this Agreement, are exempt from the registration and prospectus delivery requirements of the Securities Act and all other applicable securities laws and regulations. 

3.15 Compliance with Other Instruments. No Group Company is in any material violation of any term of its constitutional documents (the
“Constitutional Documents”) or the applicable laws and regulations. The execution, delivery and due performance of and compliance with the Transaction Documents and the consummation of the transactions contemplated thereunder will
not result in any violation under any Constitutional Documents or any other material agreements. 
 3.16 Registration Rights. Except
as provided in the Shareholders Agreement, no Group Company has granted or agreed to grant any Person any registration rights with respect to any of the securities of any Group Company. 

3.17 Tax Matters. The Group Companies have paid or made sufficient provision for the payment of all taxes in full that have become due
pursuant to the applicable laws. There have been no examinations or audits of any tax returns or reports by any applicable Governmental Authority. 

3.18 Obligations of Management. Each Key Employee of each Group Company is identified in Section 3.18 of the Disclosure Schedule
and except for the part-time employees specified in Section 3.18 of the Disclosure Schedule, each such Key Employee is currently devoting one hundred percent (100%) of his or her working time to the conduct of the business of a Group Company.
To the best knowledge of the Warrantors, no Warrantor is aware that any such Key Employee is planning to work less than full time at a Group Company in the future. To the best knowledge of the Warrantors, no such Key Employee directly or indirectly
holds any interest in or is currently working for a competitive enterprise, whether or not such Key Employee is or will be compensated by such enterprise. 

3.19 Employment Agreement, Invention Assignment and Confidentiality Agreement. Each of the Founders and Senior Management shall have
entered into a standard form employment agreement containing provisions of confidentiality, intellectual property rights assignment, non-compete and non-solicitation
obligations of the employee. 

  
 16 

 3.20 Interested Party Transactions. Except as disclosed in Section 3.20 of the
Disclosure Schedule, no Founder, shareholder, officer, employee or director of a Group Company or any Affiliate of any such Person (each of the foregoing, an “Interested Party”) has any agreement, understanding, or proposed
transaction with, or is indebted to, any Group Company, nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any of them. Except as disclosed in Section 3.20 of the Disclosure Schedule, no Interested
Party has any direct or indirect ownership interest in any firm or corporation with which a Group Company is affiliated or with which a Group Company has a business relationship, or any firm or corporation that competes with a Group Company, except
that any Interested Party may have less than one percent (1%) of record ownership interest in the foregoing Persons or own less than one percent (1%) of shares in publicly traded companies that may compete with a Group Company. No Affiliate of any
officer or director of a Group Company is directly or indirectly interested in any material contract with a Group Company. No Interested Party has had, either directly or indirectly, any interest in: (a) any Person which purchases from or
sells, licenses or furnishes to a Group Company any goods, property, intellectual or other property rights or services; or (b) any contract or agreement to which a Group Company is a party or by which it may be bound or affected. 

3.21 Disclosure. No representation or warranty by any Warrantor in this Agreement or in any written statement or certificate furnished
or to be furnished to the Investor pursuant to any Transaction Document contains or will contain any untrue statement of fact or omits or will omit to state any fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances in which they are made, not misleading in any way. Each of the Warrantors has fully provided the Investor with all the information that the Investor has requested for deciding whether to purchase the Purchased Shares
and all information that could reasonably be expected to enable the Investor to make such decision. 
 3.22 Exempt Offering. Based in
part on the representations and warranties of the Investor set forth in Section 4 below, the offer, sale and issuance of the Purchased Shares under this Agreement are exempt from the registration requirements of the Securities Act and from the
registration or qualification requirements of any other applicable securities laws of any Governmental Authority, and the issuance of the Conversion Shares in accordance with the Restated M&A, will be exempt from such registration or
qualification requirements. 
 3.23 Suppliers. Section 3.23 of the Disclosure Schedule is a correct list of top five
(5) suppliers (by attributed expenses) (with related or affiliated Persons aggregated for purposes hereof) of the Group Companies for the year of 2019, together with the aggregate amount of revenues received or expenses paid to such business
partners during such periods. To the knowledge of the Warrantors, each such supplier can provide sufficient and timely supplies of goods and services in order to meet the requirements of the Group Companies’ Business consistent with past
practice. No Group Company has experienced or been notified of any shortage in goods or services provided by its suppliers or other providers and has no reason to believe that any Person listed on Section 3.23 of the Disclosure Schedule would
not continue to provide to, or purchase from, or cooperate with, respectively, or that it would otherwise alter its business relationship with, the Group Companies at any time after the Closing on terms substantially similar to those in effect on
the date hereof, in any case. There is not currently any dispute pending between any of the Group Companies and any Person listed on Section 3.23 of the Disclosure Schedule. 

3.24 Insurance. There is no claim pending under the insurance policies and bonds maintained by each Group Company as to which coverage
has been questioned, denied or disputed. All premiums due and payable under all such policies and bonds have been timely paid, and each Group Company is otherwise in compliance in all respects with the terms of such policies and bonds. All such
policies and bonds are in full force and effect. 

  
 17 

 3.25 Anti-Bribery, Anti-Corruption, Anti-Money Laundering and Sanctions. Each Group
Company and other Warrantors and their Affiliates and their respective directors, officers, managers, employees, independent contractors, representatives, agents and other Persons acting on their behalf (collectively, the
“Representatives”) are and have been in compliance with all applicable laws relating to anti-bribery, anti-corruption, anti-money laundering, sanctions, record keeping and internal control laws (collectively, the “Compliance
Laws”). Without limiting the foregoing, neither any Group Company nor, any Representative has, directly or indirectly, offered, authorized, promised, condoned, participated in, consummated, or received notice of any allegation of,
(a) the making of any gift or payment of anything of value to any public official by any Person to obtain any improper advantage, affect or influence any act or decision of any such public official, or assist any Group Company in
obtaining or retaining business for, or with, or directing business to, any Person; (b) the taking of any action by any Person which (i) would violate the U.S. Foreign Corrupt Practices Act, as amended (the “FCPA”), if
taken by an entity subject to the FCPA, (ii) would violate any sanctions program administered by the Office of Foreign Assets Control of the United States Department of the Treasury (the “OFAC”) under authority delegated to the
Secretary of the Treasury by the President of the United States or provided to the Secretary of the Treasury by statute, and any order or license issued by, or under authority delegated by, the President or provided to the Secretary of the Treasury
by statute in connection with a sanctions program thus administered by OFAC; (iii) would violate the U.K. Bribery Act, if taken by an entity subject to the U.K. Bribery Act, or (iv) could reasonably be expected to constitute a violation of
any applicable Compliance Law; (c) the making of any false or fictitious entries in the books or records of any Group Company by any Person; or (d) the using of any assets of any Group Company for the establishment of any unlawful or
unrecorded fund of monies or other assets, or the making of any unlawful or undisclosed payment. 
 3.26 Financing Matters. 

(a) All of the transactions of the Group Companies, including without limitation all receivables and payments are made through the bank account
of the applicable Group Company. No personal bank account of any employees, directors or officers of any Group Company has been mingled with the corporate assets or corporate account of any Group Company during its operation of business and each
Group Company has not used any personal bank accounts of any of its employees, directors or officers thereof during its operation of business. 

(b) The proceeds generated from prior financing pursuant to the Prior Financing Documents by the Group Companies have been used in compliance
with all applicable laws and the applicable Prior Financing Documents in all respects. 
 3.27 Compliance with Laws. Each Group
Company is in compliance with all applicable laws applicable to it or to the conduct or operation of its business or the ownership or use of any of its assets or properties in any material respect, except for such
non-compliance that would not result in any Material Adverse Effect. 
 4. REPRESENTATIONS AND WARRANTIES OF
INVESTOR. 
 The Investor hereby represents and warrants to the Company as follows as of the date hereof and as of the Closing: 

4.1 Authorization. It has full power and authority to enter into this Agreement and the other Transaction Documents, and each of the
Transaction Documents to which it is a party, when executed and delivered by the Investor, will constitute a valid and legally binding obligation of the Investor, subject as to enforcement of remedies, to applicable bankruptcy, insolvency,
moratorium, reorganization and similar laws affecting creditors’ rights generally and to general equitable principles. 

  
 18 

 4.2 Purchase for Own Account. It is, or will be acquiring the Purchased Shares and
the Conversion Shares for its own account, not as a nominee or agent, and not with a view to or in connection with the sale or distribution of any part thereof. By executing this Agreement, the Investor further represents that it does not have any
contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participation to such Person or any third Person, with respect to any Purchased Shares or Conversion Shares, other than agreements or arrangements governing
the acquisition, management and disposition of fund assets or interests in general fund assets with participants in the fund. 
 5. CONDITIONS TO
INVESTOR’S OBLIGATIONS AT THE CLOSING. 
 The obligations of the Investor to purchase the Purchased Shares at the
Closing is, unless otherwise waived in writing by the Investor, subject to the fulfillment to the satisfaction of the Investor on or prior to the Closing of the following conditions: 

5.1 Representations and Warranties Correct. Each of the representations and warranties of the Warrantors contained in Section 3
shall have been true and complete as of the date hereof till and as of the Closing with the same effect as though such representations and warranties had been made on each such date and as of the date of the Closing, except in either case for those
representations and warranties that address matters only as of a particular date, which representations will have been true and complete as of such particular date. 

5.2 Performance of Obligations. Each Warrantor shall have performed and complied with all agreements, obligations and conditions
contained in this Agreement and other Transaction Documents that are required or contemplated to be performed or complied with by it on or before the Closing. 

5.3 Authorizations. All consents of any competent Governmental Authority or of any other Person that are required to be obtained by any
Party hereto (other than the Investor) in connection with the consummation of the transactions contemplated by this Agreement and other Transaction Documents shall have been duly obtained and effective as of the Closing, and evidence thereof shall
have been delivered to the Investor. 
 5.4 Proceedings and Documents. All corporate and other proceedings in connection with the
transactions contemplated hereby and all documents and instruments incident to such transactions shall be satisfactory in substance and form to the Investor, and the Investor shall have received all such counterpart originals or certified or other
copies of such documents as it may request. 
 5.5 Group Company’s Charter Documents. The Restated M&A in the form and
substance to be agreed between the Company and the Investor, shall have been duly adopted by all necessary actions of the Board and shareholders of the Company, and such adoption shall have become effective prior to the Closing with no alternation
or amendment as of the Closing. The charter documents of each of the other Group Companies shall be satisfactory in substance and form to the Investor. 

  
 19 

 5.6 Transaction Documents. Each of the parties to the Transaction Documents,
other than the Investor, shall have executed and delivered such Transaction Documents to the Investor. 
 5.7 Consents and Waivers.
Each Warrantor shall have obtained any and all consents and waivers necessary or appropriate for consummation of the transactions contemplated by this Agreement. 

5.8 Laws. The offer and sale of the Purchased Shares and the Conversion Shares to the Investor pursuant to this Agreement shall be
exempted from the registration and prospectus delivery requirements of the Securities Act and shall not violate or breach or result in a violation or breach of any other applicable laws or regulations. 

5.9 Business Plan and Budget. The Company shall have delivered to the Investor prior to the Closing a detailed business plan and budget
with respect to the Group Companies for the year 2020 to the Investor’s satisfaction. 
 5.10 No Litigation. No Action shall have
been threatened or instituted by or against any Warrantor or the Investor seeking to enjoin, challenge the validity of, or assert any Liability against any of them on account of, any transactions contemplated by this Agreement or the other
Transaction Documents. 
 5.11 Closing Deliveries. The Warrantors shall have tendered delivery of all of the various items they are
required to deliver to the Investor at the Closing under Section 2.3. 
 5.12 Due Diligence. The Investor shall have completed
the legal, financial and business due diligence investigation on the Group Companies to its satisfaction. 
 5.13 Approval by Investment
Committee. The Investor shall have received approvals by its investment committee for entering into the Transaction Documents and consummating the transactions contemplated thereby. 

5.14 No Material Adverse Effect. There shall have been no Material Adverse Effect on the financial condition, business, prospects or
operations of any Group Company since the Financial Statements Date. 
 5.15 Board of Directors. As of the Closing, the authorized
size of the Board of Directors of the Company shall be thirteen (13). The Investor shall have the right to appoint one (1) director to the Board of Directors (the “Series D Director”). 

5.16 Amendment of Control Documents. As of the Closing, the Control Documents shall have been updated to reflect the current
shareholding structure of the Domestic Company. 
 6. CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSING. 

The obligation of the Company to issue and sell the Purchased Shares to the Investor at the Closing, unless otherwise waived in writing by the
Company, is subject to the fulfillment to the Company’s satisfaction on or prior to the Closing of the following conditions: 
 6.1
Representations and Warranties Correct. The representations and warranties made by the Investor in Section 4 hereof shall be true and correct and complete with respect to the subjects covered therein when made, and shall be true and
correct and complete as of the date of the Closing with the same force and effect as if they had been made on and as of such date, subject to changes contemplated by this Agreement. 

  
 20 

 6.2 Performance of Obligations. The Investor shall have performed and complied with
all agreements, obligations and conditions contained in this Agreement that are required or contemplated to be performed or complied with by it on or before the Closing. 

6.3 Transaction Documents. The Investor shall have executed and delivered the Transaction Documents to the Company. 

6.4 Authorizations. All consents of any competent Governmental Authority or of any other Person that are required to be obtained by the
Investor in connection with the consummation of the transactions contemplated by this Agreement and other Transaction Documents shall have been duly obtained and effective as of the Closing. 

7. COVENANTS OF THE WARRANTORS. 
 Each of
the Warrantors hereby jointly and severally covenants to the Investor as follows: 
 7.1 Use of Proceeds. In accordance with the
budget and business plan approved by the Board or the shareholders of the Company, as applicable, in accordance with the Transaction Documents, the Company shall use the proceeds from the issuance and sale of the Purchased Shares for capital
expenditure, business expansion and working capital of the Group Companies, save as otherwise stipulated in this Agreement. Unless otherwise agreed to in writing by the Board (including the affirmative vote of the Requisite Investor Directors (as
defined in the Shareholders Agreement)), no proceeds from the sale of the Purchased Shares shall be used (i) in the purchase of any Equity Securities, (ii) in the investment of any other Person, (iii) in the payment of any debt of any
Group Company, or (iv) in the repurchase or cancellation of securities held by any shareholder of the Company. The Company shall, and the other Warrantors shall cause the Company to, invest such proceeds in the Ecommerce Company, including
increasing its registered capital, as soon as possible after the Closing. 
 7.2 Filing of the Restated M&A. The Company
shall, and the Founders and the Founder Holdcos shall cause the Company to obtain the duly filed and stamped Restated M&A within ten (10) days following the Closing and the evidence of which shall be delivered to the Investor. 

7.3 Additional Covenants. Except as required by this Agreement or the Shareholders Agreement, no resolution of the directors, owners,
members, joint venture parties, or shareholders of any Group Company shall be passed, nor shall any contract or commitment be entered into prior to the Closing without the written consent of the Investor, except that the Group Companies may carry on
their respective businesses in the same manner as heretofore and may pass resolutions and enter into contracts and commitments in the ordinary course of business and consistent with their past practice. 

7.4 Notice of Certain Events. If at any time before the Closing, any Warrantor comes to know of any material fact or event which: 

(a) is in any way inconsistent with any of the representations and warranties of the Warrantors in this Agreement; 

(b) suggests that any fact warranted by the Warrantors hereunder may not be as warranted or may be misleading; or 

  
 21 

 (c) might affect the willingness of a prudent investor to purchase the Purchased Shares on
the terms contained in the Transaction Documents or the amount of the consideration a prudent investor would be prepared to pay for the Purchased Shares, then the Warrantors shall immediately notify the Investor in writing, describing the fact or
event in reasonable detail.  
 7.5 Use of Investor’s Name or Logo. Without the prior written
consent of the Investor, none of the parties shall use, publish, reproduce, or refer to the name of Tiger, its Affiliates and/or Controlling persons, or the name “Tiger”, “Tiger Global”,
“老虎环球”, “老虎” or any similar name, trademark or logo in any discussion, documents or materials, including without limitation for marketing or other purposes. 

7.6 Corporate Opportunity. The Group Company hereby acknowledge that the Investor and its Affiliates (including investment funds,
persons or accounts under the management of the Investor or its Affiliates) engage in hedge fund investment and private equity investment businesses. The Investor and its Affiliates shall have the right to, and shall have no duty hereunder to
refrain from, continue to carry on its normal course of business activities as professional investors. The Investor and its Affiliates may from time to time have information on or knowledge of a business opportunity that a Group Company is
financially able to undertake, is from its nature in the line or lines of one or more Group Company’s existing or prospective business and is a practical advantage to it, and is one in which a Group Company has an interest or reasonable
expectancy (the “Business Opportunity”). Such Business Opportunity may or may not be within the knowledge of the Director appointed by the Investor (the “Investor Director”). The parties hereto agree, and shall
procure that each of the Group Companies agrees, irrevocably that the Investor Director shall not be under any duty to disclose any Business Opportunity to the Company or any other Group Company, or permit any Group Company to participate in any
Business Opportunity, or to otherwise take advantage of any Business Opportunity, and hereby waives, to the extent permitted by law, any claim based on the corporate opportunity doctrine or otherwise that could limit the Investor’s ability to
benefit from information related to an actual or potential Business Opportunity or that would require the Investor or the Investor Director to disclose any such information to any Group Company or offer any Business Opportunity to any Group Company.

 7.7 Tax Basis. The Warrantors hereby undertake that all (but not less than all) the proceeds from the issuance and sale of the
Purchased Shares shall be contributed into the Company, the HK Company and thereafter into the Ecommerce Company as registered capital, otherwise the Warrantors shall indemnify the Investor against taxes or duties, in connection with the
Investor’s sale of its respective shares, levied or imposed on the Investor by the relevant PRC tax authorities as the result of the tax base for such shares determined by the relevant PRC tax authorities being less than the Purchase Price paid
by the Investor solely due to the breach of the Warrantors’ obligations under this Section 7.7. 
 7.8 Employment Agreement,
Proprietary Rights and Confidentiality Agreement. The Group Companies shall cause all of their respective current employees to enter into employment agreements and proprietary rights and confidentiality agreement in standard form in compliance
with the applicable laws and regulations. The Group Companies shall further cause all of their respective future employees to enter into employment agreements and confidentiality and intellectual property rights agreements in standard form in
compliance with the applicable laws and regulations. 

  
 22 

 7.9 Regulatory Compliance. Each Warrantor shall comply with all applicable laws and
regulations in the PRC, including but not limited to applicable laws and regulations in connection with the operations of the Group Companies and foreign exchanges. Each Warrantor shall use its best efforts to cause all shareholders of each Group
Company, and any successor entity or controlled Affiliate of any Group Company to, timely complete all required registrations and other procedures with applicable Governmental Authorities (including without limitation SAFE) as and when required by
applicable laws and regulations. The Warrantors shall ensure that, each entity described above and its respective shareholders are in compliance with such requirements and that,
to the extent permitted by applicable law, there is no barrier to repatriation of profits, dividends and other distributions from Ecommerce Company (or any successor entity) to the HK Company. 

7.10 Restructuring of Yitong. The Warrantors agree that, without the prior written approval of the Investor, Beijing
Yitong Technology Co., Ltd. (北京逸同科技有限公司) (“Yitong Technology”), a company established by the Founders in Beijing for the purpose of the Circular 37
registration, will not take any business or operation after its establishment. 
 7.11 Permit and License. As soon as practicable
after the Closing, the PRC Companies shall, and the Warrantors shall cause the PRC Companies to, obtain and maintain all of the necessary Governmental Authorizations in full compliance with applicable laws for the conduct of their business as
currently conducted and as proposed to be conducted, including but not limited to filings of all the domestic non-special purpose cosmetic products produced by any Group Company or any third party entrusted by
the Group Companies with the provincial NMPA or any other Governmental Authorities with competent jurisdiction after the Closing. The Domestic Company, shall, and the other Warrantors shall procure it to, as soon as possible after the Closing and if
practicable, apply for the Permit of Audiovisual Internet Dissemination (信息网络传播视听许可), the applicable Value-Added Telecommunication Operation License, the Internet Culture
Operation Permit (网络文化经营许可证) and any other license or permits for the business it proposes to conduct. To the extent permitted by the applicable laws, each of the Group Companies and the
Founders shall procure each of the Group Companies to, (1) use its best efforts to maintain in a timely manner all requisite consents and permits for conducting the Business in compliance with all applicable laws, and (2) if so required by
any applicable laws, obtain additional consents and permits necessary for conducting the Business as soon as possible but in any event no later than the time limit required by the applicable PRC laws or the competent Governmental Authorities. 

7.12 Intellectual Property Protection. The Group Companies shall establish and maintain appropriate intellectual inspection system to
protect the Proprietary Rights of the Group Companies. The Group Companies shall, and the Founders shall cause the Group Companies to fully comply with the laws and regulations in respect of the protection of the Proprietary Rights and refrain from
infringing the Proprietary Rights of other parties. Ecommerce Company shall, and the other Warrantors shall procure Ecommerce Company to, use its best efforts to obtain as soon as possible and maintain the registration of the core trademarks used in
the Business (including without limitation, the marks of “perfect diary”, “完美日记” and the combination of the foregoing) in the appropriate goods and services (including without limitation, cosmetics,
cosmetics tools and advertisement). The Group Companies shall take all necessary or desirable actions to protect their trademarks, including initiating trademark petitions against any trademark applications filed by any third party for a trademark
identical or similar to the Group Companies’ trademarks. 

  
 23 

 7.13 Availability of Ordinary Shares. The Company hereby covenants that at all times
there shall be made available, free of any Liens, for issuance and delivery upon conversion of the Purchased Shares such number of Ordinary Shares or other shares of share capital of the Company as are from time to time issuable upon conversion of
the Purchased Shares. 
 7.14 Business of the Company and the HK Company    The business of the Company
shall be restricted to the holding of shares or equity interest in the HK Company. The business of the HK Company shall be restricted to the holding of shares or equity interest in the Ecommerce Company.  

7.15 Business of the PRC Companies. Prior to entering into any new business other than those in the scope of the Business,
each Warrantor shall use its best efforts and take all necessary actions to implement and carry out the new business plan approved by a majority of the Board in accordance with Section 9 of the Shareholders Agreement, including, without
limitation, hiring employees, renting office space, employing legal and technical consultants and undertaking other customary business activities. From the Closing and until the new business plan is duly amended in accordance with all necessary
procedures, the business of the PRC Companies shall be limited to the Business. 
 7.16 Employee Matters. Upon the request of the
Investor and if notified by the competent Governmental Authorities, the PRC Companies shall pay and supplement the deficiency with respect to non-payment or underpayment of the social insurances and/or the
housing fund whether occurred before or after the Closing. 
 7.17 Tax Matters. The PRC Companies shall comply with all applicable PRC
tax laws and regulations, including without limitation, laws and regulations pertaining to income tax and value added tax. 
 7.18 Filing
of Lease Agreements. As soon as practicable after the Closing, each of the PRC Companies shall, and the Founders shall procure the PRC Companies to, use their best efforts to duly register all the real property lease agreements to which such PRC
Company is a party with the competent Governmental Authorities. 
 7.19 De-registration of Yatsen Pet
Products. As soon as practicable after the Closing but in any event no later than six (6) months after the Closing, the Ecommerce Company shall have completed all the deregistration procedures of Yatsen Pet Products and shall provide to the
Investor the deregistration completion notices issued by competent local branch of SAMR regarding the deregistration of Yatsen Pet Products. 

7.20 Registration of Share Pledge. Within one (1) month after the Closing, all of the shareholders of the Domestic Company shall
have duly filed with competent local branch of SAMR the share pledge of their Equity Securities in the Domestic Company to Ecommerce Company as contemplated by the Control Documents. Within two (2) months after the Closing, such share pledge
shall be duly registered and the Company shall provide the proof thereof to the Investor. 

  
 24 

 7.21 Executory Period Covenants. 

(a) Access. Between the date hereof and the Closing, the Warrantors shall permit the Investor, or any representative thereof, to
(a) visit and inspect the properties of the Group Companies, (b) inspect the contracts, books of account, records, ledgers, and other documents and data of the Group Companies, (c) discuss the business, affairs, finances and accounts
of the Group Companies with officers and employees of the Group Companies, and (d) review such other information as the Investor reasonably request, in such a manner so as not to unreasonably interfere with their normal operations, including
but not limited to the Investor shall have received from the Company all documents and other materials requested by the Investor for the purpose of examining and determining the rights in and to any technology, products and Proprietary Rights now
used, proposed to be used in, or necessary to, the business as now conducted and proposed to be conducted by the Group Companies, and the status of its ownership rights in and to all such technology, products and Proprietary Rights shall be
satisfactory to the Investor in its sole discretion. 
 (b) Covenants. Between the date hereof and the Closing, except as the prior
written consent of the Investor or the transactions contemplated under the Transaction Documents, each of the Group Companies shall (and the Warrantors shall cause each of the Group Companies to) (a) conduct its business in the ordinary course
consistent with past practice, as a going concern and in compliance with all applicable laws and all agreements, contracts, instruments and commitments (oral or written), (b) pay or perform its debts, taxes, and other obligations when due,
(c) maintain its assets in a condition comparable to their current condition, reasonable wear, tear and depreciation excepted, (d) use reasonable best efforts to preserve intact its current business organizations and keep available the
services of its current officers and employees and preserve its relationships with customers, suppliers and others having business dealings with it, (e) otherwise periodically report to the Investor concerning the status of its business,
operations and finance, and (f) take all actions reasonably necessary, to consummate the transactions contemplated by this Agreement promptly, including the taking of all reasonable acts necessary to cause all of the conditions precedent of the
Investor to be satisfied. 
 (c) Information. From the date hereof until the Closing, (a) the Warrantors shall promptly notify
the Investor of any action, charge, claim, complaint, investigation. litigation, inquiry or other proceeding commenced or threatened in writing against any Warrantor, (b) the Warrantors shall promptly notify the Investor of any breach,
violation or non-compliance of any representation, warranty or covenant made by any Warrantors hereunder, and (c) the Warrantors will promptly provide the Investor with copies of all correspondence and
inquiries to and from, and all filings made with, any Governmental Authority with respect to the transactions contemplated hereby. 
 (d)
Exclusivity. From the date hereof until the Closing or the termination date of this Agreement, other than offering or issuance of certain Preferred Shares to the Co-Investors as disclosed to the
Investor, the Warrantors shall not, and they shall not permit any of their representatives or any Group Company to, directly or indirectly solicit, initiate or encourage any inquiries or proposals from, discuss or negotiate with, provide any non-public information to, or approve or authorize any transaction with any Person that would involve an investment in, purchase of shares of, or acquisition of any Group Company or any material assets thereof or
would be in substitution or an alternative for or would impede or interfere with the transactions contemplated hereby, unless with the prior written consent of the Investor. The Warrantors shall, and shall cause their representatives and the other
Group Companies to, immediately terminate all existing activities, discussions and negotiations with any third parties other than the Co-Investors with respect to the foregoing and if any of them hereafter
receives any correspondence or communication that constitutes, or could reasonably be expected to lead to, any such transaction they shall immediately give notice thereof (including the third party and the material terms of such transaction) to the
Investor. 

  
 25 

 7.22 Other Issues in the Disclosure Schedule. As soon as practicable after the
Closing and at any time upon the request of the Investor, the relevant Group Companies, and the Founders shall, to the satisfaction of the Investor, resolve the issues in a practically reasonable manner, which are disclosed in the Disclosure
Schedule or identified by the Investor in the due diligence process but not expressly specified as a specific covenant under Section 7 or a specific condition for the Closing under Section 5. 

7.23 Co-Investors SPA. Any and all share purchase agreements (“Co-Investors SPA”) entered into by and among the Company and the Co-Investors shall be in substantially the same form as this Agreement, with terms and conditions no
more favorable to the Co-Investors than those to the Investor hereunder. In the event the Co-Investors SPA contains terms and conditions more favorable to the Co-Investors than those to the Investor hereunder, such more favorable terms and conditions shall automatically be applicable to the Investor. Each party hereby agrees and consents to requisite amendment of
this Agreement, as applicable, accordingly to reflect the same. 
 8. INDEMNITY. 

(a) Each Warrantor shall, jointly and severally, indemnify the Investor against any reduction in value of the Company’s or the Group
Companies’ assets, any increase in its liabilities, any dilution of the Investor’s interests in the Company or any diminution in the value of the Investor’s interests in the Company as a result of (i) any breach or violation of
any representation or warranty made by any Warrantor in the Transaction Documents and (ii) any breach by any Warrantor of any covenant or agreement contained herein and in any other Transaction Documents (the forgoing losses, the
“Indemnifiable Losses”). Notwithstanding the foregoing, the Founders and the Founder Holdcos shall not be liable for any Indemnifiable Losses until and unless the Group Companies have exhausted all available funds in paying for the
Indemnifiable Losses. 
 (b) Notwithstanding anything contained in the Disclosure Schedule (as amended, if applicable), each Warrantor shall
jointly and severally indemnify at all times and hold harmless the Investor from and against any and all Indemnifiable Losses suffered by the Investor, directly or indirectly, as a result of, or based upon or arising from (i) any tax Liability
of any Group Company not reflected in the Financial Statements or arising out of any failure, by any Warrantor to comply with any applicable laws of the PRC or any other jurisdiction relating to tax, occurring for all taxable periods ending on or
before the Closing and the portion through the end of the Closing for any taxable period that includes (but does not end on) the Closing, (ii) any Group Company’s failure occurred on or before the Closing to pay the social insurances or
the housing funds for all of its employees in full and on time, and (iii) any Warrantor’s violation of any applicable laws relating to or in connection with foreign exchanges occurred on or before the Closing. 

(c) Notwithstanding anything to the contrary contained herein, the aggregate liabilities of the Warrantors pursuant to this Section 8 for
the Investor under the Transaction Documents shall not exceed the Purchase Price paid for the Purchased Shares being purchased by the Investor hereunder, provided that, absent willful misconduct which would result or reasonably be expected to result
in a Material Adverse Effect or fraud by any of the Founders, the aggregate liabilities of each Founder and his applicable Founder Holdco pursuant to this Section 8 for the Investor under the Transaction Documents shall not exceed an amount
equal to the lower of (i) the Purchase Price paid for the Purchased Shares being purchased by the Investor hereunder; and (ii) the value of the Ordinary Shares beneficially owned by such Founder in the Company, determined by the proceeds
received by such Founder from disposal of such Ordinary Shares through arm’s length transaction in good faith. Any Founder may elect to compensate the Investor for any Indemnifiable Loss suffered by the Investor by transferring the Ordinary
Shares in whole or in part held by the relevant Founder Holdco to the Investor at no cost, provided that, the value for such number of Ordinary Shares to be transferred shall equal the Indemnifiable Loss with such value to be determined by the
Company’s auditor in good faith (including affirmative votes of the holders of at least fifty percent (50%) of the then issued outstanding Ordinary Shares (on as-converted basis) held by all holders of
the Preferred Shares). 

  
 26 

 9. CONFIDENTIALITY AND NON-DISCLOSURE. 

9.1 Disclosure of Terms. The terms and conditions of the Transaction Documents and all exhibits and schedules attached hereto and
thereto (collectively, the “Financing Terms”), including their existence, shall be considered confidential information and shall not be disclosed by any Party hereto to any third party except in accordance with the provisions set
forth below; provided that such confidential information shall not include any information that is in the public domain other than caused by the breach of the confidentiality obligations hereunder. 

9.2 Press Releases. Any press release issued by any Group Company or their Affiliates shall not disclose any of the Financing Terms and
the substance and form of such press release shall be approved in advance by the Investor. 
 9.3 Permitted Disclosures.
Notwithstanding the foregoing, any Party may disclose any of the Financing Terms to its current or bona fide prospective investor, employees, investment bankers, lenders, partners, accountants and attorneys, in each case only where such persons or
entities are under appropriate nondisclosure obligations. 
 9.4 Legally Compelled Disclosure. In the event that any Party is
requested or becomes legally compelled (including without limitation, pursuant to securities laws and regulations) to disclose the existence of any Transaction Document or any of the exhibits and schedules attached hereto or thereto, or any of the
Financing Terms hereof in contravention of the provisions of this Section 9.4 such party (the “Disclosing Party”) shall provide the other parties (the “Non-Disclosing
Parties”) with prompt written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedy. In such
event, the Disclosing Party shall furnish only that portion of the information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably requested by any Non-Disclosing Party. 
 9.5 Other Information. The provisions of this Section 9 shall be in
addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by any of the parties with respect to the transactions contemplated hereby. 

10. MISCELLANEOUS. 
 10.1 Governing
Law. This Agreement shall be governed in all respects by the laws of the Hong Kong without regard to conflicts of law principles. 
 10.2
Survival of Representations and Warranties and Covenants. The representations, warranties, covenants and agreements made by the Warrantors herein shall survive any due diligence investigation made by the Investor hereto and shall survive the
Closing. 

  
 27 

 10.3 Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the Parties hereto whose rights or obligations hereunder are affected by such amendments. Notwithstanding
anything contrary in this Agreement, this Agreement and the rights and obligations herein may be assigned or transferred by the Investor to its Affiliates. No Warrantor may assign its rights or delegate its obligations under this Agreement without
the written consent of the Investor. 
 10.4 Entire Agreement. This Agreement, the Shareholders Agreement, and any other Transaction
Documents together with all the schedules and exhibits hereto and thereto, which are hereby expressly incorporated herein by this reference, constitute the entire understanding and agreement between the Parties with regard to the subjects hereof and
thereof; provided, however, that nothing in this Agreement or related agreements shall be deemed to terminate or supersede the provisions of any confidentiality and non-disclosure agreements
executed by the Parties hereto prior to the date of this Agreement, all of which agreements shall continue in full force and effect until terminated in accordance with their respective terms. 

10.5 Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this
Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when sent by facsimile at the number set forth below, upon a successful transmission report being
generated by the sender’s machine; (c) when sent by email, upon the date of successful transmission, provided that the sending Party has received a system message indicating successful transmission or has not received a system message
within twenty-four (24) hours indicating failure of delivery or return of email; or (d) three (3) Business Days after deposit with an internationally-recognized overnight delivery service, postage prepaid, addressed to the Parties as set
forth below with next-business-day delivery guaranteed, provided that the sending Party receives a confirmation of delivery from the delivery service provider. 

Each Person making a communication hereunder by facsimile shall promptly confirm by telephone to the Person to whom such communication was
addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. The address of each Party are set forth in Schedule D and a Party may change or
supplement the addresses given above, or designate additional addresses, for purposes of this Section 10.5 by giving the other Party written notice of the new address in the manner set forth above. 

10.6 Amendments and Waivers. This Agreement may only be amended or modified with the prior written consent of the Company and the
Investor. 
 10.7 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Party upon any
breach or default of any other Party hereto under this Agreement, shall impair any such right, power or remedy of the aggrieved Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any
similar breach or default thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or
default under this Agreement or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under
this Agreement, or by law or otherwise afforded to the Parties shall be cumulative and not alternative. 

  
 28 

 10.8 Finder’s Fees. Except as set forth in the Disclosure Schedule
by the Company, each party (a) represents and warrants to the other Party hereto that it has not retained any finder or broker in connection with the transactions contemplated by this Agreement, and (b) hereby agrees to indemnify and to
hold harmless the other Party hereto from and against any Liability for any commission or compensation in the nature of a finder’s fee of any broker or other Person or firm (and the costs and expenses of defending against such Liability or
asserted Liability) for which the indemnifying party or any of its employees or representatives are responsible. 
 10.9 Interpretation;
Titles and Subtitles. This Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall not be employed in interpreting this Agreement.
The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

10.10 Counterparts. This Agreement may be executed in one or more counterparts and may be delivered by electronic PDF or facsimile
transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original, but all of which together shall constitute one instrument. 

10.11 Severability. Should any provision of this Agreement be determined to be illegal or unenforceable, such determination shall not
affect the remaining provisions of this Agreement. 
 10.12 Pronouns and etc. For all purposes of this Agreement, except as otherwise
expressly provided, (a) the defined terms shall have the meanings assigned to them in its definition and include the plural as well as the singular, and pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms;
(b) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of the body of this Agreement unless explicitly stated otherwise, and all references in this
Agreement to designated exhibits and schedules are to the exhibits and schedules attached to this Agreement unless explicitly stated otherwise, (c) the words “herein”, “hereof”, and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, (d) any reference in this Agreement to any “Party” or any other Person shall be construed so as to include its successors in
title, permitted assigns and permitted transferees, and (e) any reference in this Agreement to any agreement or instrument is a reference to that agreement or instrument as amended or novated. 

10.13 Dispute Resolution. 

(a) In the event the Parties are unable to settle a dispute between them regarding this Agreement, such dispute shall be referred to and
finally settled by arbitration at the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with HKIAC Administered Arbitration Rules (“HKIAC Rules ”) in effect, which rules are deemed to be
incorporated by reference into this subsection (a), subject to the following: (i) the arbitration tribunal shall consist of three (3) arbitrators to be appointed according to the HKIAC Rules; and (ii) the language of the arbitration
shall be English. 

  
 29 

 (b) Notwithstanding anything in this Agreement or in the HKIAC Rules or otherwise, the
arbitration tribunal shall not have the power to award injunctive relief or any other equitable remedy of any kind against the Investor unless such award both (x) is expressly appealable to and subject to de novo review by the courts of Hong
Kong, and (y) would not, if upheld, have the effect of impairing, restricting, or imposing any conditions on the right or ability of the Investor or its Affiliates to conduct their respective business operations or to make or dispose of any
other investments. The prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

10.14 Termination of Agreement. This Agreement may be terminated prior to the Closing (a) by mutual written consent of the
Parties, (b) by the Investor or the Company if the Closing has not been consummated within one (1) month after the date hereof, (c) by the Investor, by written notice to the Company if there has been a material misrepresentation or
material breach of a covenant or agreement contained in this Agreement on the part of the Warrantors, and such breach, if curable, has not been cured within fourteen (14) days of such notice stating the reason and intention to so terminate, or
(d) by the Investor if, due to change of applicable laws, the consummation of the transactions contemplated hereunder would become prohibited under applicable laws. If this Agreement is terminated pursuant to the provision of
Section 10.14, this Agreement will be of no further force or effect, provided that no party shall be relieved of any Liability for a breach of this Agreement or for any misrepresentation hereunder, nor shall such termination be deemed to
constitute a waiver of any available remedy (including specific performance if available) for any such breach or misrepresentation. 
 10.15
Survival. The provisions of Section 1, Section 7.5, Section 8, Section 9, Section 10.1,
Section 10.5, Section 10.13 and Section 10.15 shall survive the expiration or early termination of this Agreement. 

[Signature Page Follows] 
  

  
 30 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 GROUP COMPANIES:

	
	 Yatsen Holding Limited

		
	 By:
	 	/s/ Jinfeng Huang
	 Name:
	 	 HUANG Jinfeng (黄锦峰)

	 Title:
	 	 Director

	
	 Yatsen (HK) Limited

		
	 By:
	 	 /s/ Jinfeng Huang

	 Name:
	 	 HUANG Jinfeng (黄锦峰)

	 Title:
	 	 Director

	
	 Yatsen Investment Limited

		
	 By:
	 	/s/ Jinfeng Huang
	 Name:
	 	 HUANG Jinfeng (黄锦峰)

	 Title:
	 	 Director

 [Signature Page to the Share Purchase Agreement –Yatsen Holding Limited] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 GROUP COMPANIES:

	
	 Guangzhou Yatsen Ecommerce Co., Ltd.

	
(广州逸仙电子商务有限公司) (Seal)

		
	 By:
	 	/s/ Jinfeng Huang
	 Name:
	 	 HUANG Jinfeng (黄锦峰)

	 Title:
	 	 Legal Representative

	
	 Guangzhou Yatsen Cosmetic Co., Ltd.

	
(广州逸仙化妆品有限公司)
(Seal)

		
	 By:
	 	/s/ Yuwen Chen
	 Name:
	 	 CHEN Yuwen (陈宇文)

	 Title:
	 	 Legal Representative

	
	 Huizhi Weimei (Guangzhou) Commercial and Trading Co., Ltd.

	
(汇智为美(广州)商贸有限公司)
 (Seal)

		
	 By:
	 	/s/ Jinfeng Huang
	 Name:
	 	 HUANG Jinfeng (黄锦峰)

	 Title:
	 	 Legal Representative

	
	 Perfect Diary Cosmetics (Guangzhou) Co., Ltd.
(完美日记化妆品(广州)有限公司) (Seal)

		
	 By:
	 	/s/ Jinfeng Huang
	 Name:
	 	 HUANG Jinfeng (黄锦峰)

	 Title:
	 	 Legal Representative

 [Signature Page to the Share Purchase Agreement –Yatsen Holding Limited] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 GROUP COMPANIES:

	
	 Guangzhou Yatsen Pet Products Co., Ltd.

	
(广州逸仙宠物用品有限公司)
(Seal)

		
	 By:
	 	/s/ Yuwen Chen
	 Name:
	 	 CHEN Yuwen (陈宇文)

	 Title:
	 	 Legal Representative

	
	 Perfect Diary Technology (Guangzhou) Co., Ltd.
(完美日记科技(广州)有限公司) (Seal)

		
	 By:
	 	/s/ Jinfeng Huang
	 Name:
	 	 HUANG Jinfeng (黄锦峰)

	 Title:
	 	 Legal Representative

	
	 Yiyan (Shanghai) Cosmetics Co., Ltd.
(逸妍(上海)化妆品有限公司) (Seal)

		
	 By:
	 	/s/Jianhua Lyu
	 Name:
	 	 LYU Jianhua (吕建华)

	 Title:
	 	 Legal Representative

	
	 Guangzhou Yatsen Logistics Co., Ltd.
(广州逸仙物流有限公司) (Seal)

		
	 By:
	 	/s/Jianhua Lyu
	 Name:
	 	 LYU Jianhua (吕建华)

	 Title:
	 	 Legal Representative

 [Signature Page to the Share Purchase Agreement –Yatsen Holding Limited] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 GROUP COMPANIES:

	
	 Guangzhou Yiyan Cosmetics Co., Ltd.
(广州逸妍化妆品有限公司) (Seal)

		
	 By:
	 	/s/Jianhua Lyu
	 Name:
	 	 LYU Jianhua (吕建华)

	 Title:
	 	 Legal Representative

	
	 Shanghai Yizi Cosmetics Co., Ltd.
(上海逸姿化妆品有限公司) (Seal)

		
	 By:
	 	/s/Jianhua Lyu
	 Name:
	 	 LYU Jianhua (吕建华)

	 Title:
	 	 Legal Representative

	
	 Shanghai Yiqing Commercial and Trading Co., Ltd.
(海逸清商贸有限公司) (Seal)

		
	 By:
	 	/s/Jianhua Lyu
	 Name:
	 	 LYU Jianhua (吕建华)

	 Title:
	 	 Legal Representative

	
	 Yatsen (Guangzhou) Culture Creative Co., Ltd.
(逸仙(广州)文化创意有限公司) (Seal)

		
	 By:
	 	/s/Yuwen Chen
	 Name:
	 	 CHEN Yuwen (陈宇文)

	 Title:
	 	 Legal Representative

 [Signature Page to the Share Purchase Agreement –Yatsen Holding Limited] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 GROUP COMPANIES:

	
	 Guangzhou Huisheng Huise Technology Culture Media Co., Ltd.
(广州汇声汇色科技文化传媒有限公司) (Seal)

		
	 By:
	 	/s/Jianjun Lyu
	 Name:
	 	 LYU Jianjun (吕建军)

	 Title:
	 	 Legal Representative

 [Signature Page to the Share Purchase Agreement –Yatsen Holding Limited] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written. 

 

			
	 FOUNDERS AND FOUNDER HOLDCOS :

	
	 /s/ Jinfeng Huang

	 HUANG Jinfeng (黄锦峰)

	
	 /s/ Yuwen Chen

	 CHEN Yuwen (陈宇文)

	
	 /s/ Jianhua Lyu

	 LYU Jianhua (吕建华)

	
	 Slumdunk Holding Limited

	
	 By: /s/ Jinfeng Huang

	 Name: HUANG Jinfeng (黄锦峰)

	 Title: Director

	
	 Maybe Cat Holding Limited

		
	 By:
	 	/s/ Yuwen Chen
	 Name:
	 	CHEN Yuwen (陈宇文)
	 Title:
	 	Director
	
	 Icecrystou Holding Limited

		
	 By:
	 	/s/ Jianhua Lyu
	 Name:
	 	LYU Jianhua (吕建华)
	 Title:
	 	Director

 [Signature Page to the Share Purchase Agreement –Yatsen Holding Limited] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written. 

 

			
	 THE INVESTOR:

	
	 Internet Fund V Pte. Ltd.

		
	 By:
	 	 /s/Authorized Signatory

	 Name:
	 	 Authorized Signatory

	 Title:
	 	

 [Signature Page to the Share Purchase Agreement - Yatsen Holding Limited] 

 Schedule A-1 

PRC Companies 

 Schedule A-2 

Founders 
  

			
	 Name of Founders
	  	 PRC ID

	 HUANG Jinfeng

(黄锦峰)
	  	***
	 CHEN Yuwen

(陈宇文)
	  	***
	 LYU Jianhua

(吕建华)
	  	***

 Schedule A-3 

Founder Holdcos 
  

					
	 Name of the Company
	  	 Place of Incorporation
	  	 Ownership

	Slumdunk Holding Limited	  	British Virgin Islands	  	100% owned by HUANG Jinfeng (黄锦峰)
	Maybe Cat Holding Limited	  	British Virgin Islands	  	100% owned by CHEN Yuwen (陈宇文)
	Icecrystou Holding Limited	  	British Virgin Islands	  	100% owned by LYU Jianhua (吕建华)

 Schedule A-4 

Investor 
  

											
	 Name
	  	 Series of Preferred

Shares
	  	No. of Purchased
Shares 	 	  	Total Purchase
Price	 
	 Internet Fund V Pte. Ltd.
	  	 Series Seed Preferred Shares
	  	 	26,342,928	 	  	US$	27,961,775	 
	  	 Series A-2 Preferred Shares
	  	 	7,376,020	 	  	US$	7,829,297	 
	  	 Series D Preferred Shares
	  	 	40,312,346	 	  	US$	45,041,740	 

 Schedule B 

Capitalization Table 

Fully Diluted Capitalization Immediately Prior to the Closing: 

 Schedule C 

Disclosure Schedule 

 Schedule D 

Notices 

 Schedule E-1 

LIST OF KEY EMPLOYEES 

 Schedule E-2 

LIST OF SENIOR MANAGEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]