Document:

EX-4.18

 Exhibit 4.18 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER ANY OTHER SECURITIES LAWS. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND
OTHER APPLICABLE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. HOLDERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 

 
  
  

			
	Warrant No. 3	  	Date of Issuance: March 28, 2018

 WARRANT 

This Warrant (the “Warrant”) is issued to China Central International Asset Management Co., Ltd. (the
“Holder”), by Puxin Limited, an exempted company organized under the laws of the Cayman Islands (the “Company”) for good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby
acknowledged by the Company. This Warrant is issued in connection with (i) that certain Convertible Note Investment Agreement (the “Investment Agreement”) dated as of June 15, 2017 by and among Jiangyin Huazhong Investment
Management Company Limited (the “Huazhong”), an affiliate of the Holder, Puxin Education Technology Group Company Limited (“Domestic Company”), an affiliate of the Company and Mr. Yunlong Sha
(“Mr. Sha”), pursuant to which the Huazhong extended to the Domestic Company a convertible loan in the principal amount of up to RMB 300,000,000 (the “Loan”); and (ii) that certain side
agreement to the Investment Agreement (the “Side Agreement”) dated as of February 8, 2018 by and among Huazhong, Domestic Company and Mr. Sha, pursuant to which the Huazhong has agreed to, among others, waive its right to
convert the Loan into the equity interests of the Domestic Company subject to the terms and conditions contained therein. On February 5, 2018 (the “Date of Drawdown”), the Domestic Company has drawn down an amount of RMB
50,000,000 (the “Principal”) from Huazhong pursuant to the Investment Agreement. 
  

	1.	Warrant Shares. 

 (a)    Subject to the terms and conditions
hereinafter set forth and the compliance with all the applicable laws, upon occurrence of an initial public offering by the Company of its Ordinary Shares (the “IPO”), the Holder is hereby entitled to purchase from the Company up to
the number of ordinary shares of the Company, at par value US$0.00005 per share (the “Ordinary Shares”) that is equal to the quotient obtained by dividing (a) the US$ equivalent of the Principal, calculated by applying the
central parity rate between US$ and RMB published by the People’s Bank of China on the date hereof) (the “Value of the Warrant”) by (b) the per share price (the “Bench Price”) as set out below: 

 (1)    if an IPO application is submitted on or before
December 31, 2018, the Bench Price shall equal to 90% of the offering price per Ordinary Share in the IPO; or 

(2)    if an IPO application is submitted at any time after December 31, 2018 but on or before (and
including) December 31, 2019, the Bench Price shall equal to 80% of the offering price per Ordinary Share in the IPO; or 

(3)    if an IPO application is submitted at any time after December 31, 2019 but on or before (and
including) December 31, 2020, the Bench Price shall equal to 70% of the offering price per Ordinary Share in the IPO. 
 If the Holder
exercises the Warrant pursuant to this Section 1(a), the number of Warrant Shares that the Holder is entitled to purchase under this Warrant shall be determined in accordance with the following formula: 

Xn = Xo /CP 

Where, 

Xn = the number of Warrant Shares that the Holder is entitled to purchase under this Warrant; 

Xo = Value of the Warrant; 

CP = the applicable Bench Price provided under this Section 1(a). 

(b)    if an IPO has not been completed by December 31, 2020, subject to the terms and conditions hereinafter set
forth, the Holder is hereby entitled to purchase from the Company up to the number of preferred shares of the Company (the “Preferred Shares”, and collectively with the Ordinary Shares receivable pursuant to Section 1(a) above,
the “Warrant Shares”) calculated pursuant to the formula below: 
 S= Xo/V2020 
 Where, 

S = the percentage of the number of Preferred Shares that the Holder is entitled to purchase under this Section 1(b)
compared to the aggregate share capital of the Company at the time of exercise of the Warrant (on a fully-diluted and as converted basis); 

Xo =Value of the Warrant; 

V2020 means the pre-money valuation of the Company, which shall be the less of
(i) the least of the pre-money valuations of the Company applied for all rounds of equity financing of the Company after the date of the Investment Agreement (excluding the convertible note financing of
the Investment Agreement and any convertible note financing provided by the Investors of Same Round); or (ii) the valuation calculated based on the following formula: 

  
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 V2020=(P+I) *15 

Where, 

V2020= pre-money valuation of
the Company; 
 P=Audited Net Income of the Company for the year 2019, as audited by an accounting firm acceptable to the
Holder; 
 I= interests that the Domestic Company has paid to the Huazhong from January 1, 2019 until the date of
exercise of the Warrant. 
 For the avoidance of doubt, in the absence of any subsequent round of equity financing of the Company after the
date of the Investment Agreement, the V2020 calculated based on the formula set out for
V2020 in Section 1(b) above shall be applied, provided that where the sum of Audited Net Income is no greater than 0, the formula under this Section 1(b) shall not be applicable, in
which case, the Company and the Holder shall discuss in good faith how to calculate the number of preferred shares of the Company receivable upon exercise of the Warrant. 

The Preferred Shares received by the Holder shall rank pari passu with the preferred shares received by the Investors of the Same Round.

  

	2.	Exercise Price. The per share purchase price for the Warrant Shares shall be an amount equal to the Value of the Warrant, divided by the number of Warrant Shares that the Holder is entitled to purchase pursuant
to Section 1 above under this Warrant (the “Exercise Price”). 

  

	3.	Exercise Period. This Warrant shall be exercisable (i) pursuant to Section 1(a) from the completion of an IPO until three (3) months upon the expiration of the
lock-up period of the Holder, and (ii) pursuant to Section 1(b) only after December 31, 2020. For the avoidance of doubt, if this Warrant is not exercised in its entirety at one time within the
exercise period specified above, no further exercise is permitted under this Warrant with respect to the balance of the Warrant Shares that would otherwise have been issuable hereunder. 

 

	4.	Reservation of Shares. The Company hereby covenants and agrees that (a) upon an exercise of the Warrant pursuant to Section 1(a) above, at all times there shall be reserved for issuance and delivery; or
(b) upon an exercise of the Warrant pursuant to Section 1(b) above, at all times there shall be reserved for issuance and delivery upon conversion of the Preferred Shares, sufficient number of Ordinary Shares, in each case as may be
issuable upon exercise of the Warrant (the “Issuable Securities”). All Issuable Securities shall be duly authorized and, when issued upon such exercise or conversion, shall be validly issued, fully paid and non-assessable, free and clear of all liens, security interests, charges and other encumbrances or restrictions, other than transfer restrictions imposed by applicable securities laws, and free and clear of all
preemptive and similar rights. The Company will take all such action as may be necessary to assure that such Issuable Securities shall be issued as provided herein without violation of any applicable law. 

  
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	5.	Method of Exercise. The Company agrees that the Warrant Shares to be purchased pursuant to this Warrant shall be and are deemed to be issued to the Holder (or to the nominee of the Holder) as the record owner of
such shares as of the close of business in the jurisdiction in which the Company has its principal executive offices on the date on which this Warrant shall have been exercised (or the close of business on the next Business Day if the date on which
this Warrant is exercised is not a Business Day). Such exercise shall be effected by: 

  

	 	(a)	the surrender of the Warrant, together with a duly executed copy of a Notice of Exercise in the form attached hereto, to the Company at its principal executive offices; and 

 

	 	(b)	the payment to the Company of an amount equal to the Exercise Price multiplied by the number of Warrant Shares that the Holder elects to purchase (the “Warrant Price”) in cash, by wire transfer or by
check, 

  

	 	(i)	where the Warrant is exercised by the Holder (not applicable to the Transferee Holder), within five (5) Business Days after, at the option of the Holder (x) the full payment of the Principal and all the
interests accrued on the Principal by the Domestic Company or its designated affiliates to Huazhong pursuant to the Investment Agreement and Side Agreement (the “Repayment”) within six (6) months upon the Company’s receipt
of the Notice of Exercise, or (y) the Company’s receipt of the Notice of Exercise; or, 

  

	 	(ii)	where the Warrant is exercised by the Transferee Holder, within five (5) Business Days upon the Company’s receipt of the Notice of Exercise. 

 

	6.	Registration & Certificates for Warrant Shares. Upon the exercise of the purchase rights evidenced by this Warrant, the Company shall cause (a) the official Register of Members of the
Company to be updated to reflect the issuance of the number of Warrant Shares so purchased to the Holder at the Company’s expense as soon as practicable thereafter and in no event later than five (5) Business Days upon the date of exercise
of this Warrant pursuant to Section 5 and (b) one or more certificates for the number of Warrant Shares so purchased to be issued to the Holder at the Company’s expense as soon as practicable thereafter and in no event later than ten
(10) Business Days upon the date of delivery of the Notice of Exercise, provided that the Holder has provided all the documents required for such update of Register of Members and issuance of share certificates in a timely manner. The entries
on the Register of Members and each share certificate so delivered shall be in such denominations as may be requested by the Holder hereof and shall be registered in the name of such Holder or in the name(s) of the Holder’s nominee(s), subject
to the applicable laws and regulations. 

  
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	7.	Warrant Shares Cease to Exist. In the case all the Preferred Shares are converted into Ordinary Shares pursuant to the Company’s then effective amended and restated memorandum and articles of
association, as amended from time to time (the “Memorandum and Articles”), or reclassified into other securities of property, or all the Warrant Shares otherwise cease to exist (except for pursuant to a redemption by the Company in
accordance with the Memorandum and Articles), then, in such case, the Holder, upon exercise of this Warrant at any time after the date on which the Warrant Shares are so converted or cease to exist, as applicable (the “Termination Date”),
shall receive, in lieu of the number of Warrant Shares that would have been issuable upon such exercise immediately prior to the Termination Date (the “Former Number of Warrant Shares”), the shares and other securities and property which
the Holder would have been entitled to receive upon the Termination Date if the Holder had exercised this Warrant with respect to the Former Number of Warrant Shares immediately prior to the Termination Date (all subject to further adjustment as
provided in this Warrant). 

  

	8.	Representations and Warranties of the Company 

 The Company represents and warrants as of
the date hereof that: 
  

	 	(a)	It (A) is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and (B) has all requisite power and authority to conduct its business as
now conducted and as presently contemplated and to consummate the transactions contemplated hereby. 

  

	 	(b)	The execution, delivery and performance by the Company of this Warrant (A) has been duly authorized by all necessary corporate action, (B) does not and will not contravene the Company’s charter or bylaws
or any other organizational document and (C) does not and will not contravene any applicable law or any contractual restriction binding on or otherwise affecting the Company or any of its properties or result in a default under any agreement or
instrument to which the Company is a party or by which the Company or its properties may be subject. 

  

	 	(c)	This Warrant has been duly executed and delivered by the Company, and is legal, valid and binding upon the Company, enforceable against the Company in accordance with its terms, except as may be limited by applicable
bankruptcy, insolvency, moratorium and other laws affecting the rights of creditors generally and general principles of equity. 

  

	 	(d)	No authorization, consent, approval, license, exemption or other action by, and no registration, qualification, designation, declaration or filing with, any governmental authority is or will be necessary in connection
with the execution and delivery by the Company of this Warrant, the issuance by the Company of the Warrant Shares, the consummation of the transactions contemplated hereby, the performance of or compliance with the terms and conditions hereof, or to
ensure the legality, validity, and enforceability hereof. 

  
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	 	(e)	Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers or sales of any security or solicited any offers to buy any security under
circumstances that would require registration, or the filing of a prospectus qualifying the distribution, of this Warrant being issued hereby under the Act or cause the issuance of this Warrant to be integrated with any prior offering of securities
of the Company for purposes of the Act. 

  

	9.	Undertakings. 

  

	 	(a)	No Impairment. Unless with the consent of the Holder, the Company will not, by amendment of the Memorandum and Articles or any other agreements or documents or through reorganization, consolidation, merger,
dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant but will at all times in good faith assist in the carrying out of all such terms and in the taking of
all such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment. 

  

	 	(b)	Guaranteed Return. 

  

	 	(A)	If the aggregate cash return actually received by the Holder on the Warrant Shares of the Company over the Value of the Warrant calculated based on the formula below (the “Actual Return”) under this
Warrant is less than the minimum return that the Holder is guaranteed to receive up to 58 months from the Date of Drawdown, which shall be calculated based on the formula below (the “Minimum Return”), the Company shall cause the Key
Founder and/or the Domestic Company to compensate the Holder in cash for the difference between the Actual Return and the Minimum Return within thirty (30) days upon the Holder’s written request, 

(1) Formula: 
 Actual Return = C

 Minimum Return = (V×18%×N2)-(V×12%×N1) 
 Where, 
  

	 	V = (i)	Value of the Warrant where the Warrant is exercised by the Holder (not applicable Transferee Holder) even if this Warrant is partially exercised by the Holder; or, 

 

	 	       (ii)	the portion of the Value of the Warrant exercised by the Transferee Holder; 

 N1= the number of days from the Date of Drawdown to the date of the Repayment, divided by 365; 

  
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 C = the aggregate cash return received by the Holder by cashing out the Warrant Shares issued
upon the exercise of this Warrant deducting the Warrant Price paid by the Holder; 

N2= the result of the number of days from the Date of Drawdown to the date on which
Holder cashes out the Warrant Shares issued upon the exercise of this Warrant by the Holder, minus N0, divided by 365; 

N0 = the number of days starting from date on which the Domestic Company completes the
Repayment until the Holder pays the Warrant Price to the Company (if the Holder pays the Warrant Price earlier than the Repayment, N0 = 0). 

 

	 	(2)	Interest Payment: for the avoidance of doubt, this Warrant does not relieve the Domestic Company from its obligation under the Investment Agreement and Side Agreement to pay to Huazhong the interests accrued on the Loan
drawn down by the Domestic Company pursuant to the Investment Agreement. 

  

	 	(3)	For the avoidance of doubt, N2 above shall in no event be more than 29/6, which means the maximum liability
on the Company, the Key Founder or the Domestic Company with respect to the Minimum Return under Section 9(b)(A) above shall be no more than the result of (V×18%×29/6)-(V×12%×N1). 

  

	 	(B)	Notwithstanding the provisions under Section 9(b)(A) above, in the event that the Company completes the IPO and the Holder exercises the Warrant, if the closing price per share of the Warrant Shares held by the
Holder (subject to adjustments made for share splits, share subdivision, share combination and the like) on the stock market which the Company’s stock is traded is higher than or equal to the per share price calculated based on the formula
below (such price, the “Qualified Stock Price”) for twenty (20) consecutive trading days on each and any of such day, then neither the Key Founder nor the Domestic Company shall have any payment obligation with respect to such
guaranteed return under this Section 9(b): 

 Formula: 

Qualified Stock Price = [A2– A1 + W] /S 

A1 = V × 12%× N1 

A2 = V×30%×N3 

Where, 
  

	 	V = (i)	Value of the Warrant where the Warrant is exercised by the Holder (not applicable to Transferee Holder) even if this Warrant is partially exercised by the Holder; or, 

  
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	 	       (ii)	the portion of the Value of the Warrant exercised by the Transferee Holder; 

 W = Warrant Price
that has been paid by the Holder;N1= the number of days from the Date of Drawdown to the date of the Repayment, divided by 365; 

N3= the result of the number of days from the Date of Drawdown to each of such trading
day within such twenty (20) consecutive trading days of the Company, minus N0, divided by 365. 

N0 = the number of days starting from date on which the Domestic Company completes the
Repayment until the Holder pays the Warrant Price to the Company (if the Holder pays the Warrant Price earlier than the Repayment, N0 = 0). 

S= the number of Warrant Shares received by the Holder under this Warrant, subject to adjustments made for share splits, share subdivision,
share combination and the like 
  

	 	(c)	Further Assurances. The Company agrees to cooperate fully with the Holder and to execute such further instruments, documents and agreements and to give such further written assurances, as may be reasonably
requested by the Holder to evidence and reflect the transactions described herein and contemplated hereby, and to carry into effect the intents and purposes of this Warrant. 

 

	10.	Partial Exercise; No Fractional Shares or Scrip. Partial exercise of this Warrant shall be permitted under this Warrant, but in the event of partial exercise of this Warrant, no further exercise is permitted
under this Warrant. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise
Price then in effect. 

  

	11.	Definitions. In this Warrant: 

 “Accounting Standards” means generally
accepted accounting principles in the United States or of a jurisdiction agreed upon by the holder of this Warrant, applied on a consistent basis. 

“Audited Net Income” means, for a given fiscal year of the Company, the sum of the Company’s consolidated net income
attributable to shareholders as set forth in the Audited Financial Statements thereof for such fiscal year after paying all relevant taxes and after eliminating all items required to be eliminated in the course of the preparation of consolidated
financial statements of the Company in accordance with the Accounting Standards, calculated in accordance with the Accounting Standards, and disregarding any Extraordinary Items. 

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

  
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 “Competitor” means any Person (other than a Group Company) that is engaged in
the business in connection with extracurricular tutorials for K-12 students, and consulting services and training for overseas study, whether online or offline. 

“Control” of a given person means the power or authority, whether exercised or not, to direct the business, management and
policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or
power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such person or power to control the composition of a majority of the board of directors of such person. The
terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 
 “Extraordinary
Items” means, with respect to a given set of Audited Financial Statements, any income, gains or losses reflected or included therein arising from (a) sales or leases of material assets or equipment outside the ordinary course of
business, (b) sales of interests in any Subsidiaries of the Company, (c) any transaction between the Company and a Related Party not on an arms-length basis (in which case such income, gains or losses shall be adjusted to reflect a
transaction of the similar nature on the arms-length basis), (d) any changes in accounting principles, (e) any extraordinary or non-recurring earnings such as government subsidies or rebates, (f) any
prior year adjustments, and (g) other events or transactions which, in accordance with the Accounting Standards, possess a significant degree of abnormality, are of a type not expected to recur in successive accounting periods or are unrelated
or only incidentally related to the ordinary and typical activities of the Group. 
 “Group Company” means each of the
Company and all of its direct or indirect Subsidiaries, and “Group” refers to all of the Group Companies collectively. 

“Investors of the Same Round” mean the investors that invest in the Company and/or the Domestic Company by way of subscribing
for convertible notes or notes or convertible loans, which were completed concurrently with or within three (3) months prior to or after the first drawdown under the Investment Agreement, including Haitong International Investment Holdings
Limited and CICC Alpha Eagle Investment Limited in terms of their convertible note financing provided to the Company from August 2017 to October 2017. 

“Subsidiary” means, with respect to any given person, any other person that is Controlled directly or indirectly by such given
person. 

  
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	12.	Transfers of Warrant. This Warrant shall not become transferable or assignable until (i) December 31, 2018, or (ii) the completion of an IPO, whichever occurs earlier. Before this Warrant becomes
transferable or assignable, the Holder shall not approach or negotiate with any potential Transferee Holder (as defined below) in the public market for the transfer or assignment of this Warrant or any rights hereunder. After this Warrant becomes
transferable or assignable, subject to applicable laws and prior written consent of the Company, this Warrant and all rights hereunder may be transferred or assigned in whole or in part by the Holder to any person or entity (the “Transferee
Holder”). Subject to the preceding sentence, the transfer shall be recorded on the books of the Company upon such notice to the Company. In the event of a transfer, the Company shall issue to each of the Transferee Holder and Holder (as the
case may be)a new warrant of like tenor and date for the applicable number of Warrant Shares. For the avoidance of doubt, unless otherwise provided under this Warrant, the terms and conditions hereunder shall be applicable to the Transferee Holder
after the transfer and assignment pursuant to this Section 12. 

  

	13.	Successors and Assigns. The Company shall not assign its rights or obligations hereunder without the prior written consent of the Holder (or its successors or permitted assigns, as appropriate). This Warrant
shall be binding upon and inure to the benefit of the Company, the Holder and their successors and permitted assigns. 

  

	14.	Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to the Company of the ownership of and the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to
it, and (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will execute and deliver in lieu thereof a new Warrant of like tenor as the lost, stolen, destroyed or mutilated Warrant. 

 

	15.	Governing Law. This Warrant shall be governed by and construed under the laws of Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”) without
regard to principles of conflict of laws thereunder. 

  

	16.	Dispute Resolution. 

  

	 	(a)	Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Warrant, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to
arbitration upon the demand of either party to the dispute with notice (the “Arbitration Notice”) to the other. 

  

	 	(b)	The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered
Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be three (3) arbitrators, who shall be qualified to practice law in New York. The claimants
in the Dispute shall nominate one (1) arbitrator and the respondents in the Dispute shall nominate one (1) arbitrator. The HKIAC Council shall appoint the third arbitrator, who shall serve as the presiding arbitrator. 

 

	 	(c)	The arbitral proceedings shall be conducted in English and Chinese. To the extent that the HKIAC Rules are in conflict with the provisions of this Section 16, including the provisions concerning the appointment of
the arbitrators, the provisions of this Section 16 shall prevail. 

  
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	 	(d)	Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete access to all information and documents requested by such other party in
connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

  

	 	(e)	The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 

 

	 	(f)	The arbitral tribunal shall decide any Dispute submitted by the parties to the arbitration strictly in accordance with the substantive laws of Hong Kong (without regard to principles of conflict of laws thereunder) and
shall not apply any other substantive law. 

  

	 	(g)	Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 

 

	 	(h)	During the course of the arbitral tribunal’s adjudication of the Dispute, this Warrant shall continue to be performed except with respect to the part in dispute and under adjudication. 

 

	17.	Notices. Any notice required or permitted pursuant to this Warrant shall be given in writing and shall be given either personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address set forth below (or at such other address as such party may designate by fifteen (15) days’ advance written notice to the
other parties to this Warrant given in accordance with this Section 17). Where a notice is sent by next-day or second-day courier service, service of the notice
shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an
internationally-recognized courier a letter containing the notice, with a written confirmation of delivery, and to have been effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business
Days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting
organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid, if such day is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day.
Notwithstanding the foregoing, to the extent a “with a copy to” address is designated, notice must also be given to such address in the manner above for such notice, request, consent or other communication hereunder to be effective. For
the purpose of this Warrant, “Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are required or authorized by law to be closed in the People’s Republic of China or Hong
Kong. 

 If to the Holder, to: 

  
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 Address: Room 502, T1, China Central Place, No 81, Jianguo Road, Chaoyang District, Beijing, P.
R. China     
 Tel:
      [                ]
 Fax:
     [                ] 

Attention: Mr. Hou Hengxing (侯恒星) 
 If to the Company, to: 

Address: 16th Floor, Chuangfu Mansion, 18 Danling Street, Haidian District, Beijing, China 

Tel: [                ] 

Fax: [                ] 

Email: [                ] 

Attn: Ms. Tan Chunxiang(谭春香) 
  

	19.	Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Warrant, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary
disbursements in addition to any other relief to which such party may be entitled. 

  

	20.	Rights Cumulative; Specific Performance. Each and all of the various rights, powers and remedies of the Holder will be considered to be cumulative with and in addition to any other rights, powers and remedies
which the Holder may have at law or in equity in the event of the breach of any of the terms of this Warrant. The exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any
other right, power or remedy available to the Holder. Without limiting the foregoing, the parties hereto acknowledge and agree irreparable harm may occur for which money damages would not be an adequate remedy in the event that any of the provisions
of this Warrant were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to injunction to prevent breaches of this Warrant and to enforce specifically the
terms and provisions of this Warrant. 

  

	21.	Severability. In case any provision of this Warrant shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. If, however, any provision of this Warrant shall be invalid, illegal, or unenforceable under any such applicable law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such
law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable only to the extent of such invalidity, illegality, or limitation on enforceability without affecting the remaining provisions of this Warrant, or
the validity, legality, or enforceability of such provision in any other jurisdiction. 

  

	22.	Amendments and Waivers. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally or in a particular instance and either retroactively or
prospectively), with the written consent of the Company and the Holder. 

  
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	23.	No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment
of, or failure to insist upon strict compliance with, any right, power or remedy hereunder at any one or more times be deemed a waiver or relinquishment of such right, power or remedy at any other time or times. 

 

	24.	Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing under this Warrant, upon any breach or default of any other party under this Warrant, shall impair any such right, power
or remedy nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a 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 Warrant, or any waiver on the part of any party of any
provisions or conditions of this Warrant, must be in writing and shall be effective only to the extent specifically set forth in such writing. 

  

	25.	No Presumption. The Company and the Holder each acknowledges that any applicable law that would require interpretation of any claimed ambiguities in this Warrant against the drafter thereof, has no application
and is expressly waived. If any claim is made relating to any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will be implied because this Warrant was prepared by or at the request
of the Company or the Holder or its respective counsel. 

  

	26.	Third Party Rights. Except as expressly provided in this Warrant, a person who is not a party to this Warrant shall not have any rights under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the
Laws of Hong Kong) to enforce any term of this Warrant. The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this Warrant are not subject to the consent of any person who is not a party to this Warrant.

  

	26.	Headings and Titles. The headings and titles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 

 

	27.	Counterparts. This Warrant may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Warrant. 

  

	28.	Entire Agreement. This Warrant together with the other instruments and agreements referenced herein constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes
all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

[The remainder of this page has intentionally been left blank] 

  
 - 13 - 

 IN WITNESS WHEREOF, this Warrant has been duly executed and delivered on the date first set out
above. 
  

							
	SIGNED AND DELIVERED	  		  	)	  	
	by and in the name of	  		  	)	  	
	China Central International	  		  		  	
	Asset Management Co., Ltd. by its duly	  		  	)	  	/s/ Liu Zhen
	authorized attorney 	  	 	  	)	  	 
	in the presence of:	  	 	  	)	  	 

  

	
	Signature of witness:
	  
 /s/ Hou Hengxing

	Name:  Hou Hengxing
	 Address:  Room 502, T, China Central Place,
No 81, Jianguo Road, Chaoyang District,
Beijing, P.R, China

	Occupation: Director

  

							
	THE COMMON SEAL of                        	  	)	  		  	
	Puxin Limited	  	)	  	            /s/ Seal of Puxin Limited	  	
	was hereunto affixed	  	)	  	 	  	 
	in the presence of:	  	)	  	 	  	 

  

	
	 /s/ Sha Yunlong

	Director

 NOTICE OF EXERCISE 

To:     Puxin Limited 
 The
undersigned hereby elects to purchase                  [Ordinary /Preferred] Shares of Puxin Limited, pursuant to the terms of the attached Warrant (the
“Warrant”), and payment of the Exercise Price (as defined in the Warrant) per share required under the Warrant accompanies this notice. 

The undersigned hereby represents and warrants that the undersigned is acquiring such shares for its own account for investment purposes only,
and not for resale or with a view to distribution of such shares or any part thereof. 
  

	
	Holder:
	
	China Central International Asset Management Co., Ltd.
	
	By:
                                         
                   
	Name:
                                         
              
	Title:
                                         
                

  

	
	Date:
                                         
           
	
	 Name in which shares should be registered:EX-10.1

 Exhibit 10.1 

FORM OF INDEMNIFICATION AGREEMENT 

PUXIN LIMITED 
 This
Indemnification Agreement (this “Agreement”), made and entered into as of the      day of                 , 2018, by and between
Puxin Limited, an exempted company with limited liability under the laws of Cayman Islands (the “Company”) and                 
(“Indemnitee”). 
 W I T N E S S E T H: 

WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or executive officers unless
they are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the corporation. 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. 

WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such
persons. 
 WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the
best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future. 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified. 

WHEREAS, this Agreement is a supplement to and in furtherance of the Amended and Restated Memorandum and Articles of Association of the
Company (as may from time to time be supplemented and amended) (the “Memorandum and Articles”) and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder. 
 WHEREAS, Indemnitee does not regard the protection available under the Amended and Restated Memorandum and
Articles and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director of the Company without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is
willing to serve, continue to serve and take on additional service for or on behalf of the Company on the condition that he be so indemnified. 

  
 1 

 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company
and Indemnitee do hereby covenant and agree as follows: 
 ARTICLE 1 

CERTAIN DEFINITIONS 
 (a) As
used in this Agreement: 
 “Change of Control” means any one of the following circumstances occurring after the date
hereof: (i) there shall have occurred an event required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar schedule or form) under the
Exchange Act, regardless of whether the Company is then subject to such reporting requirement; (ii) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall have
become, without prior approval of the Company’s Board by approval of at least two-thirds of the Continuing Directors, the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding voting securities
(provided that, for purposes of this clause (ii), the term “person” shall exclude (x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (z) any corporation
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company); (iii) there occurs a merger or consolidation of the Company with any other entity, other than a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or
other governing body of such surviving entity; (iv) all or substantially all the assets of the Company are sold or disposed of in a transaction or series of related transactions; (v) the approval by the stockholders of the Company of a
complete liquidation of the Company; or (vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board. 

“Continuing Director” means (i) each director on the Board on the date hereof or (ii) any new director whose
election or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors on the date hereof or whose
election or nomination was so approved. 

  
 2 

 “Corporate Status” means the status of a person who is or was a director,
officer, trustee, general partner, managing member, fiduciary, board of directors’ committee member, employee or agent of the Company or of any other Enterprise. 

“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which
indemnification is sought by Indemnitee. 
 “Enterprise” means (i) the Company, (ii) any of the Company’s
subsidiaries and affiliates, and (iii) any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a
director, officer, trustee, general partner, managing member, fiduciary, board of directors’ committee member, employee or agent. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Expenses” means all direct and indirect costs (including attorneys’ fees, retainers, court costs, transcripts, fees of
experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses) reasonably incurred in connection with (i) prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or (ii) establishing or enforcing a right to indemnification under this Agreement, the Memorandum and
Articles, applicable law or otherwise. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond,
or other appeal bond or its equivalent. For the avoidance of doubt, Expenses, however, shall not include any Liabilities. 

“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and
neither currently is, nor in the five years previous to its selection or appointment has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning
Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. 
 “Liabilities” means any losses or liabilities, including any judgments,
fines, penalties and amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, penalties or
amounts paid in settlement). 

  
 3 

 “Proceeding” means any threatened, pending or completed action, derivative
action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil (including intentional and
unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or investigation that Indemnitee in good faith believes
might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by
reason of any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status. 

(b)     For the purposes of this Agreement: 

References to “Company” shall include, in addition to the resulting or surviving corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that if Indemnitee is or was a
director, officer, employee, or agent of such constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other
enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate
existence had continued. 
 Reference to “other enterprise” shall include employee benefit plans; references to “fines”
shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties
on, or involves services by, such director, officer, employee or agent with respect to any of the Company’s subsidiaries, affiliates, an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a
manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this
Agreement. 
 Reference to “including” shall mean “including, without limitation,” regardless of whether the words
“without limitation” actually appear, references to the words “herein,” “hereof” and “hereunder” and other words of similar import shall refer to this Agreement as a whole and not to any particular paragraph,
subparagraph, section, subsection or other subdivision. 

  
 4 

 ARTICLE 2 

SERVICES BY INDEMNITEE 

Section 2.01. Services By Indemnitee. Indemnitee hereby agrees to serve or continue to serve
as [for directors] a director of the Company, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed. [for officers] an officer of the Company until such time as
Indemnitee’s employment is terminated for any reason. 
 ARTICLE 3 

INDEMNIFICATION 

Section 3.01. General. (a) The Company hereby agrees to and shall indemnify Indemnitee
and hold Indemnitee harmless from and against any and all Expenses and Liabilities, in either case, actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, to the fullest extent
permitted by applicable law. The Company’s indemnification obligations set forth in this Section 3.01 shall apply (i) in respect of Indemnitee’s past, present and future service in any Corporate Status and
(ii) regardless of whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred. 
 For
purposes of this Agreement, the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

(i) to the fullest extent permitted by any provision of the Companies Law (2016 Revision) (the “Companies
Law”) or the corresponding provision of any successor statute, and 
 (ii) to the fullest extent authorized or
permitted by any amendments to or replacements of the Companies Law adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

(b) Witness Expenses. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of
his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith. 

(c) Expenses as a Party Where Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the
fullest extent permitted by applicable law, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part,
the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to
one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or
her behalf in connection with each successfully resolved claim, issue or matter. All such indemnification against Expenses shall be offset by the amount of cash, if any, received by the Indemnitee resulting from his/her success
therein. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or
matter. 

  
 5 

 Section 3.02. Exclusions. Notwithstanding any
provision of this Agreement and unless Indemnitee ultimately is successful on the merits with respect to any such claim, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against
Indemnitee: 
 (a) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of
securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, regardless of whether the securities are subject to the requirements of such provisions; or
(ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the
Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of
profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); 
 (b)
except as otherwise provided in Sections 6.01(e), prior to a Change of Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by
Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; 
 (c) to the extent that
Indemnitee is indemnified and actually received such payment other than pursuant to this Agreement; 
 (d) in connection with a judicial
action by or in the right of the Company, in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by final judgment in a court of law to be liable for fraud or willful default in the performance of his
duty to the Company unless and only to the extent that any court in which such action was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly
and reasonably entitled to indemnification for such Expenses as such court shall deem proper; or 

  
 6 

 (e) for any judgment, fine or penalty which the Company is prohibited by applicable law from
paying as indemnification. 
 ARTICLE 4 

ADVANCEMENT OF EXPENSES; DEFENSE OF CLAIMS 

Section 4.01. Advances. Notwithstanding any provision of this Agreement to the contrary, the
Company shall advance any Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding within 30 business days after the receipt by the Company of each statement in writing requesting such advance from time to time,
whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing
and forwarding statements in writing to the Company to support the advances claimed. Any excess of the advanced Expenses over the actual Expenses will be promptly repaid to the Company. To the extent Indemnitee has not requested any advanced
payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company as soon as practicable after Indemnitee makes a written request to the
Company for reimbursement. 
 Section 4.02. Repayment of Advances or Other
Expenses. Indemnitee agrees that Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to Section 4.01, in the event and only to the extent that it shall be determined by final judgment
or other final adjudication under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified by the Company for such Expenses. 

Section 4.03. Defense of Claims. The Company will be entitled to participate in the Proceeding at its own expense. Upon the
delivery of written notice by the Company to Indemnitee, the Company shall be entitled to assume the defense of any Proceeding with counsel consented to by Indemnitee (such consent not to be unreasonably withheld), except for such Proceeding brought
by the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee. After delivery of such notice, consent to such counsel by Indemnitee and the retention of such
counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to such Proceeding; provided that (i) Indemnitee shall have the right
to employ separate counsel in respect of any Proceeding at Indemnitee’s expense and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized in writing by the Company or (B) Indemnitee shall have
reasonably concluded upon the advice of counsel that there is a conflict of interest between the Company and Indemnitee in the conduct of the defense of such Proceeding, then in each such case the fees and expenses of Indemnitee’s counsel shall
be at the Company’s expense. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any Expense, judgment, fine, damages, penalty or limitation on Indemnitee without the other party’s written consent.
Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement. 

  
 7 

 ARTICLE 5

PROCEDURES FOR NOTIFICATION OF AND DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION 

Section 5.01. Notification; Request For Indemnification. (a) As soon as reasonably practicable after
receipt by Indemnitee of written notice that he is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which Indemnitee intends to seek indemnification or advancement of Expenses
hereunder, Indemnitee shall provide to the Company written notice thereof, including the nature of and the facts underlying the Proceeding. The omission by Indemnitee to so notify the Company will not relieve the Company from any liability
which it may have to Indemnitee hereunder or otherwise. 
 (b) As a condition precedent to an Indemnitee’s right to obtain
indemnification under this Agreement, Indemnitee shall deliver to the Company a written request for indemnification, including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine
Indemnitee’s entitlement to indemnification hereunder and such information as reasonably requested by the Company. Such request(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or
her sole discretion. Indemnitee’s entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law. 

Section 5.02. Determination of Entitlement. (a) Where there has been a written request by Indemnitee for
indemnification pursuant to Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than 60 days) after final disposition of the relevant Proceeding, a determination, if required by applicable law, with respect to
Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a
committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by
Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be
delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) business days after such determination. Indemnitee shall reasonably cooperate with the
person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not
privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) actually and reasonably
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification). 

  
 8 

 (b)     If entitlement to indemnification is to be determined by Independent
Counsel pursuant to Section 5.02(a)(ii), such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. If entitlement
to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which case
the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) business days after
such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such
objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within 20 days after the submission by Indemnitee of a written request for indemnification pursuant to
Section 5.01(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the
Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom
all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.01(a) of this
Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

(c)     The Company agrees to pay the reasonable fees and expenses of any Independent Counsel serving under this
Agreement. 

  
 9 

 Section 5.03. Presumptions and Burdens of Proof; Effect of Certain
Proceedings. (a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume
that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.01(b) of this Agreement, and the Company shall, to the fullest extent not prohibited
by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of any person, persons or entity to have made a
determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by any person, persons or
entity that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(b)     If the person, persons or entity empowered or selected under Section 5.02 of this Agreement to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the requisite determination of entitlement to indemnification shall, to the fullest
extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification , absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such
60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification
in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto. 

(c)     The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did
not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was
unlawful. 
 (d)     For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in
good faith if Indemnitee’s action is in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course of their
duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such
Enterprise. The provisions of this Section 5.03(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth
in this Agreement. 

  
 10 

 (e)     The knowledge and/or actions, or failure to act, of any other
director, trustee, partner, managing member, fiduciary, officer, agent or employee of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement. 

ARTICLE 6 
 REMEDIES OF
INDEMNITEE 
 Section 6.01. Adjudication or Arbitration. (a) In the event of any dispute between Indemnitee and
the Company hereunder as to entitlement to indemnification or advancement of Expenses (including where (i) a determination is made pursuant to Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to Section 3.01 of this Agreement is not made within ten (10) business days
after a determination has been made that Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is
made within ten (10) business days after entitlement is deemed to have been determined pursuant to Section 5.03(b)) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement, then
Indemnitee shall be entitled to an adjudication by a court of his or her entitlement to such indemnification, contribution or advancement. Alternatively, in such case, Indemnitee, at his or her option, may seek an award in arbitration to be
conducted by the Hong Kong International Arbitration Centre. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

(b)     In the event that a determination shall have been made pursuant to Section 5.02(a) of this Agreement
that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 6.01 shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall
not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 6.01 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or
advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a
judicial proceeding or arbitration pursuant to this Section 6.01, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 4.02 until a final determination is made with respect to
Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 

  
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 (c)     If a determination shall have been made pursuant to
Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 6.01, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law. 
 (d)     The Company shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 6.01 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company
is bound by all the provisions of this Agreement. 
 (e)     The Company shall indemnify Indemnitee to the fullest
extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) business days after the Company’s receipt of such written request) advance such Expenses to Indemnitee, which are reasonably incurred by
Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee for (i) indemnification or advances of Expenses by the Company (or otherwise for the enforcement, interpretation or defense of his or her rights) under
this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Memorandum and Articles now or hereafter in effect or (ii) recovery or advances under any directors’
and officers’ liability insurance policy maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as the case may be. 

ARTICLE 7 
 DIRECTORS’
AND OFFICERS’ LIABILITY INSURANCE 
 Section 7.01. D&O Liability Insurance. To
the extent that the Company maintains a policy or policies of insurance (“D&O Liability Insurance”) providing liability insurance for directors and officers of the Company in their capacities as such (and for any capacity in
which any director or officer of the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while serving in such capacity, Indemnitee shall be covered by such policy or policies, in
accordance with its or their terms, to the maximum extent of the coverage available for any other director or officer under such policy or policies. 

Section 7.02. Evidence of Coverage. Upon request by Indemnitee, the Company shall provide
copies of all policies of D&O Liability Insurance obtained and maintained in accordance with Section 7.01 of this Agreement. The Company shall promptly notify Indemnitee of any changes in such insurance coverage. 

  
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 ARTICLE 8 

MISCELLANEOUS 

Section 8.01. Non-exclusivity of Rights. The rights
of indemnification, contribution and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Memorandum and Articles, any
agreement, a vote of stockholders or a resolution of directors, or otherwise. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of
any other right or remedy. 
 Section 8.02. Insurance and Subrogation. (a) If, at the time the Company
receives notice of a claim hereunder, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. The
failure or refusal of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement. 

(b)     In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights. 
 (c)     The Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable (or for which advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy or other indemnity provision. 

Section 8.03 The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the
request of the Company as a director, officer, trustee, partner, managing member, fiduciary, board of directors’ committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of Expenses from such Enterprise. 

Section 8.04. Contribution. To the fullest extent permissible under applicable law, if the
indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties,
excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the
circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative
fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be
determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such judgments, fines, penalties, excise taxes, amounts paid or
to be paid in settlement and/or for Expenses. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 8.04 were determined by pro rata allocation or any other method of allocation which does not take
account of the foregoing equitable considerations. 

  
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 Section 8.05. Amendment. This Agreement may not
be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of
Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision limits rights with
respect to indemnification, contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution or advancement of Expenses in effect prior to such change shall remain in full
force and effect to the extent permitted by applicable law. 
 Section 8.06. Waivers. The
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such
waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party
hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, power or privilege hereunder. 
 Section 8.07. Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written
understandings or agreements with respect to the matters covered hereby are superseded by this Agreement, provided that this Agreement is a supplement to and in furtherance of the Memorandum and Articles and applicable law, and shall not be deemed a
substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

Section 8.08. Severability. If any provision or provisions of this Agreement shall be held
to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law;
(b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of
this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to
the intent manifested thereby. 

  
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 Section 8.09. Notices. All notices, requests,
demands and other communications under this Agreement shall be in writing (which may be by facsimile transmission). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if
received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding business day in the
place of receipt. The address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above. 

Section 8.10. Binding Effect. (a) The Company expressly confirms and agrees that it has
entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a
director or officer of the Company. 
 (b)     This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses,
heirs, and executors, administrators, personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all, or a
substantial part of the business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be
required to perform if no such succession had taken place. 
 (c)     The indemnification, contribution and advancement
of Expenses provided by, or granted pursuant to this Agreement shall continue during the period Indemnitee is an officer and/or a director of the Company or is or was serving at the request of the Company and shall continue thereafter so long as
Indemnitee shall be subject to any Proceeding by reason of his former or current capacity at the Company or any other enterprise at the Company’s request, whether or not he is acting or serving in any such capacity at the time any Expense is
incurred for which indemnification can be provided under this Agreement. This Agreement shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such Indemnitee. 

  
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 Section 8.11. Governing Law. This Agreement and
the legal relations among the parties shall be governed by, and construed and enforced in accordance with, Cayman laws, without regard to its conflict of laws rules. 

Section 8.12. Consent to Jurisdiction. Except with respect to any arbitration commenced by
Indemnitee pursuant to Section 6.01(a) of this Agreement, each of the parties to this Agreement irrevocably agrees that the courts of the Cayman Islands shall have nonexclusive jurisdiction to hear and determine any claim, suit, action or
proceeding, and to settle any disputes, which may arise out of or are in any way related to or in connection with this Agreement, and, for such purposes, irrevocably submits to the nonexclusive jurisdiction of such courts. 

Section 8.13. Headings. The Article and Section headings in this Agreement are for
convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

Section 8.14. Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to
evidence the existence of this Agreement. 
 Section 8.15. Use of Certain Terms. As used
in this Agreement, the words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other
subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the
date first above written. 
  

			
	PUXIN LIMITED
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	Address:
	Facsimile:
	Attention:
	
	With a copy to:
	
	Address:
	Facsimile:
	Attention:
	
	INDEMNITEE
	    
	  

	
	Address:
	Facsimile:
	
	With a copy to:
	
	Address:
	Facsimile:
	Attention:

  
 17

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