Shareholders Agreement, dated February 1, 2010



 Exhibit 4.5 

SHAREHOLDERS AGREEMENT 

THIS SHAREHOLDERS AGREEMENT (this “Agreement”) is entered into as of February 1, 2010, by and among the following
parties: 
 (1) GLOBAL EDUCATION & TECHNOLOGY GROUP LIMITED, a company organized and existing under the Laws of the
Cayman Islands (the “Company”); 
 (2) SB ASIA INVESTMENT FUND II L.P., a limited partnership organized and
existing under the Laws of the Cayman Islands (“SAIF”, and together with any other investors who may subsequently become party to this Agreement, the “Investors”); and 

(3) ETERNAL JADE INC. and ORIENTAL LIGHT CONSULTING LIMITED (individually, an “Ordinary Holder” and collectively, the
“Ordinary Holders”), each a company organized and existing under the Laws of the British Virgin Islands. 

Each of the Company, the Investors and the Ordinary Holders shall be referred to individually as a “Party” and
collectively as the “Parties”. 
 RECITALS 

A. SUNNYKEY INTERNATIONAL HOLDINGS LIMITED (“SUNNYKEY”), SAIF, YONGQI ZHANG (



) and XIAODONG ZHANG (



) are parties to that certain Shareholders Agreement, dated September 15, 2006 and as amended by that certain Amendment of Shareholders Agreement dated April 21, 2008 (the “Prior Agreement”).
For and in consideration of the release and termination of the obligations under the Prior Agreement pursuant to that certain Shareholders Agreement Termination and Waiver dated February 1, 2010, the Company, the Ordinary Holders and SAIF agree
to enter into and be bound by the terms and conditions of this Agreement. 
 B. For and in consideration of their agreement to
enter into the Share Exchange Agreement dated February 1, 2010 (the “Exchange Agreement”), under which SAIF, YONGQI ZHANG (



), XIAODONG ZHANG (



) and HONG ZENG (



) are to transfer their shares in SUNNYKEY to the Company in exchange for shares of the Company, the Company, the Ordinary Holders and SAIF have agreed to enter into and be bound by the terms and conditions of this
Agreement. 
 WITNESSETH 

NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other good and
valuable consideration, the Parties agree as follows: 
 1. Interpretation. 

1.1 Definitions. The following terms shall have the meanings ascribed to them below: 

“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is
Controlled by or is under common Control with such Person. 







 “Applicable Securities Law” means (i) with respect to
any offering of securities in the United States, or any other act or omission within that jurisdiction, the securities Law of the United States, including the Exchange Act and the Securities Act, and any applicable securities Law of any state of the
United States, and (ii) with respect to any offering of securities in any jurisdiction other than the United States, or any related act or omission in that jurisdiction, the applicable securities Laws of that jurisdiction. 

“Board” or “Board of Directors” means the board of directors of the Company. 

“Centre” has the meaning set forth in Section 12.2(b) hereof. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Commission” means (i) with respect to any offering of securities in the United States, the
Securities and Exchange Commission of the United States or any other federal agency at the time administering the Securities Act, and (ii) with respect to any offering of securities in a jurisdiction other than the United States, the regulatory
body of the jurisdiction with authority to supervise and regulate the offering and sale of securities in that jurisdiction. 

“Company” has the meaning set forth in the Preamble to this Agreement. 

“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, which 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 meetings 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 “Controlling” and “Controlled” have meanings correlative to the foregoing. 

“Equity Securities” means any Ordinary Shares and/or Ordinary Share Equivalents of the Company.

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

 “Exercising Holder” has the meaning set forth in Section 7.3 hereof. 

“Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or
substantially similar form then in effect. 
 “Form S-3” means Form S-3 promulgated by the
Commission under the Securities Act or any successor form or substantially similar form then in effect. 







 “Governmental Authority” means any nation or government or
any 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 or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Holders” means the holders of Registrable Securities who are parties to this Agreement from time to
time, and their permitted transferees that become parties to this Agreement from time to time. 

“Initiating Holders” means, with respect to a request duly made under Section 2.1 or
Section 2.2 to Register any Registrable Securities, the Holders initiating such request. 

“Investors” has the meaning set forth in the Preamble to this Agreement. 

“IPO” means the first firmly underwritten registered public offering by the Company of its Ordinary
Shares pursuant to a Registration Statement that is filed with and declared effective by either the Commission under the Securities Act or another Governmental Authority for a Registration in a jurisdiction other than the United States. 

“Issuance Notice” has the meaning set forth in Section 7.2 hereof. 

“Law” means any constitutional provision, statute or other law, rule, regulation, official policy or
interpretation of any Governmental Authority and any injunction, judgment, order, ruling, assessment or writ issued by any Governmental Authority. 

“Liquidation Event” means (i) any liquidation, winding-up, or dissolution of the Company,
(ii) any consolidation, amalgamation or merger of the Company with or into any Person, or any other corporate reorganization, including a sale or acquisition of Equity Securities of the Company, in which the members of the Company immediately
before such transaction own less than fifty percent (50%) of the Company’s voting power immediately after such transaction (excluding any transaction effected solely for tax purposes or to change the Company’s domicile); (iii) a
sale of all or substantially all of the assets of the Company; or (iv) the exclusive licensing of all or substantially all of the Company’s intellectual property to a third party. 

“Memorandum and Articles” means the Company’s Memorandum and Articles of Association, as amended and
restated from time to time. 
 “New Securities” means, subject to the terms of Section 7
hereof, any newly issued Equity Securities of the Company, except for (i) securities issued to employees, consultants, officers or directors of the Company or its Subsidiaries pursuant to any share option, share purchase or share bonus plan,
agreement or arrangement approved by the Board; (ii) securities issued upon conversion of the Series A Preferred Shares or exercise of any outstanding warrants or options; (iii) securities issued in connection with a bona fide acquisition
of another business; (iv) securities issued in a Qualified IPO; (v) securities issued in connection with any share split, share dividend, combination, recapitalization or similar transaction of the Company; or (vi) with respect to any
Investor, any other issuance of Equity Securities whereby such Investor gives a written waiver of its rights under Section 7 hereof at the Investor’s sole discretion. 







 “Non-Exercising Holder” has the meaning set forth in
Section 7.3 hereof. 
 “Observer” has the meaning set forth in Section 9.2 hereof.

 “Ordinary Director” has the meaning assigned to it in Section 9.1(a) hereunder.

 “Ordinary Holder” has the meaning set forth in the Preamble to this Agreement. 

“Ordinary Shares” means the ordinary shares, par value US$0.0001, of the Company. 

“Ordinary Share Equivalents” means warrants, options and rights exercisable for Ordinary Shares or
securities convertible into or exchangeable for Ordinary Shares, including, without limitation, the Series A Preferred Shares. 

“Party” has the meaning set forth in the Preamble to this Agreement. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship,
association, limited liability company, firm, trust, estate or other enterprise or entity. 

“PFIC” has the meaning set forth in Section 8.5(a) hereof. 

“Plan of Restructuring” means the Plan of Restructuring attached hereto as Exhibit A. 

“PRC” means the People’s Republic of China, but solely for the purposes of this Agreement, excluding
the Hong Kong Special Administrative Region, Macau Special Administrative Region and the islands of Taiwan. 

“PRC Companies” means Beijing Wuhu Zhongshi Consulting Co., Ltd. (



), Beijing Global Xingxue Technology & Development Co., Ltd. (



), Beijing Dongcheng District Global IELTS Training School (



), Guangzhou Dongshan District Global Elite Training Centre 
(



), Changsha Furong District Global IELTS Training School (



), Shanghai Global Career Education & Technology Holdings Limited (



). 
 “Prior Agreement” has the meaning set forth in the Recitals
hereof. 
 “QEF Election” has the meaning set forth in Section 8.5(b) hereof. 







 “Qualified IPO” has the meaning given to such term in the
Company’s Memorandum and Articles. 
 “Registrable Securities” means (i) the Ordinary
Shares issuable or issued upon conversion of the Series A Preferred Shares, (ii) any Ordinary Shares owned or hereafter acquired by the Investors and (iii) any Ordinary Shares of the Company issued as a dividend or other distribution with
respect to, in exchange for, or in replacement of, the shares referenced in (i) and (ii) herein, excluding in all cases, however, any of the foregoing sold by a Person in a transaction other than an assignment pursuant to Section 11.
For purposes of this Agreement, (i) Registrable Securities shall cease to be Registrable Securities when a Registration Statement covering such Registrable Securities has been declared effective under the Securities Act by the Commission
whether or not such Registrable Securities have been disposed of pursuant to such effective Registration Statement and (ii) the Registrable Securities of a Holder shall not be deemed to be Registrable Securities at any time when the entire
amount of such Registrable Securities proposed to be sold by such Holder in a single sale are or, in the opinion of counsel satisfactory to the Company and such Holder, each in their reasonable judgment, may be, so distributed to the public pursuant
to Rule 144 (or any successor provision then in effect) under the Securities Act in any three (3) month period or any such Registrable Securities have been sold in a sale made pursuant to Rule 144 of the Securities Act. 

“Registration” means a registration effected by preparing and filing a Registration Statement and the
declaration or ordering of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant with the foregoing. 

“Registration Statement” means a registration statement prepared on Form F-1, F-2, F-3, S-1, S-2 or S-3
under the Securities Act (including, without limitation, Rule 415 under the Securities Act), or on any comparable form in connection with registration in a jurisdiction other than the United States. 

“Remaining Securities” has the meaning set forth in Section 7.3 hereof. 

“Restructuring” has the meaning set forth in Section 10.5 hereof. 

“Securities Act” means the United States Securities Act of 1933, as amended. 

“Selling Expenses” means all underwriting discounts and selling commissions applicable to the sale of
Registrable Securities pursuant to this Agreement. 
 “Series A Director” has the meaning
assigned to it in Section 9.1(a) hereunder. 
 “Series A Holder” has the meaning assigned
to it in Section 7.1 hereunder. 
 “Series A Preferred Shares” means the any and all of the
Company’s Series A Preferred Shares, par value US$0.0001 per share, each with the rights and privileges as set forth in the Memorandum and Articles. 







 “Subsidiary” means, with respect to any specified Person,
any other Person that is Controlled directly or indirectly by such given Person. 
 “SUNNYKEY”
has the meaning set forth in the Recitals hereof. 
 “United States person” has the meaning set
forth in Section 8.5(f) hereof. 
 “U.S. GAAP” means generally accepted accounting
principles in the United States applied on a consistent basis. 
 “Violation” has the meaning
set forth in Section 5.1(a) hereof. 
 “WFOE” means Beijing Global Education &
Technology Co., Ltd. (



), a wholly foreign owned enterprise established and existing under the laws of the PRC. 
 1.2
Interpretation. For all purposes of this Agreement, except as otherwise expressly provided, (i) the terms defined in this Section 1 shall have the meanings assigned to them in this Section 1 and include the plural as well as the
singular, (ii) all accounting terms not otherwise defined herein have the meanings assigned under U.S. GAAP, (iii) 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, (iv) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (v) 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 (vi) all references in this Agreement to designated Schedules, Exhibits and Annexes are to the Schedules, Exhibits and Annexes
attached to this Agreement unless explicitly stated otherwise, (vii) all references to dollars are to currency of the United States of America, (viii) the term “including” will be deemed to be followed by “, but not
limited to,”; (ix) the terms “shall,” “will,” and “agrees” are mandatory, and the term “may” is permissive; and (x) the term “day” means “calendar day.” 

1.3 Jurisdiction. The terms of this Agreement are drafted primarily in contemplation of an offering of securities in the United
States of America. The Parties recognize, however, the possibility that securities may be qualified or registered in a jurisdiction other than the United States of America for offering to the public or that the Company might effect an offering in
the United States of America in the form of American Depositary Receipts or American Depositary Shares. Accordingly: 
 (a) It
is their intention that, whenever this Agreement refers to a Law, form, process or institution of the United States of America but the parties wish to effectuate qualification or registration in a different jurisdiction, reference in this Agreement
to the Laws or institutions of the United States shall be read as referring, mutatis mutandis, to the comparable Laws or institutions of the jurisdiction in question; and 

(b) It is agreed that the Company will not undertake any listing of American Depositary Receipts, American Depositary Shares or any other
security derivative of the Company’s Ordinary Shares unless arrangements have been made reasonably satisfactory to the Holders of a majority in interest of the then outstanding Registrable Securities to ensure that the spirit and intent of this
Agreement will be realized and that the Company is committed to take such actions as are necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public offering in the United
States of America as if the Company had listed Ordinary Shares in lieu of such derivative securities. 







 2. Demand Registration. 

2.1 Registration Other Than on Form F-3 or Form S-3. Subject to the terms of this Agreement, at any time or from time to time
after the earlier of (i) September 15, 2009 and (ii) the date that is six (6) months after the closing of a Qualified IPO, Holders holding twenty-five percent (25%) or more of the then outstanding Registrable Securities may
request in writing that the Company effect a Registration in any jurisdiction in which the Company has had a registered underwritten public offering (or, if the Company has not yet had a registered underwritten public offering, then such request may
be to effect such Registration on the New York Stock Exchange, the NASDAQ Global Market, the Hong Kong Stock Exchange Main Board, the Hong Kong Stock Exchange GEM, or any other internationally recognized exchange that is approved by Company) of all
or part of the Registrable Securities, including without limitation any registration statement filed under the Securities Act providing for the registration of, and the sale on a continuous or delayed basis by the Holders of, all of the Registrable
Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission on Form F-1 or Form S-1 (or any comparable form for Registration in a jurisdiction other than the United States, if applicable).
Upon receipt of such a request, the Company shall (a) promptly give written notice of the proposed Registration to all other Holders and (b) as soon as practicable, use its reasonable best efforts to cause the Registrable Securities
specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written notice, to be Registered and/or qualified
for sale and distribution in such jurisdiction. The Company shall be obligated to effect no more than three (3) Registrations pursuant to this Section 2.1 that have been declared and ordered effective. 

2.2 Registration on Form F-3 or Form S-3. Subject to the terms of this Agreement, at any time after a Qualified IPO, if the
Company qualifies for registration on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), Holders may request the Company to file, in any jurisdiction in which the Company has had a
registered underwritten public offering, a Registration Statement on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), including without limitation any registration statement filed under
the Securities Act providing for the registration of, and the sale on a continuous or delayed basis by the Holders of, all of the Registrable Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the
Commission, for a public offering of Registrable Securities for which the reasonably anticipated aggregate price to the public, net of Selling Expenses, would exceed US$1,000,000. Upon receipt of such a request, the Company shall (i) promptly
give written notice of the proposed Registration to all other Holders and (ii) as soon as practicable, use its reasonable best efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities of any
Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written notice, to be Registered and qualified for sale and distribution in such jurisdiction. The Holders may at any time,
and from time to time, require the Company to effect the Registration of Registrable Securities under this Section 2.2. 







 2.3 Right of Deferral. 

(a) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to this Section 2: 

(i) if, within ten (10) days of the receipt of any request of the Holders to Register any Registrable Securities under
Section 2.1 or Section 2.2, the Company gives notice to the Initiating Holders of its bona fide intention to effect the filing for its own account of a Registration Statement of Ordinary Shares within sixty (60) days of receipt of
that request; provided that the Company is actively employing in good faith its reasonable best efforts to cause that Registration Statement to become effective within sixty (60) days of the initial filing; provided further
that the Holders are entitled to join such Registration subject to Section 3; 
 (ii) during the period starting with the
date of filing by the Company of, and ending six (6) months following the effective date of, any Registration Statement pertaining to Ordinary Shares of the Company; provided that the Holders are entitled to join such Registration
subject to Section 3; or 
 (iii) in any jurisdiction in which the Company would be required to execute a general consent
to service of process in effecting such Registration or qualification, unless the Company is already subject to service of process in such jurisdiction; 

(b) If, after receiving a request from Holders pursuant to Section 2.1 or Section 2.2 hereof, the Company furnishes to the
Holders a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment of the Board, there is a reasonable likelihood that it would be materially detrimental to the Company or its members for a
Registration Statement to be filed in the near future, then the Company shall have the right to defer such filing for a period during which such filing would be materially detrimental, provided that such deferral by the Company shall not exceed
ninety (90) days from the receipt of any request duly submitted by Holders under Section 2.1 or Section 2.2 to Register Registrable Securities; provided further, that the Company may not Register any other of its Securities during
such ninety (90) day period (except for Registrations contemplated by Section 3.4); provided, however, that the Company shall not utilize this right more than once in any twelve (12) month period. 







 2.4 Underwritten Offerings. 

(a) If, in connection with a request to Register Registrable Securities under Section 2.1 or Section 2.2, the Initiating
Holders seek to distribute such Registrable Securities in an underwriting, they shall so advise the Company as a part of the request, and the Company shall include such information in the written notice to the other Holders described in Sections 2.1
and 2.2. In such event, the right of any Holder to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities
in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into
an underwriting agreement in customary form with the underwriter or underwriters of internationally recognized standing selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the managing underwriter
advises the Company that marketing factors (including without limitation the aggregate number of securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the
Registration) require a limitation of the number of Registrable Securities to be underwritten in a Registration pursuant to Section 2.1 or 2.2, the underwriters may (i) in the event the offering is the Company’s IPO, exclude from the
underwriting all of the Registrable Securities (so long as the only securities included in such offering are those of the Company), or (ii) otherwise exclude up to seventy percent (70%) of the Registrable Securities requested to be
Registered but only after first excluding all other Equity Securities from the Registration and underwriting and so long as the number of shares to be included in the Registration on behalf of Holders is allocated among all Holders in proportion, as
nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included, provided that if, as a result of such underwriter cutback, the Holders cannot include in the initial public offering all of the
Registrable Securities that they have requested to be included therein, then such Registration shall not be deemed to constitute one of the three demand Registrations to which the Holders are entitled pursuant to Section 2.1. Any Registrable
Securities excluded or withdrawn from such underwriting shall be withdrawn from the Registration. 
 3. Piggyback Registrations.

 3.1 Registration of the Company’s Securities. Subject to the terms of this Agreement, if the Company proposes
to Register for its own account any of its Equity Securities, or for the account of any holder (other than a Holder) of Equity Securities any of such holder’s Equity Securities, in connection with the public offering of such securities solely
for cash (except as set forth in Section 3.4), the Company shall promptly give each Holder written notice of such Registration and, upon the written request of any Holder given within fifteen (15) days after delivery of such notice, the
Company shall use its reasonable best efforts to include in such Registration any Registrable Securities thereby requested to be Registered by such Holder. If a Holder decides not to include all or any of its Registrable Securities in such
Registration by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company, all upon the terms and
conditions set forth herein. 
 3.2 Right to Terminate Registration. The Company shall have the right to terminate or
withdraw any Registration initiated by it under Section 3.1 prior to the effectiveness of such Registration, whether or not any Holder has elected to participate therein. The expenses of such withdrawn Registration shall be borne by the Company
in accordance with Section 4.3. 







 3.3 Underwriting Requirements. 

(a) In connection with any offering involving an underwriting of the Company’s Equity Securities solely for cash, the Company shall
not be required to Register the Registrable Securities of a Holder under this Section 3 unless such Holder’s Registrable Securities are included in the underwriting and such Holder enters into an underwriting agreement in customary form
with the underwriter or underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwriting as have been agreed upon between the Company and the underwriters. In the event the underwriters
advise Holders seeking Registration of Registrable Securities pursuant to this Section 3 in writing that market factors (including the aggregate number of Registrable Securities requested to be Registered, the general condition of the market,
and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to be underwritten, the underwriters may (i) in the event the offering is the Company’s
IPO, exclude all of the Registrable Securities (so long as the only securities included in such offering are those of the Company and no securities of other selling shareholders are included), or (ii) otherwise exclude up to seventy percent
(70%) of the Registrable Securities requested to be Registered but only after first excluding all other Equity Securities (except for securities to be offered by the Company) from the Registration and underwriting and so long as the Registrable
Securities to be included in such Registration on behalf of Holders are allocated among all Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included. 

(b) If any Holder disapproves the terms of any underwriting, the Holder may elect to withdraw therefrom by written notice to the Company
and the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from the underwriting shall be withdrawn from the Registration. 

3.4 Exempt Transactions. The Company shall have no obligation to Register any Registrable Securities under this Section 3 in
connection with a Registration by the Company (i) relating solely to the sale of securities to participants in a Company share plan, or (ii) relating to a corporate reorganization or other transaction under Rule 145 of the Securities Act
(or comparable provision under the Laws of another jurisdiction, as applicable). 
 4. Procedures. 

4.1 Registration Procedures and Obligations. Whenever required under this Agreement to effect the Registration of any Registrable
Securities held by the Holders, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare and file with the
Commission a Registration Statement with respect to those Registrable Securities and use its reasonable best efforts to cause that Registration Statement to become effective, and, upon the request of the Holders holding a majority of the Registrable
Securities Registered thereunder, keep the Registration Statement effective for up to one hundred and eighty (180) days or, if earlier, until the distribution thereunder has been completed; provided, however, that (i) such
one hundred and eighty (180) day period shall be extended for a period of time equal to the period any Holder refrains from selling any Registrable Securities included in such Registration at the written request of the underwriter(s) for such
Registration; and (ii) in the case of any Registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable rules promulgated by the Commission, such
180-day period shall be extended for up to an additional sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold. 







 (b) Prepare and file with the Commission amendments and supplements to that Registration
Statement and the prospectus used in connection with the Registration Statement as may be necessary to comply with the provisions of Applicable Securities Law with respect to the disposition of all securities covered by the Registration Statement;

 (c) Furnish to the Holders the number of copies of a prospectus, including a preliminary prospectus, required by Applicable
Securities Law, and any other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d) Use its reasonable best efforts to Register and qualify the securities covered by the Registration Statement under the securities
Laws of any jurisdiction, as reasonably requested by the Holders, provided that the Company shall not be required to qualify to do business or file a general consent to service of process in any such jurisdictions; 

(e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in
customary form, with the managing underwriter(s) of the offering. Each shareholder participating in the underwriting shall also enter into and perform its obligations under such an agreement; 

(f) Notify each Holder of Registrable Securities covered by the Registration Statement at any time when a prospectus relating thereto is
required to be delivered under Applicable Securities Law of (i) the issuance of any stop order by the commission, or (ii) the happening of any event as a result of which any prospectus included in the Registration Statement, as then in
effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

(g) Provide a transfer agent and registrar for all Registrable Securities Registered pursuant to the Registration Statement and, where
applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective date of the Registration; 

(h) Furnish, at the request of any Holder requesting Registration of Registrable Securities pursuant to this Agreement, on the date that
such Registrable Securities are delivered for sale in connection with a Registration pursuant to this Agreement, (i) an opinion, dated the closing date of the sale, of the counsel representing the Company for the purposes of the Registration,
in form and substance as is customarily given to underwriters in an underwritten public offering; (ii) (A) a comfort letter dated the signing date of the underwriting agreement; and (B) a bring down comfort letter dated the closing of
the sale, each from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the
underwriters; and 
 (i) Take all reasonable action necessary to list the Registrable Securities on the primary exchange on
which the Company’s securities are then traded or in connection with a Qualified IPO, the primary exchange on which the Company’s securities will be traded. 

4.2 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
this Agreement with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such
securities as shall be required to effect the Registration of such Holder’s Registrable Securities. 







 4.3 Expenses of Registration. All expenses, other than the Selling Expenses (which
shall be borne by the Holders requesting Registration on a pro rata basis in proportion to their respective numbers of Registrable Securities sold in such Registration), incurred in connection with Registrations, filings or qualifications pursuant
to this Agreement, including (without limitation) all Registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and reasonable fees and disbursement of one counsel for all
selling Holders, shall be borne by the Company. The Company shall not, however, be required to pay for any expenses of any Registration proceeding begun pursuant to this Agreement if the Registration request is subsequently withdrawn at the request
of a majority in interest of the Holders requesting such Registration (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be thereby Registered in the withdrawn
Registration). 
 4.4 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining
or otherwise delaying any Registration as the result of any controversy that may arise with respect to the interpretation or implementation of this Agreement. 

5. Indemnification. 

5.1 Company Indemnity. 

(a) To the maximum extent permitted by Law, the Company will indemnify and hold harmless each Holder, such Holder’s officers,
directors, shareholders, legal counsel and accountants, any underwriter (as defined in the Securities Act) for such Holder and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter, against any losses,
claims, damages or liabilities (joint or several) to which they may become subject under Laws which are applicable to the Company and relate to action or inaction required of the Company in connection with any Registration, qualification, or
compliance, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in such Registration Statement, on the effective date thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto),
(ii) the omission or alleged omission to state in the Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, a material fact required to be stated therein or
necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of Applicable Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws. The Company will
reimburse each such Holder, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action. 







 (b) The indemnity agreement contained in this Section 5.1 shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it arises solely out of or is solely based upon a Violation that occurs in reliance upon and in conformity with written information furnished for use in connection with such
Registration by any such Holder, underwriter or controlling person. 
 5.2 Holder Indemnity. 

(a) To the maximum extent permitted by Law, each selling Holder will indemnify and hold harmless the Company, its directors, officers,
legal counsel and accountants, any underwriter, any other Holder selling securities in connection with such Registration and each Person, if any, who controls (within the meaning of the Securities Act) the Company, such underwriter or other Holder,
against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under Applicable Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written
information furnished by such Holder for use in connection with such Registration; and each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 5.2, for any legal or other expenses reasonably incurred by
such Person in connection with investigating or defending any such loss, claim, damage, liability or action. No Holder’s liability under this Section 5.2 shall exceed the net proceeds (less underwriting discounts and selling commissions)
received by such Holder from the offering of securities made in connection with that Registration; provided, however, such limitation shall not apply in the case of willful fraud by such Holder. 

(b) The indemnity contained in this Section 5.2 shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld or delayed). 

5.3 Notice of Indemnification Claim. Promptly after receipt by an indemnified Party under Section 5.1 or Section 5.2 of
notice of the commencement of any action (including any governmental action), such indemnified Party will, if a claim in respect thereof is to be made against any indemnifying party under Section 5.1 or Section 5.2, deliver to the
indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume the defense thereof with counsel mutually satisfactory to the indemnifying parties. An indemnified Party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the reasonably incurred fees and expenses to be paid by the indemnifying party, if representation of such indemnified Party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified Party and any other Party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action,
if prejudicial to its ability to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of any liability to the indemnified Party under this Section 5, but the omission to deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any indemnified Party otherwise than under this Section 5. 







 5.4 Contribution. If any indemnification provided for in Section 5.1 or
Section 5.2 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

5.5 Underwriting Agreement. To the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

5.6 Survival. The obligations of the Company and Holders under this Section 5 shall survive the completion of any offering of
Registrable Securities in a Registration Statement under this Agreement. 
 6. Additional Undertakings. 

6.1 Reports under the Exchange Act. With a view to making available to the Holders the benefits of Rule 144 promulgated under the
Securities Act and any comparable provision of any Applicable Securities Law that may at any time permit a Holder to sell securities of the Company to the public without Registration or pursuant to a Registration on Form F-3 or Form S-3 (or any
comparable form in a jurisdiction other than the United States), the Company agrees to: 
 (a) make and keep public information
available, as those terms are understood and defined in Rule 144 (or comparable provision, if any, under Applicable Securities Laws in any jurisdiction where the Company’s securities are listed), at all times following ninety (90) days
after the effective date of the first Registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) file with the Commission in a timely manner all reports and other documents required of the Company under all Applicable Securities
Laws; and 







 (c) at any time following ninety (90) days after the effective date of the first
Registration under the Securities Act filed by the Company for an offering of its securities to the general public by the Company, promptly furnish to any Holder holding Registrable Securities, upon request (i) a written statement by the
Company that it has complied with the reporting requirements of all Applicable Securities Laws at any time after it has become subject to such reporting requirements or, at any time after so qualified, that it qualifies as a registrant whose
securities may be resold pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s securities are listed), (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents as may be filed by the Company with the Commission, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the Commission,
that permits the selling of any such securities without Registration or pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s securities are listed).

 6.2 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any Equity Securities of the Company that would allow such holder or
prospective holder (i) to include such Equity Securities in any Registration filed under Section 2 or 3, unless under the terms of such agreement such holder or prospective holder may include such Equity Securities in any such Registration
only to the extent that the inclusion of such Equity Securities will not reduce the amount of the Registrable Securities of the Holders that are included, (ii) to demand Registration of their securities, or (iii) cause the Company to
include such Equity Securities in any Registration filed under Section 2.2 or Section 3 hereof on a basis more favorable to such holder or prospective holder than is provided to the Holders thereunder. 

6.3 “Market Stand-Off” Agreement. Each Holder agrees, if so required by the managing underwriter(s), that it will not
during the period commencing on the date of the final prospectus relating to the Company’s IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days from the
date of such final prospectus) (i) lend, offer, pledge, hypothecate, hedge, sell, make any short sale of, loan, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Equity Securities (other than those included in such offering) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of the Equity Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Equity Securities or such other securities, in cash or
otherwise; provided, that (x) all directors, officers and all other holders of share capital of the Company must be bound by restrictions substantially identical to those applicable to any Holder pursuant to this Section 6.3,
(y) all Holders will be released from any restrictions set forth in this Section 6.3 to the extent that any other members subject to substantially similar restrictions are released, and (z) the lockup agreements shall permit Holders
to transfer their Registrable Securities to their respective Affiliates so long as the transferees enters into the same lockup agreement. The underwriters in connection with the Company’s IPO are intended third party beneficiaries of this
Section 6.3 and shall have the right, power and authority to enforce the provisions hereof as though they were a Party hereto. In order to enforce the foregoing covenant, the Company may place restrictive legends on the certificates and impose
stop-transfer instructions with respect to the Registrable Securities of each shareholder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 







 6.4 Termination of Registration Rights. The registration rights set forth in Sections
1.3, 2, 3, 4, 5 and 6 of this Agreement shall terminate on the later of (a) the date that is four (4) years from the date of closing of a Qualified IPO and (b) September 15, 2014. 

6.5 Exercise of Series A Preferred Shares. Notwithstanding anything to the contrary provided in this Agreement, the Company shall
have no obligation to Register Registrable Securities which, if constituting Ordinary Share Equivalents, have not been exercised, converted or exchanged, as applicable, for Ordinary Shares. 

7. Preemptive Right 

7.1 General. With respect to any sale or issuance of New Securities that the Company may, from time to time, propose to sell or
issue, the Company hereby grants to each holder of then-outstanding Series A Preferred Shares (each, a “Series A Holder”) a right to purchase up to its pro rata share (and any overallotment, as provided below) of any New Securities
on the same price, terms and conditions as the Company proposes to offer such securities to other prospective purchasers. A Series A Holder’s “pro rata share” for purposes of this purchase right shall be determined according to the
number of Ordinary Shares owned by the Series A Holder immediately prior to the issuance of the New Securities (assuming the exercise, conversion or exchange of all then outstanding Ordinary Share Equivalents) in relation to the total number of
Ordinary Shares of the Company outstanding immediately prior to the issuance of the New Securities (assuming the exercise, conversion or exchange of all then outstanding Ordinary Share Equivalents). 

7.2 Issuance Notice. In the event the Company proposes to undertake an issuance of New Securities, it shall give each Series A
Holder written notice (an “Issuance Notice”) of such intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. The Series A Holder shall have ten
(10) days after the receipt of such notice to agree to purchase up to the Series A Holder’s pro rata share of such New Securities (as determined in Section 7.1 above) for the price and upon the terms specified in the notice by giving
written notice to the Company and stating therein the quantity of New Securities to be purchased. 
 7.3 Overallotment.
If any Series A Holder fails to exercise its right to purchase its full pro rata share of any New Securities (each, a “Non-Exercising Holder”), the Company shall, within five (5) days after the expiration of the ten
(10) day period described in Section 7.2 above, deliver written notice specifying the aggregate number of unpurchased New Securities that were eligible for purchase by all Non-Exercising Holders (the “Remaining
Securities”) to each Series A Holder that exercised its right to purchase its full pro rata share of the New Securities (each, an “Exercising Holder”). Each Exercising Holder shall have a right of overallotment, and may
exercise an additional right to purchase the Remaining Securities by notifying the Company in writing within ten (10) days after receipt of the notice by the Company pursuant to the prior sentence of this Section 7.3; provided,
however, that if the Exercising Holders desire to purchase in aggregate more than the number of Remaining Securities, then the Remaining Securities will be allocated to the extent necessary among the Exercising Holders in accordance with
their respective pro rata shares. 







 7.4 Sales by the Company. For a period of sixty (60) days following the
expiration of the ten (10) day period as described in Section 7.2 above, the Company may sell any New Securities with respect to which a Series A Holder’s preemptive rights under this Section 7 were not exercised, at a price and
upon terms not more favorable to the purchasers thereof than specified in the Issuance Notice. In the event the Company has not sold such New Securities within such sixty (60) day period, the Company shall not thereafter issue or sell any New
Securities, without first again offering such securities to the Series A Holders in the manner provided in Section 7.1 above. 

7.5 Termination of Preemptive Rights. The preemptive rights in this Section 7 shall terminate on the earlier of (i) the
closing of the Qualified IPO, or (ii) a Liquidation Event. 
 8. Information and Inspection Rights. 

8.1 Delivery of Financial Statements. For so long as SAIF owns any Series A Preferred Shares, the Company shall deliver to SAIF
the following documents and reports (in form reasonably acceptable to SAIF): 
 (a) within ninety (90) days after the end
of each fiscal year of the Company, a consolidated income statement and statement of cash flows for the Company for such fiscal year and a consolidated balance sheet for the Company as of the end of the fiscal year, audited and certified by a
“big four” firm of independent certified public accountants selected by the Company, and a management report including a comparison of the financial results of such fiscal year with the corresponding annual budget, all prepared in English
and in accordance with U.S. GAAP; 
 (b) within forty-five (45) days after the end of each fiscal quarter of the Company, a
consolidated unaudited income statement and statement of cash flows for such fiscal quarter and a consolidated unaudited balance sheet for the Company as of the end of such fiscal quarter, and a management report including a comparison of the
financial results of such fiscal year with the corresponding quarterly budget, all prepared in English and in accordance with U.S. GAAP (except for year-end adjustments and except for the absence of notes); 

(c) within fifteen (15) days of the end of each month, a consolidated unaudited income statement and statement of cash flows for
such month and a consolidated balance sheet for the Company as of the end of such month, and a management report all prepared in English and in accordance with U.S. GAAP (except for year-end adjustments and except for the absence of notes);

 (d) no later than fifteen (15) days prior to the end of each fiscal quarter, a quarterly budget for the succeeding
fiscal quarter; 
 (e) no later than thirty (30) days prior to the end of each fiscal year, an annual budget for the
succeeding fiscal year; and 
 (f) copies of all documents or other information sent to any shareholder and any reports publicly
filed by the Company with any relevant securities exchange, regulatory authority or governmental agency. 







 8.2 Inspection. For so long as SAIF owns any Series A Preferred Shares, the Company
shall permit SAIF, at its own expense, to visit and inspect, during normal business hours following reasonable notice by SAIF to the Company and only in a manner so as not to interfere with the normal business operations of the Company and its
Subsidiaries, any of the properties of the Company and its Subsidiaries, and examine the books of account and records of the Company and its Subsidiaries, and discuss the affairs, finances and accounts of the Company and its Subsidiaries with the
directors, officers, management employees, accountants, legal counsel and investment bankers of such companies, all at such reasonable times as may be requested in writing by SAIF; provided, that SAIF agrees to keep confidential any
information so obtained; provided, further, that SAIF may be excluded from access to any material, records or other information if the Company is restricted from making such disclosure pursuant to a bona fide agreement with a third
party or if such disclosure will jeopardize the attorney-client privilege. 
 8.3 Termination of Information and
Inspection Rights. The rights and covenants set forth in Sections 8.1 and 8.2 shall terminate and be of no further force or effect upon the earlier occurrence of (i) the closing of a Qualified IPO and (ii) a Liquidation Event.

 8.4 Governmental/Securities Filings. For three (3) years after the date that the Company becomes subject to the
filing requirements of the Exchange Act or any other organized securities exchange, the Company shall deliver to each Investor holding any Equity Securities of the Company copies of, or provide a link on its public website to, any quarterly, annual,
extraordinary, or other reports publicly filed by the Company with the Commission or any other relevant securities exchange, regulatory authority or government agency, and any annual reports and other materials delivered to any other shareholder.

 8.5 United States Tax Matters. 

(a) The Company acknowledges that certain investors may be, or may be comprised of investors that are, United States persons (as defined
in Section 8.5(f) and that the U.S. income tax consequences to those persons of investing in the Company will be significantly affected by whether the Company (or any of the entities in which it owns an equity interest at any time) is
(i) a “passive foreign investment company” (within the meaning of Section 1297 of the Code) (a “PFIC”) or (ii) classified as a partnership or a branch for U.S. federal income tax purposes. 

(b) The Company shall determine annually, within forty-five (45) days from the end of each taxable year, with respect to such
taxable year (i) whether the Company (and each of the entities in which the Company owns or proposes to acquire an equity interest, directly or indirectly) is or may become a PFIC (including whether any exception to PFIC status may apply) or is
or may be classified as a partnership or branch for U.S. federal income tax purposes, and (ii) to provide such information reasonably available to the Company as any direct or indirect shareholder who is a United States person may request to
permit such direct or indirect shareholder to elect to treat the Company and/or any such entity (including a Subsidiary of the Company) as a “qualified electing fund” (within the meaning of Section 1295 of the Code) (a “QEF
Election”) for U.S. federal income tax purposes. The Company shall also obtain and provide reasonably promptly upon request any and all other information deemed necessary by any direct or indirect shareholder who is a United States person
to comply with the provisions of this Section 8.5. 







 (c) The Company shall provide to any direct or indirect shareholder who is a United States
person, within 45 days following the end of the Company’s taxable year, a complete and accurate “PFIC Annual Information Statement” in the form of Exhibit B attached hereto for the Company and for each entity in which the Company owns
an equity interest at any time during such year as required by Treasury Regulation Section 1.1295-1(g) and any other information required by a shareholder who is a United States person to comply with any reporting or other requirements in
connection with the QEF Election. 
 (d) The Company will comply and will cause its Subsidiaries to comply with all
record-keeping, reporting, and other requests necessary for the Company and its Subsidiaries to allow any direct or indirect shareholder to avail itself of any provision of U.S. tax Law. The Company will also provide any direct or indirect
shareholder with any information reasonably requested to allow such direct or indirect shareholder to comply with any applicable U.S. federal income tax Law or to avail itself of any provision of U.S. federal income tax Law. 

(e) The Company shall, if requested by an Investor, or any direct or indirect shareholder who is a United States person, cooperate in
determining whether it would be desirable, reasonable and appropriate for the Company and/or any its Subsidiary to elect to be classified as a partnership or branch for U.S. federal income tax purposes and, if so, to take all reasonable steps to
cause any such elections to be made. 
 (f) For purposes of this Section 8.5: “United States person” means
any person described in Section 77701(a)(30) of the Code. 
 (g) Notwithstanding any other provision of this
Section 8.5, (x) the Company shall not be obligated to provide any document or information to the extent that the provision of such documentation of information would violate any Law applicable to the Company, and (y) the rights and
covenants set forth in this Sections 8.5 shall terminate and be of no further force or effect upon the closing of a Qualified IPO. 
 9.
Election of Directors; Board Observer 
 9.1 Board of Directors. 

(a) Number of Directors. The Company shall have a Board consisting of three (3) directors, of which, for so long as SAIF holds any
Series A Preferred Shares, one (1) Director is to be designated by SAIF (the “Series A Director”) and two (2) Directors are to be designated by the holders of Ordinary Shares (excluding any Ordinary Shares issued or
issuable upon conversion of Series A Preferred Shares) (the “Ordinary Directors”). 
 (b) Designation and
Election of the Series A Director. For so long as SAIF holds any Series A Preferred Shares, at each election of the directors of the Board, each holder of Series A Preferred Shares and each holder of Ordinary Shares shall vote at any meeting of
members, such number of Series A Preferred Shares (on an as-converted basis) and Ordinary Shares as may be necessary, or in lieu of any such meeting, shall give such holder’s written consent, as the case may be, with respect to such number of
Series A Preferred Shares (on an as-converted basis) and Ordinary Shares (i) as may be necessary to elect as the Series A Director one (1) individual designated by the Investor and (ii) against any other Series A Director nominee not
so designated by the Investor. 







 (c) Designation and Election of the Ordinary Directors. At each election of the directors of
the Board, each holder of Series A Preferred Shares and each holder of Ordinary Shares shall vote at any meeting of members, such number of Series A Preferred Shares (on an as-converted basis) and Ordinary Shares as may be necessary, or in lieu of
any such meeting, shall give such holder’s written consent, as the case may be, with respect to such number of Series A Preferred Shares (on an as-converted basis) and Ordinary Shares (i) as may be necessary to elect as the Ordinary
Directors the individuals designated by the holders of a majority of the then outstanding Ordinary Shares (excluding any Ordinary Shares issued or issuable upon conversion of Series A Preferred Shares) and (ii) against any other Ordinary
Director nominee not so designated. The Ordinary Directors shall initially be Yongqi Zhang (



) and Xiaodong Zhang (



). 
 9.2 Board Observer. For so long as SAIF holds any Series A Preferred Shares, SAIF
shall have the right, from time to time, and at any time, to designate one (1) individual that is an employee or officer of SAIF (the “Observer”) to attend all meetings of the Board and all committees thereof (whether in
person, by telephone or other) in a non-voting observer capacity. Notwithstanding the foregoing, the Observer may be excluded from any meeting or denied any materials if in the good faith judgment of the Board such exclusion or denial is appropriate
to preserve confidential information of the Company, or as a result of a conflict of interest or if the Series A Director recuses him/herself from a vote or a meeting. The Company shall provide to the Observer, concurrently with the members of the
Board, and in the same manner, notice of such meeting and a copy of all materials provided to such members.  
 9.3
Alternate. Subject to applicable Law, each of the Ordinary Directors and the Series A Director shall be entitled to appoint alternates to serve at any Board meeting, and such alternate shall be permitted to attend all Board meetings and vote on
behalf of the director for whom she or he is serving as an alternative. 
 9.4 Meetings and Expenses. The Company shall
reimburse all reasonable, documented expenses of the Series A Director related to all Board activities, including but not limited to attending the Board meetings. 

9.5 Assignment. Regardless of anything else contained herein, the rights of the Investors under this Section 9 are
non-transferable and non-assignable (including without limitation by operation of law). 
 9.6 Amendment. So long as any
Investor holds any Series A Preferred Shares, no right of the Investors under this Section 9 may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) without the written consent of
Investors holding at least a majority of the Series A Preferred Shares then held by the Investors. 
 9.7 Directors’
Insurance and Indemnification. After the Company’s IPO, the Company shall provide customary insurance coverage for members of its Board of Directors to the extent available on commercially reasonable terms. The Memorandum and Articles of
the Company shall at all times provide that the Company shall indemnify the members of the Company’s Board of Directors to the maximum extent permitted by the Law of the jurisdiction in which the Company is organized. 







 9.8 Board Meetings. The Company shall use its reasonable best efforts to hold no less
than one (1) Board meeting during each fiscal quarter. A quorum for a Board meeting shall consist of two (2) directors, including the Series A Director, if any; provided, however, if such quorum cannot be obtained per two
(2) consecutive meetings of directors due to the failure of any Series A Director to attend such meetings of directors, then the attendance of any two (2) directors at the next duly called meeting of directors shall constitute a quorum.

 9.9 Termination. The provisions of this Section 9 shall terminate on the consummation of the Qualified
IPO. 
 10 Additional Agreement; Covenants 

10.1 Stock Option Plan. 

(a) The Company shall allocate the Ordinary Shares reserved for issuance pursuant to any share option, share purchase or share bonus
plan, agreement or arrangement of the Company (the “Plan”) in the following manner: (i) 746,914 Ordinary Shares to the Series A Director, and (ii) all other Ordinary Shares to be reserved for future allocation under the
Plan upon the approval by the Board including the Series A Director. 
 (b) Unless otherwise approved by the Board, including
the Series A Director, all Ordinary Shares or options or other securities granted under the Plan shall be subject to vesting pursuant to the following schedule: twenty-five percent (25%) of the securities subject to each grant under the Plan
shall vest on the one (1) year anniversary of such grant, with the remaining seventy-five percent (75%) of the securities subject to such grant to vest in thirty-six (36) equal monthly installments over the next three (3) years.

 10.2 Qualified IPO. Subject to applicable Laws, each of the Company and holders of the Ordinary Shares shall use
commercially reasonable best efforts to effectuate the closing of a Qualified IPO prior to December 31, 2011. In the event of the closing of a Qualified IPO, each of the Company and holders of Ordinary Shares agree to use commercially
reasonable best efforts, subject to applicable Laws, to minimize restrictions on the transfer of any Series A Preferred Shares held by the Investors (or Ordinary Shares that have been converted from such Series A Preferred Shares).

 10.3 Approval of Business Plan. The Company, the Ordinary Holders and the Investors shall use their reasonable
best efforts to cause each quarterly or annual budget, business plan or operating plan (including any capital expenditure budget, operating budget and financing plan) to be approved before the beginning of each quarter or year, as the case may
be. 
 10.4 Restructuring of the Company. The Company, the Investors and the Ordinary Holders shall use
commercially reasonable best efforts to effectuate and ensure the completion of the restructuring in accordance with the Plan of Restructuring, as may be amended from time to time with the consent of SAIF (the “Restructuring”), as
soon as practicable, provided, that, (i) the Restructuring, and any agreements or other documents related thereto, shall be subject to the approval of the Board, including the Series A Director, if any, and (ii) if they so request,
the Investors shall receive from the PRC counsel for the Company an opinion, dated as of the completion of the Restructuring, in the substance and form reasonably acceptable to SAIF. 







 10.5 Related-Party Transactions. Until the closing of the Qualified IPO, other than
this Agreement, the Exchange Agreement, any agreement contemplated by or entered into in connection with the Exchange Agreement, and the Transaction Documents as defined in or contemplated by that certain Share Purchase Agreement dated as of
September 15, 2006 (the “Share Purchase Agreement”), each as amended from time to time, all related party transactions between any of the Company or the WFOE, the officers and directors of the Company or the WFOE, and the
Ordinary Holders, shall be negotiated and entered into on an arms-length basis. 
 10.6 Option to Purchase the PRC
Companies. The Company and the Ordinary Holders shall use commercially reasonable best efforts to ensure the execution of, and effectuation of the terms of, an agreement between the Company (or WFOE) and the PRC Companies under which the Company
(or WFOE) shall, to the extent permitted by the applicable Laws, have the right to purchase one hundred percent (100%) of the equity interest of the PRC Companies and any of its Affiliates for a total consideration of Renminbi ten thousand
(RMB10,000) or the lowest price that is in compliance with applicable laws, which sum shall be returned to the Company by the beneficial owners of the company(ies) purchased. 

10.7 Financial Records. The Company shall keep, and each Ordinary Holder shall cause the Company to keep, at the Company’s
expense, financial records that are in accordance with U.S. GAAP. The Company shall cause, and each Ordinary Holder shall cause the Company to cause, at the Company’s expense, all financial records dating from January 1, 2006 and
thereafter to be reviewed and recorded in accordance with U.S. GAAP. 
 10.8 Confidentiality. 

(a) Disclosure of Terms. The terms and conditions of this Agreement, the Share Purchase Agreement, the Exchange Agreement, any
term sheet or memorandum of understanding entered into pursuant to the transactions contemplated by the Share Purchase Agreement or the Exchange Agreement, all exhibits and schedules attached hereto and thereto, and the transactions contemplated
hereby and thereby (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 as permitted in accordance
with the provisions set forth below. 
 (b) Permitted Disclosures. Notwithstanding the foregoing, the Company may
disclose (i) the Financing Terms to its bona fide prospective investors, employees, bankers, lenders, accountants, legal counsels and business partners, or to any person or entity to which disclosure is approval in writing by the Investor and
(ii) the Financing Terms to its current investors, employees, bankers, lenders, accountants and legal counsels, in each case only where such persons or entities are under appropriate nondisclosure obligations substantially similar to those set
forth in this Section 10.8, or to any person or entity to which disclosure is approved in writing by the Investor. The Investor may disclose (a) the existence of the Financing Terms to any partner, limited partner, former partner,
potential partner or potential limited partner of the Investor or other third parties and (b) the fact of the investment contemplated by the Share Purchase Agreement to the public, in each case as it deems appropriate in its sole discretion.
Any Party hereto may also provide disclosure in order to comply with applicable Laws. 







 (c) Legally Compelled Disclosure. In the event that any Party is requested or becomes
legally compelled (including without limitation, pursuant to any applicable tax, securities, or other Laws and regulations of any jurisdiction) to disclose the existence of this Agreement or content of any of the Financing Terms, such Party (the
“Disclosing Party”) shall provide the other Parties with prompt written notice of that fact and shall consult with the other Parties regarding such disclosure. At the request of another Party, the Disclosing Party shall, to the
extent reasonably possible and with the cooperation and reasonable efforts of the other Parties, seek a protective order, confidential treatment or other appropriate remedy. In any event, the Disclosing Party shall furnish only that portion of the
information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. 

(d) Other Exceptions. Notwithstanding any other provision of this Section 10.8, the confidentiality obligations of the
Parties shall not apply to: (x) information which a restricted Party learns from a third party having the right to make the disclosure, provided the restricted Party complies with any restrictions imposed by the third party;
(y) information which is rightfully in the restricted Party’s possession prior to the time of disclosure by the protected Party and not acquired by the restricted Party under a confidentiality obligation; or (z) information which
enters the public domain without breach of confidentiality by the restricted Party. 
 (e) Press Releases, Etc. No
announcements regarding the Investor’s investment in the Company may be made by any Party hereto in any press conference, professional or trade publication, marketing materials or otherwise to the public without the prior written consent of the
Investor and the Company, provided, that any such announcement made by any partner, limited partner, bona fide potential partner or bona fide potential limited partner of the Investor shall not be subject to the consent of the Company.

 (f) Other Information. The provisions of this Section 10.8 shall terminate and supersede the
provisions of any separate nondisclosure agreement executed by any of the Parties with respect to the transactions contemplated by the Share Purchase Agreement, including the Series A Preferred Stock Financing Term Sheet, dated June 18, 2006.

 (g) Notices. All notices required under this Section 10.8 shall be made pursuant to
Section 12.4 of this Agreement. 
 10.9 Termination. The provisions of this Section 10 shall
terminate on the consummation of the Qualified IPO. 







 11. Assignments and Transfers; No Third Party Beneficiaries. Except as otherwise provided herein,
this Agreement and the rights and obligations of the parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not otherwise be for the benefit of any third party.
The rights of any Holder hereunder (including, without limitation, registration rights) are assignable in connection with the transfer (subject to applicable securities and other Laws) of Equity Securities held by such Holder but only to the extent
of such transfer; provided, however, that (1) the transferor shall, prior to the effectiveness of such transfer, furnish to the Company written notice of the name and address of such transferee and the Equity Securities that are
being assigned to such transferee, and (2) such transferee shall, concurrently with the effectiveness of such transfer, become a party to this Agreement as a Holder and be subject to all applicable restrictions set forth in this Agreement. This
Agreement and the rights and obligations of any Party hereunder shall not otherwise be assigned without the mutual written consent of the other parties. 

12. Miscellaneous. 

12.1 Governing Law. This Agreement shall be governed by and construed under the Laws of the State of New York, without regard to
principles of conflicts of law thereunder. 
 12.2 Dispute Resolution. 

(a) Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or
validity hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the other Parties
involved a written request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any Party with notice
to the other Parties. 
 (b) The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International
Arbitration Centre (the “Centre”). There shall be three arbitrators. The complainant and the respondent involved in such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for
arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the Centre shall select the third arbitrator, who shall be qualified to practice law in the State
of New York. If either party to the arbitration does not appoint an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the
Centre. 
 (c) The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration
Rules of the Centre in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 12.2, including the provisions concerning the appointment of arbitrators, the provisions of this
Section 12.2 shall prevail. 
 (d) The arbitrators shall decide any dispute submitted by the parties to the arbitration
strictly in accordance with the substantive Law of the State of New York and shall not apply any other substantive Law. 
 (e)
Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing complete access to all information and documents requested by such party in connection with such arbitration proceedings, subject only to any
confidentiality obligations binding on the Party receiving the request. 







 (f) The award of the arbitration tribunal shall be final and binding upon the disputing
parties, and any party to the dispute may apply to a court of competent jurisdiction for enforcement of such award. 
 (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. 

12.3 Counterparts. This Agreement 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 Agreement. 

12.4 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either
personally or by next-day or second-day courier service, fax, electronic mail or similar means to the address as shown below the signature of such Party on the signature page of this Agreement (or at such other address as such Party may designate by
fifteen (15) days’ advance written notice to the other Parties to this Agreement given in accordance with this Section). 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 confirmation of delivery, and by two days having passed 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 on the same day on which it is properly addressed and sent through a transmitting organization with a reasonable
confirmation of delivery. 
 12.5 Headings and Titles. Headings and titles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement. 
 12.6 Expenses. If any
action at law or in equity is necessary to enforce or interpret the terms of this Agreement, 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. 
 12.7 Entire Agreement: Amendments and Waivers. This Agreement (including the Schedules and
Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of (i) the Company, (ii) the Ordinary Holders and (iii) Holders holding at least a majority of all Ordinary Shares
(on an as-converted basis) then owned by all Holders. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities, and the
Company. 
 12.8 Severability. If a provision of this Agreement is held to be unenforceable under applicable Laws, such
provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 







 12.9 Further Assurances. The parties agree to execute such further instruments and to
take such further action as may be reasonably necessary to carry out the intent of this Agreement. 
 12.10 Rights
Cumulative. Each and all of the various rights, powers and remedies of a Party hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at law or in equity in the event of
the breach of any of the terms of this Agreement. 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 such Party.

 12.11 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 power 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. 
 12.12 No Presumption. The parties
acknowledge that any applicable Law that would require interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any
conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 

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







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

							
	COMPANY:	 	GLOBAL EDUCATION & TECHNOLOGY GROUP LIMITED
			
		 	By:	  	 /s/ Xiaodong Zhang

		 		  	Name: Xiaodong Zhang
		 		  	Capacity: Director
		
		 	Address:
		 	 Cricket Square, Hutchins Drive, PO Box 2681,

		 	 Grand Cayman, KY1-1111, Cayman Islands



[Signature Page to Shareholders Agreement] 
  







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

									
	INVESTOR:	 		 	 SB ASIA INVESTMENT FUND II L.P.

				
		 		 	By:	 	 /s/ Andrew Y. Yan

		 		 		 	 Name: Andrew Y. Yan 

		 		 		 	 Capacity: Authorized Signatory 

			
		 		 	 Address:



[Signature Page to Shareholders Agreement] 
  







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

									
	ORDINARY HOLDER:	 		 	 ETERNAL JADE INC.

				
		 		 	By:	 	 /s/ Yongqi Zhang

		 		 		 	Name: Yongqi Zhang
		 		 		 	Capacity: Director
			
		 		 	Address:
		 		 	P.O.Box 957, Offshore Incorporations Centre,
		 		 	Road Town, Tortola, British Virgin Islands


[Signature Page to Shareholders Agreement] 
  







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

									
	ORDINARY HOLDER:	 		 	 ORIENTAL LIGHT CONSULTING LIMITED

				
		 		 	By:	 	 /s/ Xiaodong Zhang

		 		 		 	Name: Xiaodong Zhang
		 		 		 	Capacity: Director
			
		 		 	Address:
		 		 	P.O.Box 957, Offshore Incorporations Centre,
		 		 	Road Town, Tortola, British Virgin Islands


[Signature Page to Shareholders Agreement] 







 EXHIBIT A 

PLAN OF RESTRUCTURING 

Exhibit-A 







 EXHIBIT B 

[Must be signed by an authorized representative of the Company] 

PFIC ANNUAL INFORMATION STATEMENT 

PFIC Annual Information Statement pursuant to U.S. Treasury Regulation § 1.1295-1(g). 

                     (the
“Company”) hereby represents that: 
  

	1.	This PFIC Annual Information Statement applies to the Company’s taxable year beginning on
             and ending on             . 


 

	2.	The pro rata shares of the Company’s ordinary earnings and net capital gain attributable to the U.S. Shareholder (directly or indirectly through any other entity
that holds the investment in the Company) for the taxable year specified in paragraph (1) are: 

 Ordinary
Earnings: $             
 Net Capital Gain:
$             
  

	3.	The amount of cash and the fair market value of other property distributed or deemed distributed by the Company to the U.S. Shareholder during the taxable year
specified in paragraph (1) are as follows: 

 Cash:
$             
 Fair Market Value of Property:
$             
  

	4.	The Company will permit the U.S. Shareholder to inspect the Company’s permanent books of account, records, and such other documents as may be maintained by the
Company that are necessary to establish that the Company’s ordinary earnings and net capital gain are computed in accordance with U.S. Federal income tax principles, and to verify these amounts and the U.S. Shareholders direct or indirect pro
rata shares thereof; provided, that (i) a Company representative shall, at the Company’s option, accompany the Investor on any such inspection, and (ii) the Company shall not be required to permit such inspection if such
inspection would violate applicable Laws, regulations or policies of the PRC. 

  

			
	By:	 	  

		
	Title:	 	
	Date:	 	

 Exhibit-B