Document:

Exhibit
10.3 

 

Business
Operation Agreement 

 

This Business Operation
Agreement (hereinafter referred to as “Agreement”) was made as of the 28th day of December, 2020 in
Beijing, the People’s Republic of China (“PRC”) by and among the parties (hereinafter referred to as
“Parties”) as follows:

 

Party A: Wuhan Studyvip Online Education
Co., Limited

 

Registered Address: No. 1,
Floor 3, Building No. 3, Modern Science & Technology Park, Guannanyuan 1st Road, East Lake High-Tech Development Zone,
Wuhan, China

 

Legal Representative: LIU Tongbo

 

Party B: Tianjin Shangde Online
Education Technology Co., Ltd.

 

Registered Address: 2403, Dongfang
Mingdi, East Side of Binhe Road, Tianjin,Free Trade Zone (Central Business District), Tianjin, China

 

Legal Representative: GAO Jing

 

Party
B’s Subsidiaries: Any companies, schools and related institutions (hereinafter referred to as the “Party B’s
Subsidiaries”) to be updated from time to time according to this Agreement in which 50% or more of the shares or investment
interests are held by Party B.

 

Party
C: As shown in Annex I hereto.

 

Whereas:

 

		1.	Party
                                         A is a wholly foreign-owned enterprise legally incorporated and validly existing within
                                         the territory of the PRC. 

 

		2.	Party
                                         B is a limited liability company incorporated in the PRC.

 

		3.	Party
                                         A has established the business relationship with Party B and Party B’s 

 

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Subsidiaries
by signing the Exclusive Technical Consultation and Service Agreement and other agreements; Party B and Party B’s Subsidiaries
shall pay various amounts to Party A under such agreements, and therefore any daily operating activities of Party B and Party
B’s Subsidiaries will have a substantial impact on their ability to pay the corresponding amounts to Party A.

 

		4.	Any
                                         interests held by Party C in Party B and the shareholding structure are shown in Annex
                                         II hereto.

 

Therefore,
this Agreement is entered into by and among the Parties through friendly consultation based on the principle of equality and mutual
benefit subject to the terms and conditions as follows:

 

		1.	Obligation
                                         of omission

 

In
order to ensure that Party B and Party B’s Subsidiaries perform any agreements signed with Party A and their obligations
to Party A, Party B, Party B’s Subsidiaries and Party C hereby acknowledge and agree that, unless they obtain the prior
written consent of Party A or any other parties designated by Party A, Party B and Party B’s Subsidiaries shall not conduct
any transactions and actions that may have substantial adverse effects on their assets, business, personnel, obligations, rights
or company operations, including but not limited to:

 

		1.1	Carrying
                                         out any activities beyond the normal business scope of the company or failure to operate
                                         company business in any way as consistent and usual as those in the past; 

 

		1.2	Borrowing
                                         money from any third party or assuming any debts;

 

		1.3	Changing
                                         or removing any directors of the company or dismissing and replacing any senior managers
                                         of the company;

 

		1.4	Selling
                                         to or acquiring from any third party or otherwise disposing of any assets or rights (including
                                         but not limited to any intellectual property rights) 

 

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with
the total value of RMB 0.05 million or more;

 

		1.5	Providing
                                         any third party with any form of guarantees or creating any form of encumbrances on any
                                         assets of the company (including any intellectual property rights);

 

		1.6	Amending
                                         the articles of association or changing the business scope of the company;

 

		1.7	Changing
                                         the normal business procedures of the company or modifying any major internal rules and
                                         regulations of the company; 

 

		1.8	Transferring
                                         their rights and obligations under this Agreement to any third party;

 

		1.9	Making
                                         any major adjustments to their business operation model, marketing strategy, management
                                         policy or customer relations; and 

 

		1.10	Distributing
                                         any bonus and dividend in any form.

 

		2.	Operating
                                         Management and Personnel Arrangement 

 

		2.1	Party
                                         B, Party B’s Subsidiaries and Party C hereby agree to accept any appointment and
                                         dismissal of employees of the company provided by Party A from time to time and any opinions
                                         and instructions on the daily operating management, financial management system, etc.,
                                         of the company and strictly implement them.

 

		2.2	Party
                                         B, Party B’s Subsidiaries and Party C hereby agree that Party C shall, in accordance
                                         with the laws and regulations and the articles of association, elect or appoint any persons
                                         designated by Party A as director (or executive director) or supervisor of Party B and
                                         Party B’s Subsidiaries and cause such persons elected as director to elect the
                                         chairman of the company (if the company has a board of directors) according to Party
                                         A’s recommendation of candidate and shall appoint any persons designated by Party
                                         A as general manager, chief financial officer and other senior managers of Party B and

 

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	 	 	Party
B’s Subsidiaries.
	 	 	 
		2.3	When
                                         the aforesaid directors or senior managers designated by Party A leave Party A for any
                                         reasons whatsoever (including but not limited to any voluntary resignation and dismissal
                                         by Party A), they will be disqualified from holding a post in Party B and Party B’s
                                         Subsidiaries. In such a case, Party B, Party B’s Subsidiaries and Party C shall
                                         immediately dismiss the aforesaid persons from any post in Party B and Party B’s
                                         Subsidiaries and immediately elect or employ any other persons otherwise designated by
                                         Party A to hold such post.

 

		2.4	For
                                         the purpose of the Section 2.3 above, Party B, Party B’s Subsidiaries and Party
                                         C shall, in accordance with the laws, articles of association and this Agreement, take
                                         all necessary internal and external procedures of the company to complete the above dismissal
                                         and appointment procedures.

 

		2.5	Party
                                         C hereby agrees that, when signing this Agreement, it shall sign a power of attorney
                                         in such form and substance as shown in Annex III hereto and shall, according to such
                                         power of attorney, irrevocably authorize any persons designated by Party A to exercise
                                         its shareholder rights on its behalf and exercise all shareholders’ voting rights
                                         in the name of shareholders at any meeting of shareholders held by Party B and Party
                                         B’s Subsidiaries. Party C further agrees that it shall replace at any time the
                                         designated authorized persons in the forgoing power of attorney according to Party A’s
                                         requirements.

 

		3.	Miscellaneous
                                         Provisions

 

		3.1	If
                                         any of the agreements among Party A and Party B and Party B’s Subsidiaries is terminated
                                         or expires, Party A shall have the right to decide whether to terminate all agreements
                                         among Party A and Party B and Party B’s Subsidiaries, including but not limited
                                         to any Exclusive Technical

 

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	 	 	Consultation
and Service Agreement.
	 	 	 
		3.2	Considering
                                         that Party A has established the business relationship with Party B and Party B’s
                                         Subsidiaries by signing an Exclusive Technical Consultation and Service Agreement and
                                         other agreements, any daily operating activities of Party B and Party B’s Subsidiaries
                                         will have a substantial impact on their ability to pay the corresponding amounts to Party
                                         A. Party C agrees that, subject to the provisions of Article 1 hereof, any incomes or
                                         interests shall be immediately paid or transferred without compensation to Party A when
                                         they are realized, under no conditions, out of any bonuses, dividend distributions or
                                         any other similar incomes or interests (regardless of their specific form) that are received
                                         by Party C from Party B and Party B’s Subsidiaries in the capacity of a shareholder
                                         of Party B and Party B’s Subsidiaries and that it shall, according to Party A’s
                                         requirements, provide all necessary documents or take all necessary actions to realize
                                         such payment or transfer.

 

		3.3	In
                                         case of any added Party B’s Subsidiary at any time after the effective date of
                                         this Agreement, Party B and Party C shall cause such newly added Party B’s Subsidiary
                                         to sign a letter of acceptance of rights and obligations in such form and substance as
                                         shown in Annex IV hereto and any other legal documents permitted or required by the laws
                                         of the PRC so as to enable such newly added Party B’s Subsidiary to join this Agreement
                                         and fully accept any obligations and rights to be assumed and enjoyed by Party B’s
                                         Subsidiaries under this Agreement. From the execution date of such letter of acceptance
                                         of rights and obligations and any other legal documents permitted or required by the
                                         laws of the PRC, such newly added Party B’s Subsidiary shall be deemed to be a
                                         signatory to this Agreement. Any other Parties hereto hereby agree to and fully accept
                                         the foregoing arrangement.

 

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		4.	Entire
                                         Agreement and Amendment

 

		4.1	This
                                         Agreement and all agreements and/or documents referred to or expressly contained herein
                                         shall constitute an entire agreement among the Parties in respect of the subject matter
                                         of this Agreement and supersede all prior oral and written agreements, contracts, understandings
                                         and communications among the Parties in relation to the subject matter of this Agreement.

 

		4.2	No
                                         amendments to this Agreement shall be valid unless a written agreement is signed by the
                                         Parties. Any amendment and supplementary agreements duly signed by the Parties in relation
                                         to this Agreement shall form an integral part of this Agreement and be equally authentic
                                         as this Agreement.

 

		5.	Governing
                                         Law

 

This Agreement
shall be governed by and construed in accordance with the laws of the PRC.

 

		6.	Dispute
                                         Resolution

 

		6.1	In
                                         case of any disputes among the Parties arising out of the construction and performance
                                         of any provisions of this Agreement, the Parties shall resolve such disputes through
                                         consultation in good faith. If such disputes can not be resolved through consultation,
                                         any Party may submit such disputes to China International Economic and Trade Arbitration
                                         Commission for resolution by arbitration in accordance with the existing arbitration
                                         rules of such Commission in force. The place of arbitration shall be Beijing, and the
                                         language to be used in the arbitration proceedings shall be Chinese. Any arbitral award
                                         shall be final and binding upon the Parties. No provisions of this Article shall be affected
                                         by any termination or cancellation of this Agreement.

 

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		6.2	Except
                                         for any matters disputed by the Parties hereto, the Parties hereto shall continue to
                                         perform their respective obligations under this Agreement based on the principle of good
                                         faith.

 

		7.	Notices

 

Any
notices sent by the Parties for the performance of their rights and obligations under this Agreement shall be made in writing
and be sent to the following addresses of one or all of the Parties hereto by personal delivery, registered mail, postage prepaid
mail, recognized express service or facsimile transmission.

 

Party
A,

 

Address:

 

Tel.:

 

Attn.: 

 

Party
B and Party B’s Subsidiaries

 

Address:

 

Tel.:

 

Attn.:

 

		8.	Entry
                                         into Force, Term and Miscellaneous Provisions

 

		8.1	Any
                                         written consents, suggestions and designations of Party A involved herein and any other
                                         decisions that have a substantial impact on the daily operation of Party B and Party
                                         B’s Subsidiaries shall be made by Party A’s board of directors and/or executive
                                         director.

 

		8.2	This
                                         Agreement is executed by the parties hereto and take effect as of the date first written
                                         above herein. Unless Party A cancels this Agreement in advance, the term of this Agreement
                                         shall be terminated upon dissolution of both of Party B and Party B’s Subsidiaries
                                         in accordance with the laws of the PRC. Upon Party A’s request prior to the expiration
                                         of this Agreement, the Parties shall extend the term of this Agreement at Party A’s
                                         request and shall sign a separate business operation agreement or continue to perform

 

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this
Agreement according to Party A’s requirements.

 

		8.3	Notwithstanding the above,
the Parties acknowledge that, in case of any change of Party B’s shareholding structure or any increase or decrease of shareholders
and other circumstances, Party A, Party B, Party B’s Subsidiaries and all existing shareholders of Party B shall re-sign
this Agreement, and this Agreement shall automatically be terminated and become invalid from the effective date of the business
operation agreement re-signed by the foregoing Parties.

 

		8.4	Within
                                         the term of this Agreement, Party B, Party B’s Subsidiaries and Party C shall not
                                         terminate this Agreement in advance. Party A shall have the right to terminate this Agreement
                                         at any time by giving a written notice to Party B, Party B’s Subsidiaries and shareholders
                                         Thirty (30) days in advance.

 

		8.5	The
                                         Parties hereby acknowledge that this Agreement shall be a fair and reasonable agreement
                                         reached by the Parties hereto on the basis of equality and mutual benefit. If any provisions
                                         of this Agreement are deemed to be illegal or unenforceable by any applicable law, such
                                         provisions shall be deemed to have been deleted from this Agreement and become invalid,
                                         provided that any other provisions of this Agreement shall remain in force, and this
                                         Agreement shall be deemed to have not contained such provisions from the beginning. The
                                         Parties hereto shall mutually negotiate about the replacement of such provisions that
                                         are deemed to have been deleted with any legal and valid provisions acceptable to the
                                         Parties.

 

		8.6	No
                                         failure by any Party to exercise its rights, powers or privileges under this Agreement
                                         shall be treated as a waiver of such rights, powers or privileges by such Party. No single
                                         or partial exercise by any Party of its rights, powers or privileges under this Agreement
                                         shall exclude any exercise by such Party of its other rights, powers or privileges under
                                         this Agreement.

 

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		8.7	This
                                         Agreement is written in Chinese and is executed in Four (4) original copies.

 

		8.8	Party
                                         B, Party B’s Subsidiaries and Party C shall not transfer to any third party their
                                         rights and obligations under this Agreement unless they obtain the prior written consent
                                         of Party A.

 

In witness
whereof, the Parties hereto have caused this Agreement to be executed by their duly authorized representative as of the date first
above written.

 

[The
remainder of this page is intentionally left blank]

 

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[This page
is the signature page to the Business Operation Agreement]

 

Party
A: (Seal)       /s/ LIU Tongbo            

 

Legal or
Authorized Representative: 

 

Party B:
(Seal)       /s/ LIU Tongbo            

 

Legal or
Authorized Representative:

 

 

     

     

    

[This
page is intentionally left blank as the signature page of the Business Operation Agreement]

 

Party
C:

 

YIN
Jianhong

 

Signature:
/s/ Yin Jianhong

 

 

 LIU Tongbo

 

Signature:
/s/ Liu Tongbo

 

     

     

    

Annex
I Party B’s Shareholders

 

	S/N	Name
    of Shareholders	ID
    Card No.
	1	YIN
    Jianhong	
	2	LIU
    Tongbo	

 

 

 

     

     

    

Annex
II Party B’s Shareholding Structure

 

	S/N	Name
    of Shareholders	Amount of Contribution

                                                                                (CNY10000)
	Equity
    Proportion
	1	YIN
    Jianhong	475	95%
	2	LIU
    Tongbo	25	5%
	 	Total	500	100%

 

 

 

     

     

    

Annex
III Power of Attorney

 

The
following parties acknowledge that, for the purpose of the performance by the shareholders (“Authorizers”)
of Tianjin Shangde Online Education Technology Co., Ltd. (“Tianjin Shangde”) of any specific obligations
required by them as the shareholders of Tianjin Shangde, all Authorizers hereby grant the authorization and sign
this Power of Attorney (hereinafter referred to as “Power of Attorney”):

 

YIN Jianhong,
LIU Tongbo

 

(The above
Authorizers are collectively referred to as “Authorizers”)

 

The Authorizers hereby irrevocably
authorize to the maximum scope permitted by law Wuhan Studyvip Online Education Co., Limited ("WFOE") or
its designated person or authorized representative (“Authorized Person”) to exercise all their shareholder
rights corresponding to all voting shares (“Shares”) held by them in Tianjin Shangde on behalf of the Authorizers,
including but not limited to the rights to (1) propose to hold a meeting of shareholders, and receive any notices on the convening
and proceedings of the meetings of shareholders; (2) participate in a meeting of shareholders and sign the relevant shareholder
resolutions on behalf of the Authorizers; (3) exercise all shareholder rights enjoyed by the Authorizers according to the laws
and the articles of association, including but not limited to the voting rights, the right to sell or transfer or pledge or dispose
of all or any part of the Shares of the Authorizers and the right to decide any bonus and other matters; (4) designate and appoint,
as the authorized representative of the Authorizers, the chairman, directors, supervisors, general manager, chief financial officer
and other senior managers of Tianjin Shangde at the meeting of shareholders of Tianjin Shangde.

 

All powers
of attorney in relation to any Shares that were issued by the Authorizers prior to

 

     

     

    

the date
of signature of this Power of Attorney shall be irrevocably revoked, and the Authorizers hereby warrant that they shall not issue
a separate power of attorney in respect of any Shares. This Power of Attorney and any powers, rights or interests granted by it
shall be irrevocable.

 

Except
as otherwise agreed herein, all acts done by the Authorized Person in respect of any Shares of the Authorizers may be done at
the Authorized Person’s sole discretion without any oral or written instructions of the Authorizers. The Authorizers
hereby irrevocably acknowledge that all acts done by the Authorized Person in respect of any Shares of the Authorizers shall
be deemed to be the acts done by the Authorizers and that all documents signed by the Authorized Person shall be deemed to be
the documents signed by the Authorizers. In addition, the Authorized Person shall have the right to transfer such delegation
and may delegate this authorization to any other individuals or entities designated by the board of directors of the WFOE.

 

Unless the
Business Operation Agreement signed by Tianjin Shangde, Authorized Person and Authorizers is terminated in advance for any reason,
the term of this Power of Attorney shall be ten years from the date of signature hereof. Upon expiration of this Power of Attorney,
the Authorizers shall, at the request of the Authorized Person, extend the term of this Power of Attorney according to the Authorized
Person’s requirements.

 

This Power
of Attorney shall be binding upon all senior managers, directors, agents, assigns and successors of the Authorizers.

 

In witness
whereof, the Authorizers have caused this Power of Attorney to be executed on the [ ], 2020.

 

     

     

    

[This
page is the signature page to the Power of Attorney]

 

Authorizers

 

in YIN
Jianhong

 

 

	Signature:	/s/  Yin
Jianhong	 

 

 

LIU Tongbo

 

 

	Signature:	/s/ Liu Tongbo	 

 

     

     

    

[This
page is the signature page to the Power of Attorney]

 

Authorized
Person

 

Wuhan Studyvip
Online Education Co., Limited

 

 

	Signature:	/s/ Liu Tongbo	 

 

Name: LIU
Tongbo

 

Position:
Authorized Representative

 

     

     

    

Annex
IV Letter of Acceptance of Rights and Obligations

 

Our company , ______, is a subsidiary
of (hereinafter referred to as “______ ”) incorporated with on the____ day of_______ , and Tianjin Shangde holds _____%
of the shares/equity of _____% of the shares/equity of our company.

 

In accordance with the
Exclusive Technical Consultation and Service Agreement (hereinafter referred to as “Agreement”) entered into by
______ Co., Limited and other parties on the ______ day of______ , our company as a newly added “Party B’s
Subsidiary” under the Agreement shall join the Agreement pursuant to Section 3.3 of the Agreement.

 

Our company
hereby agrees to join the Agreement as a newly added “Party B’s Subsidiary”, enjoy all rights under the Agreement
and perform all our obligations under this Agreement in accordance with the Agreement, which shall come into force as of the date
of signing of this Letter of Acceptance.

 

 

 

 

[
              ] (Seal)

 

 

 

 

Legal
Representative (Signature):

 

Date:Exhibit
10.4

 

 

  

Equity
Interest Pledge Agreement

 

This Equity Interest Pledge
Agreement (hereinafter referred to as “Agreement”) was made as of the 28th day of December, 2020 in
Beijing, the People’s Republic of China (“PRC”) by and among the parties (hereinafter referred to as
“Parties”) as follows:

 

Party A: Wuhan Studyvip Online
Education Co., Limited

 

Registered Address: No. 1,
Floor 3, Building No. 3, Modern Science & Technology Park, Guannanyuan 1st Road, East Lake High-Tech Development Zone,
Wuhan, China

 

Legal Representative:
LIU Tongbo

 

 

Party
B: As shown in Annex I hereto (hereinafter referred to as the “Pledgors”)

  

 

Party
C: Tianjin Shangde Online Education Technology Co., Ltd.

 

Registered Address: 2403, Dongfang
Mingdi, East Side of Binhe Road, Tianjin,Free Trade Zone (Central Business District), Tianjin, China

 

Legal Representative: GAO Jing

 

Whereas:

 

 

		1.	The
                                         Pledgee is a wholly foreign-owned enterprise legally incorporated and existing under
                                         the law of the PRC.

 

		2.	Party
                                         C is a limited liability company legally incorporated and existing under the law of the
                                         PRC.

 

		3.	The
                                         Pledgors as a whole holds one hundred (100) percent of the equity of Party C, with the
                                         shareholding structure be listed in Annex II hereto.

 

		4.	

The Exclusive Technical Consultation
and Service Agreement, the Business Operation Agreement and the Option Agreement were made as of the 28th day of December, 2020
by

 

 

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			and
                                         among the Pledgee, the Pledgors and Party C.

 

		5.	For
                                         the purpose of guaranteeing the collection by the Pledgee from Party C the service costs
                                         under the Exclusive Technical Consultation and Service Agreement and guaranteeing the
                                         performance of Individual Agreements (defined below), the Pledgors jointly and severally
                                         use all of the equity they hold in Party C as the pledge security for such Agreement,
                                         and the Pledgee shall be Party A.

 

Therefore,
this Agreement is entered into by and among the Parties through friendly consultation based on the principle of equality and mutual
benefit subject to the terms and conditions as follows:

 

		1.	Definition

 

The following
terms shall be interpreted as defined below unless otherwise provided herein:

 

		1.1	Pledge Right shall
refer to all the contents as described in Section 2 below.

 

		1.2	Equity
                                         shall refer to the one hundred (100) percent of the equity legally held by the Pledgors
                                         as a whole and any and all the current and future rights and benefits arising out of
                                         the foregoing.

 

		1.3	

Individual Agreements shall refer to the Exclusive Technical
Consultation and Service Agreement, the Business Operation Agreement and the Option Agreement made
as of the 28th day of December, 2020 by and among the Pledgee, Party C and other parties.

 

		1.4	A
                                         Default Event shall refer to any of the circumstances described in Section 7 below.

 

		1.5	Default
                                         Notice shall refer to a notice declaring a Default Event which is issued by a Pledgor
                                         pursuant to this Agreement.

 

		2.	Pledge

 

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		2.1	The
                                         Pledgors pledge to the Pledgee as the security of the Pledgee’s rights and benefits
                                         under the Individual Agreements all the Equity owned by the Pledgors and the dividends
                                         which arise from the Equity during the effective term of this Agreement.

 

		2.2	The
                                         scope guaranteed by the pledge of the Equity hereunder shall be all fees, costs and expenses
                                         (including legal costs) payable by Party C and/or the Pledgors, and the losses, interest,
                                         liquidated damages, compensation, the costs for realizing the claims, and the liability
                                         that Party C and/or the Pledgors shall bear in case of entire or partial invalidation
                                         of any of Individual Agreements for any reason.

 

In
case the competent industrial and commercial administration expressly requires a definite amount of the guaranteed
claims during the handling of the Equity pledge registration process, the parties hereto agree, for the sole purpose of
handling the Equity pledge registration, to register as the amount of the claims under the Individual Agreements CNY 5,000,000 and any and all breach-of-contract liability and damages under the related agreements. The parties further
acknowledge that for the purpose of handling the Equity pledge registration, the foregoing amount shall not diminish or limit
any rights or interest that Party A has under the Individual Agreements and this Equity Pledge Agreement.

 

		2.3	The
                                         Pledge Rights hereunder shall refer to the rights for the Pledgee to be paid from in
                                         priority the money gained from the conversion into money, auction or sale of the Equity
                                         pledged by the Pledgors to the Pledgee.

 

		2.4	After
                                         this Agreement takes effect, unless expressly agreed by the Pledgee in writing, the pledge
                                         hereunder may be relieved only after Party C and the Pledgors have properly and fully
                                         performed all of their obligations under the Individual Agreements and the performance
                                         thereof has been recognized by the

 

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Pledgee
in writing. In case Party C or any of the Pledgors fails to fully perform any of its obligations under the Individual Agreements
upon expiration of the period described thereunder, the Pledgors shall still has the Pledge Rights herein; and the pledge will
be relieved until the foregoing obligations and liability have been fully performed to the Pledgee’s satisfaction.

 

		3.	Effectiveness

 

		3.1	This
                                         Agreement shall be formed and take effect as of the date of being signed and/or sealed
                                         by the parties hereto. The Pledge Rights hereunder shall be set up and take effect as
                                         of the date when the registration formalities regarding the Equity pledge have been completed
                                         at Party C’s competent industrial and commercial administration.

 

		3.2	During
                                         the effective term of this Agreement, in case Party C fails to pay the service costs
                                         subject to the Exclusive Technical Consultation and Service Agreement or perform any
                                         other obligations thereunder, the Pledgee shall have the right to exercise the Pledge
                                         Rights hereunder after issuing a reasonable notice.

 

		4.	Possession
                                         and Custody of the Pledge Rights Receipts; Registration of Pledge Rights

 

		4.1	The
                                         Pledgors shall, within Ten (10) business days after the execution of this Agreement or
                                         any other date mutually negotiated and fixed by the Parties hereto, deliver to the Pledgee
                                         the Equity Contribution Certificate (Original) for the pledge’s custody, submit
                                         to the Pledgee the certification that the pledge hereunder has been properly registered
                                         in Party C’s Shareholders’ Register, and handle any and all examinations
                                         and approvals and registration and filing formalities (including but not limited to,
                                         handling the Equity pledge

 

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registration
formalities at Party C’s competent industrial and commercial administration subject to the laws of China) required by the
laws and regulations of China.

 

		4.2	In
                                         case of any change of particulars and the registration needs to be legally changed accordingly,
                                         the Pledgee and the Pledgors shall, within Five (5) business days as of the date of change
                                         of particulars, carry out the change of registration accordingly, submit the applicable
                                         change of registration documents and handle the applicable change registration formalities
                                         at Party C’s competent industrial and commercial administration.

 

		4.3	During
                                         the Equity pledge period, the Pledgors shall instruct Party C not to distribute any dividend
                                         or bonus or approve any profit distribution program; or in case the Pledgors shall obtain
                                         any economic interest of any nature from the pledged Equity other than dividend or bonus
                                         or any other profit distribution program, the Pledgors shall remit, as required and instructed
                                         by the Pledgee, to the banking account specified by the Pledgee the applicable (realized)
                                         amount, which shall not be used by the Pledgors without the Pledgee’s prior written
                                         consent.

 

		4.4	During
                                         the Equity pledge period, in case the any of the Pledgors subscribe for or purchase any
                                         of Party C’s new registered capital or any of Party C’s Equity held by any
                                         other Pledgor (the “New Equity”), the New Equity will then automatically
                                         form part of the pledged Equity hereunder, and such Pledgor shall complete any and all
                                         formalities regarding the pledge of the New Equity within Ten (10) business days following
                                         its acquisition of the New Equity. In case the Pledgor fails to complete the applicable
                                         formalities as required in the preceding sentence, the Pledgee may promptly have the
                                         Pledge Rights realized pursuant to Section 8 below.

 

		5.	Representations
                                         and Warranties of the Pledgors

 

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Upon the
execution of this Agreement, the Pledgors make to the Pledgee the following representations and warranties and confirm that this
Agreement is signed and performed by the Pledgee by them in reliance of such representations and warranties:

 

		5.1	The
                                         Pledgors lawfully hold the Equity hereunder and have the right to use such Equity to
                                         provide pledge security to the Pledgee.

 

		5.2	After
                                         this Agreement is executed, during the period when the Pledgee has the Pledge Rights
                                         subject to Section 2.4 above, when the Pledgee exercises, at any time, its rights or
                                         has the Pledge Rights realized pursuant to this Agreement, there shall be no lawful claim
                                         or proper intervention from or by any third party.

 

		5.3	The
                                         Pledgee shall have the right to exercise the Pledge Rights as per the method described
                                         herein or otherwise permitted by the laws and regulations.

 

		5.4	The
                                         Pledgors have obtained all necessary corporate authorization to sign this Agreement and
                                         perform its obligations hereunder, which does not violate any provisions of any applicable
                                         laws and regulations. The authorized representative signatories of this Agreement have
                                         obtained legal and effective authorization.

 

		5.5	There
                                         is no encumbrance or security interest of any nature for any third person (including
                                         but not limited to pledge) except for the pledge hereunder in connection with the Equity
                                         held by the Pledgors.

 

		5.6	There
                                         are no pending or threatened civil, administrative or criminal proceedings, administrative
                                         punishment or arbitration in connection with the Equity.

 

		5.7	There
                                         are no tax or fee due but unpaid, or legal procedures or formalities that should have
                                         been completed but have not been completed, in connection with the Equity.

 

		5.8	Any
                                         and all provisions hereof are the expression of the Pledgors’ true intention and
                                         are binding upon the Pledgors.

 

    6

     

    

		6.	Undertaking
                                         of the Pledgors

 

		6.1	During
                                         the effective term of this Agreement, the Pledgors undertake to the Pledgee that the
                                         Pledgors:

 

		6.1.1	Except
                                         for the transfer of the Equity to the Pledgee or any other person specified by the Pledgee
                                         as required by the Pledgee, prior to the full performance of their obligations thereunder,
                                         without the Pledgee’s prior written consent, will not transfer the Equity or create,
                                         or permit, any pledge or any other encumbrance that may affect the Pledgee’s rights
                                         or interest or any third-person security interest of any form. Without the Pledgee’s
                                         prior written consent, the Pledgors shall not take any action which will or may result
                                         in change to the Equity or any rights incidental to the Equity, which will or may then
                                         result in substantially adverse effects upon the Pledgee’s rights.

 

		6.1.2	Comply
                                         with and implement the provisions of all applicable laws and regulations, and within
                                         Five (5) business days upon receipt of any notice, order or suggestion issued or prepared
                                         by the relevant competent authority in connection with the Pledge Rights, produce to
                                         the Pledgee such notice, order or suggestion and take action as reasonably instructed
                                         by the Pledgee.

 

		6.1.3	Timely
                                         notify the Pledgee any event or notice received that may affect the Pledgors’ Equity
                                         or other rights hereunder, any event or notice received that may affect any of the Pledgors’
                                         obligations hereunder or affect the Pledgors’ performance of any of their obligations
                                         hereunder, and take action as reasonably instructed by the Pledgee.

 

		6.2	The
                                         Pledgors agree that they will procure that the exercise by the Pledgee of any of its
                                         rights pursuant to the provisions of this Agreement will not be

 

    7

     

    

interrupted
or prevented by the Pledgors or their successors or assignees or any other persons.

 

		6.3	The
                                         Pledgors warrant to the Pledgee that for the purpose of protecting or perfecting the
                                         security of the Pledgors and/or Party C’s obligations under the Individual Agreements,
                                         the Pledgors will make all necessary amendments to Party C’s Articles of Association
                                         (if applicable), honestly sign, and procure any other persons who has interest in Pledge
                                         Rights to sign all title or right certificates and deeds as requested by the Pledgee,
                                         and/or perform, and procure any other persons who has interest therein to perform, the
                                         acts as reasonably requested by the Pledgee, facilitate the exercise by the Pledgee of
                                         the Pledge Rights, sign all documents related to the Equity certificate change with the
                                         Pledgee or any third party appointed by the Pledgee, and provide to the Pledgee within
                                         a reasonable period all the documents related to the Pledge Rights as needed by the Pledgee.

 

		6.4	The
                                         Pledgors warrant to the Pledgee that for the protection of the Pledgee’s interest,
                                         the Pledgors will comply with and perform all warranties, undertaking, covenants and
                                         representations. In case the Pledgors fail to perform, or partially perform, their warranties,
                                         undertaking, covenants or representations, the Pledgors shall indemnify all the loss
                                         suffered by the Pledgee arising out thereof or in connection therewith.

 

		7.	Default
                                         Event

 

		7.1	Any
                                         of the following events will be deemed to be a Default Event:

 

		7.1.1	Party
                                         C or any of its successors or assignees fails to fully pay on schedule any amounts payable
                                         under the Individual Agreements, or the Pledgors or their successors or assignees fail
                                         to perform any of their obligations under the Individual Agreements.

 

		7.1.2	Any
                                         representation, warranty or undertaking made by the Pledgors

 

    8

     

    

under
Section 5 or 6 above is substantially misleading or incorrect, and/or the Pledgors violates any representation, warranty or undertaking
made by the Pledgors under Section 5 or 6 above.

 

		7.1.3	The
                                         Pledgors or Party C violates any provision of this Agreement.

 

		7.1.4	Except
                                         as otherwise agreed in Section 6.1.1 above, the Pledgors transfer or otherwise dispose
                                         the pledged Equity without the Pledgee’s written consent.

 

		7.1.5	Any
                                         of the Pledgors’ external borrowings, security, compensation, undertaking or other
                                         debt or liability shall be repaid or performed in advance or is due but cannot be repaid
                                         or performed on schedule, which makes the Pledgee reasonably believe that the Pledgors’
                                         ability to perform any of their obligations is affected, which further affect the Pledgee’s
                                         interest.

 

		7.1.6	The
                                         Pledgors cannot perform any of their general debt or other debt, which further affects
                                         the Pledgee’s interest.

 

		7.1.7	The
                                         promulgation of any law results in invalidation of this Agreement or inability of the
                                         Pledgors to continuously perform any of their obligations hereunder.

 

		7.1.8	The
                                         consent, permit, approval or authorization of any governmental department necessary to
                                         legalize, validate or enforce this Agreement is withdrawn, suspended, invalidated or
                                         substantially amended.

 

		7.1.9	There
                                         occurs any adverse change to any of the assets owned by the Pledgors, which makes the
                                         Pledgee believe that the Pledgors’ ability to perform any of their obligations
                                         is affected.

 

		7.1.10	Any
                                         other event that the Pledgee cannot exercise or otherwise dispose of the Pledge Rights
                                         under the applicable laws.

 

		7.2	The
                                         Pledgors and/or Party C shall immediately notify the Pledgee in writing any of the events
                                         described in Section 7.1 above or the occurrence or potential

 

    9

     

    

occurrence
thereof the Pledgors and/or Party C becomes aware of or discovers.

 

		7.3	Unless
                                         the default events listed in Section 7.1 above have been perfectly settled to the Pledgee’s
                                         satisfaction, the Pledgee may, upon the occurrence of such default event or at any time
                                         following the occurrence thereof, issue a written default notice to the Pledgors and/or
                                         Party C, requesting the Pledgors and/or Party C to immediately pay the money owned or
                                         other payables under the Exclusive Technical Consultation and Service Agreement or to
                                         timely perform the obligations under the Individual Agreements. In case the Pledgors
                                         or Party C fails to timely correct their defaults, or take necessary remedies, within
                                         Ten (10) business days following the issuance of such written notice, the Pledgee may
                                         exercise the Pledge Rights pursuant to Section 8 below.

 

		8.	Exercise
                                         of Pledge Rights

 

		8.1	The
                                         Pledgee shall issue a default notice to the Pledgors as described in Section 7.3 above
                                         upon its exercise of the Pledge Rights.

 

		8.2	Subject
                                         to Section 7.3 above, the Pledgee may exercise the Pledge Rights at any time following
                                         its issuance of the default notice as described in Section 7.3.

 

		8.3	The
                                         Pledgee shall have the right to convert into money and sell all or part of the Equity
                                         hereunder subject to the statutory procedures, or to be paid in priority from the money
                                         gained from auction or sale of such Equity, until full offset of the service costs and
                                         other payables unpaid under the Individual Agreements and full performance of other obligations
                                         under the Individual Agreements.

 

		8.4	When
                                         the Pledgee exercises the Pledge Rights pursuant to this Agreement, the Pledgors and/or
                                         Party C shall not create any barrier or hindrance but shall offer necessary assistance,
                                         so as to facilitate the Pledgee’s realization of its Pledge Rights.

 

    10

     

    

		9.	Transfer

 

		9.1	The
                                         Pledgors shall not transfer to any third party any of their rights or obligations hereunder
                                         without the Pledgee’s prior written and explicit consent.

 

		9.2	This
                                         Agreement shall be binding upon the Pledgors and their successors and the Pledgee and
                                         its successors or assignees.

 

		9.3	The
                                         Pledgee may at any time transfer any or all of its rights or obligations under the Individual
                                         Agreements to any third party it specified, under which circumstance, the assignee shall
                                         accordingly have and bear the rights and obligations which the Pledgee have and bear
                                         hereunder. Upon the transfer by the Pledgee of the rights or obligations hereunder, the
                                         Pledgors shall, as requested by the Pledgee, sign the corresponding agreements and/or
                                         documents regarding the transfer thereof.

 

		9.4	In
                                         case there is a change of the Pledgee due to the transfer of the rights or obligations
                                         as described in Section 9.3 above, the substitute Pledgee and the Pledgors shall re-sign
                                         the pledge agreement and the Pledgors shall be responsible for handling all applicable
                                         registration formalities.

 

		10.	Charges
                                         and Other Costs

 

All costs
and actual expenses related to this Agreement, including but not limited to the legal costs, print costs, stamp duty and any other
tax and charges, shall be equally borne by the Pledgee and Party C.

 

		11.	Force
                                         Majeure

 

		11.1	“Force
                                         Majeure Events” mean any events beyond the reasonable control of one Party
                                         that are unavoidable by the affected Party with reasonable care, including but not limited
                                         to any acts of government, natural force, fire, explosion, storm, flood, earthquake,
                                         tide, lightning or war, provided that any

 

    11

     

    

credit,
capital or financing shortage shall not be deemed to be the event beyond the reasonable control of one Party. The Party affected
by any Force Majeure Events (hereinafter referred to as “Affected Party”) shall be exempted from its responsibility
in whole or in part according to the effects of such Force Majeure Events on this Agreement, and the Affected Party who seeks
exemption from its responsibility for the performance of this Agreement due to such Force Majeure Events shall notify the other
Party of such Force Majeure Events not later than Ten (10) days after occurrence of such Force Majeure Events so that the Parties
hereto negotiate about the amendment to this Agreement according to the effects of such Force Majeure Events and exempt in whole
or in part the Affected Party from its obligations under this Agreement.

 

		11.2	The
                                         Affected Party shall take appropriate measures to reduce or eliminate the effects of
                                         such Force Majeure Events and shall try to restore the performance of its obligations
                                         delayed or hindered by such Force Majeure Events. Once such Force Majeure Events are
                                         eliminated, the Parties hereto agree that they shall use their best efforts to restore
                                         the performance of their rights and obligations under this Agreement.

 

		12.	Governing
                                         Law and Dispute Settlement

 

		12.1	This
                                         Agreement shall be governed by and construed in accordance with the laws of the PRC.

 

		12.2	In
                                         case of any disputes among the Parties arising out of the construction and performance
                                         of any provisions of this Agreement, the Parties shall resolve such disputes through
                                         consultation in good faith. If such disputes cannot be resolved through consultation,
                                         any Party may submit such disputes to China International Economic and Trade Arbitration
                                         Commission for resolution by arbitration in accordance with the existing arbitration
                                         rules of such

 

    12

     

    

Commission
in force. The place of arbitration shall be Beijing, and the language to be used in the arbitration proceedings shall be Chinese.
Any arbitral award shall be final and binding upon the Parties. No provisions of this Section shall be affected by any termination
or cancellation of this Agreement.

 

		12.3	Except
                                         for any matters disputed by the Parties hereto, the Parties hereto shall continue to
                                         perform their respective obligations under this Agreement based on the principle of good
                                         faith.

 

		13.	Notices

 

Any notices
sent by the Parties for the performance of their rights and obligations under this Agreement shall be made in writing and be sent
to the following addresses of one or all of the Parties hereto by personal delivery, registered mail, postage prepaid mail, recognized
express service or facsimile transmission.

 

 

Party A,

 

Address: 

 

Tel.: 

 

Attn.:

 

 

Party B and Party C:

 

Address: 

 

Tel.: 

 

Attn.:

 

 

		14.	Annex

 

The annexes
hereto shall form part of this Agreement.

 

		15.	Waiver

 

The Pledgee’s
failure to exercise or delayed exercise of any rights, remedies, powers or privileges hereunder shall not be deemed to be waiver
of such rights, remedies, powers or privileges. The Pledgee’s single or partial exercise of any rights, remedies, powers
or privileges shall not exclude its exercise of any other rights, remedies, powers or privileges.

 

    13

     

    

The rights,
remedies, powers and privileges hereunder are cumulative and in addition to any other rights, remedies, powers and privileges
under any law.

 

		16.	Miscellaneous

 

		16.1	Any
                                         modification or supplementation of or amendment to this Agreement shall be in writing
                                         and be effective only after being sealed and signed by the Parties hereto.

 

		16.2	The
                                         Parties hereby acknowledge that this Agreement shall be a fair and reasonable agreement
                                         reached by the Parties hereto on the basis of equality and mutual benefit. In case any
                                         provision hereof becomes invalid or cannot be enforced due to conflict with any applicable
                                         law, such provision shall be invalid or unenforceable to the sole extent of the jurisdiction
                                         of such applicable law and shall in no way influence the legal force of the remaining
                                         provisions of this Agreement.

 

		16.3	The
                                         Parties hereto agree that in case of any change to Party C’s shareholding structure
                                         or any addition or deduction of any of Party C’s shareholders, Party A, Party C
                                         and Party C’s then-current shareholders shall re-sign this Agreement, and as of
                                         the effective date of the Equity Interest Pledge Agreement re-entered into by and among
                                         the foregoing parties, this Agreement will automatically terminate and become invalid.

 

		16.4	This
                                         Agreement is written in Chinese and is executed in Four (4) original copies.

 

    14

     

    

[This
page is the signature page to the Equity Interest Pledge Agreement]

 

 

 

Party A:
(Seal) /s/ LIU Tongbo

 

Legal or
Authorized Representative:

 

 

 

Party
B:

 

YIN Jianhong

 

Signature:
/s/Yin Jianhong

 

 

LIU Tongbo

 

Signature: /s/ LIU Tongbo

 

 

Party
C: (Seal) /s/ LIU Tongbo

 

Legal or
Authorized Representative:

 

 

 

 

 

Equity Interest
Pledge Agreement - Signature Page

    

     

    

 

Annex
I Pledgor

 

	S/N	Name
    of Shareholders	ID
    Card No.
	1	YIN
    Jianhong	
	2	LIU
    Tongbo	

 

 

 

    

     

    

Annex
II Shareholding Structure

 

	S/N	Name
    of Shareholders	Amount
    of Contribution	Equity
    Proportion
	1	YIN
    Jianhong	475	95%
	2	LIU
    Tongbo	25	5%
	 	Total	500	100%

 

 

 

    

     

    

Annex
III Form of Party C’s Shareholders’ Register

 

Name of
Company: Tianjin Shangde Online Education Technology Co., Ltd.

 

	Full
    name of the Shareholder	[YIN Jianhong]	ID
    Card No./ Registration No.	[370684197703270054]Occupa tion/]	
    Identity	Executive
    Director 
	Address
    of Domicile	[            ]
	Date	Contribution
    Amount/ Consideration	Shareholding
    Percentage	Note
	 	CNY
    [475]	[            95]%	100%
    of the equity being pledged to [    Wuhan Studyvip Online
Education Co., Limited        ]
	 	 	 	 	 	 	 	 	 	 

 

 

	Full
    name of the Shareholder	[    LIU
    Tongbo        ]	ID
    Card No./ Registration No.	[    510402198603030913       ]	Occupation/
    Identity	 
	Address
    of Domicile	[            ]
	Date	Contribution
    Amount/ Consideration	Shareholding
    Percentage	Note
	 	CNY
    [        25     ] 	[            5 ]%	100%
    of the equity being pledged to [     Wuhan Studyvip Online
Education Co., Limited          ]
	 	 	 	 	 	 	 	 	 	 

 

Annotation:

 

1. This Shareholders’ Register
is prepared as per the Articles of Association of Tianjin Shangde Online Education Technology Co., Ltd. and the Equity Interest
Pledge Agreement (the “Pledge Agreement”) was made as of the 28th day of December, 2020 and entered into by
and among Tianjin Shangde Online Education Technology Co., Ltd. and its shareholders and Wuhan Studyvip Online Education Co.,
Limited

 

Note:

 

This Shareholders’
Register is made in ONE (1) original and ONE (1) true and same photocopy of such original. Such ONE (1) original is placed at
Tianjin Shangde Online

 

    

     

    

Education
Technology Co., Ltd.; and such ONE (1) photocopy being sealed by Tianjin Shangde Online Education Technology Co., Ltd. is handed
over to Wuhan Studyvip Online Education Co., Limited for custody.

 

 

 

(The remainder
of this page is intentionally left blank.)

 

 

 

Tianjin
Shangde Online Education Technology Co., Ltd. (Seal)

 

	Legal Representative
(Signature):	/s/ LIU Tongbo

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