Document:

SBI Share Subscription Agreement

 Exhibit 10.11 
 SBI SHARE SUBSCRIPTION AGREEMENT 
 by and between

 BEIJING JADEBIRD IT EDUCATION COMPANY, LIMITED 
 and 
 SBI-BDJB EDUCATION LIMITED 
 Dated as of June 12, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINITIONS	  	1
	 1.1
	  	 Certain Defined Terms
	  	1
	 1.2
	  	 Other Defined Terms
	  	3
	 1.3
	  	 Other Interpretive Provisions
	  	3
		
	ARTICLE II SUBSCRIPTION AND ISSUANCE OF SHARES	  	3
	 2.1
	  	 Subscription and Issuance of Shares
	  	3
	 2.2
	  	 Closings
	  	4
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE INVESTOR	  	5
	 3.1
	  	 Authority
	  	5
	 3.2
	  	 Organization, Standing and Qualification
	  	5
	 3.3
	  	 Enforceability
	  	5
	 3.4
	  	 No Conflicts
	  	5
	 3.5
	  	 Consents
	  	5
	 3.6
	  	 Experience
	  	5
	 3.7
	  	 Investment
	  	6
	 3.8
	  	 Speculative Nature of Investment
	  	6
	 3.9
	  	 No Public Market
	  	6
	 3.10
	  	 Regulation S Eligibility; Restriction on Resales
	  	6
	 3.11
	  	 Brokers or Finders
	  	6
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BJBC	  	7
	 4.1
	  	 Investor Shares
	  	7
	 4.2
	  	 Authority
	  	7
	 4.3
	  	 Organization, Standing and Qualification
	  	7
	 4.4
	  	 Enforceability
	  	7
	 4.5
	  	 BJBC Capital Structure
	  	7
	 4.6
	  	 BJBC Financial Information
	  	8
	 4.7
	  	 Absence of Changes
	  	8
	 4.8
	  	 Consents; No Conflicts
	  	8
	 4.9
	  	 Brokers or Finders
	  	8
		
	ARTICLE V COVENANTS AND AGREEMENTS	  	8
	 5.1
	  	 Use of Proceeds
	  	8
	 5.2
	  	 Further Cooperation
	  	8
		
	ARTICLE VI CONDITIONS TO CLOSINGS	  	9
	 6.1
	  	 Conditions to the Obligations of the Investor
	  	9
	 6.2
	  	 Conditions to the Obligations of BJBC
	  	9
		
	ARTICLE VII SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND INDEMNIFICATION	  	10
	 7.1
	  	 Survival of Representations, Warranties and Covenants
	  	10
	 7.2
	  	 Indemnification
	  	10

  

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 TABLE OF CONTENTS 
 (Continued) 
  

					
	ARTICLE VIII GENERAL PROVISIONS	  	11
	 8.1
	  	 Termination
	  	11
	 8.2
	  	 Amendment
	  	11
	 8.3
	  	 Expenses and Termination Fee
	  	11
	 8.4
	  	 Public Disclosure
	  	11
	 8.5
	  	 Notices
	  	12
	 8.6
	  	 Counterparts; Facsimiles
	  	12
	 8.7
	  	 Severability
	  	12
	 8.8
	  	 Other Remedies
	  	12
	 8.9
	  	 Specific Performance
	  	13
	 8.10
	  	 Governing Law; Dispute Resolution
	  	13
	 8.11
	  	 Rules of Construction
	  	13
	 8.12
	  	 Entire Agreement; No Third-Party Beneficiaries; Assignment
	  	13

  

 -ii- 

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	Page
	 INDEX OF EXHIBITS
	  	
			
	Exhibit	  	Description	  	A-1
	Exhibit A	  	Shareholders Agreement	  	B-1
	Exhibit B	  	Registration Rights Agreement	  	

  

 -iii- 

 THIS SBI SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is entered into as
of June 12, 2009, by and among Beijing Jadebird IT Education Company, Limited, an exempted company incorporated and existing under the laws of the Cayman Islands having its registered office at Maples Corporate Service Limited, P.O. Box
309, Ugland House, George Town, Grand Cayman, KY1-1104, Cayman Islands (“BJBC”) and SBI-BDJB Education Limited, a company incorporated and existing under the laws of Cayman Islands, having its registered office at Scotia Centre, 4th
Floor, P.O. Box 2804, George Town, Grand Cayman KY1-1112, Cayman Islands (the “Investor”). BJBC and the Investor shall each be referred to as a “Party,” and collectively, the “Parties.” 

RECITAL 
 A. The Investor desires to subscribe for the Investor Shares (as defined below) and BJBC desires to issue such Investor Shares to the Investor. 
 NOW, THEREFORE, in consideration of the mutual agreements, covenants and other promises set forth herein, the mutual benefits to be gained by the performance thereof, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, the parties hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 
 “Affiliate” means, with respect to any Person, any other Person which, directly or indirectly, controls, is controlled by, or is under common control with, the specified Person. For
purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlling” “controlled by” and “under common control with”) as applied to any
Person, means having the ability to direct the management and affairs of such Person, whether through the ownership of voting securities, by contract or otherwise, and such ability shall be deemed to exist when any Person holds a majority of the
outstanding voting securities, or the economic rights and benefits, of such Person. 
 “BJB” means Beijing Jade
Bird IT Educational Information Technology Co., Ltd., a company incorporated under the laws of the PRC and an indirect subsidiary of BJBC. 
 “BJBC Amended Memorandum and Articles” means the Amended and Restated Memorandum and Articles of Association of BJBC in effect as of the date hereof. 
 “BJBC Shares” means ordinary shares of BJBC, par value US$0.000125 per share. 
 “Closing” means the First Closing or the Second Closing, as applicable. 
 “Closing Date” means the First Closing Date or the Second Closing Date, as applicable. 
 “Escrow Account” means the escrow account maintained at the Escrow Agent pursuant to the Escrow Agreement. 
  

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 “Escrow Agent” means Citibank, N.A., Hong Kong Branch or such alternate
entity appointed as the escrow agent by the Parties. 
 “Escrow Agreement” means the escrow agreement to
be entered into among the Parties and the Escrow Agent within before the First Closing Date. 
 “Governmental
Entity” means any court, tribunal, authority, agency, commission, official or other instrumentality of the United States, the PRC, the Cayman Islands, the British Virgin Islands, Singapore and Hong Kong, any other country or territory or
any province, state, country, city or other political subdivision of the United States, the PRC, the Cayman Islands, the British Virgin Islands, Singapore and Hong Kong or any other country or territory. 
 “Investor Shares” means the First Closing Shares and the Second Closing Shares. 
 “Liabilities” means indebtedness, obligations and other liabilities of any kind, character or description, whether known or
unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, vested or unvested, executory, determined, determinable or otherwise, and
whether or not the same is required to be accrued on the financial statements of a company. 
 “Lien” shall
mean any lien, pledge, charge, claim, mortgage, security interest or other encumbrance of any sort. 
 “Material Adverse
Effect” means (a) any change, effect, event, occurrence, state of facts or development that is materially adverse (or could reasonably be expected to be materially adverse) to the business, assets, financial condition or results of
operations of a company and the company’s subsidiaries taken as a whole other than: (a) any adverse change, effect, event, occurrence, state of facts or development attributable to conditions affecting the industry in which the company and
its subsidiaries participate, the U.S. economy as a whole or the capital markets in general or the markets in which the company and its subsidiaries operate which does not disproportionately affect the company and its subsidiaries taken as a whole;
(b) any adverse change, effect, event, occurrence, state of facts or development attributable to the reaction of customers or suppliers of the company to the public announcement of the transactions contemplated by this Agreement, or
(c) any adverse change, effect, event, occurrence, state of facts or development arising from or relating to any change required by U.S. GAAP in accounting requirements or principles or any change in applicable laws, rules or regulations or the
interpretation thereof which does not disproportionately affect the company and the company subsidiaries taken as a whole. 
 “Person” means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity. 
 “PRC” means the People’s Republic of China. 
 “Share Incentive Plan” means the 2007 Share Incentive Plan adopted on March 2, 2007 under which up to 16,304,348 BJBC
Shares may be granted as determined by BJBC. 
 “subsidiary” means with respect to a specific Person, any other
Person controlled directly or indirectly through one or more intermediaries by such Person. 
 “U.S. GAAP”
means generally accepted accounting principles in the United States of America. 
  

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 1.2 Other Defined Terms. The following terms shall have the meanings defined for such
terms in the Sections set forth below: 
  

			
	 Defined Terms
	 	 Clause Reference

	 “Act”
	 	 3.10

	 “Agreement”
	 	 Preamble

	 “BJBC”
	 	 Preamble

	 “BJBC Indemnified Parties”
	 	 7.2(a)

	 “BJBC Financial Statements”
	 	 4.6

	 “BJBC Group Company”
	 	 4.6

	 “First Closing”
	 	 2.2(a)

	 “First Closing Date”
	 	 2.2(a)

	 “First Closing Price”
	 	 2.1(a)

	 “First Closing Shares”
	 	 2. 1(a)

	 “Investor”
	 	 Preamble

	 “Investor Indemnified Parties”
	 	 7.2(b)

	 “Loss”
	 	 7.2(a)

	 “Onshore Equity Interest”
	 	 5.1

	 “Party”
	 	 Preamble

	 “Registration Rights Agreement”
	 	 6.1(c)

	 “Regulation S”
	 	 3.10

	 “Second Closing”
	 	 2.2(a)

	 “Second Closing Date”
	 	 2.2(a)

	 “Second Closing Price”
	 	 2.1(a)

	 “Second Closing Shares”
	 	 2.1(a)

	 “Shareholders Agreement”
	 	 6.1(b)

 1.3 Other Interpretive Provisions. The words “include,”
“includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” The headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. Any reference to any federal, state, local or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the
context requires otherwise. When reference is made in this Agreement to an Article or a Section, such reference shall be to an Article or Section of this Agreement, unless otherwise indicated. Whenever the context may require, any pronouns used in
this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
 ARTICLE II 
 SUBSCRIPTION AND ISSUANCE OF SHARES 
 2.1 Subscription and Issuance of Shares. 
 (a) Subject to the terms and conditions of this Agreement, at the First Closing, the Company agrees to issue and sell to the Investor, and the Investor agrees to purchase from the Company, 7,445,585 BJBC
Shares (the “First Closing Shares”) for US$20,000,000 (the “First Closing Price”). 
  

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 (b) Subject to the terms and conditions of this Agreement, at the Second Closing, the
Company agrees to issue and sell to the Investor, and the Investor agrees to purchase from the Company, 5,249,138 BJBC Shares (the “Second Closing Shares”) for US$14,100,000 (the “Second Closing Price”). 

2.2 Closings. 
 (a) First Closing. The closing of the purchase and sale of the First Closing Shares (the “First Closing”) will take place on or before June 26, 2009 (the “First Closing Date”). 
 (b) Second Closing. The closing of the purchase and sale of the Second Closing Shares (the “Second Closing”) will
take place on or before July 18, 2009 (the “Second Closing Date”). 
 (c) At the First Closing, the
following events shall occur simultaneously: 
  

	 	(i)	BJBC shall deliver to the Investor a compliance certificate required to be delivered by BJBC pursuant to Section 6.l(d). 

  

	 	(ii)	The Investor shall deliver to BJBC a compliance certificate required to be delivered by the Investor pursuant to Section 6.2(d). 

  

	 	(iii)	BJBC shall issue the First Closing Shares to the Investor, fully paid and nonassessable, by delivering to the Investor a certified copy of the register of members of
BJBC, updated to show that the First Closing Shares have been duly issued and registered in the name of the Investor and a share certificate representing the First Closing Shares, duly executed and, where applicable, affixed with the common seal of
BJBC. 

  

	 	(iv)	The Investor shall pay the First Closing Price for the First Closing Shares by wire transfer of immediately available funds in US dollars to a bank account designated
by BJBC. 

 (d) At the Second Closing, the following events shall occur simultaneously: 
  

	 	(i)	BJBC shall deliver to the Investor a compliance certificate required to be delivered by BJBC pursuant to Section 6.l(d). 

  

	 	(ii)	The Investor shall deliver to BJBC a compliance certificate required to be delivered by the Investor pursuant to Section 6.2(d). 

  

	 	(iii)	BJBC shall issue the Second Closing Shares to the Investor, fully paid and nonassessable, by delivering to the Investor a certified copy of the register of members of
BJBC, updated to show that the Second Closing Shares have been duly issued and registered in the name of the Investor and a share certificate representing the Second Closing Shares, duly executed and, where applicable, affixed with the common seal
of BJBC. 

  

	 	(iv)	The Investor shall pay the Second Closing Price for the Second Closing Shares by wire transfer of immediately available funds in US dollars to a bank account designated
by BJBC. 

  

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 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 
 The
Investor, as of the date hereof, hereby represents and warrants to BJBC as set forth below. 
 3.1 Authority. The
Investor has full legal right, power and capacity as may be required to execute and deliver this Agreement and to carry out the transactions contemplated hereby. 
 3.2 Organization, Standing and Qualification. (a) The Investor is duly incorporated, validly existing and in good standing under the laws of the Cayman Islands, and is qualified and is
authorized to do business as a foreign corporation in all jurisdictions where the failure to be so qualified and/or authorized would have a Material Adverse Effect and (b) the Investor has all requisite corporate power and authority to own and
operate its properties and assets, and to carry on its business as presently conducted. 
 3.3 Enforceability. This
Agreement, when executed and delivered by the Investor, will be duly and validly executed and delivered by the Investor and will be a legally binding obligation of the Investor enforceable against the Investor in accordance with its terms. All
corporate action on the part of the Investor, its officers, directors and shareholders necessary for the authorization of this Agreement and the performance of all obligations of the Investor hereunder at each Closing has been taken or will be taken
prior to such Closing. 
 3.4 No Conflicts. The execution, delivery and performance by the Investor of this Agreement and
the consummation by the Investor of the transactions contemplated hereby do not and will not (i) violate, conflict with or result in a breach by the Investor of its organizational documents or (ii) violate, conflict with or result in a
breach of, or constitute a default by the Investor (or create an event which, with notice or lapse of time or both, would constitute a default) or give rise to any right of termination, cancellation or acceleration under, or result in the creation
of any encumbrance under, any note, bond, mortgage, indenture, deed of trust, license, franchise, permit, lease, contract, agreement or other instrument to which the Investor or any of its properties may be bound. 
 3.5 Consents. 
 (a) No consent, notice, waiver, approval, order or authorization of, or registration, declaration or filing with any Governmental Entity is required by or with respect to the Investor in connection with the execution and delivery of this
Agreement or the consummation of the transactions contemplated hereby, other than such consents, notices, waivers, approvals, orders, authorizations, registrations, declarations or filings, the failure to obtain which would not have a Material
Adverse Effect on the Investor or BJBC. 
 (b) The execution and delivery by the Investor of this Agreement, or the consummation
of the transactions contemplated hereby, do not require the Investor to obtain any consent or approval of, or require the filing of notice with, any third party, except for such consents, approvals or filings, the failure to obtain which would not
result in a Material Adverse Effect on the Investor or BJBC. 
 3.6 Experience. The Investor has substantial experience
in evaluating and investing in private placement transactions of securities in companies similar to BJBC and acknowledges that the Investor can bear the economic risk of the Investor Shares for an indefinite period of time, has such knowledge and
experience in financial and business matters that the Investor is capable of evaluating the merits and risks of its investment in BJBC and has the capacity to protect its own interests. 
  

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 3.7 Investment. The Investor is acquiring the Investor Shares for investment for its
own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. The Investor has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment
providing for the disposition of the Investor Shares. 
 3.8 Speculative Nature of Investment. The Investor acknowledges
that (i) the investment in BJBC is highly speculative and entails a substantial degree of risk and (ii) the Investor is in a position to lose the entire amount of such investment. 
 3.9 No Public Market. The Investor understands and acknowledges that no public market now exists and, prior to an initial public
offering of BJBC, no public market will exist for any of the securities issued by BJBC. 
 3.10 Regulation S Eligibility;
Restriction on Resales. The Investor acknowledges that the Investor Shares are being offered and sold outside the United States pursuant to Regulation S (“Regulation S”) of the Securities Act of 1933, as amended (the
“Act”). The Investor is not a U.S. person as defined in Regulation S and the Investor is located outside of the United States. The Investor understands that the Investor Shares to be purchased have not been registered under the Act
and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Act. The Investor
acknowledges that the share certificates for the Investor Shares shall bear the following legend: 
 “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT, AND APPLICABLE STATE SECURITIES LAWS; (B) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF
REGULATION S UNDER THE SECURITIES ACT, OR (C) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE
SECURITIES ACT. THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S) WITHIN THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD, STARTING FROM THE DATE OF THIS CERTIFICATE. EACH HOLDER AND
BENEFICIAL OWNER, BY ITS ACCEPTANCE OF THE SECURITIES EVIDENCED HEREBY, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING RESTRICTIONS.” 
 The Investor is not acting on behalf of BJBC. The Investor acknowledges that until forty (40) days after acquiring the Investor Shares, it shall not offer, sell, pledge, or otherwise transfer the
Investor Shares in the United States or to, or for the account of benefit of, any U.S. person. The Investor acknowledges that any such offer, sale, pledge or transfer may violate the Act. 
 3.11 Brokers or Finders. The Investor has not engaged any brokers, finders or agents, and BJBC will not incur, directly or
indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the Agreement or any of the transactions contemplated hereby.

  

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 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF BJBC 
 BJBC, as of
the date hereof, hereby represents and warrants to the Investor as set forth below. 
 4.1 Investor Shares. The Investor
Shares to be issued have been duly authorized and will, when issued in accordance with this Agreement, be validly issued, fully paid and non-assessable. When issued at the applicable Closing, the rights, privileges and preferences of the applicable
Investor Shares will be as stated in the BJBC Amended Memorandum and Articles except where the failure to have such authority would not have a Material Adverse Effect. Other than transfer restrictions under applicable federal, state or foreign
securities laws, the Investor Shares are not subject to any transfer restrictions, Lien or any right of first refusal or offer of any kind, other than those set forth in the Shareholders Agreement and the BJBC Amended Memorandum and Articles, and
BJBC has not granted any right to purchase the Investor Shares to any other person or entity. Subject to the accuracy of the representations and warranties of the Investor in Article III, the issuance of the Investor Shares shall be exempt from, or
not subject to, the registration requirements of Section 5 of the Act. BJBC shall do all reasonable things and take all reasonable actions necessary to permit and facilitate the issuance, or at the direction of the Investor, of the Investor
Shares, provide that such issuance complies with the terms of this Agreement related thereto. 
 4.2 Authority. BJBC has
full legal right, power and capacity as may be required to execute and deliver this Agreement and to carry out the transactions contemplated thereby. 
 4.3 Organization, Standing and Qualification. BJBC is duly incorporated, validly existing and in good standing under the laws of the Cayman Islands, and is qualified and is authorized to do
business as a foreign corporation in all jurisdictions where the failure to be so qualified and/or authorized would have a Material Adverse Effect. BJBC has all requisite corporate power and authority to own and operate its properties and assets,
and to carry on its business as presently conducted. 
 4.4 Enforceability. This Agreement, when executed and delivered
by BJBC, will be duly and validly executed and delivered by BJBC and will be the legally binding obligation of BJBC enforceable against BJBC in accordance with its terms. All corporate action on the part of BJBC, its officers, directors and
shareholders necessary for the authorization of this Agreement and the performance of all obligations of BJBC hereunder at each Closing has been taken or will be taken prior to such Closing. 
 4.5 BJBC Capital Structure. The fully-diluted share capital of BJBC consists of: 
 (a) BJBC Ordinary Shares. As of the date hereof, BJBC has, in the aggregate, 400,000,000 authorized Ordinary Shares, of which
235,775,456 are issued and outstanding. All outstanding BJBC Ordinary Shares (A) have been duly authorized and validly issued, (B) are fully paid and nonassessable, and (C) were issued in compliance therewith and with all applicable
non-U.S. and U.S. state and federal laws concerning the issuance of securities. 
 (b) BJBC Operations and Restricted
Shares. BJBC options and BJBC restricted shares issued and outstanding under the Share Incentive Plan were issued in compliance with all applicable non-U.S. and U.S. state and federal laws concerning the issuance of securities; up to 16,304,348
Ordinary Shares may be granted under the Share Incentive Plan. 
  

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 (c) The numbers of BJBC options and restricted shares and BJBC Ordinary Shares issued upon
the valid exercise of those options may change within the limits provided for under the Share Incentive Plan. 
 4.6 BJBC
Financial Information. BJBC has delivered to the Investor drafts of the consolidated financial statements of BJBC as of and for the year ended December 31, 2008 (the “BJBC Financial Statements”). The BJBC Financial
Statements were prepared in accordance with U.S. GAAP, and fairly present in all material respects the financial conditions, results of operations and changes in shareholder equity of BJBC and each of the BJBC controlled entities (each, a
“BJBC Group Company,” and collectively, the “BJBC Group Companies”) on a consolidated basis. 
 4.7 Absence of Changes. Since December 31, 2008, BJBC has conducted its business in all material respects only in the ordinary course consistent with past practice and there has not been any Material Adverse Effect on the BJBC
Group Companies, taken as a whole. 
 4.8 Consents; No Conflicts. 
 (a) No consent, notice, waiver, approval, order or authorization of, or registration, declaration or filing with any Governmental Entity is
required by or with respect to any BJBC Group Company in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby, other than such consents, notices, waivers, approvals, orders
authorizations, registrations, declarations or filings, which if not obtained would not have a Material Adverse Effect on the BJBC Group Companies. 
 (b) The execution and delivery by BJBC of this Agreement, or the consummation of the transactions contemplated hereby, do not require any BJBC Group Company to obtain any consent or approval of, or
require the filing of notice with, any third party, except for such consents, approvals or filings, which if not obtained would not result in a Material Adverse Effect on BJBC Group Companies. 
 (c) The execution, delivery and performance by BJBC of this Agreement and the consummation by BJBC of the transactions contemplated hereby
do not and will not violate, conflict with or result in a breach by BJBC of its organizational documents. 
 4.9 Brokers or
Finders. BJBC has not incurred, and will not incur, directly or indirectly, as a result of any action taken by BJBC, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this
Agreement or any of the transactions contemplated hereby. 
 ARTICLE V 
 COVENANTS AND AGREEMENTS 
 5.1 Use of Proceeds. BJBC shall invest the proceeds from the issuance of the Investor Shares in Prosperity Holdings Limited, a wholly-owned subsidiary of BJBC, and cause Prosperity to use the
proceeds of such investment to purchase a 5.9% equity interest in BJB (the “Onshore Equity Interest”) as soon as practicable after the First Closing. 
 5.2 Further Cooperation. Subject to the terms and conditions provided in this Agreement, each of the parties hereto shall use commercially reasonable efforts to promptly take, or cause to be taken,
all actions, and to promptly do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the transactions contemplated hereby, to obtain all necessary waivers, consents
and approvals, to provide requisite notices and to effect all necessary

  

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registrations and filings and to remove any injunctions or other impediments or delays, legal or otherwise, in order to consummate and make effective the transactions contemplated by this
Agreement for the purpose of securing to the parties hereto the benefits contemplated by this Agreement. 
 ARTICLE VI 

 CONDITIONS TO CLOSINGS 
 6.1 Conditions to the Obligations of the Investor. The obligation of the Investor to effect each Closing under this Agreement is subject to the satisfaction, at or prior to the applicable Closing
Date, of each of the following conditions, unless validly waived in writing by the Investor. 
 (a) Representations and
Warranties and Covenants. The representations and warranties made by BJBC in Article IV hereof, except for representations and warranties made expressly as of another date, shall be true and correct in all material respects as of such Closing
Date. BJBC shall have performed and complied in all material respects with all covenants, obligations and conditions herein required to be performed or observed by it on or prior to such Closing. 
 (b) Shareholders Agreement. BJBC, the Investor and certain other parties thereto shall have entered into the Third Amended and
Restated Shareholders Agreement (the “Shareholders Agreement”) in the form set forth on Exhibit A. 
 (c)
Registration Rights Agreement. BJBC, the Investor and certain other parties thereto shall have entered into the Third Amended and Restated Registration Rights Agreement (the “Registration Rights Agreement”) in the form set
forth on Exhibit B. 
 (d) Compliance Certificates. BJBC shall have delivered to the Investor a certificate dated as of
such Closing Date, signed by an officer or director of BJBC, certifying that the conditions set forth in Section 6.1(a) have been satisfied, and attaching thereto (i) resolutions approved by the board of directors of BJBC authorizing the
transactions contemplated hereby, and (iii) a certified copy of the register of members of BJBC showing the capitalization of BJBC immediately after such Closing. 
 (e) Compliance. No order of judgment of any court, or governmental, statutory or regulatory body or claims of any person having been issued or made which has the effect of making unlawful or
otherwise prohibiting the transaction contemplated herein. 
 6.2 Conditions to the Obligations of BJBC. The obligation
of BJBC to effect each Closing under this Agreement is subject to the satisfaction, at or prior to the applicable Closing Date, of each of the following conditions, unless validly waived in writing by BJBC. 
 (a) Representations and Warranties and Covenants. The representations and warranties made by the Investor in Article III hereof,
except for representations and warranties made expressly as of another date, shall be true and correct in all material respects as of such Closing. The Investor shall have performed and complied in all material respects with all covenants,
obligations and conditions herein required to be performed or observed by it on or prior to such Closing. 
 (b) Shareholders
Agreement. BJBC, the Investor and certain other parties thereto shall have executed and entered into the Shareholders Agreement. 
  

 9 

 (c) Registration Rights Agreement. BJBC, the Investor and certain other parties
thereto shall have executed and entered into the Registration Rights Agreement. 
 (d) Compliance Certificates. The
Investor shall have delivered to BJBC a certificate dated as of such Closing Date, signed by an officer or director of the Investor, certifying that the conditions set forth in Section 6.2(a) above have been satisfied, and attaching thereto
resolutions approved by the board of directors of the Investor authorizing the transactions contemplated hereby. 
 ARTICLE
VII 
 SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND INDEMNIFICATION 
 7.1 Survival of Representations, Warranties and Covenants. The representations and warranties of the Investor and BJBC contained in
this Agreement, or in any certificate or other instrument delivered pursuant to this Agreement, shall survive until the first anniversary of the Second Closing Date; provided, however, that (a) the representations and warranties made
pursuant to Sections 3.1, 3.3, 3.5 to 3.11, 4.1, 4.2 and 4.4 shall survive until the expiration of the statutes of limitations (including extensions thereof) applicable to the matters referenced therein, and (c) in the event of fraud or willful
breach of a representation or warranty, such representation or warranty shall survive in perpetuity with respect to the person committing such fraud or willful breach. Covenants and agreements that by their terms may be performed after the Closings
shall survive indefinitely, except as otherwise set forth herein. 
 7.2 Indemnification. 
 (a) The Investor shall indemnify and hold BJBC and its Affiliates, and their respective officers, directors, stockholders, employees, agents
and representatives (the “BJBC Indemnified Parties”), harmless against any and all claims, losses, liabilities, damages, deficiencies, diminution in value, costs and expenses, including reasonable attorneys’ fees and expenses
of investigation and defense (hereinafter individually a “Loss” and collectively “Losses”) incurred or sustained by the BJBC Indemnified Parties, or any of them, arising out of, due to or as a result of:
(i) any breach or inaccuracy of a representation or warranty of the Investor contained in Article III, or any agreement or certificate delivered pursuant to this Agreement; or (ii) any failure by the Investor to materially perform or
comply with any covenant applicable to them contained in this Agreement, or any agreement delivered pursuant hereto. For the purpose of this Section 7.2(a) only, when determining the amount of Losses suffered as a result of a breach or
inaccuracy of a representation or warranty (but not whether a breach or inaccuracy has occurred), any representation or warranty given or made by the Investor that is qualified in scope as to materiality (including a Material Adverse Effect) or to
the knowledge of BJBC shall be deemed to be made or given without such qualification. The Investor shall not have any right of contribution from, and may not seek indemnification or advancement of expenses from BJBC with respect to any Loss claimed
by a BJBC Indemnified Party. 
 (b) BJBC shall indemnify and hold the Investor and its Affiliates, and their respective
officers, directors, stockholders, employees, agents and representatives (the “Investor Indemnified Parties”), harmless against any and all Losses incurred or sustained by Investor Indemnified Parties, or any of them, arising out
of, due to or as a result of (i) any breach or inaccuracy of a representation or warranty of BJBC contained in Article V of this Agreement, or any agreement or certificate delivered pursuant to this Agreement; or (ii) any failure by BJBC
to materially perform or comply with any covenant applicable to it contained in this Agreement, or any agreement delivered pursuant hereto. For the purpose of this Section 7.2(b) only, when determining the amount of Losses suffered as a result
of a breach or inaccuracy of a representation or warranty (but not whether a breach or inaccuracy has

  

 10 

 
occurred), any representation or warranty given or made by BJBC that is qualified in scope as to materiality (including a Material Adverse Effect) or to the knowledge of BJBC shall be deemed to
be made or given without such qualification. BJBC shall not have any right of contribution from, and may not seek indemnification or advancement of expenses from, the Investor with respect to any Loss claimed by an Investor Indemnified Party.

 ARTICLE VIII 
 GENERAL PROVISIONS 
 8.1 Termination. 
 (a) Subject to Section 8.l(b), this Agreement may be terminated and the transactions contemplated by this Agreement abandoned at any
time prior to the First Closing: 
  

	 	(i)	by an agreement among BJBC and the Investor; and 

  

	 	(ii)	by BJBC or the Investor if any Governmental Entity shall have enacted, issued, promulgated, enforced or entered law or order or taken any other action restraining,
enjoining or otherwise prohibiting the transactions contemplated hereby. 

 (b) Effect of Termination. In
the event of termination of this Agreement as provided in Section 8.l(a) hereof, except as set forth in Section 7.1 hereof, this Agreement shall forthwith become void, and there shall be no liability or obligation on the part of the
parties hereto and, as applicable, the officers, directors and shareholders of each party; provided, however, that (i) each party hereto shall remain liable for any breaches of this Agreement or in any certificate or other instruments
delivered pursuant to this Agreement prior to its termination; and (ii) the provisions of this Article VIII shall remain in full force and effect and survive any termination of this Agreement. 
 8.2 Amendment. This Agreement may be amended (and any right hereunder extended or waived) by the parties hereto at any time by
execution of an instrument in writing signed on behalf of BJBC and the Investor. 
 8.3 Expenses and Termination Fee.

 (a) Subject to Section 8.3(b) below, all fees and expenses incurred in connection with the transactions contemplated by
this Agreement, including all legal, accounting, financial advisory, consulting and all other fees and expenses of third parties incurred by a party in connection with the negotiation and effectuation of the terms and conditions of this Agreement
and the transactions contemplated hereby, shall be the obligation of the respective party incurring such fees and expenses. 
 (b) In the event (i) the Investor terminates this Agreement other than pursuant to Section 8.1 above, (ii) the First Closing Price is not deposited into the Escrow Account by the Investor on or before June 25, 2009, or
(iii) the Second Closing Price is not deposited into the Escrow Account by the Investor on or before July 15, 2009, the Investor shall pay to BJBC a termination fee of US$5,000,000 for the benefit of the holders of the Onshore Equity
Interest within five (5) days following the date of the event giving rise to the obligation to make such payment. 
 8.4
Public Disclosure. No Party hereto shall issue any statement or communication to any third party (other than their respective agents) regarding the subject matter of this Agreement and the transactions contemplated hereby, or otherwise
disclose the terms of this Agreement and the transactions contemplated hereby, without the consent of the other Party hereto; provided that either Party

  

 11 

 
may make such disclosure as it may be required to make under applicable law or regulation, or in connection with any judicial or administrative proceeding. If such disclosure is required,
as promptly as practicable prior to making such disclosure the disclosing Party shall inform the other Party. 
 8.5
Notices. All notices and other communications hereunder shall be in writing and shall be deemed given when delivered personally or by commercial messenger or courier service, or mailed by registered or certified mail (return receipt
requested) or sent via facsimile (with acknowledgment of complete transmission) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice); provided, however, that notices sent by
mail will not be deemed given until received: 
  

	 	(a)	if to BJBC, to: 

 Beida Jade
Bird Building, 3/F 
 No. 207 Chengfu Road 
 Haidian District 
 Beijing, China 100871 
 Attention: Yang Ming  
 Fax: +8610-8266-7065 
  

	 	(b)	if to the Investor, to: 

 Scotia Centre, 4th Floor, P.O. Box 2804 
 George Town, Grand Cayman KY 1-1112 
 Cayman Islands 
 Attention: Mr. Zhong Zheng 
 Fax: (+86) 10-85712272 
 8.6 Counterparts: Facsimiles. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that all parties need not sign the same counterpart for it to be effective
among the parties. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of
or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. 
 8.7 Severability. In the event that any provision of this Agreement or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will
continue in full force and effect and the application of such provision to other persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties further agree to replace such void or
unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision. 
 8.8 Other Remedies. Any and all remedies herein expressly conferred upon a party will be deemed cumulative with and not exclusive of
any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the exercise of any other remedy. 
  

 12 

 8.9 Specific Performance. The parties hereto agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to
prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state, province or other locale, both U.S. and non-U.S., having jurisdiction, this being in addition to any other
remedy to which they are entitled at law or in equity. 
 8.10 Governing Law: Dispute Resolution. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of New York State. 
 (b) All disputes between the Parties arising out of or relating to this Agreement shall be finally settled in accordance with the Rules of
Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said Arbitration Rules. The place of arbitration shall be in Hong Kong. The arbitration shall be conducted in English. The resolution of any
dispute by arbitration pursuant to this Section 8.10(b) shall be non-appealable, final, binding and conclusive on the Parties to such dispute and may be enforced and entered as a judgment in any court of law with jurisdiction thereof.

 8.1 1 Rules of Construction. The parties hereto agree that they have been represented by counsel during the
negotiation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such
agreement or document. 
 8.12 Entire Agreement: No Third-Party Beneficiaries: Assignment. This Agreement, the exhibits
and schedules hereto, and the documents and instruments and other agreements among the parties hereto referenced herein: (a) constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior
agreements and understandings both written and oral, among the parties with respect to the subject matter hereof; (b) are not intended to confer upon any other person any rights or remedies hereunder; and (c) shall not be assigned by
operation of law or otherwise. 
 [Signature Page Follows] 
  

 13 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be signed, all as of
the date first written above. 
  

			
	BEIJING JADEBIRD IT EDUCATION COMPANY, LIMITED
		
	By:	 	 

	Name:	 	
	Title:	 	

  

			
	SBI-BDJB EDUCATION LIMITED
		
		 	 /s/ Zhong Zheng

	By:	 	Zhong Zheng
	Title:	 	Authorized by SBI – BDJB Education Limited

 [Signature Page SBl Share Subscription Agreement] 

 EXHIBIT A 
 SHAREHOLDERS AGREEMENT 
  

 A-1 

 EXHIBIT B 
 REGISTRATION RIGHTS AGREEMENT 
  

 B-1Translation of Agreement

 Exhibit 10.12 
 AGREEMENT 
 between 
 CHINA CENTRAL RADIO AND TELEVISION UNIVERSITY 
 and 
 BEIJING JADEBIRD IT EDUCATION COMPANY LIMITED 
 FOR COOPERATION OF OPEN EDUCATION DIPLOMA 
 COURSES AND OCCUPATIONAL CERTIFICATE TRAINING 
 PILOT PROGRAMS 
 MAY 2009 
 AGREEMENT

 2 
  

 between 
 CHINA CENTRAL RADIO AND TELEVISION UNIVERSITY 
 and 
 BEIJING JADEBIRD IT EDUCATION COMPANY, LIMITED 
 FOR COOPERATION OF OPEN EDUCATION DIPLOMA COURSES AND 
 OCCUPATIONAL CERTIFICATE TRAINING PILOT PROGRAMS 
 Party A: China Central Radio and TV University
(“CCRTU”) 
 Party B: Beijing Jadebird IT Education Company, Limited 
 In order to implement the Outlines of the Eleventh Five-Year Plan for National Education Development, fully exert Party A’s influence as the main pillar in long distance education in China and Party
A’s advantages in major construction, course construction and other areas, exert Party B’s advantages in occupational certificate education and training, and further facilitate the interlink and a closer communication between diploma
education and non-diploma education, the Parties have concluded, on an equal and freewill basis, the Framework Agreement for Running Course and Credit Swap Between Relevant Diploma Education Majors and Non-Diploma Certificate Training Programs. For
the purposes of better implementing such Framework Agreement, standardizing management and ascertaining the responsibilities and obligations of both Party A and Party B, through amicable negotiations, for their cooperation of open education diploma
course and occupational certificate training pilot programs, Party A and Party B agree upon the following: 
 1. Scope of Cooperation

 (1) Party A and Party B shall cooperate to run courses by combining diploma education and non-diploma education, mainly, to run pilot
teaching programs by combining Party B’s website engineer training course and Party A’s open education course in the website development major, which shall be incorporated into CCRTU’s open education platform for management, and
jointly cultivate IT talents who are applicable and highly sought-after. 
 (2) Party B shall provide its proprietary JB Education Polaris
Website Engineer Education Product (including course system, teaching methodology, models, cultivation and training plans, and exams etc.) exclusively to Party A and not to any third party who falls outside of Party A system; Party A shall set up,
specially for Party B, a website development major (“Cooperated Major”). Key specialized courses in such major will use Party B’s JB Education Polaris Website Engineer Education Product, and no product provided by any third party will
be used (except for the State Occupational Certificate issued by the Ministry of Human Resources and Social Security), including teaching materials, exams and other related course materials. 

 3 
  

 (3) Students attending the pilot programs will be enrolled in the website engineer training courses provided
by Party B in the programs. If any student, after obtaining the website engineer certificate issued by Party B, is willing to attend the diploma education course in the Cooperated Major of Party A, he/she may skip relevant swap courses of the
Cooperated Major, swap his/her credits for part of the diploma courses in equivalency, and if, after studying the Cooperated Major, he/she satisfies the graduation requirements, he/she shall be given the diploma in Cooperated Major accordingly by
Party A. 
 2. Approach of Cooperation 
 (1) Party A and Party B shall discuss and determine to run initially 3-5 teaching spots in CCRTU system as pilots, explore cooperation models to run programs with enterprises combining diploma education and non-diploma education (teaching
models, teaching management models, operation mechanism, market operation mechanism, and responsibilities of those radio and television universities in different level etc.). 
 (2) Party B shall define implementation rules for the website engineer certificate and admittance criteria for teaching spots in Party B’s training system. Any Party B’s authorized teaching spot
must be jointly reviewed and approved by both Party A and Party B; any of those training centers, partners or new training centers of Party B with satisfactory conditions can be only used as an open education teaching spot or study spot when Party A
approves upon such review. 
 (3) For students attending the pilot programs, each relevant local radio and television university shall order
materials for the website engineer training course from Party B, other materials for diploma education courses shall be subject to Party A’s relevant policies. 
 (4) Taking “pilot first and expansion afterwards” as the principle, based on those pilots, summarizing experience, and gradually broadening the scope of the pilots, the specific implementation
plan for the expansion phase shall be discussed separately in accordance with the actual status after the pilot model is approbated by Party A. 
 (5) During the pilot phase, the Parties shall jointly discuss the establishment of an occupational education research institute through which the Parties will jointly research various course systems, content, teaching models, management
models and operation mechanisms in the combination of diploma education and occupational education. 
 3. Allocation of Responsibilities

 (1) Responsibilities and Obligations of Party A 
 i) To work with Party B in developing programs, be responsible for enrollment publicity, teaching and management work. 
 ii) To give guidance to Party B in organizing necessary promotion activities within CCRTU system. 
 iii) To review the teaching or study spots of the programs, and conduct joint review with Party B for Party B’s authorized teaching spots for the pilot programs. 

 4 
  

 iv) To be responsible for demonstration, design and other work for the credit swap issue between those
diploma courses in the Cooperated Major and Party B’s website engineer training courses. 
 v) To be responsible for teaching resource
construction, publication and distribution for courses other than the website engineer training certificate courses of the Cooperated Major. 
 vi) To supervise and guide each pilot member’s pilot work for Cooperated Major, and monitor the implementation process of the Cooperated Major. 
 vii) To provide basic information of the students attending the pilot programs to Party B. 
 viii)
To assist Party B to organize and conduct training to the teachers of the website engineer training courses. 
 ix) To award the senior
occupational diploma certificate in the website development major of Party A to those students who have studied the Cooperated Major and satisfied the graduation requirements. 
 (2) Responsibilities and Obligations of Party B 
 i) To work with Party A in developing
cooperation programs, assist Party A in enrollment publicity, teaching and management. 
 ii) To be responsible, under Party A’s guidance
and in accordance with the responsibility and obligation requirements of Party A, for the internal organization and promotion in CCRTU system, and to conclude cooperation agreements with provincial radio and television universities, which shall be
provided to Party A for filing. 
 iii) To define implementation rules for the website engineer certificate and admittance criteria for teaching
spots in Party B’s training system, conduct joint review with Party A for Party B’s authorized teaching spots for the Cooperated Major, and conclude working agreements with the pilot teaching spots, which shall be provided to Party A for
filing. 
 iv) To coordinate with Party A to complete demonstration, design and other work for the credit swap issue between the diploma courses
of the Cooperated Major and the website engineer training courses of Party B. 
 v) To be responsible for teaching resource construction,
publication, distribution and other work for the website engineer training certificate courses of the pilot programs. 
 vi) To supervise and
guide the implementation work of the website engineer training programs in each pilot teaching spot, and monitor the implementation process of the training programs. 
 vii) To provide information of the students who have obtained the website engineer certificate to Party A. 
 viii) To organize and conduct training to the teachers of the website engineer training courses. 

 5 
  

 ix) To award the website engineer certificate of Party B to students who have studied the pilot programs and
satisfied the occupational certificate requirements. 
 4. Payment of the Pilot Program Work Training Fee 
 (1) Objective, Scope and Method of Training 
 In
order to increase the enrollment of the Parties’ pilot programs and the positive influence of the Parties nation wide, Party A is needed to provide necessary training to Party B which will enable Party B to be familiar with the CCRTU’s
operation models. Content and method of such training shall be specified by Party A, in particular, it shall include enrollment publicity of the pilot programs, major and course construction in CCRTU system, methodology and techniques of teaching
and teaching management in CCRTU system. 
 (2) Rate of the Training Fee 
 Party A shall, in accordance with the progress and market size of its cooperation with each pilot radio and television universities, pay the training fee to Party B, and the rate of the training fee will,
after the pilot model is approbated by Party B, be laid down in an amendment agreement to be separately concluded between Party A and Party B. 
 5. Obligation of Breach 
 Upon execution of this Agreement, both Parties shall strictly perform the Agreement. If any Party fails to
perform the Agreement, the breaching Party shall assume the relevant obligations for its breach of the Agreement, and indemnify the other Party for all economic loss arising therefrom. 
 6. Miscellaneous 
 (1) Neither Party shall terminate this Agreement earlier without due cause,
however, should any of the following situation arise, this Agreement may be terminated: 
 i) Both Party A and Party B agree to terminate the
Agreement through discussions. 
 ii) The Agreement is rendered unenforceable by any force majeure factor. 
 (2) If the Agreement needs to be terminated earlier, both Parties shall coordinate to solve consequential issues. Before such issues are resolved, both
Parties shall continue to perform the necessary provisions herein and relevant obligations hereunder that are beneficial to the solution of those consequential issues. 
 (3) For pending issues herein such as relevant charge, allocation and usage of cost of the pilot programs, allocation of work in the process of teaching when the programs are implemented (including
allocation of work of online teaching), course and credit swap between diploma education and non-diploma education, demonstration of certification plan and relevant breach of obligation, the Parties shall enter into agreements separately.

 6 
  

 7. This Agreement shall be effective for five years as of the day on which the Parties execute and seal the
Agreement. 
 8. The Agreement has been executed in six counterparts with equal legal force, Party A and Party B shall each hold three
counterparts. 
  

			
	Party A:	 	Party B:
	China Central Radio and Television University	 	Beijing Jadebird IT Education
		 	Company, Limited
	(Seal)	 	(Seal)

  

			
	Representative: (Signature)	 	Representative: (Signature)
		
	May      2009	 	May      2009

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