Document:

Exhibit 10.6

 

Amended and Restated Business Operation Agreement

 

This Amended and Restated Business Operation Agreement (hereinafter referred to as “this Agreement”), superseding all prior business operation agreements, is entered into by and among the following parties (hereinafter referred to as the “Parties”) on November 4, 2015 in Beijing, China:

 

Beijing RYB Technology Development Co., Ltd. (hereinafter referred to as “Party A”)

 

Address: Suite 268, No.1 Building, No.8 Hangfeng road, Science City, Fengtai district, Beijing, China

 

Beijing RYB Children Education Technology Development Co., Ltd. (hereinafter referred to as “Party B”)

 

Address: F1-1, 4/F., No.29 building, Zone 1, fangguyuan, Fangzhuang, Fengtai District, Beijing, China

 

And

 

(the names are listed in Schedule 2, hereinafter collectively referred to as “Party C”)

 

WHEREAS:

 

1.              Party A is a wholly foreign-owned enterprise duly incorporated and validly existing in China;

 

2.              Party B is a company with limited liability registered and incorporated in China.

 

3.              Party A and Party B have established business relations by entering into the Exclusive Consultation and Service Agreement, under which Party B shall make payments to Party A. Hence, Party B’s regular business activities will materially affect its ability to make corresponding payments to Party A;

 

4.              Party C is a shareholder of Party B (hereinafter referred to as “Shareholder”);

 

NOW, THEREFORE, the Parties hereto, through friendly consultation, on the principle of equality and mutual benefits, hereby agree as follows and intend to be bound hereby:

 

1

 

1.              Negative Obligation

 

In order to ensure that Party B fulfills the agreements signed with Party A and all of its obligations  to Party A, the Shareholder hereby confirms and agrees that Party B will not proceed with any transaction that may substantially affect its assets, business, personnel, obligations, rights or company operations unless a prior written consent has been obtained from Party A or other parties as appointed by Party A, including but not limited to the following:

 

1.1                      carry out any activities other than in the ordinary course of business of the Company or operate the business of the company in a manner inconsistent with or unusual to its practice;

 

1.2                      borrow any loans from or incur any indebtedness to any third party;

 

1.3                      alter or remove any director of the Company or dismiss any senior management of the company;

 

1.4                      sell to or acquire from or otherwise dispose with any third party of any assets or rights in excess of RMB 200,000, including but not limited to any intellectual property rights;

 

1.5                      grant to any third parties security over its assets or intellectual property rights or provide any kind of security or create any other encumbrance on the assets of the Company;

 

1.6                      modify the articles of association or change the company’s business scope;

 

1.7                      change the ordinary course of business of the company or modify any significant bylaws of the company;

 

1.8                      transfer the rights and obligations hereunder to any third party;

 

1.9                      make significant adjustments to its business model, marketing strategy, operating policy or customer relationship;

 

1.10               distribute bonus and stock dividend in any form; and

 

1.11               cause the subsidiaries and kindergartens of Party B to pass any significant resolutions regarding the following, including but not limited to: modification of the articles of association and formulation of rules and regulations of subsidiaries or kindergartens, transfer or other disposal of the shares of its subsidiaries; election of directors and establishment of the Board of Directors; election and appointment of president; determination on the spinning-off, consolidation and termination of kindergartens; formulation of development plan for kindergartens, and approval of annual working 

 

2

 

program of kindergartens; approval of structure of internal organizations of kindergartens; engagement and dismissal of principal of kindergarten; determination of staffing quota and salary standard for teaching and administrative staff of kindergarten; determination  of the conclusion of contracts in excess of RMB 1 million; determination on other significant matters of subsidiaries or kindergartens.

 

2.              Operating Management and Personnel Arrangement

 

2.1       Party B and the Shareholders hereby agree to accept and abide by the recommendations made by Party A from time to time regarding the appointment and dismissal of the company’s employees, the day-to-day management of the company and the financial management system of the company.

 

2.2       Party B and the Shareholder hereby agree that the Shareholder will elect the persons designated by Party A as directors of Party B and directors of Party B’s kindergartens in accordance with the laws and regulations and the procedures stipulated in the Articles of Association of the Company, cause the directors so elected to elect the persons designated by Party A as directors of Party B and directors of Party B’s kindergartens, and will delegate the persons designated by Party A to act as general manager, chief financial officer and other senior staff of Party B and principals of its kindergartens.

 

2.3       If the director or senior staff appointed by Party A has resigned from Party A, whether voluntarily or dismissed by Party A, he or she will be disqualified for any position at Party B and its kindergartens. In each case, the Shareholder will immediately dismiss such persons from any titles as they may hold in Party B and its kindergartens, and promptly elect and engage other persons as may be otherwise appointed by Party A to hold such duties.

 

2.4       For the purposes of Article 2.3 above, the Shareholder will take all necessary internal and external measures to complete the above dismissal and appointment procedures in accordance with the law, the Articles of Association and the provisions of this Agreement.

 

2.5       The Shareholder hereby agree, at the time of concluding this Agreement, to enter into a power of attorney as set out in Schedule 1 where the Shareholders will irrevocably authorize the persons designated by Party A to exercise the right of shareholder on its behalf, and exert any and all voting right of shareholder in the name of such Shareholder at Party B’s shareholder meetings. The Shareholder further agree to replace at any time such person(s) as authorized in the foregoing power of attorney upon 

 

3

 

request of Party A.

 

3.              Other Agreements

 

3.1       If any of the agreements between Party A and Party B terminates or expires, Party A shall have the right to decide whether to terminate all agreements between Party A and Party B, including but not limited to the Exclusive Consultation and Service Agreement.

 

3.2       Considering that Party A and Party B have already established business relationship by virtue of entering into the Exclusive Consultation and Service Agreement, Party B’s daily business activities will have substantial effect on its ability to make corresponding payments to Party A. The Shareholder agree that in respect of any dividends, distributions or any other proceeds or interests (regardless of their particular form) received from Party B in the capacity of Party B’s shareholder, it shall pay or voluntarily transfer to Party A any proceeds or interests immediately at the realization of the same free from any conditions, and provide or take all the documents or actions necessary for realizing such payment or transfer as may be required by Party A.

 

4.              Entire Agreement and Modification

 

4.1       This Agreement and all agreements and/or documents as referred to or expressed to be incorporated herein shall constitute entire agreement among the Parties in respect of the subject matters hereunder, and supersede any and all prior agreements, contracts, understandings and communications made by the Parties, oral and written, in respect of such subject matters.

 

4.2       No modification to this Agreement shall be valid except made in written agreement and signed by the Parties. Any amendment or supplementary agreement made in respect of this Agreement as duly signed by the Parties shall constitute an integral part hereof and have the same legal effect and force herewith.

 

5.              Governing Law

 

The signing, validity, performance and interpretation of this Agreement, as well as the resolution of any disputes, are governed by and construed in accordance with the laws of the people’s Republic of China.

 

6.              Dispute Resolution

 

6.1       Any dispute arising out of the interpretation and performance of any terms of this 

 

4

 

Agreement shall be resolved by the Parties through negotiations. Should such negotiation fail, any party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its arbitration rules then in force. The arbitration is to be held in Beijing in Chinese. The arbitration award shall be final and binding to the Parties.

 

6.2       As far as permitted under the laws of China, the arbitral tribunal may, in accordance with the terms of this Agreement and applicable laws of China, grant any relief, including provisional and permanent injunction (such as injunctive relief for business conduct or compulsory transfer of assets), specific performance of contractual obligations, remedies for Party B’s equity or assets, and award ruling the liquidation of Party B. To the extent permitted by the laws of China, the Parties may, pending the establishment of the arbitral tribunal, resort to a court of competent jurisdiction for provisional injunctive relief or other temporary remedies in support of the proceeding of arbitration. In this regard, the Parties have reached consensus that the courts of Hong Kong, Cayman Islands and China, as well as the courts seated at the place where the principal assets of Party A or Party B are located, shall be deemed having jurisdiction.

 

6.3       If there is any dispute arising from construction and performance of this Agreement or under arbitration, the Parties shall, except regarding any matters under dispute, continue in good faith with their respective performance pursuant to the provisions hereof.

 

7.              Notification

 

7.1            Any notices by the Parties in respect of the fulfilment of the rights and obligations hereunder shall be made in writing, and sent by hand delivery, registered mail, postage prepaid mail, recognized courier service, or facsimile to the address of the party concerned or the Parties as listed herein below. Such notice is deemed to be duly served:

 

7.1.1  if by hand delivery, registered mail, postage prepaid mail or recognized courier service, on the day when such notice is received or rejected at the address prescribed therefore.

 

7.1.2  if through facsimile, on the day when the facsimile is successfully transmitted (evidenced by the transmission confirmation message automatically generated);

 

7.1.3  if via email, on the day when the email has been served to the system specified by the addressee.

 

5

 

7.2            The addresses of the Parties for the purpose notice are listed as below:

 

	
Party A:
    	
Beijing RYB   Technology Development Co., Ltd.
    
	
Address:
    	
Suite 268,   No.1 Building, No.8 Hangfeng road, Science City, Fengtai district, Beijing,   China.
    
	
Fax:
    	
+86-10-87675752
    
	
Tel.:
    	
+86-10-87675752
    
	
Attn:
    	
Fang Xin
    

 

	
Party B:
    	
Beijing RYB   Children Education Technology Development Co., Ltd.
    
	
Address:
    	
F1-1, 4/F., No.29   building, Zone 1, fangguyuan, Fangzhuang, Fengtai  District, Beijing, China
    
	
Fax:
    	
+86-10-67638809
    
	
Tel.:
    	
+86-10-87675611
    
	
Attn:
    	
Chen Menglu
    
	
 
    	
 
    
	
Party C:
    	
please refer to   the name list attached hereto as Schedule 2
    

 

7.3            Any party may, at any time, notify the other party of any changes to its address for receiving notice according to this Article.

 

8.              Effectiveness, Term and Miscellaneous

 

8.1       For the purpose of this Agreement, any written consent, proposal, designation and other decisions which involve Party A and have significant effect to daily operations of Party B shall be made by Party A’s Board of Directors.

 

8.2       This Agreement has been executed by the Parties on and shall be effective from the date as indicated first above. The Business Operation Agreement concluded by and among the Parties on September 19, 2011 shall automatically terminate. This Agreement shall remain effective for a period of ten years as from the execution unless it is early terminated by Party A. If, before the expiry of this Agreement, Party A requires any extension of such term, the Parties shall do so by entering into a new Business Operation Agreement or continuing with the performance hereunder.

 

8.3       Neither Party B nor the Shareholders may, during the term hereof, terminate this Agreement in advance. Party A may terminate or rescind this Agreement at any time by way of giving Party B a written notice of thirty (30) days.

 

6

 

8.4       The Parties hereby acknowledge that this Agreement represents a fair and reasonable agreement entered into on the basis of equality and mutual benefit. In the event that any terms and provisions of this Agreement is deemed as valid or unenforceable under applicable laws, such terms and provisions shall be deemed as have been removed from this Agreement, provided that the remaining terms of this Agreement shall remain as effective as if no such invalid provisions had been contained from the beginning. The Parties shall consult with each other and replace the terms that are deemed to have been deleted by mutually acceptable, valid and effective provisions.

 

8.5       Failure of any party to exercise any of its rights, powers or privileges hereunder shall not be deemed as a waiver. No single or partial exercise of any rights, powers or privileges hereunder shall preclude the exercising of any other rights, powers or privileges.

 

8.6       Each member of Party C undertakes that the terms of this Agreement shall remain legally binding on Party C, no matter any changes shall occur hereafter in respect of the Parties’ shareholding in Party B, and the provisions of this Agreement shall apply to all of Party B’s shares as then held by Party C.

 

IN WITNESS WHEREOF the Parties have caused this Agreement to be executed by their respective authorized representatives on the date first above written.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

7

 

[Signature Page, No Text Below]

 

 

Party A: Beijing RYB Technology Development Co., Ltd.

 

Authorized Representative: /s/Cao Chimin

(Company chop: /s/Beijing RYB Technology Development Co., Ltd.)

 

8

 

[Signature Page, No Text Below]

 

 

Party B: Beijing RYB Children Education Technology Development Co., Ltd.

 

Authorized Representative: /s/Shi Yanlai

(Company chop: /s/ Beijing RYB Children Education Technology Development Co., Ltd.)

 

9

 

[Signature Page, No Text Below]

 

 

Party C: /s/Zhou Haiying

/s/Cao Chimin

/s/Shi Yanlai

/s/Hu Wen

/s/Han Xia

/s/Yang Meng

/s/Zhong Manwei

/s/Ma Ling

/s/Jiang Jianchuan

/s/Yuan Junzhi

/s/Li Shixin

/s/Lin Yuhua

/s/Gao Shouyan

/s/Tang Ning

/s/Han Yuzheng

/s/Si Yujiu

/s/Shi Xiaodan

/s/Cao Hongmei

/s/Chen Yongchun

/s/Li Yunjie

/s/Zhang Yunli

/s/Cao Anya

/s/Xue Chunxia

/s/Yao Lan

/s/Sun Yanbing

/s/Zhang Miao

/s/Cai Weijuan

/s/Cao Anyu

/s/Jia Chunhong

 

10

 

Schedule 1: Power of Attorney

 

11

 

Schedule 2: Name list of Party C

 

	
No.
    	
 
    	
Shareholder(s)
    	
 
    	
ID Card Number
    	
 
    	
Address
    	
 
    	
Equity Proportion
    
	
1
    	
 
    	
Zhou Haiying
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
49.0000%
    
	
2
    	
 
    	
Cao Chimin
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
28.1810%
    
	
3
    	
 
    	
Shi Yanlai
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
14.5904%
    
	
4
    	
 
    	
Hu Wen
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
2.7489%
    
	
5
    	
 
    	
Han Xia
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.7167%
    
	
6
    	
 
    	
Yang Meng
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.7363%
    
	
7
    	
 
    	
Zhong Manwei
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.7069%
    
	
8
    	
 
    	
Ma Ling
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0563%
    
	
9
    	
 
    	
Jiang Jianchuan
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.2160%
    
	
10
    	
 
    	
Yuan Junzhi
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.5501%
    
	
11
    	
 
    	
Li Shixin
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.4064%
    
	
12
    	
 
    	
Lin Yuhua
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0982%
    
	
13
    	
 
    	
Gao Shouyan
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0589%
    
	
14
    	
 
    	
Tang Ning
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.2549%
    
	
15
    	
 
    	
Han Yuzheng
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.1885%
    
	
16
    	
 
    	
Si Yujiu
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.1766%
    
	
17
    	
 
    	
Shi Xiaodan
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.1766%
    
	
18
    	
 
    	
Cao Hongmei
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.1532%
    
	
19
    	
 
    	
Chen Yongchun
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.1532%
    
	
20
    	
 
    	
Li Yunjie
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.1178%
    
	
21
    	
 
    	
Zhang Yunli
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0884%
    
	
22
    	
 
    	
Cao Anya
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0766%
    
	
23
    	
 
    	
Xue Chunxia
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0766%
    
	
24
    	
 
    	
Yao Lan
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0589%
    
	
25
    	
 
    	
Sun Yanbing
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0589%
    
	
26
    	
 
    	
Zhang Miao
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0589%
    
	
27
    	
 
    	
Cai Weijuan
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0589%
    
	
28
    	
 
    	
Cao Anyu
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0589%
    
	
29
    	
 
    	
Jia Chunhong
    	
 
    	
###############
    	
 
    	
 
    	
 
    	
0.0589%
    

 

12Exhibit 10.7

 

Equity Pledge Agreement

 

This Equity Pledge Agreement (hereinafter referred to as “this Agreement”) is entered into on November 4, 2015 by the following parties (hereinafter referred to as the “Parties”) in Beijing, China:

 

Beijing RYB Technology Development Co., Ltd. (hereinafter referred to as “Party A”)

 

Legal representative: Cao Chimin

Address: Suite 268, No.1 Building, No.8 Hangfeng road, Science City, Fengtai district, Beijing, China

 

[name of pledgor] (hereinafter referred to as “Party B”)

 

And

 

Beijing RYB Children Education Technology Development Co., Ltd. (hereinafter referred to as “Party C” or the “Company”)

Legal representative: Shi Yanlai

Address: F1-1, 4/F., No.29 building, Zone 1, fangguyuan, Fangzhuang, Fengtai District, Beijing, China

 

Whereas,

 

1.                  Party A is a wholly foreign-owned enterprise incorporated lawfully and existing validly within the territory of the People’s Republic of China;

 

2.                  Party C is a limited liability company incorporated in China;

 

3.                  Party B (hereinafter referred to the “Pledgor”) is a shareholder of the Company, holding a [percentage of shareholding] equity stake in the Company;

 

4.                  Party A and the Company concluded an Exclusive Consultation and Service Agreement on November 4, 2015, and Party A, Party B and the Company concluded an Equity Disposal Agreement and a Business Operation Agreement on November 4, 2011;

 

5.                  in order to guarantee that Party A can normally collect the fees for the exclusive consultation and service from the Company held by Party B, and to guarantee the

 

1

 

performance of the Equity Disposal Agreement and the Business Operation Agreement, the Pledgor jointly and separately provides all of the equity held by it in the Company to Party A as a pledge guarantee for such agreements, and the pledgee is Party A.

 

Now Therefore, through amicable negotiation on the basis of equality and mutual benefit, the Parties agree to conclude this Agreement under the following terms and conditions:

 

1.                  Pledge

 

1.1                     The Pledgor leaves all the equity held by it in the Company with Party A as a pledge, so as to guarantee Party A’s interests stipulated in the above-mentioned agreements.

 

1.2                     The equity pledge contemplated in this Agreement guarantees all the expenses (including legal expenses) and expenditures to be paid by the Company and (or) the Pledgor to Party A and the loss, interests, penalty, damages, expenses of realization of creditor’s right to be borne by the Company and (or) the Pledgor under the above-mentioned agreements, and the liabilities and responsibilities to be borne by the Company and the Pledgor when the above-mentioned agreements become wholly or partially invalid for any reasons. The minimum pledged amount is [minimum pledged amount].

 

2.              Effectiveness

 

2.1       This Agreement comes into force upon being signed and sealed by the Parties, and the pledge becomes effective on the date when the equity is pledged under this Agreement and is registered with the competent administration for industry and commerce.

 

3.              Representation and Warranty by Pledgor

 

3.1       At the time of signature of this Agreement, the Pledgor makes the following representation and warranty to Party A and acknowledges and accepts that Party A executes and performs this Agreement on the basis of reliance on such representation and warranty:

 

(1)             The Pledgor lawfully holds the equity contemplated herein, and has the right to leave the equity with Party A as a pledge guarantee.

 

2

 

(2)             For its execution or this Agreement and performance of its obligations stipulated herein, it has obtained all the permits and approvals (if necessary) of relevant third parties and government authorities and the necessary authorization by the Company; neither its execution of this Agreement nor performance of its obligations stipulated herein goes counter to any law or regulation; its signatory of this Agreement has been authorized lawfully and validly to do so.

 

(3)         The equity held by the Pledgor is free from any encumbrance or any other security interest of any third party (including, without limitation, pledge) in any form. There is no civil, administrative or criminal litigation, administrative penalty or arbitration that is pending or will occur in connection with the equity. There is no tax or charge payable in connection with the equity that has not been paid, and there is no legal proceeding or formality that must be handled completely but has not been completed.

 

(4)         The execution, delivery or performance of this Agreement will not (i) lead to violation of any law of the PRC; (ii) conflict with the by-law or other constitutional documents of the Company; (iii) lead to breach of or default under any contract or document to which it is a party or which has binding force upon it; (iv) lead to breach of any conditions on the basis of which any permit or approval is issued to any party hereto and (or) maintenance thereof; or (v) lead to termination or revocation of any permit or approval issued to any party hereto or additional conditions thereto.

 

3.2                     The Pledgor warrants to Party A that, in the validity term of this Agreement,

 

(1)             Except the equity transfer to Party A or the person designated by Party A carried out as required by Party A, the Pledgor or the Company may not transfer the equity, or establish or allow the existence of pledge or other encumbrance or other third party security interest in any form that may affect Party A’s rights or interest, without Party A’s written consent; the Company may not agree to or assist the above-mentioned actions.

 

(2)              The Pledgor warrants to Party A that, for the benefit of Party A, the Pledgor will observe and perform all warranties, covenants, agreements and representations. If the Pledgor fails to perform such warranty, covenant, 

 

3

 

agreements or representation or fails to fulfill the same completely, the Pledgor  shall compensate Party A for any and all loss arising therefrom.

 

(3)              The Pledgor and the Company shall strictly observe this Agreement and the other related agreements concluded by the Parties jointly or separately (including the above-mentioned agreements), perform their respective obligations under the above-mentioned agreements, and may not have any action or omission that may be enough to affect the validity or enforceability of this Agreement. The Pledgor may not exercise the remaining right it has in the pledged equity, except as required by the pledgee in writing.

 

4.                  Exercising of Pledge

 

4.1       Under one or more of the following circumstances, Party A may, on the basis of the relevant legal procedure, convert into money all or part of equity stipulated in this Agreement, or auction, sell the equity and then have the priority in receiving compensation from the proceeds thereof so that all the unpaid service fee and other payables arising under the above-mentioned agreements are paid in full amounts and the Equity Disposal Agreement and Business Operation Agreement are fulfilled completely:

 

(1)    Any representation or warranty made by the Pledgor in this Agreement is false or fails to be performed;

 

(2)    The Company fails to repay debts, interest and expenses as scheduled in accordance with this Agreement;

 

(3)    The Pledgor or the Company otherwise breaches this Agreement.

 

4.2                    When Party A exercises the pledge under this Agreement, the Pledgor may not prevent it with any obstacle and shall provide necessary assistance so as to enable Party A to realize the pledge.

 

5.                  Miscellaneous Provisions

 

5.1                    Any modification, supplementation or alteration of this Agreement must be made in written form and becomes effective upon being signed and sealed by the Parties.

 

5.2                    If the validity of the pledge contemplated in the original agreement is affected 

 

4

 

owing to any reasons concerning any clause in the original agreement, or the pledge of the equity fails to be established through registration because the original  agreement fails to satisfy the requirements made by the competent administration for industry and commerce, then the Parties agree that under such circumstance, the Parties will modify or supplement the original agreement so as to do their utmost to enable the equity pledge stipulated in the original agreement to be established through registration with the competent administration for industry and commerce within the shortest possible time.

 

5.3                     The Parties do hereby acknowledge and accept that this Agreement is fair and just stipulations made by the Parties on the basis of equality and mutual benefit. If any clause of this Agreement becomes invalid or unenforceable because it is not in conformity with the relevant laws, the clause will be invalid or unenforceable within the jurisdiction of the laws and may not affect the legal effect of the other clauses of this Agreement.

 

5.4                     Every member of Party B warrants that the provisions made in this Agreement have legal binding force upon Party B, no matter how the equity proportions of any member of Party B in the Company change, and this Agreement shall be applicable to all the equity then held by Party B in the Company.

 

5.5                     All the appendixes listed in this Agreement constitute an integral part of this Agreement and have the same legal effect as the body text hereof.

 

[Intentionally left blank below]

 

5

 

[Signature page of this Agreement]

 

 

Party A: Beijing RYB Technology Development Co., Ltd.

 

Authorized Representative: /s/Cao Chimin

(Company chop: /s/Beijing RYB Technology Development Co., Ltd.)

 

6

 

[Signature page of this Agreement]

 

 

Party B: /s/[name of Pledgor]

 

7

 

[Signature page of this Agreement]

 

 

Party C:  Beijing RYB Children Education Technology Development Co., Ltd. (chop)

 

Authorized Representative: /s/Shi Yanlai

(Company chop: /s/ Beijing RYB Children Education Technology Development Co., Ltd.)

 

8

 

Schedule of Material Differences

 

One or more persons entered into Equity Pledge Agreement with Beijing RYB Technology Development Co., Ltd. and Beijing RYB Children Education Technology Development Co., Ltd. using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

 

	
No.
    	
 
    	
Name of pledgor
    	
 
    	
Percentage of 
   shareholding
    	
 
    	
Maximum pledged amount
    
	
1.
    	
 
    	
Shi Yanlai
    	
 
    	
14.5904
    	
%
    	
RMB
    	
3,715,440
    
	
2.
    	
 
    	
Si Yujiu
    	
 
    	
0.1766
    	
%
    	
RMB
    	
45,000
    
	
3.
    	
 
    	
Zhou Haiying
    	
 
    	
49
    	
%
    	
RMB
    	
12,477,720
    
	
4.
    	
 
    	
Tang Ning
    	
 
    	
0.2549
    	
%
    	
RMB
    	
64,940
    
	
5.
    	
 
    	
Yao Lan
    	
 
    	
0.0589
    	
%
    	
RMB
    	
15,000
    
	
6.
    	
 
    	
Jiang Jianchuan
    	
 
    	
0.216
    	
%
    	
RMB
    	
55,000
    
	
7.
    	
 
    	
Sun Yanbing
    	
 
    	
0.0589
    	
%
    	
RMB
    	
15,000
    
	
8.
    	
 
    	
Zhang Yunli
    	
 
    	
0.0884
    	
%
    	
RMB
    	
22,500
    
	
9.
    	
 
    	
Zhang Miao
    	
 
    	
0.0589
    	
%
    	
RMB
    	
15,000
    
	
10.
    	
 
    	
Cai Weijuan
    	
 
    	
0.0589
    	
%
    	
RMB
    	
15,000
    
	
11.
    	
 
    	
Cao Anya
    	
 
    	
0.0766
    	
%
    	
RMB
    	
19,500
    
	
12.
    	
 
    	
Cao Anyu
    	
 
    	
0.0589
    	
%
    	
RMB
    	
15,000
    
	
13.
    	
 
    	
Cao Hongmei
    	
 
    	
0.1532
    	
%
    	
RMB
    	
39,000
    
	
14.
    	
 
    	
Cao Chimin
    	
 
    	
28.181
    	
%
    	
RMB
    	
7,176,240
    
	
15.
    	
 
    	
Li Shixin
    	
 
    	
0.4064
    	
%
    	
RMB
    	
103,500
    
	
16.
    	
 
    	
Li Yunjie
    	
 
    	
0.1178
    	
%
    	
RMB
    	
30,000
    
	
17.
    	
 
    	
Yang Meng
    	
 
    	
0.7363
    	
%
    	
RMB
    	
187,500
    
	
18.
    	
 
    	
Shi Xiaodan
    	
 
    	
0.1766
    	
%
    	
RMB
    	
45,000
    
	
19.
    	
 
    	
Hu Wen
    	
 
    	
2.7489
    	
%
    	
RMB
    	
700,000
    
	
20.
    	
 
    	
Lin Yuhua
    	
 
    	
0.0982
    	
%
    	
RMB
    	
25,000
    
	
21.
    	
 
    	
Xue Chunxia
    	
 
    	
0.0766
    	
%
    	
RMB
    	
19,500
    
	
22.
    	
 
    	
Yuan Junzhi
    	
 
    	
0.5501
    	
%
    	
RMB
    	
140,070
    
	
23.
    	
 
    	
Jia Chunhong
    	
 
    	
0.0589
    	
%
    	
RMB
    	
15,000
    
	
24.
    	
 
    	
Zhong Manwei
    	
 
    	
0.7069
    	
%
    	
RMB
    	
180,000
    

 

9

 

	
25.
    	
 
    	
Chen Yongchun
    	
 
    	
0.1532
    	
%
    	
RMB
    	
39,000
    
	
26.
    	
 
    	
Han Yuzheng
    	
 
    	
0.1885
    	
%
    	
RMB
    	
48,000
    
	
27.
    	
 
    	
Han Xia
    	
 
    	
0.7167
    	
%
    	
RMB
    	
182,500
    
	
28.
    	
 
    	
Ma Ling
    	
 
    	
0.0563
    	
%
    	
RMB
    	
14,320
    
	
29.
    	
 
    	
Gao Shouyan
    	
 
    	
0.0589
    	
%
    	
RMB
    	
15,000
    

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]