Document:

Exhibit 4.33

 

English Translation

 

  

Compensation Agreement for Land Development
and Construction

 

Regarding

 

Land Parcel QLQ-004 for B4 Integrated
Business and Financial Services of Tier One Land Development Program, Qiliqu Nanbei Village, Shahe Town, Changping District

  

Article I         General
Provisions

 

Beijing Future Science City Zhihui Construction
Co., Ltd. (“Party A”) and Shidai TAL Education Technology (Beijing) Co., Ltd. (“Party B”) agree as follows
through negotiations based on equality, free will, good faith and mutual benefits in accordance with applicable PRC and Beijing
municipal laws, regulations and documents regarding compensation for development and construction of the land identified as Land
Parcel QLQ-004 for B4 integrated business and financial services of Tier One Land Development Program located at Qiliqu Nanbei
Village, Shahe Town, Changping District (the “Land Parcel”).

 

Article II         Parties

 

	Party A:	Beijing Future Science City Zhihui Construction Co., Ltd.
	Legal representative:	Xiaoli Li
	Legal address:	Room 207, 2/F, South Building, People’s Government of Shahe Town, Changping District, Beijing
	Attorney in fact:	Silong Wang
	Telephone:	 
	 	 
	Party B:	Shidai TAL Education Technology (Beijing) Co., Ltd.
	Legal representative:	Baorong Fan
	Legal address:	Room 801, Block 3, Building 2, 42 Qibei Road, Qijia Town, Changping District, Beijing
	Attorney in fact:	Weigang Xiang
	Telephone:	 

 

     

     

    

 

Article III         Land
Parcel

 

		1.	Location and Boundary of the Land Parcel:

 

The Land Parcel is located at Qiliqu Nanbei
Village, Shahe Town, Changping District, Beijing.

 

The boundary lines of the Land Parcel is
Qiliqu Middle Road in the east, Zhuxizhuang North Road in the north, Qiliqu West Road in the west, and the southern boundary line
of Land Parcel QLQ-001 in the north.

 

The area of the Land Parcel is 28,622.318
square meters, subject to the Construction Project Planning Conditions issued by the Beijing Municipal Planning and Land Resources
Administrative Commission (2018GUITU(CHANG)TIAOGONGZI0002) and the Construction Project Planning Land Measurement Results Report
(2017GUI(CHANG)CEZI0020).

 

		2.	Status and Ownership of the Land Parcel:

 

The current status of the Land Parcel:

 

It is fenced by barbed wires along the red
boundary line of the construction land which involves no compensation.

 

Proposed next step:

 

Transfer the Land Parcel as it is to Party
B without consideration for development in accordance with applicable PRC and Beijing Municipal laws and regulations.

 

The ownership of the Land Parcel:

 

The Land Parcel is without dispute over
its ownership or any other encumbrance.

 

		3.	Development of the Land Parcel:

 

Upon delivery of the Land Parcel, Party
A shall procure the Land Parcel to be in temporary Three Accesses and One Leveling conditions (Three Accesses means temporary access
to water, electricity and motor vehicle roads for construction purpose, and One Leveling means that anything obstructive to construction
on the ground of the Land Parcel is leveled other than those which could be finally maintained and would be continually used by
Party B), and the expenses for temporary provision of and access to the water, electricity and road facilities shall be paid by
Party B, the details of which are as follows:

 

Temporary provision of and access to water:
The water accessible for the Land Parcel is sourced from Shahe Water Conservation and Pressure Regulation Station, which could
be accessed from Pipeline DN200 located at Qiliqu Middle Road, which is approximately 20-meter away.

 

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Temporary provision of and access to electricity:
electricity could be accessed from an existing 10KV electricity wire pole about 30 meters in the west of land parcel QLQ-004.

 

Temporary provision of and access to road
facilities: Huichang East Road is in the west and Zhuxinzhuang North Road has been built up in the south.

 

Party A will procure the Land Parcel to
be in Five Accesses and One Leveling conditions upon its final delivery to Party B (Five Accesses means access to roadways, water
supply (tap or reclaimed water), water drainage (rainwater or waste water), electricity (by conduit only) and gas; and One Leveling
means that anything obstructive to construction on the ground of the Land Parcel is leveled other than those which could be finally
maintained and would be continually used by Party B) without any adverse effect on Party B’s completion and acceptance of
construction of the Land Parcel. The details are as follows:

 

		(1)	Proposed Access to Roadways

 

Qiliqu Middle Road is an urban branch road
with planned road width of 40 meters (including 15-meter width of green land). Zhuxinzhuang North Road is an urban secondary trunk
road with planned road width of 40 meters. Qiliqu West Road is an urban branch road with planned road width of 40 meters.

 

		(2)	Proposed Access to Water Supply

 

It is planned to build within Land Parcel
B a new DN400 mm water supply pipeline along the Huilongguan Industrial Zone South Road, a DN300 mm water supply pipeline along
Zhuxinzhuang North Road, a DN400 mm water supply pipeline along Qiliqu Middle Road, and a DN400 mm water supply pipeline along
the Qiliqu West Road, therefore forming a looped network of water supply pipeline.

 

		(3)	Proposed Access to Recycled Water Supply

 

It is planned to build a new DN600 mm recycled
water pipeline along Qiyan Road from Huilongguan Industrial Zone South Road to Zhuxinzhuang Middle Road (North). Such pipeline
and the existing pipeline of DN500~DN 600 mm recycled water along Huichang Road will serve as the trunk line to supply recycled
water for the area and the Land Parcel from Nansha River Recycled Water Plant.

 

		(4)	Proposed Access to Rainwater Drainage

 

It is planned to build along Zhuxinzhuang
North Road a new rainwater drainage pipeline with diameter of Φ1400~□2200
× 1400 mm, to build from Zhuxinzhuang North Road to Huilongguan
Industrial Zone South Road a new rainwater drainage line with diameter of Φ1200~Φ1600 mm along each of Qiliqu West Road,
Qiliququ Middle Road and Qiyan Road, each of which will be connected in the north to the planned rainwater drainage pipeline in
Huilongguan Industrial Zone South Road.

 

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		(5)	Proposed Access to Waste Water Drainage

 

It is planned to build a new waste water
drainage pipeline with diameter of Φ400~Φ500 mm along Zhuxinzhuang Middle Road (North road way) from Qiyan Road to Huichang
Road, which will be connected to an existing Φ800 mm waste water drainage pipeline in its west in Huichang Road. It is planned
to build a new waste water drainage pipeline with diameter of Φ400~Φ500 mm along Zhuxinzhuang North Road from Qiyan Road
to Huichang Road, which will be connected to an existing Φ1,000 mm waste water drainage pipeline in its west in Huichang Road.
The waste water is planned to be discharged to a new Φ400~Φ600mm sewage pipeline along Huilongguan Industrial Zone South
Road, Qiliqu Middle Road and Qiliqu West Road, which will be connected to the current sewage pipeline along Huichang East Road,
then to the new Φ1600~Φ2000 sewage trunk line along Dingsi Road in the north, and finally to the TBD recycled water plant.

 

		(6)	Proposed Access to Electricity Supply

 

It is planned to build a 220-KV power station
and a 110-KV power station in the east of Qiliqu Nanbei Village. The electricity to this project will be supplied by the planned
110-KV power station. It is planned to build a switching station to the north of Zhuxinzhuang North Road and east of Qiliqu Middle
Road, and to construct a cable dividing room to the south of Huilongguan Industrial Zone South Road and to the west of Qiliqu Middle
Road, the upper power supply of which is a planned 110-KV station.

 

		(7)	Proposed Access to Gas Supply

 

A DN400 mm sub-high pressure A natural gas
pipeline will be laid along Huichang Road; a DN400 mm medium pressure A natural gas pipeline will be laid along Huichang Road;
a DN300~DN400 mm medium pressure A natural gas pipeline will be laid along the south road of Huilongguan Industrial Zone; a DN200
mm medium pressure A natural gas pipeline will be laid along Zhuxinzhuang North Road; and a DN300 mm medium pressure A natural
gas pipeline will be laid along the Qiliqu Middle Road.

 

Article IV         Rights
and Obligations

 

		1.	Rights and Obligations of Party A

 

		(1)	Party A shall have the right to receive the compensation
for development and construction of the Land Parcel from the competent government authority;

 

		(2)	Party A shall complete the demolition and removal of the
above-ground buildings within the Land Parcel in accordance with relevant agreements, except for those at sole discretion of Party
B as expressly provided under the relevant transaction documents;

 

		(3)	Party A shall provide support and assistance necessary
for Party B to effect subsequent development and construction procedures of the Land Parcel; and

 

		(4)	Party A shall be responsible to provide the Land Parcel
provided under Article III of this Agreement and to complete any work agreed upon relating thereto.

 

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		2.	Rights and Obligations of Party B

 

		(1)	Party B shall make due and full payment of the compensation
for development and construction of the Land Parcel in accordance with this Agreement;

 

		(2)	Party B shall receive the Land Parcel provided under Article
III of this Agreement and undertake not to use the Land Parcel in violation of any PRC laws, regulations, rules and Contract for
Assignment of State-owned Construction Land Use Right in Beijing;

 

		(3)	Party B shall be responsible for on-site management after
delivery of the Land Parcel at its own expenses; and

 

		(4)	Party B shall effect the procedures necessary for construction,
access to municipal pipelines, and acceptance relating to the Land Parcel at its own expenses, as well as any contingent migration
of underground pipelines and other underground materials at its own expenses, and complete and transfer to the competent government
authority complementary facilities of the Land Parcel in accordance with applicable regulations in Beijing.

 

Article V         Payment
of Land Development and Construction Compensation Fee

 

		1.	The land development and construction compensation fee
payable for the Land Parcel shall be RMB1,095,081,300.

 

		2.	The land development and construction compensation fee
payable for the Land Parcel shall be paid in full by Party B to an account designated by the competent government authority within
35 calendar days from the closing date (which is the date on which the transaction confirmation or bidding award letter is issued,
or the immediately next business day if the closing date falls on any holiday).

 

Article VI         Land
Delivery

 

Subject to payment by Party B of the land
development and construction compensation fee in its entirety, the Parties and the Changping District Sub-Center shall complete
delivery of the Land Parcel within 45 calendar days from the closing date (or the immediately next business day if the closing
date falls on any holiday) on reliance of the standards provided under Article III hereof. Failure to make due acceptance of the
Land Parcel by Party B without cause shall be deemed that Party B has accepted the Land Parcel with the rights and obligations
attached thereto.

 

Article VII         Breach
Liabilities

 

		1.	If any Party is in breach of this Agreement, the other
Party shall have the right hold the breaching Party liable for any loss incurred by the non-breaching Party. If both Parties are
in breach of this Agreement, each of the Parties shall be liable for its own breaching liabilities.

 

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		2.	Party A’s failure to deliver the Land Parcel to Party
B within the time and upon the standards provided hereunder without occurrence of any Force Majeure event or any breach of Party
B shall constitute breach of Party A; under which circumstance, Party A shall provide the Land Parcel to Party B as provided hereunder
and pay to Party B liquidated damages as follows:

 

Damages payable by Party A to Party B for
each day on which such failure continues= Amount of land development and construction compensation fee paid by Party B ×
1/1000

 

		3.	Party B’s failure to pay the development and construction
compensation fee for the Land Parcel within the time provided hereunder without occurrence of any Force Majeure event or any breach
of Party A shall constitute breach of Party B; under which circumstance, Party B shall pay to Party A liquidated damages as follows:

 

Damages payable by Party B to Party A for
each day on which such failure continues = Amount of land development and construction compensation fee due and payable by Party
B × 1/1000

 

		4.	Upon being awarded with the land use right in the Beijing
land market through bidding, Party B shall be held liable if:

 

		(1)	it fails to make due payment of the land construction and
development compensation fee, under which circumstance Party B shall be disqualified from bidding for any land in Beijing until
two business days after Party B obtains the certificate evidencing its full payment of such compensation fee, and such failure
shall be recorded in Party B’s credit track record;

 

		(2)	it fails to make due payment of the land construction and
development compensation fee for more than 90 days, or fails to make such payment more than twice, under which circumstance, in
addition to the disqualification provided under Article 4(1), such failure shall be made known to the public, and Party B and
its subsidiaries shall be disqualified from bidding for any land in Beijing for a period commencing on the day when Party B obtains
the certificate evidencing its full payment of such compensation fee until the first anniversary thereof.

 

		5.	Party B may apply to the competent land reserve authority
for issuance of the certificate evidencing full payment of the land construction and development compensation fee by submission
of the documents indicating that it has made such payment in its entirety and the liabilities arising from such failure have been
enforced against it, the land reserve authority may issue such certificate within ten business days upon receipt of the submissions
from Party B.

 

		6.	Release of Liabilities

 

Either Party may be released from any liability of
breach if it proves that such breach is resulted from an Force Majeure event.

 

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Article VIII         Termination

 

		1.	Party A may terminate this Agreement with a notice to Party
B in writing if:

 

		(1)	the Contract for Assignment of State-owned Construction
Land Use Right in Beijing between Party B and Beijing Municipal Planning and Natural Resources Commission terminates in accordance
with the terms thereof;

 

		(2)	Party B is under liquidation or insolvency pursuant to
applicable laws; or

 

		(3)	Party B is held liable for any security provided by it
under any financing document and the proceedings to enforce any assets underlying such security have been commenced.

 

		2.	Party B may terminate this Agreement with a notice to Party
A in writing if:

 

		(1)	The marketable land parcel is not duly provided pursuant
to this Agreement; or

 

		(2)	Party A fails to perform its obligations provided under
this Agreement.

 

		3.	The terminating Party shall set forth the event of default
leading to the termination in the notice, and provide the same notice to Beijing Land Consolidation and Reservation Center for
filing purpose.

 

Article IX         Dispute
Resolution

 

Any dispute, controversy or claim shall
be resolved by the Parties through negotiations in good faith and, if such negotiations fail, be brought by the Parties to lawsuit
before the court having jurisdiction over the Land Parcel for resolution.

 

Article X         Effectiveness
and Miscellaneous

 

		1.	This Agreement shall become effective upon signature and
affixture of seal by the legal or authorized representative of each of the Parties.

 

		2.	This Agreement shall be made in two originals with each
Party holding one thereof. This Agreement shall also be made in four copies with each Party holding two thereof. Each of the originals
and the copies shall have the same effect.

  

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	Party A	 	Party B
	 	 	 
	/s/ Authorized Signatory	 	/s/ Authorized Signatory
	 	 	 
	Date: November 26, 2018	 	Date: November 26, 2018

 

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Schedule 4

Supplement

 

The Assignor and the Assignee agree to supplement
the Assignment Contract as follows through negotiations pursuant to the terms provided under Listing Document of JINGTUZHENGCHUGUANG(CHANG)[2018]040:
           

 

Article 1          

 

	Assignor:	Beijing Municipal Planning and Natural Resources Commission
	 	 
	Legal address:	2 Hepingli North Street, Dongcheng District, Beijing
	 	 
	Legal representative:	Zhang Wei
	 	 
	Title:	Director
	 	 
	Assignee:	Shidai TAL Education Technology (Beijing) Co., Ltd.
	 	 
	Legal address:	801, Unit 3, Building 2, Compound 42, Qibei Road, Beiqijia Town, Changping District, Beijing
	 	 
	Legal representative:	Fan Baorong
	 	 
	Title:	General Manager

 

Article 2          Assignment
Manner:    Assignment by way of listing

 

Article 3          Type
of Land Parcel:     Stand-alone

 

Article 4          The
total construction land area of the project is 28,622.318 square meters, of which the area of the land parcel for assignment is
28,622.318 square meters. The boundaries of the land parcel for assignment are as indicated in the drawings attached hereto.

 

The total planned construction area on the
construction land is 71,556 square meters, of which the total planned construction area for assignment is 71,556 square meters,
consisting of above-ground construction area of 71,556 square meters (commercial office area of 71,556 square meters), and planned
underground construction area of nil square meters.

 

     

     

    

 

The construction land of the project shall
also comply with other requirements under the Construction Project Planning Conditions (2018GUITUTIAOGONGZI0002).

 

The exact number of the above areas shall
be subject to the survey result of a qualified surveying and mapping services provider upon completion of the project, and adjustment
to the contractual land price shall be made accordingly, if any.

 

Article 5          Proposed
purpose of the assigned land: B4 integrated business and financial services.

 

Article 6          The
Assignor and the Assignee agree to act in accordance with clauses (1) and (2) of this Article 6 subject to compliance with the
Construction Project Planning Conditions (2018GUITUTIAOGONGZI0002):

 

(1)         The
Assignee may construct complementary buildings for public interest within the assigned land parcel, provided that the Assignee
shall obtain effective planning certificate therefor, enter into supplement to the assignment contract provide for such construction,
and make adjustment to the land assignment price pursuant to Article 11 of this Contract.

 

(2)         The
Assignee may make design and construction in the underground space of the assigned land parcel, provided that the Assignee shall
obtain effective planning certificate therefor, enter into supplement to the assignment contract provide for such design and construction,
and make adjustment to the land assignment price pursuant to Article 11 of this Contract.

 

Article 7          The
term of the use right for state-owned construction land use rights is 40 years for business purpose and 50 years for office purpose,
commencing on the date of hereof.

 

Article 8          Subject
to fulfilment of the conditions provided under this Contract, the land assignment price (including land income for the government
and land development compensation fee) shall be the land transaction price, which is RMB1,320,000,000, and the unit floor price
of the land transaction is RMB18,448 per square meter of the construction.

 

Unit floor price of the land transaction
= land transaction price ÷71,556 (yuan per square meter)

 

Of which:

 

The land income for the government is RMB224,918,700.

 

The land development compensation fee is
RMB1,095,081,300.

 

Article 9          The
Assignee shall pay the land income for the government to the Assignor as follows:

 

Within 15 business days after the date of
this Contract, the Assignee shall pay 100% of the land income for the government to the Assignor, of which 20%, or RMB4,4983,740,
shall serve as performance bond for this deposit to perform this Contract.

 

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The bidding bond paid by the Assignee, which
is RMB264,000,000, shall be directly offset for payment of the government land income and, if there is any balance after such offset,
for payment of the development and construction compensation fee without refund.

 

Article 10        The
tier-1 developer of the project is Beijing Future Science City Real Estate Construction Co., Ltd., and the compensation fee for
land development and construction (other than transfer of the bidding bond for payment of the compensation for land development
and construction) will be directly paid to the designated account of the competent municipal government authority by the Assignee.

 

Article 11        If
conditions for use of the Land Parcel are changed with approval of the Assignor and the competent municipal planning authority
for which payment of additional land price is required, such additional land price will be land income for the government, and
the Assignor and the Assignee shall make adjustment to the land income for the government by amending the transfer contract as
follows:

 

(1)         The
total above-ground land income for government of the assigned Land Parcel shall be no less than RMB224,918,700. The awardee of
the bid shall use the land in strict compliance with the planning conditions set forth under Construction Project Planning Conditions
(2018GUITUTIAOGONGZI0002) and the Report on the Measurement Results of the Construction Project Planning Land (2017GUI(CHANG)CEZI
0020).

 

(2)         Subject
to approval of the competent government authority, if above-ground construction size on the Land Parcel increases by within 3%
(inclusive) without change of planning conditions, the additional land price shall be as follows:

 

Additional Land Price for Increased Above-ground
Construction Size = Land Transaction Floor Unit Price × (Determined Above-ground Construction Size -71,556) (Yuan);

 

(3)          Subject
to approval of the competent government authority, if above-ground construction size on the Land Parcel increases by more than
3% or will experience change of planning conditions due to special reasons, the additional land price shall be determined in accordance
with technical guidelines for evaluation of land use price of state-owned construction land.

 

(4)         The underground non-business construction
area is exempt from payment of government land transfer income, and the underground construction area for business purpose shall
be subject to payment of government land transfer income as follows:

 

The amount of government land income payable
for underground construction area = land transaction unit price × corresponding underground area correction coefficient ×
25% × corresponding underground construction area (subject to regulations under the Notice of the Beijing Municipal People’s
Government on Updates of the Base Price of the State-owned Construction Land Use Rights (JINGZHENGFA[2014]26).

 

The Land Parcel is designated as 7th
grade of residential, commercial and office land in Beijing.

 

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	Underground	 	 	 	Underground Area Correction Coefficient	 
	Area Use	 	Floor	 	Grade 1st to 2nd	 	Grade 3rd to 7th	 	Grade 8th to 12th	 
	Underground Commercial	 	Underground Floor 1	 	0.80	 	0.70	 	0.60	 
	 	Underground Floor 2	 	0.50	 	0.40	 	0.30	 
	 	Underground Floor 3	 	0.36	 	0.28	 	0.20	 
	 	Underground Floor 4 and below	 	0.30	 	0.25	 	0.20	 
	Underground Office	 	-	 	0.30	 	0.25	 	0.20	 
	Underground Storage	 	-	 	0.30	 	0.25	 	0.20	 
	Underground Parking	 	-	 	0.25	 	0.20	 	0.15	 

 

Article 12        The
Assignee shall, within the term provided under this Contract, obtain and fill in the Letter of Payment of General Non-tax Income
in Beijing at the Beijing Municipal Administration of Land and Resources, and make payment of the contracted amount to the designated
account of the Beijing Municipal Finance Administration Bureau on strength of such Letter. After such payment, the Assignee may
obtain official receipt of such payment from the Beijing Municipal Administration of Land and Resources with the first page of
such Letter.

 

Article 13        The
Assignee shall also be subject to any other legitimate taxes and levies in addition to the land price provided hereunder.

 

Article 14        The
Assignee shall develop and utilize the land in accordance with the conditions provided hereunder during the term of the assignment.

 

Article 15       
The Assignee shall start construction no later than December 5, 2019. If it is necessary to delay the construction, an application
for such delay shall be submitted to the Assignor no less than 30 days in advance. Subject to approval of the Assignor, such delay
shall be no more than one year.

 

If the development or construction is delayed
due to any force majeure event, government action, or requisite preparation, the Assignee shall promptly report such circumstance
to the Assignor with materials supporting thereto, and the two Parties shall re-determine the timeline for land development and
construction.

 

Article 16        The
Assignee shall complete construction no later than December 5, 2022. If it is necessary to delay the construction due to any specialty,
complexity or enormity of the construction, an application for such delay shall be submitted to the Assignor no less than 30 days
in advance. Upon the approval of the Assignor, such delay of the completion shall be no more than one year.

 

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Article 17        The
Assignee shall commence and complete development and construction of the Land Parcel in strict compliance with the schedules provided
under the Contract for Assignment of State-Owned Construction Land Use Rights, and report such commencement and completion promptly
in writing to the Municipal Administration of Land and Resources. If the commencement or completion cannot be made as scheduled,
it shall apply for delay in writing to the Municipal Administration of Land and Resources no less than 30 days in advance.

 

Article 18        The
Beijing Municipal People’s Government reserves the right to adjust the urban planning of the Land Parcel under this Contract.
If the land use plan is modified, the existing buildings on the Land Parcel will not be affected; provided, however,
that if any structure or any attachment thereto experiences any alteration, renovation or reconstruction, or the term of land assignment
shall be renewed during the assignment period, it shall be processed in accordance with the original plan.

 

Article 19        The
Assignor shall have the right to monitor the use of the Land Parcel by the Assignee during the term of the land use in accordance
with law, which monitoring the Assignee may not refuse or obstruct.

 

Article 20        The
Construction Project Planning Conditions (2018GUITUTIAOGONGZI002) is attached as a schedule hereto. Any matter which is not provided
herein shall be separately agreed upon by the Parties, which agreement shall be attached as a schedule hereto.

 

Article 21        Article
30 of the Contract for Assignment of State-owned Construction Land Use Right shall be amended as follows: “The Assignee shall
pay for the assignment price of the state-owned construction land use right on time in accordance with the terms of the Contract.
If the Assignee fails to pay for such assignment price on schedule, it shall be imposed on a daily penalty of 1‰ of the
deferred payment to the Assignor starting from the first day after the due time. If the assignment price is overdue for more than
60 days, and the Assignee neglects the Assignor’s reminder of the payment, the Assignor shall have the right to terminate
the Contract, and the Assignee shall have no right to request the Assignor to refund the deposit. The Assignor can request the
Assignee to compensate for the losses.”

 

Article 22        If
a foreign enterprise obtains the state-owned construction land use right of the Land Parcel, in addition to due payment of the
transaction price provided hereunder, it shall also effect subsequent procedures in accordance with the Guiding Catalogue for Foreign
Investment Industries, the Notice on Further Strengthening and Regulating Administration of Foreign Investment Projects (FAGAIWAIZI[2008]1773)
and the Provisional Implementation Measures for Approval of Foreign Investment Projects in Beijing.

 

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Article 23        Issuance
of the PRC Real Estate Title Certificate

 

The party who has been awarded with the
land use right through bidding may not apply for the issuance of the PRC Real Estate Title Certificate with the municipal commission
of planning and land resources until its payment of the transaction price of the Land Parcel and other taxes and fees relating
thereto in its entirety.

 

Article 24        Delivery
of the Land Parcel shall be completed by Beijing Land Consolidation and Reserve Center, Changping Sub-Center, Zhihui Company and
the awardee of the land use right pursuant to the terms of the Land Development and Construction Compensation Agreement within
45 calendar days upon the closing date (or the immediately next business day if such day falls on any holiday) and subject to payment
of the land development and construction compensation fee by the awardee in its entirety.

 

The awardee of the land user right shall
be deemed to have accepted delivery of the Land Parcel and have the rights and obligations relating thereto if the awardee fails
to make due acceptance of such delivery without cause.

 

Article 25        This
project shall be in compliance with the applicable requirements under the Catalogue of Newly Prohibited and Restricted Industries
in Beijing.

 

Article 26        Other
requirements:

 

		1.	This project shall be in strict compliance with the applicable
requirements under the Notice on Further Strengthening the Quality and Safety Management of Construction Projects for Real Estate
Development Enterprises (JINGJIANFA[2016]2).

 

		2.	This project shall be in strict compliance with the applicable
requirements under the Implementing Opinions on Accelerating Development of Prefabricated Construction City” (JINGZHENGBANFA[2017]8),
whereby any commercial housing project with above-ground construction area equal to or more than 50,000 square meters within the
six districts and Tongzhou District of Beijing or equal to or more than 100,000 square meters within any other districts of Beijing
shall be prefabricated construction.

 

		3.	This project shall be in strict compliance with the applicable
requirements under the Notice on Printing and Distributing the Interim Measures for Administration of Simultaneous Delivery and
Use of Residential and Municipal Public Infrastructure and Public Service Facilities in New Commercial Residence in Beijing (JINGJIANFA[2007]
99) and Distribution by the General Office of the Beijing Municipal Government of the Notices of Beijing Municipal Education Commission
and Other Departments Regarding the Opinions on Strengthening the planning and Administration of the Complementary Educational
Facilities in Residential Areas of Beijing (JINGZHENGBANFA[2013]44).

 

		4.	This project shall be in strict compliance with the applicable
requirements under the Notice on Further Strengthening Administration of Commercial and Office Projects (JINGJIANFA[2017]112)
and the Notice on Tightening Administrative Approval of Planning and Construction of Commercial and Office Projects (JINGJIANFA[2017]
147).

 

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		5.	This project shall be in strict compliance with the applicable
requirements under the Notice on Further Strengthening Administration of Industrial Projects (JINGGUIHUAGUOTUFA[2017] 121).

 

Article 27        Based
on the opinions of the Changping District Government:

 

The awardee of the land use right shall
hold 100% of the construction of the Land Parcel by itself for no less than 20 years. The business residing within this project
shall meet the industrial development requirements of the Changping District of Beijing, and transfer or sale of such construction
or any part thereof upon expiry of the holding period shall be subject to approval of the Changping District Government.

 

Article 28        The
terms of this Assignment Contract are mutually supportive and complementary to the Listing Documents (TUZHENGCHUGUA(CHANG)[2018]040).

 

Article 29        If
the Assignee is an individual, a consortium, an enterprise not based in Beijing, or a real estate development enterprise not based
in Beijing, it shall form an independent project company in the district (or county) where the Land Parcel is located to carry
out development and construction (except for self-use) of the Land Parcel, and apply for the applicable real estate development
and construction qualifications in accordance with relevant regulations; if the awardee of the land use right is a Beijing-based
real estate development enterprise, it could use a project company for development and construction of the Land Parcel.

 

Formation of a project company by the awardee
of the land use right shall be subject to the following conditions:

 

(1)         The
project company shall be a subsidiary wholly owned by the awardee or, if the awardee is a consortium, formed by contribution of
the members of the consortium in their respective percentages provided under relevant consortium agreement.

 

(2)         The
awardee shall be jointly liable for the amended assignee.

 

(3)         Applicable
development and construction qualifications shall be applied in accordance with relevant regulations.

 

No transfer or sale of the use right of
the Land Parcel is permitted if the development and construction thereof is for use of the awardee itself.

 

Article 30        The
Beijing Municipal Planning and Land Resources Commission, Changping Branch shall be responsible for supervision of post-assignment
performance of this Contract.

 

The Assignee shall provide active support
to the Beijing Municipal Planning and Land Resources Commission, Changping Branch, in its supervision of post-assignment performance
of this Contract, and delegate two employees to be responsible therefor by issuance of a power of attorney thereof and, if the
employees so delegated are unable to carry out such responsibility due to work related adjustment, delegate any other employee
to be responsible therefor by issuance of a new power of attorney thereof within five days.

 

    	 	7	 

     

    

  

The Beijing Municipal Planning and Land
Resources Commission, Changping Branch shall carry out supervision of post-assignment performance of this Contract pursuant to
legal procedures. The Assignee shall be held liable if such supervision fails to be carried out due to any reason on the part of
the Assignee.

 

Article 31        The
Assignee shall be in strict compliance with the provisions under Article 28 of the Beijing Municipal Work Plan Regarding Prevention
and Control of Soil Pollution (JINGZHENGFA[2016]63), under which “in the principle of holding the polluter liable for rectification,
any individual or entity which causes soil pollution, or the successor of its creditor’s or debtor’s rights, shall
be liable for rectification; if the use right of the related land parcel is legally assigned, the assignee or the parties to such
assignment shall be liable for such rectification. If the party liable for such rectification is no longer exists or not identifiable,
the relevant district government shall be liable for such rectification in accordance with laws”.

 

The land use right holder or manager shall
be responsible for land inspection and management and, upon finding any illegal discharge and soil pollution upon the land parcel,
take prompt measures and report such findings to competent authorities, land and resources administration and environmental protection
departments.

 

Article 32        This
Contract shall be made in two originals with each Party holding one thereof. This Contract shall also be made in four copies with
each of the Parties, Beijing Municipal Land Consolidation and Reserve Center and the Beijing Municipal Planning and Land Resources
Commission, Changping Branch holding each thereof. Each of the originals and the copies shall have the same effect.

 

Article 33        This
Supplement is a schedule to and constitute an integral part of the Assignment Contract. If there is any difference between this
Supplement and the Contract, this Supplement shall prevail.

 

    	 	8	 

     

    

 

Assignor (seal):           Beijing
Municipal Planning and Natural Resources Commission

 

Assignee
(seal):          Shidai TAL Education Technology (Beijing) Co., Ltd.

 

Date: December 10, 2018

 

    	 	9Exhibit 10.2

    

     

    

    INVESTORS TITLE COMPANY

    2019 STOCK APPRECIATION RIGHTS PLAN

    STOCK APPRECIATION
            RIGHTS AGREEMENT

    THIS STOCK APPRECIATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of [DATE] by and between Investors Title Company, a North Carolina corporation (the “Company”), and [NAME], a director of the Company (the “Grantee”):

    W I T N E S S E T H:

    WHEREAS, the Company recognizes the value to it of the services of the Grantee and desires to provide
        the Grantee with an incentive to remain as a director of the Company and an opportunity to acquire common stock of the Company, so that the Grantee may acquire or increase  a proprietary interest in the Company’s success, and

    WHEREAS, the Company desires to award the Grantee stock appreciation rights (“SARs”) under Article II of the Company's 2019 Stock Appreciation Rights Plan (the “Plan”), and the Grantee desires to accept such SARs in accordance with the terms and conditions set forth herein;

    NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and
        intending to be legally bound hereby, the parties agree as follows:

    1.            Grant of SARs.  Subject to the terms and conditions of this Agreement and the Plan,
        the Company hereby awards to the Grantee [NUMBER (#)] SARs at an exercise price of [PRICE ($)] per SAR (the “Exercise Price”).  Each SAR gives
        the Grantee the right upon exercise of the SAR in accordance with the terms and conditions of this Agreement and the Plan, to receive an amount equal to the difference between (i) the fair market value (as defined in Section 2.1 of the Plan) of one
        (1) share of the Company common stock as of the exercise date, and (ii) the Exercise Price.  Upon exercise, such amount shall be payable to the Grantee in shares of the Company common stock (the “Shares”) in a single payment as soon as administratively practicable (but in no event later than thirty 30 days) following the exercise date.  The number of Shares to be delivered to the
        Grantee shall equal (x) the amount payable to the Grantee upon exercise of the SARs divided by (y) the fair market value (as defined in Section 2.1 of the Plan) of one share of the Company common stock as of the exercise date, with cash payable for
        any fractional share.

    2.            Vesting and Exercisability of SARs.  The SARs shall vest in [NUMBER (#) (specify –
        quarterly, etc.)] installments if the Grantee continues to provide services as a director of the Company through each of the vesting dates as follows:

    	
             

            Vesting Date

          	 	
            Number of SARs

            that become Exercisable

          

    

    

    [SCHEDULE]

     

    

    
      
        

    

    
    Notwithstanding the foregoing, all SARs granted hereunder shall fully vest in the event of the Grantee’s death.

    The SARs granted hereunder shall become exercisable (1) at any time on or after the first anniversary
        of the date of this Agreement or, (2) if earlier, upon termination of the Grantee’s services as a director of the Company but only to the extent vested at the time of such termination, and shall remain exercisable until the expiration of the SARs. 
        Unless sooner terminated as provided in the Plan or in paragraph 5 hereof, all vested SARs shall terminate, and all rights of the Grantee hereunder shall expire, at the close of business on the seventh anniversary of the date of this Agreement.

    3.            Transfer of SARs.  The SARs may not be sold, pledged, assigned or transferred in any
        manner other than by will or by the laws of descent or distribution, unless otherwise agreed by the Committee.

    4.            Adjustments.  If the shares of common stock of the Company are increased, decreased,
        changed into or exchanged for a different number or kind of shares or securities through merger, consolidation, combination, exchange of shares, other reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock
        split in which the Company is the surviving entity, the aggregate number of SARs and the Exercise Price shall be appropriately and proportionately adjusted in the manner provided in the Plan.

    5.            Termination of SARs.  The SARs hereby granted shall terminate and be of no force or
        effect upon the happening of the first to occur of the following events:

    (a)            expiration of three (3) months after the date of termination of the Grantee's service as a director of the Company for any reason other than the death of the Grantee;

    (b)            expiration of twelve (12) months after the death of the Grantee while serving as a director of the Company;

    (c)            occurrence of any event described in paragraph 10 hereof that causes a termination of the SARs; or

    (d)            the close of business on the seventh anniversary of the date of this Agreement.

    Any SARs that may be exercised for a period following termination of the Grantee's service as a
        director may be exercised only to the extent such SARs were vested immediately before such termination and in no event after the SARs would expire by their terms without regard to such termination.

    6.            Method of Exercise.  The SARs shall be exercised by delivery to the Company at its
        principal place of business of a written notice, at least three (3) business days prior to the proposed date of exercise, which notice shall:

    
      - 2 -

      
        

    

    
      
        	 	
                (a)

              	
                state the election to exercise the SARs, the number of SARs which are being exercised, and the name, address, and social security
                    number of the person in whose name the stock certificate or certificates for the Shares to be issued in connection with the exercise of the SARs are to be registered;

              
	 	 	 
	 	
                (b)

              	
                contain any such representations and agreements as to Grantee's investment intent with respect to such Shares as shall be
                    reasonably required by the Committee pursuant to paragraph 8 hereof; and

              
	 	 	 
	 	
                (c)

              	
                be signed by the person entitled to exercise the SARs, and if the SARs are being exercised by any person or persons other than
                    the Grantee, be accompanied by proof, satisfactory to the Committee, of the right of such person or persons to exercise the SARs.

              

      

    

    
      	

            	

            

    

    After receipt of such notice in a form satisfactory to the Committee, the Company shall deliver to
        the Grantee a certificate or certificates representing the Shares acquired hereunder, provided, that if any law or regulation requires the Company to take any action with respect to the Shares specified in such notice before the issuance thereof,
        the date of delivery of such Shares shall be extended for the period necessary to take such action.

    7.            Rights of a Shareholder.  The Grantee shall not be deemed for any purpose to be a
        shareholder of the Company with respect to any Shares covered by the SARs unless the SARs shall have been exercised in the manner provided herein.  No adjustment will be made for dividends or other rights where the record date is prior to the date
        of exercise.  Upon the exercise of the SARs as provided herein and the issuance of the certificate or certificates evidencing the Shares covered thereby, the Grantee shall have all the rights of a shareholder of the Company, including the right to
        receive all dividends or other distributions paid or made with respect to such Shares.

    8.            Compliance with Securities Laws.  The Grantee recognizes that any registration of the
        Shares issuable pursuant to the SARs under applicable federal and state securities laws, or actions to qualify for applicable exemptions from such registrations, shall be at the option of the Company.  The Grantee acknowledges that, in the event
        that no such registrations are undertaken and the Company relies on exemptions from such registrations, the Shares shall be issued only if the Grantee qualifies to receive such Shares in accordance with the exemptions from registration on which the
        Company relies and that, in connection with any issuance of certificates evidencing such shares, the Board of Directors may require appropriate representations from the Grantee and take such other action as the Board of Directors may deem
        necessary, including but not limited to placing restrictive legends on such certificates and placing stop transfer instructions in the Company’s stock transfer records, or delivering such instructions to the Company’s transfer agent, in order to
        assure compliance with any such exemptions.  Notwithstanding any other provision of the Plan or this Agreement (i) no Shares will be issued upon any exercise of the SARs unless and until such Shares have been registered under all applicable federal
        and state securities laws or unless, in the opinion of counsel satisfactory to the Company, all actions necessary to qualify for exemptions from such registrations shall have been taken and (ii) the Company shall have no obligation to undertake
        such registrations or such actions necessary to qualify for exemptions from registrations and shall have no liability whatsoever for not doing so.

    
      - 3 -

      
        

    

    9.            Rule 144.  The Grantee acknowledges that, notwithstanding any registration of the SARs
        and the Shares issuable upon exercise of the SARs under the Securities Act of 1933 or under the securities laws of any state, if, at the time of exercise of the SARs, he is deemed to be an “affiliate” of the Company as defined in Rule 144 of the
        Securities and Exchange Commission, any Shares acquired hereunder will nevertheless be subject to sale only in compliance with Rule 144 (but without any holding period) or pursuant to an effective registration statement under the Securities Act of
        1933, and that the Company shall take such action as it deems necessary or appropriate to assure such compliance, including, to the extent it deems appropriate, placing restrictive legends on certificates evidencing such Shares and delivering stop
        transfer instructions to the Company's transfer agent.

    10.            Reorganizations.  To the extent permitted under Section 409A of the Internal Revenue
        Code of 1986, as amended, if the Company shall be a party to any merger or consolidation in which it is not the surviving entity or pursuant to which the shareholders of the Company exchange their common stock, or if the Company shall dissolve or
        liquidate or sell all or substantially all of its assets, the SARs granted hereunder shall terminate on the effective date of such merger, consolidation, dissolution, liquidation or sale; provided, however, that prior to such effective date, the
        Committee may, in its discretion, cause the SARs to become immediately exercisable, and may, to the extent the SARs are terminated as provided in this paragraph 10, authorize a payment to the Grantee that approximates the economic benefit that the
        Grantee would realize if the SARs were exercised immediately before such effective date, or authorize a payment in such other amount as it deems appropriate to compensate the Grantee for the termination of the unexercised portion of the SARs, or
        arrange for the granting of substitute SARs to the Grantee.

    This Agreement shall not affect in any way the right or power of the Company to make adjustments,
        reclassifications, reorganizations or changes of its capital or business structure, or to merge or consolidate, or to dissolve, liquidate, sell or transfer all or any part of its business or assets.

    11.            Tax Matters.  The Grantee acknowledges that, upon exercise of the SARs, the Grantee
        will recognize taxable income generally in an amount equal to the excess of the fair market value of the acquired Shares (plus cash for any fractional shares) over the Exercise Price for said Shares, and the Company may have certain withholding
        obligations for income and other taxes.  It shall be a condition to the Grantee’s receipt of a stock certificate covering the Shares acquired upon exercise of the SARs that the Grantee pay to the Company such amounts as it is required to withhold
        or, with the consent of the Company, that the Grantee otherwise provide for the discharge of the Company’s withholding obligation.  If any such payment is not made by the Grantee, the Company may deduct the amounts required to be withheld from
        payments of any kind to which the Grantee would otherwise be entitled from the Company.

    12.            Construction.  This Agreement shall be construed so as to be consistent with the Plan
        and the provisions of the Plan shall be deemed to be controlling in the event that any provision hereof should be inconsistent therewith.  The Grantee hereby acknowledges receipt of a copy of the Plan from the Company and agrees to be bound by all
        of the terms and provisions of the Plan.

    Whenever the word “Grantee” is used in any provision of this Agreement under circumstances where the
        provision should logically be construed to apply to (i) the estate, personal representative, or beneficiary to whom the SARs may be transferred by will or by the laws of descent and distribution or (ii) the guardian or legal representative of the
        Grantee acting pursuant to a valid power of attorney or the decree of a court of competent jurisdiction, then the term “Grantee” shall be construed to include such estate, personal representative, beneficiary, guardian or legal representative.

    
      - 4 -

      
        

    

    13.            Severability.  The provisions of this Agreement shall be severable and the invalidity
        or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereto.

    14.            Successor and Assigns.  The terms of this Agreement shall be binding upon and shall
        enure to the benefit of any successors or assigns of the Company and of the Grantee.

    15.            Notices.  Notices under this Agreement shall be in writing and shall be deemed to have
        been duly given (i) when personally delivered, (ii) when forwarded by Federal Express, Airborne, or another private carrier which maintains records showing delivery information, (iii) when sent via facsimile but only if a written facsimile
        acknowledgment of receipt is received by the sending party, or (iv) when placed in the United States Mail and forwarded by registered or certified mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being
        given or such other address as furnished to the Company from time to time for this purpose.

    16.            Entire Agreement; Modification.  This Agreement and the Plan constitute the entire
        agreement and understanding of the parties hereto with respect to the SARs granted herein and supersedes any and all prior and contemporaneous negotiations, understandings and agreements with regard to the SARs and the matters set forth herein,
        whether oral or written.  No representation, inducement, agreement, promise or understanding altering, modifying, taking from or adding to the terms and conditions hereof shall have any force or effect unless the same is in writing and validly
        executed by the parties hereto.

    17.            Governing Law.  This Agreement shall be governed by and construed in accordance with
        the laws of the State of North Carolina.

    IN WITNESS WHEREOF, the Grantee has executed this Agreement and the Company has caused this Agreement to be executed by
        its duly authorized officer, effective as of the day and year first above written.

    

    

    

    

    
      	INVESTORS TITLE COMPANY	
               

            	GRANTEE
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	By:	
               

            	
               

            
	
               

            	
               

            	
               

            
	Title: 

              	
               

            	Printed Name 

                

                                                                                                        

    

  

  - 5 -

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