Document:

Exhibit  10.5

 

 

 

Option
Agreement

 

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

 

Party A: Wuhan Studyvip Online
Education Co., Limited Registered Address: No. 1, Floor 3, Building No. 3, Modern Science & Technology Park, Guannanyuan 1st
Road, East Lake High-Tech Development Zone, Wuhan, China

Legal Representative: LIU Tongbo

 

Party
B: As shown in Annex I hereto.

 

 

Party C: Tianjin Shangde
Online Education Technology Co., Ltd. Registered Address: 2403, Dongfang Mingdi, East Side of Binhe Road, Tianjin,Free Trade Zone
(Central Business District), Tianjin, China

Legal Representative: GAO Jing

 

Whereas:

 

 

		1.	Party A
                                         is a wholly foreign-owned enterprise incorporated and existing under the laws of the
                                         PRC.

 

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

 

		3.	Party B
                                         (“Grantors”) directly hold their interests in Party C, and the shareholdings
                                         are shown in Annex II hereto.

 

		4.	

The Parties hereto signed the Equity Pledge Agreement
on the 28th day of December, 2020.

 

		5.	Party B
                                         intends to grant Party A or its designated qualified subject an exclusive option to purchase
                                         all or part of the shares/assets of Party C held by any or all of Grantors at any time
                                         subject to compliance with the requirements of Chinese laws.

 

     

     

    

Therefore,
this Agreement is entered into by and among the Parties as follows:

 

		1.	Granting
                                         of the Option

 

		1.1	Granting

 

Grantors
agree that, on the date of signing this Agreement, they shall irrevocably grant Party A an option to purchase in installments
or lump sum all their shares in Party C by Party A or its designated third party in such way of exercise as stipulated in Section
2.2 hereof. Such option shall be granted to Party A after this Agreement is signed by the Parties hereto and shall be irrevocable
within the term of this Agreement once granted.

 

		1.2	Term

 

This
Agreement shall take effect after being signed and/or sealed by the parties hereto, and shall not be terminated until Party A
acquires all shares of Party C held by Grantors subject to the applicable laws of the PRC.

 

		2.	Exercise
                                         of Option and Delivery

 

		2.1	Time
                                         of Exercise

 

		2.1.1	Grantors
                                         unanimously agree that Party A may exercise the option in whole or in part at any time
                                         within the term of this Agreement subject to the applicable laws of the PRC;

 

		2.1.2	Grantors
                                         unanimously agree that there shall not be any restrictions on number of Party A’s
                                         exercise unless Party A has acquired all shares of Party C; and

 

		2.1.3	Grantors
                                         unanimously agree that Party A may designate any third party to exercise the option,
                                         provided that Party A shall inform in writing Grantors of such designation in advance.

 

		2.2	Exercise
                                         Consideration

 

Unless
otherwise agreed by the Parties hereto, Grantors unanimously agree that, when Party A or its designated third party exercises
the option, all exercise

 

     

     

    

considerations
obtained by Grantors therefor shall be immediately given to Party A or its designated third party free of charge.

 

		2.3	Transfer

 

Grantors
unanimously agree that Party A may transfer its option under this Agreement to any third party in whole or in part without separate
approval of Grantors, and such transferees shall be deemed to be a party to this Agreement and may exercise the option according
to this Agreement in respect of the share of the option acquired by it and shall enjoy and bear all of Party A’s rights
and obligations under this Agreement.

 

		2.4	Notice
                                         on Exercise

 

		2.4.1	If
                                         Party A exercises the option hereunder, it shall notify in writing Grantors of such exercise
                                         Ten (10) working days prior to the delivery date (as defined below), and such notice
                                         shall specify the following terms:

 

		(a)	Effective
                                         delivery date (“Delivery Date”) of the shares after the option is
                                         exercised, namely the date on which a formal application for share change registration
                                         is filed to the relevant administrative department of industry and commerce;

 

		(b)	Name
                                         of the registered holder of the shares after the option is exercised;

 

		(c)	Number
                                         of the shares purchased from Grantors;

 

		(d)	Exercise
                                         consideration and its payment method; and

 

		(e)	Power
                                         of attorney (if exercised by any third party on its behalf).

 

		2.4.2	The
                                         Parties hereto agree that Party A may designate at any time any third party to exercise
                                         the option and acquire and register the shares in the name of such third party. Grantors
                                         agree that, as long as Party A or its designated third party requests to exercise the
                                         option, Grantors shall, within Ten (10) working days after receipt of a notice on exercise,
                                         sign a share transfer agreement and other relevant documents according to the notice
                                         on exercise and this Agreement.

 

     

     

    

		2.5	Transfer
                                         of Shares and Delivery

 

		2.5.1	Whenever
                                         Party A exercises the option, within Ten (10) working days from the date of receipt of
                                         a notice on exercise sent by Party A according to the Section 2.4 hereof;

 

		(a)	Grantors
                                         shall cause Party C to promptly hold a shareholders’ meeting at which a shareholder
                                         resolution on the approval of the transfer of shares by Grantors to Party A and/or its
                                         designated third party shall be adopted; and

 

		(b)	Grantors
                                         shall sign all necessary contracts, agreements or documents, obtain all necessary government
                                         approvals and consents and take all necessary actions to transfer to Party A and/or its
                                         designated third party the ownership and all ancillary rights of the shares designated
                                         by Party A to be purchased without any security interests (other than the pledge under
                                         the Equity Pledge Agreement) and shall cause Party A and/or its designated third party
                                         to become the registered owner of the purchased shares and deliver to Party A and/or
                                         its designated third party the latest business license, articles of association, approval
                                         certificates (if applicable) and other relevant documents that are issued or registered
                                         by the relevant Chinese authorities, and such documents shall reflect any changes of
                                         Party C’s shares, directors and legal representative and other matters (if applicable).

 

		3.	Representations,
                                         Warranties and Undertakings

 

		3.1	Grantors
                                         jointly and severally make the following representations and warranties:

 

		3.1.1	On
                                         the date of signing this Agreement and each Delivery Date, Grantors have the powers,
                                         rights, authority and ability to sign and deliver this Agreement and any share transfer
                                         agreement (hereinafter referred to as “Transfer Agreement”) signed
                                         by them as a party

 

     

     

    

thereto
for each share transfer according to this Agreement and to perform their obligations under this Agreement and any Transfer Agreement.
This Agreement and any Transfer Agreement to which they are a party shall constitute their legal, effective and binding obligations
that are enforceable on them according to the provisions thereof once signed.

 

		3.1.2	No
                                         signing and delivery of this Agreement or any Transfer Agreement and no performance by
                                         Grantors of their obligations under this Agreement or any Transfer Agreement shall (i)
                                         result in any violation of any relevant laws and regulations of the PRC; (ii) conflict
                                         with the articles of association or other organizational documents; (iii) result in any
                                         breach of any binding agreements or instruments to which they are a party or constitute
                                         any breach of contract under any binding agreements or instruments to which they are
                                         a party; (iv) result in any breach of any licenses or approvals issued by the relevant
                                         competent government departments to them; or (v) cause any licenses or approvals issued
                                         by the relevant competent government departments to them to be suspended or revoked or
                                         attached with any conditions;

 

		3.1.3	There
                                         is no suit, arbitration or other judicial or administrative proceedings that are pending
                                         or may have a substantial impact on the performance of this Agreement or any Transfer
                                         Agreement.

 

		3.1.4	Grantors
                                         have good and marketable ownership of all shares of Party C. There are no pledges, liabilities
                                         and other third party encumbrances on Party C’s shares held by Grantors other than
                                         the pledge under the Equity Pledge Agreement.

 

		3.1.5	Grantors
                                         have disclosed to Party A all circumstances that may have a material adverse effect on
                                         the performance of this Agreement.

 

		3.1.6	The
                                         option granted by Grantors to Party A is exclusive, and Grantors have not otherwise granted
                                         any third party any other options or similar rights before or when granting the option
                                         to Party A.

 

     

     

    

		3.2	Grantors
                                         jointly and severally make the following undertakings:

 

		3.2.1	Within
                                         the term of this Agreement, Grantors will not create any pledges, liabilities and any
                                         other third party encumbrances on Party C’s shares held by them other than those
                                         under the Equity Pledge Agreement separately signed by Grantors and Party A nor transfer,
                                         donate or otherwise dispose of any shares held by them to any third party other than
                                         the Parties to this Agreement.

 

		3.2.2	Within
                                         the term of this Agreement, Grantors will not otherwise grant any other options or similar
                                         rights to any third party.

 

		3.2.3	Within
                                         the term of this Agreement, Grantors will cause and ensure that the business carried
                                         out by Party C conforms to the applicable laws, regulations, rules and other management
                                         regulations and documents issued by the competent government departments and that there
                                         are no breach of the above provisions that results in a major adverse impact on the business
                                         or assets of the company.

 

		3.2.4	

Grantors will maintain the valid existence of Party C in
accordance with good financial and commercial standards and practices, operate their business and deal with affairs in a
prudent and efficient manner, use their best efforts to obtain and maintain any permits, licenses and approvals necessary for
Party C’s continuous operation and ensure that any such permits, licenses and approvals will not be canceled, withdrawn
or declared null and void.

 

		3.2.5	Grantors
                                         will provide Party A with all Party C’s operation and financial information at
                                         Party A’s request.

 

		3.2.6	Except
                                         as expressly agreed by Party A (or its designated third party) in writing, before Party
                                         A (or its designated third party) exercises its option and obtains all of Party C’s
                                         shares or assets, Grantors shall not jointly or individually:

 

		(a)	Supplement
                                         or modify Party C’s constitutional documents in any form, and such supplements,
                                         alterations or modifications will

 

     

     

    

have
substantial adverse effects on any assets, responsibilities, operation, shares and other legal rights of Party C (excluding the
same proportion of capital increase for the purpose of meeting the legal requirements) or may affect the effective performance
of this Agreement and other agreements signed by Party A, Grantors and Party C.

 

		(b)	Cause
                                         Party C to enter into or do any transactions or acts (excluding those that arise
                                         in the ordinary or daily business course or have been disclosed to and agreed by Party
                                         A expressly in writing in advance) that will have materially adverse effects on its assets,
                                         liabilities, operation, shares and other legitimate rights.

 

		(c)	Cause
                                         any resolutions on the distribution of dividends or bonuses to be adopted at the shareholders’
                                         meeting of Party C.

 

		(d)	Sell,
                                         assign, mortgage or otherwise dispose of any legal or beneficial interests on Party C’s
                                         shares or allow to create any other security interests thereon at any time from the effective
                                         date of this Agreement.

 

		(e)	Cause
                                         any sales, transfer, mortgage or otherwise disposal of any legal or beneficial interests
                                         on shares to be approved at the shareholders’ meeting of Party C, or allow to create
                                         any other security interests thereon, or adopt a shareholder resolution on the increase
                                         or decrease of Party C’s registered capital or otherwise modify the structure of
                                         the registered capital.

 

		(f)	Cause
                                         any merger or association of Party C with any persons to be approved at the shareholders’
                                         meeting of Party C, or acquire investments from any persons or make an investment to
                                         any persons, or carry out reorganization in any other form.

 

		(g)	Cause
                                         any winding-up, liquidation or dissolution and other matters of Party C to be approved
                                         at the shareholders’ meeting of Party C.

 

     

     

    

		3.2.7	Before
                                         Party A (or its designated third party) exercises its option and obtains all of Party
                                         C’s shares or assets, Grantors undertake that:

 

		(a)	They
                                         will forthwith notify Party A in writing of any suits, arbitration or administrative
                                         proceedings that have arisen or may arise in relation to the shares owned by them or
                                         of any circumstances that may have any adverse effect on such shares.

 

		(b)	They
                                         will cause the shareholders’ meeting of Party C to examine and approve the transfer
                                         of the purchased shares as specified in this Agreement, cause Party C to amend its articles
                                         of association so as to reflect any changes of Party C’s shares after Party A and/or
                                         its designated third party exercises the option according to this Agreement and other
                                         changes as set forth herein and immediately apply to the authorities of the PRC for approval
                                         (if required by law) and change of registration, and cause the shareholders’ meeting
                                         of Party C to approve and appoint such persons as designated by Party A and/or its designated
                                         third party as Party C’s director and legal representative (if necessary).

 

		(c)	Before
                                         Party A and/or its designated third party exercises the option, they will enter into
                                         all necessary or appropriate documents, take all necessary or appropriate actions and
                                         make all necessary or appropriate accusations or make all necessary and appropriate defenses
                                         for all claims in order to maintain their lawful and effective ownership over the appropriate
                                         shares.

 

		(d)	Upon
                                         Party A’s request at any time, they will unconditionally transfer their shares
                                         to Party A and/or its designated third party at the time specified by Party A and waive
                                         their right of first refusal against any other shareholders of Party C in respect of
                                         the above transfer of shares by them according to Party A’s instructions.

 

		(e)	They
                                         will strictly abide by this Agreement and other agreements jointly or severally entered
                                         into by and between Grantors and

 

     

     

    

Party
A, conscientiously perform their obligations under such agreements and will not do any acts/omissions that are likely to affect
the validity and enforceability of such agreements.

 

		3.3	Party
                                         C and Grantors hereby jointly and severally make the following representations, warranties
                                         and undertakings to Party A:

 

		3.3.1	Except
                                         as agreed by Party A (or its designated third party) in writing, before Party A (or its
                                         designated third party) exercises its option and obtains all of Party C’s shares
                                         or interests, Party C shall not:

 

		(a)	Sell,
                                         assign, mortgage or otherwise dispose of any assets, business or incomes or allow to
                                         create any other security interests thereon (excluding those that arise in the ordinary
                                         or daily business course or have been disclosed to and agreed by Party A expressly in
                                         writing in advance);

 

		(b)	Enter
                                         into any transactions (excluding those that arise in the ordinary or daily business course
                                         or have been disclosed to and agreed by Party A expressly in writing in advance) that
                                         will or may have materially adverse effects on its assets, liabilities, operation, shares
                                         and other legitimate rights;

 

		(c)	Distribute
                                         any dividends or bonuses to each shareholder in any form;

 

		(d)	Incur,
                                         inherit, guarantee or allow the existence of any debts other than (i) any debts that
                                         arise in the ordinary or daily business course rather than by borrowing, and (ii) any
                                         debts that have been disclosed to and agreed by Party A expressly in writing in advance;

 

		(e)	Sign
                                         any significant contracts other than those signed in the ordinary business course (for
                                         the purpose of this Article, if the amount under a contract is more than RMB50,000, such
                                         contract shall be deemed to be a significant contract);

 

		(f)	Adopt
                                         a shareholder resolution on the increase or decrease of

 

     

     

    

Party
C’s registered capital or otherwise modify the structure of the registered capital;

 

		(g)	Supplement,
                                         modify or amend Party C’s articles of association in any form; and

 

		(h)	Enter
                                         into merge or association with any persons, or acquire investments from any persons or
                                         make an investment to any persons.

 

		3.3.2	On
                                         the date of signing this Agreement and each Delivery Date, Party C has no outstanding
                                         debts other than (i) any debts arising in its ordinary business course; and (ii) any
                                         debts that have been disclosed to and agreed by Party A expressly in writing in advance.

 

		3.3.3	On
                                         the date of signing this Agreement and each Delivery Date, there is no suit, arbitration
                                         or administrative proceedings that are ongoing or may occur in relation to the shares,
                                         Party C’s assets or that may have a substantial impact on the performance of this
                                         Agreement by Party C other than those that have been disclosed to and agreed by Party
                                         A expressly in writing in advance.

 

		3.3.4	Party
                                         C has not been declared bankrupt.

 

		3.3.5	Party
                                         C hereby undertakes to Party A that it will comply with all laws and regulations applicable
                                         to the acquisition of shares and assets within the term of this Agreement, bear all expenses
                                         arising out of the share transfer and handle all procedures necessary for enabling Party
                                         A or its designated third party to become Party C’s shareholder, including but
                                         not limited to assisting Party A in obtaining any necessary approvals in relation to
                                         the share transfer from the approval authorities, submitting the relevant applications
                                         required for handling the share change registration to the competent administrative department
                                         of industry and commerce and amending the register of shareholders.

 

     

     

    

		4.	Taxes

 

All taxes
arising out of the performance of this Agreement shall be borne by Party C.

 

		5.	Breach
                                         of Contract

 

Except as
otherwise stipulated herein, if any Party fails to fully perform or suspend the performance of its obligations under this Agreement
and fails to correct such breach within Thirty (30) days from the date of receipt of a notice from the other Party, or any of
its representations and warranties under this Agreement are untrue, inaccurate or misleading, such Party shall be deemed to have
breached this Agreement.

 

If any Party
hereto breaches this Agreement or any of its representations and warranties under this Agreement, the non-breaching Party may
notify in writing the breaching Party of correcting such breach within Ten (10) days from the date of receipt of a notice, taking
appropriate measures to effectively and promptly avoid any damage and continuing to perform this Agreement. If any damage occurs,
the breaching Party shall make compensation to the non-breaching Party so that the non-breaching Party can obtain all rights and
interests that should have been obtained by it in the case of the performance of this Agreement

 

If all of
the Parties breach this Agreement, they shall determine the respective amount of compensation payable by them according to the
degree of their respective breach.

 

		6.	Governing
                                         Law and Dispute Resolution

 

		6.1	Governing Law

 

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

 

		6.2	Arbitration

 

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

 

     

     

    

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

 

		6.3	Continue to Perform

 

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

 

		7.	Confidentiality

 

		7.1	Confidential
                                         Information

 

Any
contents of this Agreement and its annexes shall be kept confidential. Any Party shall not disclose to any third party any information
contained herein (unless they obtain the prior written consent of the Parties hereto). These provisions hereof shall survive the
termination of this Agreement.

 

		7.2	Exceptions

 

Any
disclosure of any confidential information required by the laws, court judgments, arbitral awards and decisions of governmental
authorities shall not constitute a breach of the Section 7.1 above.

 

		8.	Miscellaneous

 

		8.1	Entire Agreement

 

This
Agreement shall constitute an entire agreement among the Parties hereto in respect of the matters involved herein. In case of
any discrepancies between any prior discussions, negotiations and agreement and this Agreement, this Agreement shall prevail.
This Agreement shall be amended by the Parties in writing. Any annexes hereto shall form an integral part of this Agreement and
be equally authentic as this Agreement.

 

		8.2	Notices

 

     

     

    

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

 

 

Party
A,

 

Address:

Tel.: 

Attn.:

 

Party B and Party C:

 

Address:

Tel.: 

Attn.:

 

		8.2.2	All
                                         notices and correspondences shall be deemed to have been delivered under the following
                                         circumstances:

 

		(a)	If
                                         delivered by fax, the date displayed on the fax machine shall be the date of delivery,
                                         provided that, when such notices sent by fax are delivered later than 5:00 p.m. or on
                                         any non-working day in the place of delivery, the working day following the date displayed
                                         shall be the date of delivery;

 

		(b)	If
                                         delivered by personal delivery (including by express mail service), the date of signing
                                         for such notices shall be the date of delivery; and

 

		(c)	If
                                         delivered by registered mail, the Fifteenth (15th) day following the date
                                         shown in the return receipt of such registered mail shall be the date of delivery.

 

		8.2.3	Binding
                                         force

 

This
Agreement shall be binding on the Parties hereto.

 

		8.3	Language

 

This
Agreement is written in Chinese and is executed in four (4) copies.

 

		8.4	Day and Working Day

 

     

     

    

“Day”
referred to herein shall be the calendar day; “Working Day” referred to herein shall be any day from Monday
to Friday.

 

		8.5	Headings

 

The
headings hereunder are for reading convenience only and shall not be used for the interpretation of this Agreement.

 

		8.6	Pending matters

 

Any
matters not stipulated herein shall be resolved by the Parties hereto through friendly consultation in accordance with the laws
of the PRC.

 

		8.7	Termination

 

The
Parties hereto acknowledge that, in case of any change of shareholding structure of Party C or any increase or decrease of shareholders,
Party A, Party C and all existing shareholders of Party C shall re-sign this Agreement and that this Agreement shall be automatically
terminated and become invalid from the effective date of the option agreement re-signed by the aforesaid Parties.

 

[The remainder
of this page is intentionally left blank]

 

     

     

    

[This page
is the signature page to the Option Agreement]

 

Party A:
(Seal) /s/ LIU Tongbo

Legal or
Authorized Representative:

 

 

Party
B:

 

 

YIN Jianhong

Signature:
/s/ Yin Jianhong

 

 

LIU Tongbo

 

Signature: /s/ LIU Tongbo

 

 

 

Party
C: (Seal) /s/ LIU Tongbo

Legal or
Authorized Representative:

 

     

     

    

Annex
I Party C’s Shareholders

 

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

     

     

    

Annex
II Party C’s Shareholding Structure

 

	S/N	Name
    of Shareholders	Amount
    of Contribution (CNY 10000)	Equity
    Proportion
	1	YIN
    Jianhong	75	95%
	2	LIU
    Tongbo	25	5%
	 	Total	500	100%Exhibit
10.6 

 

 

Power
of Attorney

 

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

 

YIN
Jianhong, LIU Tongbo,

 

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

 

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

 

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

 

    

     

    

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

 

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

 

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

 

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

 

In witness whereof, the Authorizers have caused this Power
of Attorney to be executed on the 28th day of December, 2020.

 

 

    

     

    

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

 

Authorizers

 

 

YIN Jianhong

 

Signature:
/s/ YIN Jianhong

 

LIU Tongbo

 

 

Signature:
/s/ LIU Tongbo

 

    

     

    

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

 

Authorized
Person

 

Wuhan Studyvip Online Education
Co., Limited

 

 

Signature:
/s/ LIU Tongbo

 

Name: LIU
Tongbo

 

Title: Authorized
Representative

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