Document:

Exhibit 4.23

  

Exclusive Option Agreement

 

This
Exclusive Option Agreement (this “Agreement”), dated as of October 26, 2015, is made by and among the following parties
in Beijing, the People’s Republic of China (“PRC”), and is the revised and restated version of the Exclusive
Option Agreements executed on August 2, 2012:

 

Party
A: Beijing Lebai Information Consulting Co., Ltd.

 

Party
B: Beijing Xueersi Education Technology Co., Ltd.

 

Party
C: Beijing Lebai Education Consulting Co., Ltd.

 

(Party
A, Party B and Party C are respectively hereinafter referred to as “Party”, and are collectively referred to as “Parties”)

 

WHEREAS:

Party B owns 100% of the equity interests
of Party C. Through amiable negotiation, the Parties mentioned above intend to enter into an agreement concerning Party A purchasing
the equity interests of Party C owned by Party B.

 

NOW THEREFORE, the Parties through amiable
negotiations agree as follows:

 

		1.	Option Granted

 

		1.1	Party B hereby irrevocably grants to Party A, on the condition that it is permitted under the PRC
law, the exclusive and irrevocable right to purchase on its own or designate another person(s) (“Designated Person”)
to purchase from Party B all or part of the equity interests of Party C held by Party B at once or through several times with the
price provided under the Article 1.3 of this Agreement at any time (“Purchase Right”) in accordance with the
procedure determined by Party A. Except for Party A and this Designated Person, any other third party shall not have Purchase Right
and any other right related to the equity interest owns by Party B. Party C hereby agrees Party B grant Purchase Right to Party
A. The word “person” in this Section and this Agreement shall mean any natural person, company, joint venture, partnership,
enterprise, trust and other unincorporated organizations.

 

		1.2	Exercise Procedure

 

Party A to exercise its Purchase
Right shall be subject to the provision of PRC laws and regulations. In the event that the Party A exercise its Purchase Right,
Party A shall provide a written notice to Party B (“Purchase Notice”), such Purchase Notice shall speficy the
following information: (a) the decision of Party A to exercise its Purchase Right; (b) the portion of equity interest Party A intends
to purchase (“Purchased Share”); and (c) the date for purchasing Purchased Share and/or the date to transfer
Purchased Share.

 

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		1.3	Purchase Price

 

Unless appraisal is required
under the PRC laws or regulations, the purchase price when Party A exercises its Purchase Right, the purchase price of the Purchased
Share (“Purchase Price”) shall be the lowest price permitted under PRC laws.

 

		1.4	The Transfer of Purchased Share

 

For each exercise of Purchase
Right by Party A,

 

		1.4.1	Party B shall cause Party C to hold a shareholder meeting timely, in which a resolution shall be
adopted to approve Party B’s transfer Purchased Share to Party A and/or Designated Person(s) in this shareholder meeting;

		1.4.2	Party B shall obtain the written statement from other shareholders of Party C giving their consents
to the transfer of Purchased Shared from Party B to Party A and/or Designated Person(s) and waiving any right of first refusal
hereto;

		1.4.3	Party B shall enter into agreements for each transfer of Purchased Share (“Transferred
Agreement”) with Party A and/or Designated Person(s) (as applicable) in accordance with the provisions of this Agreement
and the Purchase Notice.

		1.4.4	All relevant Parties shall execute all necessary agreements, contracts, or documents, obtain all
necessary governmental licenses and permits and take all necessary actions to transfer valid ownership of the Purchased Share without
any security interest on it to Party A and/or Designated Person(s) and shall cause Party A and/or Designated Person(s) become the
registered owner(s) of the Purchased Share. For the purpose of this Section and this Agreement, the “security interest”
shall include any security, pledge, their party’s right or interest, any stock option, acquisition right, right of first
refusal, right to offset, ownership retention and any other security arrangement, provided that, for avoidance of doubt, such security
interest shall exclude any security interest created under this Agreement and the Equity Interest Pledge Agreement. For the purpose
of this Section and this Agreement the “Equity Interest Pledge Agreement” as used in this Section and this Agreement
shall mean the Equity Interest Pledge Agreement entered by an among Party A, Party B and Party C as of the date hereof (the “Equity
Interest Pledge Agreement”), whereby Party B pledges all the equity interest of Party C it owns to Party A, in order
to guarantee Party C’s performance of obligations under the Exclusive Business Cooperation Agreement entered by Party C and
Party A.

 

		2.	Covenants

 

		2.1	Covenants regarding Party C

 

Party B (as the shareholder of
Party C) and Party C hereby covenants as follows:

 

		2.1.1	They shall not supplement, change or amend the Articles of Association and bylaws of Party C in
any manner, increase or reduce Party C’s registered capital or change Party C’s structure of registered capital in
any other manner without Party A’s prior written consent;

 

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		2.1.2	They shall operate Party C’s corporate existence in accordance with good financial and business
standards and practices by prudently and effectively operating its business and handling its affairs;

		2.1.3	Without the prior written consent of Party A, they shall not at any time following the date hereof
sell, transfer, mortgage or dispose in any manner any assets of Party C or legal or beneficial interest in the business or revenues
of Party C, or allow the encumbrance hereon of any security interest;

		2.1.4	without the prior agreement of Party A, they shall not incur, inherit, guarantee or suffer the
existence of any debt, except for (i) the debts incurred from the ordinary course of business other than through loans, and (ii)
debts disclosed to Party A for which Party A’s written consent has been obtain;

		2.1.5	they shall always operate all of the businesses of Party C in ordinary course to maintain the asset
value of Party C, and refrain from any action/omission that affect Party C’s operating status and asset value;

		2.1.6	without the prior written consent of Party A, they shall not cause Party C to execute any material
contract except the contracts executed during the ordinary course of business (for the purpose of this paragraph, if the value
of a contract with a price exceeding RMB 100,000, such contract shall be regarded as a material contract.)

		2.1.7	They shall not cause Party C to provide any loan or credit to any other person without the prior
written consent of Party A;

		2.1.8	they shall provide information related to the operation and financial condition of Party C to Party
A as Party A requires;

		2.1.9	if requested by Party A, it shall procure and maintain insurance in respect of the asset and business
of Party C from an insurance company agreed by Party A, at the amount and types of coverage typical for companies that operate
similar business;

		2.1.10	without the prior written consent of Party A, it shall not allow Party C to merge or consolidate
with, invest in or acquire any other person;

		2.1.11	without the prior written consent of Party A, they shall not liquidate, dissolve, or deregister
Party C;

		2.1.12	they shall inform Party A immediately of any litigation, arbitration or administrative proceeding
that will occur or may occur related to the assets, businesses, revenues of Party C;

		2.1.13	it shall execute all necessary or appropriate documents, take any necessary or appropriate actions
and provide all necessary or appropriate complaints or raise all necessary or appropriate defense against claims against to maintain
the ownership of all of the asset of Party C;

		2.1.14	they shall not issue any dividend to the Party C’s shareholders in any manner without the
prior written agreement of Party A, provided that upon the written request of Party A, Party C shall immediately distribute all
distributable profits to Party C’s shareholders; and

		2.1.15	they shall appoint the designee of Party A as the Party C’s directors as required by Party
A.

 

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		2.2	Covenant of Party B

 

Party B hereby covenants that:

 

		2.2.1	Party B shall not sell, transfer, mortgage or dispose of in any other manner any legal or beneficial
interest in the equity interest of Party C owned by Party B, or allow to create any encumbrance thereon of security interest, except
for the pledge of equity interest placed in accordance with Equity Interest Pledge Agreement of Party B and the security interest
that has disclosed to Party A before the execution of this Agreement;

		2.2.2	Party B shall cause the shareholder meeting and/or board of directors not to approve any sale,
transfer, pledge or deposition in any manner of equity interest or legal or beneficial interest in equity interest of Party C held
by Party B or allow the encumbrance thereon of any security interest, without prior consent of Party A, except for pledge of equity
interest placed in accordance with Equity Interest Pledge Agreement of Party B and the security interest that has disclosed to
Party A before the execution of this Agreement;

		2.2.3	Party B shall cause the shareholder meeting and/or board of directors not to approve any merger,
consolidation between Party C and any other person or investment or acquisition other person by Party C without prior written consent
of Party A.

		2.2.4	Party B shall inform Party A immediately of any litigation, arbitration or administrative procedure
that will occur or may occur related to the asset, business, revenue of Party C;

		2.2.5	Party B shall cause the shareholder meeting or the board of directors to vote their approval the
transfer of Purchased Share as set forth in this Agreement and take any and all other actions as the Party A may require;

		2.2.6	to the extent necessary to maintain the ownership of all of the asset of Party C, Party B shall
execute all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate
complaints or raise all necessary and appropriate defenses against all the claims;

		2.2.7	Party B shall appoint any designee of Party A as the Party C’s directors as required by Party
A.

		2.2.8	Party B shall transfer the equity interest of Party C it owns to Party A and/or Designated Person(s)
in accordance with the Purchase Right provided in this Agreement immediately and unconditionally upon the request by Party A at
any time, and Party B hereby waives its right of first refusal to the equity interest transferred by another existing shareholder
of Party C (if any); and

		2.2.9	Party B shall strictly abide by the provision of this Agreement and other agreements jointly or
respectively executed by and among Party B, Party C and Party A, perform the obligations thereunder, and shall refrain from any
action/omission that may affect the effectiveness and enforceability thereof. If Party B has any remaining right in the equity
interest under this Agreement, the Equity Interest Pledge Agreement entered by and among the Parties, or in the equity interest
granted to Party A as the beneficial owner under the Power of Attorney, Party B shall not exercise any of such remaining right
without the written direction of Party A.

 

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		3.	Representations and Warranties 

 

Party B and Party C hereby represents
and warrants to Party A, jointly and severally, as of the date of this Agreement and each date of transferring the Purchased Share
that:

 

		3.1	It has the authorization to execute and deliver this Agreement and perform all the obligations
hereunder. Party B and Party C agrees to execute a Transfer Agreement consistent with this Agreement when Party A exercises its
Purchase Right. This Agreement and the Transfer Agreement to which the Parties are the parties shall constitute, or will constitute
the legal, valid, and binding obligations and shall be enforceable against them in accordance with its provisions and conditions.

 

		3.2	The execution and delivery of this Agreement or any Transfer Agreement and the performance of obligations
under this Agreement or any Transfer Agreement shall not (i) cause any violation of applicable law of PRC; (ii)be inconsistent
with with the Articles of Association, bylaws or other organizational documents of Party C; (iii)cause any breach of agreement
or instrument to which they are a party or which are binding on them; (iv) cause any violation to any condition for the grant and/or
continued effectiveness of any license or permit issued to either of them; or (v) cause suspension or revocation or imposition
any additional condition to any license or permit issue to either of them;

 

		3.3	Party B shall have good and merchantable title to the equity interest of Party C it owns. Except
for the pledge of equity interest placed in accordance with Equity Interest Pledge Agreement of Party B and the security interest
that has disclosed to Party A before the execution of this Agreement, Party B has not placed any security interest on such equity
interest;

 

		3.4	Party C shall have good and merchantable title to all of its assets, and it has not placed any
security interest on the aforementioned assets;

 

		3.5	Party C does not have any outstanding debt, except for (i) debt incurred in the ordinary course
of business, and (ii) the debts disclosed to Party A for which Party A’s written consent has been obtained.

 

		3.6	there is no pending or threatened litigation, arbitration or administrative proceeding relating
to the equity interest in Party C, asset of Party C or Party C.

 

		4.	Effective Date

 

		4.1	This Agreement shall become effective upon the execution by each Parties. The term of this Agreement
shall be permanent until all of the obligations and rights under this Agreement are completely performed.

 

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		5.	Governing Law and Dispute Resolution

 

		5.1	Governing Law

 

The execution, effectiveness,
construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed
by the formally published and publicly available laws of PRC Matters not covered by formally published and publicly available laws
of PRC shall be governed by international legal principles and practices.

 

		5.2	Methods of Resolution of Disputes

 

In the event of any dispute
with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly
negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request
to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant dispute to the China
International Economic and Trade Arbitration Commission for arbitration, and to be solved in accordance with its effective Arbitration
Rules. The arbitration shall be conducted in Beijing, and the language used in arbitration shall be Chinese. The arbitration award
shall be final and binding on all Parties.

 

		6.	Taxes and Fees

 

		6.1	Each Party shall pay any and all transfer and registration tax, expenses and fees incurred thereby
or levied thereon in accordance with the laws of PRC in connection with the preparation and execution of this Agreement and the
Transfer Agreement, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Agreement.

 

		7.	Notices

 

		7.1	All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

 

		7.1.1	Notice given by personal delivery, by courier service or by registered mail, postage prepaid, shall
be deemed effectively given on the date of delivery or refusal at the address specified for notices.

		7.1.2	Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission).

 

		7.2	For the purpose of notices, the addresses of the Parties are as follows:

 

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Party A: Beijing Lebai Information
Consulting Co., Ltd.

Address: 4-02,4-09,4-10,4-15
Fool 4th Building 4, Yard 6, Futongdongda Street, Wangjing, Chaoyang District Beijing.

Attention: Wei CAO

Phone:010-64279166

Facsimiles: 010-64296945

 

Party B: Beijing Xueersi Education
Technology Co., Ltd.

Address: Fool 12th Danling SOHO
Building, No. 6 Danling Street, Haidian District, Beijing

Attention: Haifeng ZHOU

Phone:010-52926669

 

Party C: Beijing Lebai Education
Consulting Co., Ltd.

Address: 4-02,4-09,4-10,4-15
Fool 4th Building 4, Yard 6, Futongdongda Street, Wangjing, Chaoyang District Beijing.

Attention: Wei CAO

Phone:010-64279166

Facsimiles: 010-64296945

 

Any Party may at any time change
its address for notices by a notice delivered to other Parties in accordance with the term hereof.

 

		8.	Confidentiality 

 

The Parties acknowledge that the
existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with
this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information
and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any
third parties, except for the information that (a) is or will be in the public domain (other than through the receiving Party’s
unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of
any stock exchange, or orders of the court or other government authorities; or (c) is needed to be disclosed by any Party to its
legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such legal counsels or financial
advisors shall be bound by the confidentiality obligations similar to those set forth in this Sections. Disclosure of any confidential
information by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by
such Party, which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement
for any reason.

 

		9.	Further Warranties

 

The Parties agree to promptly
execute documents that are reasonably required for or are conducive to the implementation of the provisions and purposes of this
Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and
purposes of this Agreement.

 

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		10.	Miscellaneous 

 

		10.1	 Amendment, Change and Supplement

 

Any amendment, change and supplement
to this Agreement shall require the execution of a written agreement by all of the Parties.

 

		10.2	 Entire Agreement

 

Except for the amendment, supplements
or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached
by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations,
representations and contracts reached with respect to the subject matter of this Agreement.

 

		10.3	 Headings

 

The headings of this Agreement
are for convenience only, and shall not be used to interpret, explain or otherwise affect the meaning of the provisions of this
Agreement.

 

		10.4	 Language

 

This Agreement has three copies,
and each copy has equal legal validity.

 

		10.5	 Severability

 

In the event that one or several
of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or
compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions
with effective provisions that accomplish to the greatest extent permitted by law and the intensions of the Parties, and the economic
effect of such effective provisions shall be as closed as possible to the economic effect of those invalid, illegal or unenforceable
provisions.

 

		10.6	 Successors

 

This Agreement shall be binding
on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such Parties.

 

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		10.7	Survival

 

		10.7.1	Any obligations that occur or that are due as a result of this Agreement upon the expiration or
early termination of this Agreement shall survive the expiration or early terminations hereof.

		10.7.2	The provisions of Section 5, 7, 8 and this Section 10.7 shall survive the termination of this Agreement.

 

		10.8	 Waivers

 

Any Party may waive the terms
and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the
Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by
such a Party with respect to any similar breach in other circumstances.

 

		10.9	 Upon the execution of this Agreement, this Agreement shall supersede and replace any promise, memorandum,
agreement and any other document concerning the matters involved in this Agreement, including but not limited to the Exclusive
Option Agreement by and among Party A, Party C and other relevant parties on August 2, 2012.

 

(There is no text in the remaining
page.)

 

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IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute this Exclusive Option Agreement as of the date first above written.

 

Party A: Beijing Lebai Information
Consulting Co., Ltd. (Seal) /Seal/

Authorized Representative: /s/ Authorized Representative

 

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IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute this Exclusive Option Agreement as of the date first above written.

 

Party B:
Beijing Xueersi Education Technology Co., Ltd. (Seal) /Seal/

Authorized Representative: /s/ Authorized Representative

 

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EXCLUSIVE OPTION AGREEMENT

 

IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute this Exclusive Option Agreement as of the date first above written.

 

Party C:
Beijing Lebai Education Consulting Co., Ltd. (Seal) /Seal/

/s/ Ying Wu

Name: Ying WU

Position: Legal Representative

 

    12Exhibit 4.24

 

Equity Interest Pledge Agreement

 

This Equity Interest Pledge Agreement (“Agreement”)
is entered into as of the date of October 26, 2015 by and between the following parties in Beijing, the People’s Republic
of China (“PRC”), and is the revised and restated version of the Equity Interest Pledge Agreement executed on August
2, 2012 by Beijing Lebai Information Consulting Co., Ltd.:

 

Party A:

Beijing Lebai Information Consulting
Co., Ltd.;

 

Party B:

Beijing Xueersi Education
Technology Co., Ltd.; and

 

Party C:

Beijing Lebai Education Consulting
Co., Ltd.

 

(Each of Party A, Party B and Party C,
a “Party”, and collectively the “Parties”.)

 

WHEREAS,

 

		(1)	Party A, Party B and Party C have already executed the agreements listed in Appendix I (the “Main
Agreements”);

 

		(2)	Party B collectively owns 100% of the equity interests of Party C, and Party B plans to pledge
the equity interest of Party C it owns to Party A unconditionally, as a security for the performance of the obligations by Party
B and Party C under the Main Agreements, and Party A agrees to accept such security (the “Pledge”).

 

NOW THEREFORE, Party A, Party B and Party
C through mutual negotiations hereby enter into this Agreement based upon the following terms:

 

		1.	Pledge

 

Party B agrees
to pledge the equity interests of Party C it owns (the “Pledged Equity Interests”) to Party A unconditionally,
as a security for the performance of the obligations by Party B and Party C under the Main Agreements.

 

		2.	Scope of Pledge

 

The Pledge
under this Agreement extends to all obligations of Party B and Party C under the Main Agreements (including but not limited to
any amounts, penalties, damages, etc. payable but not paid to Party A), any fees for exercising the creditor’s rights and
the Pledge right, and any other related expenses, and shall not be limited to the amounts of secured creditor’s right recorded
in Industrial and Commercial Athority.

 

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		3.	Term and Dissolution of Pledge

 

		3.1	The Pledge under this Agreement shall be effective from the date of registration of the Pledge
with competent Industrial and Commercial authorities to the date on which the Main Agreements are completely performed, invalidated
or terminated (the later date shall prevail). In the term of Pledge, if Party B and Party C fail to perform any of their obligations
under the Main Agreements, or in case of occurrence of any of the events provided in Article 6.1, Party A is entitled to dispose
the Pledged Equity Interests in accordance with the provisions of this Agreement.

 

		3.2	When all Main Agreements are performed entirely or terminated or become invalid (the later date
shall prevail) and Party B and Party C fully and entirely perform obligations under Main Agreements and pay off entire secured
debt, Party A shall rescind the Pledge under this Agreement according to Party B’s request, and assist Party B to deregister
the Pledge recorded in Shareholders’ Book of Party C and registered with the competent Industrial and Commercial Authority.
All fees and expenses arising from such deregistration of the Pledge shall be borne by Party C.

 

		4.	Registration of Pledge and Retention of Equity Interest Record

 

		4.1	Party B and Party C promise to Party A that, Party B and Party C shall: (i) on the date of the
execution of the Agreement, record the Pledge under this Agreement on the Shareholders’ Book of Party C according to Appendix
II and hand the recorded Shareholders’ Book to Party A for its keep; and (ii) within thirty (30) business days after the
execution of this Agreement or other practically shortest period, register the Pledged Equity Interests with relevant Industrial
and Commercial authority and obtain evidencing documents of such registration. Without limitation to any provision of this Agreement,
during the effective period of this Agreement the Shareholders’ Book of Party C shall always be in the custody of Party A
or any agent designated by Party A, unless any necessary registration or alteration procedures are required to be fulfilled in
the operation of Party C or the Subsidiaries.

 

		4.2	Party B and Party C further covenant that after the execution of this Agreement, Party B may make
capital increase to Party C with the prior consent of Party A provided that any capital increase by Party B to Party C constitutes
an integrated part of the Pledged Equity Interests of this Agreement. Party B and Party C shall make necessary modification to
the Shareholders’ Book and capital contribution of relevant companies and conduct the pledge registration procedures according
to Article 4.1.

 

		4.3	All fees and expenses related to this Agreement, including but not limited to registration fee,
cost, stamp tax or any other taxes, expenses shall be borne by Party A according to relevant laws and regulations.

 

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		4.4	During the term of Pledge stipulated by this Agreement, Party B shall deliver the capital contribution
certificate to Party A within one (1) week after the execution of this Agreement. Party A shall keep the capital contribution certificate
within the entire term of Pledge. Within the term of Pledge, Party A is entitled to collect the dividends of the Pledged Equity
Interests.

 

		5.	Covenants and Warranties of Party B and Party C

 

Party B and
Party C hereby jointly and severally covenant and warrant to Party A as follows:

 

		5.1	Party B is the lawful owner of the Pledged Equity Interests and there exists no dispute or potential
dispute concerning the ownership of such equity interests. Party B has the right to dispose such equity interests or any part thereof
without any restrictions by any third party.

 

		5.2	Except for the Pledge provided hereunder and in the Exclusive Option Agreement executed by relevant
parties, Party B has not established any other pledge or other interests of any third party over the Pledged Equity Interests.

 

		5.3	Party B and Party C fully understand the contents of this Agreement and the execution of the Agreement
by Party B and Party C is based on true and free will. Party B and Party C have taken all necessary measures and obtained all necessary
internal authorization to execute and perform this Agreement, and signed all necessary documents to make sure the Pledge under
the Agreement is lawful and valid.

 

		5.4	During the effective period of this Agreement, Party B shall not transfer or assign the Pledged
Equity Interests, authorize any rights relating to the Pledged Equity Interests to any third party, or create or permit to be created
any security or other interests which may have an adverse effect on the rights or benefits of the Party A without prior written
consent of Party A.

 

		5.5	During the effective period of this Agreement, Party B and Party C shall abide by and implement
all relevant PRC laws and regulations concerning the pledge of rights, and in the event Party B and Party C receive any notice,
order or suggestion from competent authorities concerning the Pledged Equity Interests and/or the Pledge hereunder, Party B and
Party C shall timely notify and show Party A of such notice or order within five (5) business days upon receipt thereof.

 

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		5.6	Party B and Party C shall not conduct or permit to be conducted anything that shall damage the
value of the Pledged Equity Interests or the Pledge right of Party A. Party B and Party C shall notice Party A of any events that
may influence the value of the Pledged Equity Interests or the Pledge right of Party A within five (5) business days after its
knowledge of such events.

 

		5.7	The Pledge under this Agreement shall remain fully effective during the effective period of the
Agreement, and shall not be influenced by liquidation, lost of capacity, change of organization or status, any capital offset among
the Parties or any other events.

 

		5.8	For the purpose of performance of this Agreement, Party A is entitled to dispose the Pledged Equity
Interests in accordance with the provision of this Agreement. Party A’s exercise of such right shall not be interrupted or
jeopardized by Party B and Party C, their successors or agents, or any other persons by way of legal proceedings.

 

		5.9	In order to ensure and consummate the security provided by this Agreement over the obligations
of Party B and Party C under the Main Agreements, Party B and Party C shall faithfully sign and cause any third party who is beneficially
related to the Pledged Equity Interests to sign all certificates and agreements in connection with the performance of the Agreement,
and/or cause such third party to take any measures required by Party A and provide convenience to Party A concerning the exercise
of the Pledge right hereunder.

 

		5.10	In order to ensure the interests of Party A, Party B and Party C shall abide by and perform all
warranties, covenants, agreements, representations and conditions. In the event Party B and/or Party C failed to do so and resulted
in damages to Party A, Party B and/or Party C shall indemnify Party A for all of such damages and losses.

 

		6.	Events of Default and Exercise of the Pledge Right

 

		6.1	In case of any of the following events (“Events of Default”) which shall be
permitted by relevant PRC’s laws and regulations, Party A may require Party B or Party C to perform all the obligations under
this Agreement and the Pledge under the Agreement may be performed immediately:

		a)	Party B violates its covenants and warranties under this Agreement, or any covenants and warranties
made by Party B in this Agreement are seriously untrue;

		b)	Party B or Party C violates any of its obligations or covenants and warranties under the Main Agreements,
or any covenants and warranties made by Party B or Party C in the Main Agreements are seriously untrue;

		c)	The termination of business or dissolution of Party C, or the termination of business, dissolution
or bankruptcy of Party C by any order;

		d)	Party B and/or Party C are involved in any disputes, litigations, arbitrations, administrative
procedures or any other legal procedures or administrative query, actions or investigations that deemed reasonably to have material
adverse effect on the following events: (i) the capacity of Party B to perform its obligations under this Agreement or the Main
Agreements, or (ii) the capacity of Party C to perform its obligations under this Agreement or the Main Agreements;

		e)	Any other events of the disposal of the Pledged Equity Interest according to applicable laws and
regulations.

 

    4 

     

    

 

		6.2	In case of any of the aforesaid Events of Default, Party A may exercise its Pledge right by purchasing,
designating any other party to purchase, auctioning, or selling all or part of the Pledged Equity Interests. Party A may exercise
such Pledge right without exercising any other security rights, or take any other measures or proceedings against Party B and/or
Party C or any other parties.

 

		6.3	Upon request by Party A, Party B and Party C shall take all the lawful and appropriate measures
to ensure the exercise of the Pledge right by Party A. for such purpose, Party B and Party C shall sign all appropriate documents
and materials, and take all proper measures requested by Party A.

 

		7.	Transfer or Assignment

 

		7.1	Party B and Party C have no right to transfer or assign the rights and obligations under this Agreement
without the prior written consent from Party A, except that Party A acquires the Pledged Equity Interests directly or indirectly
according to the Exclusive Option Agreement.

 

		7.2	The Agreement shall be binding upon the Party B and its successors and be effective upon Party
A and its successors and assignees.

 

		7.3	Party A may transfer or assign all and any of its rights and obligations under the Main Agreements
to any person (natural or legal person) it designates. In this case, the assignee shall enjoy and undertake the same rights and
obligations herein of Party A as if the assignee is a party hereto. Upon Party A’s transfer or assignment of the rights and
obligations under the Main Agreements and at Party A’s request, Party B and/or Party C shall execute relevant agreements
and/or documents with respect to such transfer or assignment, including but not limited to executing a new equity interest agreements,
the format and contents of which shall be the same with this Agreement, with the assignee.

 

		7.4	Subsequent to an assignment or transfer by Party A, the new parties to the Pledge shall re-execute
a pledge contract. Party B and Party C shall provide assistance to the assignee with respect to the registration procedures of
the Pledge.

 

    5 

     

    

 

		8.	Confidentiality

 

This Agreement and all clauses
hereof belong to confidential information and shall not be disclosed to any third party except for high-ranking officers, directors,
employees, agents or professional consultants of the Parties or their affiliates. This clause shall not apply in the event parties
hereto are required by relevant laws or regulations or relevant Securities Transaction Authorities to disclose information relating
to this Agreement to any governmental authorities, the public or the shareholders, or file this Agreement with relevant authorities
for record.

 

This clause shall survive any
modification, dissolution or termination of this Agreement.

 

		9.	Liabilities for Breach of Agreement

 

In the event any Party failed
to perform any of its obligations under this Agreement, or made any untrue or inaccurate representations or warranties, such Party
shall be liable for all the losses of other Parties for breach of the Agreement.

 

		10.	Force Majeure

 

Force Majeure means any event
that cannot be anticipated at the time of the execution of the Agreement, and the occurrence of which cannot be avoided, controlled
or conquered by any party of the Agreement, including but not limited to earthquake, typhoon, flood, fire, boycott, war or rebellion,
etc..

 

The Party suffering such Force
Majeure shall (i) notify the other parties by telegram, facsimile or other electronic means immediately after the occurrence of
such Force Majeure and shall provide written documents evidencing the occurrence of such Force Majeure within fifteen (15) business
days; (ii) in every instance, to the extent reasonable and lawful under the circumstances, use its best efforts to mitigate or
remove the effect of such Force Majeure with all reasonable dispatch, and continue its performance of the Agreement after such
effect is mitigated or removed.

 

		11.	Change of Parties

 

In the event that Party B no longer
possesses any shares of Party C, Party B shall be deemed no longer as a party of this Agreement. In the event that any third party
becomes a shareholder of Party C, Party A and Party C shall take effort to cause such third party executing relevant legal documents
and becoming one of Party B of this Agreement.

 

		12.	Miscellaneous

 

		12.1	This Agreement and any related matters shall be governed by and construed in accordance with the
PRC laws. All disputes arising out of or in connection with this Agreement shall be conciliated friendly by and between the Parties.
When the disputes could not be solved by conciliation, such disputes shall be finally settled under the Rules of Arbitration of
the China International Economic and Trade Arbitration Commission by arbitrators appointed in accordance with rules currently effective
of such arbitration commission. The arbitration ruling shall be final. The place of arbitration shall be in Beijing. Unless otherwise
ruled by the arbitral tribunal, the expenses of arbitration shall be borne by the losing party. The Parties hereto shall continue
to perform its obligations and exercise its rights hereunder except for those in dispute.

 

    6 

     

    

 

		12.2	This Agreement becomes effective on the date of execution by all Parties and the Pledge hereunder
are established on the date of the registration of such Pledge with the competent Industrial and Commercial Authority. Unless Party
A exercises the Pledge right according to this Agreement during the effective term of this Agreement, this Agreement terminates
when all the obligations under the Main Agreements are completely fulfilled, or becomes invalid, or terminated, or when any written
agreements concerning the dissolution of this Agreement is reached by the Parties.

 

		12.3	This Agreement shall be performed within the scope stipulated by laws. In the event any article
or any part of an article is deemed as illegal, invalid or unenforceable by any competent authority or court, such illegality,
invalidity or unenforceability shall not affect other articles of this Agreement or other part of this article, and other articles
of this Agreement or other part of this article shall be still effective. For the original articles’ purpose, Parties shall
do their best effort to modify such illegal, invalid or unenforceable articles.

 

		12.4	The Agreement is executed in four (4) counterparts, and each of Party A, Party B and Party C holds
one counterpart, the rest one shall be submitted to relevant Industrial and Commercial authorities for filing and registration.

 

		12.5	Upon the execution of this Agreement, this Agreement shall supersede and replace any promise, memorandum,
agreement and any other document concerning the matters involved in this Agreement, including but not limited to the Equity Interest
Pledge Agreement by and among Party A, Party C and other relevant parties on August 2, 2012..

 

		12.6	Any modification of this Agreement shall be made in a written form and shall only become effective
upon the signature by all Parties of the Agreement.

 

(There is no text in the remaining
page.)

 

    7 

     

    

 

[THE SIGNATURE PAGE]

 

Party A: Beijing Lebai Information Consulting
Co., Ltd. (Seal) /Seal/

Authorized Representative: /s/ Authorized Representative

 

 

Party B: Beijing Xueersi Education Technology
Co., Ltd. (Seal) /Seal/

Authorized Representative: /s/ Authorized Representative

 

 

Party C: Beijing Lebai Education Consulting
Co., Ltd. (Seal) /Seal/

Authorized Representative: /s/
Authorized Representative

 

    8 

     

    

 

Appendix I List of Main Agreements

 

		1.	Exclusive Option Agreement entered into by and among Beijing Lebai Information Consulting Co.,
Ltd., Beijing Xueersi Education Technology Co., Ltd. and Beijing Lebai Education Consulting Co., Ltd.

		2.	Exclusive Business Cooperation Agreement entered into by and among Beijing Lebai Information Consulting
Co., Ltd., Beijing Xueersi Education Technology Co., Ltd., Beijing Lebai Education Consulting Co., Ltd. and subsidiaries of Beijing
Lebai Education Consulting Co., Ltd.

		3.	Authorization Agreement entered into by and between Beijing Lebai Information Consulting Co., Ltd.
and Beijing Xueersi Education Technology Co., Ltd.

 

    9 

     

    

 

Appendix II Shareholders’ Book

 

Shareholders’ Book of Beijing Lebai
Education Consulting Co., Ltd.

 

	Name of Shareholders	Amounts of Capital Contribution (RMB)	Proportion of Capital Contribution	Equity Interest Pledge
	Beijing Xueersi Education Technology Co., Ltd.	RMB12,695,428.58	100%	100% of the equity interest has been pledged to Beijing Lebai Information Consulting Co., Ltd.

 

 

	 	Beijing
    Lebai Education Consulting Co., Ltd.  (Seal) /Seal/
	 	 
	 	Authorized Representative:
	 	/s/ Ying Wu
	 	Name: Ying Wu
	 	Occupation: Legal Representative

 

    10

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