Document:

Exhibit 4.50

 

Exclusive Business
Cooperation Agreement

 

This
Exclusive Business Cooperation Agreement (this “Agreement”) is made and entered into by and between the following parties
on October 17, 2018 in Guangzhou, the People’s Republic of China (“China” or the “PRC”).

 

Party A:   Guangzhou
100-Education Technology Co., Ltd.

Address: Room 2910,
No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou

 

Party B:   Guangzhou
Sanrenxing 100-Education Technology Co., Ltd.

Address: Room 2803,
28/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou

 

Each
of Party A and Party B shall be hereinafter referred to as a “Party” respectively, and as the “Parties”
collectively.

 

Whereas,

 

	 	(1)	Party A is a wholly-foreign-owned enterprise established in China, and has the ability, experience, and resources to provide technology and consulting services, of which business scope includes: information electronic technology services; intelligent machine system technology services; scientific and technological information consulting services; research and development of teaching equipment; educational consulting services; natural science research and experimental development; electronic, communication and automatic control technology research, development; robot technology research, technology development; research and development of network technology; computer technology development and technical services; anti-counterfeiting label technology development, technical services; electronic anti-counterfeiting system technology development, technical services; Internet of Things technology research and development; fire detection technology research, development; satellite communication technology research, development; research and development of spectrum monitoring technology; social humanities research (The above projects do not involve special management measures for foreign investment access).

 

	 	(2)	Party B is a company with exclusively domestic capital registered in China. Party B (and its subsidiaries (if any)) may engage in research and development of teaching equipment; educational consulting services; vocational skills training (excluding vocational skills training programs that require approval); language training; national education consulting services; natural science research and experimental development; electronics, communication and automation control technology research and development; robot technology research, technology development; network technology research and development; computer technology development and technical services; anti-counterfeiting label technology development, technical services; electronic anti-counterfeiting system technology development, technical services; Internet of Things technology research and development ; research and development of fire detection technology; research and development of satellite communication technology; research and development of spectrum monitoring technology; social humanities research and related business as registered by the applicable government authorities in China. All business activities that Party B currently operates and operates at any time during the term of this Agreement are collectively referred to as “Main Business”.

 

     

     

    

 

	 	(3)	Party A is willing to provide Party B with technology development, support, consulting and other related services with respect to Main Business on exclusive basis during the term of this Agreement, utilizing its advantages in technology, human resources, and resources, and Party B is willing to accept such services provided by Party A or Party A’s designee(s), each on the terms set forth herein.

 

Now,
therefore, through mutual discussion, the Parties have reached the following agreements:

 

	1.	SERVICES PROVIDED BY PARTY A

 

		1.1	Party B hereby appoints Party A as Party B’s exclusive
services provider to provide Party B with complete technology support, consulting and other related services during the term of
this Agreement, in accordance with the terms and conditions of this Agreement, which may include but without limitation:

 

		(a)	Approval of Party B to use the technology and software related to the Main Business that Party A has legal rights;

 

		(b)	Technology Design, development, maintenance, and update which Main Business requires, and provides related technology services
and consultations;

 

		(c)	Design, installation and daily management, maintenance and update of computer network systems and related databases;

 

		(d)	Technical support and professional training of relevant personnel of Party B;

 

		(e)	Assist Party B in the collection and research of relevant technical and market information (except for market investigations
in which foreign-owned enterprises are restricted by laws of China);

 

		(f)	Providing enterprise management consulting for Party B;

 

		(g)	Provide marketing and promotion services to Party B;

 

		(h)	Lease of equipment and assets; and

 

		(i)	Other relevant services that are required to be provided by Party B from time to time, as permitted by the laws of China.

 

     

     

    

 

	 	1.2	Party B agrees to accept all the consultations and services provided by Party A. Party B further agrees that unless with Party A’s prior written consent, during the term of this Agreement, Party B shall not accept the same or any similar consultations and/or services provided by any third party and shall not establish similar cooperation relationships with any third party regarding the matters contemplated by this Agreement. Party A may appoint other parties, who may enter into certain agreements described in Section 1.3 with Party B, to provide Party B with the consultations and/or services under this Agreement.

 

	 	1.3	Service Providing Methodology

 

	 	1.3.1	Party A and Party B agree that during the term of this Agreement Party B may enter into further service agreements with Party A or any other party designated by Party A, which agreement shall provide the specific contents, manner, personnel, and fees for the specific services.

 

	 	1.3.2	To fulfill this Agreement, Party A and Party B agree that during the term of this Agreement, where necessary, Party B may enter into equipment or property leases with Party A or any other party designated by Party A, which lease shall permit Party B to use Party A’s relevant equipment or property based on the needs of the business of Party B.

 

		2.	THE CALCULATION AND PAYMENT OF THE SERVICE FEES

 

		2.1	During the term of this agreement, the fees payable by
Party B to Party A shall be calculated as follows:

 

2.1.1 For the services provided by Party A
under this Agreement, Party B shall pay Party A the service fee annually (or at other times as otherwise agreed by the parties).
The service fee paid annually (or within other periods as agreed by the parties) shall consist of management fees and service fees,
and the specific amount shall be reasonably determined by Party A based on the following factors. Party A may separately issue
a confirmation letter and/or bill to Party B indicating the amount of service fee payable during each service period; the specific
service fee may also be stipulated in the relevant contract signed by the parties.

 

		(a)	The complexity and difficulty of the service;

 

		(b)	The level of Party A's employees and the time required to provide such services;

 

		(c)	The specific content, scope and commercial value of the service;

 

		(d)	Market reference prices for the same type of service;

 

		(e)	The operation situation of Party B.

 

     

     

    

 

 2.1.2
If Party A transfers, licenses technology or is entrusted by Party B to develop software or other technologies or lease equipment
or assets to Party B, the technology transfer fee, license fee, development fee or rent shall be determined by the parties according
to the actual situation and/or provided in the relevant contract signed by the two parties.

 

	3.	INTELLECTUAL PROPERTY RIGHTS AND CONFIDENTIALITY CLAUSES

 

	 	3.1	Party A shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of this Agreement, including but not limited to copyrights, patents, patent applications, software, technology secrets, trade secrets and others. Unless expressly authorized by Party A, Party B does not have any right or interest in Party A's intellectual property rights that are used by Party A to provide services under this Agreement. In order to ensure Party A's rights under this Article, Party B shall sign all appropriate documents, take all appropriate actions, submit all applications and filings, provide all appropriate assistance, and make all other decisions based on Party A's discretion, if necessary, to assign the ownership, rights and interests of any such intellectual property and intangible assets to Party A, and/or to improve the protection of such intellectual property rights and intangible assets of Party A (including registration of the intellectual property rights and intangible assets under the name of Party A).

 

	 	3.2	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 the preparation and performance of 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 exchanges or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. 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.

 

     

     

    

 

		4.	REPRESENTATIONS
AND WARRANTIES

 

		4.1	Party
A hereby represents and warrants as follows:

 

	 	4.1.1	Party A is a wholly owned foreign enterprise legally registered and validly existing in accordance with the laws of China. Party A or its designated service provider will obtain all government licenses and approvals required to provide such services prior to providing any services under this Agreement (if required).

 

	 	4.1.2	Party A has taken all necessary corporate actions, obtained all necessary authorization and the consent and approval from third parties and government agencies (if any) for the execution, delivery and performance of this Agreement. Party A’s execution, delivery and performance of this Agreement do not violate any explicit requirements under any law or regulation binding on Party A.

 

	 	4.1.3	This Agreement constitutes Party A’s legal, valid and binding obligations, enforceable in accordance with its terms.

 

		4.2	Party
B hereby represents and warrants as follows:

 

	 	4.2.1	Party B is a company legally registered and validly existing in accordance with the laws of China and has obtained and will maintain the relevant permit and license for engaging in the Main Business from the government;

 

	 	4.2.2	Party B has taken all necessary corporate actions, obtained all necessary authorization and the consent and approval from third parties and government agencies (if any) for the execution, delivery and performance of this Agreement. Party B’s execution, delivery and performance of this Agreement do not violate any explicit requirements under any law or regulation binding on Party B.

 

	 	4.2.3	This Agreement constitutes Party B’s legal, valid and binding obligations, and shall be enforceable against it.

 

	5.	TERM

 

	 	5.1	This Agreement shall take effect upon the date of execution of this Agreement. Unless earlier terminated in accordance with the provisions of this Agreement or relevant agreements separately executed between the Parties, the term of this Agreement shall be 30 years. Unless Party A agrees in writing to terminate this Agreement before the expiration, the term of this Agreement shall be automatically renewed for an additional thirty (30) years upon expiration.

 

	 	5.2	Within the validity period of this agreement and before any party's operating period expires, the party shall renew its operating period in a timely manner, and make every effort to obtain the approval of the competent authority for the renewal and complete the registration, so that this agreement could continue to be effective and enforced. If an application for renewal of a operating period has not been approved by any competent authority, this agreement shall terminate at the expiration of the party's operating period.

 

     

     

    

 

	 	5.3	The rights and obligations of the Parties under Articles 3, 6, 7 and the Section 5.3 shall survive the termination of this Agreement.

 

		6.	GOVERNING
LAW AND RESOLUTION OF DISPUTES

 

	 	6.1	The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

 

	 	6.2	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 through negotiations, either Party may submit the relevant dispute to the China Guangzhou Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Guangzhou. The arbitration award shall be final and binding on both Parties.

 

	 	6.3	Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

 

		7.	INDEMNIFICATION

 

	 	7.1	If Party B materially violates any of the terms under this Agreement, or fails to perform, incompletely perform or delays the performance of any of the obligations under this Agreement, it shall constitute Party B's breach of contract under this Agreement. Party A has the right to request Party B to make amendments or remedies. If Party A fails to make amendments or remedies within ten (10) days after Party B sends a written notice to Party B and requests for amendments, Party A has the right: (1) to terminate This agreement, and requires Party B to compensate full damages; or (2) requires the mandatory performance of Party B's obligations under this agreement, and requires Party B to compensate all damages. This Article does not prejudice Party A's other rights under this Agreement.

 

	 	7.2	Except as otherwise provided by law, Party B shall not unilaterally terminate or terminate this Agreement in any circumstances.

 

	 	7.3	Party B shall indemnify and hold harmless Party A from any losses, injuries, obligations or expenses caused by any lawsuit, claims or other demands against Party A arising from or caused by the consultations and services provided by Party A to Party B pursuant to this Agreement, except where such losses, injuries, obligations or expenses arise from the gross negligence or willful misconduct of Party A.

 

     

     

    

 

		8.	TAXES
AND EXPENSES

 

Each party shall be responsible
for any and all taxes, expenses and fees incurred or imposed by the party in accordance with the laws of the PRC in connection
with the preparation and execution of this Agreement, and the completion of this Agreement and the proposed transaction.

 

		9.	Force
Majeure

 

	 	9.1	If due to earthquakes, typhoons, floods, fires, epidemics, wars, riots, strikes, and any other force majeure event (the "Force Majeure") that cannot be predicted, prevented and avoided, any party of this Agreement will be unable to perform, cannot fully perform or delay the performance of this Agreement, the party affected by the above Force Majeure shall not be liable for this. However, the affected party shall immediately send a written notice to the other party without delay and shall provide the other party with details of the event of Force Majeure and relevant supporting documents within fifteen (15) days after the written notice is given, explaining reasons that this Agreement cannot be performed, fully performed, or need to be delayed.

 

	 	9.2	If a party claiming Force Majeure fails to notify the other party and provide appropriate evidence in accordance with the above provisions, it shall not be excused from its liability for failure to perform, completely perform or delay performing its obligations under this Agreement. The party affected by Force Majeure shall make reasonable efforts to reduce the consequences of the Force Majeure and resume the performance of all relevant obligations as soon as possible after the termination of Force Majeure. If the party affected by Force Majeure fails to resume performance of the relevant obligations after the reasons for the temporary exemption from performance of the obligations due to Force Majeure, the party shall be liable to the other party in this regard.

 

	 	9.3	When Force Majeure occurs, both parties should immediately negotiate with each other in order to achieve a fair solution and all reasonable efforts must be made to minimize the consequences of the Force Majeure.

 

	10.	NOTICES

 

	 	10.1	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, by facsimile transmission or e-mail to the address of such Party set forth below. The date on which notices shall be deemed to have been effectively given shall be determined as follows:

 

     

     

    

 

	 	10.1.1	Notices given in person, shall be deemed effectively given on the date of receipt or lien at the address specified for notices.

 

	 	10.1.2	Notices given by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt, refusal or returned for any reason at the address specified for notices.

 

	 	10.1.4	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). Notices given by e-mail shall be deemed effectively given on the date of successful transmission, in the circumstance that the sending party receives the system information indicating that the e-mail is successful delivered or does not receive the system information indicating that the e-mail has not been delivered or returned within 24 hours.

 

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

 

	Party A:	 	Guangzhou 100-Education technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	Attn:	 	Yujun Liu
	E-mail:	 	 

 

	Party B:	 	Guangzhou Sanrenxing 100-Education Technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	Attn:	 	Yujun Liu
	E-mail:	 	 

 

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

 

		11.	ASSIGNMENT

 

	 	11.1	Without Party A’s prior written consent, Party B shall not assign its rights or obligations under this Agreement to any third party.

 

	 	11.2	Except otherwise provided by the law, Party B agrees that Party A may assign its obligations and rights under this Agreement to any third party upon a prior written notice to Party B but without the consent of Party B.

 

     

     

    

 

		12.	SEVERABILITY

 

In the
event that one or several of the provisions of this Agreement are held 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 aspect. The Parties shall seek 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 intentions of the Parties,
and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal
or unenforceable provisions.

 

	13.	AMENDMENTS AND SUPPLEMENTS

 

Any amendment
and supplement to this Agreement shall be in writing. Any amendment and supplement to this Agreement that have been signed by both
Parties shall be an integral part of this Agreement and shall have the same legal validity as this Agreement.

 

	14.	SUCCESSORS

 

This Agreement
shall be binding and valid upon both parties and their successors and assigns permitted.

 

	15.	LANGUAGE AND COUNTERPARTS

 

This Agreement
is executed in the Chinese language. This Agreement is in two counterparts with each Party having one copy. Both copies have the
same legal effect.

 

     

     

    

 

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

 

Party A: Guangzhou
100-Education technology Co., Ltd. (Seal)

 

	By:	/s/ Yujun Liu	 
	Name:	Yujun Liu	 
	Title:	Legal Representative	 

 

Party B: Guangzhou
Sanrenxing 100-Education Technology Co., Ltd. (Seal)

 

	By:	/s/ Yujun Liu	 
	Name:	Yujun Liu	 
	Title:	Legal RepresentativeExhibit 4.51

 

	English Translation

 

Exclusive Option Agreement

 

This Exclusive Option Agreement (this “Agreement”)
dated October 17, 2018, is made in Guangzhou, the People’s Republic of China (the “PRC”), by and among:

 

	Party A:	Guangzhou 100-Education Technology Co., Ltd.
	Address:	Room 2910, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	 	 
	Party B-1:	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	24/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	 	 
	Party B-2:	Guangzhou 100-Wuyou Online Education Technology Co., Ltd.
	Address:	Room 2804, 28/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	 	 
	Party B-3:	David Xueling
    Li
	Address:	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	 	 
	Party C:	Guangzhou Sanrenxing 100-Education Technology Co., Ltd.
	Address:	Room 2803, 28/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou

 

Party B-1, Party
B-2, Party B-3 collectively referred to as “Party B”. Party A, Party B and Party C respectively referred to as a “Party”,
collectively referred to as “Parties”.

 

WHEREAS:

 

	 	1.	Party B is the shareholder of Party C; Party B holds 100% equity interests of Party C as of the date of execution of this Agreement, representing Party C’s registered capital of RMB100 million.

 

	 	2.	Party A and Party C entered into a series of legal documents, including an Exclusive Business Cooperation Agreement and Exclusive Technology Support and Technology Services Agreement on August 12, 2008, which are made for purpose of formation of Party A’s control over Party C (collectively as “Controlling Documents”).

 

     

     

    

 

	English Translation

 

THEREFORE, the Parties
hereby agree as follows:

 

	 	1.	Sale and Purchase of Equity Interests/Assets

 

	 	1.1	Right of Grant

 

	 	1.1.1	Party B hereby irrevocably and unconditionally grants Party A an exclusive option right to, according to the exercise steps decided by Party A at is own discretion and the price described in Clause 1.3 hereof, at anytime purchase or designate one or several persons (“Designated Person”) to purchase any portion of or all of equity interests held by Party B in Party C in one or several installments, to the extent allowed by laws of the PRC (“Equity Purchase Right”). Any third party other than Party A and Appointed Person should not enjoy the Equity Purchase Right or any other rights with respect to Party B’s equity interests. Party C hereby allows Party B to grant the Equity Purchase Right to Party A. “Person” mentioned in this clause and this Agreement refers to individuals, companies, joint ventures, partnerships, enterprises, trusts and non-corporate organizations.

 

	 	1.1.2	Party C hereby agrees, and irrevocably and unconditionally grants Party A an exclusive assets purchase option right (“Assets Purchase Right”) to, according to the Assets Purchase Right, at anytime request Party C transfer any portion of or all of assets held by Party C to Party A or Designated Person, to the extent allowed by laws of the PRC and in accordance with this Agreement.

 

	 	1.2	Steps of Exercise

 

The exercise
of Equity Purchase Right or Assets Purchase Right by Party A is subject to provisions of laws and regulations of PRC. When exercising
the Equity Purchase Right or Assets Purchase Right, Party A shall serve a written notice (“Exercise Notice”) to Party
B or Party C, to specify the following issues: (a) decisions of Party A regarding the exercise of Equity Purchase Right or
Assets Purchase Right; (b) the percentage of equity interests to be purchased by Party A from Party B (“Purchased Equity
Interests”) or the specific asset purchased from Party C, and (c) date of purchase/assignment of Purchased Equity Right
or Assets Purchase Right.

 

	 	1.3	Transfer Price

 

The total
purchase price of all the Purchased Equity Interest held by Party B which Party A exercises the Equity Purchase Right to purchase
shall be equivalent to the actual registered capital contribution paid by Party B in respect of the Purchased Equity Interests
(or the price may be determined by the share transfer agreement signed by Party A (or the Designated Person) with Party B, provided
that the price does not violate the laws and regulations of China and is agreed by Party A); When Party A exercises the Equity
Purchase Right to purchase a portion of Purchased Equity Interests held by Party B in Party C, the purchase price shall be calculated
on a pro-rata basis. If at the time Party A exercises the Equity Purchase Right, the laws of China has any mandatory provisions
on the transfer price of the Purchased Equity Interest, resulting in the lowest price allowed by law is higher than the abovesaid
price, then the transfer price shall be subject to the minimum price allowed by the laws of China (“Equity Purchase Price”).

 

     

     

    

 

	English Translation

 

With
respect to the assets held by Party C which Party A exercises the right to purchase, Party A or the Designated Person shall pay
the company the net book value of the relevant assets each time Party A exercises its rights. If the lowest price allowed by the
law of China is higher than the abovesaid net book value, then the transfer price shall be subject to the minimum price allowed
by the laws of China (“Assets Purchase Price”, together with “Equity Purchase Price” the “Transfer
Price”).

 

	 	1.4	Assignment of Purchased Equity Interests/Assets

 

Every
time Party A exercises the Equity Purchase Right,

 

	 	1.4.1	Party B shall cause Party C to hold the shareholders’ meeting, by which the resolutions regarding Party B’s assignment of Purchased Equity Interests to Party A and/or Designated Person shall be resolved and approved;

 

	 	1.4.2	Party B shall obtain Party C’s other shareholders’ (if any) consent regarding the assignment of Purchased Equity Interests to Party A and/or Designated Person, and provide a written statement with respect to waiver of the option right;

 

	 	1.4.3	Party B shall enter into a respective equity transfer Agreement for each transfer of equity interests with Party A and/or the Designated Person (if applicable) in accordance with the provisions hereof and the Exercise Notice;

 

	 	1.4.4	Within thirty (30) days of receipt of Exercise Notice, Party B shall enter into all the necessary contracts, agreements and documents with related parties, obtain all governmental approvals and consents, and complete all necessary registration and records, transfer of all valid ownership of the Purchased Equity Interests to Party A and/or the Designated Person, as well as validation of Party A and/or the Designated Person’s status as registered owner of the Purchased Equity Interests, without any security rights. For the purpose of this clause and this Agreement, “security interest” includes guaranty, mortgage, third party’s rights or interests, any stock option, right of purchase, option right, setting-off right, ownership retention or other guaranty arrangement, etc., provided that, for purchase of clarification, it will not include any security interest arising from this Agreement and Party B’s Equity Pledge Agreement and Party B’s Power of Attorney. “Party B’s Equity Pledge Agreement” as mentioned in this Agreement refers to the Equity Pledge Agreement entered into by and among Party A, Party B and Party C on the date hereof, and any amendment, revision or restatement of the Equity Pledge Agreement; “Party B’s Power of Attorney” as mentioned in this Agreement refers to the Power of Attorney authorizing Party A executed by Party B on the date hereof, and any amendment, revision or restatement of the Power of Attorney.

 

Every
time Party A exercises the right to purchase assets,

 

     

     

    

 

	English Translation

 

	 	1.4.5	Party C shall cause Party B to hold the shareholders’ meeting, by which the resolutions regarding Party C’s transfer of any or all of the assets of Party C to Party A and/or Designated Person at the Transfer Price shall be resolved and approved;

 

	 	1.4.6	Party C shall enter into assets transfer agreements with Party A and/or Designated Person, transfer any or all of the assets of Party C to Party A and/or Designated Person at the Transfer Price, procure Party B provide necessary assistance to Party A (including provide and execute all the relevant legal documents, perform all the obligations of governmental approvals and registration, and bear all the relevant obligation), making Party A and/or Designated Person acquire all of or any of Party C’s assets, and there shall be no legal defects and without any security rights, restrictions from third party on such transferred assets, or any other restrictions on Party C’s assets.

 

	 	1.5	Payment

 

Regarding
to the Equity Purchase Right and the right to purchase assets, Party A shall use available RMB cash as the consideration for the
Transfer Price paid to the designated bank account.

 

	 	2.	Undertakings

 

	 	2.1	Undertakings Relating to Party C

 

Party
B (as Party C’s shareholder) and Party C hereby undertake that with respect to Party C, they:

 

	 	2.1.1	without written consent of Party A, will not, in any way, supplement, change or amend the organizational documents of Party C, increase or decrease its registered capital, or change the structure of its registered capital in any other form;

 

	 	2.1.2	will maintain its existence, obtain and maintain all the necessary governmental approvals or licenses Party C’s business requires, diligently and validly operate its business and deal with its daily corporate matters, according to a well-accepted financial and commercial standard and practice;

 

	 	2.1.3	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in Party C’s assets, business or revenue, or allow any security interest to be created over thereon, anytime upon the execution hereof;

 

	 	2.1.4	without written consent of Party A, will not incur, succeed, guaranty, or allow the existing of, any liability, provided that such liability arises from its routine or daily operation, instead of borrowing;

 

     

     

    

 

	English Translation

 

	 	2.1.5	will operate all business in the course of normal operation, and will not take any action/non-action imposing any adverse effect on Party C’s operation status and value of assets, in order to maintain Party C’s assets value;

 

	 	2.1.6	without written consent of Party A, will not cause Party C to enter into any material contract, except for contracts made during the ordinary course of business;

 

	 	2.1.7	without written consent of Party A, will not cause Party C to provide any loan or credit facility to any other person;

 

	 	2.1.8	will provide to Party A all materials in respect of Party C’s operation and financial situation, as required by Party A;

 

	 	2.1.9	if required by Party A, will procure from the insurer accepted by Party A insurance and maintain the insurance with respect to its assts and business, and the insurance premium and policy shall be in compliance with those of other companies operating similar businesses;

 

	 	2.1.10	without written consent of Party A, will not cause Party C to merge or amalgamate with any other person, or acquire or invest in any other person;

 

	 	2.1.11	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to Party C’s assets, business, revenue or shares;

 

	 	2.1.12	for purpose of maintenance of Party C’s ownership of all of its assets, will sign all necessary or appropriate documents, take all necessary and appropriate actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims;

 

	 	2.1.13	without written consent of Party A, will not distribute any dividend in any form to shareholders, provided that, if required so by Party A, will immediately distribute all its distributable profits to its shareholders; and

 

	 	2.1.14	will appoint the persons designated by Party A as Party C’s directors or executive director, as required by Party A;

 

	 	2.1.15	without written consent of Party A, will not engage in any competitive business of Party A or its affiliates;

 

	 	2.1.16	Unless otherwise mandatorily required by the laws of China, without written consent of Party A, Party C shall not dissolve or liquidate;

 

     

     

    

 

	English Translation

.

	 	2.1.17	Once the laws of China allows foreign investors to hold more than 50% shares and/or solely invest in the principal business of Party C in China, and the relevant government authorities in China begin to approve the business, Party B shall immediately transfer the equity of Party C held by Party B or the assets Party B holds to Party A or the designated person, after Party A exercises the Equity Purchase Right or the right to purchase assets. 

 

	 	2.2	Party B’s Undertakings

 

Party
B undertakes that it:

 

	 	2.2.1	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in the equity interests held by it of Party C, or allow any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement, Party B’s Power of Attorney and this Agreement;

 

	 	2.2.2	will cause Party C’s shareholders’ meeting and/or directors’ meeting (or executive director) not to approve the sale, transfer, mortgage, or disposition in any other way of, any legal or beneficial interest in the equity interests held by it of Party C, or any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement, Party B’s Power of Attorney and this Agreement;

 

	 	2.2.3	without written consent of Party A, will cause Party C’s shareholders’ meeting and/or directors’ meeting (or executive director) not to approve Party C’s merger or amalgamation with any other person, or its acquisition of or investment in any other person;

 

	 	2.2.4	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to the equity interests held by it;

 

	 	2.2.5	will cause Party C’s shareholders’ meeting and/or directors meeting (or executive director) to resolve to agree upon the transfer of Purchased Equity Interests mentioned herein, and take any other actions as required by Party A;

 

	 	2.2.6	for purpose of maintaining its legitimate ownership of equity interests held by it, will sign all necessary or appropriate documents, take all necessary and appropriate actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims;

 

	 	2.2.7	will appoint the persons designated by Party A as Party C’s directors, as required by Party A;

 

	 	2.2.8	Party B agrees that the other shareholders (if any) of Party C and Party A and Party C sign an exclusive purchase agreement, equity pledge agreement and power of attorney similar to this Agreement, Party B's Equity Pledge Agreement and Party B's Power of Attorney, and guarantee that no action which may conflict with any such documents signed by other shareholders will be taken; any other shareholders of Party C (if any) will transfer to Party A and/or the Designated Person in accordance with their respective exclusive purchase agreements, Party B hereby waives all the rights of first refusal (if any) that it is entitled;

 

     

     

    

 

	English Translation

 

	 	2.2.9	if the transfer price allowed by the laws of China is higher than Party B's contribution to Party C or any profit distributions, dividends, or liquidation incomes from Party C, Party B shall give transfer price, all the profits, dividends, or liquidation proceeds which is higher than Party B's contribution to Party A or any person designated by Party A in a timely manner permitted by the law of China. 

 

	 	2.2.10	will strictly abide by all provisions of this Agreement and other contracts among the Parties, and between any two of them, perform all the obligations thereunder, and will not take any action/non-action which may impose any effect on the validity and enforceability of such contracts. If Party B still maintains any right with respect to the equity interests under this Agreement, or Equity Pledge Agreement among the Parties, or the authorization letter of Party A, Party B will not exercise any of such rights unless with the written direction of Party A.

 

	 	3.	Representations and Warrants

 

Party
B and Party C hereby respectively and jointly represent and warrant to Party A on the date hereof and each day of transfer, that:

 

	 	3.1	it has the power and capacity to execute and deliver this Agreement, as well as any other equity interests transfer contract or assets transfer contract, to which it is a party, and which is made for each transfer of Purchased Equity Interests or Party C’s assets in accordance with this Agreement (individually referred to as “Transfer Agreement”), and perform its obligations under this Agreement and the Transfer Agreement. Party B and Party C agree to enter into a respective Transfer Agreement containing the provisions same to this Agreement when Party A exercises the Equity Purchase Right or the right to purchase assets. This Agreement and any Transfer Agreement to which it is a party, upon being executed, constitutes or will constitute its valid and binding obligation enforceable against it in accordance with the terms hereof;

 

	 	3.2	Party B and Party C has obtained the consents and approvals from third party and governmental authorities for the execution, delivery and performance of this Agreement;

 

	 	3.3	its execution, delivery and performance of this Agreement or any Transfer Agreement will not (i) violate any applicable laws of the PRC; (ii) conflict with the articles of association and other organizational documents of Party C; (iii) breach any contract or document which is binding upon it, or to which it is a party; (iv) violate any permit or approval, or the conditions for maintaining its validity of such permit or approval, granted to any party; or (v) cause the suspension or withdrawal of, or impose any additional conditions on, the permit or approval granted to any party;

 

     

     

    

 

	English Translation

 

	 	3.4	Party B owns good and salable ownership of the equity interests by it in Party C, and Party B has not created any security interest over such equity interests except for Party B’s Equity Pledge Agreement and Party B’s Power of Attorney;

 

	 	3.5	Party C is a validly existing limited liability company incorporated under the laws of China. Party C owns good and salable ownership of all of its assets, and Party C has not created any security interest over such assets;

 

	 	3.5	Party C does not have any outstanding liabilities, except for (i) those arising from the ordinary course of business and (ii) those disclosed to Party A and approved by Party A in writing;

 

	 	3.6	Party C has been complying with all applicable laws and regulations in major respects; and

 

	 	3.7	there are no lawsuits, arbitrations or administrative proceedings pending or threatened with respect to the equity interests, Party C’s assets or Party C itself.

 

	 	4.	Effective Date and Term

 

This
Agreement becomes effective upon the execution by each Party, and this Agreement shall be terminated when all the equity of Party
C held by Party B or all assets of Party C has transferred to Party A and/or the Designated Person according to the provisions
of this Agreement.

 

	 	5.	Applicable Law and Dispute Resolution

 

	 	5.1	Applicable Law

 

The formation
of this Agreement, its validity, interpretation, performance, change, and termination of this Agreement, and the settlement of
any dispute between the Parties, shall be governed by and construed in accordance with the laws of the PRC.

 

	 	5.2	Dispute Resolution

 

The Parties
will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this Agreement through friendly
consultations. If a dispute is not resolved through friendly consultations, then each Party may submit the dispute to China Guangzhou
Arbitration Commission for arbitration in accordance with then effective arbitration rules. The arbitration shall be conducted
in Guangzhou. The award of the arbitration tribunal shall be final and binding upon the Parties.

 

     

     

    

 

	English Translation

 

	 	6.	Taxes, Fees

 

Each
Party shall respectively bear any and all the taxes, expenses and fees incurred by, or collected from such Party, for preparation
and execution of this Agreement, each Transfer Agreement, and completion of the transactions contemplated by this Agreement and
each Transfer Agreement, in accordance with laws of the PRC.

 

	 	7.	Notices

 

	 	7.1	All the notices and other communications required by or sent pursuant to this Agreement shall be delivered to the following address of each Party in person, by registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be confirmed with a respective email. Delivery shall be deemed to have occurred:

 

	 	7.1.1	Notices given in person, shall be deemed effectively given on the date of receipt or lien at the address specified for notices.

 

	 	7.1.2	Notices given by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt, refusal or returned for any reason at the address specified for notices.

 

	 	7.1.3	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). Notices given by e-mail shall be deemed effectively given on the date of successful transmission, in the circumstance that the sending party receives the system information indicating that the e-mail is successful delivered or does not receive the system information indicating that the e-mail has not been delivered or returned within 24 hours.

 

	 	7.2	Each Party’s address for purpose of notice is as follows:

 

	Party A:	 	Guangzhou 100-Education technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attn:	 	Yujun Liu
	E-mail:	 	 
	 	 
	Party B-1:	 	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attention:	 	Jianping Yan
	E-mail:	 	 

 

     

     

    

 

	English Translation

 

	Party B-2:	 	Guangzhou 100-Wuyou Online Education Technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attn:	 	Yujun Liu
	E-mail:	 	 

 

	Party B-3:	 	David
    Xueling Li
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attn:	 	Jianping Yan
	E-mail:	 	 

 

	Party C:	 	Guangzhou Sanrenxing 100-Education technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attn:	 	Yujun Liu
	E-mail:	 	 

 

	 	7.3	Each Party may at anytime change its address for receiving notices by giving a notice to the other Parties in accordance with this clause.

 

	 	8.	Confidentiality

 

Each
Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information exchanged
among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party shall
hold in confidence all such confidential information, and without the written consent from the other Parties, should not disclose
any confidential information to any third party, provided that, confidential information shall not include information that (i) is
or becomes available to the public other than as a result of a disclosure by the receiving Party in violation of this Agreement,
or (ii) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required by order
or decree of governmental authorities or courts; or (iii) any information disclosed by either Party to its shareholders, directors,
employees, legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation
similar to this provision. Any disclosure of confidential information by shareholders, directors, employees or institutions engaged
by either Party shall be deemed as the disclosure by such Party, and such Party shall be held liable for breach.

 

     

     

    

 

	English Translation

 

	 	9.	Further Assurance

 

The Parties
hereto shall each immediately perform such beneficial acts, execute and deliver such beneficial instruments and documents, and
do all such other things as may be reasonably necessary to perform the provisions and purpose of this Agreement.

 

	 	10.	Liability For Default

 

	 	10. 1	If Party B or Party C materially breaches any provision hereof, or fails to perform all or any obligations hereunder, then it has constituted the breach of this Agreement (“Breach”). Party A has the right to require Party B or Party C to cure such Breach or take any correction measures regarding such Breach. In the event that Party B or Party C fails to cure such Breach or take any correction measures regarding such Breach within such reasonable period or ten (10) days after Party A sends the written breach notice to the Default Party to require the correction, then Party A is entitled to choose any of the following relieves for the Breach: (1) to terminate this Agreement and require Party B or Party C to provide full indemnification for such Breach; or (2) to require the enforcement of all the obligations of Party B or Party C under this Agreement, and Party B or Party C to provide full indemnification for such Breach. This section does not exclude any other right of Party A provided by this Agreement.

 

	 	10. 2	Each Party agrees and confirms that under no circumstance may Party B or Party C require the termination of this Agreement for any reason.

 

	 	11.	Miscellaneous

 

	 	11.1	Amendment, Change and Supplement

 

Any amendment
and supplement to this Agreement shall be in writing. Any amendment and supplement to this Agreement that have been signed by both
Parties shall be an integral part of this Agreement and shall have the same legal validity as this Agreement.

 

	 	11.2	Entirety

 

Except
for any written amendment, supplement and change made to this Agreement upon the execution hereof, this Agreement constitutes the
entire agreement reached among the Parties relating to the subject matter hereof, and supersedes in their entirety all prior written
and oral agreements and understandings among the Parties relating to the subject matter hereof.

 

     

     

    

 

	English Translation

 

	 	11.3	Headings

 

The headings
of this Agreement are created only for reading convenience and should not be interpreted, or explained to affect the meanings of
the provisions hereof.

 

	 	11.4	Severability

 

If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or
regulations, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected in any
aspect. The Parties shall in good faith endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions
of all the Parties to replace those invalid, illegal or unenforceable provisions, provided that, the economic effects achieved
by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions.

 

	 	11.5	Successors

 

This
Agreement shall be valid and binding upon the Parties and their successors (including the successors of Purchased Equity Right)
and permitted assigns.

 

	 	11.6	Survival

 

	 	11.6.1	Any obligations arising from, or expiring upon the expiry or earlier termination of this Agreement survive the expiry or earlier termination of this Agreement.

 

	 	11.6.2	Section 5, Section 8, Section 10 of this Agreement and this Clause 11.6 shall survive the termination of this Agreement.

 

	 	11.7	Waiver

 

Each
Party can only waive any term or condition of this Agreement in writing and with the signatures of all the Parties. Any waiver
made by one Party regarding the other Party’s breach should not be deemed as the waiver of such Party regarding the other
Party’s similar breaches in other situations.

 

	 	11.8	Languages

 

This
Agreement is written in Chinese in five (5) originals, each Party holding one (1) copy.

 

     

     

    

 	English Translation

 

IN WITNESS WHEREOF ,
the Parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first above
written.

 

	Party A:	Guangzhou 100-Education Technology Co., Ltd.
	 	 
	Signature:	/s/ Yujun Liu	 
	Name:	Yujun Liu
	Title:	Legal Representative
	 	 
	Party B-1:	Guangzhou Huaduo Network Technology Co., Ltd.
	 	 
	Signature:	/s/ Ting Li	 
	Name:	Ting Li
	Title:	Legal Representative
	 	 
	Party B-2:	Guangzhou 100-Wuyou Online Education Technology Co., Ltd.
	 	 
	Signature:	/s/ Yujun Liu	 
	Name:	Yujun Liu
	Title:	Legal Representative

 

	Party B-3:	David
    Xueling Li
	 	 
	Signature:	/s/
    David Xueling Li	 
	Name:	Xueling Li

 

	Party C:	Guangzhou Sanrenxing 100-Education Technology Co., Ltd.
	 	 
	Signature:	/s/ Yujun
    Liu	 
	Name:	Yujun Liu
	Title:	Legal Representative

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