Document:

Exhibit 4.55

 

OPERATING AGREEMENT

 

This Operating Agreement (this “Agreement”) is entered into among the following parties in Beijing as of November 20, 2017:

 

Party A:                                                NetEase Youdao Information Technology (Beijing) Co., Ltd.

Address:                                               1/F, Tower C, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District

 

Party B:                                                Beijing NetEase Youdao Computer System Co., Ltd.

Address:                                               2/F, Tower A, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District

 

Party C:                                                Feng Zhou

Address:                                               No. 15, Guang Hua Li, Chaoyang District, Beijing

 

In this Agreement, Party A, Party B and Party C are called collectively as the “Parties” and each of them is a “Party.”

 

WHEREAS:

 

1.                                      Party A is a Wholly foreign owned enterprise duly incorporated and validly existing under the laws of the People’s Republic of China (the “PRC”);

 

2.                                      Party B is a limited liability company duly incorporated and validly existing under PRC law, which is registered in Beijing, to carry out the business;

 

3.                                      Party C is the shareholder of Party B, in which Party C owns 28.927%of the equity interest;

 

4.                                      Party A has established a business relationship with Party B by entering into a Cooperation Agreement (the “Cooperation Agreement”) and other agreements; and

 

5.                                      Pursuant to the above-mentioned agreements between Party A and Party B, Party B shall pay certain sums of money to Party A. The daily operations of Party B will have a material effect on Party B’s ability to pay such account payable to Party A;

 

NOW, THEREFORE, through negotiations, all parties to this Agreement hereby agree as follows:

 

1.                                      Party A agrees, subject to the satisfaction of the relevant provisions herein by Party B and subject to the other provisions in this Agreement, to be the guarantor of Party B in the contracts, agreements or transactions entered into between Party B and any third party in connection with Party B’s business and operations, to provide full guarantees for the performance of such contracts, agreements or transactions by Party B. As counter-guarantee, Party B agrees to pledge the accounts receivable in its operations and all of its assets to Party A. According to the aforesaid guarantee arrangement, Party A, when necessary, is willing to enter into written guarantee contracts with Party B’s counterparties to assume the guarantor’s liabilities. Party B and Party C shall take all necessary actions (including, but not limited to, executing the relevant documents and filing the relevant registrations) to carry out the counter-guarantee arrangement with Party A.

 

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2.                                      In consideration of the requirements of Article 1 hereof and to ensure the performance of the various business agreements between Party A and Party B and the payment by Party B of the amounts payable to Party A thereunder, Party B, together with its shareholder Party C, hereby jointly agree that, without Party A’s prior written consent, Party B shall not engage in any transaction that may materially affect its assets, liabilities, rights or operations (except that Party B may, in the ordinary course of its business, enter into business contracts or agreements, sell or purchase assets and create liens in favor of relevant counter parties as required by law), including, but not limited to, the following:

 

2.1                               To declare any dividend or distribution to any shareholder;

 

2.2                               To borrow money from any third party or assume any debt;

 

2.3                               To sell to or acquire from any third party any asset or rights, including, but not limited to, any intellectual property rights;

 

2.4                               To provide a guarantee for any third party using its assets or intellectual property rights as collateral;

 

2.5                               To assign to any third party its business contracts;

 

2.6                               To engage in any activity beyond its normal business scope;

 

2.7                               To change or dismiss any of its directors or remove and replace any of its officers;

 

2.8                               To amend its articles of association or change its business scope;

 

2.9                               To change its normal business procedures or amend any of its important rules and regulations; or

 

2.10                        To transfer its rights and obligations under this Agreement to any third party.

 

3.                                      In order to ensure the performance of the various business agreements between Party A and Party B and the payment by Party B of the amounts payable to Party A thereunder, Party B, together with its shareholder Party C, hereby jointly agree to accept and comply in all respects with advice and guidance provided by Party A from time to time relating to its corporate policies on matters such as employment and dismissal of employees, daily operations and management, and financial management.

 

4.                                      Party B, together with its shareholder Party C, hereby jointly agree that Party C shall appoint candidates recommended by Party A as directors of Party B, and Party B shall appoint Party A’s senior executive officers recommended by Party A as its president, chief financial officer and other senior executive officers. If any of the above-mentioned senior executive officers of Party A leaves Party A, whether voluntarily or as a result of dismissal by Party A, he or she shall also lose his/her right to hold any position at Party B, and Party B shall appoint other senior executive officers of Party A recommended by Party A to fill such a position. The persons recommended by Party A in accordance with this Article 4 shall comply with the legal requirements regarding the qualifications of directors, presidents, chief financial officers, and other senior executive officers.

 

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5.                                      Party B, together with its shareholder Party C, hereby jointly agree and confirm that Party B shall first seek a guarantee from Party A if Party B needs any guarantee for its performance of any of its contracts or for any borrowing for working capital purposes in the course of its operations. In such cases, Party A shall have the right, but not the obligation, to provide the appropriate guarantee to Party B at Party A’s sole discretion. If Party A decides not to provide such a guarantee, Party A shall immediately issue a written notice to Party B and Party B may seek a guarantee from third parties.

 

6.                                      In the event that any of the agreements between Party A and Party B terminates or expires, Party A shall have the right, but not the obligation, to terminate all agreements between Party A and Party B including, but not limited to, the Cooperation Agreement.

 

7.                                      Any amendment or supplement to this Agreement shall be made in writing. The amendment or supplement duly executed by all Parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement.

 

8.                                      Should any provision of this Agreement be held invalid or unenforceable because of inconsistency with applicable laws, such provision shall be invalid or unenforceable only to the extent of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement.

 

9.                                      Party B shall not assign its rights and obligations under this Agreement to any third party without the prior written consent of Party A. Party B hereby agrees that Party A may assign its rights and obligations under this Agreement as Party A sees fit, in which case Party A only needs to give a written notice to Party B and no further consent of Party B is required.

 

10.                               All Parties acknowledge and confirm that any oral or written materials exchanged pursuant to this Agreement are confidential. Each Party shall keep confidential all such materials and not disclose any such materials to any third Party without the prior written consent from the other Parties except in the following situations: (a) such materials are or will become known by the public (through no fault of the receiving Party); (b) any materials as required to be disclosed by the applicable laws or rules of any stock exchange or governmental entity; and (c) any materials disclosed by each Party to its legal or financial advisors relating to the transactions contemplated by this Agreement, and such legal or financial advisors shall comply with the confidentiality provisions set forth in this Article 10. Any disclosure of confidential information by the personnel of any Party or by the institutions engaged by such Party shall be deemed as a disclosure by such Party, and such Party shall be liable for the breach under this Agreement. Both Parties agree that this Article 10 shall survive the invalidity, cancellation, termination or unenforceability of this Agreement.

 

11.                               The formation, validity, interpretation and performance of and settlement of disputes under this Agreement shall be governed by the laws of the PRC.

 

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12.                               Any dispute, conflict, or claim arising in connection with the interpretation and performance of the provisions of this Agreement (including any issue relating to the existence, validity, and termination of this Agreement) shall be resolved by the Parties in good faith through negotiations. In case no resolution can be reached by the Parties within thirty (30) days after a Party makes a request for dispute resolution through negotiations, any Party may refer such dispute to a competent court having legal jurisdiction over the registration place of Party A.  The Parties agree to submit to the jurisdiction of such court.  The Parties agree that the dispute and any court proceedings shall be kept confidential and that the existence of the proceedings and any element of it (including but not limited to any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed beyond the court, the Parties, their counsels and any person necessary to the conduct of the proceeding, except as may be lawfully required in judicial proceedings or as required by the rules of the U.S. Securities and Exchange Commission, the NASDAQ stock market rules or the rules of any other quotation system or exchange on which the securities of the disclosing Parties or their affiliates are listed or as otherwise required by applicable law.  The Parties further agree to request that the court conduct any proceedings in closed session and to keep the existence of the proceedings and any element of it, including the decision of the court, confidential and refrain from publishing or otherwise disclosing any of the foregoing information to the public, except as may be lawfully required in judicial proceedings or as otherwise required by applicable law.

 

13.                               This Agreement shall be executed by a duly authorized representative of each Party and become effective as of the date first written above.

 

14.                               Notwithstanding Article 13 hereof, once effective, this Agreement shall constitute the entire agreement of the Parties hereto with respect to the subject matters hereof and supersede all prior oral and/or written agreements and understandings by the Parties with respect to the subject matters hereof.

 

15.                               The term of this Agreement is twenty (20) years unless terminated earlier in accordance with the provisions of this Agreement or related agreements entered into by the Parties. This Agreement may be extended only with the written consent of Party A before its expiration. The term of the extension shall be decided by the Parties through negotiation. If the duration of operation (including any extension thereof) of Party A or Party B is expired or terminated for other reasons within the aforesaid term of this Agreement, this Agreement shall be terminated simultaneously, unless such Party has already assigned its rights and obligations hereunder in accordance with Article 9 hereof.

 

16.                               This Agreement will terminate on the expiration date unless it is renewed in accordance with the relevant provision herein. During the term of this Agreement, Party B shall not terminate this Agreement. Notwithstanding the above stipulation, Party A shall have the right to terminate this Agreement at any time by issuing a thirty (30) days’ prior written notice to Party B.

 

[Signature page follows]

 

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IN WITNESS THEREOF, each Party hereto has caused this Agreement to be duly executed by himself/herself or a duly authorized representative on its behalf as of the date first written above.

 

Party A: NetEase Youdao Information Technology (Beijing) Co., Ltd

(Seal)

 

Party B: Beijing NetEase Youdao Computer System Co., Ltd.

(Seal)

 

Party C: Feng Zhou

 

	
Signature:
    	
/s/ Feng Zhou
    	
 
    

 

5Exhibit
10.22

 

SETTLEMENT
AGREEMENT

 

THIS
SETTLEMENT AGREEMENT (the “Agreement”) is made and entered into as of January __, 2018, by and between Montreat
College (“Montreat”) and FirstForm, Inc. f/k/a Sportsfield Engineering, LLC (“FirstForm”).

 

WHEREAS,
Montreat entered into a contract with FirstForm as contractor for the general construction of an athletic complex, including a
multipurpose field, a Beynon Full Pour Embedded Track System, softball field, stadium lights, and ADA public restroom at Montreat
College, Black Mountain Campus, Black Mountain, North Carolina (the “Project”);

 

WHEREAS,
FirstForm entered into a subcontract with Beynon Sports Surfaces, Inc. (“Beynon”) for the installation of a Beynon
Full Pour Embedded Track System (the “Track”).

 

WHEREAS,
a dispute arose between Montreat, FirstForm, and Beynon regarding the condition of the Track;

 

WHEREAS,
Montreat and FirstForm have agreed to work cooperatively to secure a remediation for the track (the “Track Remediation”);

 

WHEREAS,
certain disputes remain between FirstForm and Beynon related to the Track which are not affected by this Agreement;

 

WHEREAS,
in the interests of avoiding further litigation expense, Montreat and FirstForm (collectively the “Parties” or individually,
a “Party”), without any Party acknowledging fault or liability, wish to settle all claims or potential claims regarding
the Track between Montreat and FirstForm as hereinafter set forth.

 

NOW,
THEREFORE, for and in consideration of good and sufficient consideration, the receipt of which is acknowledged, the Parties
hereto agree as follows:

 

1.
Commencement of Remediation. No later than forty-five (45) after the execution of this agreement, FirstForm shall
present Montreat with a recommended contractor to provide the Track Remediation, along with the contractor’s proposed specifications,
warranty language, project timeline, references, and a draft contract between the contractor and FirstForm. Montreat shall provide
its commercially reasonable feedback within ten (10) business days. The parties agree to work cooperatively to commence remediation
in a timely fashion, with a goal to have remediation complete no later than July 15, 2018. The Track Remediation shall provide
Montreat with a track that is the same or reasonably comparable to the Beynon Sports BSS 1000 Full Pour Embedded Track Surface
at a thickness of 10mm with a five-year warranty, as originally specified in the contract for the Project.

 

2.
Payment of Retainage. The Parties agree that Montreat shall be responsible for paying the amount of $110,000 to
satisfy the remaining retainage on the Project. Montreat has deposited $110,000 with Fidelity National Title Company as escrow
agent (the “Tennoca Funds”), with disbursement as set forth in the Escrow Agreement dated October 9, 2017 and attached
hereto as Exhibit A (“Escrow Agreement”), in accordance with the following schedule:

 

    	 

     

    

 

	 	a.	$55,000
    shall be disbursed directly to Tennoca upon mobilization of the approved subcontractor for the Track Remediation.
	 	 	 
	 	b.	$30,000
    shall be disbursed directly to Tennoca upon completion of the track surface by the approved subcontractor for the Track Remediation.
	 	 	 
	 	c.	$25,000
    shall be disbursed directly to Tennoca upon final walk-through, acceptance of the track, and delivery of a Final Lien Waiver
    from FirstForm and all subcontractors for the Track Remediation.

 

The
Parties explicitly intend and agree that Tennoca is a third-party beneficiary of this Settlement Agreement with full power to
enforce this paragraph.

 

3.
Track Remediation. The Track Remediation shall be completed pursuant to specifications and a contract that are mutually
agreeable to FirstForm and Montreat. The contract shall provide that FirstForm is responsible for providing to Montreat all deliverables
and for obtaining from Montreat the approvals as set forth in the agreed-uopn specifications and contract. The schedule for the
Track Remediation shall be coordinated with Montreat to ensure a minimal impact on campus activities.

 

4.
Payment for the Track Remediation.

 

	 	a.	The
    Parties agree that, excepting any change order arising from an act or omission of Montreat or its agents or employees, FirstForm
    shall be solely and completely responsible for all payments to all subcontractors who perform work for the Track Remediation.
    FirstForm has deposited $370,000.00 with Fidelity National Title Company as escrow agent (the “Track Remediation Funds”),
    with disbursement as set forth in the Escrow Agreement. The Parties will sign and submit Joint Instructions to disburse funds
    to the designated Track Remediation contractor in accordance with the Escrow Agreement within three business days after the
    completion of, and receipt of the invoice for, each portion of the Work in accordance an approved schedule.:
	 	 	 
	 	b.	The
    parties agree that Montreat shall have no payment obligations outside of the Payment of Retainage as described in Section
    2. In addition to the provisions for fund release as provided in the Escrow Agreement, Montreat will be provided copies of
    all progress payment applications, which shall include a Waiver and Release of Lien Upon Progress Payment, as set forth in
    the attached Exhibit B.

 

5.
Track Remediation Warranty. The Parties agree that upon the final walk through and acceptance of the Track Remediation,
the Track Remediation work shall be warrantied by the Track Remediation contractor for a period of five (5) years (“Warranty”).

 

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6.
Cooperation Agreement. In consideration for execution of this Agreement, Montreat agrees to fully cooperate with
FirstForm and counsel for FirstForm in connection with any future legal action instituted by FirstForm against Beynon, unless
Beynon asserts a claim against Montreat, after which Montreat’s cooperation with FirstForm will be limited to the extent
such cooperation would impair the ability for Montreat to adequately defend itself against any Beynon claims. Montreat’s
cooperation shall include, but not be limited to: identifying and interpreting pertinent documents; working with counsel and experts
retained by FirstForm to evaluate claims; assisting in preparation and attendance at settlement discussions, mediations, depositions
and trial without requiring a subpoena.

 

7.
Mutual Limited Release. Each Party does irrevocably and unconditionally release,
acquit, and forever discharge the other Party from any and all charges, claims, liabilities, obligations, agreements, controversies,
damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees
and costs), whether legal, equitable, known or unknown, relating to the Track Surface at the Project. For the avoidance of doubt,
specifically reserved and excepted by the Parties from this release are all claims against Beynon. This limited release applies
only to the original Track Surface work performed at the Project. It does not apply to claims arising from or relating to any
other work performed by FirstForm at the Project, including the Track Remediation, or to any other property owned or operated
by Montreat. Enforcement of the Warranty is Montreat’s exclusive remedy for any claim arising out any portion of the Track
Remediation performed by the Track Remediation Contractor.

 

8.
Reservation of Rights. FirstForm reserves the right to pursue any and all claims and causes of action it may have
against Beynon or any of its subcontractors with respect to losses suffered on the Project, including but not limited to the matters
herein. Montreat reserves the right to pursue any and all claims and causes of action it may have against Beynon with respect
to losses suffered on the Project, including but not limited to the matters herein.

 

9.
Additional Documentation. The Parties, for themselves and their counsel, agree to cooperate in the preparation and
execution of any additional documentation reasonably necessary to consummate the terms of this Agreement.

 

10.
Governing Law, Jurisdiction, and Venue. This Agreement shall be governed by and construed, interpreted and enforced
in accordance with the internal laws of the state of North Carolina without reference to any choice or conflict of law provisions
which would operate to make the internal laws of any other jurisdiction applicable. The Parties consent and agree to the exclusive
jurisdiction and venue of the state and federal courts in Buncombe County, North Carolina for any action relating to this Agreement.

 

11.
Modification. Neither this Agreement, nor any provision hereof, may be waived, modified, amended, discharged, or
terminated, except by written instruments signed by the Party against whom the enforcement of such waiver, modification, amendment,
discharge, or termination is sought, and then only to the extent set forth in such instrument.

 

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12.
Entire Agreement. This Agreement is the only Agreement between the Parties with respect to the subject matter hereof.
This Agreement contains all of the terms agreed upon, and there are no other agreements, oral or written, between the Parties
with respect to the subject matter hereof; nor have any promises or representations been made by or to any Party except as expressly
set forth herein.

 

13.
Benefit of Counsel. All Parties have had the full benefit of counsel and of representation in the negotiation, preparation,
drafting, and execution of this Agreement; all Parties have read and fully understood the provisions of this Agreement prior to
its execution and delivery; and each party adopts this Agreement and enters into, executes, and delivers this Agreement as its
own and voluntary act with full authority.

 

14.
Attorneys’ Fees and Expenses. It is understood that each party to this Agreement shall have the burden and
responsibility of paying for and satisfying any claims for its own attorneys’ fees, disbursements, costs and other expenses
incurred by each party with respect to their legal representation and this controversy.

 

15.
Breach. In the event that breach of this Agreement results in legal action, the non-prevailing party must pay all
costs and expenses, including reasonable attorney’s fees, associated with the enforcement of this Agreement.

 

16.
Severability. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present
or future laws, such provision shall be fully severable and the remainder of this Agreement shall continue in full force. In lieu
of any severed provision, there shall be added a provision with terms, and effect as similar as possible to such illegal, invalid,
or unenforceable provision as may be possible, and legal, valid, and enforceable.

 

17.
Counterparts. This Agreement may be executed in separate counterparts, original or PDF, each of which shall constitute
an original, but all of which, when taken together, shall constitute but one Agreement.

 

18.
Release of Escrow Funds Upon Termination and Tolling. If, after a good faith effort, the Parties are unable to reach
a mutually agreeable remediation plan, or this Agreement is terminated by the Parties for any other reason, the Parties will take
all steps necessary under the Escrow Agreement to disburse all remaining Retainage Funds to Montreat and all remaining Track Remediation
Funds to State Auto Insurance Companies. In the event of termination and disbursement, the Parties agree that for purposes of
calculating time for all time-related defenses, including, but not limited to, statutes of limitation, statutes of repose, and
laches, the period January __, 2018 through the date of termination or disbursement, whichever is later, will be tolled.

 

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IN
WITNESS WHEREOF, the Parties, through their duly authorized representatives, and intending to be legally bound by a sealed instrument,
have executed this Agreement, under seal.

 

	 	MONTREAT COLLEGE
	 	 	 
	 	By:
    	/s/
    Paul J. Maurer	 (SEAL)
	 	Its:
    	President	 
	 	 	 	 
	 	FIRSTFORM INC.
	 	 	 	 
	 	By: 
    	/s/
    Jeromy Olson 	(SEAL)
	 	Its:
    	Chief
    Executive Officer	 

 

    	5

     

    

 

EXHIBIT
A

 

Waiver
and Release of Lien Upon Progress Payment

 

    	6

     

    

 

WAIVER
AND RELEASE OF LIEN UPON PROGRESS PAYMENT

 

OWNER:
Montreat College

GENERAL
CONTRACTOR: FirstForm Inc.

SUBCONTRACTOR:

PROJECT
NAME: Montreat Track Remediation

 

County
of Buncombe

State
of North Carolina

 

The
undersigned, in consideration of the sum of $____________, hereby waives and releases its lien and right to claim a lien for labor,
services, or materials furnished through _____ __, 2017 to ______________ on the job of Montreat College (Owner)
to the following property: Montreat College Track Remediation, Black Mountain, North Carolina. This waiver and release
does not cover any retention or labor, services or materials furnished after the date specified.

 

Any
and all contractors, subcontractors, laborers and suppliers that have provided labor, materials or services to the undersigned
for use or incorporation into the construction of the improvements or alterations to the Project have been paid and satisfied
in full, and there are no outstanding claims of any nature arising out of, or related to, the undersigned’s activities on,
or improvements to, the Project.

 

This
Waiver and Release of Lien constitutes a representation by the undersigned signatory, for and on behalf of the firm or company
listed below, that the payment referenced above, once received, constitutes full and complete payment for all work performed,
and all costs or expenses incurred (including, but not limited to, costs for supervision, field office overhead, home office overhead,
interest on capital, profit, and general conditions costs) relative to the work or improvements in the Project as of the date
of this Waiver and Release of Lien, except for the payment of retainage. The undersigned hereby specifically waives, quitclaims
and releases any claim for damages due to delay, hindrance, interference, acceleration, inefficiencies or extra work, or any other
claim of any kind it may have against the Owner, the Owner’s lender, any tenant of Owner, the General Contractor (if this
Waiver and Release of Lien is signed by a subcontractor or supplier), or any other person or entity with a legal or equitable
interest in the Project, as of the date of this Waiver and Release of Lien.

 

This
Waiver and Release of Lien is specifically made for the benefit of the Owner and any other person or entity with a legal or equitable
interest in the Project. The amount of money set forth as due and owing in the immediately preceding Waiver and Release of Lien
dated ____________, 2017, has been received, and is deemed paid in full.

 

In
Witness Whereof, the undersigned signatory, acting for and on behalf of the firm or company listed below and all of its laborers,
subcontractors, and suppliers, has placed his hand and seal this _____ day of __________, 2017.

 

	Witness	 	Contractor/Supplier/Sub-Contractor
	 

        _______________________________________________
	 	 

        By:____________________________________________

	 	 	Title:
    __________________________________________
	 	 	 
	Signed
                                         and sworn to before me this _____ day of _____________________, 20_____.

         

        

	_______________________________________________	 	My
    Commission Expires: ___________________
	Notary
    Public	 	 

 

    	7

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