Document:

Exhibit 4.32

 

Second Amended and Restated Loan Agreement

 

 

This Second
Amended and Restated Loan Agreement (this “Agreement”) is made and entered into by and between the Parties below
as of the 5th  day of July, 2016 in Beijing, People's Republic of China (“PRC” or “China”):

 

		(1)	Tarena Technologies Group Inc. (the “Lender”), a Wholly Foreign Owned Enterprise,
organized and existing under the laws of China, with its address at Suite 3709, 18 Jia West Road of North Third Ring, Haidian District,
Beijing;

 

		(2)	Li Jianguang (the “Borrower”), a citizen of the China with Chinese Identification
No.:         .

 

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

 

Whereas:

 

		1.	The Borrower holds 30% of equity interests in Beijing Tarena Jinqiao Technology Co., Ltd. (the
“Borrower Company”). All of the equity interests now held and hereafter acquired by the Borrower in the Borrower Company
shall be referred to as “the Borrower Equity Interest”. The Borrower Company is a limited company duly registered in
Beijing, China with its registered capital of RMB 5,000,000;

 

		2.	The Lender confirms that it agrees to provide the Borrower with and the Borrower confirms that
he/she has received a loan to be used for the purposes set forth under this agreement.

 

		3.	The Lender and the Borrower executed a Loan Agreement (the “Original Loan Agreement”)
on November 25, 2013. The Parties intend to enter this Agreement to replace and supersede the Original Loan Agreement by executing
this Agreement.

 

After friendly consultation,
the Parties agree as follows:

 

		1.	Loan

 

		1.1	In accordance with the terms and conditions of this Agreement, the Lender agrees to provide an
interest-free loan in the amount of RMB1,500,000 (the “Loan”) to the Borrower. For the avoidance of doubt, the interest-free
loan in the amount of RMB600,000 provided in the Original Loan Agreement shall be part of the Loan provided in this Agreement,
and the Lender will provide another interest-free loan in the amount of RMB900,000 to the Borrower pursuant to this Agreement so
that the total amount of Loan under this Agreement will be RMB1,500,000. The term of the Loan shall be 10 years from the date of
this Agreement, which may be extended upon mutual written consent of the Parties. During the term of the Loan or the extended term
of the Loan, the Borrower shall immediately repay the full amount of the Loan in the event that any one or more of the following
circumstances occur:

 

    	 	1	 

     

    

 

		1.1.1	30 days elapse after the Borrower receives a written notice from the Lender requesting repayment
of the Loan;

 

		1.1.2	The Borrower’s death, lack or limitation of civil capacity;

 

		1.1.3	The Borrower ceases (for any reason) to be an employee of the Lender, the Borrower Company or their
affiliates;

 

		1.1.4	The Borrower engages in criminal act or is involved in criminal activities;

 

		1.1.5	According to the applicable laws of China, foreign investors are permitted to invest in the business
that is currently conducted by the Borrower Company in China with a controlling stake and/or in the form of wholly-foreign-owned
enterprises, the relevant competent authorities of China begin to approve such investments, and Tarena International Inc., as the
sole shareholder of Lender, exercises the exclusive option under the Exclusive Option Agreement described in this Agreement.

 

		1.2	The Loan provided by the Lender under this Agreement shall inure to the Borrower’s benefit
only and not to the Borrower’s successor(s) or assign(s).

 

		1.3	The Borrower agrees to accept the aforementioned Loan provided by the Lender, and hereby agrees
and warrants using the Loan to provide capital for the Borrower Company to develop the business of the Borrower Company. Without
the Lender’s prior written consent, the Borrower shall not use the Loan for any purpose other than as set forth herein.

 

		1.4	The Lender and the Borrower hereby agree and acknowledge that the Borrower’s method of repayment
of the Loan set forth in Section 1.1 shall be at the sole discretion of the Lender, and may at the Lender’s option take the
form of the Borrower’s transferring the Borrower Equity Interest in whole to Tarena International Inc. or Tarena International
Inc.’s designated persons (legal or natural persons) to the extent permitted under the applicable PRC laws pursuant to the
Tarena International Inc.’s exercise of its right to acquire the Borrower Equity Interest under the Exclusive Option Agreement.

 

		1.5	The Borrower also undertakes to execute an irrevocable Power of Attorney (the “Power of Attorney”),
which authorizes a legal or natural person designated by Tarena International Inc. to exercise all of the Borrower’s rights
as a shareholder of the Borrower Company.

 

    	 	2	 

     

    

 

		1.6	The Parties agree hereof that the Loan shall be interest-free unless otherwise agreed in this Agreement.
When the Borrower transfers the Borrower Equity Interest to the Tarena International Inc. or Tarena International Inc.’s
designated person(s), in the event that the transfer price of such equity interest exceeds the principal of the Loan under this
Agreement, the excess over the principal shall be deemed the interest of the Loan under this Agreement payable by the Borrower
to the Lender.

 

		2.	Conditions Precedent

 

The obligation
of the Lender to provide the Loan to the Borrower contemplated in Section 1.1 shall be subject to the satisfaction of the following
conditions, unless waived in writing by the Lender.

 

		2.1	The Borrower Company and the Lender or other person (legal or natural person) designated by the
Lender have officially executed an Amended and Restated Exclusive Business Cooperation Agreement (the “Exclusive Business
Cooperation Agreement”), under which the Lender or other person designated by the Lender, as an exclusive service provider,
will provide the Borrower Company with business support service and business consulting service.

 

		2.2	The Borrower, the Borrower Company and the Lender or other person (legal or natural person) designated
by the Lender have executed an Amended and Restated Share Pledge Agreement (the “Share Pledge Agreement”), the contents
of which have been confirmed, and according to the Share Pledge Agreement, the Borrower agrees to pledge the Borrower Equity Interest
to the Lender or other person designated by the Lender.

 

		2.3	The Borrower, the Lender, Tarena International Inc. and the Borrower Company have officially executed
an Amended and Restated Exclusive Option Agreement (the “Exclusive Option Agreement”), the contents of which have been
confirmed, and under which the Borrower shall irrevocably grant Tarena International Inc. an exclusive option to purchase all of
the Borrower Equity Interest.

 

		2.4	The Borrower has executed an irrevocable Power of Attorney (the “Power of Attorney”),
which authorizes Lender or other person (legal or natural person) designated by Lender to exercise all of the Borrower’s
rights as a shareholder in the Borrower Company.

 

		2.5	The aforementioned Share Pledge Agreement, Power of Attorney, Exclusive Option Agreement and Exclusive
Business Cooperation Agreement have been entered into before or on the date of execution of this Agreement and shall have full
legal validity without any default or encumbrance related to these agreements or contracts, and all the related filing procedures,
approvals, authorization, registrations and government procedures have been completed (as applicable).

 

    	 	3	 

     

    

 

		2.6	All the representations and warranties by the Borrower in Section 3.2 are true, complete, correct
and not misleading.

 

		2.7	The Borrower has not violated the covenants in Section 4 of this Agreement, and no event which
may affect the Borrower’s performance of its obligations under this Agreement has occurred or is expected to occur.

 

		3.	Representations and Warranties

 

		3.1	Between the date of this Agreement and the date of termination of this Agreement, the Lender hereby
makes the following representations and warranties to the Borrower:

 

		3.1.1	The Lender is a corporation duly organized and legally existing in accordance with the laws of
China;

 

		3.1.2	The Lender has the legal capacity to execute and perform this Agreement. The execution and performance
by the Lender of this Agreement is consistent with the Lender’s scope of business and the provisions of the Lender’s
corporate bylaws and other organizational documents, and the Lender has obtained all necessary and proper approvals and authorizations
for the execution and performance of this Agreement; and

 

		3.1.3	This Agreement constitutes the Lender’s legal, valid and binding obligations enforceable
in accordance with its terms.

 

		3.2	Between the date of this Agreement and the date of termination of this Agreement, the Borrower
hereby makes the following representations and warranties:

 

		3.2.1	The Borrower has the legal capacity to execute and perform this Agreement. The Borrower has obtained
all necessary and proper approvals and authorizations for the execution and performance of this Agreement;

 

		3.2.2	The Borrower has caused his/her spouse to agree never to claim any ownership rights in the Borrower
Equity Interest, including, without limitation, claiming that the Borrower Equity Interest constitutes communal property of marriage;

 

		3.2.3	This Agreement constitutes the Borrower’s legal, valid and binding obligations enforceable
in accordance with its terms; and

 

		3.2.4	There are no disputes, litigations, arbitrations, administrative proceedings or any other legal
proceedings relating to the Borrower, nor are there any potential disputes, litigations, arbitrations, administrative proceedings
or any other legal proceedings relating to the Borrower.

 

    	 	4	 

     

    

 

		4.	Borrower's Covenants

 

		4.1	As and when he/she becomes, as well as for so long as he/she remains a shareholder of the Borrower
Company, the Borrower irrevocably covenants that during the term of this Agreement, the Borrower shall cause the Borrower Company:

 

		4.1.1	to strictly abide by the provisions of the Exclusive Option Agreement and the Exclusive Business
Cooperation Agreement, and to refrain from any action/omission that may affect the effectiveness and enforceability of the Exclusive
Option Agreement and the Exclusive Business Cooperation Agreement;

 

		4.1.2	at the request of the Lender (or a party designated by the Lender), to execute agreements/contracts
on business cooperation with the Lender (or a party designated by the Lender), and to strictly abide by such agreements/contracts;

 

		4.1.3	to provide the Lender with all of the information on the Borrower Company's business operations
and financial situation at the Lender’s request;

 

		4.1.4	to immediately notify the Lender of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to the Borrower Company's assets, business or income;

 

		4.1.5	at the request of the Lender, to appoint any persons designated by Lender as directors of the Borrower
Company.

 

		4.2	The Borrower covenants that during the term of this Agreement, he/she shall:

 

		4.2.1	endeavor to keep the Borrower Company to engage in its principal businesses specified in its business
license;

 

		4.2.2	abide by the provisions of this Agreement, the Power of Attorney, the Share Pledge Agreement and
the Exclusive Option Agreement to which the Borrower is a party, perform his/her obligations under this Agreement, the Power of
Attorney, the Share Pledge Agreement and the Exclusive Option Agreement, and refrain from any action/omission that may affect the
effectiveness and enforceability of this Agreement, the Power of Attorney, the Share Pledge Agreement and the Exclusive Option
Agreement;

 

		4.2.3	not sell, transfer, mortgage or dispose of in any other manner the legal or beneficial interest
in the Borrower Equity Interest, or allow the encumbrance thereon of any security interest or the encumbrance, except in accordance
with the Share Pledge Agreement;

 

    	 	5	 

     

    

 

		4.2.4	cause any shareholders’ meeting and/or the board of directors of the Borrower Company to
not approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the Borrower
Equity Interest, or allow the encumbrance thereon of any security interest, except to the Lender or the Lender’s designated
person;

 

		4.2.5	cause any shareholders’ meeting and/or the board of directors of the Borrower Company not
to approve the merger or consolidation of the Borrower Company with any person, or its acquisition of or investment in any person,
without the prior written consent of the Lender;

 

		4.2.6	immediately notify the Lender of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to the Borrower Equity Interest;

 

		4.2.7	to the extent necessary to maintain his/her ownership of the Borrower Equity Interest, execute
all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints
or raise necessary and appropriate defenses against all claims;

 

		4.2.8	without the prior written consent of the Lender, refrain from any action/omission that may have
a material impact on the assets, business and liabilities of the Borrower Company;

 

		4.2.9	appoint any designee of the Lender as director of the Borrower Company, at the request of the Lender;

 

		4.2.10	to the extent permitted by the laws of China, at the request of the Lender at any time, promptly
and unconditionally transfer all of the Borrower Equity Interest to the Lender or the Lender’s designated representative(s)
at any time, and cause the other shareholders of the Borrower Company to waive their right of first refusal with respect to the
share transfer described in this Section;

 

		4.2.11	to the extent permitted by the laws of China, at the request of the Lender at any time, cause the
other shareholders of the Borrower Company to promptly and unconditionally transfer all of their equity interests to the Lender
or the Lender’s designated representative(s) at any time, and the Borrower hereby waives his/her right of first refusal (if
any) with respect to the share transfer described in this Section;

 

		4.2.12	without the prior written consent of the Lender, not to cause the Borrower Company to supplement,
change, or amend its articles of association in any manner, increase or decrease its registered capital or change its share capital
structure in any manner.

 

    	 	6	 

     

    

 

		5.	Liability for Default

 

		5.1	If the Borrower commits any material breach of any term of this Agreement, the Lender shall have
the right to terminate this Agreement and require the Borrower to pay for all damages; this Section 5.1 shall be without prejudice
to any other rights of the Lender herein.

 

		5.2	The Borrower shall have no right to terminate this Agreement in any event unless otherwise required
by the applicable laws.

 

		5.3	In the event that the Borrower fails to perform the repayment obligations set forth in this Agreement,
the Borrower shall pay an overdue interest of 0.01% per day for the outstanding payment, until the day the Borrower repays the
full principal of the Loan, overdue interests and other payable amounts.

 

		6.	Notices

 

		6.1	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:

 

		6.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of delivery.

 

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

 

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

 

	Party A:	Tarena Technologies Group Inc.
	Attn:	Han Shaoyun
	Address:	Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing
	Phone:	010 6213-6369
	Facsimile:	010 6211-0873
	 	 
	Party B: 	Li Jianguang
	Address: 	5 Jianguomennei Avenue, Dongcheng District, Beijing
	Phone:	010 6526-2400

 

		6.3	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.

 

    	 	7	 

     

    

 

		7.	Confidentiality

 

The Parties acknowledge that
any oral or written information exchanged among them with respect to this Agreement is confidential information. The Parties shall
maintain the confidentiality of all such information, and without the written consent of other Party, either Party shall not disclose
any relevant information to any third party, except in the following circumstances: (a) such information is or will be in the public
domain (provided that this is not the result of a public disclosure by the receiving party); (b) information disclosed as required
by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its
legal counsel or financial advisor regarding the transaction contemplated hereunder, and such legal counsel or financial advisor
are also bound by confidentiality duties similar to the duties in this section. Disclosure of any confidential information by the
staff members or agency 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.

 

		8.	Governing Law and Resolution of Disputes

 

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

 

		8.2	In the event of any dispute with respect to the construction and performance of the provisions
of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an
agreement on the resolution of such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations,
any Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration,
in accordance with its then-effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used during
arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties.

 

		8.3	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.

 

		9.	Miscellaneous

 

		9.1	This Agreement shall become effective on the date thereof, and shall expire upon the date of full
performance by the Parties of their respective obligations under this Agreement. Since the effective date of this Agreement, the
Original Loan Agreement shall be terminated and shall be replaced and superseded by this Agreement.

 

    	 	8	 

     

    

 

		9.2	This Agreement is written in both Chinese and English language in two copies, with each Party having
one copy with equal legal validity. In case there is any conflict between the Chinese version and the English version, the Chinese
version shall prevail.

 

		9.3	This Agreement may be amended or supplemented through written agreement by and between the Lender
and the Borrower. Such written amendment agreement and/or supplementary agreement executed by and between the Lender and the Borrower
are an integral part of this Agreement, and shall have the same legal validity as this Agreement.

 

		9.4	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
the relevant laws 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.

 

		9.5	The attachments (if any) to this Agreement shall be an integral part of this Agreement and shall
have the same legal validity as this Agreement.

 

		9.6	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 termination thereof. The provisions of Sections 5, 7,
8, and this Section 9.6 shall survive the termination of this Agreement.

 

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Second Amended and Restated Loan Agreement as of the date
first above written.

 

 

 

	Lender: 	Tarena Technologies Group Inc.	 
	 	 	 
	By:	/s/ Han Shaoyun 	(Company
                                         seal affixed)
	Name: 	Han Shaoyun	 
	Title:  	Legal Representative	 
	 	 	 
	 	 	 
	Borrower:	Li Jianguang 	 
	 	 	 
	By: 	/s/ Li JianguangExhibit 4.33

 

Second Amended and Restated Share Pledge
Agreement

 

This Second Amended
and Restated Share Pledge Agreement (this “Agreement”) has been executed by and among the following parties on July 5,
2016 in Beijing, the People’s Republic of China (“China” or the “PRC”):

 

Party
A: Tarena Technologies Group Inc. (hereinafter “Pledgee”);

Address:
Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing

 

Party
B: Han Shaoyun (hereinafter “Pledgor”)

ID No.: 

 

Party C: Beijing Tarena Jinqiao Technology
Co., Ltd. 

Address:
Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing

 

In this Agreement,
each of Pledgee, Pledgor and Party C shall be referred to as a “Party” respectively, and they shall be collectively
referred to as the “Parties”.

 

Whereas:

 

		1.	Pledgor is a Chinese citizen and holds 70% of the equity interest in Party C. Party C is a limited
liability company registered in Beijing, China engaging in technology development, technology transfer, technology consulting,
etc.. Party C acknowledges the respective rights and obligations of Pledgor and Pledgee under this Agreement, and intends to provide
any necessary assistance in registering the Pledge;

 

		2.	Pledgee is a wholly foreign-owned enterprise registered in China. Pledgee and Party C which is
partially owned by Pledgor have executed an Exclusive Business Cooperation Agreements (as defined below) in Beijing; Party C, Pledgee,
Pledgor and Tarena International Inc. have executed an Exclusive Option Agreements (as defined below); Pledgor has executed a Power
of Attorney (as defined below) in favor of Tarena International Inc.; and Pledgee and Pledgor have executed a Loan Agreement (as
defined below);

 

		3.	To ensure that Party C and Pledgor fully perform their obligations under the Exclusive Business
Cooperation Agreement, the Exclusive Option Agreement, the Loan Agreement and the Power of Attorney, Pledgor hereby pledges to
the Pledgee all of the equity interest that Pledgor holds in Party C as security for Party C’s and Pledgor’s obligations
under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, the Loan Agreement and the Power of Attorney.

 

		4.	Party A, Party B and Party C executed an Amended and Restated Share Pledge Agreement on November
25, 2013 (the “Original Share Pledge Agreement”). The Parties intend to enter this Agreement to replace and supersede
the Original Share Pledge Agreement by executing this Agreement.

 

    	 	1	 

     

    

 

To perform the provisions of the
Transaction Documents (as defined below), the Parties have mutually agreed to execute this Agreement upon the following terms.

 

		1.	Definitions

 

Unless otherwise provided herein,
the terms below shall have the following meanings:

 

		1.1	Pledge: shall refer to the security interest granted by Pledgor to Pledgee pursuant to Article
2 of this Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales
price of the Equity Interest.

 

		1.2	Equity Interest: shall refer to 70% equity interests in Party C currently held by Pledgor, representing
RMB3,500,000 in the registered capital of Party C, and all of the equity interest hereafter acquired by Pledgor in Party C.

 

		1.3	Term of Pledge: shall refer to the term set forth in Section 3.2 of this Agreement.

 

		1.4	Transaction Documents: shall refer to the Amended and Restated Exclusive Business Cooperation Agreement
executed by and between Party C and Pledgee on November 25, 2013 (the “Exclusive Option Agreements”; (ii) Second Amended
and Restated Exclusive Option Agreement executed by and among Party C, Pledgee and Pledgor on July 5, 2016 (the “Exclusive
Option Agreement”); (iii) Second Amended and Restated Loan Agreement executed by and between Pledgee and Pledgor on July 5,
2016 (the “Loan Agreement”); (iv) Power of Attorney executed on July 5, 2016 by Pledgor (the “Power of Attorney”)
and any modification, amendment and restatement to the aforementioned documents.

 

		1.5	Contract Obligations: shall refer to all the obligations of Pledgor under the Exclusive Option
Agreement, the Power of Attorney, the Loan Agreement and this Agreement; all the obligations of Party C under the Exclusive Business
Cooperation Agreement, the Exclusive Option Agreement and this Agreement.

 

		1.6	Secured Indebtedness: shall refer to all the direct, indirect and derivative losses and losses
of anticipated profits, suffered by Pledgee, incurred as a result of any Event of Default. The amount of such loss shall be calculated
in accordance with the reasonable business plan and profit forecast of Pledgee, the consulting and service fees payable to Pledgee
under the Exclusive Business Cooperation Agreement, all expenses occurred in connection with enforcement by Pledgee of Pledgor’s
and/or Party C’s Contract Obligations and etc.

 

		1.7	Event of Default: shall refer to any of the circumstances set forth in Article 7 of this Agreement.

 

    	 	2	 

     

    

 

		1.8	Notice of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement
declaring an Event of Default.

 

		2.	The Pledge

 

		2.1	Pledgor agrees to pledge all the Equity Interest as security for performance of the Contract Obligations
and payment of the Secured Indebtedness under this Agreement. Party C hereby assents that Pledgor pledges the Equity Interest to
the Pledgee pursuant to this Agreement.

 

		2.2	During the term of the Pledge, Pledgee is entitled to receive dividends distributed on the Equity
Interest. Pledgor may receive dividends distributed on the Equity Interest only with prior written consent of Pledgee. Dividends
received by Pledgor on Equity Interest after deduction of individual income tax paid by Pledgor shall be, as required by Pledgee,
(1) deposited into an account designated and supervised by Pledgee and used to secure the Contract Obligations and pay the Secured
Indebtedness prior and in preference to any other payment; or (2) unconditionally donated to Pledgee or any other person designated
by Pledgee to the extent permitted under applicable PRC laws.

 

		2.3	Pledgor may subscribe for capital increase in Party C only with prior written consent of Pledgee.
Any equity interest obtained by Pledgor as a result of Pledgor’s subscription of the increased registered capital of the
Company shall also be deemed as Equity Interest.

 

		2.4	In the event that Party C is required by PRC law to be liquidated or dissolved, any interest distributed
to Pledgor upon Party C’s dissolution or liquidation shall, upon the request of the Pledgee, be (1) deposited into an account
designate and supervised by Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior and in preference
to any other payment; or (2) unconditionally donated to Pledgee or any other person designated by Pledgee to the extent permitted
under applicable PRC laws.

 

		3.	Term of Pledge

 

		3.1	The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated
herein has been registered with relevant administration for industry and commerce (the “AIC”). The Pledge shall be
continuously valid until all payments due under the Exclusive Business Cooperation Agreement have been fulfilled by Party C. The
parties agree that within 3 business days following the execution of this Agreement, Pledgor and Party C shall register the Pledge
in the shareholders’ register of Party C, and within 10 business days after the competent AIC has formally begun accepting
applications for the registration of equity interest pledge, Pledgor and Party C shall submit application to the AIC for the registration
of the Pledge of the Equity Interest contemplated herein. Pledgor and Party C shall submit all necessary documents and complete
all necessary procedures, as required by the PRC laws and regulations and the relevant AIC, to ensure that the Pledge of the Equity
Interest shall be registered with the AIC within 20 business days after filing (or such other time period normally required by
the relevant AIC).

 

    	 	3	 

     

    

 

		3.2	During the Term of Pledge, in the event Party C fails to perform the Contract Obligations or pay
Secured Indebtedness, Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance with the provisions
of this Agreement.

 

		4.	Custody of Records for Equity Interest subject to Pledge

 

During the Term of Pledge set
forth in this Agreement, Pledgor shall deliver to Pledgee's custody the capital contribution certificate for the Equity Interest
and the shareholders' register containing the Pledge within one week from the execution of this Agreement. Pledgee shall have custody
of such items during the entire Term of Pledge set forth in this Agreement.

 

 

		5.	Representations and Warranties of Pledgor and Party C

 

As of the execution date of
this Agreement, Pledgor and Party C hereby jointly and severally represent and warrant to Pledgee that:

 

		5.1	Pledgor is the sole legal owner of the Equity Interest.

 

		5.2	Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with
the provisions set forth in this Agreement.

 

		5.3	Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the
Equity Interest.

 

		5.4	Pledgor and Party C have obtained any and all approvals and consents from applicable government
authorities and third parties (if required) for execution, delivery and performance of this Agreement.

 

		5.5	The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC
laws; (ii) conflict with Party C’s articles of association or other constitutional documents; (iii) result in any breach
of or constitute any default under any contract or instrument to which it is a party or by which it is otherwise bound; (iv) result
in any violation of any condition for the grant and/or maintenance of any permit or approval granted to any Party; or (v) cause
any permit or approval granted to any Party to be suspended, cancelled or attached with additional conditions.

 

		6.	Covenants of Pledgor and Party C

 

		6.1	During the term of this Agreement, Pledgor and Party C hereby jointly and severally covenant to
the Pledgee:

 

		6.1.1	not transfer the Equity Interest, place or permit the existence of any security interest or other
encumbrance on the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Transaction
Documents;

 

    	 	4	 

     

    

 

		6.1.2	Pledgor and Party C shall comply with the provisions of all laws and regulations applicable to
the pledge of rights, and within 5 days of receipt of any notice, order or recommendation issued or prepared by relevant competent
authorities regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall comply
with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned
matters upon Pledgee's reasonable request or upon consent of Pledgee;

 

		6.1.3	Pledgor and Party C shall promptly notify Pledgee of any event or notice received by Pledgor that
may have an impact on Pledgee's rights to the Equity Interest or any portion thereof, as well as any event or notice received by
Pledgor that may have an impact on any guarantees and other obligations of Pledgor arising out of this Agreement.

 

		6.1.4	Party C shall complete the registration procedures for extension of the term of operation within
three (3) months prior to the expiration of such term to maintain the validity of this Agreement.

 

		6.2	Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect
to the Pledge shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through
any legal proceedings.

 

		6.3	To protect or perfect the security interest granted by this Agreement for payment of the Service
Fees under the Exclusive Business Cooperation Agreement, Pledgor hereby undertakes to execute in good faith and to cause other
parties who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee.
Pledgor also undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by
Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into
all relevant documents regarding ownership of Equity Interest with Pledgee or designee(s) of Pledgee (natural persons/legal persons).
Pledgor undertakes to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that
are required by Pledgee.

 

		6.4	Pledgor hereby undertakes to comply with and perform all guarantees, promises, agreements, representations
and conditions under this Agreement. In the event of failure or partial performance of its guarantees, promises, agreements, representations
and conditions, Pledgor shall indemnify Pledgee for all losses resulting therefrom.

 

    	 	5	 

     

    

 

		7.	Event of Breach

 

		7.1	The following circumstances shall be deemed Event of Default:

 

		7.1.1	Pledgor’s any breach to any obligations under the Transaction Documents and/or this Agreement;

 

		7.1.2	Party C’s any breach to any obligations under the Transaction Documents and/or this Agreement.

 

		7.2	Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned
circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly.

 

		7.3	Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s
satisfaction within twenty (20) days after the Pledgee and /or Party C delivers a notice to the Pledgor requesting rectification
of such Event of Default, Pledgee may issue a Notice of Default to Pledgor in writing upon the occurrence of the Event of Default
or at any time thereafter and demand that Pledgor immediately pay all outstanding payments due under the Exclusive Business Cooperation
Agreement and all other payments due to Pledgee, and/or dispose of the Pledge in accordance with the provisions of Article 8 of
this Agreement.

 

		8.	Exercise of Pledge

 

		8.1	Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge.

 

		8.2	Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge
concurrently with the issuance of the Notice of Default in accordance with Section 8.1 or at any time after the issuance of the
Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated
with the Equity Interest.

 

		8.3	After Pledgee issues a Notice of Default to Pledgor in accordance with Section 8.1, Pledgee may
exercise any remedy measure under applicable PRC laws, the Transaction Documents and this Agreement, including but not limited
to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into
or from the proceeds from auction or sale of the Equity Interest. The Pledgee shall not be liable for any loss incurred by its
duly exercise of such rights and powers.

 

		8.4	The proceeds from exercise of the Pledge by Pledgee shall be used to pay for tax and expenses incurred
as result of disposing the Equity Interest and to perform Contract Obligations and pay the Secured Indebtedness to the Pledgee
prior and in preference to any other payment. After the payment of the aforementioned amounts, the remaining balance shall be returned
to Pledgor or any other person who have rights to such balance under applicable laws or be deposited to the local notary public
office where Pledgor resides, with all expense incurred being borne by Pledgor. To the extent permitted under applicable PRC laws,
Pledgor shall unconditionally donate the aforementioned proceeds to Pledgee or any other person designated by Pledgee.

 

    	 	6	 

     

    

 

		8.5	Pledgee may exercise any remedy measure available simultaneously or in any order. Pledgee may exercise
the right to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted
into or from the proceeds from auction or sale of the Equity Interest under this Agreement, without exercising any other remedy
measure first.

 

		8.6	Pledgee is entitled to designate an attorney or other representatives to exercise the Pledge on
its behalf, and Pledgor or Party C shall not raise any objection to such exercise.

 

		8.7	When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall
provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement.

 

		9.	Breach of Agreement

 

		9.1	If Pledgor or Party C conducts any material breach of any term of this Agreement, Pledgee shall
have right to terminate this Agreement and/or require Pledgor or Party C to indemnify all damages; this Section 9 shall not prejudice
any other rights of Pledgee herein;

 

		9.2	Pledgor or Party C shall not have any right to terminate this Agreement in any event unless otherwise
required by applicable laws.

 

		10.	Assignment

 

		10.1	Without Pledgee's prior written consent, Pledgor and Party C shall not have the right to assign
or delegate its rights and obligations under this Agreement.

 

		10.2	This Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall
be valid with respect to Pledgee and each of its successors and assigns.

 

		10.3	At any time, Pledgee may assign any and all of its rights and obligations under the Exclusive Business
Cooperation Agreement to its designee(s) (natural/legal persons), in which case the designee shall have the rights and obligations
of Pledgee under the Transaction Documents and this Agreement, as if it were the original party to the Transaction Documents and
this Agreement.

 

		10.4	In the event of a change in Pledgee due to an assignment, Pledgor and/or Party C shall, at the
request of Pledgee, execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and
register the same with the relevant AIC.

 

    	 	7	 

     

    

 

		10.5	Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by the Parties hereto or any of them, including the Transaction Documents, perform the obligations hereunder
and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any remaining
rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except in accordance
with the written instructions of Pledgee.

 

		11.	Termination

 

		11.1	Upon the fulfillment of all Contract Obligations and the full payment of all Secured Indebtedness
by Pledgor and Party C, Pledgee shall release the Pledge under this Agreement upon Pledgor’s request as soon as reasonably
practicable and shall assist Pledgor to de-register the Pledge from the shareholders’ register of Party C and with relevant
PRC local administration for industry and commerce.

 

		11.2	The provisions under Sections 9, 13, 14 and 11.2 herein of this Agreement shall survive the expiration
or termination of this Agreement.

 

		12.	Handling Fees and Other Expenses

 

All fees and out of pocket expenses
relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees,
shall be borne by Party C.

 

		13.	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
the preparation and performance 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 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.

 

    	 	8	 

     

    

 

		14.	Governing Law and Resolution of Disputes

 

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

 

		14.2	In the event of any dispute with respect to the construction and performance of the provisions
of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an
agreement on the resolution of such a dispute within 30 days after any Party's request for resolution of the dispute through negotiations,
any Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration,
in accordance with its then-effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used during
arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties.

 

		14.3	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.

 

		15.	Notices

 

		15.1	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 E-mail. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

 

		15.2	Notices 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.

 

		15.3	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).

 

    	 	9	 

     

    

 

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

 

	Party A: 	Tarena Technologies Group Inc.
	Address:	Suite 3709, 18 Jia West Road of North Third Ring, Haidian District, Beijing
	Attn: 	Han Shaoyun
	Phone: 	86-10 6213-6369
	Facsimile: 	86-10 6211-0873
	 	 
	Party B: 	Han Shaoyun
	Address: 	
	Tel: 	
	 	 
	Party C: 	Beijing Tarena Jinqiao Technology Co., Ltd.
	Address: 	Room 4-3, No.4 Workshop, 10 Zhenggezhuang Village, Beiqijia Town, Changping District, Beijing
	Attn: 	Han Shaoyun
	Phone:	86-10 6213-5687
	Facsimile: 	86-10 6211-0873

 

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

 

		16.	Severability

 

In the event that one or several
of the provisions of this Contract 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 Contract 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 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.

 

		17.	Attachments

 

The attachments set forth herein
shall be an integral part of this Agreement.

 

		18.	Effectiveness

 

		18.1	This Agreement shall become effective upon execution by the Parties hereto. Since the effective
date of this Agreement, the Original Share Pledge Agreement shall be terminated and shall be replaced and superseded by this Agreement.

 

		18.2	Any amendments and supplements to this Agreement shall be made in writing. The amendment agreements
and supplementary agreements that have been signed by the Parties and that relate to this Agreement shall be an integral part of
this Agreement and shall have the same legal validity as this Agreement.

 

		18.3	This Agreement is written in Chinese and English in three copies. Pledgor, Pledgee and Party C
shall hold one copy respectively. Each copy of this Agreement shall have equal validity. In case there is any conflict between
the Chinese version and the English version, the Chinese version shall prevail.

 

    	 	10	 

     

    

 

 

IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Second Amended and Restated Share Pledge Agreement as
of the date first above written.

 

	Party A: 	Tarena Technologies Group Inc.	 
	 	 	 
	By: 	/s/ Han Shaoyun	(Company
                                         seal affixed)
	Name: 	Han Shaoyun	 
	Title:  	Legal Representative	 
	 	 	 
	 	 	 
	Party B: 	Han Shaoyun	 
	 	 	 
	By: 	/s/ Han Shaoyun	 
	 	 	 
	 	 	 
	Party C: 	Beijing Tarena Jinqiao Technology Co., Ltd.	 
	 	 	 
	By: 	/s/ Han Shaoyun	(Company
                                         seal affixed)
	Name: 	Han Shaoyun	 
	Title: 	Legal Representative	 

 

 

    	 

     

    

 

Attachments:

 

		1.	Shareholders’ register of Party C;

 

		2.	The Capital Contribution Certificate for the Formation of Party C;

 

		3.	Exclusive Business Cooperation Agreement.

 

		4.	Exclusive Option Agreement

 

		5.	Loan Agreement

 

		6.	Power of Attorney

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]