Document:

Exhibit 4.9

 

Exclusive Service Agreement

 

This Exclusive Service Agreement (“Agreement”) is entered into as of December 27, 2011 by and among the following parties in Beijing, the People’s Republic of China (“PRC”):

 

Party A:

 

TAL Education Technology (Beijing) Co., Ltd.

 

Party B:

 

Beijing Dongfangrenli Science & Commerce Co., Ltd.

 

Party C:

 

Individuals as listed in Appendix I, being all of the shareholders of Party B, and the shareholding in Party B is attached hereto as Appendix I.

 

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

 

WHEREAS,

 

(1) Party A is a wholly foreign-owned enterprise duly registered and validly existing under the PRC laws, owning resources to provide consultancy and services;

 

(2) Party B is a limited liability company duly registered and validly existing under the PRC laws, and may establish or acquire subsidiaries of which more than 50% of the equity interests will be owned by Party B (“Subsidiaries”) in the future. Such Subsidiaries shall enjoy and undertake all the rights and obligations under this Agreement as those of Subsidiaries hereunder by joining this Agreement according to Article 9.1 hereof.

 

(3) Party C is the shareholder of Party B and collectively owns 100% of the equity interests of Party B;

 

(4) Party A agrees to provide exclusive technical and business support to Party B and Subsidiaries with Party A’s advantages in technology, human resource and information. The Parties agree on such cooperation.

 

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

 

1.                  Provision of Services

 

1.1           In accordance with the terms and conditions herein, Party B and its Subsidiaries appoint

 

 

Party A as Party B and its Subsidiaries’ exclusive service provider to provide full-scope intellectual property license, technical and business support services as provided in Appendix II.

 

Party B and its Subsidiaries shall determine the specific contents of services within the scope listed in Appendix II with Party A or any entity designated by Party A.

 

1.2           Party B, Subsidiaries of Party B, and Party C further agree that during the effective period of this Agreement, Party B, Subsidiaries of Party B and Party C shall not, and shall cause the affiliates of them not to, directly and indirectly obtain the same or similar services as provided under this Agreement from any third party, or establish any similar business cooperative relation with any third party with respect to the matters stipulated herein.

 

1.3           To ensure the normal operation of the ordinary business of Party B and its Subsidiaries, Party A may, but is not obligated to, provide guarantee for the performance of the agreements concluded by Party B or its Subsidiaries with any third party with respect to the business of Party B and its Subsidiaries. Party B, Subsidiaries of Party B, and Party C hereby agree and confirm that if they need to provide any guarantee for the performance of any agreement or loan by Party B or its Subsidiaries in the operation process, they will seek to obtain such guarantee from Party A firstly.

 

2.                  Service Fee and Payment

 

2.1           Based on the contents of specific services provided and the target of service, Party A shall determine a fair service fee and proper payment manners according to the income in a fixed period of each of Party B and its Subsidiaries receiving the service (the “Service Receiving Party”). The calculation and payment manners of the service fee are stipulated in Appendix II of the Agreement.

 

2.2           If Party A determines the fee calculation mechanism specified herein shall no longer apply due to certain reasons, the Service Receiving Party shall engage the negotiation faithfully and actively with Party A within 10 business days after Party A renders the fee adjustment request to determine a new fee calculation standard or mechanism. If the Service Receiving Party does not respond within the 10-day period as mentioned above, it shall be deemed as having accepted the adjustments proposed by Party A.

 

3.                  Intellectual Properties

 

3.1           Any intellectual properties developed by performance of this Agreement, including but not limited to copyrights, patents, and technical secrets, belong to Party A, and Party B and its Subsidiaries enjoy no rights other than those provided herein.

 

3.2           However, if a development is based on the intellectual properties owned by Party B or

 

 

its Subsidiaries, Party B or its Subsidiaries shall guarantee that such intellectual properties are flawless. Otherwise, Party B and its Subsidiaries shall bear all damages and losses caused to Party A by any flaw of such intellectual properties. If Party A is to bear any liabilities to any third party thus caused, it has the right to recover all of its losses from Party B or its Subsidiaries.

 

3.3           The Parties agree that this clause shall remain effective no matter whether the Agreement is modified or terminated.

 

4.                  Control and Management of Party B or its Subsidiaries by Party A

 

In order to make sure of realization of the rights and obligations of this Agreement and for the interests of Party A, as permitted by relevant PRC laws and regulations, Party C and Party B exclusive entitle Party A or representative (s) designated by Party A to exercise the right of control and management of Party B or its Subsidiaries, including but not limited to:

 

4.1           proposals or requests relating to daily operation, financial management and staff employment of Party B or its Subsidiaries, and Party B or its Subsidiaries shall strictly perform and comply with such suggestions or requests of Party A;

 

4.2           Without prior written consent of Party A, Party B or its Subsidiaries shall not conduct contracted operation, lease operation, merger, separation, joint venture, shareholding reform or other arrangements to modify its mode of operation and shareholding structure, or to transfer, assign, in lieu of shares or to make other disposal of all or the substantial part of Party B or its Subsidiaries’ assets or equity interests;

 

4.3           Without prior written consent of Party A, Party B or its Subsidiaries shall not engage in any transaction which may have any material affect on their assets, obligations, rights and business, including but not limited to (i) assuming any liability; (ii) the sale or purchase of any rights; (iii) incurring any encumbrances on its assets or intellectual properties for any third party’s interest; or (iv) assigning the rights and obligations under this Agreement to any third party.

 

5.                  Term

 

5.1           The Agreement is executed and becomes effective as of the date stated above.

 

5.2           The Agreement is effective within the operation term of Party A, Party B and its Subsidiaries, unless terminated by mutual agreement of the Parties.

 

6.                  Confidentiality

 

6.1           This Agreement and all clauses hereof are confidential and shall not be disclosed to any third party except for relevant senior staff, directors, employees, agents or professional

 

 

consultants. This clause shall not apply in the event that the Parties are required by relevant laws or regulations to disclose information relating to this Agreement to any governmental authorities, the public or the shareholders, or file this Agreement with relevant authorities for record.

 

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

 

7.                  Liabilities for Breach of Agreement

 

In the event any Party fails to perform any of its obligations under this Agreement, or makes any untrue or inaccurate representations or warranties, such Party shall be liable for all the losses of the other Parties for breach of the Agreement, or pay penalties according to the agreement reached by relevant parties.

 

8.                  Force Majeure

 

In the event the performance of the Agreement is influenced by any force majeure, the Party suffering force majeure shall notify the other Parties by telegram, facsimile or other electronic means immediately after the occurrence of such force majeure and shall provide written documents evidencing the occurrence of such force majeure within fifteen (15) business days. The Parties of the Agreement shall determine through negotiation whether to terminate, partly terminate or suspend the implementation of this Agreement according to the extent the Agreement is effected by such force majeure.

 

9.                  Change of Parties

 

9.1           Establish new subsidiaries of Party B. If new subsidiaries of Party B are established at any time after this Agreement, Party B and Party C shall cause such new subsidiary to sign the assumption letter in the form as provided in Appendix III and other legal documents permitted or required by the PRC laws to make such new subsidiary to enjoy and undertake all the rights and obligations under this Agreement as those of Subsidiaries of Party B hereunder. As of the date of such assumption letter, the new subsidiary shall be deemed as one party to this Agreement. Other Parties to the Agreement hereby agree on such arrangements.

 

9.2           Rights and obligations under this Agreement shall be legally binding upon assignees, successors of the Parties hereof, no matter such assignment of obligations and rights is caused by takeover, restructuring, success, transfer or any other reason.

 

10.          Miscellaneous

 

10.1    This Agreement and any related matters shall be governed by and construed in accordance with the PRC laws. All disputes arising out of or in connection with this Agreement shall be conciliated friendly by and between the Parties. If the disputes

 

 

cannot be solved by conciliation, such disputes shall be submitted to the China International Economic and Trade Arbitration Commission for arbitration in accordance with its rules. The arbitration shall be conducted in Beijing. Its decision shall be final.

 

10.2    The Agreement is executed in five (5) counterparts, and each of Party A, Party B and each person of Party C holds one counterpart.

 

10.3    All Parties acknowledge that this Agreement shall be performed in accordance with applicable laws and regulations. If any provision of this Agreement or any part of a provision is identified as illegal, invalid or unenforceable by competent authority or court, then such illegal, invalid or unenforceable provision may not affect any other provisions of this Agreement, which are still in full force and effect, and the Parties shall modify such illegal, invalid or unenforceable provisions in order to achieve the purpose of original provisions in best efforts.

 

10.4    This Agreement together with its appendices constitute the entire agreement among the Parties hereto and supersedes and renders of no force and effect all prior oral or written agreements, commitments and undertakings among the Parties with respect to the subject matter hereof.

 

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

 

 

[THE SIGNATURE PAGE OF THE EXCLUSIVE SERVICE AGREEMENT]

 

	
Party A:
    
	
 
    
	
TAL Education Technology (Beijing) Co., Ltd.
    
	
Authorized Representative:
    
	
(Company seal of TAL Education Technology (Beijing) Co., Ltd.)
    
	
 
    
	
Party B:
    
	
 
    
	
Beijing Dongfangrenli Science & Commerce Co., Ltd.
    
	
Authorized Representative:
    
	
(Company seal of Beijing Dongfangrenli Science & Commerce   Co., Ltd.)
    

 

	
Party C:
    	
 
    
	
 
    	
 
    
	
Bangxin, Zhang:
    	
 
    
	
Signature:
    	
/s/ Bangxin Zhang
    	
 
    
	
 
    	
 
    	
 
    
	
Yachao, Liu:
    	
 
    
	
Signature:
    	
/s/ Yachao Liu
    	
 
    
	
 
    	
 
    	
 
    
	
Yunfeng, Bai:
    	
 
    
	
Signature:
    	
/s/ Yunfeng Bai
    	
 
    

 

 

Appendix I  Party C

 

Shareholding Structure of Party B

 

	
Name
    	
 
    	
ID
    	
 
    	
Contribution in
   Registered
   Capital
    (RMB 10,000)
    	
 
    	
Percentage of
   Registered Capital
    	
 
    
	
Bangxin, Zhang
    	
 
    	
***
    	
 
    	
64.5
    	
 
    	
64.5
    	
%
    
	
Yachao, Liu
    	
 
    	
***
    	
 
    	
19
    	
 
    	
19
    	
%
    
	
Yunfeng, Bai
    	
 
    	
***
    	
 
    	
16.5
    	
 
    	
16.5
    	
%
    
	
Total
    	
 
    	
/
    	
 
    	
100
    	
 
    	
100
    	
%
    

 

 

Appendix II: Contents of Service, Calculation and Payment of the Service Fee

 

1.              Contents of Service

 

(1)                                 Providing occupation and pre-occupation staff training services;

(2)                                 Providing technology development and transfer, technical consulting services;

(3)                                 Providing public relation services;

(4)                                 Providing market investigation, research and consulting services;

(5)                                 Providing mid or short-term market development, market plan services;

(6)                                 Providing human resource management and internal information management;

(7)                                 Providing network development, updating and daily maintenance;

(8)                                 Providing sale services of self-produced products;

(9)                                 Licensing of software and trademark; and/or

(10)                          Other services determined from time to time by Party A and the Service Receiving Party according to the need of business and capacity of provision of services.

 

2.              Calculation and Payment of Service Fee

 

The fee for the services provided under this Agreement is calculated as the revenue of the Service Receiving Party minus operating cost and sales, management and other costs and expenses reasonably incurred by the Service Receiving Party and recognized by Party A. The specific amount of such fee shall be determined by Party A through taking account of the following factors, and Party A shall send the Service Receiving Party the bill or other written confirmation of service fee:

 

(1)                  The technical difficulty and complexity of the services of Party A;

(2)                  The time spent by employees of Party A concerning the services;

(3)                  The contents and commercial value of the services of Party A;

(4)                  The benchmark price of similar services in the market.

 

3.              Party A will calculate the fee payable on a fixed term basis and send the Service Receiving Party the bill of service fee. The Service Receiving Party shall pay the fee to the bank account designated by Party A within 10 business days after receipt of such bill, and send copy of the remittance certificate by facsimile or mail to Party A within 10 business days after payment. Party A shall issue to the Service Receiving Party an invoice within 10 business days after receipt of the service fee.

 

 

Appendix III:

 

Assumption Letter

 

The company,                   , is a subsidiary of Beijing Dongfangrenli Science & Commerce Co., Ltd. (“Dongfangrenli”) established by Dongfangrenli on [date] and registered with                           . Dongfangrenli holds [   ] % of the equity interests of the company.

 

According to the Exclusive Service Agreement (“Agreement”) entered into by and among Dongfangrenli, TAL Education Technology (Beijing) Co., Ltd. and certain other parties, the company shall join this Agreement based on Article 9.1 of the Agreement as a Subsidiary.

 

The company hereby consents to join the Agreement, and to enjoy and undertake all the rights and obligations under the Agreement as a Subsidiary of Dongfangrenli. This confirmation letter becomes effective upon execution.

 

 

	
 
    	
[                       ]
    
	
 
    	
 
    
	
 
    	
 
    	
Authorized   Representative:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
DATE:Exhibit 4.10

 

Option Agreement

 

The Option Agreement, dated as of December 27, 2011, is made by and among the following parties in Beijing:

 

Party A:

 

TAL Education Technology (Beijing) Co., Ltd., a wholly foreign owned enterprise duly established and validly existing under the laws of the People’s Republic of China (“PRC”).

 

Party B:

 

Individuals as listed in Appendix I, being all of the shareholders of Party C, and the shareholding structure of Party C is attached hereto as Appendix I.

 

Party C:

 

Beijing Dongfangrenli Science & Commerce Co., Ltd., a limited liability company duly established and validly existing under the laws of PRC.

 

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

 

Through amiable negotiation, the Parties stated above agree as follows concerning Party A purchasing the equity interests of Party C owned by Party B:

 

1.                  Purchase Right

 

1.1           Party A is entitled but not obligated to demand Party B to transfer all or part of the equity interests (“Target Equity Interests”) of Party C it owns at any time (“Purchase Right”), as the specific demand may be, in the following circumstances, and Party B shall transfer Target Equity Interests to Party A or any third party designated by Party A accordingly:

 

(1)         Party A or any third party designated by Party A is allowed to own all or part of Target Equity Interests under the laws and regulations of PRC; or

(2)         In other circumstances where Party A expects to acquire all or part of the Target Equity Interests directly or through a designated third party.

 

The Purchase Right of Party A under this Agreement is exclusive, unconditional and irrevocable.

 

1.2           The Parties agree that Party A has the right to determine to exercise the Purchase Right in part or in all to acquire part or all of Target Equity Interests. And the Parties further agree that the time, manner, quantity and frequency of exercising such Purchase Right by Party A shall not be subject to any restrictions.

 

 

1.3           The Parties agree that Party A may designate any third party to purchase part or all of Target Equity Interests. Party B shall not reject to transfer Target Equity Interests to such third party unless such transfer is forbidden by the PRC laws and regulations.

 

1.4           During the effective period of this Agreement, Party B shall not transfer the Target Equity Interests to any third party without the prior written approval by Party A.

 

2.                  Procedures

 

2.1           In the event Party A decides to exercise its Purchase Right according to Article 1.1, it shall give a written notice (the “Exercise Notice”, see the Appendix) to Party B, stating quantity or percentage of the equity interests to be purchased and the name and identity of the purchaser. Party B and Party C shall provide all materials and documents necessary for the transfer of Target Equity Interests, including signing the Equity Interest Transfer Agreement and Consent Letter the form of which are the same as the Appendix.

 

2.2           Except for the Exercise Notice in Article 2.2, there are no other prerequisite or incidental conditions or procedures for Party A to exercise its Purchase Right.

 

2.3           Party B shall provide Party C with timely and necessary assistance for Party C to complete the approving procedures (if required by law) with competent authorities and registration procedures of the equity interest transfer with relevant Industrial and Commercial authorities according to the applicable PRC laws and regulations.

 

2.4           The date of completion of the transfer of all Target Equity Interests is the date of completion of exercise of the Purchase Right.

 

3.                  Purchase Price

 

3.1           The whole price of Target Equity Interests shall be the lowest value as permitted by the PRC laws and regulations at the time such Target Equity Interests being transferred. In the event Target Equity Interests is transferred in installments, the price shall be determined according to the time and percentage of each separate time of transfer..

 

3.2           Any taxes or expenses incurred in the transfer of Target Equity Interests shall be borne by Party A (including the taxes and expenses which should be borne by Party B according to applicable laws and regulations).

 

3.3          Party B agrees to give away its exercise price to Party C for free whereas Party A and its designated third party exercise rights, but Party A or its designated third party shall bear Party B’s expenses and taxes due to Party B’s obtainment of such exercise price.

 

 

4.                  Warranties and Covenants

 

4.1           Each Party represents and warrants to other Parties as follows:

 

(a)             It has full rights, capacity and authorization to execute this Agreement and bear all the obligations and liabilities hereunder;

 

(b)             It has gone through all necessary internal procedures for the execution of this Agreement and has obtained all necessary internal and external authorization and approvals; and

 

(c)              It will not breach any agreements or contracts binding upon its assets or itself by executing this Agreement.

 

4.2           Party B and Party C separately and collectively represent and warrant to Party A as follows:

 

(a)            As of the date of the effectiveness of this Agreement, Party B legally owns 100% of the equity interests of Party C, and has full, valid right of disposal of such equity interests. The registered capital of Party C has been fully contributed. Except for the pledge under the Equity Interest Pledge Agreement, the Target Equity Interests are not subject to any pledge, mortgage, warranty or other rights or interests of, and is free of any claims by any third party. Except what has been disclosed to Party A, no third party may demand Party C to distribute, issue, sell, transfer or exchange any of its equity interests according to any purchase right, share exchange right, first right to refusal or other agreements.

 

(b)             Party B shall not transfer, or create pledge, mortgage or any other security interest over the Target Equity Interests without the prior written consent of Party A.

 

(c)              Party B and Party C shall extend the operation period of Party C to the extent permitted by relevant PRC laws and regulations, to make it equal to the approved operation period of Party A.

 

(d)             Party B and Party C shall make the best efforts to maintain and increase the value of the assets of Party C. Without the written consent of Party A, Party B and Party C may not assign or otherwise dispose of the assets of Party C, terminate any significant agreements to which Party C is a party, or enter into any agreement which may affect Party C’s assets and financial status.

 

(e)              In the event Party B gains any dividends or properties pursuant to the resolution of the shareholders of Party C or Party C’s liquidation, Party B shall give away such gains to Party A for free in accordance with relevant laws and regulations (including but not limited to the relevant tax laws and regulations).

 

(f)              In the event Party C establishes or acquires any new subsidiaries of which more than 50% of the equity interests are owned by Party C in the future, it shall make the same covenants as in Article 4 (a), (b) and (d) concerning such Subsidiaries, and list such Subsidiaries in Appendix I of this Agreement.

 

 

5.                  Appendix

 

Appendices of this Agreement constitute an integrated part of this Agreement and have equal legal binding effect as other parts of this Agreement.

 

6.                  Confidentiality

 

This Agreement and all clauses are confidential and shall not be disclosed to any third party except for relevant senior staff, directors, employees, agents or professional consultants. This clause shall not apply in the event that the Parties are required by relevant laws or regulations to disclose information relating to this Agreement to any governmental authorities, the public or the shareholders, or file this Agreement with relevant authorities for record.

 

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

 

7.                  Liabilities for Breach of Agreement

 

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

 

8.                  Force Majeure

 

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

 

The party suffering such force majeure shall (i) notify the other Parties by telegram, facsimile or other electronic means immediately after the occurrence of such force majeure and shall provide written documents evidencing the occurrence of such force majeure within fifteen (15) business days; (ii) in every instance, to the extent reasonable and possible under the circumstances, use its best efforts to mitigate or remove the effect of such force majeure, and continue its performance of the Agreement after such effect is mitigated or removed. The Parties of the Agreement shall determine through negotiation whether to terminate, partly terminate or suspend the implementation of this Agreement according to the extent the Agreement is effected by such force majeure.

 

9.                  Miscellaneous

 

9.1           This Agreement and any related matters shall be governed by and construed in accordance with the PRC laws. All disputes arising out of or in connection with this Agreement shall be conciliated friendly by and between the Parties. If the disputes cannot be solved by conciliation, such disputes shall be submitted to the China International Economic and Trade Arbitration Commission in Beijing for arbitration in 

 

 

accordance with its rules. The arbitration shall be conducted in Beijing. The decision shall be final. Unless the award provides otherwise, all arbitration costs, including costs for the enforcement of any arbitration award, shall be borne by the losing party. The Parties hereto shall continue to perform their obligations and exercise their rights hereunder except for those in dispute.

 

9.2           This Agreement becomes effective on the date of execution by all Parties. Unless earlier terminated by mutual agreement of all Parties, this Agreement shall remain effective until Party A exercises its Purchase Right to purchase all Party C’s equity interests according to this Agreement.

 

9.3           All Parties acknowledge that this Agreement shall be performed in accordance with applicable laws and regulations. If any provision of this Agreement or any part of a provision is identified as illegal, invalid or unenforceable by competent authority or court, then such illegal, invalid or unenforceable part may not affect any other provisions of this Agreement, which are still in full force and effect, and the Parties shall modify such illegal, invalid or unenforceable provisions in order to achieve the purpose of original provisions in best efforts.

 

9.4           The Agreement is executed in five (5) counterparts, and each of Party A, Party C and each person of Party B holds one counterpart.

 

9.5           This Agreement together with its appendices constitute the entire agreement among the Parties hereto and supersedes and renders of no force and effect all prior oral or written agreements, commitments and undertakings among the parties with respect to the subject matter hereof.

 

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

 

 

OPTION AGREEMENT

 

(THE SIGNATURE PAGE)

 

Party A: TAL Education Technology (Beijing) Co., Ltd.

Authorized Representative:

(Company seal of TAL Education Technology (Beijing) Co., Ltd.)

 

	
Party B:
    	
 
    
	
Bangxin, Zhang:
    	
 
    
	
Signature: 
    	
/s/ Bangxin Zhang
    	
 
    
	
 
    	
 
    
	
Yachao, Liu:
    	
 
    
	
Signature: 
    	
/s/ Yachao Liu
    	
 
    
	
 
    	
 
    
	
Yunfeng, Bai:
    	
 
    
	
Signature: 
    	
/s/ Yunfeng Bai
    	
 
    

 

 

Party C: Beijing Dongfangrenli Science & Commerce Co., Ltd.

Authorized Representative:

(Company seal of Beijing Dongfangrenli Science & Commerce Co., Ltd.)

 

 

Appendix I Party B

 

Shareholding Structure of Party C

 

	
Name
    	
 
    	
ID
    	
 
    	
Contribution in
   Registered
   Capital
    (RMB 10,000)
    	
 
    	
Percentage of
   Registered Capital
    	
 
    
	
Bangxin Zhang
    	
 
    	
***
    	
 
    	
64.5
    	
 
    	
64.5
    	
%
    
	
Yachao,Liu
    	
 
    	
***
    	
 
    	
19
    	
 
    	
19
    	
%
    
	
Yunfeng Bai
    	
 
    	
***
    	
 
    	
16.5
    	
 
    	
16.5
    	
%
    
	
Total
    	
 
    	
/
    	
 
    	
100
    	
 
    	
100
    	
%
    

 

 

Appendix

 

Equity Interest Transfer Agreement

 

This Equity Interest Transfer Agreement (the “Agreement”), dated as of [  ], is made by and among the following parties in Beijing, China:

 

Transferor:

[    ], ID [    ]

 

Transferee:

[    ]

 

Through amiable negotiation, the Parties stated above agree as follows about the equity interest transfer stated herein:

 

1.              Transferor agrees to transfer [   ]% of the equity interests of Beijing Dongfangrenli Science & Commerce Co., Ltd. it owns (“Target Equity Interests”) to Transferee at a price of RMB [   ], and Transferee agrees to purchase such Target Equity Interests.

 

2.              Upon completion of the transfer of Target Equity Interests, Transferor shall no longer enjoy while Transferee enjoys and undertakes any and all rights and obligations as the shareholder of Target Equity Interests.

 

3.              Any matters not mentioned in the Agreement may be determined by supplementary agreements signed by both parties.

 

4.              The Agreement becomes effective upon the execution by both parties.

 

5.              The Agreement is executed in four (4) counterparts, each party holding one and the rest are to be used for industrial and commercial alteration registration formalities.

 

Transferor:

[      ]:

Signature:

 

 

Transferee: [                       ]

Authorized Representative:

 

 

Consent Letter

 

To: TAL Education Technology (Beijing) Co., Ltd.

 

I, the shareholder of Beijing Dongfangrenli Science & Commerce Co., Ltd. (the “Company”), hereby agree and confirm as follows:

 

1.             I agree to accept all the terms and conditions of the Option Agreement entered into by the Company and TAL Education Technology (Beijing) Co., Ltd. (“WFOE”) on [  ], and I will take all measures to assist WFOE on the transfer procedures when WFOE exercises its Purchase Right under such agreement.

 

2.              I agree to waive my first right to refusal when other shareholders of the Company transfer the equity interest their own to WFOE or any third party designated by WFOE.

 

3.              In the event any other shareholder of the Company transfers the equity interests it owns to WFOE or any third party designated by WFOE, I will sign or provide necessary documents for the transfer procedures of such equity interests. And according to the WFOE’s requirement, I will take all necessary action to assist in the completion of such transferring.

 

 

	
Bangxin, Zhang:  
    	
Yachao, Liu:  
    
	
Signature:
    	
Signature:
    
	
 
    	
 
    
	
Yunfeng, Bai:  
    	
 
    
	
Signature:
    	
 
    

 

 

Date: [   ]

 

 

Exercise Notice

 

To: [shareholder’s name]

 

In accordance with the Option Agreement entered into by you and our company on [   ], in circumstances permitted by relevant PRC laws and regulations, you should transfer your equity interests of Beijing Dongfangrenli Science & Commerce Co., Ltd. (the “Company”) to our company or any other transferee designated by us according to our request.

 

Thus we hereby send you the Exercise Notice as follows:

 

We hereby request to exercise the Purchase Right under the Option Agreement, that we/other transferee designated by us shall purchase your equity interests of the Company which constitutes [  ] % of the registered capital of the Company (“Transferring Equity Interest”) at a price of RMB [   ]. Please conduct all necessary procedures to transfer such Transferring Equity Interest to our company or other transferee designated by us according to the terms and conditions of the Option Agreement after your receipt of this Notice.

 

	
 
    	
TAL Education Technology (Beijing) Co., Ltd.
    
	
 
    	
Authorized Representative:
    
	
 
    	
Name:
    
	
 
    	
Position:
    
	
 
    	
Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]