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Document

Exhibit 10.2

SENIOR MANAGEMENT AGREEMENT
BY AND BETWEEN
HURON CONSULTING GROUP INC.
AND
JAMES H. ROTH

SENIOR MANAGEMENT AGREEMENT
SENIOR MANAGEMENT AGREEMENT (the “Agreement”), effective as of January 1, 2023 (the “Effective Date”), by and between Huron Consulting Group Inc., a Delaware corporation (“Huron”), and James H. Roth (“Executive”). 
PRELIMINARY RECITALS
A.      WHEREAS, Huron and its affiliates are engaged in the business of providing diversified business consulting services (the “Business”).  For purposes of this Agreement (except where the context contemplates otherwise), the term the “Company” shall include Huron, its subsidiaries and assignees and any successors in interest of the Company and its subsidiaries; and 
B.        WHEREAS, Huron and Executive previously entered into one or more Senior Management Agreements; and 
C.      WHEREAS, this Senior Management Agreement will supersede and replace any prior Senior Management Agreements as of the Effective Date;
D.     WHEREAS, the Company currently employs Executive as Chief Executive Officer through December 31, 2022, and from and after the Effective Date the Company desires to employ Executive in the position of Vice Chairman, Client Services, and Executive desires to be so employed by the Company, and the parties desire to enter into a new Senior Management Agreement to set forth the employment terms and conditions for such position.
NOW, THEREFORE, in consideration of the premises, the mutual covenants of the parties hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Employment.
1.1    Title and Duties.  The Company agrees to employ Executive, and Executive agrees to accept such employment with the Company, as Vice Chairman, Client Services for the Employment Period, in accordance with the terms and conditions of this Agreement.  During the Employment Period, Executive shall (a) carry out responsibilities and duties in the areas of client development and relationship management, market presence enhancement and cultural stewardship and talent development, as directed by the Chief Executive Officer of Huron (the “CEO”) and (b) perform board and governance related responsibilities, activities and duties as are customarily assigned to a Vice Chairman and as directed by the Chairman of the board.  Executive shall perform the duties and carry out the responsibilities assigned to him, to the best of his ability, in a trustworthy and businesslike manner for the purpose of advancing the business of the Company and its affiliates.  Executive shall engage in travel as reasonably required in the performance of Executive’s duties.  Executive acknowledges that Executive’s duties and responsibilities hereunder will require Executive’s full business time and effort and agrees that, during the Employment Period, Executive will not engage in any other business activity or have any business pursuits or interests which materially interfere or conflict with the performance of Executive’s duties hereunder; provided that Executive may, with the approval of the General Counsel and the board of directors of Huron Consulting Group Inc. (the “Board”), serve on the board of other corporations or charitable organizations and engage in charitable activities, community affairs, and teaching.  Executive shall become Vice Chairman of the Board as of January 1, 2023 and in such capacity shall report to the Chairman of the Board.

1.2    Employment Period.  The employment of Executive under this Agreement shall continue from and after the Effective Date and shall continue through the first anniversary of the Effective 

Date (the “Initial Period”).  No later than thirty (30) days prior to the end of the Initial Period, the parties will confer about extending the Employment Period and may renew and extend for an additional year or longer period subject to the approval of the Board.  “Employment Period” shall mean the Initial Period and any extensions of Executive’s employment under this Agreement.  Notwithstanding anything to the contrary contained herein, the Employment Period is subject to termination prior to the date of expiration thereof pursuant to this Section 1.2 and Sections 1.3, 1.4 and 1.5
  
1.3    Termination Upon Death.  If Executive dies during the Employment Period, Executive’s employment shall automatically terminate on the date of Executive’s death.
1.4    Termination by the Company.  
(a)The Company may terminate Executive’s employment hereunder upon written notice to Executive as described in Section 10.5.  Such termination shall be effective upon the date notice of such termination is given pursuant to Section 10.5 unless such notice shall otherwise provide.
(b)For purpose of this Agreement, “Cause” means the occurrence of any of the following events, as determined in the reasonable good faith judgment of the CEO and the Board:
(i)the failure of Executive to perform Executive’s material duties (unless such failure relates to any disability, sickness or injury of Executive) which failure continues for twenty (20) days after the Company has given written notice to Executive specifying in reasonable detail the manner in which Executive has failed to perform such duties and affording opportunity to cure;
(ii)commission by Executive of an act or omission (A) constituting (x) a felony, (y) dishonesty with respect to the Company or (z) fraud, or (B) that (x) could reasonably be expected to adversely and materially affect the Company’s business or reputation, or (y) involves moral turpitude;
(iii) the breach, non-performance or non-observance of any of the material terms of this Agreement (other than a breach, non-performance or non-observance described in clause (i) of this Section 1.4(b)), or any other agreement to which Executive and the Company are parties, by Executive, if such breach, non-performance or non-observance shall continue beyond a period of twenty (20) days immediately after written notice thereof given by the Company to Executive; or
(iv)any breach, non-performance or non-observance of any of Sections 6.3, 6.4, 6.5 or 6.6 of this Agreement; provided, that if such conduct occurs while Executive is employed hereunder, the Company shall allow Executive an opportunity for a hearing before the Board prior to any termination of Executive for Cause. 
(c)Executive shall be deemed to have a “Permanent Disability” for purposes of this Agreement if Executive is eligible to receive benefits under the Company’s long‐term disability plan then covering Executive.
1.5    Termination by Executive.  Except as otherwise provided herein, Executive shall give sixty (60) days' notice to the Company prior to the effectiveness of any resignation of Executive's employment with the Company. 
2.Compensation.

2.1    Base Salary.  As consideration for the services of Executive hereunder, the Company shall pay Executive an annual base salary in the amount of $900,000 (the “Base Salary”), payable in accordance with the Company’s customary payroll practices as in effect from time to time.  The CEO shall perform an annual review of Executive’s compensation based on Executive’s performance of Executive’s duties. The term Base Salary shall include any changes to the Base Salary from time to time.

2.2     Bonus Programs.  For each calendar year during the Employment Period, Executive shall be eligible for an annual bonus based on Executive's performance of Executive's duties and the Company's other compensation policies (the "Annual Bonus").  For the 2023 calendar year, Executive’s target cash bonus will be $900,000.  The actual Annual Bonus paid will be determined by the CEO and subject to the approval of the Compensation Committee of the Board (the “Compensation Committee”) based on Executive’s performance and the performance of the Company. Except as otherwise described in this Agreement, Executive's right to any bonus payable pursuant to this Section 2.2 shall be contingent upon Executive being employed by the Company on the date the Annual Bonus is generally paid to executives of the Company.

3.Equity Awards.  Executive shall generally be eligible to participate in Huron's equity plans from time to time, with the amount of any equity awards, and the terms and conditions under which they are granted as determined by the CEO and subject to the approval of the Compensation Committee based on Executive's performance of Executive's duties and the Company's other compensation policies. Such equity awards shall be subject to the terms of the applicable equity incentive plan of the Company and granting agreement.  Executive’s previously granted and outstanding equity awards shall continue to vest in accordance with the terms of the applicable equity award agreements, including but not limited to the 2021 Cash Retention Award.  Outstanding Performance Share Awards that are subject to future Company performance shall continue to vest subject to the terms of the existing grant agreement; provided that Executive and the Company, subject to approval by the Compensation Committee, will mutually determine if changes to the 2022-2024 award agreement are warranted to reflect Executive’s time in the CEO role during the performance period.

4.Benefits and Expenses.
4.1    Benefits.  During the Employment Period, Executive shall be eligible to participate in the various health and welfare benefit plans maintained by the Company for its senior leadership employees from time to time, including but not limited to paid vacation, medical and dental insurance, and disability and life insurance at levels as are provided from time to time to senior leadership employees of the Company.  In addition, Executive shall continue to be eligible to participate in the Northwestern executive physical program at the Company’s expense, and Executive shall be provided a dedicated office space on the 17th floor of the Company’s headquarter office.

4.2    Business Expenses.  During the Employment Period, the Company shall reimburse Executive for all ordinary, necessary and reasonable travel and other business expenses incurred by Executive in connection with the performance of Executive’s duties hereunder, in accordance with the Company policy.  Such reimbursement shall be made upon presentation of itemized expense statements and such other supporting documentation as the Company may reasonably require. To the extent that any such reimbursements are taxable to Executive (“Taxable Reimbursements”), such reimbursements shall be paid to Executive only if (a) the expenses are incurred and reimbursable pursuant to a reimbursement plan that provides an objectively determinable nondiscretionary definition of the expenses that are eligible for reimbursement, and (b) the expenses are incurred during the Employment Period.  With respect to any Taxable Reimbursements, the amount of the expenses that are eligible for reimbursement during one calendar year may not affect the amount of reimbursements to be provided in any subsequent calendar year, the reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and the right to reimbursement of the expenses shall not be subject to liquidation or exchange for any other benefit. 

5.Compensation After Termination.
5.1    Termination For Cause.  If Executive’s employment is terminated by the Company for Cause then, except as required by law, the Company shall have no further obligations to Executive (except payment of the Base Salary accrued through the date of said termination), and the Company shall continue to have all other rights available hereunder (including, without limitation, all rights under the Restrictive Covenants at law or in equity).

5.2    Termination Without Cause.
(a)If, Executive's employment is terminated by the Company without Cause, then, subject to the terms and conditions of this Agreement, Executive shall be entitled to receive the following amounts and benefits:

(i)An amount in cash equal to six (6) months’ Base Salary payable to Executive in one lump sum within sixty (60) days following Executive’s termination of employment;  

(ii) Continuation of medical benefits for twelve (12) months upon the same terms as exist from time to time for active similarly-situated executives of the Company, which benefits shall be considered part of, and not in addition to, any coverage required under COBRA; and

(iii) An amount in cash equal to the Annual Bonus that Executive would have earned for the year of termination had he remained employed for the year in which his termination occurs based on Executive’s performance, multiplied by a fraction, the numerator of which is the number of completed days of employment by Executive (including the date of termination) during the year of termination and the denominator of which is 365, which amount will be paid to Executive at the same time that the annual bonus is otherwise payable to the Company’s executives in accordance with the annual bonus plan.

(b)The Company shall have no other obligations under this Section 5.2 or otherwise with respect to Executive’s employment from and after the employment termination date, and the Company shall continue to have all other rights available hereunder (including, without limitation, all rights under the Restrictive Covenants at law or in equity).
  
5.3    Termination Due To Death, Permanent Disability. If Executive’s employment is terminated due to Executive’s Permanent Disability or if Executive dies during the Employment Period, then subject to the terms and conditions of this Agreement (a) Executive or Executive’s estate, as the case may be, shall be entitled to receive, in addition to any amounts Executive may be entitled to receive under the Company’s long-term disability plan or other benefit plans, payment of Base Salary through the date of termination, and (b) Executive and/or Executive’s eligible dependents shall receive continuation of medical, dental and vision benefits upon the same terms as exist immediately prior to the termination of employment for active senior leadership employees of the Company for the six (6)-month period immediately following the termination of employment (which benefits shall be considered part of, and not in addition to, any coverage required under COBRA).  The Company shall have no other obligations under this Section 5.3 or otherwise with respect to Executive’s employment from and after the termination date, and the Company shall continue to have all other rights available hereunder (including, without limitation, all rights under the Restrictive Covenants at law or in equity). Subject to the terms and conditions of this 

Agreement, Executive or Executive’s estate shall also be entitled to receive the following amounts and benefits:
(a)If Executive’s employment is terminated due to Executive’s Permanent Disability or Executive’s death during the Initial Period, an amount in cash equal to the then-prevailing target amount of Executive's Annual Bonus ("Target Bonus") for the year of death or disability multiplied by a fraction, the numerator of which is the number of completed days of employment by Executive (including the date of termination) during the year of termination and the denominator of which is 365, which amount will be paid to Executive or Executive’s estate at the same time that the annual bonus is otherwise payable to the Company’s executives in accordance with the annual bonus plan.

(b)Vesting of any outstanding time-based equity awards and performance- based equity will be treated in accordance with the applicable equity agreement then in effect.

5.4    This Section Intentionally Left Blank
5.5    Change of Control.  
(a)The provisions of Section 5.2 and 5.3 hereof to the contrary notwithstanding but subject to the other terms and conditions of this Agreement, if Executive is terminated by the Company without Cause during the Initial Period and such termination is attributable to a Change of Control then, subject to the terms and conditions of this Agreement, Executive shall be entitled to receive the following payments and benefits:
  
(i)an amount in cash equal to two and a half (2.5) times the sum of Executive's annual Base Salary and Target Bonus for the year of termination;

(ii)an amount in cash equal to the then-prevailing target amount of Executive's Annual Bonus ("Target Bonus") for the year of termination multiplied by a fraction, the numerator of which is the number of completed days of employment by Executive (including the date of termination) during the year of termination and the denominator of which is 365, which amount will be paid to Executive at the same time that the annual bonus is otherwise payable to the Company’s executives in accordance with the annual bonus plan;

(iii) anything set forth in any equity plan, equity award or any other provision of this Agreement between the Company and Executive to the contrary notwithstanding, all of Executive’s outstanding equity grants that were awarded at or prior to the time of the Change of Control shall fully vest upon the termination of employment; and

(iv) continuation of medical benefits thirty (30) months from the date of such termination upon the same terms as exist for Executive immediately prior to the termination date (which benefits shall be considered part of, and not in addition to, any coverage required under COBRA).

Following any termination of Executive’s employment pursuant to this Section 5.5, the Company shall continue to have all other rights available hereunder (including, without limitation, all rights under the Restrictive Covenants and any restrictive 

covenants set forth in any plan, award and agreement applicable to Executive, at law or in equity).  Subject to Executive’s execution of the Release described in Section 5.6, the payments described in clauses (i) and (ii) (“Change of Control Severance Pay”) shall be paid in a lump sum within sixty (60) days following Executive’s termination of employment. If (and to the extent) that the benefits provided pursuant to Section 5.5(a)(iv) are taxable to Executive and are subject to Section 409A of the Code, the amount of the expenses that are eligible for reimbursement during one calendar year may not affect the amount of reimbursements to be provided in any subsequent calendar year, the reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and the right to reimbursement of the expenses shall not be subject to liquidation or exchange for any other benefit.

(b)Payments and benefits under Section 5.5(a) shall not be subject to mitigation or offset, except that medical benefits may be offset by comparable benefits obtained by Executive in connection with subsequent employment.  Nothing in this Section 5.5 is intended to result in duplication of benefits provided by other provisions of this Agreement.

(c)The Change of Control Severance Pay shall be in lieu of the Severance Pay otherwise for a termination under Section 5.2 of this Agreement and any other plan or agreement of the Company, whether adopted before or after the date hereof, which provides severance payments or benefits.  For the avoidance of doubt, Executive shall not be entitled to payments and benefits under both this Section 5.5 and any other provision of this Section 5 as the result of his termination of employment.

(d)If it is determined that any amount, right or benefit paid or payable (or otherwise provided or to be provided) to Executive by the Company or any of its affiliates under this Agreement or any other plan, program or arrangement under which Executive participates or is a party (collectively, the “Payments”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, subject to the excise tax imposed by Section 4999 of the Code, as amended from time to time (the “Excise Tax”), then the amount of the Payments payable to Executive under this Agreement shall be reduced (a “Reduction”) to the extent necessary so that no portion of such Payments payable to Executive is subject to the Excise Tax.

All determinations required to be made under this Section 5.5(d) and the assumptions to be utilized in arriving at such determination, shall be made by an independent, nationally recognized accounting firm mutually acceptable to the Company and Executive (the “Auditor”); provided that in the event a Reduction is required, Executive may determine which Payments shall be reduced in order to comply with the provisions of Section 5.5(d).  The Auditor shall promptly provide detailed supporting calculations to both the Company and Executive following any determination that a Reduction is necessary.  All fees and expenses of the Auditor shall be paid by the Company.  All determinations made by the Auditor shall be binding upon the Company and Executive.

(e)For purposes of this Agreement, the term “Change of Control” shall be deemed to have occurred upon the first to occur of the following events: 

(i)any Person becomes the Beneficial Owner, directly or indirectly, of common stock or voting securities of Huron (not including in the amounts beneficially owned by such Person any common stock or voting securities acquired directly from Huron or its Affiliates) representing 40% or more of the combined voting power of Huron’s then outstanding securities; or 

(ii)there is consummated a merger or consolidation of Huron or any direct or indirect subsidiary of Huron with any Person, other than (A) a merger or consolidation which would result in the voting securities of Huron outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power of the securities of Huron or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, (B) a merger or consolidation effected to implement a recapitalization of Huron (or similar transaction) after which no Person other than existing security holders is or becomes the Beneficial Owner, directly or indirectly, of securities of Huron (not including in the amount Beneficially Owned by such Person any common stock or voting securities acquired directly from Huron or its Affiliates) representing 50% or more of the combined voting power of Huron’s then outstanding securities, or (C) a merger or consolidation of a subsidiary of Huron that does not represent a sale of all or substantially all of the assets of Huron; or

(iii) the shareholders of Huron approve a plan of complete liquidation or dissolution of Huron (except for a plan of liquidation or dissolution effected to implement a recapitalization of Huron addressed in (ii) above); or
(iv) there is consummated an agreement for the sale or disposition of all or substantially all of the assets of Huron to a Person, other than a sale or disposition by Huron of all or substantially all of the assets of Huron to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of Huron. 
Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred  by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of Huron immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of Huron immediately following such transaction or series of transactions.

For purposes of this Change of Control definition, (I) “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act, (II) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, (III) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (w) Huron or any of Huron’s direct or indirect subsidiaries, (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (y) an underwriter temporarily holding securities pursuant to an offering of such securities, or (z) a corporation owned, directly or indirectly, by the stockholders of Huron in substantially the same proportions as their ownership of stock of Huron and (IV) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 

5.6    General Release.  Executive acknowledges and agrees that Executive’s right to receive severance pay and other benefits (including post-termination equity vesting) pursuant to Section  

5.2, 5.3 (in the event of termination on account of Executive’s Permanent Disability) and 5.5 of this Agreement (collectively, the “Severance Benefits”) is contingent upon Executive’s compliance with the covenants, representations, warranties and agreements set forth in Section 6 of this Agreement and, except for those payments and benefits required to be made or provided by law or pursuant to the express terms of a benefit plan or pursuant to the express terms of this Agreement without a Release (and other than those benefits to be provided upon death), such Severance Benefits shall be conditioned upon Executive’s execution and acceptance of the terms and conditions of, and the effectiveness of, a general release in the standard form used by the Company at the time of Executive’s termination of employment (the “Release”); provided, however, that such Release shall not require Executive to relinquish any rights or claims that (a) arise after his execution of the Release, (b) relate to indemnification or liability insurance pursuant to the Company’s insurance plans, bylaws or applicable law, or (c) cannot be waived by law.  If Executive fails to comply with the covenants set forth in Section 6 or if Executive fails to execute the Release or revokes the Release during the seven (7)-day period following his execution of the Release, then Executive shall not be entitled to any Severance Benefits.  The Company shall provide Executive with the Release within five (5) days following his termination of employment.  
6.Restrictive Covenants and Agreements.
6.1    Executive’s Acknowledgment.  Executive agrees and acknowledges that in order to assure the Company that it will retain its value and that of the Business as a going concern, it is necessary that Executive not utilize special knowledge of the Business and its relationships with customers to compete with the Company.  Executive further acknowledges that:
(a)the Company is and will be engaged in the Business during the Employment Period and thereafter;
(b)Executive will occupy a position of trust and confidence with the Company, and during the Employment Period, Executive will become familiar with the Company’s trade secrets and with other proprietary and Confidential Information concerning the Company and the Business;
(c)the agreements and covenants contained in this Section 6 and Sections 7, 8 and 9 are essential to protect the Company and the confidentiality of its Confidential Information (defined below) and near permanent client relationships as well as goodwill of the Business and compliance with such agreements and covenants will not impair Executive’s ability to procure subsequent and comparable employment; and
(d)Executive’s employment with the Company has special, unique and extraordinary value to the Company and the Company would be irreparably damaged if Executive were to provide services to any person or entity in violation of the provisions of this Agreement.
(e)Executive agrees that the professional and financial benefits of the position in which Executive is being employed provided for in this Agreement (such as but not limited to Severance Pay rights) are adequate consideration to support Executive’s covenants in this Agreement (including but not limited to the post-employment obligations provided for in Section 6). Executive is not entering into, and will not be bound by any restriction that constitutes a “Noncompete covenant” within the meaning given this term under Section 5 of the Illinois Freedom to Work Act (“820 ILCS 90/5”) unless Executive’s actual or expected annualized rate of earnings with the Company exceed $75,000 per year (or $80,000 per year beginning on January 1, 2027, $85,000 per year beginning on January 1, 2032, and $90,000 per year beginning on January 1, 2037).  Executive is not entering into, and will not be bound by any restriction that constitutes a “Nonsolicit covenant” within the 

meaning of this term under 820 ILCS 90/5 unless Executive’s actual or expected annualized rate of earnings with the Company exceed $45,000 per year (or $47,500 per year beginning on January 1, 2027, $50,000 per year beginning on January 1, 2032, and $52,500 per year beginning on January 1, 2037).
(f)  Executive acknowledges that Executive had fourteen (14) days or more to consider this Agreement before being required to sign it and if Executive has signed this Agreement before the expiration of the fourteen (14) day period, Executive did so of Executive’s own volition and Executive waives the remainder of the fourteen (14) day consideration period.  Executive also acknowledges that Executive was advised to consult with an attorney before signing this Agreement.  
6.2    Confidential Information.  As used in this Section 6, “Confidential Information” shall mean the Company’s trade secrets and other non-public information relating to the Company or the Business, including, without limitation, information relating to financial statements, customer identities, potential customers, employees, suppliers, acquisition targets, servicing methods, equipment, programs, strategies and information, analyses, marketing plans and strategies, profit margins and other information developed or used by the Company in connection with the Business that is not known generally to the public or the industry and that gives the Company an advantage in the marketplace.  Confidential Information shall not include any information that is in the public domain or becomes known in the public domain through no wrongful act on the part of Executive.  Executive agrees to deliver to the Company at the termination of Executive’s employment, or at any other time the Company may request, all memoranda, notes, plans, records, reports and other documents (and copies thereof) relating to the Business or the Company or other forms of Confidential Information which Executive may then possess or have under Executive’s control.
6.3    Non-Disclosure.  Executive agrees that during employment with the Company and thereafter, Executive shall not reveal to any competitor or other person or entity (other than current employees of the Company) any Confidential Information regarding Clients (as defined herein) that Executive obtains while performing services for the Company.  Executive further agrees that Executive will not use or disclose any Confidential Information of the Company, other than in connection with Executive’s work for the Company, until such information becomes generally known in the industry through no fault of Executive.  
Nothing in this Agreement prohibits Executive from reporting an event that Executive reasonably and in good faith believes is a violation of law to the relevant law-enforcement agency (such as the Securities and Exchange Commission, Equal Employment Opportunity Commission, or Department of Labor), or from cooperating in an investigation conducted by such a government agency.   Executive is hereby provided notice that under the 2016 Defend Trade Secrets Act (DTSA): (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret (as defined in the Economic Espionage Act) that: (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order
6.4    Non-Solicitation of Clients.  Executive acknowledges that Executive will learn and develop Confidential Information relating to the Company’s Clients and relating to the Company’s servicing of those Clients.  Executive recognizes that the Company’s relationships with its Clients are extremely valuable to it and that the protection of the Company’s relationships with its Clients is essential.

Accordingly, and in consideration of the Company’s employment of Executive and the various benefits and payments provided in conjunction therewith, Executive agrees that during the Employment Period and for the longer period (“Restricted Period”) thereafter of (i) the period for which Executive is entitled to receive severance payments under Section 5.2(a)(i) or, if applicable, Section 5.5(a)(ii), or (ii) twelve (12) months following any termination of employment with the Company, Executive will not, whether or not Executive is then self-employed or employed by another, directly or through another, provide services that are the same or similar to those services offered for sale and/or under any stage of development by the Company at the time of Executive’s termination, to any Client of the Company whom Executive:
(a)obtained as a Client for the Company; or
(b)consulted with, provided services for, supervised the provision of services for or learned Confidential Information about, during the twelve (12) month period immediately preceding termination of Executive’s employment; or
(c)submitted or assisted in the submission of a proposal or pitch for the provision of services during the six (6) month period immediately preceding termination of Executive’s employment.
“Client” shall mean those persons or firms for whom the Company has either directly or indirectly provided services within the twenty-four (24)-month period immediately preceding termination of Executive’s employment and therefore includes both the referral source or entity that consults with the Company and the entity to which the consultation related.  “Client” also includes those persons or firms to whom Executive has submitted a proposal or pitch (or assisted in the submission of a proposal or pitch) to perform services during the six (6) month period immediately preceding termination of Executive’s employment.  For the avoidance of doubt, for purposes of determining the Restricted Period, the period for which Executive is entitled to receive severance payments shall be determined based on the period of Base Salary that is to be paid to Executive as severance payments, regardless of the period over which the severance pay is actually paid.
6.5    Non-Interference with Relationships.  Executive shall not at any time during the Restricted Period directly or indirectly solicit, induce or encourage (a) any executive or employee or other personnel (including contractors) of the Company, or (b) any customer, Client, supplier, lender, professional advisor or other business relation of the Company to leave, alter or cease his/her/its relationship with the Company, for any reason whatsoever.  Executive shall not hire or assist in the hiring of any executive or employee or other personnel (including contractors) of the Company for that same time period, whether or not Executive is then self-employed or employed by another business.  Executive shall not at any time directly or indirectly make disparaging remarks about the Company.
6.6    Noncompetition.  While Executive is employed by the Company, and for the Restricted Period after Executive’s termination of employment with the Company (whether at the end of the Employment Period or thereafter) for any reason, Executive agrees that he will not directly or indirectly engage in, assist, perform services for, establish or open, or have any equity interest (other than ownership of 5% or less of the outstanding stock of any corporation listed on any securities exchange) in any person, firm, corporation, or business entity (whether as an employee, officer, director, agent, security holder, creditor, consultant, or otherwise) that engages in the Businesses; provided, however, that for any periods after Executive’s termination of employment with the Company, the Businesses shall include only those businesses that were conducted as part of the Businesses at the time of Executive’s termination of employment.
6.7    Modification.  If any court of competent jurisdiction shall at any time deem that the term of any Restrictive Covenant is too lengthy, or the scope or subject matter of any Restrictive Covenant exceeds the limitations imposed by applicable law, the parties agree that provisions of Sections 6.3, 6.4, 

6.5 and 6.6 shall be amended to the minimum extent necessary such that the provision is enforceable or permissible by such applicable law and be enforced as amended.
6.8    Representations and Warranties.  Executive has made full disclosure to the Company concerning the existence of, and delivered copies of any documents relating to, any contractual arrangement (including, but not limited to, any non-compete or non-solicitation agreement) that Executive has with any current or former employer which agreement purports to be in effect as of the Effective Date or the dates of Executive’s intended employment with the Company (other than the Prior Agreement).  Executive represents, warrants and covenants to the Company that (a) Executive is not a party to or bound by any employment agreement, noncompete, nonsolicitation (of customers or employees), nondisturbance (of customers, employees or vendors), or confidentiality agreement with any previous employer or any other person or entity that would be violated by Executive’s acceptance of this position or which would interfere in any material respect with the performance of Executive’s duties with the Company, and (b) that Executive will not use any confidential information or trade secrets of any person or party other than the Company in connection with the performance of Executive’s duties with the Company (except as may be permitted pursuant to non-disclosure agreements with clients).
7.Ownership of Intellectual Property.  All intellectual property, ideas, inventions, writings, software and Confidential Information created or conceived by Executive alone or with others while employed with the Company that relate to the Company’s business or clients or work assigned to Executive by the Company (collectively, “Materials”) constitute “work made for hire” and are the exclusive property of the Company.  If for any reason any Materials cannot legally constitute a “work made for hire,” then this Agreement shall operate as an irrevocable assignment and agreement to assign to the Company all right, title and interest in such Materials.  Executive will promptly disclose to the Company in writing all Materials developed during his employment with the Company, and Executive will execute such documents as may be necessary to evidence his assignment(s) of all right, title and interest in Materials to the Company.  If Executive claims ownership in any intellectual property, ideas or inventions that predate his employment with the Company, then Executive will disclose such claims in writing to the Company’s Human Resources Department before commencing any work for the Company.
8.Effect on Termination.  If, for any reason, this Agreement shall terminate or Executive’s employment with the Company shall terminate, then, notwithstanding such termination, those provisions contained in this Section 8 and Sections 6, 7, 9 and 10 hereof shall survive and thereafter remain in full force and effect.
9.Remedies.
9.1    Non-Exclusive Remedy for Restrictive Covenants.  Executive acknowledges and agrees that the covenants set forth in Sections 6.3, 6.4, 6.5 and 6.6 of this Agreement (collectively, the “Restrictive Covenants”) are reasonable and necessary for the protection of the Company’s business interests, that irreparable injury will result to the Company if Executive breaches any of the terms of the Restrictive Covenants, and that in the event of Executive’s actual or threatened breach of any such Restrictive Covenants, the Company will have no adequate remedy at law.  Executive accordingly agrees that in the event of any actual or threatened breach by Executive of any of the Restrictive Covenants, the Company shall be entitled to immediate temporary injunctive and other equitable relief, without the necessity of showing actual monetary damages or the posting of bond.  Nothing contained herein shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of damages.
9.2    Arbitration.  Except as set forth in Section 9.1, any controversy or claim arising out of or related to (i) this Agreement, (ii) the breach thereof, (iii) Executive’s employment with the Company or the termination of such employment, or (iv) Employment Discrimination, shall be settled by arbitration in Chicago, Illinois before a single arbitrator administered by the American Arbitration Association (“AAA”) under its National Rules for the Resolution of Employment Disputes, amended and restated 

effective as of January 1, 2004 (the “Employment Rules”), and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  Notwithstanding the foregoing, Rule R-34 of the AAA’s Commercial Arbitration Rules amended and restated effective as of September 1, 2007 (instead of Rule 27 of the Employment Rules) shall apply to interim measures.  References herein to any arbitration rule(s) shall be construed as referring to such rule(s) as amended or renumbered from time to time and to any successor rules.  References to the AAA include any successor organization.  “Employment Discrimination” means any discrimination against or harassment of Executive in connection with Executive’s employment with the Company or the termination of such employment, including any discrimination or harassment prohibited under federal, state or local statute or other applicable law, including the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with Disability Act or any similar federal, state or local statute.
10.Miscellaneous.
10.1    Assignment.  Executive may not assign any of Executive’s rights or obligations hereunder without the written consent of the Company.  Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not.  In connection with a Change of Control, the Company shall cause a successor to the Company to explicitly assume and agree to be bound by this Agreement and any such successor shall explicitly assume and agree to be bound by this Agreement.
10.2    Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity and without invalidating the remainder of this Agreement.
10.3    Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.
10.4    Descriptive Headings; Interpretation.  The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.  The use of the word “including” in this Agreement shall be by way of example rather than by limitation.
10.5    Notices.  All notices, demands or other communications to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered personally to the recipient, (b) sent to the recipient by reputable express courier service (charges prepaid) or mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, or (c) transmitted by telecopy or electronic mail to the recipient.  Such notices, demands and other communications shall be sent to the addresses indicated below:
To the Company:    Huron Consulting Group Inc. 
550 West Van Buren Street 
Chicago, IL 60607 
Attention: Kristen Bruner 
Email:       kbruner@hcg.com      
To Executive:             James H. Roth 
or to such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.  The date in which such notice shall be deemed given shall be (w) the date of receipt if personally delivered, (x) three (3) business days after the date of mailing if sent 

by certified or registered mail, (y) one business day after the date of delivery to the overnight courier if sent by overnight courier or (z) the next business day after the date of transmittal by email.
10.6    Preamble; Preliminary Recitals.  The Preliminary Recitals set forth in the Preamble hereto are hereby incorporated and made part of this Agreement.
10.7    Taxes.  All compensation payable to Executive from the Company shall be subject to all applicable withholding taxes, normal payroll withholding and any other amounts required by law to be withheld.
10.8    Entire Agreement.  Except as otherwise expressly set forth herein, this Agreement sets forth the entire understanding of the parties, and supersedes and preempts all prior oral or written understandings and agreements with respect to the subject matter hereof, including the Prior Agreement, as amended.
10.9    Governing Law.  This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Agreement shall be governed by, the laws of the State of Illinois without giving effect to provisions thereof regarding conflict of laws.
10.10    No Strict Construction.  The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto.
10.11    Amendment and Waivers.  Any provisions of the Agreement may be amended or waived only with the prior written consent of the Company and Executive.
10.12    Additional Section 409A Provisions.  Although any and all payments contemplated under this Agreement are intended to be exempt from Section 409A of the Code,  if (a) any payment hereunder is ultimately subject to Section 409A of the Code, (b) such payment is to be paid on account of Executive’s separation from service (within the meaning of Section 409A of the Code), and (c) Executive is a “specified employee” (within the meaning of Section 409A(a)(2)(B) of the Code), then such payment shall be delayed, if necessary, until the first day of the seventh month following Executive’s separation from service (or, if later, the date on which such payment is otherwise to be paid under this Agreement).  With respect to any payments hereunder that are subject to Section 409A of the Code and that are payable on account of a separation from service, the determination of whether Executive has had a separation from service shall be determined in accordance with Section 409A of the Code.  It is the intention of both the Company and Executive that the benefits and rights to which Executive could be entitled in connection with termination of employment comply with Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder, and the provisions of this Agreement shall be construed in a manner consistent with that intention.  If Executive or the Company believes, at any time, that any such benefit or right does not so comply, it shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Section 409A of the Code (with the most limited possible economic effect on Executive and on the Company).  Neither the Company nor Executive, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A of the Code, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A. For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which Executive is entitled under this Agreement shall be treated as a separate payment.  In addition, to the extent permissible under Section 409Aof the Code, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates written below.									
		COMPANY: 
			
		HURON CONSULTING GROUP INC. 
		By: 	/s/ Ernie Torain
		Its:	EVP and General Counsel
		Date:	12/23/2022
			
		JAMES H. ROTH
			
		/s/ James Roth
			
		12/23/2022
		DateEXHIBIT 10.1

EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT

 

THIS EXCLUSIVE EQUITY INTEREST PURCHASE AGREEMENT
(the “Agreement”) is entered into by and between the following parties on April 8, 2021.

 

Party A: 

 

Rollingthunder Technology (Jiangxi)
Co., Ltd., a limited liability company (wholly foreign-owned enterprise) established and existing in accordance with the laws
of China, with its registered office at Room 308, Zone C, Zhejiang University Science and Technology Park, No. 698 Jingdong Avenue,
Nanchang Hi-Tech Industrial Development Zone, Nanchang City, Jiangxi Province (Party A).

 

Party B: 

 

Individuals and institutions listed in Annex
I (Party B).

 

Party C: 

 

Jiangxi Ruanyun Technology Co., Ltd.,
a limited liability company established and existing in accordance with the laws of China, with its registered office at 3F, Zone
C, Zhejiang University Science and Technology Park, No. 698 Jingdong Avenue, Hi-Tech Industrial Development Zone, Nanchang City,
Jiangxi Province.

 

WHEREAS,

 

		1.	Party B holds 100% equity interest in Party C;

 

		2.	Party C and Party A have entered into a series of Agreements including the Exclusive Consulting
and Service Agreement.

 

NOW THEREFORE, through mutual negotiations,
the Parties hereto agree as follows:

 

		1.	Transfer of Equity Interest

 

		1.1	Granting Right

 

Under the PRC law, Party B hereby
irrevocably grants Party A the exclusive right to purchase, or designate one or more persons (the “Specified Person”)
to purchase, a portion or whole of the Equity Interest of Party C held by Party B at the price set forth in Article 1.3 hereof
in accordance with the procedure promulgated by Party A at any time in Party A’s discretion.(the “Purchase Right”).
Except for Party A and the Specified Person, Party C shall not sell the Equity Interest to any third party. Party C hereby agrees
that Party B may grant the Purchase Right to Party A. For the purpose of this Agreement, the “person” stipulated herein
refers to individual, corporation, joint venture, partnership, enterprise, trust or non-corporation organization.

 

    	 

    	 

    

 

		1.2	Procedure

 

The exercise of the Purchase Right
by Party A shall subject to the laws and regulations of the PRC. When Party A intends to exercise the Purchase Right, it shall
issue a written notice (the “Purchase Notice”) to Party B which shall contain the following items: (a) Party
A intends to exercise the Purchase Right; (b) the percentage of the Equity Interest to be purchased therewith (the “Purchased
Equity Interest”); and (c) the effective date or transfer date.

 

		1.3	Transfer Fee

 

The Transfer Fee (“Transfer
Fee”) shall be confirmed by and between Party A and Party B through negotiation according to the appraisal of the Equity
Interest approved by the competent authority, and it shall be the lowest price allowable by the PRC laws and regulations. Party
B hereby unconditionally and irrevocably agrees that, in the event that Party A exercises its Purchase Right, Party B shall unconditionally
refund to Party A the Transfer Fee in full.

 

		1.4	Transfer of the Equity Interest

 

Each time when Party A exercises
the Purchase Right:

 

		1.4.1	Party
                                                                                                                                    B
                                                                                                                                    shall
                                                                                                                                    procure
                                                                                                                                    that
                                                                                                                                    Party
                                                                                                                                    C
                                                                                                                                    convene
                                                                                                                                    shareholders’
                                                                                                                                    meeting
                                                                                                                                    timely
                                                                                                                                    and
                                                                                                                                    shall
                                                                                                                                    pass
                                                                                                                                    the
                                                                                                                                    shareholders’
                                                                                                                                    resolutions
                                                                                                                                    that
                                                                                                                                    Party
                                                                                                                                    B
                                                                                                                                    could
                                                                                                                                    transfer
                                                                                                                                    to
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    or
                                                                                                                                    the
                                                                                                                                    Specified
                                                                                                                                    Person
                                                                                                                                    the
                                                                                                                                    Equity
                                                                                                                                    Interest.

 

		1.4.2	Party
                                                                                                                                    B
                                                                                                                                    shall
                                                                                                                                    enter
                                                                                                                                    into
                                                                                                                                    Equity
                                                                                                                                    Transfer
                                                                                                                                    Agreement
                                                                                                                                    with
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    (or
                                                                                                                                    the
                                                                                                                                    Specified
                                                                                                                                    Person,
                                                                                                                                    if
                                                                                                                                    applicable)
                                                                                                                                    in
                                                                                                                                    accordance
                                                                                                                                    with
                                                                                                                                    this
                                                                                                                                    Agreement
                                                                                                                                    and
                                                                                                                                    Purchase
                                                                                                                                    Notice.

 

		1.4.3	Related
                                                                                                                                    parties
                                                                                                                                    shall
                                                                                                                                    execute
                                                                                                                                    all
                                                                                                                                    other
                                                                                                                                    necessary
                                                                                                                                    agreements
                                                                                                                                    or
                                                                                                                                    documents,
                                                                                                                                    and
                                                                                                                                    obtain
                                                                                                                                    all
                                                                                                                                    necessary
                                                                                                                                    government
                                                                                                                                    approvals
                                                                                                                                    and
                                                                                                                                    consents,
                                                                                                                                    and
                                                                                                                                    take
                                                                                                                                    all
                                                                                                                                    necessary
                                                                                                                                    actions
                                                                                                                                    to
                                                                                                                                    lawfully
                                                                                                                                    transfer
                                                                                                                                    the
                                                                                                                                    title
                                                                                                                                    to
                                                                                                                                    the
                                                                                                                                    Equity
                                                                                                                                    Interests
                                                                                                                                    to
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    or
                                                                                                                                    the
                                                                                                                                    Specified
                                                                                                                                    Person
                                                                                                                                    and
                                                                                                                                    procure
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    or
                                                                                                                                    the
                                                                                                                                    Specified
                                                                                                                                    Person
                                                                                                                                    to
                                                                                                                                    be
                                                                                                                                    registered
                                                                                                                                    as
                                                                                                                                    the
                                                                                                                                    holder
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    Equity
                                                                                                                                    Interest.
                                                                                                                                    The
                                                                                                                                    Equity
                                                                                                                                    Interest
                                                                                                                                    should
                                                                                                                                    be
                                                                                                                                    free
                                                                                                                                    from
                                                                                                                                    any
                                                                                                                                    Security
                                                                                                                                    Interest.
                                                                                                                                    For
                                                                                                                                    the
                                                                                                                                    purpose
                                                                                                                                    of
                                                                                                                                    this
                                                                                                                                    Agreement,
                                                                                                                                    Security
                                                                                                                                    Interest
                                                                                                                                    shall
                                                                                                                                    include
                                                                                                                                    guarantee,
                                                                                                                                    mortgage,
                                                                                                                                    any
                                                                                                                                    third
                                                                                                                                    party’s
                                                                                                                                    right
                                                                                                                                    or
                                                                                                                                    interest,
                                                                                                                                    any
                                                                                                                                    purchase
                                                                                                                                    right,
                                                                                                                                    pre-emption
                                                                                                                                    right,
                                                                                                                                    offset
                                                                                                                                    right
                                                                                                                                    and
                                                                                                                                    any
                                                                                                                                    other
                                                                                                                                    security
                                                                                                                                    arrangements.
                                                                                                                                    Notwithstanding
                                                                                                                                    the
                                                                                                                                    foregoing,
                                                                                                                                    the
                                                                                                                                    Security
                                                                                                                                    Interest
                                                                                                                                    shall
                                                                                                                                    not
                                                                                                                                    include
                                                                                                                                    any
                                                                                                                                    security
                                                                                                                                    interest
                                                                                                                                    accrued
                                                                                                                                    in
                                                                                                                                    accordance
                                                                                                                                    with
                                                                                                                                    this
                                                                                                                                    Agreement
                                                                                                                                    and
                                                                                                                                    the
                                                                                                                                    Equity
                                                                                                                                    Interest
                                                                                                                                    Pledge
                                                                                                                                    Agreement
                                                                                                                                    which
                                                                                                                                    is
                                                                                                                                    entered
                                                                                                                                    into
                                                                                                                                    by
                                                                                                                                    and
                                                                                                                                    between
                                                                                                                                    Party
                                                                                                                                    B
                                                                                                                                    and
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    on
                                                                                                                                    April
                                                                                                                                    8,
                                                                                                                                    2021
                                                                                                                                    (“Equity
                                                                                                                                    Interest
                                                                                                                                    Pledge
                                                                                                                                    Agreement”).
                                                                                                                                    According
                                                                                                                                    to
                                                                                                                                    the
                                                                                                                                    Equity
                                                                                                                                    Interest
                                                                                                                                    Pledge
                                                                                                                                    Agreement,
                                                                                                                                    Party
                                                                                                                                    B
                                                                                                                                    shall
                                                                                                                                    pledge
                                                                                                                                    all
                                                                                                                                    the
                                                                                                                                    equity
                                                                                                                                    possessed
                                                                                                                                    by
                                                                                                                                    Party
                                                                                                                                    B
                                                                                                                                    in
                                                                                                                                    Party
                                                                                                                                    C
                                                                                                                                    to
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    as
                                                                                                                                    a
                                                                                                                                    guarantee
                                                                                                                                    to
                                                                                                                                    the
                                                                                                                                    performance
                                                                                                                                    of
                                                                                                                                    the
                                                                                                                                    Exclusive
                                                                                                                                    Technical
                                                                                                                                    Consulting
                                                                                                                                    and
                                                                                                                                    Service
                                                                                                                                    Agreement
                                                                                                                                    which
                                                                                                                                    is
                                                                                                                                    entered
                                                                                                                                    into
                                                                                                                                    by
                                                                                                                                    and
                                                                                                                                    between
                                                                                                                                    Party
                                                                                                                                    C
                                                                                                                                    and
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    on
                                                                                                                                    April
                                                                                                                                    8,
                                                                                                                                    2021
                                                                                                                                    (“Exclusive
                                                                                                                                    Technical
                                                                                                                                    Consulting
                                                                                                                                    and
                                                                                                                                    Service
                                                                                                                                    Agreement”).

 

    	 

    	 

    

 

		1.5	Payments for the Equity Interest

 

	 	1.5.1	Party
A shall pay the Transfer Fee to Party B in accordance with Article 1.3 hereof.

 

 

		2.	Warranties Relating to the Equity Interest

 

		2.1	Party C hereby guarantees that:

 

		2.1.1	Absent prior written consent of Party A or the Specified Person, Party C will not supplement, amend,
or modify any provision of the Articles of Association of the company, and shall not increase or decrease its registered capital,
or alter the equity structure in other methods.

 

		2.1.2	Party C shall be legally existing, and prudently and efficiently operates its business and deals
with corporate affairs in accordance with commercial standards and practice.

 

		2.1.3	Absent prior written consent of Party A or the specific person, Party C shall not sell, transfer,
mortgage or dispose of any asset, business or beneficial right of Party C, or allow creation of any other Security Interest.

 

		2.1.4	Absent prior written consent of Party A or the specific person, Party C shall not incur, inherit,
guarantee or bear any debt except for (i) the debt is incurred during the routine business instead of loan; and (ii) the debt has
been disclosed to Party A and has obtained Party A’s written consent.

 

		2.1.5	Party C shall operate its routine business to keep the value of its assets, and shall not result
in any material influence on its business operation and the value of its asset by acts or omissions.

 

		2.1.6	Absent prior written consent of Party A or the specific person, Party C shall not enter into any
material agreement except for the purpose of routine business operation. (For the purpose of this provision, an agreement covering
an amount in excess of RMB100,000 shall be deemed as a material agreement).

 

    	 

    	 

    

  

		2.1.7	Absent
                                                                                                                                    prior
                                                                                                                                    written
                                                                                                                                    consent
                                                                                                                                    of
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    or
                                                                                                                                    the
                                                                                                                                    specific
                                                                                                                                    person,
                                                                                                                                    Party
                                                                                                                                    C
                                                                                                                                    shall
                                                                                                                                    not
                                                                                                                                    provide
                                                                                                                                    any
                                                                                                                                    loan
                                                                                                                                    or
                                                                                                                                    credit
                                                                                                                                    to
                                                                                                                                    any
                                                                                                                                    third
                                                                                                                                    party.

 

		2.1.8	Party
                                                                                                                                    C
                                                                                                                                    shall
                                                                                                                                    provide
                                                                                                                                    all
                                                                                                                                    materials
                                                                                                                                    relating
                                                                                                                                    to
                                                                                                                                    its
                                                                                                                                    operation
                                                                                                                                    and
                                                                                                                                    financial
                                                                                                                                    status
                                                                                                                                    to
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    upon
                                                                                                                                    Party
                                                                                                                                    A’s
                                                                                                                                    request.

 

		2.1.9	Party
                                                                                                                                    C
                                                                                                                                    shall
                                                                                                                                    effect
                                                                                                                                    and
                                                                                                                                    maintain
                                                                                                                                    insurance
                                                                                                                                    from
                                                                                                                                    the
                                                                                                                                    insurance
                                                                                                                                    company
                                                                                                                                    acceptable
                                                                                                                                    to
                                                                                                                                    Party
                                                                                                                                    A.
                                                                                                                                    The
                                                                                                                                    amount
                                                                                                                                    and
                                                                                                                                    types
                                                                                                                                    of
                                                                                                                                    such
                                                                                                                                    insurance
                                                                                                                                    shall
                                                                                                                                    be
                                                                                                                                    the
                                                                                                                                    same
                                                                                                                                    with
                                                                                                                                    the
                                                                                                                                    alike
                                                                                                                                    companies
                                                                                                                                    which
                                                                                                                                    operate
                                                                                                                                    the
                                                                                                                                    similar
                                                                                                                                    business
                                                                                                                                    and
                                                                                                                                    possess
                                                                                                                                    the
                                                                                                                                    similar
                                                                                                                                    assets
                                                                                                                                    with
                                                                                                                                    Party
                                                                                                                                    C
                                                                                                                                    in
                                                                                                                                    the
                                                                                                                                    same
                                                                                                                                    distraction.

 

		2.1.10	Absent
                                                                                                                                     prior
                                                                                                                                     written
                                                                                                                                     consent
                                                                                                                                     of
                                                                                                                                     Party
                                                                                                                                     A
                                                                                                                                     or
                                                                                                                                     the
                                                                                                                                     specific
                                                                                                                                     person,
                                                                                                                                     Party
                                                                                                                                     C
                                                                                                                                     shall
                                                                                                                                     not
                                                                                                                                     merge
                                                                                                                                     with,
                                                                                                                                     combine
                                                                                                                                     with
                                                                                                                                     or
                                                                                                                                     purchase
                                                                                                                                     any
                                                                                                                                     entity
                                                                                                                                     or
                                                                                                                                     make
                                                                                                                                     investments
                                                                                                                                     to
                                                                                                                                     any
                                                                                                                                     entity.

 

		2.1.11	Party
                                                                                                                                     C
                                                                                                                                     shall
                                                                                                                                     promptly
                                                                                                                                     inform
                                                                                                                                     Party
                                                                                                                                     A
                                                                                                                                     of
                                                                                                                                     any
                                                                                                                                     existing
                                                                                                                                     or
                                                                                                                                     potential
                                                                                                                                     litigation,
                                                                                                                                     arbitration,
                                                                                                                                     or
                                                                                                                                     administrative
                                                                                                                                     procedure
                                                                                                                                     in
                                                                                                                                     relation
                                                                                                                                     to
                                                                                                                                     Party
                                                                                                                                     C’s
                                                                                                                                     assets,
                                                                                                                                     business
                                                                                                                                     and
                                                                                                                                     revenue.

 

		2.1.12	Party
                                                                                                                                     C
                                                                                                                                     shall
                                                                                                                                     make
                                                                                                                                     all
                                                                                                                                     necessary
                                                                                                                                     efforts
                                                                                                                                     to
                                                                                                                                     maintain
                                                                                                                                     the
                                                                                                                                     title
                                                                                                                                     to
                                                                                                                                     its
                                                                                                                                     assets,
                                                                                                                                     including
                                                                                                                                     but
                                                                                                                                     not
                                                                                                                                     limited
                                                                                                                                     to
                                                                                                                                     execute
                                                                                                                                     all
                                                                                                                                     necessary
                                                                                                                                     or
                                                                                                                                     proper
                                                                                                                                     documents,
                                                                                                                                     commence
                                                                                                                                     all
                                                                                                                                     necessary
                                                                                                                                     or
                                                                                                                                     proper
                                                                                                                                     claims,
                                                                                                                                     or
                                                                                                                                     make
                                                                                                                                     all
                                                                                                                                     necessary
                                                                                                                                     or
                                                                                                                                     proper
                                                                                                                                     defences
                                                                                                                                     to
                                                                                                                                     all
                                                                                                                                     claims.

 

		2.1.13	Absent
                                                                                                                                     prior
                                                                                                                                     written
                                                                                                                                     consent
                                                                                                                                     of
                                                                                                                                     Party
                                                                                                                                     A,
                                                                                                                                     Party
                                                                                                                                     C
                                                                                                                                     shall
                                                                                                                                     not
                                                                                                                                     distribute
                                                                                                                                     any
                                                                                                                                     dividend
                                                                                                                                     to
                                                                                                                                     any
                                                                                                                                     shareholder.
                                                                                                                                     Nevertheless,
                                                                                                                                     Party
                                                                                                                                     C
                                                                                                                                     shall
                                                                                                                                     immediately
                                                                                                                                     distribute
                                                                                                                                     all
                                                                                                                                     payable
                                                                                                                                     dividends
                                                                                                                                     to
                                                                                                                                     the
                                                                                                                                     shareholders
                                                                                                                                     upon
                                                                                                                                     request
                                                                                                                                     of
                                                                                                                                     Party
                                                                                                                                     A
                                                                                                                                     or
                                                                                                                                     the
                                                                                                                                     specified
                                                                                                                                     person.

 

		2.2	Party
                                                                                                                                                     B
                                                                                                                                                     hereby
                                                                                                                                                     guarantees
                                                                                                                                                     that:

 

	 	2.2.1	Absent prior written consent of Party A or the specific person, Party B shall not sell, transfer, mortgage or dispose of any right or interest relating to the Equity Interest, or allow any creation of other Security Interest on the Equity Interest. However the Security Interest accrued from this Agreement and the Equity Interest Pledge Agreement shall be excluded.

 

		2.2.2	Party
                                                                                                                                    B
                                                                                                                                    shall
                                                                                                                                    promptly
                                                                                                                                    inform
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    of
                                                                                                                                    any
                                                                                                                                    existing
                                                                                                                                    or
                                                                                                                                    potential
                                                                                                                                    litigation,
                                                                                                                                    arbitration,
                                                                                                                                    or
                                                                                                                                    administrative
                                                                                                                                    procedure
                                                                                                                                    in
                                                                                                                                    relation
                                                                                                                                    to
                                                                                                                                    the
                                                                                                                                    Equity
                                                                                                                                    Interest.

 

		2.2.3	Party
                                                                                                                                    B
                                                                                                                                    shall
                                                                                                                                    make
                                                                                                                                    all
                                                                                                                                    necessary
                                                                                                                                    efforts
                                                                                                                                    to
                                                                                                                                    maintain
                                                                                                                                    its
                                                                                                                                    title
                                                                                                                                    to
                                                                                                                                    the
                                                                                                                                    equity
                                                                                                                                    of
                                                                                                                                    Party
                                                                                                                                    C,
                                                                                                                                    including
                                                                                                                                    but
                                                                                                                                    not
                                                                                                                                    limited
                                                                                                                                    to
                                                                                                                                    execute
                                                                                                                                    all
                                                                                                                                    necessary
                                                                                                                                    or
                                                                                                                                    proper
                                                                                                                                    documents,
                                                                                                                                    commence
                                                                                                                                    all
                                                                                                                                    necessary
                                                                                                                                    or
                                                                                                                                    proper
                                                                                                                                    claims,
                                                                                                                                    or
                                                                                                                                    make
                                                                                                                                    all
                                                                                                                                    necessary
                                                                                                                                    or
                                                                                                                                    proper
                                                                                                                                    defences
                                                                                                                                    to
                                                                                                                                    all
                                                                                                                                    claims.

 

    	 

    	 

    

 

		2.2.4	Upon
                                                                                                                                    the
                                                                                                                                    request
                                                                                                                                    of
                                                                                                                                    Party
                                                                                                                                    A,
                                                                                                                                    Party
                                                                                                                                    B
                                                                                                                                    shall
                                                                                                                                    immediately
                                                                                                                                    transfer
                                                                                                                                    its
                                                                                                                                    Equity
                                                                                                                                    Interest
                                                                                                                                    to
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    or
                                                                                                                                    the
                                                                                                                                    Specified
                                                                                                                                    Person
                                                                                                                                    unconditionally
                                                                                                                                    at
                                                                                                                                    any
                                                                                                                                    time.

 

		2.2.5	Party
                                                                                                                                    B
                                                                                                                                    shall
                                                                                                                                    strictly
                                                                                                                                    comply
                                                                                                                                    with
                                                                                                                                    and
                                                                                                                                    duly
                                                                                                                                    perform
                                                                                                                                    this
                                                                                                                                    Agreement
                                                                                                                                    and
                                                                                                                                    any
                                                                                                                                    other
                                                                                                                                    agreements
                                                                                                                                    entered
                                                                                                                                    into
                                                                                                                                    by
                                                                                                                                    and
                                                                                                                                    between
                                                                                                                                    Party
                                                                                                                                    B,
                                                                                                                                    Party
                                                                                                                                    C,
                                                                                                                                    and
                                                                                                                                    Party
                                                                                                                                    A
                                                                                                                                    collectively
                                                                                                                                    or
                                                                                                                                    respectively
                                                                                                                                    and
                                                                                                                                    shall
                                                                                                                                    not
                                                                                                                                    affect
                                                                                                                                    the
                                                                                                                                    validity
                                                                                                                                    and
                                                                                                                                    enforceability
                                                                                                                                    of
                                                                                                                                    such
                                                                                                                                    agreements
                                                                                                                                    by
                                                                                                                                    acts
                                                                                                                                    or
                                                                                                                                    omissions.

 

		3.	Representations and Warranties

 

		3.1	Party B and Party C hereby collectively and respectively represent and warrant to Party A that
on and till the execution date of this Agreement and each and every transfer day thereafter:

 

		3.1.1	It has the authority and ability to enter into and duly perform this Agreement and each and every
Equity Transfer Agreement executed thereafter by Party B or Party C collectively or respectively. Such Agreements shall be legally
and effectively binding on the parties thereof and shall be enforceable in accordance with the provisions thereof.

 

		3.1.2	The execution, delivery and performance of this Agreement or any Equity Transfer Agreement thereafter
shall not: (i) violate any PRC laws; (ii) conflict with its Articles of Association or other organizational documents; (iii) breach
any contract or document of which Party B and/or Party C is a party or which binds Party B and/or Party C; (iv) violate any acquired
permit, approval or any valid qualification thereof; or (v) result in the ceasing or revocation or additional conditions to the
acquired permit or approval.

 

		3.1.3	Party B retains full and transferable title to its assets and facilities and absent any security
interest other than the security interest accrued in this Agreement and the pledge set by the Equity Interests Pledge Agreement.

 

		3.1.4	Party B or any person designated by Party B shall unconditionally transfer any funds obtained from
Party C in full to Party A (including but not limited to dividends, bonus, other rights, earnings and so forth distributed by Party
C.)

 

		3.1.5	Prior to Party A’s lawful exercise of Purchase Right, Party B shall not request Party C to
distribute any dividend, bonus and other right and earning and so forth absent Party A’s permit.

 

		3.1.6	Party C has no outstanding debt except for (i) the legal debt, which is incurred during its routine
business operation instead of loan; (ii) the debt has been disclosed to Party A and has obtained Party A’s written permit.

 

    	 

    	 

    

 

		3.1.7	Party C shall comply with all applicable laws and regulations relating to equity transfer.

 

		3.1.8	There is no existing, pending or potential litigation, arbitration, or administrative procedure
in relation to the Equity Interest, assets of Party C and other matters of Party C.

 

		4.	Effective Date 

 

This Agreement shall take effect
upon execution by the Parties (“Effective Date”), the term shall be ten (10) years, and it may be extended by another
ten (10) years if Party A so requires.

 

		5.	Governing Law and Dispute Resolution

 

		5.1	Governing Law

 

This Agreement shall be governed by
and construed in accordance with PRC laws.

 

		5.2	Dispute Resolution

 

With regards to any dispute in relation
to the interpretation or implementation of this Agreement, the Parties shall negotiate friendly to settle the dispute. If it can
not be settled within thirty (30) days from the date any party issuing written notice requesting settlement of dispute through
negotiation, each party has the right to submit it to Nanchang Arbitration Committee for arbitration according to the valid arbitration
rules. The arbitration shall be held in Nanchang. The arbitration award is final and binding on each party.

 

		6.	Tax and Expenditures

 

Each party shall bear its own tax,
costs and expenditures relating to preparing for and executing this Agreement and Equity Transfer Contract and relating to completing
the contemplated deal.

 

		7.	Notice

 

Any notice or other communication
under this Agreement shall be in Chinese and be sent to the address listed below or other address as may be designated from time
to time by personal delivery or mail or facsimile. Any notice required or given hereunder shall be deemed to have been served:
(a) the same date if sent by personal delivery; (b) the tenth date from delivery (subject to the stamp) of a prepaid air-mail,
or the fourth date from delivering to a professional delivery company acknowledged worldwide if sent by mail; and (c) the receipt
date recorded on the transmission confirmation notice if sent by facsimile.

 

    	 

    	 

    

 

Party A: Rollingthunder Technology (Jiangxi)
Co., Ltd.

Registered Address: Room 308, Zone
C, Zhejing University Science and Technology Park, No. 698 Jingdong Avenue, Nanchang Hi-Tech Industrial Development Zone, Nanchang
City, Jiangxi Province

 

Party B: Individuals
and institutions listed in Annex I.

 

Party C: Jiangxi Ruanyun Technology
Co., Ltd.

Registered Address: 3F, Zone C, Zhejiang
University Science and Technology Park, No. 698 Jingdong Avenue, Hi-Tech Industrial Development Zone, Nanchang City, Jiangxi Province.

 

		8.	Confidentiality

 

		8.1	The Parties acknowledge and confirm that any oral or written information relating to this Agreement
communicated among the Parties shall be deemed as confidential information (“Confidential Information”). The Parties
shall keep confidential of such Confidential Information and shall not disclose to any third party unless having obtained prior
written consent from the other parties. Nevertheless, Confidential Information shall not include information which (a) was at the
date hereof or subsequently becomes public information (otherwise than disclosed by any party received such Confidential Information);
(b) is disclosed in accordance with applicable laws or regulations; or (c) the party who disclose any Confidential Information
to its attorneys or financial advisors who need to access such information shall ensure that such attorneys or financial advisors
comply with this provision and keep confidential of such information. The disclosure by the employee or agent of Each Party shall
be deemed as disclosed by the party itself, and the party shall be liable of the breach. The Parties agree that the provisions
of this Article shall survive notwithstanding the termination of this Agreement.

 

		9.	Further Assurance 

 

		9.1	The Parties agree that they will, without any hesitation, execute any necessary documents for the
performance of this Agreement or any documents which are benefit for the purpose of this Agreement, and will take all necessary
actions for the purpose of this Agreement or take actions which are benefit for the purpose of this Agreement.

 

    	 

    	 

    

 

		10.	Miscellaneous

 

		10.1	Amendment
                                                                                                                                    and
                                                                                                                                    supplementation

 

Any
revision, amendment and supplementation of this Agreement shall be in writing and be executed by Each Party.

 

		10.2	Compliance
                                                                                                                                    with
                                                                                                                                    laws
                                                                                                                                    and
                                                                                                                                    regulations

 

The
Parties shall comply with all applicable PRC laws and regulations which have been formally issued and may be publicly acquired.

 

		10.3	Entire
                                                                                                                                    agreement

 

Unless
it is otherwise revised, amended or supplemented after execution of this Agreement, this Agreement constitutes the entire agreement
among the parties as to the subject matter, and supersedes any prior oral or written negotiations, statements or agreement among
the parties relating thereto.

 

		10.4	Headings

 

Headings
in this Agreement are only set out for reading convenience, and shall not be used to interpret, explain or otherwise influence
the meaning of the provisions of this Agreement.

 

		10.5	Language

 

This
Agreement is made in Chinese and English in three originals. The Chinese version will prevail in the event of any inconsistency
between the English and any Chinese translations thereof.

 

		10.6	Severability

 

If
any of the terms of this Agreement is declared invalid, illegal or unenforceable in accordance with any applicable laws or regulations,
the validity and enforceability of the other terms hereof shall nevertheless remain unaffected, and the Parties hereto agree to,
through friendly negotiation, make valid terms to such invalid, illegal or unenforceable terms, and the economic results from
such valid terms shall be close to, as much as may be possible, the superseded invalid, illegal or enforceable terms.

 

		10.7	Successor

 

This
Agreement shall bind the successor of each party or the transferee permitted by the other parties and shall be interpreted for
its benefit.

 

		10.8	Continue
                                                                                                                                    to
                                                                                                                                    be
                                                                                                                                    effective

 

		10.8.1	Any
                                                                                                                                     duties
                                                                                                                                     occurred
                                                                                                                                     in
                                                                                                                                     relation
                                                                                                                                     to
                                                                                                                                     the
                                                                                                                                     Agreement
                                                                                                                                     before
                                                                                                                                     expiration
                                                                                                                                     or
                                                                                                                                     early
                                                                                                                                     termination
                                                                                                                                     of
                                                                                                                                     the
                                                                                                                                     Agreement
                                                                                                                                     shall
                                                                                                                                     continue
                                                                                                                                     to
                                                                                                                                     be
                                                                                                                                     effective
                                                                                                                                     after
                                                                                                                                     expiration
                                                                                                                                     or
                                                                                                                                     early
                                                                                                                                     termination
                                                                                                                                     of
                                                                                                                                     the
                                                                                                                                     Agreement.

 

		10.8.2	Articles
                                                                                                                                     5,
                                                                                                                                     7,
                                                                                                                                     8
                                                                                                                                     and
                                                                                                                                     10.8
                                                                                                                                     hereof
                                                                                                                                     shall
                                                                                                                                     survive
                                                                                                                                     notwithstanding
                                                                                                                                     the
                                                                                                                                     termination
                                                                                                                                     of
                                                                                                                                     this
                                                                                                                                     Agreement.

 

		10.9	Waiver

 

Each
party may waive the terms and conditions under this Agreement in writing. Such waiver should be duly signed by the other parties.
Any waive relating to the breach of the other party in certain circumstance shall not be deemed as that the waiver party has made
waiver to the other party for the same breach in other circumstances.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

This page is the signing page of this Equity
Interest Pledge Agreement.

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement as of the date first set forth above written.

 

Party A: Rollingthunder
Technology (Jiangxi) Co., Ltd.

Authorized Representative (Signature): /s/
Rollingthunder Technology (Jiangxi) Co., Ltd.

 

Party B: 

	FU Yan	WAN Linhua
	 	 
	Signature: /s/ FU Yan	Signature: /s/ WAN Linhua
	 	 
	Shanghai Yuyuan Assset Management Partnership	XU Guoqiang
	(Limited Partnership)	 
	 	Signature: /s/ XU Guoqiang
	Stamp: /s/ Shanghai Yuyuan Assset Management Partnership	 
	(Limited Partnership)	 
	 	 
	ZHAO Cong	LI Baihua
	 	 
	Signature: /s/ ZHAO Cong	Signature: /s/ LI Baihua
	 	 
	Suzhou Zhongjingxin Fund I Investment Center	XIE Xing
	(Limited Partnership)	 
	 	Signature: /s/ XIE Xing
	Stamp: /s/ Suzhou Zhongjingxin Fund I Investment Center	 
	(Limited Partnership)	 
	 	 
	WANG Bin	ZOU Zejiong
	 	 
	Signature: /s/ WANG Bin	Signature: /s/ ZOU Zejiong
	 	 
	Gongqingcheng Yanhong Investment Management	HU Peng
	Partnership (Limited Partnership)	 
	 	Signature: /s/ HU Peng
	Stamp: /s/ Gongqingcheng Yanhong Investment Management	 
	Partnership (Limited Partnership)	 
	 	 
	WANG Ranran	JIANG Wei
	 	 
	Signature: /s/ WANG Ranran	Signature: /s/ JIANG Wei
	 	 
	DAI Shucheng	CUI Jun
	 	 
	Signature: /s/ DAI Shucheng	Signature: /s/ CUI Jun
	 	 
	Hangzhou Blue Shell Bangshi Venture Investment	XIONG Qian
	Partnership (Limited Partnership)	 
	 	Signature: /s/ XIONG Qian
	Stamp: /s/ Hangzhou Blue Shell Bangshi Venture Investment	 
	Partnership (Limited Partnership)	 
	 	 
	LIU Runzhou	TAO Hongbiao
	 	 
	Signature: /s/ LIU Runzhou	Signature: /s/ TAO Hongbiao
	 	 
	ZHAO Xiaolin	ZHANG Xinming
	 	 
	Signature: /s/ ZHAO Xiaolin	Signature: /s/ ZHANG Xinming
	 	 
	XIE Hong	ZHANG Shifen
	 	 
	Signature: /s/ XIE Hong	Signature: /s/ ZHANG Shifen

 

Party C: Jiangxi Ruanyun Technology Co., Ltd.

Authorized
Representative (Signature): /s/ Jiangxi Ruanyun Technology Co., Ltd.

 

    	 

    	 

    

 

Annex I:
Party B

 

	Serial
    Number	Name	ID
    Number
	1	FU
    Yan	XX
	2	Shanghai
                                                                                                                                   Yuyuan
                                                                                                                                   Assset
                                                                                                                                   Management
                                                                                                                                   Partnership

         

        (Limited
        Partnership)
	XX
	3	ZHAO
    Cong	XX
	4	LI
    Baihua	XX
	5	WANG
    Bin	XX
	6	HU
    Peng	XX
	7	WANG
    Ranran	XX
	8	WAN
    Linhua	XX
	9	XU
    Guoqiang	XX
	10	Suzhou
                                                                                                                                   Zhongjingxin
                                                                                                                                   Fund
                                                                                                                                   I
                                                                                                                                   Investment
                                                                                                                                   Center

        

        (Limited
        Partnership)
	XX
	11	XIE
    Xing	XX
	12	ZOU
    Zejiong	XX
	13	Gongqingcheng
    Yanhong Investment Management Partnership (Limited Partnership)	XX
	14	JIANG
    Wei	XX
	15	DAI
    Shucheng	XX
	16	Hangzhou
    Blue Shell Bangshi Venture Investment Partnership (Limited Partnership)	XX
	17	LIU
    Runzhou	XX
	18	ZHAO
    Xiaolin	XX
	19	XIE
    Hong	XX
	20	CUI
    Jun	XX
	21	XIONG
    Qian	XX
	22	ZHANG
    Shifen	XX
	23	TAO
    Hongbiao	XX
	24	ZHANG
    Xinming	XX

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