Document:

Share Pledge Agreement, dated August 4, 2009

 Exhibit 10.4 
 Share Pledge Agreement 
 This Share Pledge Agreement (hereinafter,
this “Agreement”) is entered into in Beijing of the People’s Republic of China (hereinafter, the “PRC”) as of August 4, 2009 by and between the following Parties: 
 Party A: Tianjin Frank Education Consultancy Co., Ltd (hereinafter referred to as the “Pledgee”) , a wholly foreign-owned enterprise registered in
China. 
 Address: Room 3024, Building A, No. 2 of Wuhuadao, Huayuan Industry District, Tianjin 
 Party B: Min Hu (hereinafter the “Pledgor”) 
 ID Card No.: 41071119640703102X 
 Address: 701, Building 18, Yimei Garden, Haidian District, Beijing 
 Party C: Zhengmao Hu (hereinafter the “Pledgor”) 
 ID Card No.: 410221197004140213 
 Address: 701, Building 18, Yimei Garden, Haidian District, Beijing 
 (Min Hu and Zhengmao Hu are hereinafter referred to individually and collectively as the “Pledgor”.) 
 Party D: Beijing Frank Education Investment and Management Co., Ltd (hereinafter referred to as “Beijing Frank”), a company registered in Beijing
of China mainly engaged in education investment and management business. 
 Whereas: 
  

	1.	Beijing Frank and the Pledgee entered into Management and Service Agreement on August 4, 2009, in which Beijing Frank entrusts the Pledgee to provide relevant
consultancy service to it and agrees to pay the related service fee for the service to the Pledgee. 

  

	2.	On August 4, 2009, Tianjin Frank entered into management and service agreements respectively with the Branch of Suixian Senior High School, the Branch of Suixian
Hui High School and Shandong International Polytechnic School of Translation (“three Schools”), in which Tianjin Frank provide the relevant management services to three Schools and in exchange for services fees from three Schools during
the terms of the relevant agreements. 

  

	3.	The Pledgor and Pledgee entered into Loan Agreement on August 4, 2009 (“Loan Agreement”), in which Pledgee provided RMB15,000,000 to Pledgor and the
relevant rights and obligations of both parties under Loan Agreement; 

  

	4.	The Pledgors are citizens of the People’s Republic of China (“China”), and holds 100% of the equity interest in Beijing Frank; and the Pledgors intend to
pledge all equity interest they hold in Beijing Frank to Tianjin Frank, as the guarantee for performance of Contracts Obligations; and Beijing Frank agrees upon the arrangement of such share pledge and agrees to provide assistance for the
registration of such share pledge. 

  

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 The Parties have mutually agreed to execute this Agreement upon the following terms 
 Article 1 Definitions 
 Unless otherwise provided herein, the terms below shall have the following meanings: 
  

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

  

	1.2	Equity Interest refers to all of the equity interest lawfully now held and hereafter acquired by Pledgor in Party C. 

  

	1.3	Term of Pledge refers to the term set forth in Section 3.2 of this Agreement. 

  

	1.4	Event of Default refers to any of the circumstances set forth in Article 7 of this Agreement. 

  

	1.5	Notice of Default refers to the notice issued by Pledgee in accordance with this Agreement declaring an Event of Default. 

  

	1.6	Contract Obligations: means all contractual obligations of Pledgor under the Equity Transfer Exclusive Option Agreement, Proxy Agreement, Loan Agreement, and all
contractual obligations of Beijing Frank under the Equity Transfer Exclusive Option Agreement, Proxy Agreement and Management and Service Agreement; and all obligations of thee Schools under the management and service agreements.

 Article 2 The Pledge 
 As collateral security for the prompt and complete payment and performance of Contract Obligations when due (whether at stated maturity, by acceleration or otherwise), Pledgor hereby assign, conveys,
mortgages, pledges, hypothecates, grants, transfer and sets over to Pledgee a first security interest in all of Pledgor’s right, title and interest, whether now owned or hereafter acquired by Pledgor in the Equity Interest of Beijing Frank.

 Article 3 Term of Pledge 
  

	3.1	The Pledge shall become effective as of the date when the Pledge is registered in the shareholders’ register. The Pledge shall be continuously valid until all
Contract Obligations have been fulfilled. The parties agree that Pledgor shall register the Pledge in industry and commerce administration within the shortest time limit following the execution of this Agreement. 

  

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	3.2	During the term of the Pledge, in the event of default, Pledgee shall have the right, but not the obligation, to dispose of the Equity Interest in accordance with the
provisions of this Agreement. 

 Article 4 Custody of Records for Equity Interest subject to Pledge

  

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

  

	4.2	Pledgee shall have the right to collect dividends generated by the Equity Interest during the term of the Pledge. 

 Article 5 Representations and Warranties of Pledgor 
  

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

  

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

  

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

 Article 6 Covenants and Further Agreements of Pledgor 
  

	6.1	Pledgor hereby covenants to the Pledgee, that during the term of this Agreement, Pledgor shall: 

  

	 	6.1.1	not transfer the Equity Interest, place or permit the existence of any security interest or other encumbrance that may affect the Pledgee’s rights and interests in
the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Equity Transfer Exclusive Option Agreement executed by Pledgor, Pledgee and Beijing Frank on August 4, 2009; 

  

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

  

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

  

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

  

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

  

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

 Article 7 Event of Default 
  

	7.1	The following circumstances shall be deemed Event of Default: 

  

	 	7.1.1	The relevant parties fail to fulfill Contract Obligations; 

  

	 	7.1.2	Any representation or warranty by Pledgor in Article 5 of this Agreement contains material misrepresentations or errors, and/or Pledgor violates any of the warranties
in Article 5 of this Agreement; 

  

	 	7.1.3	Pledgor and Party C fail to complete the filing procedure of the Pledge stipulated in Section 3.1; 

  

	 	7.1.4	Pledgor and Party C breach any provisions of this Agreement; 

  

	 	7.1.5	Except as expressly stipulated in Section 6.1.1, Pledgor transfers or purports to transfer or abandons the Equity Interest pledged or assigns the Equity Interest
pledged without the written consent of Pledgee; 

  

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	 	7.1.6	Pledgor’s own loans, guarantees, indemnifications, promises or other debt liabilities to any third party or parties 

 (1) become due subject to a demand of early repayment or performance due to default on the part of Pledgor; or (2) become due but are
not capable of being repaid or performed in a timely manner; 
  

	 	7.1.7	Any approval, license, permit or authorization of government agencies that makes this Agreement enforceable, legal and effective is withdrawn, terminated, invalidated
or substantively changed; 

  

	 	7.1.8	The promulgation of applicable laws renders this Agreement illegal or renders it impossible for Pledgor to continue to perform its obligations under this Agreement;

  

	 	7.1.9	Adverse changes in properties owned by Pledgor, which lead Pledgee to believe that that Pledgor’s ability to perform its obligations under this Agreement has been
affected; 

  

	 	7.1.10	The successor or custodian of Party C is capable of only partially perform or refuses to perform Contract Obligations; and 

  

	 	7.1.11	Any other circumstances occur where Pledgee is or may become unable to exercise its right with respect to the Pledge. 

  

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

  

	7.3	Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s satisfaction, Pledgee may issue a Notice of Default to
Pledgor in writing upon the occurrence of the Event of Default or at any time thereafter and demand that Pledgor immediately pay all outstanding payments due under the Management and Service Agreement and Loan Agreement to Pledgee, and/or dispose of
the Pledge in accordance with the provisions of Article 8 of this Agreement. 

 Article 8 Exercise of Pledge

  

	8.1	Prior to the full performance of Contract Obligations, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest in Party
C. 

  

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

  

	8.3	Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in
accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee decides to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest.

  

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	8.4	In the event of default, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest, to the extent permitted
and in accordance with applicable laws, without obligation to account to Pledgor for proceeds of disposition and Pledgor hereby waives any rights it may have to demand any such accounting from Pledgee. Likewise, in such circumstance Pledgor shall
have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest. 

  

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

 Article 9 Assignment 
  

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

  

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

  

	9.3	At any time, Pledgee may assign any and all of its rights and obligations under the Management and Service Agreement to its designee(s) (natural/legal persons), in
which case the assigns shall have the rights and obligations of Pledgee under this Agreement, as if it were the original party to this Agreement. When the Pledgee assigns the rights and obligations under Management and Service Agreement, upon
Pledgee’s request, Pledgor shall execute relevant agreements or other documents relating to such assignment. 

  

	9.4	In the event of a change in Pledgee due to an assignment, Pledgor shall, at the request of Pledgee, execute a new pledge agreement with the new pledgee on the same
terms and conditions as this Agreement. 

  

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

  

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 Article 10 Termination 
 Upon the full performance of Contract Obligations, this Agreement shall be terminated, and Pledgee shall then cancel or terminate this Agreement as soon as reasonably practicable. 
 Article 11 Fees and Other Expenses 
 All fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, cost of production, stamp tax and any other taxes and fees, shall be borne by Party C. 
 Article 12 The Duty to Maintain Confidentiality 
 The Parties acknowledge that any oral or written information exchanged among them with respect to this Agreement is confidential information. Each Party shall maintain the confidentiality of all such
information, and without obtaining the written consent of other Parties, it shall not disclose any relevant information to any third parties, except in the following circumstances: (a) such information is or will be in the public domain
(provided that this is not the result of a public disclosure by the receiving party); (b) information disclosed as required by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by
any Party to its legal counsel or financial advisor regarding the transaction contemplated hereunder, and such legal counsel or financial advisor are also bound by confidentiality duties similar to the duties in this section. Disclosure of any
confidential information by the staff members or agency hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This section shall survive the
termination of this Agreement for any reason. 
 Article 13 Governing Law and Resolution of Disputes 
  

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

  

	13.2	In the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly
negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other party for resolution of the dispute through negotiations, either Party may submit the relevant dispute to
the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its then effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used in arbitration shall be Chinese. The
arbitration ruling shall be final and binding on all parties. 

  

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

  

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 Article 14 Notices 
  

	14.1	All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage
prepaid, by a commercial courier service or by facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which notices shall be deemed to have been effectively
given shall be determined as follows: 

  

	 	14.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of delivery or refusal at
the address specified for notices. 

  

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

  

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

 Party A: 2501, China World Tower 1, No. 1 Jianguomenwai Avenue, Beijing 100004, P. R. China 
 Attn: Zhou Yu 
 Phone: +86-10-65059999 
 Facsimile: +86-10-65059468 
 Party B: 701, Building 18, Yimei Garden, Haidian District, Beijing 
 Attn: Min Hu, Zhengmao Hu 
 Phone: +86-10-82758574 
 Facsimile: +86-10-82758574 
 Party C: 2501, China World Tower 1, No. 1 Jianguomenwai Avenue, Beijing 100004, P. R. China 
 Attn: Zhou Yu 
 Phone: +86-10-65059999 
 Facsimile: +86-10-65059468 
  

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

  

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 Article 15 Severability 
 In the event that one or several of the provisions of this Contract are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or
enforceability of the remaining provisions of this Contract shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that
accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 Article 16 Attachments 
 The attachments set forth herein shall be an integral part of this Agreement. 
 Article 17 Effectiveness 
  

	17.1	Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective upon completion of the governmental filing procedures (if
applicable) after the affixation of the signatures or seals of the parties. 

  

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

  

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 Party A: Tianjin Frank Education Consultancy Co., Ltd 
 Signature: /s/ 
 Name: Zhou Yu 
 Title: Authorized Representative 
 Party B: Min
Hu 
 Signature: /s/ 
 Zhengmao
Hu 
 Signature: /s/ 
 Party C:
Beijing Frank Education Investment and Management Co., Ltd 
 Signature: /s/ 
 Name: Min Hu 
 Title: Authorized Representative 
  

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 Beijing Frank Education Investment and Management Co., Ltd 
 Shareholder List 
  

								
	 Shareholder Name
	  	 Address
	  	Contribution
Capital	  	Capital
Contribution
Certificate No.
	 Min Hu
	  	 41071119640703102X,
  
 701, Building 18, Yimei Garden, Haidian District, Beijing
	  	RMB	14,800,000	  	No.001
	 Zhengmao Hu
	  	 410221197004140213,
  
 701, Building 18, Yimei Garden, Haidian District, Beijing
	  	RMB	200,000	  	No.002

 (Note: this form is made in accordance with relevant provisions of Company Law) 
 Beijing Frank Education Investment and Management Co., Ltd 
 August 4, 2009 
  

 11Share Option Agreement, dated August 4, 2009

 Exhibit 10.5 
 EQUITY TRANSFER EXCLUSIVE OPTION AGREEMENT 
 This Equity Transfer
Exclusive Option Agreement (hereinafter referred to as “the Agreement”) is entered into as of August 4, 2009 by and among the following parties: 
  

	1.	Zhengmao Hu 

 Add: 701 Building
No. 18 Yimei Garden Haidian District, Beijing 
 ID Number: 410221700414021 
  

	2.	Min Hu 

 Add: 701 Building
No. 18 Yimei Garden Haidian District, Beijing 
 ID Number: 41071119640703102X 
 (In this agreement hereinafter, Zhengmao Hu and Min Hu may are referred to individually as an “Existing Shareholder” or
collectively as the “Existing Shareholders”) 
  

	3.	Tianjin Frank Education Consultancy Co., Ltd. (hereinafter referred to as “Tianjin Frank”) 

 Registered Address at Room 3024, Building A, No.2 of Wuhuadao, Huayuan Industry District, Tianjin 
  

	4.	Beijing Frank Education Investment and Management Co., Ltd (hereinafter referred to as “Company”) 

 Register Address: Room 700, Floor 7, Building B, No.1 of Shangdi Xinxi Road, Haidian District, Beijing 
 (In this Agreement, each Party shall be referred to individually as a “Party” or collectively, as the
“Parties”.) 
 Whereas, 
  

	(1)	The Existing Shareholders are registered shareholders of the Company, and own lawfully 100% equity interest in the Company Registered Capital. Their respective capital
contributions to and shareholding in the Company Registered Capital as of the date hereof are set forth in Appendix I attached hereto. 

  

	(2)	Subject to the applicable PRC Law, the Existing Shareholders intend to transfer to Tianjin Frank and/or its designated entity or individual all the equity interest in
the Company owned by them respectively, and Tianjin Frank intends to accept such transfer. 

  

	(3)	Subject to applicable PRC Law, the Company intends to transfer to Tianjin Frank and/or its designated entity or individual all the equity interest in The Company owned
by them respectively, and Tianjin Frank intends to accept such transfer. 

  

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	(4)	In order to consummate the aforesaid equity transfer, the Existing Shareholders and the Company agree to collectively grant the Tianjin Frank an irrevocable option for
equity transfer (the Transfer Option) and an option for asset purchase, under which the Existing Shareholders and the Company shall, as required by Tianjin Frank and subject to the PRC Law, transfer the Option Equity (as defined below) to Tianjin
Frank and/or its designated entity or individual in accordance with this Agreement. 

  

	(5)	The Existing shareholders consent that the Company grants Tianjin Frank the Transfer Option in accordance with this Agreement. 

 The Parties hereby agree as follows upon mutual negotiations: 
 Article 1 Definition 
  

	1.1	Unless otherwise required in the context, the following terms in this Agreement shall have the following meanings: 

 “PRC Law” means the then effective laws, administrative regulations, administrative rules, local regulations, judicial
interpretations and other binding regulatory documents of the Peoples’ Republic of China (excluding Hong Kong Special Administration Region, Macao Special Administration Region and Taiwan). 
 “Transfer Option” means the right granted to Tianjin Frank to purchase Company shares by Existing shareholders in accordance with
the terms and conditions of this agreement in the validity of the transfer period. 
 “Asset Purchase Option” refers
to the right granted to the Tianjin Frank by the Company in accordance with the terms and conditions of this Agreement to purchase any Company assets in the validity of the asset purchase period. 
 “Option Equity” means, in respect of each Existing Shareholder, the equity interest owned by him or her in the Company Registered
Capital (defined as below), and in respect of the equity interest corresponding to 100% of the Company Registered Capital in respect of all the Existing Shareholders. 
 “Company Registered Capital” means the registered capital of RMB 15,000,000 of the Company as of the execution date of this Agreement. It also refers to any enlarged registered capital due to
any form of capital increase during the validity period of this agreement. 
 “Transferred Equity” means the equity to
which Tianjin Frank is entitled to acquire the Company shares transferred to Tianjin Frank or any entity or individual designated by the Tianjin Frank by any of the Existing shareholders in accordance with Article 3 hereof, the amount of which may
be all or part of the Option Equity and shall be determined by Tianjin Frank at its own discretion in accordance with the then valid PRC Law and its commercial needs. 
  

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 “Transferred Assets” means the Company assets to which Tianjin Frank or its
designated entity or individual is entitled to acquire from the Company when exercising its Transfer Option (the “Exercise”) in accordance with Article 3 hereof, the amount of which may be all or part of the Option Equity and shall be
determined by Tianjin Frank at its own discretion in accordance with the then valid PRC Law and its commercial needs. 
 “Exercise” means the action of Tianjin Frank to exercise its Transfer Option or Asset Purchase Option. 
 “Transfer Price” means all the considerations which Tianjin Frank or its designated entity or individual is obliged to pay to the Existing Shareholders or the Company for the Transferred Equity or assets in each Exercise .

 “Business Permits” means any approvals, permits, filings, registrations, etc. which are necessary for the lawful
and effective operation by the Company, including without limitation to the Business License of the Enterprise Legal Person, the Tax Registration Certificate, and other relevant licenses and permits as required by the then PRC Law. 
 “The Company Assets” means all the tangible and intangible assets which the Company owns or is entitled to use within the term of
this Agreement, including but not limited to any fixed and moveable assets, and intellectual property rights including trademarks, copyrights, patents, know-how, domain names, software use rights. 
 “Material Assets” means assets exceed and including of RMB 50,000 carrying value or above or any assets that have significant
influence on business operations on one of the Parties. 
 “Significant Agreements” means significant agreements which
have significant material impact on the businesses or the assets of any party in this agreement, including without limitation to the “Management & Service Agreement” entered into by and between Tianjin Frank and the Company and other
significant agreements related to the business of the Company of contract value exceed RMB 50,000. 
  

	1.2	Any invoke of PRC Law referred to herein shall: 

  

	 	(1)	include the amendments, changes, supplements and reenactments thereto, irrespective of whether they take effect before or after the execution of this Agreement; and

  

	 	(2)	include the references to other decisions, notices or regulations enacted in accordance therewith or effective as a result thereof. 

  

	1.3	Unless otherwise specified hereof, all references to an article, clause, item or paragraph shall refer to the relevant part hereof. 

  

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 Article 2 Grant of Transfer Option and Asset Purchase Option 
  

	2.1	The Existing Shareholders hereby severally and jointly agree to grant Tianjin Frank irrevocable and unconditional Transfer Option, under which Tianjin Frank shall,
subject to the PRC Law, be entitled to require the Existing Shareholders to transfer the Option Equity to Tianjin Frank or its designated entity or individual in such methods as set out herein. Tianjin Frank also agrees to accept such Transfer
Option. Except for Tianjin Frank and its designated entity or individual, no any other third party enjoys such right. 

  

	2.2	The Company hereby agrees to grant Tianjin Frank an irrevocable and unconditional asset purchase option, under which Tianjin Frank shall, subject to the PRC Law, be
entitled to require the Existing Shareholders to transfer any and part of Company assets to Tianjin Frank or its designated entity or individual in such methods as set out herein. Tianjin Frank also agrees to accept such Transfer Option. Except for
Tianjin Frank and its designated entity or individual, no any other third party enjoys such right. 

  

	2.3	Hereby consents that the Existing Shareholders grant such asset purchase option to Tianjin Frank according to Article 2.2 above and other provisions hereunder.

 Article 3 Method for Exercise of Option 
  

	3.1	Subject to the PRC Law, Tianjin Frank shall have the sole discretion in deciding the schedule, method and times of its Exercise. 

  

	3.2	Subject to the terms and conditions of the agreement and subject to Chinese laws, Tianjin Frank has the right to require the Existing Shareholders to transfer their
shares by itself or through its designated entities or individuals at any time. 

  

	3.3	Subject to the terms and conditions of the agreement and subject to Chinese laws, Tianjin Frank holds the right at any time to require the Company to transfer its
assets by itself or through its designated entities or individuals. 

  

	3.4	As for Transfer Option, in each Exercise, Tianjin Frank shall have the right to decide the number of shares to be transferred by each Existing Shareholder to Tianjin
Frank and/or other entity or individual designated by it in such Exercise, and each Existing Shareholder shall transfer such amount of Transferred shares decided by Tianjin Frank to Tianjin Frank and/or other entity or individual designated by it.
Tianjin Frank and/or other entity or individual designated by it shall pay the Transfer Price to the Existing Shareholders for the Transferred Shares acquired in each Exercise. 

  

	3.5	 As for Asset Purchase Option, in each Exercise, Tianjin Frank shall have the right to decide the amount of the Transferred Assets to be transferred by
the Company to Tianjin Frank and/or other entity or individual designated by it in such Exercise, and each Existing Shareholder shall transfer such amount of Transferred Asset decided by Tianjin Frank to Tianjin Frank and/or

  

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other entity or individual designated by it. Tianjin Frank and/or other entity or individual designated by it shall pay the Transfer Price to the Company for the Transferred Equity acquired in
each Exercise. 

  

	3.6	In each Exercise, Tianjin Frank may acquire the Transferred Equity or assets by itself or designate any third party acquire all or part of the Transferred Equity or
assets. 

  

	3.7	Upon its decision of each Exercise, Tianjin Frank shall issue to each Existing Shareholder a notice on the exercise of the Transfer Option (the “Exercise
Notice”, the form of which is set out as Appendix II and Appendix III hereto). The Existing Shareholders shall, upon receipt of the Exercise Notice, promptly transfer all the Transferred Equity or Assets in a lump sum to Tianjin Frank and/or
other entity or individual designated by Tianjin Frank in such method as provided in Exercise Notice. 

 Article
4 Transfer Price 
  

	4.1	In the case of Transfer Option, in each Excercise of Tianjin Frank, the total transfer price to be paid by Tianjin Frank or designated entity or individual of Tianjin
Frank shall be equal to Company Registered Capital or the minimum Transfer Price permitted under the PRC Law. The higher should prevail. 

  

	4.2	In the case of Asset Purchase Option, in each Excercise of Tianjin Frank, the total transfer price to be paid by Tianjin Frank or designated entity or individual of
Tianjin Frank shall be equal to the net book value of the related assets or the minimum Transfer Price permitted under the PRC Law. The higher should prevail. 

 Article 5 Representations and Warranties of the Parties 
  

	5.1	The Existing Shareholders hereby severally and jointly represents and warrants as follows: 

  

	 	5.1.1	The Existing Shareholders are PRC citizens with full capacity, with full and independent legal status and legal capacity to execute, deliver and perform this Agreement,
and may act independently as a subject of actions. 

  

	 	5.1.2	The Company is a limited liability company duly registered and validly existing under the PRC Law, with an independent corporate legal person status. The company has
full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may act independently as a subject of actions. 

  

	 	5.1.3	The Existing Shareholders have full power and authority to execute and deliver this Agreement and all the other documents related to the transaction contemplated herein
and are to be executed by them, and they have the full power and authority to complete the transaction herein. 

  

 5 

	 	5.1.4	This Agreement has been duly and lawfully executed and delivered by the Existing Shareholders and is legally binding upon them and enforceable against them in
accordance with the terms herein. 

  

	 	5.1.5	The Existing Shareholders are the registered legal owners of the Option Equity. There is no lien, pledge, claim, other encumbrances or third party restrictions on the
Option Equity except for the rights created by the Agreements as follows: the Share Pledge Agreement entered into by and between the Company, Tianjin Frank and the Existing Shareholders as of August 4, 2009; and the proxy rights stated in Proxy
Agreement signed on August 4, 2009. According to this Agreement, Tianjin Frank and/or its designated entity or individual shall, upon the Exercise of Option, obtain the good title to the Transferred Equity free and clear of any lien, pledge,
claim, other encumbrances or third party restrictions. 

  

	 	5.1.6	There is no lien, pledge, claim encumbrances or third party restriction on Company assets. According to this agreement, Tianjin Frank and/or any designated entity or
individual shall, upon the Exercise, obtain the good title to the Company Assets free and clear of any lien, pledge, claim, other encumbrances and third party restrictions. 

  

	 	5.1.7	The execution, deliver, performance of this agreement and the completion of the deal by the existing shareholders is not violation of any PRC Laws and is in accordance
with any binding agreements, contracts or arrangements made with any third party. 

  

	5.2	The Company hereby represents and warrants as follows: 

  

	 	5.2.1	The company is a limited liability company duly registered and validly existing under the PRC Law, with an independent corporate legal person status. The Company has
full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may act independently as a subject of actions. 

  

	 	5.2.2	The Company has the full internal power and authority to execute and deliver this Agreement and all the other related documents to be executed by it, and has the full
power and authority to complete the transaction contemplated herein. 

  

	 	5.2.3	This Agreement has been duly and lawfully executed and delivered by the Company and is legally binding upon it. 

  

	 	5.2.4	There is no lien, pledge, claim, other encumbrances or third party restrictions on Company assets. In accordance with this Agreement, Tianjin Frank and/or its
designated entity or individual shall, upon the Exercise, obtain the good title to the Company Assets free and clear of any lien, pledge, claim, other encumbrances and third party restrictions. 

  

 6 

	 	5.2.5	The execution, deliver, performance of this agreement and the completion of the deal by the Company is not against any PRC Laws and is in accordance with any binding
agreements, contracts or arrangements made with any third party. 

  

	5.3	Tianjin Frank hereby represents and warrants as follows: 

  

	 	5.3.1	Tianjin Frank is a limited liability company duly registered and validly existing under the PRC Law, with an independent corporate legal person status. Tianjin Frank
has full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may act independently as a subject of actions. 

  

	 	5.3.2	Tianjin Frank has the full internal power and authority to execute and deliver this Agreement and all the other related documents to be executed by it, and has the full
power and authority to complete the transaction contemplated herein. 

  

	 	5.3.3	This Agreement has been duly and lawfully executed and delivered by Tianjin Frank and is legally binding upon it. 

 Article 6 Undertakings by the Existing Shareholders 
 Each Existing Shareholder hereby undertakes as follows: 
  

	6.1	Within the term of this Agreement, without the prior written consent by Tianjin Frank, the Existing Shareholders shall not conduct or allow the Company to conduct, or
through the management of the Company to push/allow the Company to conduct the activities listed below. The Existing Shareholders also shall not through the Company or the Company management or the management of the Schools established by the above
mentioned parties (Hereinafter referred to as “School”) to push or allow the Schools to conduct the following activities. 

  

	 	6.1.1	Transfer or dispose of any Company share ownership and/or set up encumbrances and third party rights on School interest or any Company shares or School interest.

  

	 	6.1.2	Increase or decrease registered capital of the Company/School, cause or agree the Company and/or School to spin off or merge with other entities or change the legal
form of the Company and/or School ownership form or its non-profit nature. 

  

	 	6.1.3	Dispose of any of the Company and/or School Assets, including but not limited to any large-scale equipment, intellectual property right of the Company and / or School
and / or share ownership or similar interest of the Company and/or School ] (except for those occur in the ordinary course of business); 

  

	 	6.1.4	Improperly terminate any Significant Agreements entered into by the Company and/or the School, or enter into any other Significant Agreements in conflict with the
existing Significant Agreements; 

  

 7 

	 	6.1.5	Appoint or dismiss any directors, supervisors, and directors of the School or any other management members of the Company and/or the School (as the case may be);

  

	 	6.1.6	Cause or approve the Company and/or the School to declare or distribute any distributable profit, bonus or dividend; 

  

	 	6.1.7	Cause or approve arrangements of a partaking, a joint venture, or profit sharing scheme of the Company and/or the School with any other third parties, or any
arrangements that would transfer interest or share profit with others in the form of usage fee, service fee or consulting fee. 

  

	 	6.1.8	Amend the Articles of Association of the Company and/or the School; 

  

	 	6.1.9	Agree or cause the Company and/or the School to lend or borrow any loan, or provide guarantee or other forms of security arrangements, or undertake any material
obligations other than in the ordinary course of business. 

  

	 	6.1.10	The existing shareholders and their direct relatives hold shares or similar equity or take positions as members of the board in any entities that are in similar or
competing business with the Company and/or the School or cooperate with such entities on operations or provide any kinds of services to such entities (except for those occur in the ordinary course of cooperative operations or service provision of
the Company). 

  

	 	6.1.11	Agree or cause the Company or the School to pay over RMB 100,000 or more in capital expenditure in a single payout or a series of payouts that amount to above RMB
100,000, and. 

  

	 	6.1.12	Terminate, liquidate or dissolve the Company and/or the School or take actions that may impair or harm the continuous existence of the Company or the School.

  

	6.2	He or she must use his or her best efforts within the term of this Agreement to develop the business of the Company, and ensure its operations are in compliance with
laws and regulations, and that he or she shall never be engaged in any actions or omissions which may harm the Assets or the goodwill of the company (including the rights and interests it holds in schools) or affect the validity of its Business
Permits. 

  

	6.3	He or she must within the term of this Agreement promptly inform Tianjin Frank of any situation which may have a material adverse impact on the existence, business
operations, financial conditions, assets or goodwill of the company (including the schools it has established), and must take timely measures approved by Tianjin Frank to eliminate such adverse situation or take effective remedial measures.

  

 8 

	6.4	Once Tianjin Frank issues the Exercise Notice: 

  

	 	6.4.1	It should hold shareholders’ meeting immediately and pass the resolution of the shareholders (as the case may be) and take all other necessary actions, to allow
any existing shareholders or the Company to transfer all the transfer equity or transfer assets at the Transfer Price to Tianjin Frank and / or its designated entities or individuals, and to give up their ownership of any pre-emptive purchase rights
(if any); 

  

	 	6.4.2	It should immediately sign equity transfer agreement with Tianjin Frank and / or its designated entities or individuals, to transfer all the transferred equity at the
Transfer Price to Tianjin Frank and / or its designated entities or individuals, and provide necessary support (including providing and signing all the relevant legal documents, go through all the procedures for government approval and registration,
and taking all the related obligations) to Tianjin Frank in accordance with the requirements of Tianjin Frank and the provisions of laws and regulations, so that Tianjin Frank and / or its designated entities or individuals can acquire all the
transferred equity, and such transferred equity has no legal flaws and is attached with no encumbrances, third-party restrictions or any other restrictions. 

  

	6.5	If the total amount of the transfer price any one of the existing shareholders has received by transferring his or her transfer equity is higher than his or her capital
contribution to the company, then the existing shareholders agree, under the premise of not violating PRC Law, to give up the proceeds from the premium, which is the difference between the two and that Tianjin Frank is entitled to the premium
proceeds, otherwise, the existing shareholder should be responsible for compensating the losses incurred suffered by Tianjin Frank and / or its designated entities or individuals. 

 Article 7 Undertaking by the Company 
  

	7.1	The Company hereby undertakes as follows: 

  

	 	7.1.1	If the consent, permit, waiver, authorization of any third party or the approval, permit, exemption, or any registration or filing (if legally required) with any
government authority is necessary for the execution of this Agreement and the grant of Transfer Option or Assets Purchase Option, the Company shall use its best effort to assist the fulfillment of the above conditions. 

  

	 	7.1.2	Without the written consent of Tianjin Frank, the Company shall not assist or permit the Existing Shareholders to transfer, or dispose of in other methods, or create
any encumbrances or third party restrictions on, any Option Equity. 

  

 9 

	 	7.1.3	Without the written consent of Tianjin Frank, the Company shall not transfer, or dispose of any Material assets in other methods (except for those occur in ordinary
business operations), or create any encumbrances or third party restrictions on, any Company’s material Assets. 

  

	 	7.1.4	The company should not carry on or permit any conduct or action which may adversely affect the interest of Tianjin Frank’s hereunder, including but not restricted
to any conduct or action in Term 6.1. 

  

	7.2	Upon the Exercise Notice of Tianjin Frank: 

  

	 	7.2.1	The Company should immediately urge its Existing Shareholders to hold shareholders’ meeting and to adopt the resolutions made on the meeting as well as take all
the other necessary actions to allow the Company to transfer all transfer assets based on Transfer Price to Tianjin Frank and / or its designated entity or individual; 

  

	 	7.2.2	The Company should immediately sign asset transfer agreement with Tianjin Frank and / or its designated entity or individual, and transfer all transfer assets based on
Transfer Price to Tianjin Frank and / or its designated entity or individual and push its shareholders to provide necessary support to Tianjin Frank (including offering and signing all related legal document and implementing all the government
approval and registration procedure and bear all the related obligations) in accordance with Tianjin Frank’s requirement and the relevant laws and regulations so that Tianjin Frank and / or its designated entity or individual can acquire all
the transfer assets, and these kinds of transfer assets has no legal flaws and is not attached with any encumbrances, third party restrictions, or any other restrictions on the Company’s assets. 

 Article 8 Confidentiality 
  

	8.1	Notwithstanding the termination of this Agreement, each party shall be obliged to keep confidential the information learnt during the procedure of the execution and
performance of this Agreement, including other party’s trade secrets, proprietary information, customer information and other confidential information (hereinafter collectively the “Confidential Information”). Without the
advanced written consent of the disclosing party, or in cases where it is required to disclose the third party according to relevant laws and regulation or the requirements of the local share market or provisions in relevant laws and regulation, the
receiving party should not disclose any confidential information to a third party; Except for disclosure in fulfilling this Agreement, the receiving party shall not use or indirectly use any confidential information. 

  

	8.2	The following information is not confidential information: 

 (a) Information which has written evidence that shows the receiving party has been aware of the information through lawful means before it receives the information; 
  

 10 

 (b) Information enters into the public domain through no fault of the receiving party; or

 (c) Information that the receiving party legally obtains from other sources after receiving the confidential information.

  

	8.3	The receiving party can disclose the confidential information to its relevant employees, agents or other retained professionals, but the receiving party must ensure
that the above-mentioned personnel follow the relevant provisions and conditions of this Agreement, and shall assume any liability arising from the violation of the relevant provisions and conditions of this Agreement by the above-mentioned
personnel. 

  

	8.4	Notwithstanding any other provisions herein, the validity of this Article shall survive the suspension or termination of this Agreement. 

 Article 9 Term of Agreement 
 This Agreement shall become effective as of the date of formal execution by the Parties, and shall remain valid until the following conditions are met: 
  

	9.1	This Agreement shall be terminated when all the Option Equity and Company Assets have been legally transferred to Tianjin Frank and/or its designated entity or
individual in accordance with the provisions hereof. Or 

  

	9.2	Tianjin Frank terminates the Agreement according to provisions in Term 11.1.1 . 

 Article 10 Notice 
  

	10.1	Any notice, request, demand and other correspondences required by or made in accordance with this Agreement shall be delivered to the relevant Party in writing.

  

	10.2	The above notice or other correspondences shall be deemed to have been delivered upon delivery when it is transmitted by facsimile or telex; or upon handed over to the
receiver when it is delivered in person; or on the fifth (5) day after posting when it is delivered by mail. 

 Article 11 Default Liability 
  

	11.1	The Parties agree and confirm that, if any Party (hereinafter the “Defaulting Party”) breaches any of the provisions herein or fails to perform any of the
obligations under this Agreement, such a breach or failure shall constitute a default under this Agreement (hereinafter a “Default”), the non-defaulting Party (hereinafter the “Non-defaulting Party”) is entitled to require the
Defaulting Party to rectify such Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take remedial measures within such reasonable period or within ten (10) days of receiving
the written notice of the Non-defaulting Party thereof, the Non-defaulting Party shall be entitled to decide, at its own discretion: 

  

 11 

	 	11.1.1	Provided that the Defaulting Party is the Existing Shareholder or the Company, Tianjin Frank has the right to terminate this Agreement and require the Defaulting Party
to indemnify all the damages. 

  

	 	11.1.2	Provided that the Defaulting Party is Tianjin Frank, the Non-defaulting Party is entitled to demand the Defaulting Party indemnify all the damages. Unless otherwise
specified by laws, in no circumstances shall the Non-defaulting Party demands for termination of this Agreement for whatever reason. 

  

	11.2	Notwithstanding any other provisions herein, the validity of this Article shall survive the suspension or termination of this Agreement. 

 Article 12 Miscellaneous 
  

	12.1	This Agreement is made in Chinese in four (4) counterparts with each Party retaining one copy thereof. 

  

	12.2	The execution, effectiveness, performance, amendment, interpretation and termination of this Agreement shall be governed by the PRC Law. 

  

	12.3	Any disputes arising hereunder and in connection herewith shall be settled through consultations among the Parties, and where no agreement regarding such disputes can
be reached by the Parties within thirty (30) days after their occurrence, such disputes shall be submitted to China International Economic and Trade Arbitration Commission for arbitration in Beijing in accordance with the arbitration rules
thereof, and the arbitration award shall be final and binding on all the Parties. 

  

	12.4	Any rights, powers and remedies entitled to any Party by any provision herein shall not preclude any other rights, powers and remedies entitled to such Party in
accordance with laws and other provisions under this Agreement, and the exercise of its rights, powers and remedies by a Party shall not preclude its exercise of any other rights, powers and remedies. 

  

	12.5	No failure or delay by a Party to exercise any of its rights, powers and remedies hereunder or in accordance with the laws (hereinafter the “Rights”) shall be
construed as a waiver of such Rights, and the waiver of any single or partial exercise of such Rights shall not preclude its exercise of such Rights in other ways or its exercises of any other Right. 

  

	12.6	The headings herein are for reference only, and shall not be used for or affect the interpretation of the provisions hereof. 

  

 12 

	12.7	Each term contained herein shall be severable and independent from other provisions, and if at any time any term or terms herein is held to be invalid, illegal or
unenforceable, the validity, legality or enforceability of all other provisions herein shall not be affected as a result thereof. 

  

	12.8	This Agreement, upon its execution, supersedes any other legal documents executed by the Parties with respect to the same subject hereof. Any amendments or supplements
to this Agreement shall be made in writing and shall become effective upon due execution by the Parties hereto. 

  

	12.9	The Existing Shareholders or the Company shall not assign any of their rights and/or obligations hereunder to any third parties without the prior written consent from
Tianjin Frank, and Tianjin Frank is entitled to assign any of its rights and/or obligations hereunder to any of its designated third parties upon written notice to the Existing Shareholders and the Company. 

 12.10  This Agreement shall be binding on the legal successors or assignees of each Parties. 
 [The following is intentionally left blank] 
  

 13 

			
	Min Hu	 	
	Signature:	 	     /s/

	
	Zhengmao Hu
	Signature:	 	     /s/

 Tianjin Frank Education Consultancy Co., Ltd 
 Signature by Authorized Representative: /s/ Zhou Yu 
 Name: Zhou Yu 
 Position: Authorized Representative 
 Beijing Frank Education Investment and Management Co., Ltd 
 Signature by Authorized
Representative: /s/ 
 Name: MinHu 
 Position: Authorized Representative 
  

 14 

 Appendix I: 
 Basic Information of Company 
 Company Name: Beijing Frank Education Investment and Management
Co., Ltd 
 Registered Address: Room 700, Floor 7, Building B, No.1 of Shangdi Xinxi Road, Haidian District, Beijing 
 Registered Capital: RMB 15,000,000 
 Equity
Structure: 
  

							
	Shareholder’s Name	  	Registered Capital (RMB)	  	Percentage of Contribution	 
			
	 Min Hu
	  	RMB	14,800,000	  	98.7	% 
			
	 Zhengmao Hu
	  	RMB	200,000	  	1.3	% 
			
	 Total
	  	RMB	15,000,000	  	100	% 

  

 15 

 Appendix II: 
 Form of the Option Exercise Notice 
 To: [name of an Existing Shareholder] 
 Reference is made to the Equity Transfer Exclusive Option Agreement dated as of August 4, 2009 (hereinafter the “Option Agreement”) by and
among you and Beijing Frank Education Investment and Management Co., Ltd (hereinafter “the Company”), by which you shall, upon request by this Company and pursuant to the PRC laws and regulations, transfer all or part of the equity
interest owned by you in the Company to this Company or any third parties designated by this Company. 
 Therefore this Company hereby issues
this Notice to you as follows: 
 This Company hereby requests its exercise of the Transfer Option under the Option Agreement and that the
equity interest you owned corresponding to [—]% of the equity of the Company (hereinafter the “Proposed Transferred Equity”) be transferred to this Company/[name of company/individual]
designated by this Company. You are required to promptly transfer all the Proposed Transferred Equity to [this Company]/[name of designated company/individual] upon receipt of this Notice in accordance with the agreed terms in the Option Agreement
thereof. 
 Best regards, 
 Tianjin
Frank Education Consultancy Co., Ltd 
  

	
	Authorized Representative:
	 Date:
                        

  

 16 

 Appendix III: 
 Form of the Option Exercise Notice 
 To: Beijing Frank Education Investment and Management
Co., Ltd 
 Reference is made to the Equity Transfer Exclusive Option Agreement dated as of August 4, 2009 (hereinafter the “Option
Agreement”) by and among you, Min Hu and Zhengmao Hu, by which you shall, upon request by this Company and pursuant to the PRC laws and regulations, transfer all or part of the equity interest owned by you in the Company to this Company or any
third parties designated by this Company. 
 Therefore this Company hereby issues this Notice to you as follows: 
 This Company hereby requests its exercise of the Transfer Option under the Option Agreement (hereinafter the “Proposed Transferred Equity”) be
transferred to this Company/[name of company/individual] designated by this Company. You are required to promptly transfer all the Proposed Transferred Equity to [this Company]/[name of designated company/individual] upon receipt of this Notice in
accordance with the agreed terms in the Option Agreement thereof. 
 Best regards, 
  

	
	Authorized Representative:                     
	Date:                     

  

 17

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