Document:

Third Amended and Restated Shareholders Agreement

 Exhibit 4.4 
 Execution Copy 
 THIRD AMENDED AND RESTATED
SHAREHOLDERS AGREEMENT 
 among 
 POWER STEP GROUP LIMITED 
 and 
 SMART AIM INTERNATIONAL LIMITED 
 and 
 GREAT THRIVE INTERNATIONAL LIMITED 
 and 
 FAVOR GAIN INVESTMENTS LIMITED 
 and 
 CRESCENT JADE LIMITED 
 and 
 APTECH LIMITED 
 and 
 APTECH INVESTMENT ENHANCERS LIMITED 
 and 
 SUPERWAY ENTERPRISES LIMITED 

and 
 SOLID GAIN GROUP LIMITED 
 and 
 SBI-BDJB EDUCATION LIMITED 
 and 
 BEIJING JADEBIRD IT EDUCATION COMPANY, LIMITED 
 Dated as of June 25, 2009 

 Execution Copy 
 TABLE OF CONTENTS 
  

					
	ARTICLE I DEFINITIONS	  	2
			
	 1.1
	 	DEFINITIONS	  	2
	 1.2
	 	ADDITIONAL DEFINITIONS	  	8
	 1.3
	 	CONSTRUCTION	  	9
		
	ARTICLE II REPRESENTATIONS AND WARRANTIES	  	9
			
	 2.1
	 	REPRESENTATIONS AND WARRANTIES OF THE PARTIES	  	9
		
	ARTICLE III CORPORATE GOVERNANCE	  	10
			
	 3.1
	 	GENERAL	  	10
	 3.2
	 	AUTHORITY OF THE BOARD OF DIRECTORS	  	11
	 3.3
	 	COMPOSITION OF THE BOARD OF DIRECTORS	  	11
	 3.4
	 	COMMITTEES OF THE BOARD	  	11
	 3.5
	 	REMOVAL AND REPLACEMENT OF DIRECTORS	  	12
	 3.6
	 	DIRECTORS’ ACCESS TO INFORMATION	  	12
	 3.7
	 	BOARD MEETINGS	  	13
	 3.8
	 	ACTION BY THE BOARD	  	14
	 3.9
	 	REMUNERATION OF DIRECTORS	  	14
	 3.10
	 	APPOINTMENT OF EXECUTIVE OFFICERS	  	15
	 3.11
	 	SUPERMAJORITY VOTING MATTERS	  	15
	 3.12
	 	UNANIMOUS VOTING MATTERS	  	16
	 3.13
	 	EXCHANGE SHARES	  	16
	 3.14
	 	SHAREHOLDER LIABILITIES	  	16
		
	ARTICLE IV ONE-TIME SPECIAL DIVIDEND	  	17
			
	 4.1
	 	ONE-TIME SPECIAL DIVIDEND	  	17
		
	ARTICLE V RESTRICTIONS ON THE TRANSFER OF SHARES	  	17
			
	 5.1
	 	GENERAL	  	17
	 5.2
	 	PERMITTED TRANSFERS	  	17
	 5.3
	 	LEGEND ON SHARE CERTIFICATES	  	18
	 5.4
	 	RIGHT OF FIRST REFUSAL FOR THE ORIGINAL
SHAREHOLDERS	  	19
	 5.5
	 	THE COMPANY’S RIGHT OF FIRST REFUSAL WITH
RESPECT TO MCO2’S SHARES	  	20
		
	ARTICLE VI INITIAL PUBLIC OFFERING	  	21
			
	 6.1
	 	OBLIGATION TO CONDUCT AN INITIAL PUBLIC OFFERING	  	21
	 6.2
	 	COOPERATION IN TAX MATTERS	  	22
	 6.3
	 	FEES AND EXPENSES	  	22
		
	ARTICLE VII CERTAIN COVENANTS OF THE COMPANY	  	22
			
	 7.1
	 	BUSINESS PLAN	  	22
	 7.2
	 	FINANCIAL INFORMATION	  	23
	 7.3
	 	MAINTENANCE OF BOOKS AND RECORDS	  	23
	 7.4
	 	ACCESS TO BOOKS AND RECORDS	  	23
	 7.5
	 	SECURITIES FILINGS	  	23
	 7.6
	 	INTELLECTUAL PROPERTY PROTECTION	  	23
	 7.7
	 	NOTIFICATION OF SOLICITATION	  	23
		
	ARTICLE VIII COVENANTS RELATED TO CONFIDENTIALITY AND NON-COMPETITION	  	24
			
	 8.1
	 	CONFIDENTIALITY	  	24
	 8.2
	 	RESTRICTION ON ANNOUNCEMENTS	  	24
	 8.3
	 	NON-COMPETITION	  	25

					
	ARTICLE IX TERM AND TERMINATION	  	25
			
	 9.1
	 	TERM AND TERMINATION	  	25
	 9.2
	 	EFFECT OF TERMINATION	  	26
		
	ARTICLE X EVENTS OF DEFAULT	  	26
			
	 10.1
	 	EVENTS OF DEFAULT	  	26
	 10.2
	 	EFFECT OF EVENTS OF DEFAULT	  	26
	 10.3
	 	NO PREJUDICE	  	27
		
	ARTICLE XI GOVERNING LAW AND RESOLUTION OF DISPUTES	  	27
			
	 11.1
	 	GOVERNING LAW	  	27
	 11.2
	 	DISPUTE RESOLUTION FORUM	  	27
	 11.3
	 	SPECIFIC PERFORMANCE	  	28
	 11.4
	 	WAIVER OF IMMUNITIES	  	28
	 11.5
	 	PERFORMANCE PENDING DISPUTE RESOLUTION	  	28
		
	ARTICLE XII MISCELLANEOUS	  	28
			
	 12.1
	 	NO PARTNERSHIP; AGENCY	  	28
	 12.2
	 	INDEMNIFICATION	  	29
	 12.3
	 	ENTIRE AGREEMENT	  	29
	 12.4
	 	BINDING EFFECT; BENEFIT	  	29
	 12.5
	 	ASSIGNMENT	  	29
	 12.6
	 	AMENDMENT; WAIVER	  	29
	 12.7
	 	NOTICES	  	29
	 12.8
	 	COUNTERPARTS	  	31
	 12.9
	 	SEVERABILITY	  	31
	 12.10
	 	COSTS AND EXPENSES	  	31
	 12.11
	 	FURTHER ACTS AND ASSURANCES	  	32
	 12.12
	 	SUPREMACY CLAUSE	  	32

  

 ii 

 THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 This THIRD AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”), dated as of June 25, 2009, is made by and
among (i) Power Step Group Limited, Smart Aim International Limited, Great Thrive International Limited and Favor Gain Investments Limited, all of which are companies organized under the laws of the British Virgin Islands (such four companies
collectively the “BVI Companies”), (ii) Crescent Jade Limited, an exempted company incorporated and existing under the laws of the Cayman Islands (“Crescent Jade”), (iii) Superway Enterprises Limited, a company
organized under the laws of the British Virgin Islands (“Superway Enterprises”), (iv) Solid Gain Group Limited, a company organized under the laws of the British Virgin Islands (“Solid Gain”), (v) Aptech
Limited, a company organized under the laws of the Republic of India (“Aptech”), (vi) Aptech Investment Enhancers Limited, a company organized under the laws of the Republic of Mauritius (“MCO2”),
(vii) SBI-BDJB Education Limited, a company organized under the laws of the Cayman Islands (“SBI”), and (viii) Beijing Jadebird IT Education Company, Limited, an exempted company incorporated and existing under the laws of the
Cayman Islands (the “Company”). 
 WHEREAS, Crescent Jade, the BVI Companies, and the Company entered into a
Shareholders Agreement, effective as of June 16, 2007, as amended (the “Original Agreement”), which provides for certain of their rights and obligations regarding the management of the Company, the transfer of the Shares in the
Company and certain other rights and obligations of the parties to the Original Agreement as set forth therein; 
 WHEREAS,
Crescent Jade, the BVI Companies, Arbo International Limited (“Arbo”), Solid Gain, Aptech and the Company entered into an Amended and Restated Shareholders Agreement dated as of January 22, 2009 (the “Amended and
Restated Shareholders Agreement”) which was to become effective upon the completion of the Roll-up Transaction (defined below); 
 WHEREAS, Crescent Jade, the BVI Companies, Aptech, MCO2, Arbo, Superway Enterprise, Solid Gain and the Company entered into a Second Amended and Restated Shareholders Agreement dated as of March 26,
2009 (the “Second Amended and Restated Shareholders Agreement”) which became effective on May 29, 2009 and superseded the Original Agreement and the Amended and Restated Shareholders Agreement; 
 WHEREAS, SBI has become a shareholder of the Company; and 
 WHEREAS, the Parties wish to (i) add SBI as a party to the Amended and Restated Shareholders Agreement and (ii) amend and restate the Second Amended and Restated Shareholders Agreement in
certain other respects. 
  

 1 

 NOW, THEREFORE, the Parties hereby agree to amend and restate the Second Amended and
Restated Shareholders Agreement, as provided in this Agreement and, upon the execution of this Agreement, the Second Amended and Restated Shareholders Agreement will terminate and be superseded in its entirety by this Agreement. In consideration of
the foregoing and the mutual promises, covenants and agreements of the Parties contained herein, the Parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Definitions. The following terms shall have the following meanings for purposes of this Agreement: 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person (including any Subsidiary) and
“Affiliates” and “Affiliated” shall have correlative meanings. For the purpose of this definition, the term “Control” (including with correlative meanings, the terms “Controlling”,
“Controlled by” and “under common Control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities or by contract or otherwise. 
 “Aptech” has
the meaning stated in the preamble. 
 “Bankruptcy Event” means with respect to any Person (the
“Bankruptcy Party”), (a) the commencement by it of a Bankruptcy Proceeding with respect to itself or the consent by it to be subject to a Bankruptcy Proceeding commenced by another Person, (b) the commencement by another
Person of a Bankruptcy Proceeding with respect to the Bankruptcy Party that remains unstayed or undismissed for a period of thirty (30) consecutive days, (c) the appointment of or taking possession by a Receiver over the Bankruptcy Party
or any substantial part of its property, (d) the making by the Bankruptcy Party of a general assignment for the benefit of its creditors or the admission by the Bankruptcy Party in writing of its inability to generally pay its debts as they
become due, (e) the entry by a court having jurisdiction over the Bankruptcy Party or a substantial part of its property of an Order for relief under any Bankruptcy Law which remains unstayed or undismissed for a period of thirty
(30) consecutive days, (i) adjudging the Bankruptcy Party bankrupt or insolvent, (ii) approving as properly filed a petition seeking the reorganization or other similar relief with respect to the Bankruptcy Party,
(iii) appointing a Receiver over the Bankruptcy Party or any substantial part of its property or (iv) otherwise ordering the winding up and liquidation of the Bankruptcy Party or (f) the occurrence of any event similar to (a), (b),
(c), (d) or (e) under applicable any Law with respect to the Bankruptcy Party. 
 “Bankruptcy Law”
means any bankruptcy, insolvency, reorganization, composition, moratorium or other similar Law. 
 “Bankruptcy
Proceeding” means a case or proceeding under any Bankruptcy Law wherein a Person may be adjudicated bankrupt, insolvent or become subject to an Order of reorganization, arrangement, adjustment, winding up, dissolution, composition or other
similar Order. 
  

 2 

 “BJB” means Beida Jade Bird Educational Information Technology Co., Ltd., a
company incorporated and existing under the laws of PRC. 
 “BJB-Aptech” means Beijing Aptech Beida Jade Bird
Information Technology Co., Ltd., a Sino-foreign joint venture in the PRC. 
 “Board” means the board of
directors of the Company. 
 “Business Day” means a day other than Saturday, Sunday or any day on which banks
located in PRC or Singapore are authorized or obligated to close. 
 “BVI Companies” has the meaning stated in
the preamble. 
 “Competitor” means any Person in the business of IT Education, excluding (i) the Company
or any of its Subsidiaries, and (ii) any party to this Agreement except as such party operates in the PRC in competition with, or is likely to be in competition with, the Company or its Subsidiaries. For the avoidance of doubt, an Affiliate of
Aptech conducting business permitted under Section 2.4(a) of the Strategic Cooperation Agreement shall not be deemed to be a “Competitor” herein. 
 “Company Subsidiaries” means Prosperity and BJB. 
 “Confidential Information” means (a) any information concerning the organization, business, technology, trade secrets, know-how, finance, transactions or affairs of any Party or any Party’s Representatives
(whether conveyed in written, oral or in any other form and whether such information has been furnished before, on or after the date of this Agreement), (b) any information or materials prepared by a Party or its Representatives that contains
or otherwise reflects, or is generated from, Confidential Information, (c) the Transaction Documents, the transactions contemplated thereby, the terms and conditions thereof or any discussions, correspondence or other communications among the
parties to any Transaction Document or their respective Representatives relating to the Transaction Documents or any of the transactions contemplated thereunder and (d) any documents or information concerning any Party or any Party’s
Representatives furnished to any other Party in connection with such Party’s due diligence review, if any, conducted in evaluating the transactions contemplated by the Transaction Documents. 
 “Crescent Jade” has the meaning stated in the preamble. 
 “Director” means a director of the Company (including any duly appointed alternate director). 
 “Encumbrance” means (a) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment,
deed of trust, title retention, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, including any right granted by a transaction which, in legal terms, is
not the granting of security but which has an economic or financial effect similar to the granting of security under applicable Law, (ii) any lease,

  

 3 

 
sub-lease, occupancy agreement, easement or covenant granting a right of use or occupancy to any Person, (iii) any proxy, power of attorney, voting trust agreement, interest, option, right
of first offer, negotiation or refusal or Transfer restriction in favor of any Person and (iv) any adverse claim as to title, possession or use. 
 “Equity Securities” means the capital stock, membership interests, partnership interests, registered capital or other ownership interest in any Person or any options, warrants or other
securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such capital stock, membership interests, partnership interests, registered capital or other ownership interests (whether or not such derivative
securities are issued by such Person) and includes the Shares. 
 “Exchange Shares” means Shares issued or to
be issued to any Person in exchange for equity interests in BJB. 
 “Government Authority” means any court,
tribunal, authority, agency, commission, official or other instrumentality of the United States, the PRC, the Cayman Islands, Singapore, and the Hong Kong Special Administrative Region, any other country or territory or any province, state, country,
city or other political subdivision of the United States, the PRC, the Cayman Islands, Singapore, and the Hong Kong Special Administrative Region or any other country or territory. 
 “IFRS” means International Financial Reporting Standards. 
 “Initial Public Offering” means the first Public Offering of Equity Securities of a Person upon the consummation of which
such securities are listed on an internationally recognized securities exchange. 
 “Intellectual Property”
means patents and patent rights, trademarks and trademark rights, trade names and trade name rights, service marks and service mark rights, service names and service name rights, brand names, domain names, inventions, copyrights and copyright
rights, know-how, trade secrets and all pending applications for and registrations of patents, trademarks, service marks and copyrights. 
 “IT Education” means any information technology education or training product which targets individual users, corporations, organizations, and educational institutions including, but not
limited to, colleges, universities and vocational high schools in (1) software engineering, development and applications including but not limited to, software application, software development, software testing, software project management,
software systems integration, software system maintenance which shall include ACCP; (2) network engineering, design and applications including but not limited to network design, network security, building network environments, network system
integration, network system configuration and maintenance, network technology applications, network service maintenance and construction of websites; and (3) hardware which shall include but not be limited to computer and electronic equipment
manufacturing, hardware maintenance, hardware assembly, hardware debugging and testing. 
  

 4 

 “Law” means any law, treaty, statute, ordinance, code, rule or regulation
of any Government Authority or any Order. 
 “Material Adverse Effect” means (a) any change, effect,
event, occurrence, state of facts or development that is materially adverse (or could reasonably be expected to be materially adverse) to the business, assets, financial condition or results of operations of a company and the company’s
subsidiaries taken as a whole other than: (a) any adverse change, effect, event, occurrence, state of facts or development attributable to conditions affecting the industry in which the company and its subsidiaries participate, the U.S. economy
as a whole or the capital markets in general or the markets in which the company and its subsidiaries operate which does not disproportionately affect the company and its subsidiaries taken as a whole; (b) any adverse change, effect, event,
occurrence, state of facts or development attributable to the reaction of customers or suppliers of the company to the public announcement of the transactions contemplated by this Agreement, or (c) any adverse change, effect, event, occurrence,
state of facts or development arising from or relating to any change required by U.S. GAAP in accounting requirements or principles or any change in applicable laws, rules or regulations or the interpretation thereof which does not
disproportionately affect the company and the company subsidiaries taken as a whole. 
 “Memorandum and Articles of
Association” means the memorandum and articles of association of the Company, as amended from time to time. 
 “Order” means any writ, judgement, decree, injunction, award or similar order of any Government Authority (in each case whether preliminary or final). 
 “Original Shareholders” means collectively Crescent Jade, the BVI Companies, Superway Enterprises and Solid Gain. Each of
the Original Shareholders shall be referred to as an “Original Shareholder.” 
 “Parties”
means collectively Crescent Jade, the BVI Companies, Superway Enterprises, Solid Gain, Aptech, MCO2, SBI and the Company. Each of the Parties shall be referred to as a “Party.” 
 “Percentage Ownership” means, with respect to any Shareholder, a percentage represented by the fraction, the numerator of
which is the number of Shares then registered in the name of such Shareholder and the denominator of which is the total number of Shares then issued and outstanding. 
 “Permitted Issuance” means any of the following: (i) issuance of any Shares and/or options or warrants therefor issued to employees, officers, directors, contractors, advisors or
consultants of the Company pursuant to any employee share option or incentive plans, (ii) issuance of Exchange Shares, (iii) issuance of any securities issued in connection with any share split, share dividend or other similar event so long as
such issuance is proportional among the existing Shareholders, or (iv) issuance of any securities pursuant to an Initial Public Offering. 
  

 5 

 “Permitted Transferee” means the following: (a) with respect to
Crescent Jade, (i) a Crescent Jade shareholder of record as of December 28, 2008 or a company wholly owned by a Crescent Jade shareholder of record as of December 28, 2008 or (ii) a Subsidiary directly wholly owned by Crescent
Jade; (b) with respect to each BVI Company, any successor to such BVI Company, any shareholder of such BVI Company and any fund, collective investment scheme, trust, partnership, including without limitation, any co-investment partnership,
special purpose or other vehicle or any Subsidiary or Affiliate of any of the foregoing, which was established by or is owned, administered or Controlled by such BVI Company or any of its direct or indirect Subsidiaries shall be a Permitted
Transferee if the shares are distributed by such BVI Company to such entity without consideration and that such distributions do not represent an increase or decrease in such entity’s underlying interest in the shares of the Company via such
entity’s ownership in such BVI Company prior to such distribution; (c) with respect to Superway Enterprises, any directly or indirectly wholly owned Subsidiary of Superway Enterprises; (d) with respect to Solid Gain, (i) a Solid
Gain shareholder of record as of December 28, 2008, or a company wholly owned by a Solid Gain shareholder of record as of December 28, 2008 or (ii) a Subsidiary directly wholly owned by Solid Gain; (e) with respect to MCO2,
Aptech or any directly or indirectly wholly owned Subsidiary of Aptech; (f) with respect to SBI, any directly or indirectly wholly owned Subsidiary of SBI and (g) notwithstanding any of the foregoing in (a) to (f) above, a
Permitted Transferee (other than Aptech) shall not be a publicly listed company. 
 “Person” means an
individual, firm, corporation, partnership, association, limited liability company, trust or estate or any other entity or organization whether or not having separate legal existence, including any Government Authority. 
 “PRC” means the People’s Republic of China. For the purposes of this Agreement, PRC does not include Hong Kong Special
Administrative Region, the Macao Special Administrative Region or Taiwan. 
 “Primary Business” shall mean
vocational information technology education business. 
 “Public Offering” means, in the case of an offering in
the United States, an underwritten public offering of Equity Securities of a Person pursuant to an effective registration statement under the U.S. Securities Act of 1933, as amended, and, in the case of an offering in any other jurisdiction, a
widely distributed underwritten offering of Equity Securities of a Person in which both retail and institutional investors are eligible to buy such securities in accordance with the securities laws of such jurisdiction. 
 “Receiver” means any receiver, liquidator, trustee, administrator, sequestrator or other similar official. 
 “Registration Rights Agreement” means the third amended and restated registration rights agreement dated as of the date
hereof, by and among the Company, Crescent Jade, the BVI Companies, Superway Enterprises, Solid Gain, Aptech, MCO2 and SBI. 
  

 6 

 “Representatives” means with respect to any Person, such Person’s
directors, officers, employees, agents, Affiliates, partners, legal and financial advisers, accountants, consultants and controlling persons. 
 “RMB” means Renminbi, the lawful currency in the PRC. 
 “Roll-up Shares” means 55,684,931 Shares issued to MCO2 in the Roll-up Transaction. 
 “Roll-up Transaction” means, pursuant to the Amended and Restated Roll-up Agreement, the issuance by the Company of the Roll-up Shares to MCO2. 
 “Share Incentive Plan” means the 2007 Share Incentive Plan adopted on March 2, 2007 under which up to 16,304,348 Shares may be granted as determined by the Company. 
 “Share Exchange Agreement” means the Share Exchange Agreement, by and among the Company, Crescent Jade, the BVI Companies,
Prosperity and 13 individuals set forth in Schedule I thereto, dated as of May 8, 2009, as amended. 
 “Shareholder” means Crescent Jade, each of the BVI Companies, Superway Enterprises, Solid Gain, MCO2 or SBI. 
 “Shares” means ordinary shares in the Company with voting rights, par value US$0.000125 per share, including any subdivisions, combinations, splits or reclassifications thereof. 
 “Solid Gain” has the meaning stated in the preamble. 
 “Strategic Cooperation Agreement” means the Strategic Cooperation Agreement dated January 22, 2009, by and between the
Company and Aptech. 
 “Subsidiary” means, with respect to any Person, any entity which such Person Controls,
directly or indirectly, provided, however, the Subsidiaries of the Company shall only mean the Company Subsidiaries. 
 “Temporary Representative” shall mean such person designated by Mr. Yang Ming to serve as the CEO of the Company for a period not to exceed an aggregate of three (3) months in a calendar year. Only one Temporary
Representative can be appointed each calendar year. 
 “Third Party” means a bona fide prospective purchaser,
who is unrelated and Unaffiliated with the Company or any Company Subsidiary or any Shareholder of the Company, of Shares in an arm’s-length transaction from a Shareholder where such purchaser is not a Party or a Permitted Transferee of such
Shareholder. 
 “Transaction Documents” means this Agreement and the Registration Rights Agreement. 

 

 7 

 “Transfer” means to sell, exchange, assign, pledge, charge, grant a
security interest, make a hypothecation, gift or other encumbrance, or enter into any contract therefor, or into any voting trust or other agreement or arrangement with respect to the transfer of voting rights or any other legal or beneficial
interest in any of the Shares, create any other claim thereto or make any other transfer or disposition whatsoever, whether voluntary or involuntary, affecting the right, title, interest or possession in, to or of such Shares, and
“Transfer”, “Transfers” and “Transferred” shall have correlative meanings. 
 “U.S. GAAP” means Generally Accepted Accounting Principles in the United States. 
 1.2 Additional
Definitions. The following terms shall have the meanings defined in the indicated Section for purposes of this Agreement: 
  

			
	 Defined Term
	 	 Section Reference

	“Agreement”	 	Preamble
	“Amended and Restated Shareholders Agreement”	 	Preamble
	“Auditors”	 	3.11
	“Business Plan”	 	7.1
	“BVI Companies Director”	 	3.3
	“Cause”	 	3.5(c)
	“CEO”	 	3.4
	“CFO”	 	3.4
	“CJ Director”	 	3.3
	“Common Director	 	3.3
	“Company”	 	Preamble
	“Compensation Committee”	 	3.4
	“COO”	 	3.4
	“Crescent Jade Director”	 	3.3
	“Disclosing Party”	 	8.1
	“Emergency Board Meeting”	 	3.7(c)
	“Events of Default”	 	10.1
	“Holding Limit”	 	5.2(a)
	“ICC”	 	11.2(a)
	“Indemnified Person”	 	12.2
	“IPO Vehicle”	 	6.1
	“Losses”	 	3.13
	“MCO2”	 	Preamble
	“MCO2 Acceptance Notice”	 	5.5(b)
	“MCO2 Director”	 	3.3
	“MCO2 Offered Shares”	 	5.5(b)
	“MCO2 Right of First Refusal Notice”	 	5.5
	“MCO2 Right of First Refusal Notice Period”	 	5.5
	“MCO2 Transferor”	 	5.5
	“Original Shareholder Acceptance Notice”	 	5.4(b)
	“Original Shareholder Offered Shares”	 	5.4(b)

  

 8 

			
	“Original Shareholder Right of First Refusal”	 	5.4(a)
	“Original Shareholder Right of First Refusal Notice Period”	 	5.4(b)
	“Original Shareholder Right of First Refusal Notice”	 	5.4(a)
	“Original Shareholder Offeree”	 	5.4(a)
	“Original Shareholder Transferor”	 	5.4(a)
	“Proposal”	 	7.9
	“Prosperity”	 	Preamble
	“Right of First Refusal for MCO2’s Shares”	 	5.5(a)
	“Rules”	 	11.2(a)
	“Second Amended and Restated Shareholders Agreement”	 	Preamble
	“Shareholders Meeting”	 	3.1
	“SBI”	 	Preamble
	“Superway Enterprises Director”	 	3.3
	“Superway Enterprises”	 	Preamble
	“Third Party Purchaser”	 	5.4(a)

 1.3 Construction. Whenever used in this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. Unless otherwise specified, words such as “herein,”
“hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular section or sub-section of this Agreement, and references herein to “articles” or
“sections” refer to articles or sections of this Agreement. Unless otherwise specified, references herein to the word “including” shall be deemed to be followed by words “without limitation” or “but not limited
to,” as applicable, or words of similar import. The word “or” shall not be interpreted to be exclusive. If any translated version of this Agreement differs from the English version, the English version shall control. The table of
contents and headings in this Agreement are intended solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement. Whenever this Agreement refers to a number of days, such number shall
refer to calendar days unless Business Days are specified. 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
 2.1 Representations and Warranties of the Parties. Each Party represents and warrants, severally and not jointly except that Aptech and MCO2 represent and warrant jointly and severally, to each
other Party that as of the date of this Agreement: 
 (a) such Party has the full power and authority to enter into, execute and
deliver this Agreement and to perform the transactions contemplated hereby and, if such Party is not a natural Person, such Party is duly incorporated or organized and existing and in good standing under the laws of the jurisdiction of its
incorporation or organization; 
  

 9 

 (b) the execution and delivery by such Party of this Agreement and the performance by such
Party of the transactions contemplated hereby have been duly authorized by all necessary corporate or other action of such Party; 
 (c) assuming the due authorization, execution and delivery hereof by each of the other Parties, this Agreement constitutes the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms,
except as such enforceability may be limited by applicable Bankruptcy Laws affecting creditors’ rights generally; 
 (d)
the execution, delivery and performance of this Agreement by such Party and the consummation of the transactions contemplated hereby will not (i) violate any provision of the organizational or governance documents of such Party;
(ii) require such Party to obtain any consent, approval or action of, or make any filing with or give any notice to, any Government Authority in such Party’s country of organization or any other Person pursuant to any instrument, contract
or other agreement to which such Party is a party or by which such Party is bound, other than any such consent, approval, action or filing that has already been duly obtained or made; (iii) conflict with or result in any material breach or
violation of any of the terms and conditions of, or constitute (or with notice or lapse of time or both would constitute) a default under any instrument, contract or other agreement to which such Party is a party or by which such Party is bound;
(iv) violate any Order against, or binding upon, such Party or upon its respective securities, properties or businesses or (v) violate any Law of such Party’s, country of organization or any other country in which it maintains its
principal office; and 
 (e) such Party, such Party’s assets and such Party’s business and record keeping practices
are not in violation of any Law, the violation of which would, at any time have a Material Adverse Effect upon (i) such Party, (ii) such Party’s ability to perform its obligations hereunder or (iii) any of the other Party’s
hereto. 
 ARTICLE III 
 CORPORATE GOVERNANCE 
 3.1 General. (a) From and after the date
hereof to and including the Termination, each Shareholder shall vote its Shares at any regular or special meeting of shareholders of the Company (a “Shareholders Meeting”), and shall take, subject to applicable law, all other
actions necessary or required to give effect to the provisions of this Agreement and each of the other Transaction Documents (to the extent that the Transaction Documents are applicable to such Shareholder), including ensuring that the Memorandum
and Articles of Association (and any organizational documents of any Company Subsidiary) do not at any time conflict with any provision of this Agreement or any other Transaction Document. Without limiting the previous sentence, each Shareholder
shall procure, subject to applicable law, that each Director nominated by such Shareholder shall vote and take all other action necessary or required to implement the provisions of this Agreement and each of the other Transaction Documents (to the
extent that the Transaction Documents are applicable to such Shareholder). In all other respects, subject to Section 3.1(b) herein, each Shareholder shall be entitled to vote in such Shareholder’s own best interests. 
  

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 (b) Notwithstanding anything to the contrary herein, to the extent that the Exchange Shares
have not been issued, MCO2 shall not be entitled to vote, or cause to be voted, more than 22% of the Company’s total outstanding Shares entitled to vote at any time, regardless of MCO2’s actual holding of the outstanding Shares at such
time. 
 3.2 Authority of the Board of Directors. Subject only to the provisions of this Agreement and applicable Law,
the Board shall have responsibility for management and Control of the Company in accordance with the Company’s Memorandum and Articles of Association. 
 3.3 Composition of the Board of Directors. Prior to any Initial Public Offering of the Company, the number of Directors constituting the Board shall be five (5). Each Shareholder shall vote its
Shares at any shareholders meeting called for the purpose of electing Directors or in any written consent of Shareholders executed for such purpose to elect, and shall take all other actions necessary or required to ensure the election to the Board
of, (i) one (1) nominee of Superway Enterprises (the “Superway Enterprises Director”); (ii) two (2) nominees of Crescent Jade (each, a “Crescent Jade Director”), one of the Crescent Jade Directors is
referred to as the “CJ Director,” and the other Crescent Jade Director is referred to as the “Common Director” provided that (A) the CJ Director and the Common Director shall be deemed to be the Crescent Jade
Directors designated by Crescent Jade for all purposes of this Agreement, (B) the nomination of the Common Director shall be subject to the prior written consent of Solid Gain, (C) the nomination of a replacement for the Common Director
shall be subject to the prior written consent of Solid Gain and (D) Crescent Jade may, at its discretion and subject to the prior written consent of Solid Gain, assign, in part or in whole, its right to nominate the Common Director;
(iii) one (1) nominee of the BVI Companies (the “BVI Companies Director”) and (iv) one (1) nominee of MCO2 (the “MCO2 Director”). The Chairman of the Board shall be selected by the approval of a
supermajority of at least four-fifths of the Directors from among the Crescent Jade Directors, the Superway Enterprises Director and the BVI Companies Director. At the time of any Initial Public Offering of the Company, the number of Directors
constituting the Board shall be seven (7). Two (2) of these Directors shall be independent Directors, as defined under the rules of the applicable stock exchange and applicable laws and regulations. Any Director may bring a translator to any
Board meeting so long as the translator is bound by a confidentiality agreement satisfactory to the Company. 
 3.4
Committees of the Board. The Board may establish such committees with such powers as may be permitted by applicable Law and the Memorandum and Articles of Association; provided, that any such committees shall be subject to the direction
of and any policies adopted by the Board. Without limiting the foregoing, the Board shall establish a compensation committee (the “Compensation Committee”), whose scope of responsibilities shall include determining the remuneration
and benefits of the Chief Executive Officer (the “CEO”), Chief Financial Officer (the “CFO”) and Chief Operation Officer (the “COO”) of the Company and making recommendations to the Board on matters
of compensation and benefits for other senior executives, including establishment of any employee stock option plans. The Compensation Committee shall have three (3) members, consisted of the CJ Director, the Superway Enterprises Director and
the BVI Companies Director. All meetings of the Compensation Committee shall require a quorum of at least a majority of the members of the Compensation Committee. Not less than fourteen (14) days prior written notice shall be given to each
member of the Compensation Committee for each meeting of such committee, provided, that such notice period may be reduced with the unanimous written consent of the members of the Compensation Committee. 
  

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 3.5 Removal and Replacement of Directors. (a) Each Shareholder shall have the
absolute right to remove any director nominated by it at any time at its sole discretion, provided that (i) the Common Director shall not be removed without the prior written consent of Solid Gain, (ii) to the extent that Solid Gain desires to
remove and replace the Common Director, Solid Gain shall deliver to Crescent Jade a written request setting forth its desire to remove the Common Director and its recommendation of a replacement nominee, and Crescent Jade shall, upon receipt of such
request, take steps to implement the same as promptly as practicable and in any event no later than fifteen (15) Business Days after the date of its receipt of such request; and each of the Shareholders shall vote its Shares at any shareholders
meeting, or in any written consent of Shareholders in lieu of such a meeting, so as to effectuate such right. 
 (b) If, as a
result of death, resignation, removal (with or without Cause) or otherwise, there shall exist or occur any vacancy on the Board, the Shareholder entitled under Section 3.3 to nominate the Director whose death, resignation, removal or other
departure resulted in such vacancy shall nominate another individual to serve in place of such Director in accordance with Section 3.3 and the Shareholders shall elect such individual to the Board as soon as practicable thereafter. 
 (c) “Cause” means (i) a Director’s or officer’s willful or continued failure to substantially perform his or
her duties, (ii) such Director’s or officer’s conviction or under form al investigation in a criminal proceeding (other than traffic violations or other minor infractions), (iii) such Director’s or other officer’s being
censured or subject to equivalent action by any internationally recognized securities exchange, or (iv) such Director or officer being subject to a Bankruptcy Event. 
 3.6 Directors’ Access to Information. Each Director shall be entitled to examine the books and accounts of the Company and Company Subsidiaries, have access to the properties and facilities of
the Company and Company Subsidiaries at reasonable times and upon reasonable prior notice and have access to operational performance data of the Company and Company Subsidiaries including information such as enrollments, student attrition rates,
product pricing, major cost items and similar such information on an aggregate basis (collectively, “Information”), provided, however: 
 (a) all such Information furnished to a Director by or on behalf of the Company (irrespective of the form of communication and whether such Information is so furnished before, on or after the date
hereof), and all analyses, compilations, data, studies, notes, interpretations, memoranda or other documents prepared by such Director containing or based in whole or in part on any such furnished Information shall be used solely for the purpose of
the provision of services in connection with such Director’s role as a Director and, shall be kept strictly confidential and shall not be disclosed by such Director, except that disclosure of such Information (other than Information relating to
Intellectual Property) shall be permissible (i) with the Company’s prior written consent, (ii) with respect to Information that is or has become generally available to the public other than as a result of disclosure or by at the
direction of the Director, (iii) to the extent necessary or required under any applicable Law or the rules of any stock exchange or in connection

  

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with any judicial process regarding any legal action, suit or proceeding arising out of or relating to such Information, after giving prior written notice to the Company to the extent practicable
under the circumstances, and subject to having undertaken any reasonably available arrangements to protect confidentiality (for example, seeking a protective order in relation to such Information), or (iv) if made to the Shareholder that has
designated such Director, provided that such Shareholder agrees in writing that such Shareholder shall not disclose such Information without the prior written consent of the Company; 
 (b) at the time of termination of services of such Director, he or she will promptly return to the Company or, at the Company’s sole
option, destroy, all such information and all copies, extracts or other reproductions in whole or in part thereof. Notwithstanding the return or destruction of such information, such Director shall continue to be bound by his or her confidentiality
and other obligations under this Section 3.6; and 
 (c) for a period of two years from the date of termination of services
of such Director, without the prior written consent of the Company, such Director will not, directly or indirectly, (i) solicit to hire or hire (or cause or seek to cause to leave the employ of the Company) any employee of the Company or
(ii) solicit or induce any independent contractor, customer or supplier of the Company to terminate or breach its contractual or other relationship with the Company. 
 3.7 Board Meetings. (a) Frequency and Location. Meetings of the Board shall take place at least once in every fiscal quarter of the Company unless otherwise determined by the Board.
Board meetings shall be held in Beijing, PRC. 
 (b) Notice. A meeting of the Board may be called by the Chairman of the
Board or any two (2) Directors giving notice in writing to the CEO of the Company specifying the date, time and agenda for such meeting. The Directors shall cause the CEO to, promptly following receipt of such notice, deliver a copy of such
notice to each Director and each Shareholder, accompanied by a written agenda specifying the business of such meeting and copies of all papers relevant for such meeting. Each such document shall be provided in both Chinese and English languages. Not
less than thirty (30) days prior written notice shall be given to each Director and Shareholder; provided, that such notice period (i) shall not apply in the case of an adjourned meeting pursuant to Section 3.8(a) and (ii) may
be reduced with the unanimous written consent of the Directors. 
 (c) Emergency Board Meetings. An emergency Board
meeting (the “Emergency Board Meeting”) may be called by the Chairman of the Board or any three (3) Directors giving notice in writing to the CEO of the Company specifying the date, time and agenda for such meeting. The
Directors shall cause the CEO to, promptly following receipt of such notice, deliver a copy of such notice to each Director and each Shareholder, accompanied by a written agenda specifying the business of such meeting and copies of all papers
relevant for such meeting. Not less than ten (10) days prior written notice shall be given to each Director and Shareholder for an Emergency Board Meeting, provided, that such notice period (i) shall not apply in the case of an adjourned
meeting pursuant to Section 3.8(a) and (ii) may be reduced with the unanimous written consent of the Directors. All Directors shall make best efforts to attend such Emergency Board Meetings. 
  

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 (d) Telephone Participation. To the extent permitted by applicable Law, Directors may
participate in Board meetings by telephone or video conferencing or any other means of contemporaneous communication; provided, that each Director taking part in the meeting is able to hear each other Director taking part and;
provided, further, that each Director must acknowledge his or her presence for the purpose of the meeting and any Director not doing so shall not be entitled to speak or vote at the meeting. Such participation shall constitute presence for
purposes of the quorum provisions of Section 3.8(a). A Director may not leave the meeting by disconnecting his or her telephone or other means of communication unless he or she has previously obtained the express consent of the Chairman of the Board
and a Director shall conclusively be presumed to have been present and formed part of the quorum at all times during the meeting unless he or she has previously obtained the express consent of the Chairman of the Board to leave the meeting as
aforesaid. 
 (e) Written Resolutions. To the extent permitted by applicable Law, any action that may be taken by the
Directors at a Board meeting may alternatively be taken by a written resolution (in one or more counterparts) signed by all of the Directors (an alternate Director being entitled to sign such resolution on behalf of his or her appointer). The
expressions “written” and “signed” include writings or signatures transmitted by facsimile. 
 (f)
Language; Preparation of Minutes. All meetings of the Board shall be conducted in Chinese, provided that any translator may speak in either English or Chinese, and written minutes of all meetings of the Board shall be prepared in both
Chinese and English and provided by the Company to each Director and each Shareholder within ten (10) Business Days after each meeting of the Board. The Chinese version of the minutes shall prevail as against any translation thereof.

 3.8 Action by the Board. (a) Quorum. All meetings of the Board shall require a quorum of at least a simple
majority of the Directors. If such a quorum is not present within sixty (60) minutes after the time appointed for the meeting, the meeting shall be adjourned, the Board shall reschedule the meeting within thirty (30) days in good faith and
the Directors shall be obliged to participate in such rescheduled meeting in good faith. 
 (b) Ordinary Actions. At any
Board meeting, each Director may exercise one vote. Any Director may, by written notice to the Chairman of the Board, (i) authorize another Director to attend and vote by proxy for such Director at any Board meeting or (ii) appoint an alternate
Director to attend and vote for such Director at any Board Meeting. Subject to Sections 3.11 and 3.12 below, the adoption of any resolution of the Board shall require the affirmative vote of a majority of the Directors present at a duly constituted
meeting of the Board. Any Director may put forth a resolution for vote at a Board Meeting. 
 3.9 Remuneration of
Directors. Directors shall be entitled to (a) reimbursement of reasonable out-of-pocket expenses in connection with the performance of his or her duties as Director, (b) reasonable remuneration for serving as a Director consistent with
market best practices, (c) if such Director is otherwise an employee of or consultant to the Company, remuneration received in such capacity and (d) benefit under any share option scheme or plan of the Company or its Subsidiaries.

  

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 3.10 Appointment of Executive Officers. The Board shall appoint the CEO of the
Company, provided, however, that the appointment of a CEO other than Mr. Yang Ming or a Temporary Representative shall be approved by Crescent Jade. The CFO of the Company shall be appointed by the Board with the consent of
Crescent Jade. The CEO shall report to the Board and manage the day-to-day affairs of the Company subject to the directions and policies of the Board adopted from time to time. The CFO shall report to the CEO and shall be responsible for the
financial and accounting aspects of the Company. All other executive officers and members of the senior management of the Company shall be appointed and their scope of their duties determined by the CEO in consultation with the Board. 
 3.11 Supermajority Voting Matters. The matters set out below require the approval of a supermajority of at least two-thirds of all
the Directors: 
 (a) establish or change the dividend policy of the Company any Company Subsidiary, declare or set aside any
dividend, or make any other payment or other distribution to the shareholders of the Company or any Company Subsidiary (whether in cash, securities, property or other assets); 
 (b) appoint, or determine the terms of the appointment of, or terminate the chief executive officer or chief financial officer of the
Company; 
 (c) subject to Section 3.12(e) hereof, amend, modify or waive any provisions of the memorandum and articles of
association or other constitutional document of the Company or any Company Subsidiary; 
 (d) appoint or terminate the
Company’s auditors, which shall be an internationally recognized accounting firm (the “Auditors”); 
 (e)
subject to Section 3.12(e) hereof, except for any Permitted Issuance, alter the current capital structure of the Company or any Company Subsidiary or reduce any capital redemption reserve fund or to cause the Company or any Company Subsidiary
to undertake material off-balance sheet or contingent liabilities; 
 (f) undertake or effect any (i) consolidation or
merger of the Company, any Company Subsidiary or BJB-Aptech, with or into a Person Unaffiliated with the Company, (ii) effectuate any transaction or series of related transactions which result in the Company’s shareholders immediately prior to
such transactions not holding directly or indirectly at least fifty and one-tenth percent (50.1%) of the equity and voting power of the surviving or continuing entity (in substantially the same proportions as such shareholders held capital
stock of the Company, any Company Subsidiary or BJB-Aptech immediately prior to such transaction or series of related transactions, or (iii) directly or indirectly, sell, transfer, lease, charge, encumber or otherwise dispose of all or substantially
all of the assets of any of the Company, the Company Subsidiaries or BJB-Aptech; and 
 (g) subject to Section 3.12(b)
hereof, exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled capital or any part thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities whether
outright or as security for any debt, liability or obligation of the Company or of any third party. 
  

 15 

 To the extent that any of the matters in (a) to (g) above are required under the Cayman
Islands’ Companies Law (2007 Revision), as amended, to be passed by the passing of special resolution of shareholders, then such matter shall be passed when a special resolution is passed. 
 3.12 Unanimous Voting Matters. The matters set out below require the unanimous approval of all the Directors: 
 (a) (i) commence any bankruptcy proceeding or any other case or proceeding seeking appointment of a receiver for the Company or any
Company Subsidiaries, or all or any substantial part of its assets or property, (ii) enter into any restructuring plan or making any general assignment for the benefit of the Company’s or any Company Subsidiary’s creditors or (iii) admit
in writing the Company’s or any Company Subsidiary’s inability to pay its debts when they become due; 
 (b) make any
loan or make or provide any guarantee to any Shareholders, directors or officers of the Company or any Company Subsidiary, the Affiliates of such Shareholders, directors or officers, or any other third parties; 
 (c) enter into any transactions (i) with any of the Affiliates of the Company or any Company Subsidiary (other than wholly-owned
Subsidiaries, as long as such Subsidiaries shall remain wholly-owned by the Company), which is outside the ordinary course of business and has a cumulative amount exceeding US$10,000 over a 12-month period, or (ii) with any Affiliate of a
shareholder, director or officer of the Company or any Company Subsidiary; 
 (d) change the size or composition of the Board,
any committee thereof, the board of directors of any Company Subsidiary or any committee thereof; and 
 (e) any action pursuant
to Section 3.11(c) or Section 3.11(e) hereof to the extent that such action results in (i) a declaration and payment of dividends by BJBC disproportional to the Shareholders’ respective holdings of the Shares or (ii) a
dilution disproportional to the Shareholders’ respective holdings of the Shares. 
 To the extent that any of the matters in (a) to
(e) above are required under the Cayman Islands’ Companies Law (2007 Revision), as amended, to be passed by the passing of special resolution of shareholders, then such matter shall be passed when a special resolution is passed.

 3.13 Exchange Shares. Notwithstanding anything to the contrary herein, the Board shall not implement any action
pursuant to the provisions of Sections 3.1(a), 3.11 and 3.12 with respect to any Company Subsidiary unless and until all Exchange Shares are issued. 
 3.14 Shareholder Liabilities. In the event any Director takes any action or binds the Company solely in his or her capacity as a Director without authorization of the Board or any Director violates
his or her obligations under this Agreement, the following Party shall be solely responsible for, and shall indemnify the Company and/or the other Shareholders against, any losses, claims, damages, liabilities, judgments, fines, obligations,
expenses and liabilities of any kind or nature whatsoever (including to any

  

 16 

 
investigative, legal and other expenses incurred in connect ion with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding) (collectively,
“Losses”) that the Company or such other Shareholders, as the case may be, may at any time become subject to or liable for by reason of such violation: (A) in the case of any such act without authorization or violation by a
Director other than the Common Director, the Shareholder nominating such Director, (B) in the case of any such act without authorization or violation by the Common Director, Solid Gain, or (C) in the case of any such act without
authorization or violation by the MCO2 Director, Aptech. 
 ARTICLE IV 
 ONE-TIME SPECIAL DIVIDEND 
 4.1 One-time Special Dividend. The Company agrees to pay out, prior to the Initial Public Offering of the Company, as a one-time special dividend, as much of its distributable profit to its
shareholders as possible, subject to any legal accounting or working capital requirements as determined by the Board. In any event, such dividend shall not be less than RMB193 million. 
 ARTICLE V 
 RESTRICTIONS ON THE TRANSFER OF SHARES

 5.1 General. No Shareholder shall, directly or indirectly, Transfer any Shares or any right, title or interest
therein or thereto, except as expressly permitted by this Article V. 
 5.2 Permitted Transfers. (a) The restrictions on
Transfer set forth in Sections 5.1, 5.4 and 5.5 shall not apply to any Transfer to a Permitted Transferee; provided, that: 
 (i) the Transferring Shareholder shall remain jointly and severally liable with such Permitted Transferee; 
 (ii) if
any Permitted Transferee holding Shares Transferred to it by a Shareholder pursuant to this Section 5.2(a) shall no longer qualify as a Permitted Transferee of such Shareholder, such Permitted Transferee shall promptly transfer the Shares to
such Shareholder or to another Permitted Transferee of such Shareholder in accordance with such Shareholder’s instruction; 
 (iii) Notwithstanding anything to the contrary herein and except with respect to MCO2 and SBI and their respective Permitted Transferees, to the extent that a Permitted Transferee receives Shares from a Shareholder, the aggregate number of
Shares such Permitted Transferee may receive in such a Transfer (the “Holding Limit”) shall not exceed the product of (A) (i) with respect to Crescent Jade or a BVI Company, the number of Shares such Shareholder owns as of
December 28, 2008, (ii) with respect to Superway Enterprises, the number of Shares issued to Superway Enterprises pursuant to the Share Exchange Agreement and (iii) with

  

 17 

 
respect to Solid Gain, one (1) Share and (B) the aggregate percentage of equity interest the Permitted Transferee directly or indirectly owns in the Shareholder as of December 28,
2008 prior to the Transfer of Shares from the Shareholder to the Permitted Transferee; to the extent that any Transfer shall result in the Permitted Transferee holding more than its Holding Limit, such Transfer shall not be permitted; 
 (iv) Prior to any proposed Transfer, the Shareholder shall submit to the Directors a written request setting forth the name of the proposed
transferee and attaching a document certified by relevant government authorities. corporate registrars or the legal advisors of the Company evidencing the relationship between the Shareholder and the proposed transferee immediately before the
Transfer; if the proposed transferee meets the requirements of a Permitted Transferee, the Directors shall approve the proposed Transfer by a ministerial act of approval of a supermajority of at least two-thirds of the Directors; if the proposed
transferee does not meet the requirements of a Permitted Transferee, the Directors may approve a Transfer with the four-fifths approval all of the Directors; 
 (v) A Shareholder may not conduct an aggregate of more than five (5) Transfers of Shares. In addition, except MCO2 and Superway Enterprises, none of the Shareholders may Transfer an aggregate number
of Shares exceeding twenty percent (20%) of such Shareholder’s holding as of December 28, 2008; and 
 (b) The
restrictions on Transfer set forth in Sections 5.1, 5.4 and 5.5 shall not apply to any Transfer made among the BVI Companies, any Transfers by any BVI Company to any Permitted Transferee of such BVI Company or any Transfer by Crescent Jade to any
Permitted Transferees of Crescent Jade. 
 5.3 Legend on Share Certificates. (a) In addition to any other legend
that may be required under applicable Law, each certificate for Shares shall bear the following legend: 
 “THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH IN THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE COMPANY AND A THIRD AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT DATED AS OF JUNE 25, 2009. A COPY OF EACH OF WHICH MAY BE OBTAINED UPON REQUEST FROM THE COMPANY. NO TRANSFER OF THIS SECURITY SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF THE AFORESAID
MEMORANDUM AND ARTICLES OF ASSOCIATION AND SHAREHOLDERS AGREEMENT HAVE BEEN COMPLIED WITH IN FULL.” 
 (b) If any Shares
cease to be subject to any restrictions on Transfer set forth in this Agreement, the Company shall, upon the written request of the holder thereof, issue to such holder a new certificate evidencing such shares without the legend required by this
Section 5.3(a). 
  

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 5.4 Right of First Refusal for the Original Shareholders. (a) The Original
Shareholders shall have a right of first refusal (the “Original Shareholder Right of First Refusal”) with respect to any proposed Transfer of Shares (other than a Transfer to a Permitted Transferee or a Public Transferee) by another
Original Shareholder. In the event that an Original Shareholder (or group of Affiliated Original Shareholders) (the “Original Shareholder Transferor”) receives an offer from a bona fide Third Party (the “Third Party
Purchaser”) to purchase any Shares, the Original Shareholder Transferor shall be required to send each other Original Shareholder (each an “Original Shareholder Offeree” and collectively the “Original Shareholder
Offerees”) a written notice (the “Original Shareholder Right of First Refusal Notice”) prior to the consummation of such Transfer of Shares to the Third Party Purchaser. The Original Shareholder Right of First Refusal
Notice shall set forth the number of Shares that the Original Shareholder Transferor proposes to Transfer, the price per share to be received for the Shares and any other proposed terms and conditions relating to such Transfer and the identity
(including name and address) of the Third Party Purchaser. The Original Shareholder Right of First Refusal Notice shall certify that the Original Shareholder Transferor has received a firm offer from the Third Party Purchaser and in good faith
believes a binding agreement for the Transfer is obtainable on the terms set forth in the Original Shareholder Right of First Refusal Notice. The Original Shareholder Right of First Refusal Notice shall also include a copy of any written proposal,
term sheet or letter of intent or other agreement relating to the proposed Transfer. 
 (b) The delivery of an Original
Shareholder Right of First Refusal Notice shall constitute an offer, which shall be irrevocable for thirty (30) days from the date of the Right of First Refusal Notice (the “Original Shareholder Right of First Refusal Notice
Period”), by the Original Shareholder Transferor to Transfer to each Original Shareholder Offeree the Shares subject to the Original Shareholder Right of First Refusal Notice (the “Original Shareholder Offered Shares”) on
the terms and conditions set forth therein. Each Original Shareholder Original Shareholder Offeree shall have the right, but not the obligation, to accept such offer to purchase all or part of the Original Shareholder Offered Shares free of
Encumbrances by giving a written notice of its acceptance of such offer (an “Original Shareholder Acceptance Notice”) to the Original Shareholder Transferor prior to the expiration of the Original Shareholder Right of First Refusal
Notice Period. Subject to Section 5.4(c), delivery of an Original Shareholder Acceptance Notice by an Original Shareholder Offeree to the Original Shareholder Transferor shall constitute a contract between such Original Shareholder Offeree and
the Original Shareholder Transferor for the Transfer of the Original Shareholder Offered Shares on the terms and conditions set forth therein. The failure of an Original Shareholder Offeree to give an Original Shareholder Acceptance Notice within
the Original Shareholder Right of First Refusal Notice Period shall be deemed a rejection of its Original Shareholder Right of First Refusal with respect to the subject Transfer. 
 (c) In the event more than one Original Shareholder Offeree shall deliver an Original Shareholder Acceptance Notice to the Original
Shareholder Transferor within the Original Shareholder Right of First Refusal Notice Period, the number of Original Shareholder Offered Shares subject to each such contract shall be proportionate to the relative Percentage Ownership of each Original
Shareholder Offeree delivering an Original Shareholder Acceptance Notice, or on such other basis as such Original Shareholder Offerees shall agree. 
  

 19 

 (d) The closing of any Transfer of Shares between an Original Shareholder Transferor and any
Original Shareholder Offerees pursuant to this Section 5.4 shall take place within sixty (60) days from the last day of the Original Shareholder Right of First Refusal Notice Period; provided , that if such Transfer is subject to
any prior approval or other consent required by applicable Law or stock exchange rule, the time period during which the closing of such Transfer may occur shall be extended until the expiration of ten (10) days after all such approvals and
consents shall have been granted but in no case later than ninety (90) days from the last day of the Original Shareholder Right of First Refusal Notice Period. Each Party to such Transfer shall use commercially reasonable efforts to obtain all
such approvals and consents. 
 (e) After the earlier of April 30, 2009 and the completion of the Company’s Initial
Public Offering, the BVI Companies shall be permitted to sell their Shares free of any restrictions under this Section 5.4; provided , that if after one or more transfers permitted under this Section 5.4(e), the BVI Companies hold
less than 80% of the aggregate number of Shares they hold as of the date hereof, the BVI Companies shall not be entitled to the rights and privileges set forth under Sections 3.3, 3.4, 3.5 and 3.7 hereof. 
 5.5 The Company’s Right of First Refusal with respect to MCO2’s Shares. (a) Until the earlier of April 30, 2009
and the completion of the Company’s Initial Public Offering, the Company shall have a right of first refusal (the “Right of First Refusal for MCO2’s Shares”) with respect to any proposed Transfer of Shares (other than a
Transfer to a Permitted Transferee) by MCO2, MCO2’s Affiliates or MCO2’s Permitted Transferees. In the event that MCO2 (or MCO2’s Affiliates or MCO2’s Permitted Transferees) (the “MCO2 Transferor”) receives an
offer from the Third Party Purchaser to purchase any Shares, the MCO2 Transferor shall be required to send the Company a written notice (the “MCO2 Right of First Refusal Notice”) prior to the consummation of such Transfer of Shares
to the Third Party Purchaser. The MCO2 Right of First Refusal Notice shall set forth the number of Shares that the MCO2 Transferor proposes to Transfer, the price per share to be received for the Shares and any other proposed terms and conditions
relating to such Transfer and the identity (including name and address) of the Third Party Purchaser. The MCO2 Right of First Refusal Notice shall certify that the MCO2 Transferor has received a firm offer from the Third Party Purchaser and in good
faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the MCO2 Right of First Refusal Notice. The MCO2 Right of First Refusal Notice shall also include a copy of any written proposal, term sheet or letter of
intent or other agreement relating to the proposed Transfer. 
 (b) The delivery of an MCO2 Right of First Refusal Notice shall
constitute an offer, which shall be irrevocable for thirty (30) days from the date of the Right of First Refusal Notice (the “MCO2 Right of First Refusal Notice Period”), by the MCO2 Transferor to Transfer to the Company the Shares
subject to the MCO2 Right of First Refusal Notice (the “MCO2 Offered Shares”) on the terms and conditions set forth therein. The Company shall have the right, but not the obligation, to accept such offer to purchase all or part of
the MCO2 Offered Shares free of Encumbrances by giving a written notice of its acceptance of such offer (an “MCO2 Acceptance Notice”) to the MCO2 Transferor prior to the expiration of the MCO2 Right of First Refusal Notice Period.
Subject to Section 5.5(c), delivery of an MCO2 Acceptance Notice by the Company to the MCO2 Transferor shall constitute a contract between the Company and the MCO2 Transferor for the Transfer of the MCO2 Offered Shares on the terms and
conditions

  

 20 

 
set forth therein. The failure of the Company to give an MCO2 Acceptance Notice within the MCO2 Right of First Refusal Notice Period shall be deemed a rejection of its MCO2 Right of First Refusal
with respect to the subject Transfer. 
 (c) The closing of any Transfer of Shares between an MCO2 Transferor and the Company
pursuant to this Section 5.5 shall take place within sixty (60) days from the last day of the MCO2 Right of First Refusal Notice Period; provided, that if such Transfer is subject to any prior approval or other consent required by
applicable Law or stock exchange rule, the time period during which the closing of such Transfer may occur shall be extended until the expiration of ten (10) days after all such approvals and consents shall have been granted but in no case
later than ninety (90) days from the last day of the MCO2 Right of First Refusal Notice Period. Each Party to such Transfer shall use commercially reasonable efforts to obtain all such approvals and consents. 
 (d) After the earlier of April 30, 2009 and the completion of the Company’s Initial Public Offering, MCO2 shall be permitted to
sell its Shares free of any restrictions under this Section 5.5, subject to Section 5.5(e) herein; provided, that if after one or more transfers permitted under this Section 5.5(d), MCO2 Transferors hold in aggregate less than
80% of the number of Shares they hold in aggregate as of the date hereof, MCO2 shall not be entitled to the rights and privileges set forth under Sections 3.3, 3.5 and 6.1(a) hereof. 
 (e) Notwithstanding any provision to the contrary herein, MCO2 Transferors shall not Transfer any Shares to a Competitor of the Company or
any of such Competitor’s Affiliates. 
 5.6 BVI Companies Special Share Transfer Right. Notwithstanding anything to
the contrary herein and in addition to any share transfer rights set forth elsewhere in this Agreement, the BVI Companies shall have the right (the “BVI Companies Special Share Transfer Right”) to Transfer an aggregate of up to
twenty percent (20%) of Shares held by the BVI Companies as of December 28, 2008; for the avoidance of doubt, Transfers pursuant to the BVI Companies Special Share Transfer Right shall be free of any restrictions set forth in this Agreement.

 ARTICLE VI 
 INITIAL PUBLIC OFFERING 
 6.1 Obligation to Conduct an Initial Public
Offering. (a) The Company agrees to use its best efforts to complete an Initial Public Offering of the Company or a Person organized to effect an Initial Public Offering of the Company (the Company or such Person, an “IPO
Vehicle”) as soon as possible after the date hereof. If the IPO Vehicle is not the Company, the Parties shall enter into a Shareholders Agreement of such IPO Vehicle with the same terms and conditions of this Agreement, on the date when
such IPO Vehicle has become the controlling shareholder of the Company. Each Party agrees to cooperate in good faith and take any and all measures reasonably required to effect such Initial Public Offering, including voting its Shares and procuring
its nominated Directors and officers of the Company to take all other necessary action at the reasonably appropriate time such as (if necessary or

  

 21 

 
action at the reasonably appropriate time such as (if necessary or required) causing the IPO Vehicle to restructure, reclassify its shares, amend its memorandum and articles of association, amend
its financing and/or operating arrangements and/or obtain any necessary or required consents from third parties. The Company, Aptech and MCO2 shall cooperate fully with each other to ensure that all corporate documents regarding the Company, BJB and
BJB-Aptech, and all documentations regarding the Roll-up Transaction is accurate and complete. Crescent Jade shall have the right to approve or veto the following matters in connection with the Initial Public Offering: the selection of listing
jurisdiction and underwriters, the negotiation and execution of underwriting agreement, the final pricing range, the lock-up period(s), and the size of the Initial Public Offering. 
 (b) Other than effecting a Permitted Issuance, the Company shall not, and shall cause its Affiliates not to, issue any additional Shares
from the date hereof until the completion of an Initial Public Offering of the Company. 
 (c) Aptech shall cause MCO2 to, and
MCO2 and Aptech shall, upon the request by a majority of the Board, sell 13.6364% of the Roll-up Shares in an Initial Public Offering of the Company. If MCO2 intends to sell more than 13.6364% of the Roll-up Shares in such Initial Public Offering,
MCO2 shall obtain prior written consent from each of the Original Shareholders and the Company. 
 6.2 Cooperation in Tax
Matters. The Company shall, and shall cause its Subsidiaries to, use its best efforts to ensure that the Company and its Subsidiaries arrange their affairs, including taking such restructuring steps as may be necessary, to implement a tax
efficient structure for Company, its Subsidiaries and prospective investors who may acquire shares of the IPO Vehicle in the Initial Public Offering, including without limitation, to ensure that the IPO Vehicle will not be treated as a Passive
Foreign Investment Company within the meaning of section 1297 of the United States Internal Revenue Code of 1986. 
 6.3 Fees
and Expenses. To the extent permitted by applicable Law, the IPO Vehicle shall pay all fees and expenses (other than any underwriting discounts and commissions relating to shares sold by any Shareholder in connection with an Initial Public
Offering) incurred by such IPO Vehicle and each Shareholder selling any Shares in connection with the Initial Public Offering. To the extent the IPO Vehicle is not permitted to pay any such expenses under applicable Law (a) if no Shareholder
sells Shares in the Initial Public Offering, the Shareholders shall pay such expenses pro rata based upon their Percentage Ownership immediately prior to the Initial Public Offering or (b) if any Shareholder sells Shares in the Initial Public
Offering, the Shareholders shall pay such expenses pro rata based upon the number of Shares each Shareholder sells pursuant to the Initial Public Offering. 
 ARTICLE VII 
 CERTAIN COVENANTS OF THE COMPANY 
 7.1 Business Plan. The executive officers of the Company shall submit to the Board, and obtain their approval of, prior to the start
of each fiscal year of the Company, a business plan (the “Business Plan”) setting forth the annual budget and operating plan of the Company for such fiscal year. The Company shall prepare and deliver to the Board quarterly (no later
than forty-five (45) days

  

 22 

 
after the relevant fiscal quarter ends) and annual (no later than ninety (90) days after the relevant fiscal year ends) financial statements and other appropriate reports concerning
operations of the Company and other matters submitted to the Board. 
 7.2 Financial Information. The Company shall
provide each Shareholder with the following financial information relating to the Company and its Subsidiaries: 
 (a) unaudited
quarterly financial statements (including income statement, balance sheet, and cash flow statements) of the Company and each of its Subsidiaries, prepared and reviewed by the Auditors in accordance with U.S. GAAP and certified by the CFO of the
Company, within thirty (30) days after such financial statements become available; and 
 (b) annual consolidated financial
statements of the Company, prepared and audited by the Auditors in accordance with U.S. GAAP and certified by the CFO of the Company, within thirty (30) days after such financial statements become available. 
 7.3 Maintenance of Books and Records. The Company shall, and shall cause each of its Subsidiaries to, keep proper, complete and
accurate books of account in each case in accordance with U.S. GAAP or IFRS and such accounts shall be audited annually in accordance with such standards by the Auditors. The Company and each of its Subsidiaries shall also keep such other books of
account to the extent required by and in accordance with applicable Law. 
 7.4 Access to Books and Records. The Company
shall permit each Shareholder and its authorized Representatives the right during normal business hours and upon reasonable advance notice in writing to inspect its books and accounting records, if any, to make extracts and copies therefrom at its
own expense and to have full access to all of the Company’s books and accounting records. 
 7.5 Securities
Filings. The Company shall provide to each Shareholder, promptly after the filing thereof, copies of any registration statement, preliminary prospectus, final prospectus, application for listing or other document filed with any securities
regulatory authority or securities exchange in any jurisdiction. 
 7.6 Intellectual Property Protection. The
Company and each of its Subsidiaries shall take all necessary steps to protect any and all of their respective intellectual property rights, including registering all their respective trademarks, brand names and copyrights and wherever prudent
applying for patents on their respective technology . 
 7.7 Notification of Solicitation. The Company and the
Shareholders agree that upon receipt of any inquiry, proposal or offer (a “Proposal ”) with respect to a merger, consolidation or other business combination involving the Company or any Company Subsidiary or any acquisition or
similar transaction (including without limitation a tender or exchange offer) involving the purchase (or indirect purchase through the purchase of capital stock of any Company Subsidiary ) of (i) all or any portion of the assets of the Company or
the Company Subsidiaries or (ii) any share of capital stock of the Company or any Company Subsidiary, the Company

  

 23 

 
or such Shareholder shall promptly, and in no case later than three Business Days after receipt of such Proposal, cause a written notice to be delivered to each other Shareholder that sets forth
the principal terms of such Proposal in reasonable detail. 
 ARTICLE VIII 
 COVENANTS RELATED TO CONFIDENTIALITY AND NON-COMPETITION 
 8.1 Confidentiality. Each Party who has received Confidential Information from another Party (such other Party, the
“Disclosing Party”) undertakes that none of it, any of its Representatives or any Representative of any of its Affiliates shall reveal to any other Person such Confidential Information without the prior written consent of the
Disclosing Party; provided , that such undertaking shall not apply to: 
 (a) disclosure of Confidential Information that
is or has become generally available to the public other than as a result of disclosure by or at the direction of a Party or a Party’s Representatives or the Representatives of any Affiliate of any Party in violation of this Agreement;

 (b) disclosures of Confidential Information by a Party to its Representatives or the Representatives of any of its Affiliates
to whom it is necessary or helpful in connection with this Agreement or any other Transaction Document for such Confidential Information to be disclosed including to the Company’s investment bankers and their advisors and/or representatives;

 (c) disclosures of Confidential Information to the extent necessary or required under any applicable Law or the rules of any
stock exchange or in connection with any judicial process regarding any legal action, suit or proceeding arising out of or relating to this Agreement or any other Transaction Document, after giving prior written notice to the other Parties to the
extent practicable under the circumstances, and subject to having undertaken any reasonably available arrangements to protect confidentiality (for example, seeking a protective order in relation to such Confidential Information); or 
 (d) disclosures of Confidential Information by any Shareholder that are reasonably necessary to permit a Person to evaluate the business of
the Company upon such Shareholder entering into negotiations with any Person with a view to Transferring any Shares to such Person; provided, that such Person has executed a confidentiality agreement in such form as may be reasonably required
by the Board. 
 The restrictions contained in Section 8.1 shall not apply to the disclosure of information by any
Shareholder to whom its Shares may be Transferred pursuant to Section 5.2(a) or to any investor or prospective investor in such person. 
 8.2 Restriction on Announcements. Each Party shall, and shall cause each of its Representatives and each Representative of each of its Affiliates, not to make any public announcement about the
subject matter of this Agreement or regarding the Company or any of its business and operating plans from time to time, whether in the form of a press release or otherwise, without first

  

 24 

 
consulting with the other Parties and obtaining the other Parties’ prior written consent to make such announcement, except as required by applicable Law or the rules of any stock exchange on
which such Party or any Affiliate of such Party is listed or registered. If disclosure is so required, the other Parties shall be given a reasonable opportunity to review and comment on any such required disclosure. The Parties consent to the
disclosure of this Agreement as part of any filing of a Registration Statement pursuant to any Initial Public Offering process. 
 8.3 Non-Competition. (a) As long as this Agreement is in effect and any BVI Company still holds any shares in the Company, neither such BVI Company nor any of its Affiliates shall make any investment in any Competitor of the Company.

 (b) Aptech and the Company shall have the obligations as set forth in the Strategic Cooperation Agreement. 
 (c) As long as this Agreement is in effect and Crescent Jade still holds any shares in the Company, neither Crescent Jade nor any of its
Affiliates shall make any investment in any Competitor of the Company. 
 (c) As long as this Agreement is in effect and
Superway Enterprises still holds any shares in the Company, neither Superway Enterprises nor any of its Affiliates shall make any investment in any Competitor of the Company. 
 (d) As long as this Agreement is in effect and Solid Gain still holds any shares in the Company, neither Solid Gain nor any of its
Affiliates shall make any investment in any Competitor of the Company. 
 (e) As long as this Agreement is in effect and Aptech
still holds any shares in the Company, neither Aptech nor MCO2 nor any of their Affiliates shall make any investment in any Competitor of the Company. 
 (f) As long as this Agreement is in effect and SBI still holds any shares in the Company, neither SBI nor any of its Affiliates shall make any investment in any Competitor of the Company. 
 ARTICLE IX 
 TERM AND TERMINATION 
 9.1 Term and Termination. This Agreement shall remain in effect until:

 (a) the Company has been dissolved, liquidated and wound up; 
 (b) the Parties have agreed in writing to terminate this Agreement; 
 (c) the Company has completed an Initial Public Offering; 
  

 25 

 (d) the Company has become subject to a Bankruptcy Event in which case Crescent Jade and the
BVI Companies shall each have the right, but not the obligation, to terminate this Agreement by sending a written notice to such effect to the other Parties; or 
 (e) terminated in accordance with Section 10.2. 
 9.2 Effect of
Termination. Following any termination of this Agreement, this Agreement shall have no further force or effect, provided that termination of this Agreement shall not affect any rights or obligations of a Party that either expressly or by
their nature survive the expiration or termination of this Agreement. 
 ARTICLE X 
 EVENTS OF DEFAULT 
 10.1 Events of Default. Each of the following shall constitute events of default (“Events of Default ”) on the part of a Shareholder under this Agreement: 
 (a) failure by such Shareholder or any of its Affiliates who are Shareholders to comply with any covenant , obligation or agreement of such
Shareholder contained in this Agreement where such failure shall not have been cured within thirty (30) days after the date when a written notice thereof has been given to such Shareholder by any non-defaulting Shareholder; or 
 (b) a Bankruptcy Event occurs with respect to such Shareholder or any of its Affiliates who are Shareholders. 
 10.2 Effect of Events of Default. (a) Upon an Event of Default, the defaulting Shareholder shall indemnify the
non-defaulting Shareholders and hold the non-defaulting Shareholders harmless from and against any Losses (including any diminution in the value of any Shares then held by the non-defaulting Shareholders) that the non-defaulting Shareholders may
incur or suffer as a result of, arising out of or in connection with the execution, delivery and performance of this Agreement or any other Transaction Document or the consummation of the transactions contemplated hereby or thereby, including,
without limitation, (i) any breach of any representation or warranty of the defaulting Shareholder contained in this Agreement or any other Transaction Document, (ii) the non-fulfillment of or failure to perform any covenant or agreement
on the part of the defaulting Shareholder in this Agreement or in any other Transaction Document, and (iii) the enforcement of this indemnity, and agree to reimburse each such non-defaulting Shareholder, as incurred, for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such Losses. 
 (b) In the event that the
indemnity provided in Section 10.2 hereof is unavailable to or insufficient to hold harmless a non-defaulting Shareholder for any reason, the defaulting Shareholder agrees to make the maximum contribution permissible under applicable Laws to
the payment and satisfaction of any Losses (including any diminution in the value of any Shares then held by the non-defaulting Shareholders) incurred or suffered as a result of, arising out of or in connection with the execution, delivery and

  

 26 

 
performance of this Agreement or any other Transaction Document or the consummation of the transactions contemplated hereby or thereby and to any legal or other expenses reasonably incurred in
connection with investigating or defending any such Losses. 
 10.3 No Prejudice. The rights of non-defaulting Original
Shareholders under this Section 10 shall not prejudice any additional rights such Original Shareholders have under applicable Law. 
 ARTICLE XI 
 GOVERNING LAW AND RESOLUTION OF DISPUTES 
 11.1 Governing Law. This Agreement and any disputes, claims or controversies arising from, related to or in connection with this
Agreement shall be construed in accordance with the Laws of the Hong Kong Special Administrative Region without regard to its conflict of law principles. 
 11.2 Dispute Resolution Forum. (a) If there is any dispute, claim or controversy arising from, related to or in connection with this Agreement, or the breach, termination or invalidity hereof, the
Parties shall first attempt to resolve such dispute, controversy or claim through friendly consultations. If the dispute, claim or controversy is not resolved through friendly consultations within thirty days after a Party has delivered a written
notice to another Party requesting the commencement of consultation, then the dispute, claim or controversy shall be finally settled by arbitration conducted in accordance with the Rules of Arbitration (the “Rules”) of the
International Chamber of Commerce (the “ICC”). There shall be three arbitrators of whom the claimant and the respondent shall each nominate one (1) in accordance with the Rules. The two named arbitrators shall nominate the
third arbitrator within thirty (30) days of the nomination of the second arbitrator. If any arbitrator has not been named within the time limits specified in the Rules, such appointment shall be made by the Chairman of the ICC upon the written
request of either Party within thirty days of such request. The arbitration shall be held and the award shall be rendered in the Hong Kong Special Administrative Region. The arbitration proceeding shall be conducted and the award shall be rendered
in the both Chinese and English language. Each Party shall cooperate in good faith to expedite (to the maximum extent practicable) the conduct of any arbitral proceedings commenced under this Agreement. 
 (b) The award shall be final and binding upon the Parties, and shall be the exclusive remedy between the Parties regarding any claims,
counterclaims, issues, or accountings presented to the arbitral tribunal. To the fullest extent allowed by applicable Law, each Party hereby waives any right to appeal such award. Judgment upon the award may be entered in any court having
jurisdiction thereof, and for purposes of enforcing any arbitral award made hereunder, each Party irrevocably submits to the jurisdiction of any court sitting where any of such Party’s material assets may be found. Any arbitration proceedings,
decisions or awards rendered hereunder shall be governed by the United Nations Convention on the Enforcement of Foreign Arbitral Awards of June 10, 1958, as amended, and the Parties agree that any award rendered hereunder shall not be deemed a
domestic arbitration under the laws of any jurisdiction. 
  

 27 

 (c) By agreeing to arbitration, the Parties do not intend to deprive any court of its
jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies in aid of arbitration as may be available
under the jurisdiction of a court, the arbitral tribunal shall have full authority to request the court to grant provisional remedies and to award damages for the failure of any Party to respect the arbitral tribunal’s orders to that effect.

 (d) The costs of the arbitration, as defined in the Rules, shall be allocated between the Parties by the arbitrators and
shall be set forth in the arbitral award. Any amounts subject to the dispute, controversy or claim that are ultimately awarded to a Party under this Section 11.2 shall bear interest at the rate of five percent (5%) per annum from the
earlier of (i) the date of the request for arbitration and (ii) the date such amount would have become due and owing but for the dispute, controversy or claim until the date the arbitral award is paid in full. 
 11.3 Specific Performance. Each Party hereby acknowledges that the remedies at law of the other Parties for a breach or threatened
breach of this Agreement would be inadequate and, in recognition of this fact, any Party, without posting any bond, and in addition to all other remedies that may be available, shall be entitled in accordance with Section 11.2(c) to seek
equitable relief in the form of specific performance, injunctions or any other equitable remedy. 
 11.4 Waiver of
Immunities. Each Party irrevocably waives any right that it has or may hereafter acquire, in any jurisdiction, to claim for itself or its revenues, assets or properties, immunity from service of process, suit, the jurisdiction of any court, an
interlocutory order or injunction or the enforcement of the same against its property in such court, attachment prior to judgment, attachment in aid of execution of an arbitral award or judgment (interlocutory or final) or any other legal process.

 11.5 Performance Pending Dispute Resolution. Unless otherwise terminated in accordance with the terms hereof, this
Agreement and the rights and obligations of the Parties hereunder shall remain in full force and effect during the pendency of any proceeding under Section 11.2. 
 ARTICLE XII 
 MISCELLANEOUS 
 12.1 No Partnership; Agency. The Shareholders expressly do not intend hereby to form an agency relationship or partnership either
general or limited, under any jurisdiction’s agency, partnership or other similar law. The Shareholders do not intend to be agents or partners of each other, or agents of or partners to any third party, or to create any other fiduciary
relationship among themselves, solely by virtue of their status as Shareholders. To the extent that any Shareholder, by word or action, improperly represents to another Person that any Shareholder is an agent or partner of another Shareholder or
that the Company is a partnership, the Shareholder making such representation shall be liable to any other Shareholder that incurs any Losses arising out of or relating to such representation. 
  

 28 

 12.2 Indemnification. The Company shall indemnify each Director, CEO and CFO of the
Company (collectively, the “Indemnified Persons”) against any Losses that any Indemnified Person may at any time become subject to or liable for in connection with claims brought against any of them on behalf of the Company or by a
third party in connection with any of their status as a director or officer of the Company or any of their service to or on behalf of the Company to the maximum extent permitted under applicable Law, except for such Losses incurred due to the gross
negligence, willful misconduct, fraudulent activities, or any breach of this Agreement by such Indemnified Person. 
 12.3
Entire Agreement. This Agreement (together with the other Transaction Documents) constitutes the whole agreement among the parties hereto and thereto relating to the subject matter hereof and thereof and supersedes all prior agreements or
understandings both oral and written among all of the parties hereto and thereto relating to the subject matter hereof and thereof. 
 12.4 Binding Effect; Benefit. This Agreement shall inure to the benefit of and be binding upon the Parties and their respective heirs, successors, legal representatives and permitted assigns. Except for the rights to indemnification
set forth in Section 12.2, nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the Parties, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement. 
 12.5 Assignment. (a) Except as permitted by this
Section 12.5, no Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the written consent of the other Parties. 
 (b) Without prejudice to the foregoing Section 12.5(a), any Shareholder may transfer its rights or obligations under this Agreement to
any Person to whom its Shares may be Transferred pursuant to Section 5.2(a) and to any investor in any such Person. 
 12.6 Amendment; Waiver. (a) This Agreement may not be amended, modified or supplemented except by a written instrument executed by each of the Parties. 
 (b) No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party waiving
such provision. No failure or delay by a Party in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. Without limiting the foregoing, no waiver by a Party of any breach by any other Party of any provision hereof shall be deemed to be a waiver of any subsequent breach of that or any other provision hereof. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights, powers or remedies provided at law or in equity. 
 12.7 Notices. Each notice, demand or other communication given or made under this Agreement shall be in writing and delivered or sent to the relevant Party at its address or fax number set out
below (or such other address or fax number as the addressee has by five (5) days prior written notice specified to the other Parties). Any notice, demand or other communication so addressed to

  

 29 

 
the relevant Party shall be deemed to have been delivered (i) if delivered in person or by messenger, when proof of delivery is obtained by the delivering Party; (ii) if sent by post
within the same country, on the third day following posting, and if sent by post to another country, on the fifth day following posting, and (iii) if given or made by fax, upon dispatch and the receipt of a transmission report confirming
dispatch. The initial address and facsimile for the Parties for the purposes of this Agreement are: 
 (a) if to Crescent Jade,
to: 
 Crescent Jade Limited 
 c/o Crescent Point Group 
 One George Street, #15-04 
 Singapore 049145 
 Attention: James Wong 
 Fax: +65-6223-5992 
 (b) if to the BVI Companies, to: 
 2nd Floor, Beida Jade Bird Building 
 207 Chengfu Road, Haidian District

 Beijing, P.R. China 100871 
 Attention: YANG Ming 
 Fax: +86-10-6276-8866 
 (c) if to Superway Enterprises, to 
 c/o Simpson Thacher & Bartlett LLP 
 ICBC Tower, 35/F 
 3 Garden Road 
 Hong Kong, China 
 Attention: Leiming Chen 
 Fax: +852-2869-7694 
 (d) if to Solid Gain, to: 
 c/o Simpson Thacher & Bartlett LLP 
 ICBC Tower, 35/F 
 3 Garden Road 
 Hong Kong, China 
 Attention: Leiming Chen 
 Fax: +852-2869-7694 
  

 30 

 (e) if to Aptech, to: 
 Aptech Limited 
 A 65, Aptech House 
 MIDC, Marol 
 Andheri (East) 
 Mumbai – 400 093 
 Attention: Mr. T. K. Ravishankar 
 Fax: +91-22-28272399 
 (f) if to MCO2, to: 
 Aptech Investment Enhancers Limited 
 Les Cascades 
 Edith Cavell Street 
 Port Louis 
 Republic of Mauritius 
 Attention: Mr. Ninad Karpe 
 Fax: +230-212-9833 
 (g) if to SBI, to: 
 Scotia Centre, 4th Floor, P.O. Box 2804 
 George Town, Grand Cayman KY1-1112 
 Cayman Islands 
 Attention: Mr. Zhong Zheng 
 Fax: (+86) 10-85712272 
 (h) if to the Company, to: 
 2nd Floor, Beida Jade Bird Building 
 207 Chengfu Road, Haidian District 
 Beijing, P.R. China 100871 
 Attention: Yu Ping 
 Fax: +86-10-8266-7065 
 12.8 Counterparts. This Agreement may be signed in any number of counterparts including counterparts transmitted by facsimile, each of which shall be deemed an original with the same effect as if the signatures thereto and hereto
were upon the same instrument. 
 12.9 Severability. If any provision contained in this Agreement shall for any reason be
determined to be partially or wholly invalid, illegal or unenforceable by any court of competent jurisdiction, such provision shall be of no force and effect to the extent so determined, but the invalidity, illegality or unenforceability of such
provision shall have no effect upon and shall not impair the validity, legality or enforceability of any other provision of this Agreement. 
 12.10 Costs and Expenses. All costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred by the Parties hereto in connection
with this Agreement shall be paid by the Party incurring such costs and expenses. 
  

 31 

 12.11 Further Acts and Assurances. Each Party shall give such further assurance,
provide such further information, take such further actions and execute and deliver such further documents and instruments as are, in each case, within its power to give, provide and take so as to give full force and effect to the provisions of this
Agreement. 
 12.12 Supremacy Clause. If any provisions of this Agreement at any time shall conflict with the provisions
of the Memorandum and Articles of Association, then this Agreement shall prevail as between the shareholders of the Company, who hereby undertake to exercise all rights and powers available to them so as to remove the inconsistency to the fullest
extent permissible. 
 [Signature Page Follows] 
  

 32 

 IN WITNESS WHEREOF, each of the Parties hereto have on the date first written above caused
this Agreement to be duly executed by its respective authorized signatory: 
  

			
	Power Step Group Limited
		
	By:	 	 

	Name:	 	
	Title:	 	
	
	Smart Aim International Limited
		
	By:	 	 

	Name:	 	
	Title:	 	
	
	Great Thrive International Limited
		
	By:	 	 

	Name:	 	
	Title:	 	
	
	Favor Gain Investments Limited
		
	By:	 	 

	Name:	 	
	Title:	 	
	
	Crescent Jude Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Superway Enterprises Limited
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Shareholders Agreement] 

  

 33 

 IN WITNESS WHEREOF, each of the Parties hereto have on the date first written above caused
this Agreement to be duly executed by its respective authorized signatory: 
  

			
	Power Step Group Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Smart Aim International Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Great Thrive International Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Favor Gain Investments Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Crescent Jude Limited
		
	By:	 	 /s/ David M. Hand

	Name:	 	DAVID M. HAND
	Title:	 	DIRECTOR
	
	Superway Enterprises Limited
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Shareholders Agreement] 

  

 33 

 IN WITNESS WHEREOF, each of the Parties hereto have on the date first written above caused
this Agreement to be duly executed by its respective authorized signatory: 
  

			
	Power Step Group Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Smart Aim International Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Great Thrive International Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Favor Gain Investments Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Crescent Jude Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Superway Enterprises Limited
		
	By:	 	 

	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Shareholders Agreement] 

  

 33 

			
	Solid Gain Group Limited
		
	By:	 	

	Name:	 	
	Title:	 	
	
	Aptech Limited
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Aptech Investment Enhancers Limited
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	SBI-BDJB Education Limited
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Beijing Jadebird IT Education Company, Limited
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Shareholders Agreement] 

  

 34 

			
	Solid Gain Group Limited
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Aptech Limited
		
	By:	 	/s/ T. K. Ravishankar
	Name:	 	T. K. Ravishankar
	Title:	 	Executive Vice President & CEO
	
	Aptech Investment Enhancers Limited
		
	By:	 	/s/ Ninad Karpe
	Name:	 	Ninad Karpe
	Title:	 	Director
	
	SBI-BDJB Education Limited
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Beijing Jadebird IT Education Company, Limited
		
	By:	 	

	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Shareholders Agreement] 

  

 34 

			
	Solid Gain Group Limited
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Aptech Limited
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Aptech Investment Enhancers Limited
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	SBI-BDJB Education Limited
		
	By:	 	/s/ Zhong Zheng
	Name:	 	Zhong Zheng
	Title:	 	Authorized by SBI-BDJB Education Limited
	
	Beijing Jadebird IT Education Company, Limited
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Shareholders Agreement] 

  

 34Third Amended and Restated Registration Rights Agreement

 Exhibit 4.5 
 Execution Copy 
 THIRD AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT 
 among 
 BEIJING JADEBIRD IT EDUCATION COMPANY, LIMITED 
 and 
 POWER STEP GROUP LIMITED 
 and 
 SMART AIM INTERNATIONAL LIMITED 
 and 
 GREAT THRIVE INTERNATIONAL LIMITED 
 and 
 FAVOR GAIN INVESTMENTS LIMITED 
 and 

CRESCENT JADE LIMITED 
 and 
 SUPERWAY ENTERPRISES LIMITED 
 and 
 SOLID GAIN GROUP LIMITED 
 and 
 APTECH LIMITED 
 and 
 APTECH INVESTMENT ENHANCERS LIMITED 
 and 
 SBI-BDJB EDUCATION LIMITED 
 Dated as of June 25, 2009 

 THIRD AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 THIS THIRD AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of June 25, 2009, is made
by and among (i) Beijing Jadebird IT Education Company, Limited, an exempted company incorporated and validly existing with limited liability under the laws of the Cayman Islands (the “Company”) (ii) Crescent Jade Limited, an
exempted company incorporated and validly existing under the laws of the Cayman Islands (“Crescent Jade”), (iii) Power Step Group Limited, Smart Aim International Limited, Great Thrive International Limited and Favor Gain
Investments Limited, all of which are companies organized under the laws of the British Virgin Islands (the “BVI Companies”), (iv) Superway Enterprises Limited, a company organized under the laws of the British Virgin Islands
(“Superway Enterprises”), (v) Solid Gain Group Limited, a company organized under the laws of the British Virgin Islands (“Solid Gain,”), (vi) Aptech Limited, a company incorporated and validly existing under
the laws of the Republic of India (with its directly and indirectly wholly-owned subsidiaries, “Aptech”), (vii) Aptech Investment Enhancers Limited, a company organized under the laws of the Republic of Mauritius
(“MCO2”), and (viii) SBI-BDJB Education Limited, a company organized under the laws of the Cayman Islands (“SBI,” and collectively with Crescent Jade, the BVI Companies, Superway Enterprises, Solid Gain and SBI, the
“Shareholders”). 
 RECITALS 
 A. As of the date hereof, the Shareholders hold Ordinary Shares issued by the Company; and 
 B. The Company, the Shareholders and Aptech entered into a Third Amended and Restated Shareholders Agreement, dated as of June 25, 2009
(the “Shareholders Agreement”), regarding the management of the Company, the transfer of the Shares of the Company and certain other rights and obligations of the parties thereof as set forth therein; 
 C. The Company, Crescent Jade and the BVI Companies entered into a registration rights agreement, effective as of June 16, 2007 (the
“Original Agreement”), which provides for certain registration rights of Crescent Jade and the BVI Companies; and 
 D. The Company, Crescent Jade, the BVI Companies, Arbo International Limited (“Arbo”), Solid Gain and Aptech entered into an amended and restated registration rights agreement (the “Amended and Restated Registration
Rights Agreement”) dated as of January 22, 2009, which was to become effective upon the completion of the Roll-up Transaction (defined below). 
 E. The Company, Crescent Jade, the BVI Companies, Arbo Superway Enterprises, Solid Gain, Aptech and MCO2 entered into a second amended and restated registration rights agreement (the “Second
Amended and Restated Registration Rights Agreement”) dated as of March 26, 2009, which became effective on May 29, 2009 and superseded the Original Agreement and the Amended and Restated Registration Rights Agreement. 

F. The Parties desire to (i) add SBI as a party to the Second Amended and Restated Shareholders Agreement and (ii) amend and
restate the Second Amended and Restated Registration Rights Agreement in certain other respects. 
  

 1 

 NOW THEREFORE, the Parties hereby agree to amend and restate the Second Amended and Restated
Registration Rights Agreement, as provided in this Agreement and, upon the execution of this Agreement, the Second Amended and Restated Registration Rights Agreement will terminate and be superseded in its entirety by this Agreement. In
consideration of the foregoing and the mutual promises, covenants and agreements of the Parties contained herein, the Parties agree as follows: 
 1. Certain Definitions. As used in this Agreement, the following terms have the following respective meanings: 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person (including any Subsidiary) and
“Affiliates” and “Affiliated” shall have correlative meanings. For the purpose of this definition, the term “control” (including with correlative meanings, the terms “Controlling”,
“Controlled by” and “under common Control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities or by contract or otherwise. 
 “Agreement”
has the meaning set forth in the preamble to this Agreement. 
 “BJB” means Beijing Jade Bird Educational
Information Technology Co., Ltd. 
 “Blue Sky” means the statutes of any state regulating the sale of corporate
securities within that state. 
 “Board” means the board of directors of the Company. 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized to be
closed in any of the following: the PRC, the Hong Kong Special Administrative Region or the City of New York. 
 “Commission” means the United States Securities and Exchange Commission. 
 “Company”
has the meaning set forth in the preamble to this Agreement. 
 “Demand Registration” has the meaning set forth
in Section 3.1 of this Agreement. 
 “Damages” has the meaning set forth in Section 8.1 of this
Agreement. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder, all as from time to time in effect. 
 “Exchange
Shares” means Shares issued or to be issued to Superway Enterprises, 14 individuals or any other Persons in exchange for equity interests in BJB. 
  

 2 

 “FINRA” means the Financial Industry Regulatory Authority in the United
States. 
 “Form F-3” means such form under the Securities Act as in effect on the date hereof or any successor
registration form under the Securities Act subsequently adopted by the Commission which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the Commission. 
 “Governmental or Regulatory Authority” means any applicable State, federal provincial, county and local court, tribunal,
arbitrator, authority, agency, commission, official or other instrumentality of any jurisdiction in which a Person conducts business or operations. 
 “Holder” means each of the Shareholders and any other holder of Registrable Securities (including any Permitted Transferees of any Shareholder entitled to the rights, and bound by the
obligations under this Agreement, in accordance with Section 6.1). 
 “Initial Public Offering” means the first
Public Offering of Equity Securities of a Person upon the consummation of which such securities are listed on an internationally recognized securities exchange. 
 “Initiating Holder” has the meaning set forth in Section 3.1 of this Agreement. 
 “Ordinary Shares” means the ordinary shares of the Company, par value US$0.000125 per share. 
 “Parties” means collectively Crescent Jade, the BVI Companies, Superway Enterprises, Solid Gain, Aptech, MCO2, SBI and the Company. Each of the Parties shall be referred to as a
“Party.” 
 “Permitted Transferee” means the following: (a) with respect to Crescent
Jade, (i) a Crescent Jade shareholder of record as of December 28, 2008 or a company wholly owned by a Crescent Jade shareholder of record as of December 28, 2008 or (ii) a subsidiary directly wholly owned by Crescent Jade; (b) with
respect to each BVI Company, any successor to such BVI Company, any shareholder of such BVI Company and any fund, collective investment scheme, trust, partnership, including without limitation, any co-investment partnership, special purpose or other
vehicle or any Subsidiary or Affiliate of any of the foregoing, which was established by or is owned, administered or Controlled by such BVI Company or any of its direct or indirect Subsidiaries shall be a Permitted Transferee if the shares are
distributed by such BVI Company to such entity without consideration and that such distributions do not represent an increase or decrease in such entity’s underlying interest in the shares of the Company via such entity’s ownership in such
BVI Company prior to such distribution; (c) with respect to Superway Enterprises, any directly or indirectly wholly owned Subsidiary of Superway Enterprises; (d) with respect to Solid Gain, (i) a Solid Gain shareholder of record as of
December 28, 2008, or a company wholly owned by a Solid Gain shareholder of record as of December 28, 2008 or (ii) a Subsidiary directly wholly owned by Solid Gain; (e) with respect to MCO2, Aptech or any directly or indirectly wholly owned
Subsidiary of MCO2; (f) with respect to SBI, any directly or indirectly wholly owned Subsidiary of SBI; (g) with respect to any Holder, the purchaser of Registrable Securities in a sale thereof exempt from the registration requirements of the
Securities Act, which sale shall not occur before the Company completes its Initial Public Offering, provided that this clause (g) shall apply only to sales made not less than six (6) months subsequent to the date hereof; and
(h) notwithstanding any of the foregoing in (a) to (f) above, a Permitted Transferee (other than Aptech) shall not be a publicly listed company. 
  

 3 

 “Person” means any natural person, corporation, limited liability company,
general partnership, limited partnership, proprietorship, other business organization, trust, union, association or Governmental or Regulatory Authority. 
 “PRC” or “China” means the People’s Republic of China, but solely for the purposes of this Agreement excluding the Hong Kong Special Administrative Region, Macau
Special Administrative Region and Taiwan. 
 “Prospectus” shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, any free-writing prospectus, and any such prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities and
by all other amendments and supplements to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 
 “Public Offering” means, in the case of an offering in the United States, an underwritten public offering of Equity
Securities of a Person pursuant to an effective registration statement under the Securities Act, as amended, and, in the case of an offering in any other jurisdiction, a widely distributed underwritten offering of Equity Securities of a Person in
which both retail and institutional investors are eligible to buy in accordance with the securities laws of such jurisdiction. 
 “Qualified IPO” means an Initial Public Offering of Ordinary Shares which satisfies the following requirements: (i) an underwritten Initial Public Offering on the main board, where applicable, of one or more of the
following internationally recognized exchanges: the New York Stock Exchange, the NASDAQ Global Market, the Hong Kong Stock Exchange, the Frankfurt Stock Exchange and the London Stock Exchange; (ii) the public float following such an offering
shall equal or exceed 10% of the proposed market capitalization of the Company; (iii) Ordinary Shares of the Company shall be widely distributed and meet all requirements of the relevant exchanges; and (iv) the offering size of the Initial
Public Offering is at least US$50 million. 
 “Registration” means a registration effected by preparing and
filing a Registration Statement and the declaration or ordering of the effectiveness of that Registration Statement, and the terms “Register” and “Registered” have meanings correlative with the foregoing.

 “Registrable Securities” means (i) Ordinary Shares issued and allotted to, or beneficially owned by, a
Holder, (ii) Ordinary Shares or any other securities of the Company issued as a dividend or other distribution with respect to, or in exchange for, or in replacement of, the Ordinary Shares of a Holder, (iii) all other Ordinary Shares which may be
from time to time acquired by a Holder after the date hereof, and (iv) the Exchange Shares. 
 “Registration
Expenses” means all expenses, other than underwriting discounts and commissions, incurred by the Company in complying with Section 3 or 4 of this Agreement, including, without limitation, all Registration, qualification, and filing
fees, printing expenses, fees and disbursements of counsels for the Company, reasonable fees and disbursements of one special counsel for all Holders (if different from counsels to the Company), Blue Sky fees and expenses, and the expense of any
special audits incident to or required by any Registration. 
  

 4 

 “Registration Statement” means a registration statement prepared on Forms
S-1, S-2, S-3, F-1, F-2 or F-3 or any successor form thereto under the Securities Act, or on any comparable form in connection with registration in a jurisdiction other than the United States. 
 “Roll-up Transaction” has the meaning set forth in the Shareholders Agreement. 
 “Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder, all as from time to time in effect. 
 “Selling Expenses” means all
underwriting discounts and selling commissions applicable to the sale of Registrable Securities pursuant to this Agreement. 
 “Shareholders” has the meaning set forth in the preamble to this Agreement. 
 “Shareholders
Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Shares” means the Ordinary
Shares. 
 “Underwriters’ Representative” has the meaning set forth in Section 3.5(b) of this Agreement.

 2. Registration Rights; Applicability of Rights. The Holders shall be entitled to the following rights with respect to
any potential public offering of Ordinary Shares in the United States. 
 3. Demand Registration. 
 3.1. Request for Registration on Form Other Than Form F-3. On and after six (6) months after the Registration Statement with
respect to the Company’s Initial Public Offering filed by the Company becomes effective, if the Company receives from any of the Shareholders and/or the holders of the Exchange Shares (referred to as the “Initiating Holder”) a
request in writing that the Company effect any Registration with respect to the Registrable Securities, the anticipated aggregate proceeds of which would exceed fifty million U.S. Dollars (US$50,000,000) on a form other than Form F-3, subject to the
terms of this Agreement, the Company shall (i) within ten (10) days of receipt of such written request, give written notice of the proposed Registration to all other Holders, and (ii) as soon as practicable, use its reasonable efforts to effect
Registration of the offer and resale of those Registrable Securities (“Demand Registration”) which the Company has been so requested to register, together with all other Registrable Securities which the Company has been requested to
register by holders thereof by written request given to the Company within twenty (20) days after receiving written notice from the Company, subject to limitations of this Section 3. The Company shall not be obligated to take any action to
effect any Registration pursuant to this Section 3.1 (x) after the Company has effected two (2) Registrations pursuant to this Section 3.1 and such Registrations have been declared or ordered effective (and has not been subject to a
“stop order” or otherwise withdrawn); (y) after the Company has effected one Registration pursuant to this Section 3.1 during any six (6)-month period; or (z)

  

 5 

 
if the Initiating Holder proposes to dispose of shares of Registrable Securities that may be immediately Registered on Form F-3 pursuant to a request made pursuant to Section 3.2. The
substantive provisions of Section 3.5 shall be applicable to any Registration initiated under this Section 3.1. For the avoidance of doubt, no Permitted Transferee of any Shareholder or any holder of Exchange Shares shall have the right to
request any Registration pursuant to this Section 3.1. 
 3.2. Request for Registration on Form F-3. 
  

	 	(a)	If any Holder requests in writing that the Company file a Registration Statement on Form F-3 (or any comparable form for a Registration in a jurisdiction other than the
United States) for a public offering of shares of Registrable Securities, the reasonably anticipated aggregate price to the public of which would not be less than ten million U.S. Dollars (US$10,000,000), and the Company is a registrant entitled to
use Form F-3 (or any comparable form for a Registration for an offering in a jurisdiction other than the United States) to register the Registrable Securities, the Company shall (i) within ten (10) days of receipt of such written request, give
written notice of the proposed Registration to all other Holders, and (ii) use its reasonable efforts to cause those Registrable Securities which the Company has been so requested to be Registered, together with all other Registrable Securities
which the Company has been requested to Register by holders thereof by written request given to the Company within twenty (20) days after written notice from the Company, for the offering on that form and to cause those Registrable Securities
to be qualified in jurisdictions as the Holder or Holders may reasonably request, subject to limitations of this Section 3. In addition, 

 (x) The Company shall not be required to effect more than eight (8) Registrations pursuant to this Section 3.2 and shall not be required to effect more than one (1) Registration pursuant to
this Section 3.2 in any three-month period; or 
 (y) In lieu of the Company’s obligation set forth in the
preceding Clause (x), if requested by the Initiating Holders and if the Company is to offer its securities, the Company shall file a Registration Statement on Form F-3 for an offering on a continuous basis pursuant to Rule 415 under the Securities
Act and, if the Company is a Well-Known Seasoned Issuer (as defined in Rule 405 under the Securities Act), such Registration Statement on Form F-3 shall be on an Automatic Shelf Registration Statement (as defined in Rule 405 under the Securities
Act). The Company may, in its sole discretion, include its securities other than Registrable Securities in such Registration Statement, subject to the last clause in Section 3.4 hereof. The Initiating Holders may request the Company to file a
Registration Statement pursuant to this Clause (y) only if at the time of such request, there is no unexpired Registration Statement filed pursuant to this Clause (y). 
  

	 	(b)	The substantive provisions of Section 3.5 shall be applicable to each Registration initiated under this Section 3.2. 

  

 6 

 3.3. Right of Deferral. Notwithstanding the foregoing, the Company shall not be
obligated to file a Registration Statement pursuant to this Section 3: 
  

	 	(a)	within one hundred eighty (180) days after the effective date of any Registration Statement pertaining to the securities of the Company (other than a registration
of securities in a Rule 145 transaction or with respect to an employee benefit plan); or 

  

	 	(b)	if the Company furnishes to those Holders a certificate signed by the chief executive officer or chairman of the board of the Company stating that in the good faith
judgment of the Board it would be seriously detrimental to the Company or its shareholders for a Registration Statement to be filed in the near future, then the Company’s obligation to use its reasonable efforts to file a Registration Statement
shall be deferred for a period not to exceed ninety (90) days from the receipt of the request to file the registration by that Holder; provided, that the Company shall not exercise the right to delay a request contained in this Section
3.3(b) more than twice in any twelve (12)-month period, and provided further, that during such ninety (90)-day period, the Company shall not file a Registration Statement with respect to any public offering of securities of the Company.

 3.4. Registration of Other Securities in Demand Registration. Any Registration Statement filed pursuant
to the request of the Holders under this Section 3 may, subject to the provisions of Section 3.5, include securities of the Company other than Registrable Securities. If the Company, officers or directors of the Company holding securities other
than the Registrable Securities, or holders of securities other than the Registrable Securities, request inclusion of other securities of the Company held thereby in the Registration, the Initiating Holders, subject to Section 3.2(a)(y), to the
extent they deem advisable, may, in their sole discretion, on behalf of all Holders, offer to any or all of the Company, those officers or directors, and the holders of securities other than the Registrable Securities, that their securities be
included in the underwriting and may condition that offer on the acceptance by those Persons of the terms of this Section 3. If, however, the number of shares so included exceeds the number of shares of Registrable Securities included by all
Holders, the Registration shall be treated as governed by Section 4 of this Agreement rather than this Section 3, and it shall not count as a Registration for purposes of this Section 3. 
 3.5. Underwriting in Demand Registration. 
  

	 	(a)	Notice of Underwriting. If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 3, and the Company shall include that information in the written notice referred to in Section 3.1 or 3.2 of this Agreement, as applicable. The right of
any Holder to Registration pursuant to this Section 3 shall be conditioned upon such Holder’s agreement to participate in the underwriting and the inclusion of that Holder’s Registrable Securities in the underwriting to the extent provided
herein. 

  

 7 

	 	(b)	Selection of underwriter in Demand Registration. The Company shall (together with all Holders proposing to distribute their securities through the underwriting)
enter into an underwriting agreement in customary form with the underwriter or, if more than one, the lead underwriter acting as the representative of the underwriters (the “Underwriters’ Representative”) selected for the
underwriting by the Company in consultation with the Initiating Holders in the proposed offering. 

  

	 	(c)	Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises
the Company in writing that market factors (including, without limitation, the aggregate number of Ordinary Shares requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant
to the Registration) require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of
Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the
Registration by all such selling Holders (including the Initiating Holders), provided, however, that the number of shares of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other
securities of the Company are first entirely excluded from the underwriting. For purposes of the preceding sentence concerning apportionment, for any selling Holder of Registrable Securities that is a venture capital fund, partnership or
corporation, the Affiliated venture capital funds, partners, retired partners and shareholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing
persons, or any Permitted Transferee of such Holder shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable
Securities owned by all such related entities and individuals. In no event shall the number of the Registrable Securities included in any such underwriting be reduced to less than 30% of the numbers of the Registrable Securities requested to be
included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.5(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the
Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. 

  

	 	(d)	Right of Withdrawal in Demand Registration. If any Holder of Registrable Securities disapproves of the terms of the underwriting, such Holder may elect to
withdraw therefrom by written notice to the Company and the Underwriters’ Representative proposing to distribute their securities through the underwriting, delivered at least twenty (20) days prior to the effective date of the Registration
Statement. The securities so withdrawn shall also be withdrawn from the Registration Statement. 

  

 8 

 3.6. Other Securities Laws in Demand Registration. In the event of any Registration
pursuant to this Section 3, the Company shall exercise its reasonable efforts to register and qualify the securities covered by the Registration Statement under the securities laws of any other jurisdictions as shall be reasonably appropriate
for the distribution of the securities, except for any particular jurisdiction (other than the United States or any jurisdiction on which the Registrable Securities are being proposed to be listed) in which the Company would be required solely as a
result of such Registration to execute a general consent to service of process in effecting such Registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction. 
 4. Company Registration. 
 4.1. Notice of Company Registration and Inclusion of Registrable Securities. Subject to the terms of this Agreement, if the Company decides to register any of its Ordinary Shares (either for its
own account, for the account of a security holder or both), the Company shall (a) promptly give each Holder written notice thereof (which shall include a list of the jurisdictions in which the Company intends to attempt to qualify those
securities under the applicable Blue Sky or other securities laws), and (b) include in that Registration (and any related qualification under Blue Sky laws or other compliance), and in any underwriting involved therein, all the Registrable
Securities specified in a written request delivered to the Company by any Holder within twenty (20) days after delivery of the written notice from the Company. The decision by any Holder to participate in any Registration pursuant to this
Section 4.1 shall not constitute a request for a Demand Registration pursuant to Section 3. 
 4.2. Underwriting in
Company Registration. 
  

	 	(a)	Notice of Underwriting in Company Registration. If the Registration of which the Company gives notice is for a Registered Public Offering, the Company shall so
advise the Holders as a part of the written notice given pursuant to Section 4.1. In this event, the right of any Holder to Registration shall be conditioned upon such Holder’s agreement to participate in the underwriting and the inclusion
of that Holder’s Registrable Securities in the underwriting, to the extent provided in this Section 4. All Holders proposing to distribute their securities through such underwriting shall (together with the Company and the other holders
distributing their securities through the underwriting) enter into an underwriting agreement in customary form with the Underwriters’ Representative for such offering. The Holders shall have no right to participate in the selection of the
underwriters for an offering pursuant to this Section 4. 

  

	 	(b)	Marketing Limitation in Company Registration. In the event the Underwriters’ Representative advises the Holders seeking Registration of Registrable
Securities pursuant to this Section 4 in writing that market factors (including, without limitation, the aggregate number of Ordinary Shares requested to be Registered, the general condition of the market, and the status of the Persons
proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, the Underwriters’ Representative (subject to the allocation priority set forth in Section 4.2(c)) may:

  

	 	(i)	in the case of an Initial Public Offering, exclude some or all Registrable Securities from the Registration and underwriting; and 

  

 9 

	 	(ii)	in the case of any Registered Public Offering subsequent to the Initial Public Offering, limit the number of shares of Registrable Securities to be included in the
Registration and underwriting, to not less than 35% of the aggregate securities included in the Registration. 

  

	 	(c)	Allocation of Shares in Company Registration. In the event that the Underwriters’ Representative limits the number of shares to be included in a
Registration pursuant to Section 4.2(b), the number of Registrable Securities to be included in the Registration shall be allocated, first, to the Company; second, to all Holders requesting inclusion of their respective
Registrable Securities in such Registration Statement on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders; and third, to any other shareholders of the
Company requesting inclusion of their shares in the Registration, provided, however, that the number of Registrable Securities to be included in any such underwriting held by the Holders shall not be reduced unless all shares that are not
Registrable Securities are first entirely excluded from the underwriting. For purposes of the preceding sentence concerning apportionment, for any selling Holder of Registrable Securities that is a venture capital fund, partnership or corporation,
the Affiliated venture capital funds, partners, retired partners and shareholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons, or any
Permitted Transferred of such Holder shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable Securities owned by
all such related entities and individuals. No Registrable Securities or other securities excluded from the underwriting by reason of this Section 4.2(c) shall be included in the Registration Statement. 

  

	 	(d)	Withdrawal in Company Registration. If any Holder disapproves of the terms of any underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company and the Underwriters’ Representative delivered at least twenty (20) days prior to the effective date of the Registration Statement. Any Registrable Securities or other securities excluded or withdrawn from the underwriting
shall be withdrawn from the Registration. 

  

	 	(e)	 Right to Terminate Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it under this Section 4
prior to the effectiveness of such Registration whether or not any Holder has

  

 10 

	 	 
elected to include securities in such registration. The Registration Expenses of such withdrawn Registration shall be borne by the Company in accordance with Section 5 hereof.

 5. Expenses of Registration. All Registration Expenses incurred in connection with each of the
Registrations pursuant to Sections 3.1, 3.2 and 4 shall be borne by the Company . All Selling Expenses shall be borne by the holders of the securities Registered pro rata on the basis of the number of securities so Registered. 
 6. Assignability of Registration Rights; Termination of Registration Rights; Limitation on Subsequent Registration Rights 

6.1. Assignability of Registration Rights. Each Shareholder may assign its rights under this Agreement , at its option, in whole
or in part, to any other Shareholder or any Permitted Transferee of such Shareholder, subject to the last clause in Section 3.1. No other Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the written consent of the Company and the Shareholders. 
 6.2. Termination of Registration Rights. The rights
to cause the Company to Register securities granted under Sections 3 and 4 of this Agreement and to receive notices pursuant to Section 3 of this Agreement, shall terminate on the earlier of (i) five (5) years after the closing of a
Qualified IPO and (ii) with respect to each Holder, after a Qualified IPO, the date on which such Holder ceases to hold any Shares. 
 6.3. Subsequent Registration Rights . After the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into
any agreement with any holder or prospective holder of any securities of the Company that would grant such holder registration rights. 
 7. Registration Procedures and Obligations. Whenever required under this Agreement to effect the Registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
  

	 	(a)	(i) prepare and file a Registration Statement with the Commission which (x) shall be on Form F-1 or Form F-3 (or any successors to such forms), if available,
(y) shall be available for the sale or exchange of the Registrable Securities in accordance with the intended method or methods of distribution by the selling Holders thereof, and (z) shall comply as to form with the requirements of the
applicable form and include all financial statements required by the Commission to be filed therewith and all other information reasonably requested by the Underwriters’ Representative to be included therein, (ii) use its reasonable efforts to
cause such Registration Statement to become effective and remain effective for up to one hundred and eighty (180) days or, if earlier, until the Holder or Holders have completed the distribution thereto and (iii) cause each Registration
Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of such Registration Statement, amendment or supplement (x) to comply in all material respects with any requirements of the Securities Act
and (y) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 

  

 11 

	 	(b)	subject to Section 7(a), prepare and file with the Commission such amendments and post-effective amendments to each such Registration Statement, as may be
necessary to keep such Registration Statement effective for the applicable period; cause each such Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act;
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the
selling Holders thereof, as set forth in such registration statement; 

  

	 	(c)	furnish to each Holder for which the Registrable Securities are being registered and to each underwriter of an underwritten offering of the Registrable Securities, if
any , without charge, as many copies of each Prospectus, including, without limitation, each preliminary Prospectus, each free-writing Prospectus and any amendment or supplement thereto and such other documents as such Holder or underwriter may
reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities; the Company hereby consents to the use of the Prospectus, including, without limitation, each preliminary Prospectus and each free-writing
Prospectus, by each Holder for which the Registrable Securities are being registered and each underwriter of an underwritten offering of the Registrable Securities, if any, in connection with the offering and sale of the Registrable Securities
covered by the Prospectus or the preliminary Prospectus or the free-writing Prospectus, as applicable; 

  

	 	(d)	(i) use its reasonable efforts to register or qualify the Registrable Securities, no later than the time the applicable Registration Statement is declared
effective by the Commission, under all applicable state securities or Blue Sky laws of such jurisdictions as each underwriter, if any, or any Holder having Registrable Securities covered by a Registration Statement, shall reasonably request;
(ii) use its reasonable efforts to keep each such registration or qualification effective during the period such Registration Statement is required to be kept effective; and (iii) do any and all other acts and things which may be
reasonably necessary or advisable to enable each such underwriter, if any , and any such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities the registration of which such Holder is requesting;
provided, however, that the Company shall not be obligated to qualify to do business or to a file a general consent to service of process in any such state or jurisdiction, unless the Company is already subject to service in such
jurisdiction and except as may be required by the Securities Act or the listing rules of the relevant stock exchange on which the Registrable Securities are being proposed to be listed; 

  

 12 

	 	(e)	notify each Holder for which the Registrable Securities are being registered promptly, and, if requested by such Holder, confirm such advice in writing, (i) when a
Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the Commission or any state securities authority of any stop order, injunction or other order or
requirement suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iii) if, between the effective date of a Registration Statement and the closing of any sale of securities covered
thereby pursuant to any agreement to which the Company is a party, the representations and warranties of the Company contained in such agreement cease to be true and correct in all material respects or if the Company receives any notification with
respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, and (iv) of the happening of any event during the period a Registration Statement is
effective as a result of which such Registration Statement or the related Prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not
misleading; 

  

	 	(f)	furnish counsels for each such underwriter, if any, and for the Holders for which the Registrable Securities are being registered, copies of any request by the
Commission or any state securities authority for amendments or supplements to a Registration Statement and Prospectus or for additional information; 

  

	 	(g)	use its reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the earliest possible time;

  

	 	(h)	upon request, furnish to the Underwriters’ Representative of a Public Offering of the Registrable Securities, if any, without charge, at least one signed copy of
each Registration Statement and any post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits; and furnish to each Holder for which the Registrable Securities are
being registered, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless requested);

  

	 	(i)	upon the occurrence of any event contemplated by paragraph (e)(iv) of this Section, use reasonable efforts to prepare a supplement or post-effective amendment to a
Registration Statement or the related Prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of circumstances under which they were made, not misleading;

  

 13 

	 	(j)	enter into customary agreements (including, underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in
customary form and consistent with the provisions relating to indemnification and contribution contained herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities
and in connection therewith: 

  

	 	(i)	make such representations and warranties to the selling Holders of such Registrable Securities and the underwriters, if any, in form, substance and scope as are
customarily made by issuers to underwriters in similar underwritten offerings; 

  

	 	(ii)	obtain opinions of counsels to the Company and updates thereof (which counsels and opinions (in form, scope and substance) shall be reasonably satisfactory to the
Underwriters’ Representative, if any, and the majority Holders of the Registrable Securities being sold) addressed to each selling Holder and the underwriters, if any, covering the matters customarily covered in opinions requested in similar
underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 

  

	 	(iii)	obtain “comfort” letters and updates thereof from the Company’s independent certified public accountants addressed to the selling Holders of the
Registrable Securities, if permissible, and the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in “comfort” letters to underwriters in connection with firm commitment
underwritten offerings; 

  

	 	(iv)	to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with the selling Holders providing for, among other things,
the appointment of such representative as agent for the selling Holders for the purpose of soliciting purchases of the Registrable Securities, which agreement shall be customary in form, substance and scope and shall contain customary
representations, warranties and covenants; and 

  

	 	(v)	deliver such customary documents and certificates as may be reasonably requested by the majority Holders of the Registrable Securities being sold or by the
Underwriters’ Representative, if any. 

 The above shall be done (i) at the effectiveness of such
Registration Statement (and each post-effective amendment thereto) in connection with any registration, and (ii) at each closing under any underwriting or similar agreement as and to the extent required thereunder; 
  

 14 

	 	(k)	make available for inspection by representatives of the selling Holders of the Registrable Securities and any underwriters participating in any disposition pursuant to
a Registration Statement and any counsel or accountant retained by such Holders or underwriters, all relevant financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors and
employees of the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant in connection with a Registration Statement; 

  

	 	(l)	(i) within a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or
supplement to a Prospectus, provide copies of such document to the selling Holders of the Registrable Securities and to counsel to such Holders and to the underwriter or underwriters, if any; fairly consider such reasonable changes in any such
document prior to or after the filing thereof as the counsel to the Holders or the underwriter or the underwriters may request and not file any such document in a form to which the majority Holders of the Registrable Securities being registered or
any underwriter shall reasonably object; and make such of the representatives of the Company as shall be reasonably requested by the Holders for which the Registrable Securities are being registered or any underwriter available for discussion of
such document; (ii) within a reasonable time prior to the filing of any document which is to be incorporated by reference into a Registration Statement or a Prospectus, provide copies of such document to counsel for the selling Holders; fairly
consider such reasonable changes in such document prior to or after the filing thereof as counsel for such Holders or such underwriter shall request; and make such of the representatives of the Company as shall be reasonably requested by such
counsel available for discussion of such document; 

  

	 	(m)	cause all Registrable Securities to be qualified for inclusion in or listed on The New York Stock Exchange, the NASDAQ Global Market or any other securities exchange on
which securities of the same class issued by the Company are then so qualified or listed; 

  

	 	(n)	otherwise use its reasonable efforts to comply with all applicable rules and regulations of the Commission, including making available to its security holders an
earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

  

	 	(o)	cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation by any underwriter in an underwritten
offering; and 

  

	 	(p)	 use all reasonable efforts to facilitate the distribution and sale of any Registrable Securities to be offered pursuant to this Agreement, including
without limitation by making road show presentations, holding meetings with potential

  

 15 

	 	 
investors and taking such other actions as shall be requested by the majority Holders of the Registrable Securities covered by a Registration Statement or the lead managing underwriter of an
underwritten offering; provided that the Company shall not be required to make road show presentations in connection with any Public Offering of the Registrable Securities that would not reasonably be expected to have an aggregate value of at
least US$50,000,000. 

 Each selling Holder of the Registrable Securities as to which any Registration is
being effected pursuant to this Agreement agrees, as a condition to the Registration obligations with respect to such Holder provided herein, to furnish to the Company such information regarding such Holder required to be included in the
Registration Statement, the ownership of the Registrable Securities by such Holder and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing. 
 8. Indemnification. 
 8.1. Company’s Indemnification of Holders. To the extent permitted by law, the Company shall indemnify each Holder, each of its officers, directors, partners, agents, legal counsel for the
Holders, and each Person Controlling that Holder within the meaning of the Securities Act, with respect to which Registration, qualification, or compliance of the Registrable Securities has been effected pursuant to this Agreement, and each
underwriter, if any, and each of its officers, directors, partners, agents and each Person who Controls any underwriter within the meaning of the Securities Act against all claims, losses, damages, liabilities, or actions in respect thereof
(collectively, “Damages”) to the extent the Damages arise out of or are based upon any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement, Prospectus or other document incident
to any Registration, qualification, or compliance, or any omission (or alleged omission) to state therein a material fact required to be stated therein (in the case of a Registration Statement) or necessary in order to make the statements made
therein (in the case of a Prospectus, in light of the circumstances under which they were made) not misleading, or any violation by the Company (or alleged violation) of any rule or regulation promulgated under the Securities Act, Exchange Act,
applicable Blue Sky laws, or other applicable laws in the jurisdiction other than the United States in which the Registration occurred, applicable to the Company and relating to action or inaction required of the Company in connection with any
Registration, qualification, or compliance; and the Company shall reimburse as incurred each such Holder, each underwriter, each of their respective officers, directors, partners, agents, legal counsels, and each Person who Controls any Holder or
underwriter, for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action; provided, however, that the indemnity contained in this Section 8.1
shall not apply to amounts paid in settlement of any Damages if settlement is effected without the consent of the Company (which consent shall not unreasonably be withheld); and provided, further, that the Company will not be liable in any
case to the extent that any Damages arise out of or are based upon any untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in that Registration Statement, prospectus, or other document in reliance upon and in
conformity with written information furnished to the Company by a Holder or underwriter, if any, and stated to be specifically for use in connection with the offering of securities of the Company. 
  

 16 

 8.2. Holder’s Indemnification of Company. To the extent permitted by law, each
Holder shall, if the Registrable Securities held by that Holder are included in the offer and sale of the securities as to which Registration, qualification or, compliance is being effected pursuant to this Agreement, indemnify the Company, each of
its directors and officers, each legal counsel and independent accountant of the Company, each underwriter, if any, of the Company’s securities covered by the Registration Statement, each Person who Controls the Company or underwriter within
the meaning of the Securities Act, and each other Holder selling securities under such Registration, each of its such other Holder’s, officers, directors, and constituent partners, and each Person Controlling the other Holder, against all
Damages arising out of or based upon any untrue statement (or alleged untrue statement) of a material fact contained in such Registration Statement, prospectus, or other document incident to any Registration, qualification or compliance, or any
omission (or alleged omission) to state therein a material fact required to be stated therein (in the case of a Registration Statement) or necessary in order to make the statements made therein (in the case of a Prospectus), in light of the
circumstances under which they were made) not misleading, or any violation (or alleged violation) by the Holder of any rule or regulation promulgated under the Securities Act, Exchange Act, applicable Blue Sky laws, or other applicable laws in the
jurisdiction other than the United States in which the Registration occurred, applicable to the Holder and relating to action or inaction required of the Holder in connection with any Registration, qualification, or compliance, and shall reimburse
the Company as incurred, those Holders, directors, officers, partners, Persons, law and accounting firms, underwriters or Control Persons for any legal and any other expenses reasonably incurred in connection with investigating or defending any
claim, loss, damage, liability, or action, in each case to the extent, but only to the extent, that the untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in that Registration Statement, prospectus, or other
document in reliance upon and in conformity with written information furnished to the Company by that Holder and stated to be specifically for use in connection with the offering of securities of the Company, provided, however, that the
indemnity contained in this Section 8.2 shall not apply to amounts paid in settlement of any Damages if settlement is effected without the consent of that Holder (which consent shall not be unreasonably withheld) provided further, that
each Holder will be liable in any case solely to the extent that such Damages arise out of and are based upon any untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in that Registration Statement, Prospectus or
other document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated specifically to be for use in connection with the offering of securities of the Company, and provided, further, that
each Holder’s liability under this Section 8.2 shall not exceed the Holder’s proceeds (less underwriting discounts and selling commissions) from the offering of securities made in connection with that Registration. 
 8.3. Indemnification Procedure. Promptly after receipt by an indemnified party under this Section 8 of notice of the
commencement of any action, the indemnified party shall, if a claim is to be made against an indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof and generally summarize the action. The
indemnifying party shall have the right to participate in and to assume the defense of that claim; provided, however, that the indemnifying party shall be entitled to select counsel for the defense of the claim with the approval of any
parties entitled to indemnification, which approval shall not be unreasonably withheld; provided further, however, that if either party reasonably determines that there may be a conflict between the position of the Company and the
Shareholders in conducting the defense of the action, suit, or proceeding by reason of recognized claims for indemnity under this Section 8, then counsel for that party shall be entitled to conduct the defense to the extent reasonably
determined by counsel to be necessary to protect the interests of that party.

  

 17 

 
The failure to notify an indemnifying party promptly of the commencement of any action, if prejudicial to the ability of the indemnifying party to defend the action, shall relieve the
indemnifying party, to the extent so prejudiced, of any liability to the indemnified party under this Section 8, but the omission to notify the indemnifying party shall not relieve the party of any liability that the party may have to any
indemnified party otherwise than under this Section 8. 
 8.4. Contribution. If the indemnification provided for in this
Section 8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Damages, then the indemnifying party, in lieu of indemnifying the indemnified party hereunder, shall contribute to the amount
paid or payable by the indemnified party as a result of those Damages in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other hand, in connection with
the statements or omissions that resulted in Damages as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying or the indemnified party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent the statement or omission. 
 8.5. Conflicts. Notwithstanding the foregoing, to the
extent that provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control. 
 8.6. Survival of Obligations. The obligations of the Company and Holders under this Section 8
shall survive the completion of any offering of the Registrable Securities in a Registration Statement under this Agreement or otherwise. 
 9. Lock-Up. Each Holder hereby agrees that, if requested by the Company and the Underwriters’ Representative (if any) in connection with the Company’s initial public offering, the Holder
shall not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise transfer or dispose of any Registrable Securities or other securities of the Company without the prior written consent of the Company and the
Underwriters’ Representative for such period of time (not to exceed 180 days) following the effective date of a Registration Statement of the Company filed under the Securities Act (or other applicable law in a jurisdiction other than the
United States in which a Registration occurred) as may be requested by the Underwriters’ Representative; provided, that, each Holder will agree to such lock-up period only if all executive officers and directors of the Company and
all other holders of at least 5% of the Company’s voting securities enter into similar agreements. 
 10. Reports Under
the Exchange Act. With a view to making available to Holders the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the Commission that may at any time permit a Holder to sell securities of the Company
to the public without Registration or pursuant to a Registration on Form F-3, the Company agrees to: 
  

	 	(a)	make and keep public information available, as those terms are understood and defined in Rule 144, at all times after 90 days after the effective date of the first
Registration Statement filed by the Company for the offering of its securities to the public; 

  

 18 

	 	(b)	take all reasonable action, including the voluntary Registration of its Ordinary Shares under Section 7 of the Exchange Act, necessary to enable the Holders to
utilize Form F-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first Registration Statement filed by the Company for the offering of its securities to the
general public is declared effective; 

  

	 	(c)	file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act;

  

	 	(d)	furnish to any Holder, so long as the Holder owns any Registrable Securities, promptly upon request (i) a written statement by the Company that it has complied
with the reporting requirements of Rule 144 (at any time after 90 days after the effective date of the first Registration Statement filed by the Company), the Securities Act, and the Exchange Act (at any time after it has become subject to those
reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and any other
reports and documents filed by the Company; and (iii) any other information as may be reasonably requested in availing any Holder of any rule or regulation of the Commission which permits the selling of any securities without Registration or
pursuant to that form; and 

  

	 	(e)	for a Registration in a jurisdiction other than the United States, take actions similar to those set forth in paragraphs (a), (b), (c) and (d) of this Section
10 with a view to making, available to Holders the benefits of the corresponding provision or provisions of that jurisdiction’s securities laws. 

 11. Compliance with Sarbanes-Oxley Act. The Company covenants that it will fully comply with all the requirements of the United States Sarbanes-Oxley Act of 2002, as amended, and any rules and
regulations thereunder adopted from time to time by the Commission and any other applicable laws, in each case to the extent applicable to the Company. 
 12. Miscellaneous. 
 12.1. Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New York. 
 12.2. Dispute Resolution Forum.

 (a) If there is any dispute, claim or controversy arising from, related to or in connection with this Agreement, or the
breach, termination or invalidity hereof, the Parties shall first attempt to resolve such dispute, controversy or claim through friendly consultations. If the dispute, claim or controversy is not resolved through friendly consultations within thirty
(30) days after a Party

  

 19 

 
has delivered a written notice to another Party requesting the commencement of consultation, then the dispute, claim or controversy shall be finally settled by arbitration conducted by the
International Chamber of Commerce (the “ICC”) in accordance with the Arbitration Rules of the ICC then in effect and as may be amended by the rest of this Section 12.2 (the “Rules”). There shall be three arbitrators
of whom the Shareholder, on the other hand, and the Company, on the other hand, shall each nominate one (1) in accordance with the Rules. The two named arbitrators shall nominate the third arbitrator within thirty (30) days of the
nomination of the second arbitrator. If any arbitrator has not been named within the time limits specified in the Rules, such appointment shall be made by the International Court of Arbitration of the ICC upon the written request of either Party
within thirty (30) days of such request. The arbitration shall be held and the award shall be rendered in Hong Kong. The arbitration proceeding shall be conducted and the award shall be rendered in the Chinese and English languages. Each Party
shall cooperate in good faith to expedite (to the maximum extent practicable) the conduct of any arbitral proceedings commenced under this Agreement. 
 (b) The award shall be final and binding upon the Parties, and shall be the exclusive remedy between the Parties regarding any claims, counterclaims, issues, or accountings presented to the arbitral
tribunal. To the fullest extent allowed by applicable Law, each Party hereby waives any right to appeal such award. Judgment upon the award may be entered in any court having jurisdiction thereof, and for purposes of enforcing any arbitral award
made hereunder, each Party irrevocably submits to the jurisdiction of any court sitting where any of such Party’s material assets may be found. Any arbitration proceedings, decisions or awards rendered hereunder shall be governed by the United
Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of June 10, 1958, as amended, and the Parties agree that any award rendered hereunder shall not be deemed a domestic arbitration under the laws of any
jurisdiction. 
 (c) By agreeing to arbitration, the Parties do not intend to deprive any court of its jurisdiction to issue a
pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies in aid of arbitration as may be available under the jurisdiction of a
court, the arbitral tribunal shall have full authority to request the court to grant provisional remedies and to award damages for the failure of any Party to respect the arbitral tribunal’s orders to that effect. 
 (d) The costs of the arbitration, as defined in the Rules, shall be allocated between the Parties by the arbitrators and shall be set forth
in the arbitral award. Any amounts subject to the dispute, controversy or claim that are ultimately awarded to a Party under this Section 12.2 shall bear interest at the rate of five (5%) percent per annum from the earlier of (i) the date
of the request for arbitration and (ii) the date such amount would have become due and owing but for the dispute, controversy or claim until the date the arbitral award is paid in full. 
 12.3. Specific Performance. Each Party hereby acknowledges that the remedies at law of the other Parties for a breach or threatened
breach of this Agreement would be inadequate and, in recognition of this fact, any Party, without posting any bond, and in addition to all other remedies that may be available, shall be entitled in accordance with Section 12.2(c) to seek equitable
relief in the form of specific performance, injunctions or any other equitable remedy. 
 12.4. Counterparts and Facsimile
Execution. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Any counterpart or other signature delivered by facsimile
shall be deemed for all purposes as being a good and valid execution and delivery of this Agreement by that party. 
  

 20 

 12.5. Headings. The headings of the Sections of this Agreement are for convenience
and shall not by themselves determine the interpretation of this Agreement. 
 12.6. Notices. All notices, requests and
other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally or by facsimile transmission or courier services to the Parties at the following addresses or facsimile numbers: 
 If to the Company, to: 
 Beida Jade Bird Building 
 No. 207 Chengfu Road 
 Haidian District, Beijing 100871 
 People’s Republic of China 
 Facsimile No.: +86 (10) 8266-7065

 Attn: Yang Ming 
 If to Crescent Jade, to: 
 Crescent Point Group 
 One George Street, #15-04 
 Singapore 049145 
 Facsimile No.: +65 6223-5992 
 Attn: James Wong 
 If to BVI Companies, to: 
 Beida Jade Bird Building 
 No. 207 Chengfu Road 
 Haidian District, Beijing 100871 
 People’s Republic of China 
 Facsimile No.: +86 (10) 8266-7065 
 Attn: Mr. Yang Ming 
 If to Superway Enterprises, to: 
 c/o Simpson Thacher & Bartlett LLP 
 ICBC Tower, 35/F 
 3 Garden Road 
 Hong Kong, China 
 Facsimile No.: +852-2869-7694 
 Attn: Mr. Leiming Chen 
  

 21 

 If to Solid Gain, to: 
 c/o Simpson Thacher & Bartlett LLP 
 ICBC Tower, 35/F 
 3 Garden Road 
 Hong Kong, China 
 Facsimile No.: +852-2869-7694 
 Attn: Mr. Leiming Chen 
 If to Aptech, to: 
 Aptech Limited 
 A 65, Aptech House 
 MIDC, Marol 
 Andheri (East) 
 Mumbai – 400 093 
 Attention: Mr. T. K. Ravishankar 
 Fax: +91-22-28272399 
 If to MCO2, to: 
 Aptech Investment Enhancers Limited 
 Les Cascades 
 Edith Cavell Street 
 Port Louis 
 Republic of Mauritius 
 Attention: Mr. Ninad Karpe 
 Fax: +230-212-9833 
 If to SBI, to: 
 Scotia Centre, 4th Floor, P.O. Box 2804 
 George Town, Grand Cayman KY1-1112 
 Cayman Islands 
 Attention: Mr. Zhong Zheng 
 Fax: (+86) 10-85712272 
 All such notices, requests and other communications will (a) if delivered personally to the address as provided in this Section, be deemed given upon
delivery, (b) if delivered by facsimile transmission to the facsimile number as provided in this Section, be deemed given upon on the date of transmission with receipt of a transmittal confirmation, and (c) if delivered by mail in the manner
described above to the address as provided in this Section, be deemed given on the fourth (4th) Business Day following the date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by
such courier service (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice, request or other communication is to be delivered pursuant to this Section). Any
Party from time to time may change its address, facsimile number or other information for the purpose of notices to that Party by giving notice specifying such change to the other Parties. 
 12.7. Amendment of Agreement. Any provision of this Agreement may be amended only by a written instrument signed by the Company and
by persons holding not less than a majority of the Registrable Securities (calculated on an as-converted basis). 
  

 22 

 12.8. Severability. In case any provision of this Agreement shall be invalid,
illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 12.9. Entire Agreement; Successors and Assigns. This Agreement constitutes the entire contract among the Company and the Shareholders relative to the subject matter of this Agreement. Any previous
agreement, whether written or oral, between the Company and the Shareholder concerning the subject matter of this agreement or registration rights is superseded by this Agreement. Subject to the exceptions specifically set forth in this Agreement,
the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective executors, administrators, heirs, successors, and permitted assigns of the Parties. 
 12.10. Obligation of Aptech. Aptech and MCO2 shall be jointly and severally liable with respect to any and all obligations of MCO2
under this Agreement. 
 [Signature Pages Follow] 
  

 23 

 IN WITNESS WHEREOF, the Parties to this Agreement have executed this Agreement on the date
first written above. 
  

			
	THE COMPANY:
	
	Beijing Jadebird IT Education Company Limited
		
	By:	 	 

	Name:	 	
	Title:	 	
	
	THE BVI COMPANIES:
	
	Power Step Group Limited
		
	By:	 	 

	Name:	 	
	Title:	 	
	
	Smart Aim International Limited 
		
	By:	 	 

	Name:	 	
	Title:	 	
	
	Great Thrive International Limited 
		
	By:	 	 

	Name:	 	
	Title:	 	
	
	Favor Gain Investments Limited 
		
	By:	 	 

	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the Parties to this Agreement have executed this Agreement on the date
first written above. 
  

			
	Crescent Jade Limited
		
	By:	 	 /s/ DAVID M. HAND

	Name:	 	DAVID M. HAND
	Title:	 	DIRECTOR

 [Signature Page to Third Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the Parties to this Agreement have executed this Agreement on the date
first written above. 
  

			
	Superway Enterprises Limited
		
	By:	 	 

	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the Parties to this Agreement have executed this Agreement on the date
first written above. 
  

			
	Solid Gain Group Limited
		
	By:	 	 

	Name:	 	
	Title:	 	

 [Signature Page to Third Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the Parties to this Agreement have executed this Agreement on the date
first written above. 
  

			
	Aptech Limited
		
	By:	 	 /s/ T.K. Ravishankar

	Name:	 	T.K. Ravishankar
	Title:	 	Executive Vice President & CFO
	
	Aptech Investment Enhancers Limited
		
	By:	 	 /s/ Ninad Karpe

	Name:	 	Ninad Karpe
	Title:	 	Director

 [Signature Page to Third Amended and Restated Registration Rights
Agreement] 

 IN WITNESS WHEREOF, the Parties to this Agreement have executed this Agreement on the date
first written above. 
  

			
	SBI-BDJB Education Limited
		
	By:	 	 /s/ Zhong Zheng

	Name:	 	Zhong Zheng
	Title:	 	
	
	Authorized by
	SBI-BDJB Education Limited

 [Signature Page to Third Amended and Restated Registration Rights
Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]