Common use of Grant Rights Clause in Contracts

Grant Rights. Pursuant to the terms and conditions stipulated in this Agreement, Lishui Mengxiang’s Shareholders irrevocably grant WFOE or its designated purchaser the exclusive call option right in relation to the equity of Domestic Affiliates. WFOE or its designated purchaser (hereinafter the “Domestic Affiliates Equity Purchaser”, such Domestic Affiliates Equity Purchaser may be one or more parties) has the right to decide in its sole discretion, in accordance with the terms and conditions of this Agreement, to purchases all or part of the equities directly and/or indirectly held by Lishui Mengxiang’s Shareholders, from time to time, in Domestic Affiliates by one or multiple times, and pays the minimum price permitted by PRC laws and regulations (the “Domestic Affiliates Equity Purchase Price”) to Lishui Mengxiang’s Shareholders and/or their designated entities. The shareholders and / or the school’s sponsor recorded in the articles of association of Domestic Affiliates and Schools through the conformation letter to confirm the waiver of their respective pre-emptive rights to the above-mentioned Domestic Affiliates equity transfer in accordance with the provisions of the PRC laws and regulations and the articles of association of the company and schools, and irrevocably agree that Lishui Mengxiang’s Shareholders transfer the equity of Domestic Affiliates directly and/or indirectly held by them to Domestic Affiliates Equity Purchaser.