Document:

Employment Agreement between the Company and Timothy A. Pierson

 Exhibit 10.6 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into effective as of this
13th day of July, 2010, by and between CenterState Banks,
Inc., a Florida corporation (the “Corporation” or the “Employer”), and Timothy A. Pierson, President and Chief Executive Officer of the Bank (the “Executive”). 

WHEREAS, the Executive is the President and Chief Executive Officer of CenterState Bank, National
Association, a national banking association and wholly owned subsidiary of the Corporation (the “Bank”), possessing unique skills, knowledge, and experience relating to the Employer’s business, and the Executive has made
and is expected to continue to make major contributions to the profitability, growth, and financial strength of the Employer and affiliates, and 

WHEREAS, none of the conditions or events included in the definition of the term “golden
parachute payment” that is set forth in section 18(k)(4)(A)(ii) of the Federal Deposit Insurance Act [12 U.S.C. 1828(k)(4)(A)(ii)] and in Federal Deposit Insurance Corporation Rule 359.1(f)(1)(ii) [12 CFR 359.1(f)(1)(ii)] exists or, to the
Employer’s best knowledge, is contemplated insofar as the Employer or any affiliates are concerned. 

NOW THEREFORE, in consideration of these premises, the mutual covenants contained
herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 

ARTICLE 1 

EMPLOYMENT 

1.1 Employment. The Employer hereby employs the Executive to serve as President and Chief Executive Officer of CenterState Bank
N.A., a wholly owned subsidiary of the Corporation, and whose duties and responsibilities include the overall management, growth and profitability of CenterState Bank N.A., according to the terms and conditions of this Agreement and for the period
stated in section 1.2. The Executive shall serve under the direction of the Chairman, President, and Chief Executive Officer of the Corporation and the Employer’s board of directors and in accordance with the Employer’s Bylaws and in
accordance with the Employer’s Articles of Incorporation or Articles of Association, as amended or restated from time to time. The Executive shall serve the Employer faithfully, diligently, competently, and to the best of the Executive’s
ability. The Executive shall exclusively devote full working time, energy, and attention to the business of the Employer and to the promotion of the Employer’s interests throughout the term of this Agreement. Without the written consent of the
Corporation and the Bank, the Executive shall not render services to or for any person, firm, corporation, or other entity or organization in exchange for compensation, regardless of the form in which the compensation is paid and regardless of
whether it is paid directly or indirectly to the Executive. Nothing in this section 1.1 shall prevent the Executive from managing personal investments and affairs, provided that doing so does not interfere with the proper performance of the
Executive’s duties and responsibilities under this Agreement. 
 1.2 Term. The initial term of employment shall be a
period of three years, commencing on the effective date first written above. On the first anniversary of the effective date and on each anniversary thereafter, the Executive’s employment shall be extended automatically for one additional year
unless the Employer’s board of directors determines that the term shall not be extended. If the board of directors determines not to extend the term, it shall promptly notify the Executive in writing. If the board decides not to extend the term
of employment, this Agreement shall nevertheless remain in force until the employment term expires. The board’s decision not to extend the term of employment shall not – by itself – give the Executive any rights under this Agreement
to claim an adverse change in position, compensation, or circumstances or otherwise to claim entitlement to severance benefits under Articles 4 or 5 of this Agreement. References herein to the term of employment mean the initial term, as the same
may be extended. 

 ARTICLE 2 

COMPENSATION 

2.1 Base Salary. In consideration of the Executive’s performance of the obligations under this Agreement, the Employer shall
pay or cause to be paid to the Executive a salary at the annual rate of not less than $201,000, payable in installments in accordance with the Employer’s regular pay practices. The Executive’s salary shall be reviewed annually by the
Employer’s board of directors or by the board committee having jurisdiction over executive compensation. In the discretion of the board or the committee having jurisdiction over executive compensation (x) the Executive’s salary
may be increased to account for increases in the cost of living, but cost-of-living increases, if any, shall not occur more frequently than annually, and (y) the Executive’s salary also may be increased beyond the amount necessary
to account for cost of living increases. However, the Executive’s salary shall not be reduced. The Executive’s salary, as the same may be increased from time to time, is referred to in this Agreement as the “Base
Salary.” 
 2.2 Benefit Plans and Perquisites. (a) The Executive shall be entitled throughout the term
of this Agreement to participate in any and all officer or employee compensation, bonus, incentive, and benefit plans in effect from time to time, including without limitation plans providing pension, medical, dental, disability, and group life
benefits, including the Employer’s 401(k) Plan, and to receive any and all other fringe benefits provided from time to time, provided that the Executive satisfies the eligibility requirements for any such plans or benefits. 

(b) Reimbursement of business expenses. Subject to guidelines issued from time to time by the Employer and upon submission of
documentation to support expense reimbursement in conformity with applicable requirements of federal income tax laws and regulations, the Executive shall be entitled to reimbursement for all reasonable business expenses incurred performing the
obligations under this Agreement, including but not limited to all reasonable business travel and entertainment expenses incurred while acting at the request of or in the service of the Employer and reasonable expenses for attendance at annual and
other periodic meetings of trade associations. 
 (c) Vacation. The Executive shall be entitled to paid annual vacation
and sick leave in accordance with the policies established from time to time by the Employer. 
 (d) Disability
insurance. The Employer shall reimburse the Executive for the Executive’s cost to purchase and maintain disability insurance coverage providing for a monthly disability benefit to age 65 not to exceed the lesser of (x) 60% of
Base Salary or (y) $25,000. The amount reimbursed by the Employer shall be grossed up to compensate the Executive for Federal and state income taxes imposed as a result of the Employer’s reimbursement of the Executive’s cost.
The disability insurance policy shall be owned by the Executive exclusively. 
 ARTICLE 3 

EMPLOYMENT TERMINATION 

3.1 Termination Because of Death or Disability. (a) Death. The Executive’s employment shall terminate
automatically at the Executive’s death. If the Executive dies in active service to the Employer, the Executive’s estate shall receive any sums due to the Executive as Base Salary and reimbursement of expenses through the end of the month
in which death occurred, any bonus earned or accrued through the date of death, including any unvested amounts awarded for previous years, and for twelve months after the Executive’s death the Employer shall provide without cost to the
Executive’s family continuing health care coverage under COBRA substantially identical to that provided for the Executive before death. 

(b) Disability. By delivery of written notice 30 days in advance to the Executive, the Employer may terminate the Executive’s
employment if the Executive is disabled. For purposes of this Agreement the Executive shall be considered “disabled” if an independent physician selected by the Employer and reasonably acceptable to the Executive or the
Executive’s legal representative determines that, because of illness or accident, the Executive is unable to perform the Executive’s duties and will be unable to perform the Executive’s duties for a period of 90 consecutive days, and
the Insurance Company that is providing the Executive’s disability insurance coverage 

 
concurs that the Executive is considered “disabled” pursuant to the terms and conditions of the insurance policy(s) in place contemplated in Article 2.2 (d). The Executive shall not be
considered disabled, however, if the Executive returns to work on a full-time basis within 30 days after the Employer gives notice of termination due to disability. If the Executive’s employment terminates because of disability, the Executive
shall receive the salary earned through the date on which termination became effective, any unpaid bonus or incentive compensation due to the Executive for the calendar year preceding the calendar year in which the termination became effective, any
payments the Executive is eligible to receive under any disability insurance program in which the Executive participates, and such other benefits to which the Executive may be entitled under the Employer’s benefit plans, policies, and
agreements, or the provisions of this Agreement. 
 3.2 Involuntary Termination with Cause. The Employer may terminate
the Executive’s employment with Cause. If the Executive’s employment terminates with Cause, the Executive shall receive the Base Salary through the date on which termination becomes effective and reimbursement of expenses to which the
Executive is entitled when termination becomes effective. The Executive shall not be deemed to have been terminated with Cause under this Agreement unless and until there is delivered to the Executive a copy of a resolution adopted at a meeting of
the board of directors called and held for the purpose, which resolution shall (x) contain findings that in the board’s good faith opinion the Executive has committed an act constituting Cause, and (y) specify the
particulars thereof. For purposes of this Agreement “Cause” means any of the following – 
 (a)
gross negligence or gross neglect of duties to the Corporation, 
 (b) conviction of a felony or of a gross misdemeanor involving
moral turpitude in connection with the Executive’s employment with the Corporation, or 
 (c) fraud, disloyalty, dishonesty,
or willful violation of any law or significant Corporation policy committed in connection with the Executive’s employment and resulting in a material adverse effect on the Corporation. 

3.3 Involuntary Termination Without Cause and Voluntary Termination with Good Reason. With written notice to the Executive 90 days
in advance, the Employer may terminate the Executive’s employment without Cause. Termination shall take effect at the end of the 90-day period. With advance written notice to the Employer as provided in clause (y), the Executive may
terminate employment with Good Reason. If the Executive’s employment terminates involuntarily without Cause or voluntarily but with Good Reason, the Executive shall be entitled to the benefits specified in Article 4 of this Agreement. For
purposes of this Agreement a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if the conditions of the safe-harbor definition of good reason contained in Internal Revenue Code section 409A are
satisfied, as the same may be amended from time to time. References in this Agreement to Internal Revenue Code section 409A include rules, regulations, and guidance of general application issued by the Department of the Treasury under section 409A.
For purposes of clarification and without intending to affect the foregoing reference to section 409A for the definition of Good Reason, as of the effective date of this Agreement the safe-harbor definition of separation from service for good reason
in Rule 1.409A-1(n)(2)(ii) would provide as follows – 
 (x) a voluntary termination by the Executive shall be
considered a voluntary termination with Good Reason if any of the following occur without the Executive’s advance written consent, and the term Good Reason shall mean the occurrence of any of the following without the Executive’s advance
written consent – 
 1) a material diminution of the Executive’s Base Salary, 

2) a material diminution of the Executive’s authority, duties, or responsibilities, 

3) a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Executive is required to report,

 4) the departure of the supervisor to whom the Executive is required to report, unless the Executive is the successor to the
supervisor, 

 5) a material diminution in the budget over which the Executive retains authority,

 6) a material change in the geographic location at which the Executive must perform services for the Employer, or 

7) any other action or inaction that constitutes a material breach by the Employer of this Agreement. 

(y) the Executive must give notice to the Employer of the existence of one or more of the conditions described in clause
(x) within 90 days after the initial existence of the condition, and the Employer shall have 30 days thereafter to remedy the condition. In addition, the Executive’s voluntary termination because of the existence of one or more of
the conditions described in clause (x) must occur within 24 months after the initial existence of the condition. 

3.4 Voluntary Termination by the Executive Without Good Reason. If the Executive terminates employment voluntarily but without
Good Reason, the Executive shall receive the Base Salary and expense reimbursement to which the Executive is entitled through the date on which termination becomes effective. 

3.5 Termination Generally. If at employment termination the Executive is serving as a director of the Corporation or the Bank, the
Executive shall be deemed to have resigned as a director effective immediately after termination, regardless of whether the Executive submits a formal, written resignation as director. All files, records, documents, manuals, books, forms, reports,
memoranda, studies, data, calculations, recordings or correspondence, in whatever form they may exist, and all copies, abstracts and summaries of the foregoing, and all physical items related to the business of the Employer, its affiliates, and
their respective directors and officers, whether of a public nature or not, and whether prepared by Executive or not, are and at employment termination shall remain the exclusive property of the Employer, without the Employer’s advance written
consent shall not be removed from their premises except as required in the course of providing services under this Agreement, and at termination shall be promptly returned by the Executive to the Employer. 

ARTICLE 4 

SEVERANCE COMPENSATION 

4.1 Cash Severance after Termination Without Cause or Termination with Good Reason. If the Executive’s employment terminates
involuntarily but without Cause or voluntarily but with Good Reason, on the first day of the seventh month after the month in which the Executive’s employment terminates the Employer shall pay to the Executive in a single lump sum cash in an
amount equal to one times the highest annual compensation as reported on the Executive’s Form W-2 over the three-year period immediately preceding the year in which notice of employment termination is given, without discount for the time value
of money. The Employer and the Executive acknowledge and agree that the compensation and benefits under this section 4.1 shall not be payable if compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this
Agreement. 
 4.2 Post-Termination Insurance Coverage. (a) Subject to section 4.2(b), if the Executive’s
employment terminates involuntarily but without Cause or voluntarily but with Good Reason, the Employer shall continue or cause to be continued at the Employer’s expense and on behalf of the Executive and the Executive’s dependents and
beneficiaries medical and dental insurance coverage as in effect during and in accordance with the same schedule prevailing in the 12 months preceding the date of the Executive’s termination, along with the disability reimbursement and gross-up
benefit under section 2.2(d). The medical and dental insurance benefits provided by this section 4.2(a) shall be reduced if the Executive obtains medical or dental insurance benefits through another employer, or eliminated entirely if the other
employer’s insurance benefits are equivalent or superior to the benefits provided under this section 4.2(a). If the insurance benefits are reduced, they shall be reduced by an amount such that the Executive’s aggregate insurance benefits
for the period specified in this section 4.2(a) are equivalent to the benefits to which the Executive would have been entitled had the Executive not obtained medical or dental insurance benefits through another employer. The medical and dental
insurance coverage and disability 

 
(including income tax gross up) benefit shall continue until the first to occur of (w) the Executive’s return to employment with the Employer or another employer providing
equivalent or superior insurance benefits, (x) the Executive’s attainment of age 65, (y) the Executive’s death, or (z) the end of the term remaining under this Agreement when the Executive’s
employment terminates. This section 4.2 shall not be interpreted to limit any benefits to which the Executive or the Executive’s dependents or beneficiaries may be entitled under any of the Employer’s employee benefit plans, agreements,
programs, or practices after the Executive’s employment termination, including without limitation retiree medical benefits. 

(b) If (x) under the terms of the applicable policy or policies for the insurance benefits specified in section 4.2(a) it is
not possible to continue the Executive’s coverage or (y) when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, if any of the continued
insurance benefits specified in section 4.2(a) would be considered deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available for that particular insurance
benefit, instead of continued insurance coverage under section 4.2(a) the Employer shall pay to the Executive in a single lump sum an amount in cash equal to the present value of the Employer’s projected cost to maintain that particular
insurance benefit had the Executive’s employment not terminated, assuming continued coverage for the lesser of the number of months remaining in the term of this Agreement or the number of months until the Executive attains age 65. The lump-sum
payment shall be made 30 days after employment termination or, if section 4.1(b) applies and a six-month delay is required under Internal Revenue Code section 409A, on the first day of the seventh month after the month in which the Executive’s
employment terminates. 
 4.3 Release. The Executive shall be entitled to no compensation or other benefits under this
Article 4 unless the Executive enters into a release in form satisfactory to the Executive and the Employer acknowledging the Employer’s and the Executive’s remaining obligations and discharging both parties, as well as the Employer’s
officers, directors, and employees for their actions for or on behalf of the Employer, from any other claims or obligations arising out of the Executive’s employment by the Employer, including the circumstances of the Executive’s
employment termination. The non-compete and other covenants contained in Article 7 of this Agreement are not contingent on the Executive entering into a release under this section 4.3 and shall be effective regardless of whether the Executive enters
into the release. 
 ARTICLE 5 

CHANGE IN CONTROL 

5.1 Change in Control Benefits. If a Change in Control occurs during the term of this Agreement, the Employer shall make or cause
to be made a lump-sum payment to the Executive in an amount in cash equal to two and one half times the highest annual compensation as reported on the Executive’s Form W-2 over the three-year period immediately preceding the year in which the
Change in Control occurs. The amount payable to the Executive hereunder shall not be reduced to account for the time value of money or discounted to present value. The payment required under this section 5.1 is payable on the date the Change in
Control occurs. If the Executive receives payment under this section 5.1 the Executive shall not be entitled to any additional severance benefits under section 4.1 of this Agreement after employment termination. The Executive shall be entitled to
benefits under this section 5.1 on no more than one occasion during the term of this Agreement. 
 5.2 Change in Control
Defined. For purposes of this Agreement “Change in Control” means a change in control as defined in Internal Revenue Code section 409A, as the same may be amended from time to time. For purposes of clarification and
without intending to affect the foregoing reference to section 409A for the definition of Change in Control, as of the effective date of this Agreement a Change in Control as defined in Rule 1.409A-3(i)(5) would provide as follows – 

(a) Change in ownership: a change in ownership of the Employer occurs on the date any one person or group accumulates ownership of
Employer stock constituting more than 50% of the total fair market value or total voting power of Employer stock, or 

 (b) Change in effective control: (x) any one person or more than one
person acting as a group acquires within a 12-month period ownership of Employer stock possessing 30% or more of the total voting power of Employer stock, or (y) a majority of the Employer’s board of directors is replaced during any
12-month period by directors whose appointment or election is not endorsed in advance by a majority of the Employer’s board of directors, or 

(c) Change in ownership of a substantial portion of assets: a change in ownership of a substantial portion of the Employer’s
assets occurs if in a 12-month period any one person or more than one person acting as a group acquires from the Employer assets having a total gross fair market value equal to or exceeding 40% of the total gross fair market value of all of the
Employer’s assets immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Employer’s assets, or the value of the assets being disposed of, determined without regard to any
liabilities associated with the assets. 
 5.3 Gross-Up for Taxes. (a) Additional payment to account for Excise
Taxes. If the Executive receives the lump-sum payment under section 5.1 of this Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total
Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer shall pay or cause to be paid to
the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and
(y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this
Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.

 Calculating the Excise Tax. For purposes of determining whether any of the Total Benefits will be subject to the
Excise Tax and for purposes of determining the amount of the Excise Tax, 
  

	 	1)	Determination of “parachute payments” subject to the Excise Tax: any other payments or benefits received or to be received by the Executive in
connection with a Change in Control or the Executive’s employment termination (whether under the terms of this Agreement or any other agreement or any other benefit plan or arrangement with the Employer, any person whose actions result in a
Change in Control, or any person affiliated with the Employer or such person) shall be treated as “parachute payments” within the meaning of section 280G(b)(2) of the Internal Revenue Code, and all “excess
parachute payments” within the meaning of section 280G(b)(1) shall be treated as subject to the Excise Tax, unless in the opinion of the certified public accounting firm that is retained by the Employer as of the date immediately before
the Change in Control (the “Accounting Firm”) such other payments or benefits do not constitute (in whole or in part) parachute payments, or such excess parachute payments represent (in whole or in part) reasonable
compensation for services actually rendered within the meaning of section 280G(b)(4) of the Internal Revenue Code in excess of the “base amount” (as defined in section 280G(b)(3) of the Internal Revenue Code), or are otherwise not subject
to the Excise Tax, 

  

	 	2)	Calculation of benefits subject to the Excise Tax: the amount of the Total Benefits that shall be treated as subject to the Excise Tax shall be equal to the
lesser of (x) the total amount of the Total Benefits reduced by the amount of such Total Benefits that in the opinion of the Accounting Firm are not parachute payments, or (y) the amount of excess parachute payments within
the meaning of section 280G(b)(1) (after applying clause (1), above), and 

  

	 	3)	Value of noncash benefits and deferred payments: the value of any noncash benefits or any deferred payment or benefit shall be determined by the Accounting Firm
in accordance with the principles of sections 280G(d)(3) and (4) of the Internal Revenue Code. 

 Assumed Marginal Income Tax Rate. For purposes of determining the Gross-Up Payment
Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar years in which the Gross-Up Payment Amount is to be made and state and local income taxes at the highest
marginal rate of taxation in the state and locality of the Executive’s residence on the date of the Change in Control or employment termination, net of the reduction in federal income taxes that can be obtained from deduction of state and local
taxes (calculated by assuming that any reduction under section 68 of the Internal Revenue Code in the amount of itemized deductions allowable to the Executive applies first to reduce the amount of state and local income taxes that would otherwise be
deductible by the Executive, and applicable federal FICA and Medicare withholding taxes). 
 Return of Reduced Excise Tax
Payment or Payment of Additional Excise Tax. If the Excise Tax is later determined to be less than the amount taken into account hereunder when the Change in Control occurred or when the Executive’s employment terminated, the Executive
shall repay to the Employer – when the amount of the reduction in Excise Tax is finally determined – the portion of the Gross-Up Payment Amount attributable to the reduction (plus that portion of the Gross-Up Payment Amount attributable to
the Excise Tax, federal, state and local income taxes and FICA and Medicare withholding taxes imposed on the Gross-Up Payment Amount being repaid by the Executive to the extent that the repayment results in a reduction in Excise Tax, FICA and
Medicare withholding taxes and/or a federal, state or local income tax deduction). 
 If the Excise Tax is later determined to
be more than the amount taken into account hereunder when the Change in Control occurred or when the Executive’s employment terminated (due, for example, to a payment whose existence or amount cannot be determined at the time of the Gross-Up
Payment Amount), the Employer shall make an additional payment to the Executive for that excess (plus any interest, penalties or additions payable by the Executive for the excess) when the amount of the excess is finally determined. 

(b) Responsibilities of the Accounting Firm and the Employer. Determinations Shall Be Made by the Accounting Firm. Subject
to the provisions of section 5.3(a), all determinations required to be made under this section 5.3(b) – including whether and when a Gross-Up Payment Amount is required, the amount of the Gross-Up Payment Amount, and the assumptions to be used
to arrive at the determination (collectively, the “Determination”) – shall be made by the Accounting Firm, which shall provide detailed supporting calculations both to the Employer and the Executive at least 30 business
days before the date of the Change in Control, or such earlier time as is requested by the Employer. 
 Fees and Expenses of
the Accounting Firm and Agreement with the Accounting Firm. All fees and expenses of the Accounting Firm shall be borne solely by the Employer. The Employer shall enter into any agreement requested by the Accounting Firm in connection with the
performance of its services hereunder. 
 Accounting Firm’s Opinion. If the Accounting Firm determines that no
Excise Tax is payable by the Executive, the Accounting Firm shall furnish the Executive with a written opinion to that effect and to the effect that failure to report Excise Tax, if any, on the Executive’s applicable federal income tax return
will not result in the imposition of a negligence or similar penalty. 
 Accounting Firm’s Determination Is Binding;
Underpayment and Overpayment. The Determination by the Accounting Firm shall be binding on the Employer and the Executive. Because of the uncertainty when the Determination is made about whether any of the Total Benefits will be subject to the
Excise Tax, it is possible that a Gross-Up Payment Amount that should have been made will not have been made by the Employer (“Underpayment”) or that a Gross-Up Payment Amount will be made that should not have been made by
the Employer (“Overpayment”). If after a Determination by the Accounting Firm the Executive is required to pay additional Excise Tax, the Accounting Firm shall determine the amount of the Underpayment. The Underpayment
(together with interest at the rate provided in section 1274(d)(2)(B) of the Internal Revenue Code) shall be paid promptly by the Employer to or for the benefit of the Executive. If the Gross-Up Payment Amount exceeds the amount necessary to
reimburse the Executive for the Excise Tax according to section 5.3(a), the Accounting Firm 

 
shall determine the amount of the Overpayment. The Overpayment (together with interest at the rate provided in section 1274(d)(2)(B) of the Internal Revenue Code) shall be paid promptly by the
Executive to or for the benefit of the Employer. Provided that the Executive’s expenses are reimbursed by the Employer, the Executive shall cooperate with any reasonable requests by the Employer in any contests or disputes with the Internal
Revenue Service relating to the Excise Tax. 
 Accounting Firm Conflict of Interest. If the Accounting Firm is serving as
accountant or auditor for the individual, entity, or group effecting the Change in Control, the Executive may appoint another nationally recognized public accounting firm to make the Determination required hereunder (in which case the term
“Accounting Firm” as used in this Agreement shall be deemed to refer to the accounting firm appointed by the Executive). 

ARTICLE 6 

CONFIDENTIALITY AND CREATIVE WORK 

6.1 Non-disclosure. The Executive covenants and agrees not to reveal to any person, firm, or corporation any confidential
information of any nature concerning the Employer or its business, or anything connected therewith. As used in this Article 6, the term “confidential information” means all of the Employer’s and affiliates’
confidential and proprietary information and trade secrets in existence on the date hereof or existing at any time during the term of this Agreement, including but not limited to – 

(a) the whole or any portion or phase of any business plans, financial information, purchasing data, supplier data, accounting data, or
other financial information, 
 (b) the whole or any portion or phase of any research and development information, design
procedures, algorithms or processes, or other technical information, 
 (c) the whole or any portion or phase of any marketing
or sales information, sales records, customer lists, customer information, employee lists, employee information, financial products and services, financial products and services pricing, financial information and projections, or other sales
information, and 
 (d) trade secrets, as defined from time to time by the laws of the State of Florida. 

However, confidential information excludes information that – as of the date hereof or at any time after the date hereof – is
published or disseminated without obligation of confidence or that becomes a part of the public domain (x) by or through action of the Employer, or (y) otherwise than by or at the direction of the Executive. This section 6.1
does not prohibit disclosure required by an order of a court having jurisdiction or a subpoena from an appropriate governmental agency or disclosure made by the Executive in the ordinary course of business and within the scope of the
Executive’s authority. 
 6.2 Return of Materials. The Executive agrees to deliver or return to the Employer upon
termination, upon expiration of this Agreement, or as soon thereafter as possible, all written information and any other similar items furnished by the Employer or prepared by the Executive in connection with the Executive’s services hereunder.
The Executive will retain no copies thereof after termination of this Agreement or termination of the Executive’s employment. 

6.3 Creative Work. The Executive agrees that all creative work and work product, including but not limited to all technology,
business management tools, processes, software, patents, trademarks, and copyrights developed by the Executive during the term of this Agreement, regardless of when or where such work or work product was produced, constitutes work made for hire, all
rights of which are owned by the Employer. The Executive hereby assigns to the Employer all rights, title, and interest, whether by way of copyrights, trade secret, trademark, patent, or otherwise, in all such work or work product, regardless of
whether the same is subject to protection by patent, trademark, or copyright laws. This section 6.3 shall not be construed to require assignment to 

 
the Employer of the Executive’s right, title, and interest in creative work and work product, including but not limited to inventions, patents, trademarks, and copyrights, developed by the
Executive entirely on the Executive’s own time and without using the Employer’s equipment, supplies, facilities, or trade secrets unless the creative work or work product (x) relates to the Employer’s business or actual or
demonstrably anticipated research or development or (y) results from any work performed by the Executive for the Employer. However, to enable the Employer to determine the rights of the Employer and the Executive in any creative work and
work product developed by the Executive that the Executive considers nonassignable under this section 6.3, including but not limited to inventions, patents, trademarks, and copyrights, the Executive shall during the term of this Agreement timely
report to the Employer all such creative work and work product. 
 6.4 Injunctive Relief. The Executive hereby
acknowledges that the enforcement of this Article 6 is necessary to ensure the preservation, protection, and continuity of the business, trade secrets, and goodwill of the Employer, and that the restrictions set forth in Article 6 are reasonable in
terms of time, scope, territory, and in all other respects. The Executive acknowledges that it is impossible to measure in money the damages that will accrue to the Employer if the Executive fails to observe the obligations imposed by Article 6.
Accordingly, if the Employer institutes an action to enforce the provisions hereof, the Executive hereby waives the claim or defense that an adequate remedy at law is available to the Employer and the Executive agrees not to urge in any such action
the claim or defense that an adequate remedy at law exists. If there is a breach or threatened breach by the Executive of the provisions of Article 6, the Employer shall be entitled to an injunction without bond to restrain the breach or threatened
breach, and the prevailing party in any the proceeding shall be entitled to reimbursement for all costs and expenses, including reasonable attorneys’ fees. The existence of any claim or cause of action by the Executive against the Employer
shall not constitute and shall not be asserted as a defense by the Executive to enforcement of Article 6. 
 6.5
Affiliates’ Confidential Information is Covered. For purposes of this Agreement the term “affiliate” includes the Corporation, the Bank, and any entity that directly or indirectly through one or more intermediaries
controls, is controlled by, or is under common control with the Corporation or the Bank. 
 6.6 Survival of Obligations.
The Executive’s obligations under Article 6 shall survive employment termination regardless of the manner in which termination occurs and shall be binding upon the Executive’s heirs, executors, and administrators. 

ARTICLE 7 

COMPETITION AFTER EMPLOYMENT TERMINATION 

7.1 Restrictions on the Executive’s Post-Employment Activities. The restrictions in this Article 7 have been
negotiated, presented to and accepted by the Executive contemporaneous with the offer and acceptance by the Executive of this Agreement and the benefits promised in a Supplemental Executive Retirement Agreement signed or to be signed in 2010 by the
Executive and the Corporation. The Employer’s decision to enter into this Agreement and the Supplemental Executive Retirement Agreement is conditioned upon the Executive’s agreement to be bound by the restrictions contained in this Article
7. This Article 7 shall be void if a Change in Control occurs before the Executive’s employment termination. For purposes of this Article 7 the term “Employer” includes not only the Corporation but also the Bank. 

(a) Promise of no solicitation. The Executive promises and agrees that during the Restricted Period (as
defined below) and in the Restricted Territory (as defined below) the Executive
shall1: 

1. not directly or indirectly solicit or attempt to solicit any Customer (as defined below) to accept or purchase Financial
Products or Services (as defined below) of the same nature, kind, or variety as provided to the Customer by the Employer during the two years immediately before the Executive’s employment termination with the Employer, 

 

	1
	 For example, the promise of no solicitation applies if the Executive is conducting prohibited business in the Restricted Territory or if the
entity with, for or to whom the Executive is conducting prohibited business is located within the Restricted Territory. 

 2. not directly or indirectly influence or attempt to influence any Customer, joint
venturer, or other business partner of the Employer to alter that person or entity’s business relationship with the Employer in any respect, and 

3. not accept the Financial Products or Services business of any Customer or provide Financial Products or Services to any
Customer on behalf of anyone other than the Employer. 
 (b) Promise of no competition. The Executive
promises and agrees that during the Restricted Period in the Restricted Territory the Executive shall not engage, undertake, or participate in the business of providing, selling, marketing, or distributing Financial Products or Services of a
similar nature, kind, or variety (x) as offered by the Employer to Customers during the two years immediately before the Executive’s employment termination with the Employer, or (y) as offered by the Employer to any of
its Customers during the Restricted Period.2 

(c) Promise of no raiding/hiring. The Executive promises and agrees that during the Restricted Period the Executive shall
not solicit or attempt to solicit and shall not encourage or induce in any way any employee, joint venturer, or business partner of the Employer to terminate an employment or contractual relationship with the Employer. The Executive
agrees that the Executive shall not hire any person employed by Employer during the two-year period before the Executive’s employment termination with the Employer or any person employed by the Employer during the Restricted Period.

 (d) Promise of no disparagement. The Executive promises and agrees that during the Restricted Period the Executive
shall not cause statements to be made (whether written or oral) that reflect negatively on the business reputation of the Employer. The Employer likewise promises and agrees that during the Restricted Period the Employer shall not
cause statements to be made (whether written or oral) that reflect negatively on the reputation of the Executive. 
 (e)
Acknowledgment. The Executive and the Employer acknowledge and agree that the provisions of this Article 7 have been negotiated and carefully determined to be reasonable and necessary for the protection of legitimate business interests of the
Employer. Both parties agree that a violation of Article 7 is likely to cause immediate and irreparable harm that will give rise to the need for court ordered injunctive relief. In the event of a breach or threatened breach by the Executive of any
provision of this Agreement, the Employer shall be entitled to obtain an injunction without bond restraining the Executive from violating the terms of this Agreement and to institute an action against the Executive to recover damages from the
Employee for such breach. These remedies for default or breach are in addition to any other remedy or form of redress provided under Florida law. The parties acknowledge that the provisions of this Article 7 survive termination of the employment
relationship, but the provisions of this Article 7 shall be null and void if a Change in Control occurs before employment termination. The parties agree that if any of the provisions of this Article 7 are deemed unenforceable by a court of competent
jurisdiction, that such provisions may be stricken as independent clauses by the court in order to enforce the remaining territory restrictions and that the intent of the parties is to afford the broadest restriction on post-employment activities as
set forth in this Agreement. Without limiting the generality of the foregoing, without limiting the remedies available to the Employer for violation of this Agreement, and without constituting an election of remedies, if the Executive violates any
of the terms of Article 7 the Executive shall forfeit on the Executive’s own behalf and that of beneficiary(ies) any rights to and interest in any severance or other benefits under this Agreement or other contract the Executive has with the
Bank or the Corporation. 
  

	2
	 For example, the promise of no competition applies if the Executive is conducting prohibited business in the Restricted Territory or if the
entity with, for or to whom the Executive is conducting prohibited business is located within the Restricted Territory. 

 (f) Definitions: 1. “Restricted Period” as used herein means the one-year
period immediately after the Executive’s termination and/or separation of employment with the Employer, regardless of the reason for termination and/or separation. The Restricted Period shall be extended in an amount equal to any time period
during which a violation of Article 7 of this Agreement is proven. 
 2. “Restricted Territory” as used herein means
all of Pasco, Lake and Sumter Counties, Florida. 
 3. “Customer” as used herein means any individual, joint venturer,
entity of any sort, or other business partner of the Employer, with, for or to whom the Employer has provided Financial Products or Services during the last two years of the Executive’s employment with the Employer; or any individual, joint
venturer, entity of any sort, or business partner whom the Employer has identified as a prospective customer of Financial Products or Services within the last two years of the Executive’s employment with the Employer. 

4. “Financial Products or Services” as used herein means any product or service that a financial institution or a financial
holding company could offer by engaging in any activity that is financial in nature or incidental to such a financial activity under section 4(k) of the Bank Holding Company Act of 1956 and that is offered by the Employer or an affiliate on the date
of the Executive’s employment termination, including but not limited to banking activities and activities that are closely related and a proper incident to banking, or other products or services of the type of which the Executive was involved
during the Executive’s employment with the Employer. 
 ARTICLE 8 

MISCELLANEOUS 

8.1 Successors and Assigns. (a) This Agreement is binding on successors. This Agreement shall be binding upon the
Employer and any successor to the Employer, including any persons acquiring directly or indirectly all or substantially all of the business or assets of the Employer by purchase, merger, consolidation, reorganization, or otherwise. But this
Agreement and the Employer’s obligations under this Agreement are not otherwise assignable, transferable, or delegable by the Employer. By agreement in form and substance satisfactory to the Executive, the Employer shall require any successor
to all or substantially all of the business or assets of the Employer expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Employer would be required to perform had no succession occurred. 

(b) This Agreement is enforceable by the Executive’s heirs. This Agreement shall inure to the benefit of and be enforceable
by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, and legatees. 

(c) This Agreement is personal in nature and is not assignable. This Agreement is personal in nature. Without written consent of
the other parties, no party shall assign, transfer, or delegate this Agreement or any rights or obligations under this Agreement except as expressly provided herein. Without limiting the generality or effect of the foregoing, the Executive’s
right to receive payments hereunder is not assignable or transferable, whether by pledge, creation of a security interest, or otherwise, except for a transfer by the Executive’s will or by the laws of descent and distribution. If the Executive
attempts an assignment or transfer that is contrary to this section 8.1, the Employer shall have no liability to pay any amount to the assignee or transferee. 

8.2 Governing Law, Jurisdiction and Forum. This Agreement shall be construed under and governed by the internal laws of the State
of Florida, without giving effect to any conflict of laws provision or rule (whether of the State of Florida or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Florida. By entering
into this Agreement, the Executive acknowledges that the 

 
Executive is subject to the jurisdiction of both the federal and state courts in the State of Florida. Any actions or proceedings instituted under this Agreement shall be brought and tried solely
in courts located in Polk County, Florida or in the federal court having jurisdiction in Winter Haven, Florida. The Executive expressly waives the right to have any such actions or proceedings brought or tried elsewhere. 

8.3 Entire Agreement. This Agreement sets forth the entire agreement of the parties concerning the employment of the Executive.
Any oral or written statements, representations, agreements, or understandings made or entered into prior to or contemporaneously with the execution of this Agreement are hereby rescinded, revoked, and rendered null and void. This Agreement
supersedes in its entirety the July 11, 2006 Change in Control and Severance Agreement and the June 15, 2007 Agreement between the Corporation and the Executive, and from and after the date of this Agreement the July 11, 2006 Change
in Control and Severance Agreement, as amended by the Amendment to Change in Control and Severance Agreement, and the June 15, 2007 Agreement shall be of no further force or effect. 

8.4 Notices. Any notice under this Agreement shall be deemed to have been effectively made or given if in writing and personally
delivered, delivered by mail properly addressed in a sealed envelope, postage prepaid by certified or registered mail, delivered by a reputable overnight delivery service, or sent by facsimile. Unless otherwise changed by notice, notice shall be
properly addressed to the Executive if addressed to the address of the Executive on the books and records of the Employer at the time of the delivery of such notice, and properly addressed to the Employer if addressed to CenterState Banks, Inc.,
42745 U.S. Highway 27, Davenport, Florida 33837, Attention: Corporate Secretary. 
 8.5 Severability. If there is a
conflict between any provision of this Agreement and any statute, regulation, or judicial precedent, the latter shall prevail, but the affected provisions of this Agreement shall be curtailed and limited solely to the extent necessary to bring them
within the requirements of law. If any provision of this Agreement is held by a court of competent jurisdiction to be indefinite, invalid, void or voidable, or otherwise unenforceable, the remainder of this Agreement shall continue in full force and
effect unless that would clearly be contrary to the intentions of the parties or would result in an injustice. 
 8.6
Captions and Counterparts. The captions in this Agreement are solely for convenience. The captions do not define, limit, or describe the scope or intent of this Agreement. This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 8.7 Amendment
and Waiver. This Agreement may not be amended, released, discharged, abandoned, changed, or modified except by an instrument in writing signed by each of the parties hereto. The failure of any party hereto to enforce at any time any of the
provisions of this Agreement shall not be construed to be a waiver of any such provision or affect the validity of this Agreement or any part thereof or the right of any party thereafter to enforce each and every such provision. No waiver or any
breach of this Agreement shall be held to be a waiver of any other or subsequent breach. 
 8.8 Payment of Legal Fees.
The Employer is aware that after a Change in Control management could cause or attempt to cause the Employer to refuse to comply with its obligations under this Agreement, or could institute or cause or attempt to cause the Employer to institute
litigation seeking to have this Agreement declared unenforceable, or could take or attempt to take other action to deny Executive the benefits intended under this Agreement. In these circumstances the purpose of this Agreement would be frustrated.
The Employer desires that the Executive not be required to incur the expenses associated with the enforcement of rights under this Agreement, whether by litigation or other legal action, because the cost and expense thereof would substantially
detract from the benefits intended to be granted to the Executive hereunder. The Employer desires that the Executive not be forced to negotiate settlement of rights under this Agreement under threat of incurring expenses. Accordingly, if after a
Change in Control occurs it appears to the Executive that (x) the Employer has failed to comply with any of its obligations under this Agreement, or (y) the Employer or any other person has taken any action to declare this
Agreement void or unenforceable, or instituted any litigation or other legal action designed to 

 
deny, diminish, or to recover from the Executive the benefits intended to be provided to the Executive hereunder, the Employer irrevocably authorizes the Executive from time to time to retain
counsel of the Executive’s choice, at the Employer’s expense as provided in this section 8.8, to represent the Executive in the initiation or defense of any litigation or other legal action, whether by or against the Employer or any
director, officer, stockholder, or other person affiliated with the Employer, in any jurisdiction. Despite any existing or previous attorney-client relationship between the Employer and any counsel chosen by the Executive under this section 8.8, the
Employer irrevocably consents to the Executive entering into an attorney-client relationship with that counsel, and the Employer and the Executive agree that a confidential relationship shall exist between the Executive and that counsel. The fees
and expenses of counsel selected from time to time by the Executive as provided in this section shall be paid or reimbursed to the Executive by the Employer on a regular, periodic basis upon presentation by the Executive of a statement or statements
prepared by counsel in accordance with counsel’s customary practices, up to a maximum aggregate amount of $500,000, whether suit be brought or not, and whether or not incurred in trial, bankruptcy, or appellate proceedings. The Employer’s
obligation to pay the Executive’s legal fees provided by this section 8.8 operates separately from and in addition to any legal fee reimbursement obligation the Employer may have with the Executive under any separate severance or other
agreement. Despite anything in this Agreement to the contrary, however, the Employer shall not be required to pay or reimburse Executive’s legal expenses if doing so would violate section 18(k) of the Federal Deposit Insurance Act [12 U.S.C.
1828(k)] and Rule 359.3 of the Federal Deposit Insurance Corporation [12 CFR 359.3]. Despite anything in this Agreement to the contrary, however, the Employer shall not be required to pay or reimburse Executive’s legal expenses under this
section 8.8 if doing so would violate section 18(k) of the Federal Deposit Insurance Act [12 U.S.C. 1828(k)] and Rule 359.3 of the Federal Deposit Insurance Corporation [12 CFR 359.3]. 

8.9 FDIC Part 359 Limitations. Despite any contrary provision within this Agreement, any payments made to the Executive
under this Agreement, or otherwise, shall be subject to compliance with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification Payments, and any other regulations or guidance promulgated thereunder. 

8.10 Consultation with Counsel and Interpretation of this Agreement. The Executive has had the assistance of counsel of the
Executive’s choosing in the negotiation of this Agreement or the Executive has chosen not to have the assistance of counsel. Both parties hereto having participated in the negotiation and drafting of this Agreement, they hereby agree that there
shall not be strict interpretation against either party in any review of this Agreement in which interpretation of the Agreement is an issue. 

8.11 Compliance with Internal Revenue Code Section 409A. The Employer and the Executive intend that their exercise of
authority or discretion under this Agreement shall comply with section 409A of the Internal Revenue Code of 1986. If when the Executive’s employment terminates the Executive is a specified employee, as defined in section 409A of the Internal
Revenue Code of 1986, and if any payments under this Agreement, including Articles 4 or 5, will result in additional tax or interest to the Executive because of section 409A, then despite any provision of this Agreement to the contrary the Executive
shall not be entitled to the payments until the earliest of (x) the date that is at least six months after termination of the Executive’s employment for reasons other than the Executive’s death, (y) the date of the
Executive’s death, or (z) any earlier date that does not result in additional tax or interest to the Executive under section 409A. As promptly as possible after the end of the period during which payments are delayed under this
provision, the entire amount of the delayed payments shall be paid to the Executive in a single lump sum. If any provision of this Agreement does not satisfy the requirements of section 409A, the provision shall be applied in a manner consistent
with those requirements despite any contrary provision of this Agreement. If any provision of this Agreement would subject the Executive to additional tax or interest under section 409A, the Employer shall reform the provision. However, the Employer
shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and the Employer shall not be required to incur any additional compensation expense as a
result of the reformed provision. References in this Agreement to section 409A of the Internal Revenue Code of 1986 include rules, regulations, and guidance of general application issued by the Department of the Treasury under Internal Revenue Code
section 409A. 

 IN WITNESS WHEREOF, the
parties have executed this Employment Agreement as of the date first written above. 
  

							
	EXECUTIVE	 		 	CORPORATION/EMPLOYER
		 		 	CenterState Banks, Inc.
				
	 /s/ Timothy A. Pierson
	 		 	By:	 	 /s/ Ernest S. Pinner

	Timothy A. Pierson	 		 		 	Ernest S. Pinner
		 		 	Its:	 	 Chief Executive Officer and Chairman

of the Board of Directors

  

					
	Polk County	  	)	  	
		  	)	  	ss:
	State of Florida	  	)	  	

 Before me this
13th day of July, 2010, personally appeared the above
named Timothy A. Pierson and Ernest S. Pinner, who acknowledged that they did sign the foregoing instrument and that the same was their free act and deed. 
  

					
		 		  	 /s/ Joan Lee

		 		  	Joan Lee
	(Notary Seal)	 		  	Notary Public
		 		  	My Commission Expires:Third Amended and Restated Investor Rights Agreement

 Exhibit 4.4 

AMBOW EDUCATION HOLDING LTD. 

THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

This Third Amended and Restated Investor Rights Agreement (this “Agreement”) is made and entered into as of
September 8, 2008, by and among Ambow Education Holding Ltd., a company incorporated under the laws of the Cayman Islands (the “Company”), the holders of the Company’s Series A Preferred Shares listed on
Exhibit A attached hereto (the “Series A Investors”), the holders of the Company’s Series B Preferred Shares listed on Exhibit B hereto (the “Series B Investors”), the
holders of the Company’s Series C Preferred Shares listed on Exhibit C hereto (the “Series C Investors”), the purchasers of the Company’s Series D Preferred Shares listed on Exhibit D
hereto (the “Series D Investors”, and together with the Series A Investors, Series B Investors and Series C Investors, the “Investors”, and each, an “Investor”) and certain of
the holders of the Ordinary Shares or the rights to acquire Ordinary Shares listed on Exhibit E attached hereto (each, a “Founder” and together, the “Founders”). 

A. The Series D Investors have agreed to purchase from the Company, and the Company has agreed to issue to such Series D
Investors, Series D Preferred Shares on the terms and conditions set forth in that certain Series D Preferred Shares Purchase Agreement dated August 29, 2008, by and among the Company, Ambow Education Co., Ltd., a Cayman Islands
exempted company, Ambow Education Management Ltd., a Cayman Islands exempted company, Ambow Education Ltd., a Cayman Islands exempted company, Ambow Education (Hong Kong) Ltd., a Hong Kong limited liability company, Beijing Ambow Online Software Co.
Ltd.

, a wholly-foreign owned enterprise established under the laws of the People’s Republic of China (the “PRC”), Ambow Education Chuangying Ltd.

, a wholly-foreign owned enterprise established under the laws of the PRC, Beijing Ambow BNU Education Technology Co. Ltd.

, a limited liability company established under the laws of the PRC, Shanghai Ambow Education Information Consulting Co., Ltd.

, a limited liability company established under the laws of the PRC, Ambow Si Hua Education and Technology Co., Ltd.

, a limited liability company established under the laws of the PRC, Beijing Sage Grounds Club Co., Ltd.

, a limited liability company established under the laws of the PRC, Jin Huang and such Series D Investors (the “Series D Purchase Agreement”). 

B. The obligations of the parties in the Series D Purchase Agreement are conditioned upon the execution and delivery of this
Agreement. 
 C. The Company, certain of the Investors and Founders are parties to a Second Amended and Restated Investor Rights
Agreement dated as of July 20, 2007 and amended as of September 4, 2007 (the “Existing Rights Agreement”). 

D. The Company and the other parties to the Existing Rights Agreement now desire to amend and restate such agreement in its entirety as
set forth in this Agreement. 

 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises
hereinafter set forth, the parties hereto agree as follows: 
 1. DEFINITIONS 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acceptance Period” shall have the meaning set forth in Section 6.1(b) hereto. 

“Affiliate” of a Person (the “Subject Person”) shall mean (i) in the case of a Person other than a
natural person, any other Person that directly or indirectly Controls, is Controlled by or is under common Control with the Subject Person, (ii) any of the Subject Person’s partners, members or other equity owners, or retired partners,
retired members or other equity owners, or to the estate of any of its partners, members or other equity owners or retired partners, retired members or other equity owners, or (iii) in the case of a Subject Person that is a natural person, any
Relative or trust for the benefit of any individual Subject Person or Relative thereof. In the case of GLAM, the term “Affiliate” also includes (v) any shareholder of GLAM, (w) any of such shareholder’s general partners,
(x) the fund manager managing such shareholder (and general partners and officers thereof) and (y) trusts Controlled by or for the benefit of any such individuals referred to in (w) or (x). In the case of Actis, the term
“Affiliate” also includes any Actis Related Party (as defined in Section 8.5). In the case of GLAM, the term “Affiliate” also includes any GLAM Related Party (as defined in Section 8.5). In the case of
Macquarie, the term “Affiliate” also includes any Macquarie Related Party (as defined in Section 8.5). 

“Board” shall have the meaning set forth in Section 2.1(c) hereto. 

“Business Day” shall mean a day (other than a Saturday or Sunday) on which banks are open for business in the Cayman
Islands and the People’s Republic of China. 
 “Company” shall mean Ambow Education Holding Ltd., a
company incorporated under the laws of the Cayman Islands. 
 “Commission” shall mean the U.S. Securities and
Exchange Commission or any other federal agency at the time administering the Securities Act. 
 “Control” of a
Person means (i) ownership of more than fifty percent (50%) of the shares in issue or other existing interests or registered capital of such Person or (ii) the power to direct the management or policies of such Person, whether through
the ownership of more than fifty percent (50%) of the voting power of such Person, through the power to appoint a majority of the members of the board of directors or similar governing body of such Person, through contractual arrangements or
otherwise, and “Controlled” shall be construed accordingly. 
 “Conversion Shares” shall mean
Ordinary Shares issued upon conversion of the Preferred Shares. 
  

 -2- 

 “Convertible Securities” shall have the meaning set forth in
Section 4.1(a) hereof. 
 “Co-Sale Significant Holder(s)” shall have the meaning set forth in
Section 5.2(b) hereof. 
 “Co-Sale Notice” shall have the meaning set forth in
Section 5.2(a) hereof. 
 “Co-Sale Shares” shall have the meaning set forth in
Section 5.2(a) hereto. 
 “Election Period” shall have the meaning set forth in
Section 4.1(c) hereto. 
 “Electing Significant Holder” shall have the meaning set forth in
Section 6.1(b) hereto. 
 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as
amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

“Founder” or “Founders” has the meaning set forth in the preamble to this Agreement. 

“Founder Shares” shall have the meaning set forth in Section 5.1(a) hereto. 

“Holder” shall mean any Investor who holds Registrable Securities and any holder of Registrable Securities to whom the
registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.12 of this Agreement. 

“Indemnified Party” shall have the meaning set forth in Section 2.6(c) hereto. 

“Indemnifying Party” shall have the meaning set forth in Section 2.6(c) hereto. 

“Initial Public Offering” shall mean the closing of the Company’s or Listco’s first firm commitment
underwritten public offering of the Company’s Ordinary Shares (or other securities) or Listco’s ordinary shares (or other securities) (as the case may be) registered under the Securities Act or pursuant to the laws and regulations of a
jurisdiction other than the United States. 
 “Initiating Holders” shall mean any Holder or Holders who in the
aggregate hold not less than forty percent (40%) of the outstanding Registrable Securities. 

“Investor(s)” has the meaning set forth in the preamble to this Agreement. 

“Investor Shares” has the meaning set forth in Section 6.1(a) hereto. 

“Investor Transfer Condition” shall have the meaning set forth in Section 6.1(a) hereto. 

“Listco” has the meaning set forth in Section 8.4 hereto. 

“New Securities” shall have the meaning set forth in Section 4.1(a) hereto. 

 

 -3- 

 “Notice of Investor Transfer” shall have the meaning set forth in
Section 6.1(a) hereto. 
 “Notice of Transfer” shall have the meaning set forth in
Section 5.1(a) hereto. 
 “Offered Shares” shall have the meaning set forth in
Section 6.1(a) hereto. 
 “Ordinary Shares” shall mean the ordinary shares in the share capital of
the Company of a par value of US$0.0001 each. 
 “Preferred Shares” shall, collectively, mean the Series A
Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares. 

“Proposed Transferee” shall have the meaning set forth in Section 6.1(a) hereto. 

“Qualified Public Offering” shall mean the closing of a firm commitment underwritten public offering of the
Company’s Ordinary Shares (or other securities) or Listco’s ordinary shares (or other securities) (as the case may be) on an internationally recognized stock exchange at a price per share that reflects a pre-offering valuation of the
Company or Listco of not less than US$600,000,000, which valuation shall be calculated based on the midpoint of the per share price range specified in the preliminary prospectus for such public offering. 

“Registrable Securities” shall mean (i) Ordinary Shares issued or issuable pursuant to the conversion of the
Preferred Shares and (ii) any Ordinary Shares issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i) above; provided, however, that Registrable
Securities shall not include any shares of Ordinary Shares described in clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or
which have been sold in a private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 

The terms “register,” “registered” and “registration” shall refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement. 

“Registration Expenses” shall mean all expenses incurred in effecting any registration pursuant to this Agreement,
including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company and reasonable fees and disbursements of one special counsel for the Holders, blue sky
fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of other counsel for the Holders and the compensation of regular
employees of the Company, which shall be paid in any event by the Company. 
  

 -4- 

 “Relative” shall mean, with respect to a natural person, the spouse,
parent, grandparent, child, grandchild, sibling, uncle, aunt, nephew, niece or great-grandparent of such person. 

“Restricted Securities” shall mean any securities of the Company required to bear the first legends set forth in
Section 2.8(c) hereof. 
 “Right of First Refusal Period” shall have the meaning set forth in
Section 5.1(c) hereto. 
 “Rule 144” shall mean Rule 144 as promulgated by the Commission
under the Securities Act, as such rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

“Rule 145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such
rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

“Sale Period” shall have the meaning set forth in Section 6.2 hereto. 

“Second Notice” shall have the meaning set forth in Section 5.1(c) hereto. 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, or any similar successor federal statute and
the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 “Selling
Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of
one special counsel to the Holders included in Registration Expenses). 
 “Selling Founder” shall have the
meaning set forth in Section 5.1(a) hereto. 
 “Selling Investor” shall have the meaning set forth
in Section 6.1(a) hereto. 
 “Series A Preferred Shares” shall mean the series A
preferred shares in the share capital of the Company of a par value of US$0.0001 each. 
 “Series B Preferred
Shares” shall mean the series B preferred shares in the share capital of the Company of a par value of US$0.0001 each. 

“Series C Preferred Shares” shall mean the series C preferred shares in the share capital of the Company of a
par value of US$0.0001 each. 
 “Series D Preferred Shares” shall mean the series D preferred shares
in the share capital of the Company of a par value of US$0.0001 each. 
  

 -5- 

 “Series D Purchase Agreement” shall have the meaning set forth in the
preamble to the Agreement. 
 “Significant Holders” shall have the meaning set forth in Section 3.1
hereof. 
 “Significant Holder Notice” shall have the meaning set forth in Section 5.1(c) hereto.

 “Significant Holder Notice to Investor” shall have the meaning set forth in Section 6.1(b)
hereto. 
 2. REGISTRATION RIGHTS 

2.1 Requested Registration. 

(a) Request for Registration. Subject to the conditions set forth in this Section 2.1, if the Company shall receive
from Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration with respect to all or a part of the Registrable Securities (such request shall state the number of shares of Registrable Securities
to be disposed of by such Initiating Holders), the Company will: 
 (i) promptly give written notice of the proposed
registration to all other Holders; and 
 (ii) as soon as practicable, file and use its commercially reasonable efforts to
effect such registration (including, without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to permit or
facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are
specified in a written request received by the Company within twenty (20) days after such written notice from the Company is mailed or delivered. 

(b) Limitations on Requested Registration. The Company shall not be obligated to effect, or to take any action to effect, any
such registration pursuant to this Section 2.1: 
 (i) Prior to the earlier of (A) the four (4) year
anniversary of the date of this Agreement or (B) one hundred eighty (180) days following the effective date of the first registration statement filed by the Company covering an underwritten offering of any of its securities to the general
public; 
 (ii) If the anticipated aggregate proceeds therefrom are less than $10,000,000; 

(iii) In any particular jurisdiction in which the Company would be required 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 and except as may be required by the Securities Act; 

 

 -6- 

 (iv) After the Company has initiated three (3) such registrations pursuant to this
Section 2.1; or 
 (v) During the period starting with the date sixty (60) days prior to the Company’s
good faith estimate of the date of filing of, and ending on a date one hundred eighty (180) days after the effective date of, a Company-initiated registration; provided that the Company is actively employing in good faith commercially
reasonable efforts to cause such registration statement to become effective. 
 (c) Deferral. If (i) in the good
faith judgment of the board of directors of the Company (the “Board”), the filing of a registration statement covering the Registrable Securities would be materially detrimental to the Company and the Board concludes, as a result,
that it is in the best interests of the Company to defer the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good
faith judgment of the Board, it would be materially detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, in the best interests of the Company to defer the filing of such registration
statement, then (in addition to the limitations set forth in Section 2.1(b)(v) above) the Company shall have the right to defer such filing for a period of not more than one hundred eighty (180) days after receipt of the request of
the Initiating Holders, and, provided further, that the Company shall not defer its obligation in this manner more than twice in any twelve-month period. 

(d) Other Shares. The registration statement filed pursuant to the request of the Initiating Holders may, subject to the
provisions of Section 2.1(e), include shares held by Holders other than the Initiating Holders, and may include securities of the Company being sold for the account of the Company. 

(e) 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 2.1 and the Company shall include such information in the written notice given pursuant to Section 2.1(a)(i). In such
event, the right of any Holder to include all or any portion of its Registrable Securities in such registration pursuant to this Section 2.1 shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities to the extent provided herein. The Company shall (together with all Holders proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary
form with the representative of the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders, which underwriters are reasonably acceptable to the Company. 

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall be excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The securities so excluded shall also be withdrawn from registration. Any Registrable Securities or other securities excluded or
withdrawn from such underwriting shall also be withdrawn from such registration. 
  

 -7- 

 2.2 Company Registration. 

(a) Company Registration. If the Company shall determine to register any of its securities either for its own account or the
account of a security holder or holders, other than a registration pursuant to Section 2.1 or 2.3, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities, a
registration relating to a corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 

(i) promptly give written notice of the proposed registration to all Holders; and 

(ii) use its commercially reasonable efforts to include in such registration (and any related qualification under blue sky laws or other
compliance), except as set forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any Holder or Holders received by the
Company within ten (10) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.2 shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through
such underwriting shall (together with the Company and the other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in
customary form with the representative of the underwriter or underwriters selected by the Company. 
 Notwithstanding any other
provision of this Section 2.2, if the underwriters advise the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the Company may (subject to the limitations set forth below) limit
the number of Registrable Securities to be included in, the registration and underwriting. The Company may limit, to the extent so advised by the underwriters, the amount of Registrable Securities to be included in such registration, provided
that the aggregate of the Registrable Securities to be included in such registration may not be so reduced to less than twenty-five percent (25%) of the total value of all securities included in such registration; provided that, no
Registrable Securities that are issued or issuable pursuant to the conversion of Series B Preferred Shares, Series C Preferred Shares or Series D Preferred Shares shall be reduced until all other securities (other than the Ordinary
Shares issued by the Company in such public offering) are excluded from such public offering. Subject to the immediately preceding sentence, the exclusion of Registrable Securities that are issued or issuable pursuant to the conversion of
Series B Preferred Shares, Series C Preferred Shares or Series D Preferred Shares from an underwritten offering pursuant hereto shall only be made on a pro-rata basis. 

 

 -8- 

 If a person who has requested inclusion in such registration as provided above does not
agree to the terms of any such underwriting, such person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such
registration. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 

(c) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

2.3 Registration on Form F-3/S-3. 

(a) Request for Form F-3/S-3 Registration. After its Initial Public Offering, the Company shall use its commercially
reasonable efforts to qualify for registration on Form F-3 or Form S-3 or any comparable or successor form or forms. After the Company has qualified for the use of Form F-3 or Form S-3, in addition to the rights contained in the foregoing
provisions of this Section 2 and subject to the conditions set forth in this Section 2.3, if the Company shall receive from a Holder or Holders of Registrable Securities a written request that the Company effect any
registration on Form F-3 or Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of and the
intended methods of disposition of such shares by such Holder or Holders), the Company will take all such action with respect to such Registrable Securities as required by Section 2.1(a)(i) and (ii). 

(b) Limitations on Form F-3/Form S-3 Registration. The Company shall not be obligated to effect, or take any action to
effect, any such registration pursuant to this Section 2.3: 
 (i) In the circumstances described in either
Sections 2.1(b)(i), 2.1(b)(iii) or 2.1(b)(v); 
 (ii) If the Holders, together with the holders of
any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) on Form F-3 or Form S-3 at an aggregate price to the public of less than $2,000,000;
or 
 (iii) If, in a given twelve-month period, the Company has effected one (1) such registration in such period.

  

 -9- 

 (c) Deferral. The provisions of Section 2.1(c) shall apply to any
registration pursuant to this Section 2.3. 
 (d) Underwriting. If the Holders of Registrable Securities
requesting registration under this Section 2.3 intend to distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of Sections 2.1(e) shall apply to such registration.
Notwithstanding anything contained herein to the contrary, registrations effected pursuant to this Section 2.3 shall not be counted as requests for registration or registrations effected pursuant to Section 2.1. 

2.4 Expenses of Registration. All Registration Expenses incurred in connection with registrations pursuant to
Sections 2.1, 2.2 and 2.3 hereof shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to
Sections 2.1 and 2.3 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn
so that the minimum offering conditions set forth in Sections 2.1 and 2.3 are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable
Securities requested to be so registered), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 2.1. All Selling Expenses relating to securities
registered on behalf of the Holders shall be borne by the holders of securities included in such registration pro rata among each other on the basis of the number of Registrable Securities so registered. 

2.5 Registration Procedures. In the case of each registration effected by the Company pursuant to Section 2, the
Company will keep each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will use its commercially reasonable efforts to: 

(a) Keep such registration effective for a period ending on the earlier of the date which is sixty (60) days from the effective
date of the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto. 

(b) Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in
connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in
subsection (a) above; 
 (c) Furnish such number of prospectuses, including any preliminary prospectuses, and other
documents incident thereto, including any amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 
  

 -10- 

 (d) Use its reasonable best efforts to register and qualify the securities covered by such
registration statement under such other securities or blue sky laws of such jurisdiction as shall be reasonably requested by the Holders; provided, that the Company shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (e) Notify
each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in
light of the circumstances then existing, and following such notification promptly prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such shares, such prospectus shall not include an 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 or
incomplete in light of the circumstances then existing; 
 (f) Provide a transfer agent and registrar for all Registrable
Securities registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed; and 
 (h) In connection with any underwritten offering pursuant to a
registration statement filed pursuant to Section 2.1 hereof, enter into an underwriting agreement in form reasonably necessary to effect the offer and sale of Ordinary Shares, provided such underwriting agreement contains
reasonable and customary provisions, and provided further, that each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

 

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 2.6 Indemnification. 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and
partners, legal counsel, and accountants and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification, or compliance has been effected pursuant to this
Section 2, and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages, and liabilities (or actions, proceedings,
or settlements in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular, or other document (including
any related registration statement, notification, or the like) incident to any such registration, qualification, or compliance, (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, or (iii) any violation (or alleged violation) by the Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to the Company and relating to action
or inaction required of the Company in connection with any offering covered by such registration, qualification, or compliance, and the Company will reimburse each such Holder, each of its officers, directors, partners, legal counsel, and
accountants and each person controlling such Holder, each such underwriter, and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any
such claim, loss, damage, liability, or action; provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or omission
based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who controls any such
underwriter and stated to be specifically for use therein; and provided, further that, the indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 

(b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to
which such registration, qualification, or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel, and accountants and each underwriter, if any, of the Company’s
securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of their officers, directors, and partners,
and each person controlling such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or
incorporated by reference in any such registration statement, prospectus, offering circular, or other document, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse the Company and such Holders, directors, officers, partners, legal counsel, and accountants, persons, underwriters, or control persons for any legal or any other expenses reasonably incurred in
connection with investigating or defending any such claim, loss, damage, liability, or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in
such registration statement, prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided,
however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is effected without the consent of
such Holder (which consent shall not be unreasonably withheld); and provided that in no event shall any indemnity under this Section 2.6 exceed the net proceeds from the offering received by such Holder. 

 

 -12- 

 (c) Each party entitled to indemnification under this Section 2.6 (the
“Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation
resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; and provided further that the
failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.6, to the extent such failure is not prejudicial. No Indemnifying Party, in the defense
of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in
writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 
 (d)
If the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the
Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense 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 in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense 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 Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or
omission. 
 (e) Notwithstanding the foregoing, to the extent that the 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. 

2.7 Information by Holder. Each Holder of Registrable Securities shall furnish to the Company such information regarding such
Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification, or compliance referred to in this Section 2.

  

 -13- 

 2.8 Restrictions on Transfer; Legend. 

(a) The holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the
provisions of this Section 2.8. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until
(i) such Holder shall have given prior written notice to the Company of such Holder’s intention to make such disposition, (ii) such disposition is made in accordance with applicable law, including any restrictions on transfer
resulting from applicable securities laws, (iii) such disposition is made in accordance with restrictions on transfer set forth in the Company’s articles of association, including Article 64 thereof, and (iv) such disposition, to the
extent effected after December 31, 2010, is made in accordance with the rights of first refusal set forth in Section 6 hereof. 

(b) Each certificate representing Preferred Shares or Registrable Securities shall (unless otherwise permitted by the provisions of this
Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION
THEREFROM. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A
LOCK-UP PERIOD OF UP TO 180 DAYS IN THE EVENT OF A PUBLIC OFFERING, RIGHTS OF FIRST REFUSAL AND RESTRICTIONS ON TRANSFERABILITY AS SET FORTH IN THE COMPANY’S ARTICLES OF ASSOCIATION AND AN INVESTOR RIGHTS AGREEMENT, COPIES OF WHICH MAY BE
OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 
 The Holders consent to the Company making a notation on its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer established in this Section 2.8. 

(c) The first legend referring to federal and state securities laws identified in Section 2.8(b) hereof stamped on a
certificate evidencing the Restricted Securities and the share transfer instructions and record notations with respect to such Restricted Securities shall be removed and the Company shall issue a certificate without such legend to the holder of such
Restricted Securities if (i) such securities are registered under the Securities Act, or (ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a public sale or transfer of
such securities may be made without registration under the Securities Act, or (iii) such holder provides the Company with reasonable assurances, which may, at the option of the Company, include an opinion of counsel satisfactory to the Company,
that such securities can be sold pursuant to Section (k) of Rule 144 under the Securities Act. 
  

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 2.9 Rule 144 Reporting. With a view to making available the benefits of certain
rules and regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) Make and keep public information regarding the Company available as those terms are understood and defined in Rule 144 under
the Securities Act, at all times from and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) 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 at any time after it has become subject to such reporting requirements; and 
 (c) So long as a Holder owns any
Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the
effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting
requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to
sell any such securities without registration. 
 2.10 Market Stand-Off Agreement. If requested by the Company and an
underwriter of Ordinary Shares (or other securities) of the Company, each Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same
economic effect as a sale, of any Ordinary Shares (or other securities) of the Company held by such Holder (other than those included in the registration) during the one hundred eighty (180) day period following the effective date of the
Company’s Initial Public Offering provided that: all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements;
provided further that if (a) during the last 17 days of such 180-day period the Company issues an earnings release or material news or a material event relating to the Company occurs or (b) prior to the expiration of such
180-day period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of such 180-day period, the restrictions imposed by this Section 2.10 shall continue to apply until the
expiration of the 18-day period beginning on the date of issuance of the earnings release or the occurrence of the material news or material event. The Company may impose stop-transfer instructions and may stamp each such certificate with the second
legend set forth in Section 2.8(b) hereof with respect to the shares of Ordinary Shares (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day period. Each Holder agrees to
execute a market standoff agreement with said underwriters in customary form consistent with the provisions of this Section 2.10. Such Market Stand-off Agreement shall provide that transfers of Registrable Securities by any Holder to any
Affiliate of such Holder during the restricted period are permitted, provided that such Affiliate executes a lock-up or standoff agreement substantively identical to that signed by the transferring Holder. 

 

 -15- 

 2.11 Delay of Registration. No Holder shall have any right to take any action to
restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.12 Transfer or Assignment of Registration Rights. The rights to cause the Company to register securities granted to a Holder by
the Company under this Section 2 may be transferred or assigned by a Holder only to an Affiliate of such Holder or to a transferee or assignee of not less than 1,500,000 shares of Registrable Securities (as presently constituted and
subject to subsequent adjustments for share splits, share dividends, reverse share splits, and the like); provided that, in each case (i) the Company is given written notice prior to said transfer or assignment, stating the name and
address of the transferee or assignee and identifying the securities with respect to which such registration rights are intended to be transferred or assigned and (ii) the transferee or assignee of such rights assumes in writing the obligations
of such Holder under this Agreement, including without limitation the obligations set forth in Section 2.10. 
 2.13
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of a majority in interest of the Holders, enter into any agreement with any holder or
prospective holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of which are senior to the registration rights granted to the Holders hereunder. 

2.14 Termination of Registration Rights. The right of any Holder to request registration or inclusion in any registration pursuant
to Section 2.1, 2.2 or 2.3 shall terminate on the earlier of (i) such date, on or after the closing of the Company’s first registered public offering of Ordinary Shares, on which all shares of Registrable Securities held
or entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90)-day period, and (ii) five (5) years after the closing of a Qualified Public Offering. 

3. INFORMATION COVENANTS OF THE COMPANY 

3.1 Financial Information. The Company will furnish the following reports to each Holder (a “Significant Holder”)
who owns at least 1,500,000 Preferred Shares and/or Conversion Shares (as presently constituted and subject to subsequent adjustments for share splits, share dividends, reverse share splits, and the like): 

(a) As soon as practicable after the end of each fiscal year of the Company and in any event within ninety (90) days after the end
of each such fiscal year of the Company (unless otherwise agreed by the Board, including the approval of the Series C Director and, before the GLAM Subsequent Closing, the Initial Closing Series D Director and, after the GLAM Subsequent
Closing, both Series D Directors), a consolidated balance sheet of the Company and its subsidiaries as at the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries for such year,
prepared in accordance with accounting principles generally accepted in the US (“US GAAP”) consistently applied, audited by a “big-four” international accounting firm selected by the Company (the
“Auditor”). 
  

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 (b) As soon as practicable after the end of the first, second and third quarterly
accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, an unaudited balance sheet of the
Company and its subsidiaries as of the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries for such period, prepared in accordance with US GAAP consistently
applied, subject to changes resulting from normal year-end audit adjustments. 
 (c) Prior to the end of each fiscal year, an
operating budget for the Company for the next succeeding fiscal year; 
 (d) Within thirty (30) days after the end of each
fiscal year of the Company, information with respect to the outstanding shares and share options of the Company outstanding (which share option information may be provided in the aggregate) as of the end of such fiscal year; 

(e) Within thirty (30) days after the end of each month, (i) unaudited monthly financial statements (including income
statements, balance sheets, cash flow statements and accounts receivable reconciliation), (ii) a management report, in such form as agreed by the Board at the first meeting of the Board following the date hereof, setting forth (aa) the business
development plan of the Group Members including any acquisition plan (and its progress thereof) of the operating assets of any entity (including without limitation any school) or the beneficial ownership interests in and/or voting control over any
entity (including without limitation any school), any development plan of any new facility (including without limitation any school) and (bb) the current number of schools and students of the Group Members, and (iii) key performance indicators
reporting, when available; and 
 (f) Such additional financial and other information as such Significant Holder may from time
to time reasonably request. 
 The Company will provide a quarterly reporting package to the members of its Board to facilitate
quarterly Board meetings. This quarterly reporting package will include all the necessary information required by a typical board member of a company and will include quarterly management accounts, discussions of the Company’s operation
performance and financial performance, forecasts of the Company’s immediate future performance, management issues and other matters relevant to the Company’s operations. 

 

 -17- 

 3.2 Inspection Rights. The Significant Holders or their duly appointed agent shall
have the right to visit and inspect any of the properties of the Company and, upon prior notice to the Company and with the Company’s consent (which consent shall not be unreasonably withheld or delayed), the Company shall arrange for such
Significant Holders to visit and inspect the properties of the other Group Members (as such term is defined in the Series D Purchase Agreement). The Significant Holders or their duly appointed agent shall have the right to
discuss the affairs, finances and accounts of the Company with its officers, and to review such information as is reasonably requested all at such reasonable times and as often as may be reasonably requested. Any expense incurred as a result of
such inspection shall be paid by the Significant Holder exercising these inspection rights. The Company shall take all actions necessary to cause each of the Group Members to effect the inspections contemplated hereof. 

3.3 Termination of Covenants. The Company’s obligations under this Section 3 will terminate upon a Qualified
Public Offering. 
 4. RIGHT OF FIRST REFUSAL ON COMPANY ISSUANCES 

4.1 Right of First Refusal to Significant Holders. The Company hereby grants to each Significant Holder the right of first refusal
to purchase its pro rata share of New Securities (as defined in this Section 4.1(a)) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. A Significant Holder’s pro rata share, for
purposes of this right of first refusal, is equal to the ratio of (a) the number of shares of Ordinary Shares owned by such Significant Holder immediately prior to the issuance of New Securities (assuming full conversion of the Preferred Shares
and exercise of all outstanding convertible securities, rights, options and warrants, directly or indirectly, into Ordinary Shares held by said Significant Holder) to (b) the total number of shares of Ordinary Shares outstanding immediately
prior to the issuance of New Securities (assuming full conversion of the Preferred Shares and exercise of all outstanding convertible securities, rights, options and warrants of the Company). The Significant Holders shall have the over allotment
option to purchase New Securities in the event if any Significant Holder fails to purchase all of its pro rata shares of New Securities. 

(a) “New Securities” shall mean any share capital (including Ordinary Shares and/or Preferred Shares) of the Company
whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital shares, and securities of any type whatsoever that are, or may become, exercisable or convertible into capital shares (collectively
“Convertible Securities”); provided that the term “New Securities” does not include: 
 (i)
The Series D Preferred Shares issued at the Initial Closing (as defined in the Series D Purchase Agreement) and to be issued at the Subsequent Closing (as defined in the Series D Purchase Agreement) pursuant to the Series D Purchase Agreement and
the Ordinary Shares issued upon conversion of the Preferred Shares; 
 (ii) Ordinary Shares issued or issuable to employees,
officers or directors of, or consultants or advisors to, the Company or any subsidiary pursuant to share purchase or share option plans or other arrangements approved by the Board, or upon exercise of options or similar rights granted to such
parties pursuant to any such plan or arrangement; 
  

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 (iii) Ordinary Shares issued pursuant to the exercise of options, warrants or other
Convertible Securities outstanding as of the date of this Agreement; 
 (iv) Ordinary Shares and/or Convertible Securities
issued in connection with an acquisition or similar business combination approved by the Board; 
 (v) Ordinary shares and/or
Convertible Securities issued pursuant to a share split, share dividend, combination, recapitalization or like event; or 

(vi) Ordinary Shares and/or Convertible Securities the issuance of which is specifically excluded from the provisions of this
Section 4 by unanimous vote or unanimous written consent of the Board. 
 (b) In the event the Company proposes to
undertake an issuance of New Securities, it shall give each Significant Holder written notice of its intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each
Significant Holder shall have ten (10) days after any such notice is mailed or delivered to agree to purchase such Significant Holder’s pro rata share of such New Securities and to indicate whether such Significant Holder desires to
exercise its over allotment option for the price and upon the terms specified in the notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased. 

(c) In the event the Significant Holders fail to exercise fully the right of first refusal and over allotment rights, if any, within
said ten (10) day period (the “Election Period”), the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at
all, within ninety (90) days from the date of said agreement) to sell that portion of the New Securities with respect to which the Significant Holders’ right of first refusal option set forth in this Section 4.1 was not
exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Significant Holders delivered pursuant to Section 4.1(b). In the event the Company has not sold within such
ninety (90) day period following the Election Period, or such ninety (90) day period following the date of said agreement, the Company shall not thereafter issue or sell any New Securities, without first again offering such securities to
the Significant Holders in the manner provided in this Section 4.1. 
 (d) The right of first refusal granted under
this Section 4 shall not apply with respect to and shall expire immediately prior to a Qualified Public Offering. 

5. TRANSFERS BY THE FOUNDERS 

5.1 Right of First Refusal. 

(a) Notice of Transfer. Subject to the consent requirement under Section 8.5 herein if a Founder proposes to transfer
any shares (the “Founder Shares”) beneficially owned by the Founder (the “Selling Founder”), then the Selling Founder shall promptly give written notice (the “Notice of Transfer”) simultaneously to
each Significant Holder and the Company at least thirty (30) days prior to the closing of such transfer. The Notice of Transfer shall describe in reasonable detail the proposed transfer including, without limitation, the number of Founder
Shares to be transferred, the nature of such transfer, the consideration to be paid, and the name and address of each prospective investor or transferee. 
  

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 (b) Company’s Right of First Refusal. For a period of ten (10) days
following receipt of any Notice of Transfer described in Section 5.1(a), the Company shall have the right to purchase all or a portion of the Founder Shares subject to such Notice of Transfer on the same terms and conditions as set forth
therein. The Company’s purchase right shall be exercised by written notice signed by a majority of the directors of the Company who are not nominated by the Selling Founder and delivered to the Selling Founder. The Company shall effect the
purchase of the Founder Shares, including payment of the purchase price, not more than ten (10) Business Days after delivery of the Notice of Transfer, and at such time the Selling Founder shall deliver to the Company the certificate(s)
representing the Founder Shares to be purchased by the Company, each certificate to be properly endorsed for transfer. The Founder Shares so purchased shall thereupon be cancelled and cease to be issued and outstanding Ordinary Shares. 

(c) Significant Holder’s Right of First Refusal. In the event that the Company does not elect to purchase all of the Founder
Shares available pursuant to its rights under Section 5.1(b) within the period set forth therein, the Selling Founder shall promptly give written notice (the “Second Notice”) to each Significant Holder, which shall set
forth the number of Founder Shares not purchased by the Company and which shall include the terms of Notice of Transfer set forth in Section 5.1(a). Each such Significant Holder shall then have the right, exercisable upon written notice
to the Selling Founder (the “Significant Holder Notice”) within ten (10) days after the receipt of the Second Notice, to purchase up to all of the Founder Shares subject to the Second Notice and on the same terms and conditions
as set forth therein. If more than one Significant Holder provides notice of exercise of its rights under this Section 5.1(c) with respect to any proposed transfer of Founder Shares, then each such Significant Holder shall be entitled to
purchase that percentage of the Founder Shares proposed to be transferred that is equal to (i) the number of shares of Ordinary Shares issued or issuable upon conversion of the Preferred Shares held by such Significant Holder divided by
(ii) the total number of Ordinary Shares issued or issuable upon conversion of the Preferred Shares held by all Significant Holders exercising their rights pursuant to this Section 5.1(c). Each such Significant Holder shall effect
the purchase of the Founder Shares, including payment of the purchase price, not more than ten (10) days after delivery of the Significant Holder Notice (the “Right of First Refusal Period”), and at such time the Selling
Founder shall deliver to such Significant Holder the certificate(s) representing the Founder Shares to be purchased by such Significant Holder, each certificate to be properly endorsed for transfer. 

5.2 Right of Co-Sale. 

(a) Co-Sale Notice. To the extent that the Significant Holders and the Company do not exercise their rights with respect to all
of the Founder Shares subject to a proposed sale of Founder Shares pursuant to Section 5.1 above, a Selling Founder shall, before any sale of such Founder Shares, first give the Significant Holders written notice of such Selling
Founder’s intention to sell the remaining Founder Shares that are not being purchased by the Company or the Significant Holders pursuant to Section 5.1 hereof (the “Co-Sale Shares”), describing the amount of Co-Sale
Shares proposed to be transferred, the identity of the proposed transferee, and the price and terms upon which such Selling Founder proposes to make such transfer (the “Co-Sale Notice”). 

 

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 (b) Co-Sale. Within fifteen (15) Business Days after delivery of the Co-Sale
Notice, each Significant Holder who has not exercised her or his right of first refusal as provided in Section 5.1(c) hereof may elect to sell up to its pro rata share of the Co-Sale Shares to be purchased by the transferee described in
the Co-Sale Notice by giving written notice thereof to the Selling Founder and tendering to the Secretary of the Company a certificate representing the shares to be sold, properly endorsed for transfer, with written instructions to transfer the
shares to the transferee described in the Co-Sale Notice upon receipt of payment for such shares from such transferee for the benefit of such Significant Holder (“Co-Sale Significant Holder(s)”). The Selling Founder shall thereupon
notify the transferee of the co-sale arrangements hereunder, and instruct the transferee to deliver payment for the shares to be purchased from the Significant Holders to the Secretary of the Company, who shall transmit such payment to such Co-Sale
Significant Holders. For the purpose of the co-sale right set forth in this Section 5.2, the pro rata share of a Co-Sale Significant Holder shall be determined based on the number of shares of Ordinary Shares issued or issuable upon
conversion of the Preferred Shares held by such Co-Sale Significant Holder divided by the sum of (A) the total number of shares of Ordinary Shares issued or issuable upon conversion of the Preferred Shares held by all Co-Sale Significant
Holders exercising the co-sale right pursuant to this Section 5.2 plus (B) the number of shares of Ordinary Shares held by the Selling Founder at the date of the Co-Sale Notice (assuming conversion of all convertible securities and
exercise of all options and warrants held by such Selling Founder). To the extent that any prospective buyer refuses to purchase all of the shares from an Co-Sale Significant Holder exercising co-sale rights hereunder, the Selling Founder shall not
sell any Co-Sale Shares to such prospective buyer unless and until, simultaneously with such sale, such Selling Founder shall purchase such Co-Sale Shares from such Co-Sale Significant Holder at not less than the price and upon other terms and
conditions, if any, set forth in the Co-Sale Notice. 
 5.3 Selling Founder’s Right to Transfer. If any of the
Founder Shares remain available after the exercise (or failure to exercise) of the rights of first refusal under Section 5.1 and the co-sale rights under Section 5.2, the Selling Founder may, within ninety (90) days
after the date of delivery of the Co-Sale Notice, transfer some or all of the Co-Sale Shares which were the subject of the Co-Sale Notice at a price and on terms no more favorable to the transferee(s) than specified in the Co-Sale Notice. Co-Sale
Shares transferred in accordance with the provisions of this Section 5.3 shall no longer be subject to the restrictions on Co-Sale Shares set forth in Sections 5.1 and 5.2. After the expiration of the ninety
(90) day period, the Selling Founder shall not transfer any Co-Sale Shares without again complying with the procedures set forth above in Sections 5.1 and 5.2. 

 

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 5.4 Exempt Transfers. Notwithstanding the foregoing, the first refusal rights of the
Company and Significant Holders set forth in Section 5.1 and the rights of co-sale of the Significant Holders set forth in Section 5.2 shall not apply to transfers by a Founder (i) without consideration therefor to such
Founder’s ancestors, descendants or spouse, or to trusts for the benefit of such persons, or (ii) by way of any bona fide gift effected for tax planning purposes; provided that in the event of any transfer made pursuant to the
exemptions provided by clauses (i) or (ii) above, (A) the Founder shall inform the Company and the Significant Holders of such transfer or gift prior to effecting it and (B) the transferee or donee shall furnish the Company and
the Significant Holders with a written agreement to be bound by and comply with all provisions of this Agreement. Such transferred Founder Shares shall remain “Founder Shares” hereunder, and such transferee or donee shall be treated as the
“Founder” for purposes of this Agreement. 
 5.5 Termination. The rights of first refusal and co-sale granted
under this Section 5 shall not apply with respect to and shall expire immediately prior to a Qualified Public Offering. 

6. TRANSFERS BY THE INVESTORS 

6.1 Right of First Refusal. 

(a) Notice of Transfer. If an Investor proposes to transfer at any time after December 31, 2010 any Preferred Shares or
Conversion Shares (the “Investor Shares”) beneficially owned by the Investor (the “Selling Investor”), then the Selling Investor shall promptly give written notice (the “Notice of Investor
Transfer”) simultaneously to each Significant Holder, with a copy to the Company. The Notice of Investor Transfer shall describe in reasonable detail the proposed transfer including, without limitation, (i) the number of Investor
Shares proposed to be transferred (the “Offered Shares”), (ii) the nature of such transfer, (iii) the proposed consideration for such transfer, which consideration must be in United States Dollar cash only and may not be
in kind, (iv) the name and address of each prospective purchaser or transferee of the Offered Shares (the “Proposed Transferee”), and (v) at the election of the Selling Investor, a condition (the “Investor Transfer
Condition”) that the Selling Investor is not willing to sell the Offered Shares unless the Electing Significant Holders (as defined below) that issue a valid Significant Holder Notice to Investor (as defined below) within the Acceptance
Period (as defined below), in aggregate, elect to purchase all of the Offered Shares on the terms set out in the Notice of Investor Transfer. The Notice of Investor Transfer shall be irrevocable and shall constitute a binding agreement by the
Selling Investor to sell the Offered Shares to the Electing Significant Holder(s); provided that if the Investor Transfer Condition is specified in the Notice of Investor Transfer, the Notice of Investor Transfer shall only constitute a binding
agreement by the Selling Investor to sell the Offered Shares to the Electing Significant Holder(s) if the Electing Significant Holder(s) that issue a valid Significant Holder Notice to Investor within the Acceptance Period, in the aggregate, elect
to purchase all of the Offered Shares on the terms set out in the Notice of Investor Transfer. 
  

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 (b) Significant Holder’s Right of First Refusal. Each Significant Holder shall
have the right, exercisable upon written notice to the Selling Investor (the “Significant Holder Notice To Investor”) within ten (10) Business Days after the receipt of the Notice of Investor Transfer (the “Acceptance
Period”), to purchase up to all of the Offered Shares subject to the Notice of Investor Transfer and on the same terms and conditions as set forth therein. If more than one Significant Holder provides notice of exercise of its rights under
this Section 6.1(b) with respect to the Offered Shares, then each such Significant Holder (the “Electing Significant Holder”) shall be entitled to purchase that percentage of the Offered Shares proposed to be transferred
that is equal to (i) the number of shares of Ordinary Shares issued or issuable upon conversion of the Preferred Shares held by such Electing Significant Holder divided by (ii) the total number of Ordinary Shares issued or issuable upon
conversion of the Preferred Shares held by all Electing Significant Holders exercising their rights pursuant to this Section 6.1(b). Each such Electing Significant Holder shall effect the purchase of the Offered Shares, including payment
of the purchase price, not more than ten (10) Business Days after delivery of the Significant Holder Notice To Investor, and at such time the Selling Investor shall deliver to each such Electing Significant Holder the certificate(s)
representing the relevant Offered Shares to be purchased by such Electing Significant Holder, each certificate to be properly endorsed for transfer. For the avoidance of doubt, if the Investor Transfer Condition is specified in the Notice of
Investor Transfer and the Electing Significant Shareholders do not elect to purchase all of the Offered Shares pursuant to this Section 6.1(b), the right of first refusal of the Electing Significant Shareholders in relation to the
Offered Shares shall lapse unless and until such Offered Shares are not sold to the Proposed Transferee within the Sale Period (defined below) in accordance with Section 6.2. 

6.2 Selling Investor’s Right to Transfer. If any of the Offered Shares remain unsold after the exercise (or failure to
exercise) of the rights of first refusal pursuant to Section 6.1, the Selling Investor shall have the right, subject to Article 64 of the Company’s Articles of Association, within ninety (90) days after the expiration of the
Acceptance Period (the “Sale Period”) to transfer all of the Offered Shares which were not sold pursuant to Section 6.1 to the Proposed Transferee specified in the Notice of Investor Transfer at a price and on terms no
more favorable to the Proposed Transferee than specified in the Notice of Investor Transfer. After the expiration of the Sale Period, the Selling Investor shall not transfer any Offered Shares without again complying with the procedures set forth
above in Section 6.1 and this Section 6.2. 
 6.3 Exempt Transfers. Notwithstanding the
foregoing, the first refusal rights of the Significant Holders set forth in Section 6.1 shall not apply to transfers by an Investor to an Affiliate of such Investor, provided that in the event of any such transfer by an Investor
to an Affiliate of such Investor, (A) the Investor shall inform the Company and the Significant Holders of such transfer prior to effecting it and (B) the transferee shall furnish the Company and the Significant Holders with a written
agreement to be bound by and comply with all provisions of this Agreement. Such transferred Investor Shares shall remain “Investor Shares” hereunder, and such transferee shall be treated as the “Investor” for purposes of this
Agreement. 
 6.4 Termination. The rights of first refusal granted under this Section 6 shall not apply with
respect to and shall expire immediately prior to a Qualified Public Offering. 
  

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 7. VOTING AGREEMENT 

7.1 Agreement to Vote. Each Investor, as a holder of Preferred Shares, hereby agrees on behalf of itself and any transferee or
assignee of any such shares to hold all of the Preferred Shares registered in its name (and any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution for such shares, and any other voting securities of
the Company subsequently acquired by such Investor) subject to, and to vote the Preferred Shares at a regular or special meeting of shareholders (or by written consent) in accordance with, the provisions of this Section 7. The Founders,
as holders of Ordinary Shares of the Company, hereby agree on behalf of themselves and any transferee or assignee of any such shares of Ordinary Shares, to hold all of such shares of Ordinary Shares and any other voting securities of the Company
acquired by the Founders in the future (and any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution for such securities) subject to, and to vote the Ordinary Shares at a regular or special meeting of
shareholders (or by written consent) in accordance with, the provisions of this Section 7. 
 7.2 Board Size.
The Investors and Founders shall vote at a regular or special meeting of shareholders (or by written consent) such Preferred Shares and Ordinary Shares that they own (or as to which they have voting power), as applicable, to ensure that the size of
the Board shall be set and remain at seven (7) directors. 
 7.3 Election of Directors. In any election of directors
of the Company, whether at a general meeting or by written consent, the Founders and each Investor shall each vote (or execute any written consent with respect to) such number of Preferred Shares or Ordinary Shares then owned by them (or as to which
they then have voting power) as may be necessary to elect the following individuals to the Board: 
 (a) two
(2) representatives selected by the holders of the outstanding Ordinary Shares (excluding for this purpose any Conversion Shares converted from the Preferred Shares) and Series A Preferred Shares, voting together as a single class;

 (b) one (1) representative selected by the holder of a majority of the Series B Preferred Shares (the
“Series B Director”), which representative shall be designated by The CID Group so long as The CID Group and its Affiliates collectively hold at least 1,500,000 Series B Preferred Shares (or Conversion Shares converted
therefrom); 
 (c) one (1) representative selected by the holder of a majority of the Series C Preferred Shares (the
“Series C Director”), which representative shall be designated by Macquarie Group Limited (“Macquarie”) so long as Macquarie and its Affiliates hold at least 1,500,000 Series C Preferred Shares (or
Conversion Shares converted therefrom); 
 (d) two (2) representatives selected by the holder of a majority of the
Series D Preferred Shares (the “Series D Directors”), one (1) of which representatives shall be designated by Actis Angel (AEM3) Ltd. (“Actis”) so long as Actis and its Affiliates hold at least
1,500,000 Series D Preferred Shares (or Conversion Shares converted therefrom) (the “Initial Closing Series D Director”), and one (1) of which representatives shall be designated by GL Asia Mauritius II Cayman Ltd.
(“GLAM”) so long as GLAM and its Affiliates hold at least 1,500,000 Series D Preferred Shares (or Conversion Shares converted therefrom) (the “Subsequent Closing Series D Director”); provided that the
Subsequent Closing Series D Director shall only be appointed to the Board upon the Subsequent Closing (as defined in the Series D Purchase Agreement) in which GLAM purchases 12,972,159 Series D Preferred Shares (the “GLAM Subsequent
Closing”) and prior to such GLAM Subsequent Closing, the holders of the Series D Preferred Shares shall not have any right to appoint such Subsequent Closing Series D Director; and 

 

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 (e) one (1) representative unanimously selected by all other directors of the Board.

 7.4 Removal. Any director of the Company may be removed from the Board in the manner allowed by law and the
Company’s Articles of Association, but with respect to a director designated above, only upon the vote or written consent of the shareholders entitled to designate such director. 

7.5 No Liability for Election of Recommended Directors. Neither the Company, the Founders, the Investors, nor any officer,
director, shareholder, partner, employee or agent of such party, makes any representation or warranty as to the fitness or competence of the nominee of any party hereunder to serve on the Company’s Board by virtue of such party’s execution
of this Agreement or by the act of such party in voting for such nominee pursuant to this Agreement. 
 7.6 Grant of
Proxy. Should the provisions relating to the voting of shares pursuant to this Section 6 be construed to constitute the granting of proxies, such proxies shall be deemed coupled with an interest and are irrevocable for the term of
this Agreement. 
 7.7 Manner of Voting. The voting of shares pursuant to this Section 7 may be effected in
person, by proxy, by written consent, or in any other manner permitted by applicable law. 
 7.8 Protective Provisions.

 (a) So long as at least 6,450,000 Series A Preferred Shares (as adjusted for any share split, share dividend, share
combination or consolidation, recapitalization, reclassification or other similar event) shall be outstanding, the Investors and Founders shall not, without obtaining the affirmative vote or written consent of the holders of a majority of the
outstanding Series A Preferred Shares voting as a separate class (based on the number of Ordinary Shares into which each holder’s Series A Preferred Shares is then convertible, as adjusted from time to time), vote at a regular or
special meeting of shareholders (or by written consent) to: 
 (i) waive, amend, or repeal any provision of the Company’s
Articles of Association if such action would adversely alter or change the rights, preferences or privileges of, or the restrictions provided for the benefit of, the Series A Preferred Shares; 

(ii) increase or decrease the authorized number of shares of Series A Preferred Shares; or 

(iii) create (by reclassification or otherwise) any new class or series of shares having rights, preferences or privileges senior to or
on a parity with the Series A Preferred Shares. 
  

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 (b) So long as at least 3,000,000 Series B Preferred Shares (as adjusted for any share
split, share dividend, share combination or consolidation, recapitalization, reclassification or other similar event) shall be outstanding, the Investors and the Founders (1) shall not, without obtaining the affirmative vote or written consent
of the holders of a majority of the outstanding Series B Preferred Shares voting as a separate class (based on the number of Ordinary Shares into which each holder’s Series B Preferred Shares is then convertible, as adjusted from time
to time) vote at a regular or special meeting of shareholders (or by written consent) of the Company to and (2) in the case of (i), (iii), (iv), (v) and (vi) below, shall procure that each of the other Group Members shall not, without
obtaining the affirmative vote or written consent of the holders of at least a majority of the outstanding Series B Preferred Shares voting as a separate class (based on the number of Ordinary Shares into which each holder’s Series B Preferred
Shares is then convertible, as adjusted from time to time), vote at a regular or special meeting of shareholders (or by written consent) of the Group Member that it owns to: 

(i) waive, amend, or repeal any provision of the articles of association or any other charter documents of such Group Member if such
action would adversely alter or change the rights, preferences or privileges of, or the restrictions provided for the benefit of, the Series B Preferred Shares; 

(ii) increase or decrease the authorized number of shares of Series B Preferred Shares; 

(iii) create (by reclassification, merger or otherwise) any new class or series of shares having rights, preferences or privileges with
respect to dividends, or payments upon liquidation senior to or on a parity with the Series B Preferred Shares or having voting rights other than those granted to the Preferred Shares generally; 

(iv) take any action that would expose the holders of Series B Preferred Shares to more than a minimal risk of being subject to
taxation under Section 305 of the United States Internal Revenue Code; 
 (v) redeem or repurchase any of the
Company’s shares or declare a dividend with respect to any such shares; provided, however, that this provision shall not apply to the Company’s redemption or repurchase of shares issued to or held by employees, officers,
directors or consultants of the Company upon termination of their employment or services or pursuant to agreements providing for the right of such repurchase between the Company and such persons; 

(vi) change the number of directors constituting the full Board and the board of directors of each of the Offshore Group Members; or

 (vii) amend Article 51(3)(e)(ii) of the Company’s Articles of Association. 

 

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 (c) So long as at least 3,000,000 of the Series C Preferred Shares (as adjusted for
any share split, share dividend, share combination or consolidation, recapitalization, reclassification or other similar event) shall be outstanding, the Investors and the Founders (1) shall not, without obtaining the affirmative vote or
written consent of the holders of at least two thirds (2/3) of the outstanding Series C Preferred Shares voting as a separate class (based on the number of Ordinary Shares into which each holder’s Series C Preferred Shares is
then convertible, as adjusted from time to time), vote at a regular or special meeting of shareholders (or by written consent) of the Company to, and (2) in the case of (i), (iii), (iv), (v) and (vi) below, shall procure that each of
the other Group Members shall not, without obtaining the affirmative vote or written consent of the holders of at least two-thirds (2/3) of the outstanding Series C Preferred Shares voting as a separate class (based on the number of Ordinary
Shares into which each holder’s Series C Preferred Shares is then convertible, as adjusted from time to time), vote at a regular or special meeting of shareholders (or by written consent) of the Group Member that it owns to: 

(i) waive, amend, or repeal any provision of the articles of association or any other charter documents of such Group Member if such
action would adversely alter or change the rights, preferences or privileges of, or the restrictions provided for the benefit of, the Series C Preferred Shares; 

(ii) increase or decrease the authorized number of shares of Series C Preferred Shares; 

(iii) create (by reclassification, merger or otherwise), offer or issue any new class or series of shares, or any securities or rights
to acquire or convert into any such class or series of shares, having rights, preferences or privileges (including but not limited to with respect to dividends or payments upon liquidation) senior to or on a parity with the Series C Preferred
Shares or having voting rights other than those granted to the Preferred Shares generally; 
 (iv) take any action that would
expose the holders of Series C Preferred Shares to more than a minimal risk of being subject to taxation under Section 305 of the United States Internal Revenue Code; 

(v) declare a dividend with respect to any of its shares or any other payment to the holders of its shares in their capacity as
shareholders out of its distributable profits or reserves of the relevant Group Member; 
 (vi) change the number of directors
constituting the full Board and the board of directors of each of the Offshore Group Members; or 
 (vii) amend Article
51(3)(e)(iii) of the Company’s Articles of Association. 
  

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 (d) So long as at least 3,000,000 of the Series D Preferred Shares
(as adjusted for any share split, share dividend, share combination or consolidation, recapitalization, reclassification or other similar event) shall be outstanding, the Investors and the Founders (1) shall not, without obtaining the
affirmative vote or written consent of the holders of at least two thirds
( 2/3) of the outstanding Series D
Preferred Shares voting as a separate class (based on the number of Ordinary Shares into which each holder’s Series D Preferred Shares is then convertible, as adjusted from time to time), vote at a regular or special meeting of
shareholders (or by written consent) of the Company to and (2) in the case of (i), (iii), (iv), (v) and (vi) below, shall procure that each of the other Group Members shall not, without obtaining the affirmative vote or written
consent of the holders of at least two-thirds
( 2/3) of the outstanding Series D Preferred
Shares voting as a separate class (based on the number of Ordinary Shares into which each holder’s Series D Preferred Shares is then convertible, as adjusted from time to time), vote at a regular or special meeting of shareholders (or by
written consent) of the Group Member that it owns to: 
 (i) waive, amend, or repeal any provision of the
articles of association or any other charter documents of such Group Member if such action would adversely alter or change the rights, preferences or privileges of, or the restrictions provided for the benefit of, the Series D Preferred Shares;

 (ii) increase or decrease the authorized number of shares of Series D Preferred Shares; 

(iii) create (by reclassification, merger or otherwise), offer or issue any new class or series of shares, or any securities or rights
to acquire or convert into any such class or series of shares, having rights, preferences or privileges (including but not limited to with respect to dividends or payments upon liquidation) senior to or on a parity with the Series D Preferred
Shares or having voting rights other than those granted to the Preferred Shares generally; 
 (iv) take any action that would
expose the holders of Series D Preferred Shares to more than a minimal risk of being subject to taxation under Section 305 of the United States Internal Revenue Code; 

(v) declare a dividend with respect to any of its shares or any other payment to the holders of its shares in their capacity as
shareholders out of distributable profits or reserves of the relevant Group Member; 
 (vi) change the number of directors
constituting the full Board and the board of directors of each of the Offshore Group Members; or 
 (vii) amend Article
51(3)(e)(iv) of the Company’s Articles of Association. 
  

 -28- 

 7.9 Board Level Protective Provisions. The Founders, the Investors and the Company
shall ensure that the following matters in respect of each Group Member and/or the Group Members as a whole (where applicable) shall not be undertaken unless it has been (a) approved by a majority of the Directors at a meeting of the Board duly
constituted pursuant to the Company’s Articles of Association, provided that such approval shall include the approval of the Series B Director, the Series C Director and, before the GLAM Subsequent Closing, the Initial Closing Series D
Director and, after the GLAM Subsequent Closing, both Series D Directors, (b) approved by a unanimous written resolution of the Board duly passed pursuant to the Company’s Articles of Association or (c) if permissible under applicable
law, approved in writing (which may include electronic mail) by the Series B Director, the Series C Director and, before the GLAM Subsequent Closing, the Initial Closing Series D Director and, after the GLAM Subsequent Closing, both Series D
Directors: 
  

	 	(a)	the incurrence of indebtedness in excess of US$2,000,000 in the aggregate during any one year (other than the incurrence of indebtedness provided for in the
Company’s business plan and budget approved pursuant to subparagraph (e) below and other than the incurrence of indebtedness by one or more Group Members to one or more other Group Members); 

 

	 	(b)	the purchase or lease of any real estate (other than office, manufacturing, training center or warehouse space used in the ordinary course of business);

  

	 	(c)	the purchase of equity securities in any company, the acquisition of the operating assets of any entity (including without limitation any school) that is not a Group
Member or the acquisition through contractual arrangements of the beneficial ownership interests in and/or voting control over any entity (including without limitation any school) that is not a Group Member; 

 

	 	(d)	the extension of any loan to any party that is not related to the business operations of the Company or other Group Member; 

 

	 	(e)	the approval of the Company’s business plan and budget (including any capital expenditure plan) or any material changes thereof or any material deviation from the
Company’s then current business plan and budget (including any capital expenditure plan); 

  

	 	(f)	the hiring or firing of the Company’s Chief Executive Officer, President or Chief Financial Officer; 

 

	 	(g)	any repurchase or redemption of any its share capital other than in connection with (i) a termination of employment or consulting relationship pursuant to a bona
fide employment agreement or consulting agreement approved by the Board, or (ii) a redemption pursuant to the Company’s Articles of Association; 

  

	 	(h)	the appointment or removal of the auditors of the Company or Ambow Education Co., Ltd. or any material change in the accounting policies previously adopted by the
Company or Ambow Education Co., Ltd.; 

  

	 	(i)	the provision of direct or indirect guaranties for any indebtedness of a person that is not a Group Member; 

 

 -29- 

	 	(j)	creating or permitting to exist any lien, security interest or other charge or encumbrance of any kind on any of its assets for any indebtedness of any person that is
not a Group Member; 

  

	 	(k)	the establishment of any new direct or indirect subsidiary (including without limitation any school) of the Company or any joint venture or partnership;

  

	 	(l)	the adoption of, or amendment to, any employee equity incentive plan; 

  

	 	(m)	any liquidation, dissolution or winding up or any Company Sale Event (as defined in Article 51(3)(b)(vi) of the Company’s Articles of Association);

  

	 	(n)	any transaction involving it, on the one hand, and any of its key employees, officers, directors or shareholders or any affiliate or relative of a shareholder or any of
its officers, directors or shareholders, on the other hand (other than (i) employment contracts entered into in the ordinary course of business and (ii) any transaction where the transaction value is less than US$500,000);

  

	 	(o)	the commencement or settlement of any litigation where the amount in controversy exceeds US$500,000; 

 

	 	(p)	the disposition of its assets, business or any of its direct or indirect subsidiaries, in each case with a value in excess of US$1 million in any single transaction or
in the aggregate at any time in a series of related transactions in any twelve month period; 

  

	 	(q)	the terms of an initial public offering of any of its securities on any stock exchange (including without limitation the structure of the listing group and any
restructuring in preparation of such initial public offering); 

  

	 	(r)	the sale, transfer, license, charge, encumbrance or any form of disposal of any trademarks, patents or other intellectual property rights owned or used by it other than
in the ordinary course of business (other than any such sale, transfer, license, charge, encumbrance or form of disposal to one or more other Group Members); 

 

	 	(s)	the cessation of the business of the Group Members taken as a whole as such business is conducted as of the date of the Series D Preferred Share Purchase Agreement or
any material change in the business activities of the Group Members taken as a whole as such activities are conducted as of the date of the Series D Preferred Share Purchase Agreement; 

 

 -30- 

	 	(t)	the execution or termination of (1) any contract outside the ordinary course of business where the dollar value of such contract exceeds US$1 million, (2) any
derivatives contract regardless of the dollar value of such contract, or (3) any contract with a dollar value exceeding US$1 million granting any supplier, vendor or any other third party any exclusive rights to sell, operate, license or
otherwise use any properties, services, rights, or any other assets of any Group Member (excluding for this purpose any such contract entered into solely between Group Members); 

 

	 	(u)	the approval of the annual financial statements of the Company and, to the extent separately prepared, the annual financial statements of Ambow Education Co., Ltd.; and

  

	 	(v)	the delegation of any powers of the board of directors of the Company or any other Offshore Group Member (as such term is defined in the Series D Purchase Agreement) to
a committee or any person or the change of any such delegation or the change of the composition or membership of such a committee. 

For the avoidance of doubt, except to the extent such authority is delegated by the Board to a committee in accordance with the following
paragraph, the Company shall not effect a corporate restructuring of the Group Members, taken as a whole, in preparation for an initial public offering of any Group Member or any initial public offering of the securities of any Group Member without
obtaining (a) the approval of a majority of the Directors at a meeting of the Board duly constituted pursuant to these Articles, provided that such approval shall include the approval of the Series B Director, the Series C Director and,
before the GLAM Subsequent Closing, the Initial Closing Series D Director and, after the GLAM Subsequent Closing, both Series D Directors, or (b) a unanimous written resolution of the Board duly passed pursuant to the Company’s Articles of
Association. 
 The Board may delegate its power to approve one or more of the foregoing matters set forth above in this
Section 7.9 to any committee or any person so long as such delegation is approved as set forth above in this Section 7.9(v) and is effected in accordance with the Company’s Articles of Association. In the event of any
such delegation to any committee or any person, approval by such committee or such person in respect of such matters (in accordance with the authority granted and directions imposed with such delegation by the Board) shall satisfy the approval
requirements of this Section 7.9. 
 7.10 Board of Directors of Offshore Group Members. The board of
directors of each Offshore Group Member (as such term is defined in the Series D Purchase Agreement) (other than the Company) shall have the same number of directors as that of the Company. The directors of each Offshore Group Member (other than the
Company) shall be appointed and removed in accordance with the same rules and procedures provided for the Board, and such rules and procedures with respect to the appointment and removal of the directors of the Board set forth in this Agreement
shall apply mutatis mutandis to the board of directors of each Offshore Group Member (other than the Company) and the directors of such board of directors; provided that, in the event a matter submitted or to be submitted for approval
to the board of directors of an Offshore Group Member (other than the Company) is approved by the Board of the Company, then the members of the board of directors of such Offshore Group Member shall execute all consents and other documents
reasonably required to effect the approval of such matter by the board of directors of such Offshore Group Member (i) concurrently with the approval by the Board of the Company, or (ii) in the event any such consent or other document is
subsequently provided to the members of the board of directors of such Offshore Group Member, no later than five Business Days following receipt thereof. 
  

 -31- 

 7.11 Termination of Rights. The rights and obligations set forth in this
Section 7 shall terminate and be of no further force or effect upon the closing of a Qualified Public Offering. 

8. ADDITIONAL COVENANTS OF THE COMPANY AND THE FOUNDER 

8.1 Corporate Governance. The Company shall develop policies and procedures that are in accordance with good corporate governance,
include appropriate internal control procedures to be developed as soon as practicable after the Company’s hiring of a Chief Financial Officer and the establishment of Board sub-committees as determined by the Board. The Board shall adopt
policies concerning the following issues (i) business plan approvals, (ii) significant variances in expenses, borrowings and other grants over the Company’s assets outside the business plan, (iii) key appointments and
compensation, (iv) change in/cessation of business operations or dissolution; (v) auditors and accounting policies, (vi) share option granting policy and approval procedures, and (vii) related party transactions policy.

 8.2 Board Composition. Subject to Section 7 hereof, the Company and the Investors shall cooperate to
further develop a Board structure incorporating independent Board members reflecting best practice corporate governance. 
 8.3
United States Tax Matters. 
 (a) Before the closing of the Qualified Public Offering, the Company shall determine
annually, within forty-five (45) days from the end of each taxable year, with respect to such taxable year (i) whether the Company is a passive foreign investment company (“PFIC”) as described in Section 1297 of the
United States Internal Revenue Code of 1986, as amended (the “Code”) (including whether any exception to PFIC status may apply) or is or may be classified as a partnership or branch for U.S. federal income tax purposes, and
(ii) to provide such information reasonably available to the company as any U.S. Investor may request to permit such U.S. Investor to elect to treat the Company and/or any such entity (including a controlled Affiliate of the Company) as a
“qualified electing fund” (within the meaning of Section 1295 of the Code) (a “QEF Election”) for U.S. federal income tax purposes. Company shall also, reasonably promptly upon request, obtain and provide any and
all other information deemed necessary by the U.S. Investor to comply with the provisions of this Section 8.3(a). 

(b) If a determination is made by the Company that the Company is a PFIC for a particular taxable year, then for such year and for each
year thereafter, the Company shall also provide each known U.S. Investor within sixty (60) days from the end of such year with a completed “PFIC Annual Information Statement”, in form and substance as attached in
Exhibit F, as required by Treasury Regulation Section 1.1295-1(g) and any other information required by a U.S. Investor to comply with any reporting or other requirements in connection with the QEF Election. 

 

 -32- 

 (c) The Company shall promptly provide the U.S. Investors with written notice if it (or any
of its controlled Affiliates) becomes a controlled foreign corporation as described in Section 957 of the Code. The Company shall, (i) upon the reasonable request of a U.S. Investor, furnish on a timely basis all information requested by
such Investor to satisfy its U.S. federal income tax return filing requirements, if any, arising from its investment in the Company and relating to the Company or any other Group Member’s classification as a controlled foreign corporation
(“CFC”) as described in the Code; and (ii) use commercially best efforts to avoid generating for any taxable year in which the Company or any other Group Member is a CFC income that would be includible in the income of such
U.S. Investor pursuant to Section 951 of the Code (“Subpart F income”). 
 (d) The Company will comply
and will cause its controlled Affiliates to comply with all record-keeping, reporting, and other requests necessary for the Company and its controlled Affiliates to allow any U.S. Investor to comply with any applicable U.S. federal income tax law.
The Company will also provide any known U.S. Investor with any information reasonably requested to allow such investor to comply with any applicable U.S. federal income tax law (including but not limited to information relating to the transfer of
any equity interests of the Company (or any controlled Affiliate) and the issuance or redemption by the Company (or any controlled Affiliate) of any equity interests). 

(e) The Company shall, if requested by a U.S. Investor, cooperate in determining whether it would be desirable, reasonable and
appropriate for the Company and/or any controlled Affiliate to elect to be classified as a partnership or branch for U.S. federal income tax purposes and, if so, to take all reasonable steps to cause any such elections to be made, including by
filing or by causing to be filed, Internal Revenue Service Form 8832 (or any successor form), and the Company shall not permit such election, once made, to be terminated or revoked without the written consent of the U.S. Investor. 

(f) For purposes of this Section 8.3: (i) “U.S. Investor” means (A) any Investor that is a United States
person and (B) any Investor that is an entity treated as a foreign partnership for U.S. federal income tax purposes, one or more of the owners of which are, or controlled by, United States persons; and (ii) “United States person”
means any person described in Section 7701(a)(30) of the Code. 
 8.4 Public Offering. The Company intends to
procure a Qualified Public Offering as soon as reasonably practicable. In the event that the entity to be listed (the “Listco”) is a subsidiary of the Company, the Company shall, at the request of any Investor and in exchange of
such Investor’s equity interest in the Company, cause such Investor to be allotted such number of Listco’s shares corresponding to such Investor’s equity interest in the Company without any additional consideration. 

 

 -33- 

 8.5 Founder Lock-Up. Notwithstanding any provision to the contrary in this Agreement,
Dr. Jin Huang hereby unconditionally and irrevocably agrees and covenants that: 
 (i) prior to the
Qualified Public Offering, other than Permitted Transfers, she will not and will cause any entity controlled by her not to, directly or indirectly, sell, assign, transfer, pledge, hypothecate, or otherwise encumber or dispose of in any way or agree
to or grant an option in relation to the same (“Transfer”) any of her equity interest in the Company (directly or indirectly held) without the prior written consent of holders of at least two-thirds
( 2/3) of the outstanding Series D
Preferred Shares; and 
 (ii) unless waived in writing by (A) GLAM (for so long as GLAM Related Parties continue to
hold any of the Series D Preferred Shares purchased by GLAM under the Series D Purchase Agreement (or the Conversion Shares converted therefrom)), (B) Actis (for so long as Actis Related Parties continue to hold any of the
Series D Preferred Shares purchased by Actis Angel (AEM3) Ltd. and Actis Angel (ACF2) Ltd. under the Series D Purchase Agreement (or the Conversion Shares converted therefrom) and (C) Macquarie (for so long as Macquarie Related
Parties continue to hold any of the Series D Preferred Shares purchased by Macquarie under the Series D Purchase Agreement (or the Conversion Shares converted therefrom), other than Permitted Transfers, she will not, directly or indirectly, Transfer
more than twenty percent (20%) in the aggregate of any of her equity interest in the Company (directly or indirectly held upon the closing of the Initial Public Offering) for a period of 360-days past the expiration of the 180-days lock-up
period applicable to any Series D Preferred Shares in connection with the Initial Public Offering. Notwithstanding any provision to the contrary in this Agreement, Section 8.5(ii) shall survive the closing of the Initial Public Offering.

 For the purpose of this Section 8.5: 

“Actis Related Party” means: (i) any fund, investment vehicle or other entity formed or
incorporated in any jurisdiction which is managed or advised by an entity in the Actis Group (“Actis Fund(s)”); (ii) any investor or participant in an Actis Fund; (iii) any incorporated body or unincorporated body wholly
owned by Actis Fund(s); (iv) any member of the Actis Group; (v) any officer, employee or partner of any member of the Actis Group; and (vi) any nominee, trustee or custodian of any person referred to in (i) to (v).

 “Actis Group” means: (i) Actis LLP; and (ii) any unincorporated body, body
corporate or partnership which is its subsidiary, subsidiary undertaking or holding company or parent undertaking or other Affiliates and each unincorporated body, body corporate or partnership which is a subsidiary or subsidiary undertaking of its
holding company or parent undertaking or other Affiliates. 
 “GLAM Related Party” means:
(i) any fund, investment vehicle or other entity formed or incorporated in any jurisdiction which is managed or advised by an entity in the GLAM Group (“GLAM Fund(s)”); (ii) any investor or participant in a GLAM Fund;
(iii) any incorporated body or unincorporated body wholly owned by GLAM Fund(s); (iv) any member of the GLAM Group; (v) any officer, employee or partner of any member of the GLAM Group; and (vi) any nominee, trustee or custodian
of any person referred to in (i) to (v). 
  

 -34- 

 “GLAM Group” means: (i) GLAM; and (ii) any
unincorporated body, body corporate or partnership which is its subsidiary, subsidiary undertaking or holding company or parent undertaking or other Affiliates and each unincorporated body, body corporate or partnership which is a subsidiary or
subsidiary undertaking of its holding company or parent undertaking or other Affiliates. 
 “Macquarie
Related Party” means: (i) any fund, investment vehicle or other entity formed or incorporated in any jurisdiction which is managed or advised by an entity in the Macquarie Group (“Macquarie Fund(s)”); (ii) any
investor or participant in a Macquarie Fund; (iii) any incorporated body or unincorporated body wholly owned by Macquarie Fund(s); (iv) any member of the Macquarie Group; (v) any officer, employee or partner of any member of the
Macquarie Group; and (vi) any nominee, trustee or custodian of any person referred to in (i) to (v). 

“Macquarie Group” means: (i) Macquarie Group Limited; and (ii) any unincorporated body, body
corporate or partnership which is its subsidiary, subsidiary undertaking or holding company or parent undertaking or other Affiliates and each unincorporated body, body corporate or partnership which is a subsidiary or subsidiary undertaking of its
holding company or parent undertaking or other Affiliates. 
 The terms “holding company”,
“subsidiary” and “subsidiary undertaking” shall have the meanings contained in the English Companies Act 2006. 

“Permitted Transfer” shall mean (i) any transfer of shares to the shareholders of the transferor, if
the transferor is an entity, or if transferor is a natural person, to her spouse, parents or children or trusts for the benefit of her or her spouse, parents or children or transfers of shares by her by devise or descent, and (ii) any bona fide
gift of up to five percent (5%) in the aggregate of the shares held by transferor as at the date hereof, to a charitable organization; provided, in the case of a Permitted Transfer pursuant to the foregoing clauses (i) or (ii), the
transferee or other recipient agrees to be bound by the provisions of this Section 8.5. 

Notwithstanding anything to the contrary in this Agreement, the provisions of this Section 8.5 shall terminate
in respect of GLAM, Actis or Macquarie (as the case may be) at such time as GLAM Related Parties, Actis Related Parties or Macquarie Related Parties respectively no longer hold any of the Series D Preferred Shares purchased by them under the
Series D Purchase Agreement (or the Conversion Shares converted therefrom). 
 8.6 Amendments of Articles of Offshore
Group Members. The Founders and the Company shall procure that the articles of association of each of the Offshore Group Members shall be amended within 30 days from the date hereof to reflect the provisions set forth in Section 7.9 and
Section 7.10. 
  

 -35- 

 9. GENERAL PROVISIONS 

9.1 Notices. Any and all notices required or permitted to be given to a party pursuant to the provisions of this Agreement will be
in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the time of transmission by
facsimile, addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying
successful transmission of the facsimile; (iii) one (1) Business Day after deposit with an express overnight courier for deliveries within a country, or three (3) Business Days after such deposit for international deliveries or
(iv) three (3) Business Days after deposit in mail by certified mail (return receipt requested) or equivalent for deliveries within a country. 

Any party hereto (and such party’s permitted assigns) may by notice so given change its address for future notices hereunder. Notice
shall conclusively be deemed to have been given in the manner set forth above. 
 9.2 Entire Agreement. This Agreement,
together with all the Exhibits hereto, constitutes and contains the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements,
understandings, duties or obligations between the parties respecting the subject matter hereof. 
 9.3 Governing Law and
Dispute Resolution. 
 (a) This Agreement shall be governed by, and construed and enforced, and the arbitrators shall
decide any disputed submitted by the parties of this Agreement, in accordance with the substantive laws of New York as such laws are applied to agreements between New York residents entered into and to be performed within New York without regard to
principles of conflicts of laws. 
 (b) Any dispute, controversy or claim arising out of, relating to, or concerning this
Agreement, or the interpretation, performance, breach, termination or validity of this Agreement, shall be settled by arbitration to be held in Hong Kong under the UNCITRAL Rules in accordance with the HKIAC Procedures for the Administration of
International Arbitration in force at the time of arbitration. However, if such rules are in conflict with the provisions of this Section 9.3(b), including provisions concerning the appointment of arbitrators, the provisions of this
Section 9.3(b) shall apply. The arbitration proceedings shall be conducted in English and administered under the auspices of the Hong Kong International Arbitration Centre (“HKIAC”). There shall be a single arbitrator
agreed upon by the parties or, if the parties are unable to agree within thirty days, appointed by the HKIAC. 
 (c) Each party
irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such arbitration in Hong Kong and the HKIAC, and hereby submits to the exclusive jurisdiction of Hong
Kong and the HKIAC in any such arbitration. Notwithstanding the foregoing, any party to a dispute under this Agreement shall be entitled to seek injunctive relief from any court of competent jurisdiction pending the constitution of the arbitration
tribunal. 
  

 -36- 

 (d) The award of the arbitrator(s) shall be final, conclusive and binding on the parties to
the arbitration. The prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 
 (e) The
parties to the arbitration shall each pay an equal share of the costs and expenses of such arbitration, and each party shall separately pay for its respective counsel fees and expenses; provided, however, that the prevailing party in
any such arbitration shall be entitled to recover from the non-prevailing party its reasonable costs and attorney fees. 
 9.4
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision(s) shall be: (a) excluded from this Agreement and the balance of this Agreement shall be interpreted as if
such provision(s) were so excluded and shall be enforceable in accordance with its terms and (b) replaced by a mutually acceptable provision, which being valid, legal, enforceable and in compliance with applicable law comes closest to the
intention of the parties underlying such illegal, invalid or unenforceable term. 
 9.5 Delays or Omissions. It is agreed
that no delay or omission to exercise any right, power, or remedy accruing to any Holder, upon any breach, default or noncompliance of the Company under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a
waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on
any Holder’s part of any breach, default or noncompliance under the Agreement or any waiver on such Holder’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically
set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to Holders, shall be cumulative and not alternative. 

9.6 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties
hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement. 
 9.7 Successors And
Assigns. The provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto, except that the Company may not assign or transfer any of its rights or obligations
under this Agreement. 
 9.8 Captions. The captions to sections of this Agreement have been inserted for identification
and reference purposes only and shall not be used to construe or interpret this Agreement. 
  

 -37- 

 9.9 Counterparts; Telecopy Signatures. This Agreement may be executed in
counterparts, each of which shall be an original, and all of which together shall constitute one instrument. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties, and an executed copy of this Agreement
may be delivered by one or more parties by facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and
effective for all purposes. At the request of any party, all parties agree to execute an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 

9.10 Costs And Attorneys’ Fees. In the event that any action, suit or other proceeding is instituted concerning or arising
out of this Agreement or any transaction contemplated hereunder, the prevailing party shall recover all of such party’s costs and attorneys’ fees incurred in each such action, suit or other proceeding, including any and all appeals or
petitions therefrom. 
 9.11 Adjustments for Share Splits, Etc. Wherever in this Agreement there is a reference to a
specific number of shares of Ordinary Shares or Preferred Shares of the Company of any class or series, then, upon the occurrence of any subdivision, combination or share dividend of such class or series of shares, the specific number of shares so
referenced in this Agreement shall automatically be proportionally adjusted to reflect the affect on the outstanding shares of such class or series of shares by such subdivision, combination or share dividend. 

9.12 Aggregation of Shares. All shares held or acquired by affiliated entities or persons shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement. 
 9.13 Reservation of Ordinary Shares. The
Company will at all times reserve and keep available, solely for issuance and delivery upon the conversion of the Preferred Shares, all Ordinary Shares issuable from time to time upon such conversion. 

 

 -38- 

 9.14 Amendment. Except as expressly provided herein, and subject
to the remaining provisions of this Section 9.14, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company and the
Holders holding a majority of the Registrable Securities; provided, however, that Holders purchasing Series D Preferred Shares in a Subsequent Closing (as defined in the Series D Purchase Agreement) may become parties to this
Agreement, by executing a counterpart of this Agreement without any amendment of this Agreement pursuant to this paragraph or any consent or approval of any other Holder. Any such amendment, waiver, discharge or termination effected in accordance
with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder acknowledges that by the operation of this paragraph, subject to the remaining provisions of this Section 9.14,
the holders of a majority of the Registrable Securities will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. Notwithstanding anything to the contrary herein, in the event that any amendment of this
Agreement shall adversely affect any Holder in a manner that is different from the effect on all other Investors within the same class and series of the affected Holder or imposes any material obligation or liability on such Holder beyond that
already imposed on such Holder hereunder prior to such amendment, such amendment shall require the prior written consent of such affected Holder. Notwithstanding anything to the contrary herein, (i) in the event that any amendment of this
Agreement shall diminish or eliminate any rights given to a Holder of Series B Preferred Shares, such amendment shall require the prior written consent of Holders holding at least a majority of Series B Preferred Shares, (ii) in the event that
any amendment of this Agreement shall diminish or eliminate any rights given to a Holder of Series C Preferred Shares , such amendment shall require the prior written consent of Holders holding at least two thirds
( 2/3) of Series C Preferred Shares and
(iii) in the event that any amendment of this Agreement shall diminish or eliminate any rights given to a Holder of Series D Preferred Shares, such amendment shall require the prior written consent of Holders holding at least two thirds
( 2/3) of Series D Preferred Shares.

 [Remainder of Page Intentionally Left Blank] 

 

 -39- 

 IN WITNESS WHEREOF, the parties hereto have executed this Third Amended and Restated
Investor Rights Agreement as of the date first written above. 
  

			
	“COMPANY”
	
	 Ambow Education Holding Ltd.

a Cayman Islands exempted company

		
	By:	 	 /s/ Jin Huang

		
	Name:	 	 Jin Huang

		
	Title:	 	 CEO

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	“INVESTORS”
	
	Ambow Corporation
		
	By:	 	 /s/ Jin Huang

		
	Name:	 	 Jin Huang

		
	Title:	 	  

	
	EdVenture Inc.
		
	By:	 	 /s/

		
	Name:	 	 illegible

		
	Title:	 	  

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	“INVESTORS”
	
	Asia Pacific Genesis Venture Capital Fund L.P.
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

	
	Asia Pacific Century Venture Capital Ltd.
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

	
	Asiagroup Worldwide Limited
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

	
	Star Pacific Worldwide Limited
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	“INVESTORS”
	
	J & D Capital Corp.
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

	
	Nien Hsing International (Bermuda) Ltd.
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

	
	A & D Capital Corp.
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

	
	CAM-CID Asia Pacific Investment Corp.
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	 “INVESTORS”

	
	Good Work Consultants Limited
		
	By:	 	 /s/ Steven Chang

		
	Name:	 	 Steven Chang

		
	Title:	 	 Managing Partner

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	 “INVESTORS”

	
	Ligenh Global Fund LP
		
	By:	 	 /s/ Stephen T. Wuu

		
	Name:	 	 Stephen T. Wuu

		
	Title:	 	 General Partner

	
	JAFCO Asia Technology Fund III
		
	By:	 	 /s/ Hiroshi Yamada

		
	Name:	 	 Hiroshi Yamada

		
	Title:	 	 Attorney

	
	CSI BD (Mauritius)
		
	By:	 	 /s/ Mark T. Gorman

		
	Name:	 	 Mark T. Gorman

		
	Title:	 	 Director

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	“INVESTORS”
	
	Macquarie Investment Holdings (No. 2) Pty Limited
		
	By:	 	 /s/ Daniel Phillips

		
	Name:	 	 Daniel Phillips

		
	Title:	 	 Executive Director

		
	By:	 	 /s/ Yuan Liu

		
	Name:	 	 Yuan Liu

		
	Title:	 	 Senior VP

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	 “INVESTORS”

	
	GL Asia Mauritius II Cayman Ltd.
		
	By:	 	 /s/ Jennifer Tang

		
	Name:	 	 Jennifer Tang

		
	Title:	 	  

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	“INVESTORS”
	
	Actis Angel (AEM3) Ltd.
		
	By:	 	 /s/ Yannick Roussety

		
	Name:	 	 Yannick Roussety

		
	Title:	 	 Director

	
	Actis Angel (ACF2) Ltd.
		
	By:	 	 /s/ Yannick Roussety

		
	Name:	 	 Yannick Roussety

		
	Title:	 	 Director

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

			
	 “FOUNDERS”

		
	By:	 	 /s/ Jin Huang

		
	Name:	 	 Dr. Jin Huang

	
	Spin-Rich Ltd.
		
	By:	 	 /s/ Jin Huang

		
	Name:	 	 Jin Huang

		
	Title:	 	  

	
	CStar Investments Holding Limited
		
	By:	 	 /s/ Jin Huang

		
	Name:	 	 Jin Huang

		
	Title:	 	  

(Signature Page to Third Amended and Restated Investor Rights Agreement) 

 EXHIBIT A 

List of Series A Investors 
  

			
	 Name of Investor
	  	Number of Series 
A
Preferred Shares Held
		
	 Ambow Corporation
	  	5,400,000
		
	 EdVenture, Inc
	  	7,500,000

 EXHIBIT B 

List of Series B Investors 
  

			
	 Name of Investor
	  	Number of Series 
B
Preferred Shares Held
		
	 Asia Pacific Genesis Venture Capital Fund L.P.
	  	4,017,855
		
	 Asia Pacific Century Venture Capital Ltd.
	  	1,687,500
		
	 Asiagroup Worldwide Limited
	  	669,642
		
	 Star Pacific Worldwide Limited
	  	602,676
		
	 J & D Capital Corp.
	  	415,176
		
	 Nien Hsing International (Bermuda) Ltd.
	  	267,855
		
	 A & D Capital Corp.
	  	227,676
		
	 CAM-CID Asia Pacific Investment Corp.
	  	147,321
		
	 Ligenh Global Fund LP
	  	334,821
		
	 JAFCO Asia Technology Fund III
	  	5,357,142
		
	 CSI BD (Mauritius)
	  	4,017,858

 EXHIBIT C 

List of Series C Investors 
  

			
	 Name of Investor
	  	Number of Series 
C
Preferred Shares Held
		
	 Macquarie Investment Holdings (No. 2) Pty Limited
	  	10,784,695
		
	 Good Work Consultants Limited
	  	82,169
		
	 CAM-CID Asia Pacific Investment Corp.
	  	45,193
		
	 J&D Capital Corp.
	  	127,361
		
	 A&D Capital Corp.
	  	69,844
		
	 STAR Pacific Worldwide Limited
	  	184,880
		
	 Asiagroup Worldwide Limited
	  	205,423
		
	 Asia Pacific Century Venture Capital LTD
	  	517,666
		
	 Asia Pacific Genesis Venture Capital Fund L.P.
	  	1,232,538
		
	 CSI BD (Mauritius)
	  	1,509,857
		
	 GL Asia Mauritius II Cayman Ltd.
	  	8,627,755

 EXHIBIT D 

List of Series D Investors 
  

			
	 Name of Investor
	  	Number of Series 
D
Preferred Shares Held
		
	 Actis Angel (AEM3) Ltd.
	  	6,486,080
		
	 Actis Angel (ACF2) Ltd.
	  	6,486,079
		
	 GL Asia Mauritius II Cayman Ltd.
	  	12,972,159
		
	 Macquarie Investment Holding (No. 2) Pty Limited
	  	778,331

 EXHIBIT E 

List of Founders 
  

					
	 Name
	  	 Class
	  	Shares
			
	 Dr. Jin
Huang(1)
	  	 Ordinary Shares
	  	12,600,000
			
	 CStar Investments Holding Limited
	  	 Ordinary Shares
	  	7,500,000

  

	(1)
	 Shares held of record by Spin-Rich Ltd. and beneficially owned by Dr. Jin Huang. 

 EXHIBIT F 

PFIC Annual Information Statement 

[Must be signed by an authorized representative of the Company] 

PFIC Annual Information Statement pursuant to U.S. Treasury Regulation § 1.1295-1(g). 

                      
                                       (the
“Company”) hereby represents that: 
  

	1.	This PFIC Annual Information Statement applies to the Company’s taxable year beginning on
             and ending on             . 

 

	2.	The pro rata shares of the Company’s ordinary earnings and net capital gain attributable to the U.S. Shareholder (directly or indirectly through any other entity
that holds the investment in the Company) for the taxable year specified in paragraph (1) are: 

 Ordinary
Earnings: $                     

Net Capital Gain:
$                       
  

	3.	The amount of cash and the fair market value of other property distributed or deemed distributed by the Company to the U.S. Shareholder during the taxable year
specified in paragraph (1) are as follows: 

 Cash:
$                                         
            
 Fair Market Value of Property:
$             
  

	4.	The Company will permit the U.S. Shareholder to inspect the Company’s permanent books of account, records, and such other documents as may be maintained by the
Company that are necessary to establish that the Company’s ordinary earnings and net capital gain are computed in accordance with U.S. Federal income tax principles, and to verify these amounts and the U.S. Shareholders direct or indirect pro
rata shares thereof; provided, that (i) a Company representative shall, at the Company’s option, accompany the Investor on any such inspection, and (ii) the Company shall not be required to permit such inspection if such
inspection would violate applicable Laws, regulations or policies of the PRC or the Cayman Islands. 

  

					
		 	 By:
	 	  

			
		 	 Title:
	 	
			
		 	 Date:

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