Document:

Form of Indemnification Agreement

 Exhibit 10.3 

AMBOW EDUCATION HOLDING LTD. 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is dated as of [—],
and is between Ambow Education Holding Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Company”), and [—]
(“Indemnitee”). 
 RECITALS 

A. The Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee. 

B. The Company and Indemnitee recognize that individuals are reluctant to serve as directors or officers of corporations or in certain
other capacities unless they are provided with adequate protection through insurance or indemnification against the risks of litigation and claims against them arising out of such service. 

C. In light of the increases in corporate litigation in general, and the limited protections provided by applicable law, the
Company’s governing documents and any insurance, Indemnitee may not be willing to serve as a director or officer without additional protection. 

D. In order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and necessary for the Company
to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law. 

E. This Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s articles of association,
and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder. 

The parties therefore agree as follows: 

1. Definitions. 

(a) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of
this Agreement of any of the following events: 
 (i) Acquisition of Stock by Third Party. Any Person (as
defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing twenty (20) percent or more of the combined voting power of the Company’s then outstanding securities;

 (ii) Change in Board Composition. During any period of two consecutive years (not including any period
prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Company’s board of directors, and any new directors (other than a director designated by a person who has entered into an agreement with
the Company to effect a transaction described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the board of directors or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the
Company’s board of directors; 

 (iii) Corporate Transactions. The effective date of a merger or
consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and
with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; 

(iv) Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an
agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and 

(v) Other Events. Any other event of a nature that would be required to be reported in response to Item 6(e)
of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended, whether or not the Company is then subject to such reporting requirement.

 For purposes of this Section 1(a), the following terms shall have the following meanings: 

(1) “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended; provided, however, that “Person” shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any
corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

(2) “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended; provided, however, that “Beneficial Owner” shall exclude any Person otherwise becoming a Beneficial Owner by reason of (i) the shareholders of the Company approving a merger of the Company
with another entity or (ii) the Company’s board of directors approving a sale of securities by the Company to such Person. 

(b) “Corporate Status” describes the status of a person who is or was a director, trustee, general
partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise. 
 (c)
“Enterprise” means the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the
Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary. 
 (d)
“Expenses” include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise
participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond,
supersedeas bond or other appeal bond or their equivalent, (ii) Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’ and
officers’ liability insurance policies maintained by the Company, and (iii) Expenses incurred in a Declaratory Action pursuant to Section 10(c). Expenses, however, shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee. 
  

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 (e) “Independent Counsel” means a law firm, or a
partner or member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party
(other than as Independent Counsel with respect to matters concerning Indemnitee under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of
interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

(f) “Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, including any
appeal therefrom and including without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of (i) the
fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or officer of the Company, or (iii) the fact that he or
she is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such capacity at the
time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement. 

(g) Reference to “other enterprises” shall include employee benefit plans; references to
“fines” shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director,
officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith
and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the
Company” as referred to in this Agreement. 
 2. Indemnity in Third-Party Proceedings. The Company shall
indemnify Indemnitee in accordance with the provisions of this Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a
judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by
Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein. 
 3. Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or
in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein. No indemnification for Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have
been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that such court or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as such court or such other court shall deem proper. 

 

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 4. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the
extent that Indemnitee is a party to or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. To the extent permitted by applicable law, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, in defense
of one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with (a) each
successfully resolved claim, issue or matter and (b) any claim, issue or matter related to any such successfully resolved claim, issue or matter. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 5.
Indemnification for Expenses of a Witness. To the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by
applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 

6. Additional Indemnification. 

(a) Notwithstanding any limitation in Sections 2, 3 or 4, the Company shall indemnify Indemnitee to the fullest extent
permitted by applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or matter therein. 

(b) For purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by applicable
law” shall include, but not be limited to: 
 (i) the fullest extent permitted by the provision of
the laws of the Cayman Islands or otherwise, as applicable, that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of such laws; and 

(ii) the fullest extent authorized or permitted by any amendments to or replacements of the laws of the Cayman Islands or
otherwise, as applicable, adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

7. Exceptions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement:

 (a) To indemnify Indemnitee for an accounting or disgorgement of profits pursuant to Section 16(b) of the
Securities Exchange Act of 1934, as amended, if applicable, or similar provisions of U.S. federal, state or local statutory law or common law, if Indemnitee is held conclusively by a court of competent jurisdiction to be liable therefor (including
pursuant to any settlement arrangements); 
  

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 (b) To indemnify Indemnitee for any reimbursement of the Company by
Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Securities Exchange Act of 1934, as amended
(including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements); 

(c) To advance expenses or provide indemnification in connection with any Proceeding (or any part of any Proceeding)
initiated or brought voluntarily by Indemnitee, and not by way of defense, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, agents or other indemnitees,
unless (i) the Company’s board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers
vested in the Company under applicable law; (iii) with respect to Proceedings brought to establish or enforce a right to indemnification or advancement under this Agreement or any other agreement, insurance policy, or under the Company’s
Articles of Association, as now or hereafter in effect; or (iv) otherwise required by applicable law; or 

(d) To provide indemnification for any acts, omissions or transactions from which Indemnitee may not be relieved of
liability under applicable law. 
 8. Advancement of Expenses. The Company shall advance the Expenses incurred by
Indemnitee in connection with any Proceeding, and such advancement shall be made as soon as reasonably practicable, but in any event no later than thirty (30) days after the receipt by the Company of a written statement or statements requesting
such advances from time to time (which shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that
would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice). Indemnitee hereby undertakes to repay any advance to the extent that it is ultimately determined that Indemnitee is not entitled to be
indemnified by the Company. This Section 8 shall not apply to the extent advancement is prohibited by law and shall not apply to any Proceeding for which indemnity is not permitted under this Agreement, but shall apply to any Proceeding
referenced in Section 7(a) or 7(b) prior to a determination that Indemnitee is not entitled to be indemnified by the Company. 

9. Procedures for Notification and Defense of Claim. 

(a) Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek
indemnification or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall include, in reasonable detail, a description of the nature of the
Proceeding and the facts underlying the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so
notifying the Company shall not constitute a waiver by Indemnitee of any rights, except to the extent that such failure or delay materially prejudices the Company. 

(b) If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has
directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in accordance with the procedures set forth in the applicable policies. The Company shall
thereafter take all reasonable and necessary action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. 

 

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 (c) In the event the Company may be obligated to provide indemnification in
connection with a Proceeding, the Company shall be entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to Indemnitee of written notice of its
election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses of counsel subsequently incurred by
Indemnitee with respect to the same Proceeding. Notwithstanding the Company’s assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s counsel to the extent (i) the
employment of counsel by Indemnitee is authorized by the Company, (ii) the Company shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee
needs to be separately represented, (iii) the fees and expenses are non-duplicative and reasonably incurred in connection with Indemnitee’s role in the Proceeding despite the Company’s assumption of the defense, (iv) the Company
is not financially or legally able to perform its indemnification obligations or (v) the Company shall not have retained, or shall not continue to retain, such counsel to defend such Proceeding. The Company shall have the right to conduct such
defense as it sees fit in its sole discretion, including the right to settle any Proceeding (or any part thereof) without the consent of Indemnitee. Indemnitee shall give the Company such information and cooperation in connection with the Proceeding
as may be reasonably appropriate. The Company shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company. 

(d) Regardless of any provision in this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at
Indemnitee’s personal expense. The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) entered into without the Company’s prior written consent, which shall not be unreasonably
withheld. 
 10. Procedures upon Application for Indemnification. 

(a) To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding. Any delay
in providing the request will not relieve the Company from its obligations under this Agreement, except to the extent such failure is prejudicial. Indemnitee shall cooperate with the person, persons or entity making the determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is
reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company, to the extent permitted by applicable law. 
 (b) If a Change
of Control has occurred, upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made, at the election of
Indemnitee, by Independent Counsel selected by and paid for by the Company in a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made within ten (10) business days after such determination. 
  

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 (c) If at any time the Company believes that Indemnitee has not met the
standards of conduct which make it permissible under applicable law to indemnify Indemnitee or advance expenses for the amount(s) claimed, the Company may file an action to obtain a declaratory judgment that Indemnitee is not entitled under
applicable law to receive indemnification or advancement from the Company (“Declaratory Action”). In any such Declaratory Action, the burden of proof shall be on the Company to establish that Indemnitee is not entitled to indemnification
or advances. If the Company files a Declaratory Action, Indemnitee shall be entitled to receive interim payment of Expenses pursuant to Section 8 including Expenses defending a Declaratory Action unless and until the court issues an order or
judgment that Indemnitee is not entitled under applicable law to receive indemnification or advancement from the Company. In the event of an order or judgment in a Declaratory Action that Indemnitee is not entitled under applicable law to receive
indemnification or advancement from the Company, the Company shall have no further obligation under this Agreement, the Company’s articles of association, or any other applicable law, statute or rule to provide indemnification or advancement of
Expenses to Indemnitee. 
 (d) Notwithstanding anything in this Agreement to the contrary, no determination as to
entitlement to indemnification shall be required to be made prior to the final disposition of the Proceeding. 
 11.
Presumptions and Effect of Certain Proceedings. 
 (a) The termination of any Proceeding or of any claim,
issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself create a presumption that Indemnitee
did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her
conduct was unlawful. 
 (b) Neither (i) the failure of the Company, its board of directors, any committee
or subgroup of the board of directors, Independent Counsel or shareholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an
actual determination by the Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or shareholders that Indemnitee has not met the applicable standard of conduct, shall create a presumption that
Indemnitee has or has not met the applicable standard of conduct. 
 (c) None of the knowledge, actions or
failure to act of any other director, officer, agent or employee of the Enterprise shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

12. Non-exclusivity. The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not
be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s articles of association, any agreement, a vote of shareholders or a resolution of directors, or otherwise. To the extent
that a change in the laws of the Cayman Islands, or otherwise, as applicable, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company’s articles of
association and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein or therein. Except as
expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or
remedy. 
  

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 13. No Duplication of Payments. The Company shall not be liable under this Agreement
to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such amounts under any insurance policy, contract,
agreement or otherwise. 
 14. Insurance. To the extent that the Company maintains an insurance policy or policies
providing liability insurance for directors, trustees, general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered by such policy or policies to the same extent
as the most favorably-insured persons under such policy or policies in a comparable position. 
 15. Subrogation. In the
event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 16. No
Construction as Employment Agreement. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee, and nothing contained in this Agreement shall be construed as
giving Indemnitee any right to be retained in the employ of the Company or any of its subsidiaries. 
 17. Successors.
This Agreement shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. 
 18.
Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order or other
applicable law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the
extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any
section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

19. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in
furtherance of the Company’s articles of association and applicable law. 
 20. Modification and Waiver. No
supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other
provision of this Agreement nor shall any waiver constitute a continuing waiver. 
  

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 21. Notices. All notices and other communications required or permitted hereunder
shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed: 

(a) if to Indemnitee, to Indemnitee’s address, facsimile number or electronic mail address as shown on the signature
page of this Agreement or in the Company’s records, as may be updated in accordance with the provisions hereof; or 

(b) if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at 18th
Floor, Building A, Chengjian Plaza, No.18 North Taipingzhuang Road, Haidian District, Beijing 100088, China, or at such other current address as the Company shall have furnished to Indemnitee, with a copy (which shall not constitute notice) to
Ms. Carmen Chang, Wilson Sonsini Goodrich & Rosati, P.C., Jin Mao Tower, 38F, Unit 01-03, 88 Century Boulevard, Pudong New Area, Shanghai 200121, China. 

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been
given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a internationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit
with the courier), (ii) if sent via mail, at the earlier of its receipt or five (5) days after the same has been deposited in a regularly-maintained receptacle for the deposit of the mail in China, addressed and mailed as aforesaid,
or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent
during normal business hours of the recipient, then on the recipient’s next business day. 
 22. Applicable Law and
Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware of the United States, without regard to conflict of laws
rules. The Company and Indemnitee hereby (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the State of Delaware of the United States, and not in any other state or federal
court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the State of Delaware of the United States for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware of the United States, C T Corporation as its agent in the State of Delaware of the United States as such
party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware of the United States,
waive any objection to the laying of venue of any such action or proceeding in the State of Delaware of the United States, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the State of
Delaware of the United States has been brought in an improper or inconvenient forum. 
 23. Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile
signature and in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is
sought needs to be produced to evidence the existence of this Agreement. 
  

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 24. Captions. The headings of the Sections of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
  

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 The parties are signing this Indemnification Agreement as of the date stated in the
introductory sentence. 
  

	
	AMBOW EDUCATION HOLDING LTD.
	
	  

	(Signature)
	
	  

	(Print name)
	
	  

	(Title)
	
	[INSERT INDEMNITEE NAME]
	
	  

	(Signature)
	
	  

	(Print name)
	
	  

	(Address)English Translation of Lease Agreement

 Exhibit 10.4 

Chengjian Plaza Lease Contract 

December 27, 2005, amended August 13, 2007 

Party A: Beijing Chengjian Real Estate Co., Ltd. 

Party B: Beijing Ambow Online Software Co., Ltd. 

 Party A and Party B enter into this lease contract on December 27, 2005 and further renewed this
contract on August 13, 2007 in Beijing through friendly discussions. 
 This contract consists of the following parts: 

1. General Provisions of Contract; 
 2. Agreed
Provisions of Contract; 
 3. Other matters agreed upon by the Parties and mutual agreements. 

This Contract shall be construed in the following order: 

1. Other matters agreed upon by the Parties and mutual agreements; 

2. Agreed Provisions of Contract; 
 3. General
Provisions of Contract. 
 Part One – General Provisions of Contract 

Section 1 Leased Units 
 For the
provisions on the Leased Units, see Section 1 of Agreed Provisions of Contract. 
 Section 2 Purpose of Lease 

For the purpose of the Leased Units, see Section 2 of Agreed Provisions of Contract. 

Section 3 Term of Lease and Delivery Date of the Leased Units 

For the term of lease and delivery date of the Leased Units, see Section 3 of Agreed Provisions of Contract. 

Section 4 Rent-free Period 
 For the
rent-free period, see Section 4 of Agreed Provisions of Contract. 
 Section 5 Renovation and Fitting-out 

1. If Party B needs to carry out any renovation and fitting-out works for the structures or facilities of the Leased Units or the other units of the Plaza
(“Renovation and Fitting-out”), it shall submit the plans for the Renovation and Fitting-out to Party A for review in advance. Within 7 business days upon receipt of all plans for the Renovation and Fitting-out from Party B, Party A shall
review such plans and notify Party B of the written results. After the plans are reviewed and approved by Party A, Party B shall be responsible for filing such plans with the competent fire department for examination. Party B shall not start the
renovation and fitting-out until it receives the examination opinions from the fire department; upon completion of the fitting-out, the works shall be inspected and accepted by the fire department before the Leased Units are put to use (if Party B
uses the Lease Unit without reporting to the fire department for examination and approval or the fire department’s inspection and acceptance, Party B shall assume all liabilities arising thereof). Party B is obligated to inform Party A of any
actual or potential harm or threat that the Renovation and Fitting-out may cause to the Plaza. Party B shall strictly comply with relevant provisions in the Fitting-out Manual. 

 2. Party B shall have the right to use its own fitting-out contractor who shall have the qualifications and
licenses required by the competent government authorities. Party A shall, to a reasonable extent, assist Party B and its fitting-out contractor in obtaining relevant licensing documents from the government departments. The engineering of
air-conditioning system, fire protection system and electrical and mechanical system for public areas shall be conducted by the fitting-out contractor designated by Party A. 

3. Party B shall solely bear the expenses of the Renovation and Fitting-out, including the expenses incurred by Party A for renovating the Plaza’s
facilities and other Plazas in facilitating Party B’s Renovation and Fitting-out. 
 4. Party B shall not start the fitting-out until the
completion of the formal hand-over procedures with the property management company of the Plaza. 
 Section 6 Rent, Property Management
Fee, Deposit, Other Fees and the Method of Payment 
 1. Rent and Property Management Fee 

1.1 For the rent and property management fee, see Section 5 of Agreed Provisions of Contract. 

1.2 Party A or a property management company designated by Party A (“Management Entity”) shall be responsible for the property management of
the Plaza. 
 2. Deposit 
 2.1 At the
time when the initial rent is paid, Party B shall pay Party A certain deposit equivalent to three months’ rent and three months’ property management fee as security for Party B’s performance of various provisions hereunder. See the
exact amount in Section 5 of Agreed Provisions of Contract. 
 2.2 If Party B breaches any provisions of this Contract, Party A may use or
retain all or part of the deposit to compensate for the losses incurred by Party A due to Party B’s breach. If the deposit is not sufficient for the compensation, Party B shall make up the shortfall. After Party A detains the deposit as agreed,
Party B shall contribute to the deposit within 10 business days upon receipt of the notice so that the amount of such deposit is equal to the amount as agreed in Section 2.1 above. 

2.3 Upon expiration of this Contract or termination of this Contract by mutual agreement between the Parties, if Party B has fully paid the expenses
hereunder, fully performed the obligations hereunder, returned the Leased Units to Party A, and changed the address registered with the administration for industry and commerce from the Leased Units to another address, Party A shall return to Party
B the deposit (without interest) paid by Party B within 30 working days. 

 3. Notary Fee, Stamp Duty and Registration Fee 

The Parties shall pay their respective lease-related taxes and fees arising during the lease term in accordance with relevant government regulations,
including without limitation notary fee, stamp duty, registration fee and other related fees. 
 4. Other Expenses 

Party A shall collect charges such as electricity fee from Party B in accordance with the standards published by Party A. If the State adjusts the
charges such as electricity fee during the term of contract, Party A shall and shall have the right to adjust the fees accordingly). 
 5.
Method of Payment 
 5.1 Party B shall promptly pay all the fees specified herein to Party A or a bank account designated by Party A without any
deduction. If Party A changes its bank account, it shall notify Party B promptly. 
 5.2 Party B shall pay all the fees specified herein in RMB.

 Section 7 Security Guards in the Leased Units 

1. Party A shall not be liable for any theft or robbery in the Leased Units that is not caused by the fault of Party A’s security guards and that
results in losses or damages to Party B or Party B’s customers, partners, agents or other personnel in the Leased Units. If any problem arising in the Leased Units is caused by the fault of the security guards, Party B shall notify the
Management Entity immediately. Both Parties shall take prompt, necessary actions to minimize or avoid any damages. 
 2. Party B shall solely
bear any expenses for tightening the security in the Leased Units and any expenses incurred by Party A or the Management Entity to facilitate Party B in doing so. 

3. Within a reasonable period of time, Party B shall give the Management Entity prior notice of any event that may cause significant increase of number
of visits or any other abnormal event so that the Management Entity can maintain normal workplace order. 
 4. If Party B breaches any of the
above provisions or causes any property loss or injury to persons to Party A due to other faults, Party B shall be responsible for indemnifying Party A in full. 

Section 8 The Parties’ Rights and Obligations 

A. Party A’s Obligations and Rights 
  

	1.	Obligations: 

  

	1.1	Party A or the Management Entity shall be responsible for ensuring all equipment and systems in public areas are in good working condition and maintaining the public
areas clean and tidy to offer Party B the appropriate working environment. 

	1.2	Party A or the Management Entity shall be responsible for administrative activities such as landscaping for the public space of the Plaza and joint security services
and the related expenses. 

  

	1.3	Except in the event of any Force Majeure, ordinary wear and tear or any responsibility of relevant government departments, Party A shall ensure that all services in
Party B’s Leased Units such as electricity, lighting (excluding lighting lamps), air-conditioning and telecommunications can satisfy ordinary office requirements from the lease commencement date. 

 

	1.4	The air-conditioning service is supplied to the Leased Units from 8:00 to 18:00, Monday to Friday (for office levels; except public holidays). If Party B requests Party
A to provide air-conditioning service for additional time, it shall submit a written application to the Management Entity in advance between 8:30 and 16:00 from Monday to Friday and pay related fees. 

 

	1.5	Party A or the Management Entity shall be responsible for setting up a company sign of the Plaza’s uniform style for Party B at the place designated by Party A or
the Management Entity in the lobby of the Plaza (the name used on such sign shall be consistent with Party B’s name hereunder). 

  

	1.6	Party A agrees to keep the provisions hereof confidential, and not to disclose such provisions to any third party (other than Party A’s attorneys and/or
consultants) without Party B’s consent unless required by laws, court judgments or administrative orders. 

  

	1.7	Party A shall perform any other obligations required by the State. 

  

	2.	Rights 

  

	2.1	Party A shall have access to all passages or public areas of the Plaza, and the right to check, repair and install all equipment, systems and channels.

  

	2.2	Party A or the Management Entity shall have the right to send personnel to enter the Leased Units for any security, inspection, repairing or maintenance purposes upon
one day’s written notice to Party B. In case of any emergency or dangerous events, Party A or the Management Entity may enter the Leased Units immediately without Party B’s consent to deal with such events, but shall notify Party B within
a reasonable period thereafter. Under any circumstances, Party A shall use its best endeavor not to affect Party B’s use of the Leased Units for Party B’s business purposes. 

 

	2.3	Party A shall have the exclusive power to install, arrange, repair, remove and replace all signs, bulletins, posters and advertisement devices located anywhere in the
Plaza. 

	2.4	Party A shall have the right to change the Plaza’s name without Party B’s consent. 

 

	2.5	During the three months prior to the expiration of this Contract, Party A or the Management Entity may send personnel to enter and inspect the Leased Units upon prior
notice to Party B, but Party A shall use its best endeavor to ensure such inspection will not affect Party B’s normal operations. 

  

	2.6	Party A shall have the right to create pledge or any other security interest in or on the Plaza (including the Leased Units) or any part thereof or transfer all or part
of the Plaza without Party B’s consent during the term of this Contract, but Party A shall ensure that the transferee shall assume all of Party A’s undertakings and powers hereunder. 

 

	2.7	Party A shall not be liable for any losses or damages that are not caused by Party A. 

 

	2.8	Party A’ failure to exercise or delay in exercising any of its rights hereunder or corresponding remedies shall not constitute Party A’s waiver of such right;
Party A’s single or partial exercise of its rights shall not preclude its exercise of its rights in any other way or its further exercise of its rights or its exercise of other rights and corresponding remedies. 

 

	B.	Party B’s Obligations and Rights 

  

	1.	Obligations 

  

	1.1	From the date of delivery of the Leased Units (if Party B fails to go through the formalities for the delivery on the specified date, it shall be deemed that the Leased
Units have been delivered as scheduled), the legal liability that shall be assumed by Party B as required by law, the insurance premium, and the property management fee for the Leased Units and other expenses arising out of Party B’s occupation
of the Leased Units shall be borne by Party B. Party B shall pay in full all expenses specified herein on time. 

  

	1.2	If Party B needs to carry out renovation or fitting-out, it shall notify the Management Entity and obtain the written approval in advance. Party B shall submit all
drawings for the renovation or fitting-out to the Management Entity before the renovation or fitting-out begins. Party B shall carry out the renovation and fitting-out for the Leased Units in accordance with the administrative provisions of Party A
or the Management Entity concerning the fitting-out and the drawings and specifications for the renovation and fitting-out approved in writing by the competent fire department in Beijing. Without the written consent of Party A or the Management
Entity, Party B shall not install or alter any equipment or spaces in the Plaza, or install or place any materials that may exceed the floor’s weight load. 

 

	1.3	Party B shall be liable for any losses incurred by Party A, other lessees, users or third parties because of Party B. 

	1.4	Party B shall reasonably use the devices provided by Party A in the Leased Units and the public devices/systems/equipment in the Plaza, including without limitation
air-conditioning and heating devices, fire service installations/alarming devices, lighting devices, cables, wires and wiring conduits, and avoid artificial damages. If any damage to the Leased Units is caused by Party B, Party B shall promptly
notify the Management Entity and be solely responsible for recovering the damage. If Party B fails to recover or fully recover the said damage within 20 business days upon receipt of Party A’s written notice, Party A may make arrangements for
the recovery, and Party B shall bear the expenses incurred thereof. 

  

	1.5	Party B shall take proper measures to prevent the Leased Units from suffering damage by natural disasters such as rainstorms and sandstorms. If the Leased Units suffer
such damage, Party B shall notify the Management Entity promptly. 

  

	1.6	Party B shall be responsible for the insurance of its own assets and any other necessary insurance with an insurance company, and shall not engage in or allow others to
engage in any activities that may cause all or part of the insurance for the Plaza to become invalid or cause any additional insurance premium. If Party B breaches this provision and causes Party A to have to take out insurance again or pay
additional premium, Party B shall immediately compensate Party A for the premium or additional premium and other related expenses payable by Party A. 

  

	1.7	Party B agrees that the Management Entity may enter the Leased Units for routine maintenance or emergency repair upon prior notice to Party B and to provide necessary
assistance. 

  

	1.8	Party B shall not engage in any activities in the Leased Units that may cause disturbance or harm to Party A or the other lessees of the Plaza, or operate or conduct
any business or act that may damage the Plaza’s image. Party B shall not commit any illegal acts in the Leased Units. 

  

	1.9	Party B shall not store in the Leased Units any materials that may cause danger to the Plaza or other persons, including without limitation weapons, ammunition,
gunpowder or other inflammable, explosive, illegal or hazardous materials. Party B shall not store or produce any food in the Leased Units other than the food and raw materials required for Party B’s business; without Party A’s prior
consent, Party B shall not bring any animals into the Plaza. 

  

	1.10	Party B shall not stack, discard or leave any boxes, furniture, garbage or any other materials in the Plaza’s public areas, such as the Plaza’s entrance hall,
elevators, stairways, passages, lobby, stair landings, shop windows and other public areas, and shall not occupy the fire fight space and keep the evacuation exits clear. 

 

	1.11	Without the prior written consent of Party A and the Management Entity, Party B shall not set up, install or display any advertisement or sign devices inside and
outside the Leased Units and the Plaza. 

	1.12	Party B shall comply with the property management regulations formulated by Party A and the Management Entity, and execute relevant documents as required by Party A and
the Management Entity. 

  

	1.13	Party B undertakes to obtain valid business licenses, approvals or permits or other similar documents from relevant government departments or agencies before starting
operations in the Leased Units. 

  

	1.14	If Party B decides to renew this Contract upon expiration, it shall notify Party A in writing three months prior to expiration. 

 

	1.15	Party B shall not allow any other party to use the Leased Units by assigning this Contract, and shall not sub-lease or otherwise share all or part of the Leased Units
with any third party. 

  

	1.16	Without Party A’s written consent, Party B shall not include Chengjian Plaza’s Chinese or English name or similar terms in Party B’s trade name unless
such name or terms are used in Party B’s address. 

  

	1.17	Party B agrees to keep the provisions hereof confidential, and not to disclose such provisions to any third party (other than Party B’s attorneys and/or
consultants) without Party A’s consent unless required by laws, court judgments or administrative orders. 

  

	1.18	Party B shall be responsible for keeping the Leased Units clean at its own expenses. 

 

	1.19	Party B shall thoroughly understand laws and regulations applicable to its business operations and strictly comply with the provisions of such laws and regulations.
Party A shall not be liable for the lawfulness of Party B’s operating mode, products, operating strategies, advertising and promotional activities and other activities relating to Party B’s business operations. 

 

	1.20	In the event that Party B intends to provide the Leased Units for use by a new entity in the future, once the new entity obtains the business license, Party B shall
assign its rights and obligations hereunder to the new entity within three working days upon issuance of the new entity’s business license. The new entity shall separately enter into a lease contract with Party A on the same terms as the terms
hereof or a three-party agreement. 

  

	1.21	Party B’s new entity using the Leased Units shall obtain the business license or the certificate of incorporation within 40 working days upon execution of this
Contract, and provide Party A with such document as an appendix attached hereto. If Party B’s new entity fails to obtain the business license or the certificate of incorporation within the specified period, Party A shall have the right to
terminate this Contract. This Contract shall be terminated effective from the date when Party A issues the termination notice. Party B shall be liable for breach of contract and any losses incurred by Party A as a result thereof.

  

	1.22	Party B shall perform any other obligations required by the State. 

	1.23	Party B shall ensure that the firefighting devices in the Leased Units is in good working condition, the evacuation exits are kept clear and the rapid intervention
equipment is installed as required. 

  

	2.	Rights: 

  

	2.1	Party B may lawfully use the Leased Units during the term of this Contract. 

 

	2.2	If Party B is not satisfied with the services provided by the Management Entity, it shall have the right to raise a complaint to Party A. Party A or the Management
Entity shall make reasonable improvements as soon as possible without prejudice to the interests of the Plaza or other lessees. 

  

	2.3	Party B shall have the right to use the public facilities provided by the Plaza. 

 

	2.4	Party B’ failure to exercise or delay in exercising any of its rights hereunder or corresponding remedies shall not constitute Party B’s waiver of such right;
Party B’s single or partial exercise of its rights shall not preclude its exercise of its rights in any other way or its further exercise of its rights or its exercise of other rights and corresponding remedies. 

Section 9 Return of the Leased Units 
  

	1.	Upon expiration of this Contract, Party B shall reinstate the Leased Units and return them to Party A. With Party A’s written consent, all or part of the
aforementioned fitting-out may be transferred to Party A without charge. In this case, Party B may be exempt from the reinstatement obligation. However, if Party B causes damage to the Leased Units during its use of the Leased Units, it shall be
responsible for the reinstatement. If Party B cannot reinstate the Leased Units, it shall compensate for such damage. 

  

	2.	Upon expiration or termination of this Contract, Party B shall empty and leave the Leased Units prior to expiration of this Contract or within 10 business days upon the
termination date. In the meantime, Party B shall pay the rent, property management fee and other expenses arising out of Party B’s occupation and use of the Leased Units or other public space, and shall reinstate the Leased Units at its own
expenses and return the Leased Units to Party A after it passes Party A’s acceptance check, and shall also return all keys to the Leased Units. 

  

	3.	If Party B fails to return the Leased Units as required, Party A shall have the right to empty and reinstate the Leased Units of Party B, and all expenses incurred by
Party A shall be borne by Party B, including without limitation, the expenses for empting and reinstating the Leased Units and for storing Party B’s materials in the Leased Units in another place (the period for such storage shall be no longer
than 30 days, and Party A shall not be liable for any harm or damage to the materials stored during the said period. If the storage period is longer than 30 days, it shall be deemed Party B automatically waives the ownership to such materials. Party
A shall have the right to dispose of any of such materials and Party B shall waive any claim for compensation or indemnification. The proceeds from Party A’s disposal of such materials shall belong to Party A, and the expenses incurred by Party
A in disposing of such materials shall be borne by Party B.) Prior to Party A’s exercise of such right, and while Party B continues to occupy the Leased Units, Party B shall continue to pay Party A the rent for occupation of the Leased Units
and other related expenses for such period in accordance with this Contract. 

	4.	After Party B vacates the Leased Units, it shall notify Party A so that Party A can conduct the acceptance check of the Leased Units. The Parties shall enter into the
Receipt for Returned Units in accordance with the results of the acceptance check. Unless such receipt expressly indicates that Party A agrees to accept the Leased Units, such receipt shall only show the current status of the Leased Units when Party
B returns them, and shall not be deemed that Party A has agreed to the termination of the lease and accepted the Leased Units. While Party B is solving any issues remaining at the Returned Units, it shall be also deemed that Party B has not returned
the Leased Units in accordance with this Contract. 

 Section 10 Liability for Breach and Damages 

 

	1.	If Party B fails to pay the various fees specified herein, Party A may request Party B by written notice to pay such fees in full within 7 days. If Party B fails to pay
such fees in full within 10 days after Party A delivers such notice, Party A may terminate upon written notice Party B’s use of the Leased Units and the facilities in the public areas occupied by Party B such as electronic power,
telecommunications and air-conditioning facilities and other services. Party B shall be liable for all losses arising thereof and assume liability for breach such as the liquidated damages. Party A shall also have the right to terminate the Contract
unilaterally, and it shall be deemed that Party B breaches this Contract and Party B shall be liable for such breach. 

  

	2.	If Party B is in arrears with any amount payable to Party A hereunder, Party A shall have the right to charge Party B liquidated damages at a rate of 0.5% of the amount
payable per day for the actual days past due. Such liquidated damages shall be calculated starting from the date when such amount is due until Party B pays off the principal and interest of all amount payable and other related expenses. Such
liquidated damages will not affect Party A’s any other rights hereunder and related remedies. 

  

	3.	If Party B alters the purpose of the Leased Units hereunder without Party A’s consent, Party A shall have the right to request Party B to rectify the situation
within a specified period. If Party B fails to do so as required by Party A, Party A shall have the right to terminate this Contract and shall not be required to return the deposit paid by Party B. Party B shall be liable for all losses arising
thereof. 

  

	4.	If Party B subleases the Leased Unit hereunder, Party A shall have the right to terminate this Contract and shall not be required to return the deposit paid by Party B.
Party A shall also have the right to request Party B to eliminate any third party’s impact on Party A’s rights within a specified period. If Party B fails to eliminate such impact within the specified period, Party A may take measures to
eliminate such impact and Party B shall be liable for all losses arising thereof. 

	5.	If Party B early terminates this Contract, Party A shall not be required to return the deposit paid by Party B. Party B shall compensate Party A in full for the rent
during the rent-free period, and pay off all debts prior to the termination of this Contract, including without limitation the rent and property management fee. Party B shall also pay Party A 20% of the total rent payable for the remaining period of
the lease term as compensation. Upon receipt of Party B’s written application for early termination of this Contract, Party A shall have the right to enter into another lease contract in connection with the Leased Units to reduce the losses
arising out of Party B’s breach. 

  

	6.	If Party B engages in illegal business operations that materially violate the laws and regulations of the People’s Republic of China, Party A shall have the right
to terminate this Contract, and Party B shall be liable for all losses arising thereof. 

 Section 11 Force Majeure 

 If either Party cannot perform or delays in performing all or part of its obligations, it shall promptly notify the other Party and provide
valid certificates issued by relevant departments within a reasonable period. 
 Section 12 Notices 

 

	1.	All notices or requirements issued by Party A to Party B in connection with this Contract shall be made in writing and delivered to the address specified in Appendix 3
attached hereto by registered mail or personal delivery. The seventh day after the registered mail is posted or the date of delivery (whichever is earlier) shall be the effective date of such documents, unless otherwise provided in such documents.

  

	2.	The notices issued by Party A to Party B may be sent to the Leased Units or the address specified in Appendix 3 attached hereto. If Party A’s notices cannot be
delivered because the address specified in Appendix 3 attached hereto is changed, Party A’s delivery of such notices to the Leased Unit shall be deemed effective delivery. 

Section 13 Dispute Resolution and Governing Law 
  

	1.	This Contract shall be governed by the laws of the People’s Republic of China. 

 

	2.	All disputes arising out of this Contract shall be resolved by the Parties through discussions. If no agreement can be reached through discussions, either Party shall
have the right to submit such disputes to Beijing Arbitration Commission for arbitration. 

  

	3.	During the arbitration, all provisions other than those in dispute shall continue to apply. 

 Section 14 Miscellaneous 

 

	1.	This Contract shall come into effect on the date when it is signed and sealed by the Parties. 

 

	2.	This Contract is made in two originals and two counterparts. The Parties shall hold one original and one counterpart each. 

 Part Two – Agreed Provisions of Contract 

Section 1 Leased Units 
 Party A
agrees to lease the units located at 18/F Chengjian Plaza, 18 BeiTaiPingZhuang Road, Haidian District, Beijing to Party B on the terms agreed upon in this Contract: Unit A1801-02, Unit A1803, Unit A1805 and Unit A1806-07-08 (“Leased
Units”), and Party B agrees to comply with the terms agreed upon in this Contract. 
 The floor area of the Leased Units is 1027.75 square
meters. For details about the specific location and layout, see the floor plan in Appendix 1 attached hereto (the plan is used to show the location only; the shadow indicates the location of the Leased Units). 

Section 2 Purpose of Lease 
 The
Leased Units may only be used as Party B’s office. 
 Section 3 Term of Lease and Delivery Date of the Leased Units 

The initial term of the lease shall 36 months, from January 9, 2006 to January 8, 2009. Both Parties agree to renew the lease from
January 9, 2009 to July 31, 2010. 
 Section 4 Rent-free Period 

None. 
 Section 5 Rent, Property
Management Fee and Deposit 
  

	1.	Rent and Property Management Fee: 

  

	1.1	The current rent for the Leased Units (Unit A1806-07-08) per calendar month per square meter (floor area) is RMB 115.82, and the property management fee for the
Leased Units per calendar month per square meter (floor area) is RMB 25.00. The total monthly rent for the Leased Units is RMB567,63.38, and the total monthly property management fee for the Leased Units is RMB 12,252.50, bringing the aggregate
amount payable to RMB69,015.88. 

  

	1.2	Party B shall pay the rent and property management fee for each month between the first and the seventh day of that month or earlier. Any public holidays of the
People’s Republic of China shall be excluded. 

  

	2.	Deposit: 

 Upon the execution of Chengjiang
Plaza Lease Contract between Party A and Party B on December 27, 2005, Party B has paid Party A RMB19,8931.59 as security deposit, which will be automatically carried over as the deposit for the renewal of such lease. 

 Part Three – Other Matters Agreed upon by the Parties 

(None) 
  

			
	Party A: Beijing Chengjian Real Estate Co., Ltd.	 	Party B: Beijing Ambow Online Software Co., Ltd.
		
	Legal Representative/Authorized Representative	 	Legal Representative/Authorized Representative
	/s/ Yaqing Mao	 	/s/ Jin Huang
	Date: December 27, 2005	 	Date: December 27, 2005

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