Document:

EX-10.4

 Exhibit 10.4 

Exclusive Call Option Agreement 

(English translation) 
 This Exclusive Call Option
Agreement (this “Agreement”), is entered into as of the date of January 25, 2017 by and between the following parties in Foshan, the People’s Republic of China (“PRC”): 

 

	Party A:	Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd., a wholly foreign-owned enterprise duly established and validly registered under the laws of the PRC,
whose unified social credit code is 91440400MA4W6P9G26 and whose registered address is Room 105-24987 (central office area), No.6, Baohua Road, Hengqin New District, Zhuhai, Guangdong Province

  

	Party B:	Meirong Yang, PRC citizen, Identity Card Number:                     

Wenjie Yang, PRC citizen, Identity Card
Number:                     
  

	Party C:	BGY Education Investment Management Co., Ltd., a company with limited liabilities duly established and validly registered under the laws of the PRC, whose registered number is
440681000609038, and whose registered address is at Room A216, Building 1, Guangdong Country Garden School, West 20 Road Shunde Country Garden Community, Next to Bijiang Bridge, Beijiao Town, Shunde District, Foshan, Guangdong Province

 (Each of Party A, Party B and Party C, a “Party”, and collectively, the “Parties”.) 

WHEREAS: 
 Party B collectively owns 100% equity interests of
Party C. Regarding the purchase of equity interests of Party C by Party A or a third party designated by Party A, the Parties through friendly negotiations intend to enter into this Agreement. 

NOW THEREFORE, the Parties through mutual negotiations agree as follows: 
  

	1.	Exclusive Purchase Right 

  

	 	1.1	Upon the execution of this Agreement, subject to the following conditions, Party A may require at any time Party B (subject to the specific requirements by Party A) to transfer any or all of the 100% equity interest of
Party C held by Party B (“Equity Interest”) in the consideration provided in Section 3 of this Agreement, and Party B shall transfer the Equity Interest to Party A or the third party designated by Party A according to
the requirements by Party A: 

  

	 	(1)	Party A or the third party designated by Party A is permitted to hold any or all of the Equity Interest under the PRC laws; or 

  

	 	(2)	Subject to the PRC laws, any other circumstances as Party A deems appropriate or necessary. 

  
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 Party A’s right to purchase the Equity Interest provided under this Agreement shall be
exclusive, unconditional and irrevocable. 
  

	 	1.2	The Parties hereby agree that subject to the terms and condition of this Agreement and without violating the PRC laws, Party A may, at its option, exercise any or all of the right to purchase the Equity Interest and
acquire any or all Equity Interest. The Parties further agree that the time, method, amount and frequency of Party A to exercise its right to purchase the Equity Interest shall not be limited. 

 

	 	1.3	The Parties hereby agree that subject to the terms and conditions of this Agreement and without violating the PRC laws, Party A may designate any third party to acquire any or all of the Equity Interest. Unless
expressly prohibited by the PRC laws, Party B shall not refuse to transfer any or all of the Equity Interest to such designated third party. 

  

	 	1.4	Party B shall not transfer the Equity Interest to any third party without Party A’ prior written consent until all the Equity Interest have been transferred to Party A or its designated Party in accordance with
this Agreement, i.e., until Party B no longer holds any equity interest of Party C. Party B shall not create any pledge or any encumbrance on the Equity Interest in the benefit of any third party except that provided in the Equity Interest Pledge
Agreement executed by Party A and Party B. 

  

	 	1.5	Party B hereby agrees that as the shareholder of Party C, before Party B transfers the Equity Interest to Party A and subject to the PRC laws, Party B shall deliver the dividends, bonus, or any other property
distributed from Party C to Party A or any third party designated by Party A as soon as possible within three (3) days after receipt of such dividends, bonus or any other property and payment of the taxes required by relevant PRC laws.

  

	2.	Exercise Procedure 

  

	 	2.1	In the event that Party A decides to exercise its exclusive right to purchase share according to Section 1.1, Party A shall provide a written notice to Party B (“Exercise Notice”) in the
form set forth in Appendix 3 of this Agreement, and such Exercise Notice shall specify: (a) the portion or number of equity interest Party A intends to purchase; and (b) the name and identity of the purchaser. Within seven days of the
delivery of the Exercise Notice, Party B and Party C shall provide all materials and documents necessary for the transfer of the Equity Interest, including but not limited to the executed Equity Transfer Agreement and Confirmation Letter in the
forms set forth in Appendix 1 and Appendix 2 of this Agreement. 

  

	 	2.2	Except for the Exercise Notice provided in Section 2.1 of this Agreement, there shall be no other prerequisite or attached conditions for Party A to exercise its right to purchase the Equity Interest.

  
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	 	2.3	Party B shall provide Party C with necessary and timely assistance and cooperation in completing the approval procedures (if required under PRC laws) and the Equity Interest transfer procedures at industrial and
commercial departments in accordance with PRC laws. 

  

	 	2.4	The date when all the procedures for the transfer of the 100% Equity Interest of Party C in accordance with this Agreement are completed shall be the completion date of the exercise of Party A’s exclusive right to
purchase Equity Interest. 

  

	3.	Purchase Price 

  

	 	3.1	The Parties acknowledge that, without violation of PRC laws and regulations, the Equity Interest shall be transferred without any consideration or at the lowest price as permitted under PRC laws. In the event that the
Equity Interest is transferred in installments, the Purchase Price shall be determined based on the specific time and proportion of the Equity Interest transferred. 

 

	 	3.2	If the Equity Interest is not transferred without consideration, Party B hereby agrees that after Party A or a third party designated by Party A exercises the right to purchase Equity Interest, Party B shall deliver,
without any consideration in return, all the consideration and payment that Party B obtains from the transfer of the Equity Interest to Party C, or according to Party A’s requirement, to Party A or a third party designated by Party A.

  

	 	3.3	Any taxes and fees resulting from the transfer of the Equity Interest (including the delivery of the consideration by Party B) shall be borne by each Party under the applicable laws. 

 

	4.	Representations, Warranties and Covenants 

  

	 	4.1	Each Party hereby represents and warrants that: 

  

	 	(1)	it has all necessary rights, power and authorizations to execute this Agreement and perform all obligations and responsibilities under this Agreement; 

 

	 	(2)	it has completed all internal procedures that are necessary for the execution, delivery and performance of this Agreement and has obtained all necessary internal and external authorizations and approvals;

  

	 	(3)	upon the execution of this Agreement and the Equity Transfer Agreement to which it is a party, this Agreement and the Equity Transfer Agreement shall constitute, or will constitute legitimate, valid, and binding
obligations and are enforceable according to their terms and conditions. 

  
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	 	(4)	the execution and performance of this Agreement will not conflict with, violate or breach (i) each Party’s business license(s) or any provisions of its Articles of Association; (ii) any laws, rules,
regulations, authorizations or approvals by any applicable governmental authorities or departments; or (iii) any contracts or agreements to which it is a signatory or party; 

 

	 	(5)	Party C has no outstanding debts, except for the debts incurred in its ordinary course of business and debts that have been disclosed to Party A and obtained written consent by Party A; 

 

	 	(6)	Party C has complied with all laws and regulations applicable to asset acquisition; 

  

	 	(7)	there is no pending or threatened litigation, arbitration or administrative procedures against the Equity Interest, assets of Party C or Party C; 

 

	 	4.2	Party B and Party C hereby further warrant, represent and covenant to Party A as follows: 

  

	 	(1)	as of the date of execution of this Agreement, Party B is a PRC citizen, and legally owns all of the Equity Interests of Party C, and has complete and valid right to dispose the Equity Interest. The registered capital
of Party B has been fully paid. Except for the pledge right provided in the Equity Interest Pledge Agreement executed by all Parties and other rights that have obtained Party A’s written consent, there is no other pledge, mortgage, guarantee,
or any other right in the benefit of any third party on the Equity Interest of Party C held by Party B, and the Equity Interest are free from any claim by any third party; and no third party may have the right to request allotment, sale, conversion
of any equity interest of Party C according to any share option, share conversion right or pre-emptive right or other contractual arrangement; 

 

	 	(2)	during the effective term of this Agreement, except for the pledge provided in the Equity Interest Pledge Agreement executed by all Parties and other rights that have obtained Party A’s prior written consent, Party
B shall not transfer any Equity Interest of Party C to any third party or create any pledge, mortgage, or any other forms of guarantee, or any other right in the benefit of any third party, and shall ensure that the Equity Interest is free from any
claims of any third party; 

  

	 	(3)	without Party A’s prior written consent, neither Party B or Party C may supplement, change or amend the Articles of Association of Party C in any manner to increase or reduce Party C’s registered capital or
change Party C’s registered capital structure in any other manner; 

  
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	 	(4)	without Party A’s prior written consent, neither Party B or Party C may enter into any material contract or change their scope of business; 

 

	 	(5)	subject to the PRC laws, Party B and Party C will extend the operation period of Party C based on the approved operation period of Party A, and cause the operation period of Party C the same as that of Party A or adjust
the operation period of Party C based on the requirements of Party A in accordance with PRC laws; 

  

	 	(6)	based on good financial and business standards and customs, Party B and Party C will keep Party C’s continuing existence, obtain all government permits and licenses that are necessary for the Party C’s
business operation, and operate Party C’s business and handle its affairs prudently and effectively; 

  

	 	(7)	within the effective term of this Agreement, Party B and Party C will duly maintain and increase Party C’s assets value and without Party A’s prior written consent, Party B and Party C shall not terminate any
material contract to which Party C is a party or enter into any agreement that may affect Party C’s assets and financial status; 

  

	 	(8)	without Party A’s prior written consent, Party B and Party C shall not create, succeed, warrant or allow any debt except for the account payables that occur in normal or ordinary operation course instead of
borrowing; 

  

	 	(9)	Party B and Party C shall inform Party A timely of the occurrence or possible occurrence of any litigation, arbitration, administrative investigation or conduct that has material impact on Party C’s assets,
business or revenue; 

  

	 	(10)	Party B and Party C shall not pay dividends in any forms to the shareholders without prior written consent of Party A; 

  

	 	(11)	without the prior written consent of Party A, Party B and Party C shall not, since the execution date of this Agreement, sell, transfer, authorize the use of or to dispose in any manner of any assets of Party C, or
allow any encumbrance on any assets of Party C, unless Party C is able to prove that the relevant asset disposal or encumbrance is necessary for the business operation of Party B in ordinary course and the transaction amount of one single
transaction shall not exceed RMB100, 000. 

  

	 	(12)	during the effective term of this Agreement, in the event of liquidation of dissolution of Party C and subject to PRC laws, Party B and Party C will designate individual(s) recommended by Party A to constitute the
liquidation group and manage the Party C’s assets. Party B hereby confirms that in the event of liquidation or dissolution of Party C, irrespective of whether the above is enforced, Party B shall deliver all residual assets obtained from the
liquidation and dissolution to Party A or its designated party in accordance with PRC laws. 

  
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	5.	Governing Law and Dispute Resolution 

  

	 	5.1	Governing Law 

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

	 	5.2	Methods of Dispute Resolution 

 In the event of any dispute with respect to the performance of
this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute, each Party may submit the relevant dispute to the China International Economic and Trade
Arbitration Commission for arbitration in accordance with its effective Arbitration Rules. The arbitration shall be conducted in Beijing, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all
Parties. Except for the parts that are submitted for arbitration, other parts of this Agreement shall remain valid. The validity of this section shall not be influenced by the modification, rescission or termination of this Agreement. 

 

	6.	Liabilities for Breach of Contract 

  

	 	6.1	If any Party fails to perform any of its obligations under this Agreement, or any representation or warranty made by such Party under this Agreement is untrue or inaccurate, such Party is in breach of this Agreement and
shall indemnify other Parties for all losses resulting from such breach. 

  

	 	6.2	Unless otherwise regulated in laws, Party B and Party C shall have no right to terminate or rescind this Agreement in any situation. 

 

	 	6.3	This Section 6 shall survive any modification, recession or termination of this Agreement and remain legally valid. 

  

	7.	Notices 

  

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

  
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	 	7.1.1	if the notice is delivered by personal delivery, courier service or registered mail with postage prepaid, the delivery date shall be deemed to be the date of delivery or refusal at the address specified in the notice.

  

	 	7.1.2	if the notice is delivered by facsimile transmission, the delivery date shall be deemed to be the date of successful transmission (as evidenced by the automatically generated confirmation of transmission).

  

	 	7.2	For the purposes of notices, the addresses of the Parties are as follows: 

 Party A: 

Address: Country Garden Headquarter, No.1 Country Garden Avenue, Beijiao Town, Shunde District, Foshan. 

Attention: Xueya Zhou 

Phone:13929114912 
 Party B: 

Address: Country Garden Headquarter, No.1 Country Garden Avenue, Beijiao Town, Shunde District, Foshan. 

Attention: Xueya Zhou 

Phone:13929114912 
 Party C: 

Address: Country Garden Headquarters No.1 Country Garden Avenue, Beijiao Town, Shunde District, Foshan. 

Attention: Xueya Zhou 

Phone:13929114912 
 Any Party may
at any time change its address for notices by a notice delivered to other Parties in accordance with this section. 
  

	8.	Confidentiality 

 The Parties acknowledge that any oral or written information
exchanged between the Parties in connection with this Agreement shall be confidential information. Each Party shall maintain confidentiality of all of such confidential and without the written consent of the other Parties, it shall not disclose any
relevant confidential materials to any third parties, except for the information that (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed
pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is needed to be disclosed by any Party to its legal counsels or financial advisors regarding the
transaction contemplated hereunder, provided that such legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this section. Disclosure of any confidential material by the staff members or
agencies hired by any Party shall be deemed as disclosure of such confidential material by such Party, and such Party shall be held liable for breach of this Agreement. This section shall survive the termination of this Agreement. 

  
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	9.	Further Warranties 

 The Parties agree to promptly execute documents that are
reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this
Agreement. 
  

	10.	Miscellaneous 

  

	 	10.1	Amendment, Modification and Supplement 

 Any amendment, modification and supplement to this
Agreement shall require the execution of a written agreement by all Parties. 
  

	 	10.2	Headings 

 The headings of this Agreement are for reference only and shall not be used to
interpret, explain or otherwise affect the meaning of the provisions of this Agreement. 
  

	 	10.3	Language 

 This Agreement is written in Chinese in ten (10) copies, and each copy has equal
legal validity. 
  

	 	10.4	Severability 

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

  
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	 	10.5	Successors 

 This Agreement shall be binding on and shall inure to the interest of the
respective successors of the Parties and the assignees permitted by such Parties. 
  

	 	10.6	Force Majeure 

 Force Majeure means any event that cannot be anticipated at the time of the
execution of the Agreement, and the occurrence of which cannot be avoided, controlled or conquered by any party of the Agreement, including but not limited to earthquake, typhoon, flood, fire, boycott, war or rebellion, etc. 

The Party suffering such Force Majeure shall (i) notify the other parties by telegram, facsimile or other electronic means immediately
after the occurrence of such Force Majeure and shall provide written documents evidencing the occurrence of such Force Majeure within fifteen (15) business days; (ii) in every instance, to the extent reasonable and lawful under the
circumstances, use its best efforts to mitigate or remove the effect of such Force Majeure, and continue its performance of the Agreement after such effect is mitigated or removed. 

 

	 	10.7	Waivers 

 Any Party may waive the terms and conditions of this Agreement, provided that such
waiver must be in writing and signed by all Parties. A waiver by any Party with respect to a breach by other Parties shall not be deemed as a waiver by such a Party with respect to any other breach in similar circumstances. 

 

	 	10.8	Survival 

 Any obligations that occur or are due as a result of this Agreement before the
expiration or early termination of this Agreement shall survive the expiration or early terminations of this Agreement. 
  

	 	10.9	Entire Agreement 

 Except for the written amendment, supplements or modifications after the
execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written undertakings, memoranda, agreements
or other documents reached with respect to the subject matter of this Agreement. 

  
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 Party A: Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd. 

(Seal) Seal of Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd.
Affixed 
  

			
	By:	 	 /s/ Meirong Yang

	Name:	 	Meirong Yang
	Title:	 	Legal Representative

 Party B: Meirong Yang 
  

			
	Meirong Yang
		
	Signature:	 	 /s/ Meirong Yang

 Party C: BGY Education Investment Management Co., Ltd. 

(Seal) Seal of BGY Education Investment Management Co., Ltd. Affixed 

 

			
	By:	 	 /s/ Meirong Yang

	Name:	 	Meirong Yang
	Title:	 	Legal Representative

 Appendix 1 

Equity Transfer Agreement 
 This Equity
Transfer Agreement (the “Agreement”), dated as of                , is made by and among the following parties
in                , China: 
 Transferor: 

Transferee: 
 Through friendly negotiation, the Parties agree as
follows about the equity interest transfer: 
  

	1.	Transferor agrees to transfer        % equity interest of BGY Education Investment Management Co., Ltd. it owns (“Target Equity Interests”) to
Transferee at a price of RMB            , and Transferee agrees to purchase such Target Equity Interests. 

 

	2.	Upon completion of transfer of Target Equity Interests, Transferor shall no longer enjoy while Transferee enjoys all rights and bear all obligations as the shareholder of Target Equity Interests. 

 

	3.	Any matters not mentioned in the Agreement may be determined by supplementary agreements signed by both parties. 

  

	4.	This Agreement becomes effective upon execution by both parties. 

  

	5.	The Agreement is executed in four (4) counterparts, each party holds one counterpart and the rest counterparts are for the alternation of registration with industrial and commercial departments. 

Transferor: 
  

	
	 Signature:

 Transferee: 
  

	
	 Signature:

 Appendix 2 

Confirmation Letter 
 To: Zhuhai Hengqin
Bright Scholar Management Consulting Co., Ltd. 
 I, the shareholder of BGY Education Investment Management Co., Ltd. (the “Company”),
hereby agree and confirm as follows: 
  

	1.	I agree to accept all the terms and conditions of the Exclusive Call Option Agreement entered by the Company, me and Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd. (“WFOE”) on
January 25, 2017, and when WFOE exercises its Purchase Right under such agreement, I will take all measures to assist WFOE on the transfer procedures of such equity interest. 

 

	2.	I agree to waive my right to first refusal when other shareholders of the Company transfer the equity interests they own to WFOE or any third party designated by WFOE. 

 

	3.	In the event that other shareholders of the Company transfer their equity interest to WFOE or any third party designated by WFOE, I will sign or provide necessary documents for the transfer procedures of such equity
interest. 

  

	
	Signature:                        
	Date:                        

 Appendix 3 

Exercise Notice 
  

	To:	the Shareholders of BGY Education Investment Management Co., Ltd. and/or 

 BGY Education
Investment Management Co., Ltd. 
 In accordance with the Exclusive Call Option Agreement entered into by you and our company on January 25, 2017, to
the extent permitted by the PRC laws and regulations, you should transfer your equity interests of the Company to our company or any other transferee designated by us according to our request. 

Therefore, our company hereby sends you the Exercise Notice as follows: 

Our company hereby requests to exercise the Purchase Right under the Exclusive Call Option Agreement, that our company/the transferee designated by us would
like to purchase your equity interests of BGY Education Investment Management Co., Ltd., which constitutes        % of the registered capital of BGY Education Investment Management Co., Ltd.
(“Transferring Equity Interest”) at a price of RMB            . After your receipt of this Exercise Notice, please conduct all necessary procedures to
transfer such Transferring Equity Interest to our company or the transferee designated by us according to the terms and conditions of the Exclusive Call Option Agreement. 

Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd. (Seal) 
  

			
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:EX-10.5

 Exhibit 10.5 

Power of Attorney 
 (English
translation) 
 We, BGY Education Investment Management Co., Ltd., is duly established and validly registered under the laws of the People’s Republic of
China (“PRC”) with legal address at Room A216, Building No.1, Guangdong Country Garden School, West 20 Road, Shunde Country Garden Community, Next to Bijiang Bridge, Beijiao Town, Shunde District, Foshan, Guangdong Province, and holds,
directly or indirectly, equity interests or sponsors’ interests of the following entities: 
  

	1)	100% of sponsors’ interests of Guangdong Country Garden School; 

  

	2)	100% of sponsors’ interests of Huanan Country Garden School; 

  

	3)	100% of sponsors’ interests of Huanan Country Garden Bilingual Kindergarten; 

  

	4)	100% of sponsors’ interests of Phoenix City Bilingual School; 

  

	5)	100% of sponsors’ interests of Phoenix City Bilingual Kindergarten; 

  

	6)	100% of sponsors’ interests of Licheng Country Garden Bilingual Kindergarten; 

  

	7)	100% of sponsors’ interests of Country Garden Huacheng Kindergarten; 

  

	8)	100% of sponsors’ interests of Country Garden Huacheng School; 

  

	9)	100% of sponsors’ interests of Country Garden Venice Bilingual School; 

  

	10)	100% of sponsors’ interests of Huaxi Country Garden International Kindergarten; 

  

	11)	100% of sponsors’ interests of Wuyi Gountry Garden Bilingual School; 

  

	12)	100% of sponsors’ interests of Nansha Country Garden Bilingual Kindergarten; 

  

	13)	100% of sponsors’ interests of Phoenix City Bilingual Kindergarten; 

  

	14)	100% of sponsors’ interests of Shawan Country Garden Kindergarten; 

  

	15)	100% of sponsors’ interests of Heshan Country Garden School; 

  

	16)	100% of sponsors’’ interests of Heshan Country Garden Kindergarten; 

  

	17)	100% of sponsors’ interests of Country Garden Venice Kindergarten; 

  

	18)	100% of sponsors’ interests of Wuhan Country Garden Kindergarten; 

  

	19)	100% of sponsors’ interests of Wuhan Country Garden School; 

  

	20)	100% of sponsors’ interests of Huanan Country Garden Cuiyun Mountain Kindergarten; 

  

	21)	100% of sponsors’ interests of Xiju Country Garden Kindergarten; 

  

	22)	100% of sponsors’ interests of Ningxiang Country Garden School; 

  

	23)	100% of sponsors’ interests of Huadu Holiday Peninsula Kindergarten; 

  

	24)	100% of sponsors’ interests of Maoming Country Garden Kindergarten; 

  

	25)	100% of sponsors’ interests of Dalang Country Garden Kindergarten; 

  

	26)	100% of sponsors’ interests of Jurong Country Garden Kindergarten; 

  

	27)	100% of sponsors’ interests of Zengcheng Country Garden School; 

  

	28)	100% of sponsors’ interests of Zengcheng Country Garden Kindergarten; 

  

	29)	100% of sponsors’ interests of Fengxin Country Garden Kindergarten; 

  

	30)	100% of sponsors’ interests of Phoenix City Fengyan Kindergarten; 

  

	31)	100% of sponsors’ interests of Huiyang Country Garden Kindergarten; 

  

	32)	100% of sponsors’ interests of Country Garden Silver Beach Kindergarten; 

  

	33)	100% of sponsors’ interests of Haoting Country Garden Kindergarten; 

  

	34)	100% of sponsors’ interests of Country Garden Silver Beach School; 

  

	35)	100% of sponsors’ interests of Country Garden Panpuwan School; 

  
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	36)	100% of sponsors’ interests of Huaxi Country Garden International School; 

  

	37)	100% of sponsors’ interests of Laian Country Garden Foreign Language School; 

  

	38)	100% of sponsors’ interests of Danyang Country Garden Kindergarten; 

  

	39)	100% of sponsors’ interests of Qingyuan Country Garden Bilingual Kindergarten; 

  

	40)	100% of sponsors’ interests of Shaoguan Zhenjiang Country Garden Foreign Language Kindergarten; 

  

	41)	100% of sponsors’ interests of Taishan Country Garden School; 

  

	42)	100% of sponsors’ interests of Gaoming Country Garden Kindergarten; 

  

	43)	100% of sponsors’ interests of Enping County Garden Kindergarten; 

  

	44)	100% of sponsors’ interests of Laian Country Garden Kindergarten; 

  

	45)	100% of sponsors’ interests of Lanzhou Country Garden School; 

  

	46)	100% of equity interests of Huidong Silver Beach Education Consulting Co., Ltd.; 

  

	47)	100% of sponsors’ interests of Ningxiang Country Garden Foreign Language Training School; 

  

	48)	100% of sponsors’ interests of Ningxiang Country Garden Kindergarten; 

  

	49)	100% equity interests of Guangdong Xingjian Education Co., Ltd. 

  

	50)	100% equity interests of Foshan Shunde Shengbo Culture and Arts Training Co., Ltd.; 

  

	51)	100% equity interests of  Time Elan Education Technology (Beijing) Co., Ltd.; 

  

	52)	100% equity interests of Shanghai Elan Culture Communication Co., Ltd.; 

  

	53)	100% equity interests of Shenzhen Time Elan Technology Co., Ltd.; 

  

	54)	100% equity interests of Foshan Elan Educational Technology Co., Ltd.; 

  

	55)	100% equity interests of Shanghai Yihe Educational Technology Co., Ltd; 

  

	56)	100% equity interests of Shanghai Elan Educational Training Co., Ltd. (1-56 are collectively hereinafter referred to as “Equity Interests” and the entity listed in 1-56 above collectively hereinafter referred to as “Subsidiaries”.) 

 At any time after the date
of the execution of this Power of Attorney, in the event that we invest in or control any other entities, including but not limited to companies, schools and other affiliates of which we hold, directly or indirectly, at least 50% of investment
interests, we undertake to add the equity interests of such new entities to the scope of Equity Interests hereunder. 
 Subject to the laws and regulations
of PRC, we hereby irrevocably authorize Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd. (“WFOE”) to exercise the following rights concerning the abovementioned Equity Interests within the effective term of this Power
of Attorney: 
 We exclusively authorize WFOE or its designated representative(s) (“Trustee”) to exercise our rights on behalf of us
according to the Trustee’s own will, which include but not limited to: 
  

	1.	Proposing shareholders’ meetings or board meetings according to the Articles of Association of the companies or schools (as applicable), participating in the shareholders’ meetings and the board meetings of
the companies or schools, and executing relevant resolutions; 

  

	2.	Exercising all rights of shareholder or sponsor of the companies or schools that we are entitled to under relevant laws and the Articles of Association of such companies or schools on their shareholders’ meetings
or board meetings, including but not limited to the voting right, the nomination right and the appointment right; 

  
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	3.	Representing us to submit documents which shall be submitted by shareholders or sponsors to relevant competent governmental authorities; 

 

	4.	Exercising the right of dividend, the right to sell, transfer or assign, pledge or dispose all or part of Equity Interests owned by us, the right of distribution of residual properties after the liquidation of the
companies or schools and other rights in relation to the operation of the companies or schools under the laws and Articles of Association of the companies or schools; 

 

	5.	Constituting the liquidation group and exercising the authorities of the liquidation group in the event of liquidation or dissolution of the Company, including but not limited to the management of the companies’ or
schools’ assets; and 

  

	6.	Reviewing the resolutions of shareholders’ meetings and the resolutions of the board meetings of the companies or schools, records, the financial statements and reports of the companies or schools in accordance
with the law; 

  

	7.	Exercising any other rights of us as the shareholder of the companies or the sponsor of the schools, including but not limited to rights provided under the laws and the Articles of Association of the companies and
schools. 

 Within the effective term of this Power of Attorney and subject to the laws and regulations of PRC, we undertake to deliver the
dividends, bonus, any other property or return received from the companies or any return received from the schools to WFOE or any third party designated by WFOE without any consideration in return as soon as possible within three (3) days after
receipt of such dividends, bonus, any other property or return. 
 During the term that we are a shareholder of the companies or the sponsor of the schools,
this Power of Attorney shall be irrevocable and continuously effective from the date of execution of this Power of Attorney, regardless of the change of proportions of Equity Interests owned by us. When and only when WFOE sends a written notice to
us concerning the substitution of the Trustee, we shall immediately designate another Trustee designated by WFOE to exercise the rights under this Power of Attorney. Once the new authorization has been made, the new authorization shall supersede the
original one and our consent to the new authorization is not required. We shall not revoke the delegation and authorization we made to Trustee except for abovementioned event. During the effective term of this Power of Attorney, we hereby waive all
of the rights which have been authorized to Trustee through this Power of Attorney and shall not exercise such rights. 
 We hereby acknowledge any legal
consequences caused by Trustee’s exercise of the authorities and agree to bear any liabilities thereof. We hereby confirm that in any case Trustee shall not be required to bear any liabilities or make any economic compensation for exercise of
such authorities. Moreover, we agree to compensate for any damage suffered or might be suffered by WFOE for exercise of the rights under this Power of Attorney and keep WFOE harmless, including but not limited to any loss due to litigations,
recoveries, arbitrations, claims for compensation or any other loss caused by administrative investigation and punishment conducted by governmental authorities. 

  
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 We will provide Trustee with sufficient assistance on the exercise of the abovementioned authorities, and cause
the companies or schools to provide sufficient assistance, including timely executing the shareholders meetings’ documents or other legal documents provided by Trustee when necessary (for instance, to satisfy documentation requirements for
submissions made to relevant governmental authorities for approval, registration or filing purpose), and authorizing Trustee to get access to information concerning the operation, business, clients, finance, staff, etc. of the companies or schools
and to consult relevant materials of the companies or schools. 
 If the authorization or exercise of the abovementioned rights cannot be realized for any
reason within the effective term of the Power of Attorney (except for the reason that we violates this Power of Attorney), the parties shall seek an alternative method which is most similar to the arrangements hereunder and modify or adjust the
terms and conditions of the Power of Attorney by signing supplementary agreement(s) as necessary to ensure the realization of the purpose of the Power of Attorney. 

This Power of Attorney takes effect on the date of execution, and shall be continuously effective during the effective term of Exclusive Management Service
and Business Cooperation Agreement executed by and among WFOE, the Subsidiaries, us and other parties. 
 BGY Education Investment Management Co.,
Ltd. 
 (Seal) Seal of BGY Education Investment Management Co., Ltd. Affixed 

 

			
	By:	 	 /s/ Meirong Yang

	Name:	 	Meirong Yang
	Title:	 	Legal Representative
		
	Date:	 	January 25, 2017

  
 4

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