Document:

Exhibit 4.37

 

Share Pledge Agreement 

 

Between 

 

Beijing Ambow Shengying Education Technology
Co., Ltd.

 

And 

 

Xuejun Xie & Gang Huang

 

September 8, 2015

 

     

     

    

 

This Share Pledge Agreement (this “Agreement”)
is entered into by and among the following parties on September 8, 2015 :

 

Pledgee: Beijing Ambow Shengying Education
Technology Co., Ltd. 

Legal Representative: : Xuejun Xie

Principal Office: Room A1805,18th Floor,,
No.18 North Taipingzhuang Road, Haidian District,Beijing

 

Pledgor 1: Xuejun Xie 

Address: 5 Jing’an Road, Jinjiang District,
Chengdu

 

Pledgor 2: Gang Huang 

Address: 402, No.115 Wuquan Road, Chengguan
District, Lanzhou

 

(Pledgor 1 and Pledgor 2 are collectively
referred to as “Pledgors”) 

 

WHEREAS:

 

(1) Beijing
Ambow Shengying Education Technology Co., Ltd. entered into Technology Service Agreement with Beijing Ambow
Rongye Education and Technology Co., Ltd. (“Ambow Rongye”) and the companies and schools
directly or wholly owned or controlled by Ambow Rongye (“Subsidiaries”) respectively on September 8, 2015; 

 

(2) Pledgor 1 and Pledgor 2 are shareholders
of Ambow Rongye , holding 60% and 40% of the equity interest in Ambow Rongye respectively;

 

(3) Pledgors agree to pledge all of their
equity interests in Ambow Rongye to Pledgee as a security for Ambow Rongye and its Subsidiaries’ performance of their obligations
under the Technology Service Agreement.

 

NOW THEREFORE, the Parties agree as follows
after friendly consultations:

 

1. Definitions 

 

1.1 Unless otherwise specified herein, all
of the following terms shall have the meanings defined below.

 

1.1.1 “Secured Debt” means the
payment obligation and other relevant obligations to Pledgee assumed by Ambow Rongye and its Subsidiaries under the aforementioned
Technology Service Agreement, liquidated damage and other relevant costs, and all costs (including attorney fees) and other amounts
paid by Pledgee to realize Pledgee’s rights under Technology Service Agreement in the event that Ambow Rongye and its Subsidiaries
commit a breach. If Ambow Rongye controls new Subsidiaries by means of acquisition or incorporation or otherwise in the future
and such new Subsidiaries enter into a new Technology Service Agreement with Pledgee, then such new Subsidiaries’ obligations
under the new Technology Service Agreement will be automatically included in the “Secured Debt” herein.

 

     

     

    

 

1.1.2 “Pledged Equity” means the
100% equity owned by Pledgors and all rights relating to such equity. With Pledgee’s prior consent, Pledgors may increase
the capital of the company. The increment in the company’s registered capital as a result of Pledgors’ additional contributions
shall also be deemed part of the pledge.

 

2. Equity Pledge 

 

2.1 Each Pledgor hereby pledges the Pledged
Equity to Pledgee (“Pledge”) as a security for the full discharge of the Secured Debt.

 

2.2 Pledgors undertake to Pledgee that Pledgors’
execution of this Agreement and performance of the obligations hereunder have been approved by the other shareholders of Ambow
Rongye , and they will cause Ambow Rongye to record the equity pledge hereunder on the shareholders’ register of Ambow Rongye
.. Pledgors and Ambow Rongye shall deliver the shareholders’ register recording the equity pledge hereunder to Pledgee for
safekeeping upon execution of this Agreement;

 

2.3 The Parties agree to register or cause
to register the Pledge hereunder with the administrative authorities for industry and commerce in the place where Ambow Rongye
is registered. The Pledge hereunder is established at the time when the Pledge is registered with the administrative authorities
for industry and commerce in the place where Ambow Rongye is registered. Pledgors, Pledgee and the company shall promptly register
the Pledge hereunder with the administrative authorities for industry and commerce upon execution of this Agreement. The Parties
also acknowledge that, upon execution of this Agreement, the Parties will not raise any question or objection to the effectiveness
of this Agreement because of failure to register the Pledge hereunder with the administrative authorities for industry and commerce
in the place where Ambow Rongye is registered.

 

3. Scope of Security 

 

3.1 The Pledged Equity hereunder offers security
for:

 

3.1.1 The Secured Debt defined in Section 1.1.1
hereof; and

 

3.1.2 The costs paid by Pledgee to realize
the pledge to which Pledgee is entitled hereunder.

 

4. Term of Pledge 

 

4.1 The term of valid existence of the pledge
to which Pledgee is entitled hereunder is from the effective date of this Agreement to the date all Secured Debt is fully discharged
(“Term of Pledge”). Pledgee shall exercise the pledge hereunder within the limitation of action for the Secured Debt.

 

5. Exercise of Pledge 

 

5.1 If (a) Ambow Rongye and its Subsidiaries
fail to perform their payment obligation or other related obligations to Pledgee in accordance with the provisions of Technology
Service Agreement, or (b) Pledgors breach their duties or obligations hereunder, Pledgee shall have the right to exercise
the pledge in any manner at any time it deems appropriate to the extent permitted by applicable laws during the Term of Pledge,
including without limitation:

 

5.1.1 To negotiate with Pledgors to discharge
the Secured Debt with the Pledged Equity at a discount;

 

     

     

    

 

5.1.2 To sell off the Pledged Equity and use
the proceeds thereof to discharge the Secured Debt;

 

5.1.3 To retain a relevant agency to auction
all or part of the Pledged Equity; and/or

 

5.1.4 To otherwise dispose of the Pledged
Equity appropriately to the extent permitted by applicable laws.

 

5.2 In the course of Pledgee’s disposal
of the Pledged Equity as specified in the preceding section, Pledgee shall have the right to take any actions permitted by law
to realize any of its rights hereunder.

 

5.3 As requested by Pledgee, Pledgors shall
assist Pledgee in obtaining all necessary approvals or consents in connection with Pledgee’s realization of its rights to
debt and pledge.

 

5.4 All amounts received due to Pledgee’s
exercise of its pledge shall be used in the following order of priority subject to the other provisions hereof:

 

5.4.1 First, such amounts shall be used to
pay all taxes and costs incurred by Pledgee because of its exercise of the pledge and/or other rights hereunder;

 

5.4.2 Second, such amounts shall be used by
Pledgee to discharge the Secured Debt according to law;

 

5.4.3 If there is any balance after the discharge
of the Secured Debt, such balance shall be paid to Pledgors or anyone who is entitled to such balance (without interest).

 

6. Termination of Pledge 

 

6.1 The pledge shall be terminated automatically
upon termination of Technology Service Agreement and full discharge of the Secured Debt. In such case, as requested by Pledgors,
Pledgee shall sign a written document to terminate the equity pledge created hereunder and submit such document to Pledgors, or
assist Pledgors in handling other procedures for terminating the equity pledge hereunder.

 

6.2 Subject to the provisions in the preceding
paragraph, the equity pledge hereunder shall not be terminated without Pledgee’s prior written consent.

 

7. Nature of Security 

 

7.1 The security created hereunder shall not
be affected by any other security held by Pledgee for the Secured Debt, and shall not affect the effectiveness of any other security.

 

     

     

    

 

7.2 The security created hereunder and Pledgee’s
rights hereunder shall not be terminated or affected due to the following circumstances:

 

7.2.1 Any grace, termination or relief granted
by Pledgee in connection with any person’s debt;

 

7.2.2 Any amendment, modification or supplement
to the Technology Service Agreement;

 

7.2.3 Any disposal, modification or termination
of any other security in connection with the Secured Debt;

 

7.2.4 Pledgee reaches a settlement with any
person in connection with any claims of such person;

 

7.2.5 Any delay, act or omission of Pledgee
in the exercise of its rights;

 

7.2.6 Any other event that may affect Pledgors’
obligations hereunder.

 

8. Special Provisions 

 

8.1 Without Pledgee’s prior written
consent, Pledgors shall not transfer any of its rights or obligations hereunder to any other party.

 

8.2 Pledgee shall have the right to transfer
to any third party any of its rights or obligations hereunder and any of its rights or obligations under other agreements contemplated
by this Agreement without Pledgor’s prior consent. In such case, Pledgors must unconditionally cooperate with Pledgee in
handling the procedures for the transfer of relevant rights and obligations, including without limitation signing an agreement
on the change of the relevant contractual party and re-registering the equity pledge with the administrative authorities for industry
and commerce.

 

8.3 Upon effectiveness of this Agreement,
unless Pledgee makes a written decision to the contrary and notify Pledgors of such decision, Pledgors shall be obligated to continue
to observe legal requirements relating to the Pledged Equity and perform all rights and obligations in connection with the Pledged
Equity, and perform the due care and good faith obligations that a shareholder shall perform.

 

8.4 Pledgors shall promptly notify Pledgee
of any event that may affect the Pledged Equity or the value thereof, or that may impede, prejudice or delay Pledgee’s performance
of its rights as a shareholder of Ambow Rongye . Each of Pledgors hereby agrees to sign a power of attorney (“Attorney-in-fact”)
on the even date herewith, appointing Beijing Ambow Shengying Education Technology Co., Ltd. as his or her initial
attorney-in-fact to: (i) exercise all voting rights it enjoys as a shareholder of Ambow Rongye , and (ii) sign on behalf
of such Pledgor any resolutions adopted by the shareholders’ meetings of Ambow Rongye , and any other documents that are
related to such Pledgor’s performance of his or her rights as a shareholder of Ambow Rongye . The attorney-in-fact shall
perform its duties in good faith, aiming to maximize the value of the Pledged Equity hereunder, and its acts shall be in compliance
with applicable Chinese laws in all respects. The form of the initial Power of Attorney to be signed by each Pledgor is set forth
in Appendix 1 attached hereto.

 

     

     

    

 

8.5 During the term of pledge, Pledgee shall
have the right to collect any yield on the Pledged Equity.

 

8.6 Without Pledgee’s prior written
consent, each Pledgor shall not perform any of the following acts:

 

8.6.1 Making a proposal to amend the articles
of association of Ambow Rongye or causing the making of such proposal; increasing or reducing its registered capital, or otherwise
change its registered capital structure;

 

8.6.2 Creating any further security, encumbrances
and any third party’s rights on the Pledged Equity in addition to the pledge created hereunder;

 

8.6.3 Performing any act that may prejudice
any rights of Pledgee hereunder, or any act that may materially affect the assets, business and/or operations of Ambow Rongye ;

 

8.6.4 Distributing dividends to the shareholders
in any form; however, upon Pledgee’s request, Pledgors shall immediately distribute all of its distributable profits to the
shareholders.

 

8.7 Without Pledgee’s prior written
consent, each Pledgor shall not transfer or dispose of the Pledged Equity in any way.

 

8.8 Pledgors agree to take other necessary
actions and enter into other necessary agreements to give effect to the provisions hereof and other agreements contemplated hereby.

 

9. Representations, Undertakings and Warranties

 

9.1 Each Pledgor hereby represents, undertakes
and warrants to Pledgee that:

 

9.1.1 Each Pledgor has the lawful eligibility
and necessary authority to enter into this Agreement and has the capacity to fully perform any of his or her rights hereunder;

 

9.1.2 Each Pledgor has the sole ownership
of the Pledged Equity and has lawful, complete and full ownership of the his or her pledged equity hereunder;

 

9.1.3 Except the pledge created hereunder,
each Pledgor has not created or allowed the creation of any security rights or any third party’s rights or encumbrances on
the Pledged Equity without Pledgee’s prior written consent; there is no dispute over the ownership of such Pledged Equity,
which is not subject to any lien or other legal proceedings and can be used for pledge or transfer in accordance with applicable
laws;

 

9.1.4 There is no existing, pending or threat
of legal proceedings, arbitrations or administrative proceedings against the Pledged Equity;

 

     

     

    

 

9.1.5 Pledgor’s execution of this Agreement,
exercise of his or her rights hereunder, or performance of his or her obligations hereunder will not violate any agreements, contracts
or laws and regulations applicable to Pledgor and his or her property;

 

9.1.6 Upon execution of this Agreement, Pledgors
shall promptly register the equity pledge hereunder with the administrative authorities for industry and commerce to cause the
effective creation of the equity pledge; the pledge created hereunder shall constitute valid security for the secured Debt after
the registration procedures are completed, which can be executed on its terms;

 

9.1.7 All documents delivered by Pledgors
to Pledgee in connection with this Agreement are true, complete and correct in all material respects, and there is no omission
that may cause any information therein to become incorrect or misleading in any material respect;

 

9.1.8 This Agreement shall constitute a legal,
valid and binding obligation of Pledgors, and may be enforced in accordance with the application of Pledgee to competent authorities
under this Agreement;

 

9.1.9 From the date of this Agreement to the
expiration of the term of pledge, Pledgors shall not transfer or dispose of any part or all of the interests in the Pledged Equity
to any third party without Pledgee’s prior written consent;

 

9.2 Pledgee hereby represents, undertakes
and warrants to Pledgors that:

 

9.2.1 Pledgee is a limited liability company
duly established and validly existing, and has the authority to enter into this Agreement and is able to perform its obligations
hereunder;

 

9.2.2 Pledgee has obtained all authorities
and consents necessary for the execution and performance of this Agreement.

 

10. Liability for Breach 

 

10.1 Either Party’s direct or indirect
violation of any provisions hereof or failure to assume its obligations hereunder or failure to assume such obligations in a timely
and adequate manner shall constitute breach of this Agreement. The non-breaching Party (“Non-Breaching Party”) shall
have the right to require the breaching Party (“Breaching Party”) by written notice to redress its breach and take
adequate, effective and timely measures to eliminate the consequences of such breach, and indemnify against the losses incurred
by the Non-Breaching Party due to the breach of the Breaching Party.

 

10.2 After the occurrence of the breach, if,
according to the reasonable and objective judgment of the Non-Breaching Party, such breach has made it impossible or unfair for
the Non-Breaching Party to perform its relevant obligations hereunder, then the Non-Breaching Party shall have the right to notify
the Breaching Party in writing that the Non-Breaching Party will suspend the performance of its relevant obligations hereunder
until the Breaching Party ceases such breach and takes adequate, effective and timely measures to eliminate the consequences of
such breach, and indemnify against the losses incurred by Non-Breaching Party due to the breach.

 

     

     

    

 

10.3 The losses incurred by the Non-Breaching
Party which shall be indemnified against by the Breaching Party due to its breach are the direct economic losses incurred by the
Non-Breaching Party due to the Breaching Party’s breach and any expectable indirect losses and additional costs, including
without limitation attorney fees, litigation and arbitration costs, financial costs and travel expenses, etc.

 

11. Force Majeure 

 

11.1 “Force Majeure” means any
event that is beyond the reasonable control of any or all Parties hereto, unable to be foreseen or unable to be overcome even foreseen,
which impedes, affects or delays any party’s performance of all or part of its obligations under this Agreement. Such event
includes without limitation any government act, act of God, war, hacker attack or any other similar event.

 

11.2 The Party affected by a Force Majeure
event may suspend the performance of its relevant obligations hereunder that cannot be performed due to the Force Majeure until
the effect of such Force Majeure event is eliminated, and shall not be held liable for such suspension. However, such Party shall
use its best endeavor to overcome such event and mitigate its negative effect.

 

11.3 The Party affected by a Force Majeure
event shall provide the other Parties with a legitimate certificate issued by a notary public (or other proper agency) in the place
where such event occurs to evidence the occurrence of such Force Majeure event. If such Party cannot provide such certificate,
the other Parties may hold such Party liable for breach in accordance with the provisions hereof.

 

12. Effectiveness and Termination 

 

12.1 This Agreement shall come into effect
after it has been duly executed by Pledgors and Pledgee. The pledge hereunder is established after the registration specified in
Section 2.3 is completed.

 

12.2 This Agreement shall be terminated under
any of the following circumstances:

 

12.2.1 in accordance with Section 6 hereof;

 

12.2.2 by mutual agreement of Pledgee and
Pledgors;

 

12.2.3 by the consent of Pledgee.

 

12.3 The termination of this Agreement shall
not affect the Parties’ rights and obligations arising hereunder prior to the expiration date of this Agreement.

 

     

     

    

 

13. Dispute Resolution 

 

13.1 If any dispute arises between the Parties
in connection with the interpretation and performance of the provisions hereunder, the Parties shall resolve such dispute in good
faith through discussions. If no agreement can be reached within sixty (60) days after one Party receives the notice of the
other Party requesting the beginning of discussions or as otherwise agreed, either Party shall have the right to submit such dispute
to the China International Economic and Trade Arbitration Commission for arbitration in accordance with its then effective rules.
The arbitration shall be held in Beijing. The award of the arbitration shall be final and binding upon the Parties.

 

13.2 If any dispute arises in connection with
the interpretation and performance of this Agreement, or such dispute is under arbitration, either Party shall continue to have
the rights hereunder other than those in dispute and perform the obligations hereunder other than those in dispute.

 

13.3 The conclusion, effectiveness, enforcement
and interpretation of this Agreement shall be governed by the Chinese laws.

 

14. Miscellaneous 

 

14.1 The headings herein are for convenience
only, and shall not affect the interpretation of any provisions hereof.

 

14.2 The Parties may amend and supplement
this Agreement by written agreement. Any amendments or supplements executed by the Parties, if any, are part of this Agreement,
and shall have the same force and effect as this Agreement.

 

14.3 If any provision herein becomes partly
or wholly invalid or unenforceable for violation of laws or government regulations or other reasons, then the part of such provision
that is affected shall be deemed as deleted. However, the deletion of such part of such provision shall not affect the legal effect
of other parts of such provision or the other provisions herein. The Parties shall cease to execute such invalid or unenforceable
provision, and modify such provision so that it has the closest intent to the original provision and becomes valid and enforceable
in connection with such facts and circumstances.

 

14.4 Unless otherwise provided herein, either
Party’s failure to exercise or delay in exercising any of its rights or powers hereunder shall not be construed as a waiver
of such rights or powers. Any single or partial exercise of any rights or powers shall not preclude the exercise of other rights
or powers.

 

14.5 This Agreement shall be binding upon
the Parties and their respective successors and permitted assigns. Pledgee shall have the right to transfer to any other third
party the rights hereunder and other agreements contemplated hereby at its sole discretion without Pledgors’ consent.

 

     

     

    

 

IN WITNESS WHEREOF, the duly authorized representatives
of the Parties have executed this Agreement on the date first above written.

 

	Pledgee:	 	 
	 	 	 
	Beijing Ambow Shengying Education Technology Co., Ltd.	 
	 	 	 
	Authorized Representative:	/s/	 

 

	Pledgors:	 	 
	 	 	 
	Signature:	/s/	 
	 	Xuejun Xie	 
	 	 	 
	Signature:	/s/	 
	 	Gang HuangExhibit 4.38

 

Call Option Agreement 

 

Between 

 

Beijing Ambow Shengying Education Technology
Co., Ltd. And 

 

Xuejun Xie and Gang Huang

 

September 8, 2015

 

     

     

    

 

Call Option Agreement 

 

This Call Option Agreement (this “Agreement”)
is entered into by the following Parties on September 8, 2015:

 

1. Beijing Ambow Shengying Education Technology
Co., Ltd., a limited liability company duly established and existing under the Chinese laws, with its registered address Room
A1805,18th Floor,, No.18 North Taipingzhuang Road, Haidian District,Beijing (hereinafter referred to as “Party A”);
and

 

2. Xuejun Xie, a Chinese citizen; Gang Huang,
a Chinese citizen (each hereinafter referred to as “Party B”, and collectively, “Party B”);

 

WHEREAS

 

A. Party B owns
100% equity interest in Beijing Ambow Rongye Education and Technology Co., Ltd. (“Ambow
Rongye ”); 

 

B. Party B is willing to transfer their equity
interests in Ambow Rongye to Party A (or its affiliate or assign) to the extent permitted by the Chinese laws and if such transfer
is allowed under the Chinese laws.

 

Now therefore, through good faith consultations,
the Parties reach an agreement on the following terms:

 

Section 1 Definitions 

 

Unless otherwise specified in this Agreement,
the following terms shall have the following meanings:

 

	Call Option	 	The right granted to Party A and/or any third party designated by Party A to subscribe for all or part of the equity interests held by Party B in Ambow Rongye  under the terms and conditions of this Agreement.
	 	 
	China	 	The People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purposes of this Agreement).
	 	 
	Chinese laws	 	The laws, regulations and decisions made and promulgated by various Chinese legislative authorities; the administrative rules, regulations, measures and other legally binding official documents made and promulgated by various Chinese administrative authorities.
	 	 
	Approvals	 	The approvals, consents, permits and authorizations made and/or issued by relevant Chinese administrative authorities under the Chinese laws.
	 	 
	Equity in Ambow Rongye 	 	The equity interests held lawfully by Party B in Ambow Rongye . The ratio of such equity is equivalent to the ratio of Party B’s capital contributions to Ambow Rongye to Ambow Rongye ’s registered capital.
	 	 
	Loan Agreement	 	The loan agreement and any amendments thereto entered into among Party A and Party B.

 

     

     

    

 

Section 2 Grant of Call Option 

 

2.1 Party B hereby irrevocably and exclusively
grant Party A the Call Option, the right that allows Party A and any third party designated by Party A to subscribe for all or
part of the equity interest held by Party B in Ambow Rongye .

 

2.2 To the extent permitted by the Chinese
laws, Party A and/or any third party designated by Party A shall have the right to exercise the Call Option at any time during
the term of this Agreement, to obtain necessary government approvals and complete required registration procedures (if required,
including the evaluation procedures), and to obtain and maintain the Equity in Ambow Rongye . Party A and/or any third party designated
by Party A shall become the lawful holder of the Equity in Ambow Rongye , and shall have the right to obtain all shareholder rights
according to its shareholding ratio.

 

2.3 Without Party A’s written consent,
Party B shall not grant to any third party any rights, senior to or on a parity with Call Option.

 

Section 3 Consideration for the Call
Option 

 

To the fullest extent permitted by the Chinese
laws, the transfer price of the Equity in Ambow Rongye (or any part thereof) shall be equal to Party B’s initial contribution
to the registered capital of Ambow Rongye in exchange for such Equity in Ambow Rongye (or any part thereof) (“Contribution
to Registered Capital”). The Parties agree that, to the fullest extent permitted by the Chinese laws, in connection with
the transfer of any or all Equity in Ambow Rongye to Party A and/or any third party designated by Party A, Party A shall have the
right to offset the debt Party B owes to Party A against the transfer price for such Equity, and Party A and any third party designated
by Party A shall not be required to make any cash payment to Party B separately. If the Equity in Ambow Rongye is required to be
valuated under relevant Chinese laws, or there are any other provisions for the transfer price for such Equity, then such transfer
price shall be the lowest price permitted under relevant Chinese laws.

 

Section 4 Exercise of the Call Option

 

4.1 Party A and/or any third party designated
by Party A shall have the right to exercise the Call Option in any way permitted by law at any time within the term of the Call
Option upon effectiveness of this Agreement.

 

4.2 During the term of this Agreement, Party
A and/or any third party designated by Party A may exercise the Call Option in whole or part in order to obtain any or all of the
equity interest for which it has the right to subscribe hereunder at one or more times.

 

4.3 Party A shall exercise the Call Option
by delivering a subscription notice to Party B (see the form and substance of such notice in Appendix 1). Party B shall transfer
to Party A and/or any third party designated by Party A the corresponding Equity in Ambow Rongye as specified in the subscription
notice.

 

     

     

    

 

4.4 Party B shall complete all procedures
required for Party A and/or any third party designated by Party A to obtain the Equity in Ambow Rongye and become a lawful shareholder
of Ambow Rongye within sixty (60) days after Party A and/or any third party designated by Party A sends the subscription notice
for the exercise of the Call Option, including without limitation, adopting any necessary resolution, providing or causing or facilitating
Ambow Rongye to provide all necessary documents, and causing and helping Ambow Rongye to obtain approvals from competent government
authorities for the change of equity and handle all relevant procedures in the event that Ambow Rongye is converted to a foreign-invested
company due to the exercise of the Call Option.

 

Section 5 Representations and Warranties

 

5.1 Party B represents and warrants to Party
A and/or any third party designated by Party A (as the case may be) as follows in connection with the Call Option as of the date
of this Agreement and at the time when Party A and/or any third party designated by Party A exercises the Call Option hereunder:

 

(1) Ambow Shanhai is a limited liability company
duly established and existing under the Chinese laws;

 

(2) Party B has contributed the capital for
his or her equity interest in Ambow Rongye in full. Party A and/or any third party designated by Party A shall acquire such equity
interest without any capital contribution to Ambow Rongye in accordance with this Agreement;

 

(3) Except the pledge granted to Party A by
the share pledge agreement entered into by Party A and Party B on September 8, 2015, Party B has not created or allowed any option,
call option, pledge, or other equity interest or security interest on Equity in Ambow Rongye without Party A’s written consent;

 

(4) Party B hereby agrees that it shall irrevocably
waive the preemptive right to purchase the Equity in Ambow Rongye to which it is entitled under the Chinese laws and the bylaws
of Ambow Rongye , and allow Party A and/or any third party designated by Party A to exercise the Call Option;

 

(5) Without Party A’s written consent,
Party B shall not transfer the Equity in Ambow Rongye to any third party;

 

(6) Without Party A’s written consent,
Party B shall not supplement, alter or modify the Articles of Association of Ambow Rongye in any form, shall not increase or decrease
its registered capital, or otherwise change the structure of its registered capital;

 

(7) During the term of this Agreement, Party
B and Ambow Rongye have not engaged in and shall not engage in any act or omission that may cause any losses to Party A or cause
any reduction in value of the Equity in Ambow Rongye ;

 

     

     

    

 

(8) Without Party A’s written consent,
Party B shall not incur, assume, guarantee or allow the existence of any debt other than the debt that (i) arises in the normal
or routine course of business rather than out of borrowing; and (ii) has been disclosed to and approved in writing by Party
A;

 

(9) Ambow Rongye has the right to operate
all business activities within the approved business scope which it is operating or it expects to operate in the future; and

 

(10) Party B shall not have the right to early
terminate this Agreement.

 

5.2 Party A represents and warrants to Party
B in connection with the execution of this Agreement as follows:

 

(1) Party A is a limited liability company
duly established and existing under the Chinese laws;

 

(2) The execution and performance of this
Agreement will not constitute Party A’s violation of its obligations under any legally binding documents entered into with
any third party, or constitute a violation of any prohibition or ruling of any administrative authorities, arbitration agencies
or judicial organs.

 

Section 6 Liability for Breach 

 

6.1 Under any of the following circumstances,
Party B shall be deemed to breach the Agreement:

 

(1) Any representations or warranties made
by Party B are not true or correct;

 

(2) Party B transfers the Equity in Ambow
Rongye to any company or individual other than Party A and/or any third party designated by Party A without Party A’s prior
written consent;

 

(3) Party B fails to promptly handle or facilitate
Ambow Rongye to handle relevant procedures upon receipt of the subscription notice from Party A and/or any third party designated
by Party A in accordance with this Agreement, which would cause Party A and/or any third party designated by Party A to fail to
acquire the Equity of Ambow Rongye ;

 

(4) Party B attempts to terminate this Agreement
without Party A’s consent;

 

(5) Party B violates any other provisions
hereof.

 

If Party B breaches the Agreement, it shall
indemnify Party A against all direct economic losses, any foreseeable indirect losses and any expenses incurred by Party A for
such breach, including without limitation attorney fees, litigation and arbitration fees, financial and travel expenses.

 

     

     

    

 

Section 7 Term 

 

7.1 This Agreement shall come into effect
as of the date when the authorized representatives of the Parties duly sign the Agreement, and shall remain effective until the
termination of the Loan Agreement.

 

7.2 Unless otherwise provided herein, Party
A shall have the right to early terminate this Agreement upon twenty (20) days’ prior notice, but Party B shall not
early terminate this Agreement.

 

Section 8 Force Majeure 

 

8.1 Force Majeure means any event (i) that
is beyond the control of either or both Parties hereto; (ii) that cannot be foreseen or cannot be overcome even foreseeable;
and (iii) that occurs after the date of this Agreement and prevent either Party hereto from performing this Agreement in whole
or part. Force Majeure includes without limitation the occurrence of explosion, fire, flood, earthquake and other acts of God and
war, civil disorder, governmental act of sovereignty, etc.

 

8.2 The Party affected by any Force Majeure
event may suspend the performance of relevant obligations that cannot be performed due to Force Majeure until the effect of such
Force Majeure event is eliminated, and shall not be held liable for such suspension. However, such Party shall use its best endeavors
to overcome such event and reduce its adverse effect.

 

8.3 The Party affected by any Force Majeure
event shall provide the other Party with a legitimate certificate issued by a notary public (or any other proper authorities) in
the place where such event occurs to evidence the Force Majeure event; if such Party cannot provide such certificate, the other
Party may hold such Party liable for breach of the Agreement in accordance with the provisions hereof.

 

Section 9 Governing Law 

 

The conclusion, effectiveness, interpretation,
performance, enforcement and dispute resolution of this Agreement shall be governed by the laws of the People’s Republic
of China.

 

Section 10 Dispute Resolution 

 

10.1 All disputes arising out of or in connection
with this Agreement shall be settled by the Parties through good faith consultations. If no agreement can be reached through consultations
within sixty (60) days after one Party receives a notice from other Party requesting the beginning of such consultations or
as otherwise agreed by the Parties, either Party shall have the right to submit relevant disputes to the China International Economic
and Trade Arbitration Commission for arbitration in accordance with its then effective arbitration rules. The arbitration shall
be held in Beijing. The award of the arbitration shall be final and binding on both Parties.

 

10.2 The arbitration costs shall be borne
in accordance with the award specified in Section 10.1 above.

 

     

     

    

 

10.3 While any disputes exist between the
Parties, the Parties shall continue to perform duties and obligations without any dispute.

 

Section 11 Miscellaneous 

 

11.1 No amendment, modification, addition
or deletion made to this Agreement shall become effective unless the Parties sign a written document by mutual agreement.

 

11.2 The invalidity, ineffectiveness and unenforceability
of any provisions hereof shall not affect or prejudice the other provisions’ validity, effectiveness and enforceability.
However, the Parties shall also cease to perform such invalid, ineffective and unenforceable provisions, and only modify such provisions
to the extent the modified provisions have the closest intent to the original provisions so that they are valid, effective and
enforceable under such specific facts and circumstances.

 

11.3 This Agreement shall be effective to
and binding upon both Parties and their respective successors or permitted assigns. Party A shall have the right to transfer its
rights under this Agreement and other agreements contemplated herein at its sole discretion to any third party without Party B’s
consent.

 

     

     

    

 

IN WITNESS WHEREOF, the duly authorized representatives
of Party A and Party B have executed this Agreement on the date first above written.

 

	Beijing Ambow Shengying Education Technology Co., Ltd.	 
	 	 	 
	Authorized Representative:	 	 
	Signature:	/s/	 

 

	Xuejun Xie	 
	 	 	 
	Signature:	/s/	 
	 	 	 
	Gang Huang	 
	 	 	 
	Signature:	/s/	 

 

     

     

    

 

Appendix 1

 

Subscription Notice

 

Dear Sir:

 

This is to notify
you that, in accordance with the Call Option Agreement (“Agreement”) entered into by you and Beijing Ambow Shengying
Education Technology Co., Ltd. on October 14, 2015, we decide to exercise the call option under such Agreement for [all]
or [part] of the equity interest in Beijing Ambow Rongye Education and Technology Co., Ltd. (and
appoint [                ] as the transferee
of the target equity interest).

 

	 	 
	 	 
	Authorized Representative:	 
	Title:	 
	Date:

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