Document:

Exhibit 10.53

 

Share Pledge
Agreement  

 

Between 

 

Beijing
Ambow Shengying Education Technology Co., Ltd.

 

And 

 

Xuejun Xie
& Gang Huang 

 

June 29, 2017
 

 

     

     

    

 

This
Share Pledge Agreement (this “Agreement”) is entered into by and among the following parties on June 29, 2017:
 

 

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  

ID number: [510102196610258005]

 

Pledgor 2:
Gang Huang 

ID number: [620102196208241817]

 

(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 Shanghai Ambow Education Information Consulting Co., Ltd. (“Shanghai
Ambow”) and the companies and schools directly or wholly owned or controlled by Shanghai Ambow (“Subsidiaries”)
respectively on June 29, 2017;  

 

(2)     Pledgor 1 and Pledgor 2 are shareholders of Shanghai Ambow,
holding 64 % and 36 % of the equity interest in Shanghai Ambow respectively; 

 

(3)     Pledgors agree to pledge all of their equity interests in
Shanghai Ambow to Pledgee as a security for Shanghai Ambow 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 Shanghai Ambow 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 Shanghai
Ambow and its Subsidiaries commit a breach. If Shanghai Ambow 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 Shanghai Ambow, and they will cause Shanghai Ambow to record the equity pledge hereunder on the shareholders’ register
of Shanghai Ambow. Pledgors and Shanghai Ambow 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 Shanghai
Ambow 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 Shanghai Ambow 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 Shanghai Ambow 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) Shanghai Ambow 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 Shanghai Ambow. 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 Shanghai Ambow, and (ii) sign on behalf of such Pledgor any resolutions
adopted by the shareholders’ meetings of Shanghai Ambow, and any other documents that are related to such Pledgor’s
performance of his or her rights as a shareholder of Shanghai Ambow. 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 Shanghai Ambow 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 Shanghai
Ambow;  

 

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 10.54

 

Call Option
Agreement  

 

Between 

 

Beijing Ambow
Shengying Education Technology Co., Ltd. And 

 

Xuejun Xie
and Gang Huang 

 

June 29, 2017
 

 

     

     

    

 

Call Option Agreement

 

This Call Option
Agreement (this “Agreement”) is entered into by the following Parties on June 29, 2017: 

 

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 Shanghai Ambow Education Information Consulting Co., Ltd. (“Shanghai Ambow”);
 

 

B.     Party B
is willing to transfer their equity interests in Shanghai Ambow 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 Shanghai Ambow 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 Shanghai Ambow	 	The equity interests held lawfully by Party B in Shanghai Ambow. The ratio of such equity is equivalent to the ratio of Party B’s capital contributions to Shanghai Ambow to Shanghai Ambow ’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 Shanghai Ambow. 

 

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 Shanghai Ambow. Party A
and/or any third party designated by Party A shall become the lawful holder of the Equity in Shanghai Ambow, 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 Shanghai Ambow (or any part thereof) shall be equal to
Party B’s initial contribution to the registered capital of Shanghai Ambow in exchange for such Equity in Shanghai Ambow
(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 Shanghai Ambow 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 Shanghai Ambow 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 Shanghai Ambow 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 Shanghai
Ambow and become a lawful shareholder of Shanghai Ambow 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 Shanghai Ambow to provide all necessary documents, and causing and helping Shanghai
Ambow to obtain approvals from competent government authorities for the change of equity and handle all relevant procedures in
the event that Shanghai Ambow 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 Shanghai Ambow in full. Party A and/or any third party designated
by Party A shall acquire such equity interest without any capital contribution to Shanghai Ambow 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                      , 2017, Party B has
not created or allowed any option, call option, pledge, or other equity interest or security interest on Equity in Shanghai Ambow
without Party A’s written consent;  

 

(4)     Party
B hereby agrees that it shall irrevocably waive the preemptive right to purchase the Equity in Shanghai Ambow to which it is entitled
under the Chinese laws and the bylaws of Shanghai Ambow, 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 Shanghai Ambow to any third party; 

 

(6)     Without Party A’s written consent,
Party B shall not supplement, alter or modify the Articles of Association of Shanghai Ambow 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 Shanghai Ambow 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 Shanghai Ambow; 

 

(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)     Shanghai
Ambow 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 Shanghai Ambow 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 Shanghai Ambow     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 Shanghai Ambow; 

 

(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           , 2017, we decide to
exercise the call option under such Agreement for [all] or [part] of the equity interest in Shanghai Ambow Education Information
Consulting Co., Ltd. (and appoint [           ] as the transferee
of the target equity interest).  

 

	Authorized Representative: 	 	 
	Title: 	 	 
	Date:

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