Document:

2005 Stock Plan

 Exhibit 10.1 

AMBOW EDUCATION CO., LTD. 

2005 STOCK PLAN 

 AMBOW EDUCATION CO., LTD. 

2005 STOCK PLAN 
  

					
	 	  	 	  	Page
		
	 TABLE OF CONTENTS
	  	
			
	SECTION 1.	  	 ESTABLISHMENT AND PURPOSE
	  	1
	SECTION 2.	  	 ADMINISTRATION
	  	1
	 (a)
	  	 Committees of the Board of Directors
	  	1
	 (b)
	  	 Authority of the Board of Directors
	  	1
	SECTION 3.	  	 ELIGIBILITY
	  	1
	 (a)
	  	 General Rule
	  	1
	 (b)
	  	 Ten-Percent Stockholders
	  	1
	SECTION 4.	  	 STOCK SUBJECT TO PLAN
	  	2
	 (a)
	  	 Basic Limitation
	  	2
	 (b)
	  	 Additional Shares
	  	2
	SECTION 5.	  	 TERMS AND CONDITIONS OF AWARDS OR SALES
	  	2
	 (a)
	  	 Stock Purchase Agreement
	  	2
	 (b)
	  	 Duration of Offers and Nontransferability of Rights
	  	2
	 (c)
	  	 Purchase Price
	  	2
	 (d)
	  	 Withholding Taxes
	  	2
	 (e)
	  	 Restrictions on Transfer of Shares and Minimum Vesting
	  	3
	 (f)
	  	 Accelerated Vesting
	  	3
	 (g)
	  	 Basic Term
	  	3
	 (h)
	  	 Nontransferability
	  	3
	 (i)
	  	 Termination of Service (Except by Death)
	  	3
	 (j)
	  	 Leaves of Absence
	  	4
	 (k)
	  	 Death of Optionee
	  	4
	 (l)
	  	 No Rights as a Stockholder
	  	4
	 (m)
	  	 Modification, Extension and Assumption of Options
	  	4
	 (n)
	  	 Restrictions on Transfer of Shares and Minimum Vesting
	  	5
	 (o)
	  	 Accelerated Vesting
	  	5
	SECTION 6.	  	 PAYMENT FOR SHARES
	  	5
	 (a)
	  	 General Rule
	  	5
	 (b)
	  	 Surrender of Stock
	  	5
	 (c)
	  	 Services Rendered
	  	5
	 (d)
	  	 Exercise/Sale
	  	5
	 (e)
	  	 Exercise/Pledge
	  	6
	SECTION 7.	  	 ADJUSTMENT OF SHARES
	  	6
	 (a)
	  	 General
	  	6
	 (b)
	  	 Mergers and Consolidations
	  	6
	 (c)
	  	 Reservation of Rights
	  	6

  

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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page
			
	SECTION 8.	  	 SECURITIES LAW REQUIREMENTS
	  	7
	 (a)
	  	 General
	  	7
	 (b)
	  	 Financial Reports
	  	7
	SECTION 9.	  	 NO RETENTION RIGHTS
	  	7
	SECTION 10.	  	 DURATION AND AMENDMENTS
	  	7
	 (a)
	  	 Term of the Plan
	  	7
	 (b)
	  	 Right to Amend or Terminate the Plan
	  	7
	 (c)
	  	 Effect of Amendment or Termination
	  	8
	SECTION 11.	  	 DEFINITIONS
	  	8

  

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 AMBOW EDUCATION CO., LTD. 

2005 STOCK PLAN 
 SECTION
1. Establishment And Purpose.
 The purpose of the Plan is to offer selected individuals an opportunity to acquire a proprietary
interest in the success of the Company, or to increase such interest, by purchasing Shares of the Company’s Stock. The Plan provides both for the direct award or sale of Shares and for the grant of Options to purchase Shares. Options granted
under the Plan may include Nonstatutory Options as well as ISOs intended to qualify under Section 422 of the Code. Capitalized terms are defined in Section 12. 

SECTION 2. Administration. 
 (a)
Committees of the Board of Directors. The Plan may be administered by one or more Committees. Each Committee shall consist of one or more members of the Board of Directors who have been appointed by the Board of Directors. Each Committee shall have
such authority and be responsible for such functions as the Board of Directors has assigned to it. If no Committee has been appointed, the entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan shall
be construed as a reference to the Committee (if any) to whom the Board of Directors has assigned a particular function. 
 (b)
Authority of the Board of Directors. Subject to the provisions of the Plan, the Board of Directors shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan. All decisions,
interpretations and other actions of the Board of Directors shall be final and binding on all Purchasers, all Optionees and all persons deriving their rights from a Purchaser or Optionee. 

SECTION 3. Eligibility. 
 (a)
General Rule. Only Employees, Outside Directors and Consultants shall be eligible for the grant of Options or the direct award or sale of Shares. Only Employees shall be eligible for the grant of ISOs. 

(b) Ten-Percent Stockholders. An individual who owns more than 10% of the total combined voting power of all classes of outstanding stock
of the Company, its Parent or any of its Subsidiaries shall not be eligible for designation as an Optionee or Purchaser unless (i) the Exercise Price is at least 110% of the Fair Market Value of a Share on the date of grant, (ii) the
Purchase Price (if any) is at least 100% of the Fair Market Value of a Share and (iii) in the case of an ISO, such ISO by its terms is not exercisable after the expiration of five years from the date of grant. For purposes of this Subsection
(b), in determining stock ownership, the attribution rules of Section 424(d) of the Code shall be applied. 
  

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 SECTION 4. Stock Subject To Plan. 

(a) Basic Limitation. Shares offered under the Plan may be authorized but unissued Shares or treasury Shares. The aggregate number of
Shares that may be issued under the Plan (upon exercise of Options or other rights to acquire Shares) shall not exceed One Million Five Hundred Thousand (1,500,000) Shares, subject to adjustment pursuant to Section 8. The number of Shares
that are subject to Options or other rights outstanding at any time under the Plan shall not exceed the number of Shares that then remain available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and
keep available sufficient Shares to satisfy the requirements of the Plan. 
 (b) Additional Shares. In the event that any
outstanding Option or other right for any reason expires or is canceled or otherwise terminated, the Shares allocable to the unexercised portion of such Option or other right shall again be available for the purposes of the Plan. In the event that
Shares issued under the Plan are reacquired by the Company pursuant to any forfeiture provision, right of repurchase or right of first refusal, such Shares shall again be available for the purposes of the Plan, except that the aggregate number of
Shares which may be issued upon the exercise of ISOs shall in no event exceed One Million Five Hundred Thousand (1,500,000) Shares (subject to adjustment pursuant to Section 8). 

SECTION 5. Terms And Conditions Of Awards Or Sales. 

(a) Stock Purchase Agreement. Each award or sale of Shares under the Plan (other than upon exercise of an Option) shall be evidenced by a
Stock Purchase Agreement between the Purchaser and the Company. Such award or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and
which the Board of Directors deems appropriate for inclusion in a Stock Purchase Agreement. The provisions of the various Stock Purchase Agreements entered into under the Plan need not be identical. 

(b) Duration of Offers and Nontransferability of Rights. Any right to acquire Shares under the Plan (other than an Option) shall
automatically expire if not exercised by the Purchaser within 90 days after the grant of such right was communicated to the Purchaser by the Company. Such right shall not be transferable and shall be exercisable only by the Purchaser to whom such
right was granted. 
 (c) Purchase Price. The Purchase Price of Shares to be offered under the Plan shall not be less than 85%
of the Fair Market Value of such Shares, and a higher percentage may be required by Section 3(b). Subject to the preceding sentence, the Purchase Price shall be determined by the Board of Directors at its sole discretion. The Purchase Price
shall be payable in a form described in Section 7. 
 (d) Withholding Taxes. As a condition to the purchase of Shares, the
Purchaser shall make such arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such purchase. 

 

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 (e) Restrictions on Transfer of Shares and Minimum Vesting. Any Shares awarded or sold under
the Plan shall be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock
Purchase Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. Any right to repurchase the Purchaser’s Shares at the original Purchase Price (if any) upon termination of the Purchaser’s
Service shall lapse at least as rapidly as 20% per year over the five-year period commencing on the date of the award or sale of the Shares. Any such right may be exercised only within 90 days after the termination of the Purchaser’s
Service for cash or for cancellation of indebtedness incurred in purchasing the Shares. 
 (f) Accelerated Vesting. Unless the
applicable Stock Purchase Agreement provides otherwise, any right to repurchase a Purchaser’s Shares at the original Purchase Price (if any), or special forfeiture conditions upon termination of the Purchaser’s Service shall lapse and all
of such Shares shall become vested if: 
 (i) The Company is subject to a Change in Control before the
Purchaser’s Service terminates; and 
 (ii) The repurchase right is not assigned to the entity that employs
the Purchaser immediately after the Change in Control or to its parent or subsidiary. 
 (g) Basic Term. The Stock Option
Agreement shall specify the term of the Option. The term shall not exceed 10 years from the date of grant, and a shorter term may be required by Section 3(b). Subject to the preceding sentence, the Board of Directors at its sole discretion
shall determine when an Option is to expire. 
 (h) Nontransferability. No Option shall be transferable by the Optionee other
than by beneficiary designation, will or the laws of descent and distribution. An Option may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative. No Option or interest
therein may be transferred, assigned, pledged or hypothecated by the Optionee during the Optionee’s lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment or similar process. 

(i) Termination of Service (Except by Death). If an Optionee’s Service terminates for any reason other than the Optionee’s
death, then the Optionee’s Options shall expire on the earliest of the following occasions: 
 (i) The
expiration date determined pursuant to Subsection (g) above; 
 (ii) The date 90 days after the termination
of the Optionee’s Service for any reason other than Cause or Disability, or such later date as the Board of Directors may determine; or 

(iii) The date of the termination of the Optionee’s Service for Cause, or such later date as the Board of Directors
may determine; or 
  

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 (iv) The date 12 months after the termination of the Optionee’s Service
by reason of Disability, or such later date as the Board of Directors may determine. 
 The Optionee may exercise all or part of the
Optionee’s Options at any time before the expiration of such Options under the preceding sentence, but only to the extent that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as a result
of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination). The balance of such Options shall lapse when the Optionee’s Service terminates. In the event that
the Optionee dies after the termination of the Optionee’s Service but before the expiration of the Optionee’s Options, all or part of such Options may be exercised (prior to expiration) by the executors or administrators of the
Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee’s Service
terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination). 

(j) Leaves of Absence. For purposes of Subsection (i) above, Service shall be deemed to continue while the Optionee is on a bona
fide leave of absence, if such leave was approved by the Company in writing and if continued crediting of Service for this purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company). 

(k) Death of Optionee. If an Optionee dies while the Optionee is in Service, then the Optionee’s Options shall expire on the earlier
of the following dates: 
 (i) The expiration date determined pursuant to Subsection (g) above; or

 (ii) The date 12 months after the Optionee’s death. 

All or part of the Optionee’s Options may be exercised at any time before the expiration of such Options under the preceding sentence by the
executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable
before the Optionee’s death or became exercisable as a result of the death. The balance of such Options shall lapse when the Optionee dies. 

(l) No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with respect to any
Shares covered by the Optionee’s Option until such person becomes entitled to receive such Shares by filing a notice of exercise and paying the Exercise Price pursuant to the terms of such Option. 

(m) Modification, Extension and Assumption of Options. Within the limitations of the Plan, the Board of Directors may modify, extend or
assume outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company or another issuer) in return for the grant of new Options for the same or a different number of Shares and at the same or a different
Exercise Price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee’s rights or increase the Optionee’s obligations under such Option. 

 

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 (n) Restrictions on Transfer of Shares and Minimum Vesting. Any Shares issued upon exercise
of an Option shall be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock
Option Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. Any right to repurchase the Optionee’s Shares at the original Exercise Price upon termination of the Optionee’s Service shall
lapse at least as rapidly as 20% per year over the five-year period commencing on the date of the option grant. Any such repurchase right may be exercised only within 90 days after the termination of the Optionee’s Service for cash or for
cancellation of indebtedness incurred in purchasing the Shares. 
 (o) Accelerated Vesting. Unless the applicable Stock Option
Agreement provides otherwise, any right to repurchase an Optionee’s Shares at the original Exercise Price upon termination of the Optionee’s Service shall lapse and all of such Shares shall become vested if: 

(i) The Company is subject to a Change in Control before the Optionee’s Service terminates; and 

(ii) The repurchase right is not assigned to the entity that employs the Optionee immediately after the Change in Control
or to its parent or subsidiary. 
 SECTION 6. Payment For Shares. 

(a) General Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash or cash equivalents
at the time when such Shares are purchased, except as otherwise provided in this Section 6. 
 (b) Surrender of Stock. To
the extent that a Stock Option Agreement so provides, all or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company
in good form for transfer and shall be valued at their Fair Market Value on the date when the Option is exercised. The Optionee shall not surrender, or attest to the ownership of, Shares in payment of the Exercise Price if such action would cause
the Company to recognize compensation expense (or additional compensation expense) with respect to the Option for financial reporting purposes. 

(c) Services Rendered. At the discretion of the Board of Directors, Shares may be awarded under the Plan in consideration of services
rendered to the Company, a Parent or a Subsidiary prior to the award. 
 (d) Exercise/Sale. To the extent that a Stock Option
Agreement so provides, and if Stock is publicly traded, payment may be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver
all or part of the sales proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes. 
  

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 (e) Exercise/Pledge. To the extent that a Stock Option Agreement so provides, and if Stock
is publicly traded, payment may be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Company, as security for a loan, and to
deliver all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes. 
 SECTION 7.
Adjustment Of Shares. 
 (a) General. In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable
in Shares, a combination or consolidation of the outstanding Stock into a lesser number of Shares, a recapitalization, a spin-off, a reclassification or a similar occurrence, the Board of Directors shall make appropriate adjustments in one or more
of (i) the number of Shares available for future grants under Section 4, (ii) the number of Shares covered by each outstanding Option or (iii) the Exercise Price under each outstanding Option. 

(b) Mergers and Consolidations. In the event that the Company is a party to a merger or consolidation, outstanding Options shall be
subject to the agreement of merger or consolidation. Such agreement, without the Optionees’ consent, may provide for: 

(i) The continuation of such outstanding Options by the Company (if the Company is the surviving corporation); 

(ii) The assumption of the Plan and such outstanding Options by the surviving corporation or its parent; 

(iii) The substitution by the surviving corporation or its parent of options with substantially the same terms for such
outstanding Options; or 
 (iv) The cancellation of each outstanding Option after payment to the Optionee of an
amount in cash or cash equivalents equal to (A) the Fair Market Value of the Shares subject to such Option at the time of the merger or consolidation minus (B) the Exercise Price of the Shares subject to such Option. 

(c) Reservation of Rights. Except as provided in this Section 7, an Optionee or Purchaser shall have no rights by reason of
(i) any subdivision or consolidation of shares of stock of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares of stock of any class. Any issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Option. 

 

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 The grant of an Option pursuant to the Plan shall not affect in any way the right or power
of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets. 

SECTION 8. Securities Law Requirements. 

(a) General. Shares shall not be issued under the Plan unless the issuance and delivery of such Shares comply with (or are exempt from)
all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other
securities market on which the Company’s securities may then be traded. 
 (b) Financial Reports. The Company each year
shall furnish to Optionees, Purchasers and stockholders who have received Stock under the Plan its balance sheet and income statement, unless such Optionees, Purchasers or stockholders are key Employees whose duties with the Company assure them
access to equivalent information. Such balance sheet and income statement need not be audited. 
 SECTION 9. No Retention Rights. 

Nothing in the Plan or in any right or Option granted under the Plan shall confer upon the Purchaser or Optionee any right to continue in
Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser or Optionee) or of the Purchaser or Optionee, which rights are
hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause. 
 SECTION 10.
Duration and Amendments. 
 (a) Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its
adoption by the Board of Directors, subject to the approval of the Company’s stockholders. In the event that the stockholders fail to approve the Plan within 12 months after its adoption by the Board of Directors, any grants of Options or sales
or awards of Shares that have already occurred shall be rescinded, and no additional grants, sales or awards shall be made thereafter under the Plan. The Plan shall terminate automatically 10 years after its adoption by the Board of Directors and
may be terminated on any earlier date pursuant to Subsection (b) below. 
 (b) Right to Amend or Terminate the Plan. The
Board of Directors may amend, suspend or terminate the Plan at any time and for any reason; provided, however, that any amendment of the Plan which increases the number of Shares available for issuance under the Plan (except as provided in
Section 8), or which materially changes the class of persons who are eligible for the grant of ISOs, shall be subject to the approval of the Company’s stockholders. Stockholder approval shall not be required for any other amendment of the
Plan. 
  

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 (c) Effect of Amendment or Termination. No Shares shall be issued or sold under the Plan
after the termination thereof, except upon exercise of an Option granted prior to such termination. The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Option previously granted under the Plan.

 SECTION 11. Definitions. 

(a) “Board of Directors” shall mean the Board of Directors of the Company, as constituted from time to time. 

(b) “Cause” shall mean (i) the unauthorized use or disclosure of the confidential information or trade secrets of the
Company, (ii) conviction of, or a plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state thereof, (iii) gross negligence or (iv) continued failure to perform assigned duties
after receiving written notification from the Board of Directors. The foregoing, however, shall not be deemed an exclusive list of all acts or omissions that the Company (or a Parent or Subsidiary) may consider, in its sole discretion, as grounds
for the discharge of an Optionee or Purchaser. 
 (c) “Change in Control” shall mean: 

(i) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other reorganization is owned by persons who were not stockholders of
the Company immediately prior to such merger, consolidation or other reorganization; or 
 (ii) The sale,
transfer or other disposition of all or substantially all of the Company’s assets. 
 A transaction shall not constitute a Change in
Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before
such transaction. 
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(e) “Committee” shall mean a committee of the Board of Directors, as described in Section 2(a). 

(f) “Company” shall mean Ambow Education Co., Ltd., a Cayman Islands company. 

(g) “Consultant” shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant
or advisor, excluding Employees and Outside Directors. 
  

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 (h) “Disability” shall mean that the Optionee is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment. 
 (i) “Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary. 
 (j) “Exercise
Price” shall mean the amount for which one Share may be purchased upon exercise of an Option, as specified by the Board of Directors in the applicable Stock Option Agreement. 

(k) “Fair Market Value” shall mean the fair market value of a Share determined as follows: in the event the Stock is traded
upon a stock exchange or in the over-the-counter market, the fair market value of the Stock on a particular date shall be deemed to be the closing price per share of the Stock on such exchange or market on that date. If the Stock is not traded upon
a stock exchange or in the over-the-counter market or, if traded, there are no transactions on that date, the fair market value shall be determined in good faith by the Committee or the Board of Directors. Such determination shall be conclusive and
binding on all persons. 
 (l) “ISO” shall mean an employee incentive stock option described in Section 422(b) of
the Code. 
 (m) “Nonstatutory Option” shall mean a stock option not described in Sections 422(b) or 423(b) of
the Code. 
 (n) “Option” shall mean an ISO or Nonstatutory Option granted under the Plan and entitling the holder to
purchase Shares. 
 (o) “Optionee” shall mean an individual who holds an Option. 

(p) “Outside Director” shall mean a member of the Board of Directors who is not an Employee. 

(q) “Parent” shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company,
if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a
date after the adoption of the Plan shall be considered a Parent commencing as of such date. 
 (r) “Plan” shall mean
this 2005 Stock Plan of Ambow Education Co., Ltd. 
 (s) “Purchase Price” shall mean the consideration for which one
Share may be acquired under the Plan (other than upon exercise of an Option), as specified by the Board of Directors. 
 (t)
“Purchaser” shall mean an individual to whom the Board of Directors has offered the right to acquire Shares under the Plan (other than upon exercise of an Option). 

 

 -9- 

 (u) “Service” shall mean service as an Employee, Outside Director or Consultant.

 (v) “Share” shall mean one share of Stock, as adjusted in accordance with Section 8 (if applicable).

 (w) “Stock” shall mean the Common Stock of the Company, with no par value per Share. 

(x) “Stock Option Agreement” shall mean the agreement between the Company and an Optionee which contains the terms, conditions
and restrictions pertaining to the Optionee’s Option. 
 (y) “Stock Purchase Agreement” shall mean the agreement
between the Company and a Purchaser who acquires Shares under the Plan which contains the terms, conditions and restrictions pertaining to the acquisition of such Shares. 

(z) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the
Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation
that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 
  

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 AMENDMENT TO THE 

AMBOW EDUCATION CO., LTD. 

2005 STOCK PLAN 

Ambow Education Holding Ltd. (the “Company”), having adopted the Ambow Education Co., Ltd. 2005 Stock Plan (the “2005
Plan”), hereby amends the 2005 Plan as follows, effective as of November 27, 2009: 
 1. Section 3(b) of the 2005
Plan is hereby amended and replaced in its entirety to read as follows: 
 “(b) Ten-Percent Stockholders. An
individual who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries shall not be eligible for designation as an Optionee unless (i) the Exercise Price is
at least 110% of the Fair Market Value of a Share on the date of grant and (ii) in the case of an ISO, such ISO by its terms is not exercisable after the expiration of five years from the date of grant. For purposes of this Subsection (b), in
determining stock ownership, the attribution rules of Section 424(d) of the Code shall be applied.” 
 2.
Section 5(c) of the 2005 Plan is hereby amended and replaced in its entirety to read as follows: 

“(c) Purchase Price. The Purchase Price, if any, of Shares to be offered under the Plan shall be determined by the
Board of Directors at its sole discretion. The Purchase Price, if any, shall be payable in a form described in Section 6.” 

3. Section 5(e) of the 2005 Plan is hereby amended and replaced in its entirety to read as follows: 

“(e) Restrictions on Transfer of Shares and Minimum Vesting. Any Shares awarded or sold under the Plan shall be
subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock Purchase Agreement and
shall apply in addition to any restrictions that may apply to holders of Shares generally. Any right to repurchase the Purchaser’s Shares at the original Purchase Price (if any) upon termination of the Purchaser’s Service shall lapse at a
rate determined by the Board of Directors. Any such right may be exercised only within 90 days after the termination of the Purchaser’s Service for cash or for cancellation of indebtedness incurred in purchasing the Shares.” 

4. Section 5(h) of the 2005 Plan is hereby amended and replaced in its entirety to read as follows: 

“(h) Nontransferability. Unless determined otherwise by the Board of Directors, no Option shall be transferable by
the Optionee other than by beneficiary designation, will or the laws of decent and distribution. An Option may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative. Unless
determined otherwise by the Board of Directors, no Option or interest therein may be transferred, assigned, pledged or hypothecated by the Optionee during the Optionee’s lifetime, whether by operation of law or otherwise, or be made subject to
execution, attachment or similar process. If the Board of Directors makes an Option transferable, such Option shall contain such additional terms and conditions as the Board of Directors deems appropriate.” 

 

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 5. Section 5(m) of the 2005 Plan is hereby amended to add the following to the end
thereof: 
 “In addition, within the limitations of the Plan, the Board of Directors may determine the terms
and conditions of, and institute, any exchange program under which (i) outstanding Options are surrendered or cancelled in exchange for new Options (which may have higher or lower exercise prices and different terms), awards of a different
type, and/or cash, (ii) Optionees would have the opportunity to transfer any outstanding Options to a financial institution or other person or entity selected by the Board of Directors, and/or (iii) the exercise price of an outstanding
Option is reduced. The Board of Directors will determine the terms and conditions of any such exchange program in its sole discretion.” 

6. Section 5(n) of the 2005 Plan is hereby amended and replaced in its entirety to read as follows: 

“(n) Restrictions on Transfer of Shares and Minimum Vesting. Any Shares issued upon exercise of an Option shall be
subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock Option Agreement and
shall apply in addition to any restrictions that may apply to holders of Shares generally. Any right to repurchase the Optionee’s Shares at the original Exercise Price upon termination of the Optionee’s Service shall lapse at rate
determined by the Board of Directors. Any such repurchase right may be exercised only within 90 days after the termination of the Optionee’s Service for cash or for cancellation of indebtedness incurred in purchasing the Shares.”

 7. Section 11(k) of the 2005 Plan is hereby amended to add the following to the end thereof: 

“For purposes of Options granted on or before the effective date of the first registration statement that is filed by
the Company and declared effective pursuant to Section 12(g) of the Exchange Act, with respect to any class of the Company’s securities, the Committee or Board of Directors may determine in good faith that the Fair Market Value will be the
initial price to the public as set forth in the final prospectus included within the registration statement in Form F-1 filed with the Securities and Exchange Commission for the initial public offering of the Company’s Stock.” 

 

 -12- 

 IN WITNESS WHEREOF, the Company, by its duly authorized officer, has executed this Amendment
to the 2005 Stock Plan on the date indicated below. 
  

					
		 	Ambow Education Holding Ltd.
			
	 Dated: November 27, 2009
	 	By:	 	 /s/ Jin Huang

		 	Title:	 	

  

 -13- 

 AMBOW EDUCATION HOLDING LTD. 

2005 STOCK PLAN 

U.S. SHARE OPTION AGREEMENT 

Ambow Education Holding Ltd., (the “Company”) hereby grants you,
[            ] (the “Optionee”), an option (the “Option”) under the Company’s 2005 Stock Plan (the “Plan”) to purchase Ordinary
Shares (“Shares”) of the Company. Subject to the provisions of the Plan and the Option Rules attached hereto as Exhibit A, the principal features of the Option are as follows: 

 

					
	Grant Number	  	  [            ]
	Date of Grant	  	  [            ]
	Vesting Commencement Date	  	  [            ]
	Exercise Price per Share	  	$[            ]
	Number of Shares subject to the Option	  	  [            ]
		
	Type of Option:	  	           Incentive Stock Option (to the extent permitted by applicable law)
		  	    x     Nonstatutory Stock Option
	Expiration Date:	  	  [            ]

Vesting Schedule 

Subject to the Optionee’s continued Service (as defined in the Plan) through each of the applicable vesting dates and to the
extent permitted by applicable law, the Option shall become exercisable, in whole or in part, in accordance with the terms of the Plan, the Option Rules (attached hereto as Exhibit A) and the following schedule:  

Twenty-five percent (25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the Vesting
Commencement Date, and the remainder shall vest in equal and continuous monthly installments over the following thirty-six (36) months thereafter, subject to Optionee’s continued Service through each vesting date. 

Option Termination: 
  

			
	 Event Triggering Option Termination
	  	 Maximum Time to Exercise After Triggering Event

	 Termination of Service (except as provided below)
	  	90 days
	 Termination of Service due to Disability
	  	12 months
	 Termination of Service due to death
	  	12 months

 The
Option may only be exercised as to Shares that have vested as of the date of the Optionee’s termination of Service and in no event may the Option be exercised after the Expiration Date. It is the Optionee’s responsibility to exercise
the Option, if the Optionee so desires, before it expires or terminates. 
 The Optionee’s signature below indicates
his or her agreement, understanding, and acceptance that the Option is subject to all of the terms and conditions contained in Exhibit A and the Plan. Please be sure to read all of Exhibit A, which contains the specific terms and
conditions of the Option. This U.S. Share Option Agreement (the “Option Agreement”) does not represent a securities interest in the Company, which interest may accrue only upon the exercise of the Option in accordance with its
terms. 
  

					
	AMBOW EDUCATION HOLDING LTD.	  		 	OPTIONEE
			
	  
	  		 	  

	Jin Huang, CEO	  		 	[            ]

  

 -14- 

 EXHIBIT A 

OPTION RULES 

1. Grant of Option. The Plan administrator hereby grants to the Optionee under the Plan the right to purchase the number of Shares
set forth on the first page of this Option Agreement (the “Grant Notice”), at the Exercise Price per Share set forth in the Grant Notice, and subject to all of the terms and conditions in this Option Agreement and the Plan, a copy
of which the Optionee acknowledges having received. Unless otherwise defined herein, the capitalized terms in this Option Agreement shall have the meanings ascribed to those terms in the Plan. In the event of a conflict between the terms and
conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail unless otherwise indicated. 

The aggregate Fair Market Value (determined with respect to each Incentive Stock Option at the time the Incentive Stock Option is
granted) of Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any calendar year (under the Plan or any other plan of the Company) shall not exceed US$100,000. If the Option is designated
in the Grant Notice as an Incentive Stock Option, all or a portion of the Option may nonetheless be treated as a Nonstatutory Stock Option in accordance with Section 6(b) of the Plan. 

2. Exercise of Option. 

(a) Right to Exercise. If permitted by applicable law, the Option shall be exercisable during its term cumulatively according to
the Vesting Schedule set out in the Grant Notice and with the applicable provisions of the Plan. Notwithstanding the foregoing, the Option may not be exercised for a fraction of a Share. 

(b) Method of Exercise. This Option shall be exercisable to the extent then vested by delivery of a written exercise notice in the
form attached hereto as Exhibit C (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Plan administrator may determine, which shall state the election to exercise the Option, the number of Shares
with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company. The Exercise Notice shall be signed by the Optionee (or by the Optionee’s beneficiary or other person entitled
to exercise the Option under the Plan in the event of the Optionee’s death) and shall be delivered in person or by certified mail to the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all
Shares exercised, with applicable tax withholding delivered according to Exhibit C attached hereto. The Option shall be deemed to be exercised as of the date (the “Exercise Date”) (i) the Company receives (as determined
by the Plan administrator in its sole, but reasonable, discretion) the fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price, with applicable tax withholding delivered according to Exhibit C attached hereto,
and (ii) all other applicable terms and conditions of the Option Agreement are satisfied. 
 (c) Approval by Members and
Compliance Restrictions on Exercise. Any other provision of this Agreement to the contrary notwithstanding, no portion of the Option shall be exercisable at any time prior to the approval of the Plan by the Members of the Company. No Shares
shall be issued pursuant to the exercise of an Option, unless the issuance and exercise, including the form of consideration used to pay the Exercise Price, comply with applicable law. 

 

 -15- 

 3. Optionee’s Representations. The Optionee understands that neither the Option
nor the Shares exercisable pursuant to the Option have been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any United States securities laws. In the event the Shares have not been registered under the
Securities Act on the Exercise Date, the Optionee shall, if required by the Company, concurrently with the exercise of all or any portion of the Option, deliver to the Company his or her Investment Representation Statement in the form attached
hereto as Exhibit D, as well as any other representations necessary or appropriate, in the judgment of the Plan administrator, to comply with applicable law. 

4. Market Stand-Off. 

(a) The Optionee agrees that the Optionee shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge,
offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Shares
acquired under the Option Agreement for a period specified by the Company or its underwriters. Such restriction (the “Market Stand-Off”) shall be in effect for such period of time commencing on and following the date of the final
prospectus for the first Qualified Public Offering as may be requested by the Company or its underwriters. In no event, however, shall the Market Stand-Off period exceed 180 days following the first Qualified Public Offering (or such other period as
may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, if
applicable, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). In the event of the declaration of a share dividend, a spin-off, a share split, an adjustment in conversion
ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities that are by reason of such transaction distributed with respect to
any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with
respect to the Shares acquired under this Option Agreement until the end of the applicable Market Stand-Off period. The Company’s underwriters shall be beneficiaries of the agreement set forth in this Section 4, and the Optionee agrees
that any transferee of any Optionee shall be bound by the provisions of this Section 4. This Section 4 shall not apply to Shares registered in the first Qualified Public Offering. 

(b) For purposes of this Section 4, a “Qualified Public Offering” shall mean the closing of an underwritten public
offering, pursuant to an effective registration statement under the Securities Act or pursuant to a valid qualification or filing under applicable law of another jurisdiction, of the Shares or other equity securities of the Company. Notwithstanding
the foregoing, a Qualified Public Offering shall not include a registration relating solely to employee benefit plans or to a Rule 145 transaction under the Securities Act or to similar registrations under applicable law of another jurisdiction.

  

 -16- 

 (c) The Participant shall execute and deliver such other agreements as may be reasonably
requested by the Company or its underwriters that are consistent with this Section 4 or that are necessary to give further effect thereto. In addition, if requested by the Company or its underwriters, the Participant shall provide, within ten
(10) days of this request, such information as may be required by the Company or its underwriters in connection with the completion of the Company’s first Qualified Public Offering. 

5. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following forms of consideration, or a
combination thereof, at the election of the Optionee: 
 (a) if permitted by applicable law, by cash, check or cash equivalent;

 (b) at the discretion of the Plan administrator and to the extent permitted by applicable law, consideration received by the
Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or 
 (c) such other method
or manner of payment as the Plan administrator may approve. 
 6. Non-Transferability of Option. The Option and the
rights and privileges conferred hereby shall not be sold, pledged or otherwise transferred (whether by operation of law or otherwise) in any manner otherwise than by will or by the laws of descent or distribution, shall not be subject to sale under
execution, attachment, levy or similar process and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and the Option Agreement shall be binding upon the executors, administrators, heirs, successors and
assigns of the Optionee. 
 7. Term of Option. The Option shall in any event expire on the expiration date set forth in
the Grant Notice, and may be exercised prior to the expiration date only in accordance with the Plan and the terms of this Option Agreement. 

8. Tax Obligations. 

(a) Tax Withholding. The Optionee shall make appropriate arrangements with the Company (or the Parent or Subsidiary employing or
retaining the Optionee) for the satisfaction of all income and employment tax withholding requirements applicable to the Option exercise, disposition of the Option or the Shares issued pursuant to the exercise of the Option. The Optionee hereby
acknowledges, understands and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if the withholding amounts are not delivered at the time of exercise. 

(b) Notice of Disqualifying Disposition of Shares. If the Option granted to the Optionee herein is designated as an Incentive
Stock Option, and if the Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option on or before the later of (1) the date two years after the Date of Grant and (2) the date one year after the
date of exercise, the Optionee shall immediately notify the Company in writing of such disposition. The Optionee hereby acknowledges and agrees that the Optionee may be subject to tax withholding by the Company (or the Parent or Subsidiary employing
or retaining the Optionee) on the compensation income recognized by the Optionee in connection with the exercise of the Option. 
  

 -17- 

 (c) Code Section 409A. Under Code Section 409A, an Option that vests after
December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”)
to be less than the Fair Market Value of a Share on the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that is a “discount option” may result in (i) income recognition by
the Optionee prior to the exercise of the Option, (ii) an additional twenty percent (20%) U.S. Federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional U.S.
state income, penalty and interest tax to the Optionee. Optionee acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share
on the date of grant in a later examination. Optionee agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Optionee will be solely
responsible for Optionee’s costs related to such a determination. 
 9. Adjustment of Shares. In the event of any
transaction described in Section 7 of the Plan, the terms of the Option (including, without limitation, the number and kind of the Shares subject to the Option and the Exercise Price) may be adjusted as set forth in Section 7 of the Plan.
This Option Agreement shall in no way affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer any part of its business
or assets. 
 10. Legality of Initial Issuance. No Shares shall be issued upon the exercise of the Option unless and
until the Company has determined that: (i) the Company and the Optionee have taken all actions required to register the Shares under the Securities Act or to perfect an exemption from the registration requirements thereof, if applicable;
(ii) all applicable listing requirements of any stock exchange or other securities market on which the Shares are listed have been satisfied; and (iii) all other applicable provisions of applicable law have been satisfied. 

11. No Registration Rights. The Company may, but shall not be obligated to, register or qualify the sale of Shares under the
Securities Act or any other applicable law. The Company shall not be obligated to take any affirmative action in order to cause the sale of Shares under this Option Agreement to comply with any applicable law. 

12. Securities Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have been registered under
the Securities Act or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate
legends on share certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any other
jurisdiction or any other applicable law. 
  

 -18- 

 13. Acknowledgements. 

(a) The Optionee acknowledges receipt of a copy of the Plan (including any applicable appendices or sub-plans thereunder) and represents
that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. The Optionee has reviewed the Plan (including any applicable appendices or sub-plans thereunder) and
this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Option. The Optionee hereby agrees to accept as binding, conclusive
and final all decisions or interpretations of the Plan administrator upon any questions arising under the Plan or this Option. The Optionee further agrees to notify the Company upon any change in the residence address indicated below. 

(b) The Company (which may or may not be the Optionee’s employer) is granting the Option. The Company will administer the Plan from
outside the Optionee’s country of residence, and United States law will govern all Options granted under the Plan. 
 (c)
The Optionee acknowledges that benefits and rights provided under the Plan are wholly discretionary and, although provided by the Company, do not constitute regular or periodic payments. Unless otherwise required by applicable law, the benefits and
rights provided under the Plan are not to be considered part of the Optionee’s salary or compensation for purposes of calculating any severance, resignation, redundancy or other end of service payments, vacation, bonuses, long-term service
awards, indemnification, pension or retirement benefits, or any other payments, benefits or rights of any kind. The Optionee waives any and all rights to compensation or damages as a result of the termination of employment with the Company for any
reason whatsoever insofar as those rights result or may result from: 
 (i) the loss or diminution in value of such rights
under the Plan, or 
 (ii) the Optionee ceasing to have any rights under, or ceasing to be entitled to any rights under the
Plan as a result of such termination. 
 (d) The grant of the Option, and any future grant of Options under the Plan is entirely
voluntary, and at the complete discretion of the Company. Neither the grant of the Option nor any future grant of an Option by the Company will be deemed to create any obligation to grant any further Options, whether or not such a reservation is
explicitly stated at the time of such a grant. The Company has the right, at any time, to amend, suspend or terminate the Plan. 

(e) The Plan will not be deemed to constitute, and will not be construed by the Optionee to constitute, part of the terms and conditions
of employment, and the Company will not incur any liability of any kind to the Optionee as a result of any change or amendment, or any cancellation, of the Plan at any time. 

(f) Participation in the Plan will not be deemed to constitute, and will not be deemed by the Optionee to constitute, an employment or
labor relationship of any kind with the Company. 
 (g) By entering into this Option Agreement, and as a condition of the grant
of the Option, the Optionee consents to the collection, use, and transfer of personal data as described in this subsection to the full extent permitted by and in full compliance with applicable law. 

 

 -19- 

 (i) the Optionee understands that the Company, its Parent or any Subsidiary may hold
certain personal information about the Optionee, including, but not limited to, name, home address and telephone number, date of birth, social insurance number, salary, nationality, job title, any Shares or directorships held in the Company, details
of all Options or other entitlement to Shares awarded, canceled, exercised, vested, unvested, or outstanding in the Optionee’s favor, for the purpose of managing and administering the Plan (“Data”). 

(ii) the Optionee further understands that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the
purposes of implementation, administration, and management of the Optionee’s participation in the Plan, and that the Company and/or its Subsidiaries may each further transfer Data to any third parties assisting the Company in the
implementation, administration, and management of the Plan (“Data Recipients” ). 
 (iii) the Optionee
understands that these Data Recipients may be located in the Optionee’s country of residence or elsewhere, such as the United States. The Optionee authorizes the Data Recipients to receive, possess, use, retain, and transfer Data in electronic
or other form, for the purposes of implementing, administering, and managing the Optionee’s participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of
Shares on the Optionee’s behalf, to a broker or third party with whom the Shares acquired on exercise may be deposited. 

(iv) the Optionee understands that the Optionee may, at any time, review the Data, request that any necessary amendments be made to it,
or withdraw the Optionee’s consent herein in writing by contacting the Company. The Optionee further understands that withdrawing consent may affect the Optionee’s ability to participate in the Plan. 

(h) The Optionee has received the terms and conditions of this Option Agreement and any other related communications, and the Optionee
consents to having received these documents in English. 
 14. General Provisions. 

(a) Notice. Any notice required by the terms of this Option Agreement shall be given in writing and shall be deemed effective upon
personal delivery or upon deposit with a national postal service, by registered or certified mail, with postage and fees prepaid. Notice shall be addressed to the Company at its principal executive office and to the Optionee at the address that he
or she most recently provided to the Company. 
 (b) Successors and Assigns. Except as provided herein to the contrary,
this Option Agreement shall be binding upon and inure to the benefit of the parties to this Option Agreement, their respective successors and permitted assigns. 

(c) No Assignment. Except as otherwise provided in this Option Agreement, the Optionee shall not assign any of his or her rights
under this Option Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion. The Company shall be permitted to assign its rights or obligations under this Option Agreement, but no such
assignment shall release the Company of any obligations pursuant to this Option Agreement. 
  

 -20- 

 (d) Severability. The validity, legality or enforceability of the remainder of this
Option Agreement shall not be affected even if one or more of the provisions of this Option Agreement shall be held to be invalid, illegal or unenforceable in any respect. 

(e) Administration. Any determination by the Plan administrator in connection with any question or issue arising under the Plan or
this Option Agreement shall be final, conclusive, and binding on the Optionee, the Company, and all other persons. 
 (f)
Headings. The section headings in this Option Agreement are inserted only as a matter of convenience, and in no way define, limit or interpret the scope of this Option Agreement or of any particular section. 

(g) Counterparts. This Option Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 (h) Entire Option Agreement;
Governing Law. The provisions of the Plan are incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and the Optionee. This Option
Agreement is governed by the laws of the State of California applicable to contracts executed in and to be performed in that State, except with respect to its choice of law rules. 

15. No Guarantee of Continued Service. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING
SCHEDULE HEREOF IS EARNED ONLY BY OPTIONEE’S CONTINUED SERVICE AT THE WILL OF THE COMPANY OR THE AFFILIATE EMPLOYING THE OPTIONEE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE OPTIONEE FURTHER
ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE OPTION GRANTED HEREUNDER, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT OF SERVICE
FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH THE OPTIONEE’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE AFFILIATE EMPLOYING THE OPTIONEE) TO TERMINATE THE OPTIONEE’S SERVICE AT ANY TIME, WITH OR
WITHOUT CAUSE. 
  

 -21- 

 EXHIBIT B 

AMBOW EDUCATION HOLDING LTD. 

2005 STOCK PLAN 

EXERCISE NOTICE 

Attention: Secretary 
 1.
Exercise of Option. Effective as of today, [            ], 200  , the undersigned (the “Optionee”) hereby elects to exercise the Optionee’s
option to purchase [            ] Ordinary Shares (the “Shares”) of Ambow Education Holding Ltd. (the “Company”), under and pursuant to the 2005 Stock Plan (the
“Plan”) and the U.S. Share Option Agreement dated [            ], 200   (the “Option Agreement”). Unless otherwise defined herein, the
capitalized terms in this notice of exercise (the “Exercise Notice”) shall have the meanings ascribed to those terms in the Plan. 

2. Delivery of Payment. The Optionee herewith delivers to the Company the full Exercise Price of the Shares with respect to which
the Optionee is exercising the Option, and delivers any and all tax withholding due in connection with the exercise of the Option to the Company, the Parent or the Subsidiary that is required under applicable law to withhold such taxes. 

3. Representations of the Optionee. The Optionee hereby acknowledges that the Optionee has received and read, and understands the
Plan and the Option Agreement, including the Option Rules, and agrees to abide by and be bound by their terms and conditions. 

4. Rights as Member. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a Member shall exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares shall be
issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as
provided in Section 7 of the Plan. 
  

 -22- 

 5. Right of First Refusal. 

(a) Transfer Notice. If at any time the Optionee proposes to sell, transfer, assign, encumber, pledge, hypothecate or otherwise
dispose of in any way (each, a “Transfer”) all or any part of or any interest in the Shares to one or more third parties pursuant to an understanding with the third parties, then the Optionee (a “Selling Optionee”)
shall first give the Company written notice of the Selling Optionee’s intention to make the Transfer (the “Transfer Notice”), which Transfer Notice shall include (i) a description of the Shares to be transferred (the
“Offered Shares”), (ii) the identity of the prospective transferee(s), (iii) a certification as to the number of Shares currently owned, directly or indirectly, by the proposed transferee and its Affiliates and
(iv) the consideration and the material terms and conditions upon which the proposed Transfer is to be made. For purposes of this Section 5, “Affiliate” shall mean any person or entity that directly, or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with such entity. The Transfer Notice shall certify that the Selling Optionee has received a firm offer from the prospective transferee(s) and in good faith
believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet or letter of intent or other agreement relating to the
proposed Transfer and proof satisfactory to the Company that the proposed Transfer will not violate applicable law. 
 (b)
Company’s Option. The Company and its assignee(s) shall have an option for a period of thirty (30) days from receipt of the Transfer Notice to elect to purchase the Offered Shares at the same price and subject to the same material
terms and conditions as described in the Transfer Notice. The Company and its assignee(s) may exercise such purchase option and, thereby, purchase all (or a portion of) the Offered Shares by notifying the Selling Optionee in writing before
expiration of such thirty (30)-day period as to the number of Offered Shares that it wishes to purchase. If the Company or an assignee gives the Selling Optionee notice that it desires to purchase the Offered Shares, then payment for the Offered
Shares shall be by check or wire transfer, against delivery of the Offered Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than thirty (30) days after
the Company’s receipt of the Transfer Notice, unless the Transfer Notice contemplates a later closing with the prospective third party transferee(s) or unless the value of the purchase price has not yet been established pursuant to
Section 5(c) hereof. 
 (c) Valuation of Property. Should the purchase price specified in any Transfer Notice be
payable in property other than cash or evidences of indebtedness, the Company and its assignee(s) shall have the right to pay the purchase price in the form of cash equal in amount to the value of such property. If the Selling Optionee and the
Company or its assignee(s) cannot agree on such cash value within ten (10) days after the Company’s receipt of the Transfer Notice, the valuation shall be as determined in good faith by the Plan administrator. If the time for the closing
of the purchase has expired but for the determination of the value of the purchase price offered by the prospective transferee(s), then such closing shall be held on or prior to the fifth (5th) business day after the valuation shall have been
made pursuant to this Section 5(c). 
  

 -23- 

 (d) Non-Exercise of Right. To the extent that any Offered Share has not been
purchased pursuant to Section 5(b) hereof and the Company has determined that the proposed Transfer of the unpurchased Offered Shares to the third party transferee identified in the Transfer Notices would not constitute a Change in Control, the
Company shall promptly so notify the Selling Optionee and the Selling Optionee shall have a period of thirty (30) days from receipt of such notice in which to sell such unpurchased Offered Shares upon terms and conditions (including the
purchase price) no more favorable than those specified in the Transfer Notice; provided, however, that the transferee shall agree in writing on a form prescribed by the Company to be bound by all provisions of this Exercise Notice. In
the event that the Selling Optionee does not consummate such sale or disposition within such thirty (30) day period, all rights of first refusal under this Section 5 shall continue to be applicable to any subsequent disposition of the
Offered Shares by the Selling Optionee until such rights lapse in accordance with the terms of this Section 5. Furthermore, the exercise or nonexercise of such rights shall not adversely affect the right of the Company and its assignee(s) to
make subsequent purchases from the Selling Optionee of Shares. 
 (e) Additional Shares or Substituted Securities. In the
event of the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form other than shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the
Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities or other property (including money paid other than as an ordinary cash dividend) that are by reason of such transaction distributed
with respect to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5. Appropriate adjustments to reflect the distribution of such securities or property
shall be made to the number and/or class of Shares subject to this Section 5. 
 (f) Exception for Certain Family
Transfers. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or all of the Shares during the Optionee’s lifetime or on the Optionee’s death by will or intestacy to the Optionee’s
immediate family or a trust for the benefit of the Optionee’s immediate family shall be exempt from the provisions of this Section 5. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father,
mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance
with the terms of this Section 5. 
 (g) Change in Control. In the event of a Change in Control, all rights of first
refusal under this Section 5 shall remain in full force and effect and shall apply to the new shares of capital received in exchange for the Shares in consummation of the Change in Control, but only to the extent the Shares are at the time
covered by the rights of first refusal under this Section 5. 
 (h) Lapse. Notwithstanding any other provision of this
Section 5, any right of first refusal provided in this Section 5 shall terminate as to any Shares upon the earlier to occur of (i) a Qualified Public Offering (as defined in the Option Agreement) and (ii) a Change in Control in
which the successor corporation has equity securities that are publicly traded. 
 6. Tax Consultation. The Optionee
hereby acknowledges that he or she understands that the Optionee may suffer adverse tax consequences as a result of the Optionee’s purchase or disposition of the Shares. The Optionee hereby represents that the Optionee has consulted with any
tax consultants the Optionee deems advisable in connection with the purchase or disposition of the Shares and that the Optionee is not relying on the Company for any tax advice. 

 

 -24- 

 7. Restrictions on Transfer. 

(a) Legends. The Optionee hereby acknowledges, understands and agrees that the Company may cause the legends set forth below or
legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or U.S. federal securities laws or other applicable
law: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE
“ACT”) OR QUALIFIED OR REGISTERED UNDER STATE SECURITIES OR BLUE SKY LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION, AND NEITHER THESE SECURITIES NOR ANY INTEREST OR PARTICIPATION THEREIN MAY
BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT IN COMPLIANCE WITH THE ACT, APPLICABLE STATE SECURITIES OR BLUE SKY LAWS AND THE APPLICABLE RULES AND REGULATIONS THEREUNDER. THE ISSUER OF THESE
SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER
OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE
BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR
A PERIOD NOT TO EXCEED 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING
UNDERWRITER. 
 (b) Stop-Transfer Notices. The Optionee agrees that, in order to ensure compliance with the restrictions
referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own
records. 
  

 -25- 

 (c) Rights of the Company. The Company shall not (i) record on its books the
transfer of any Shares that have been sold or transferred in contravention of this Exercise Notice or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Shares have been
transferred in contravention of this Exercise Notice. Any Transfer of Shares not made in conformance with this Exercise Notice shall be null and void and shall not be recognized by the Company. 

(d) Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a certificate of shares
representing Shares sold under this Exercise Notice is no longer required, the holder of the certificate shall be entitled to exchange the certificate for a certificate representing the same number of Shares but without such legend. 

8. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees,
and the terms and conditions of this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, the terms and conditions of this Exercise Notice shall be binding
upon the Optionee and his or her heirs, executors, administrators, successors and assigns. 
 9. Interpretation. Any
dispute regarding the interpretation of this Exercise Notice shall be submitted by the Optionee or by the Company forthwith to the Plan administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by
the Plan administrator shall be final and binding on all parties. 
 10. Governing Law; Severability. This Exercise
Notice is governed by the laws of the State of California applicable to contracts executed in and to be performed in that State without giving effect to its choice of law rules. 

11. Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the
Option Agreement, and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the
Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and the Optionee. 

[SIGNATURE PAGE FOLLOWS] 
  

 -26- 

 IN WITNESS WHEREOF, this Exercise Notice is deemed made as of the date first set forth
above. 
  

							
	Submitted by:	 		 	Accepted by:
			
	OPTIONEE	 		 	AMBOW EDUCATION HOLDING LTD.
			
	  
	 		 	  

	Signature	 		 	By	 	[            ]
			
	  
	 		 	[            ]
	[            ]	 		 	Title:	 	CEO
				
	Address:	 		 		 	
			
	  
	 		 	
	  
	 		 	
	  
	 		 	
			
		 		 	  

		 		 	Date Received

 SIGNATURE
PAGE TO EXERCISE NOTICE 
  

 -27- 

 EXHIBIT C 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	OPTIONEE:	 	  
	  	
		
	COMPANY:	 	AMBOW EDUCATION HOLDING LTD.
		
	SECURITIES:	 	ORDINARY SHARES
			
	AMOUNT:	 	  
	  	
			
	DATE:	 	  
	  	

 In connection with the purchase of the above-listed Securities, the Optionee represents to the
Company the following: 
 (a) The Optionee hereby acknowledges that the Optionee is aware of the Company’s business affairs
and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. The Optionee is acquiring these Securities for investment for the Optionee’s own
account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b) The Optionee hereby acknowledges and understands that the Securities constitute “restricted securities” under the
Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Optionee’s investment intent as expressed
herein. In this connection, the Optionee understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if the Optionee’s representation was predicated solely upon a present
intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed
period in the future. The Optionee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Optionee further
acknowledges and understands that the Company is under no obligation to register the Securities. The Optionee understands that the certificate evidencing the Securities will be imprinted with a legend that prohibits the transfer of the Securities
unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company, and with any other legend required under applicable state securities laws. 

 

 -28- 

 (c) Optionee is familiar with the provisions of Rule 701 and Rule 144, each
promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain
conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to Optionee, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes subject
to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be
resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold
during any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions directly with a “market maker” or “riskless principal
transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable. 

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold
in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase
and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the
paragraph immediately above. 
 (d) The Optionee further understands that in the event all of the applicable requirements of
Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of
the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. The Optionee understands that no assurances
can be given that any such other registration exemption will be available in such event. 
  

			
	Signature of the Optionee:
	
	  

	Date:	 	  

 

 -29- 

 AMBOW EDUCATION HOLDING LTD. 

2005 STOCK PLAN 

PRC SHARE OPTION AGREEMENT 

Ambow Education Holding Ltd., (the “Company”) hereby grants you,
[            ] (the “Optionee”), an option (the “Option”) under the Company’s 2005 Stock Plan (the “Plan”) to purchase Ordinary
Shares (“Shares”) of the Company. Subject to the provisions of the Plan and the Option Rules attached hereto as Exhibit A, the principal features of the Option are as follows: 

 

			
	Grant Number	  	  [            ]
	Date of Grant	  	  [            ]
	Vesting Commencement Date	  	  [            ]
	Exercise Price per Share	  	$[            ]
	Number of Shares subject to the Option	  	  [            ]
		
	Type of Option:	  	           Incentive Stock Option (to the extent permitted by applicable law)
		  	    x     Nonstatutory Stock Option
	Expiration Date:	  	  [            ]

Vesting Schedule 

Subject to the Optionee’s continued Service (as defined in the Plan) through each of the applicable vesting dates and to the extent
permitted by applicable law, the Option shall become exercisable, in whole or in part, in accordance with the terms of the Plan, the Option Rules (attached hereto as Exhibit A) and the following schedule: 

Twenty-five percent (25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the Vesting
Commencement Date, and the remainder shall vest in equal and continuous monthly installments over the following thirty-six (36) months thereafter, subject to Optionee’s continued Service through each vesting date. 

Escrow Provisions: 

This Option shall be held by the Company under the Escrow Provisions (attached hereto as Exhibit B). 

Option Termination: 
  

			
	 Event Triggering Option Termination
	  	 Maximum Time to Exercise After Triggering Event

	 Termination of Service (except as provided below)
	  	90 days
	 Termination of Service due to Disability
	  	12 months
	 Termination of Service due to death
	  	12 months

 The Option may
only be exercised as to Shares that have vested as of the date of the Optionee’s termination of Service and in no event may the Option be exercised after the Expiration Date. It is the Optionee’s responsibility to exercise the Option,
if the Optionee so desires, before it expires or terminates. 
 The Optionee is aware that, notwithstanding anything to
the contrary in this PRC Share Option Agreement (the “Option Agreement”), the exercise of the Option is subject to certain regulations of the PRC, including those implemented by the State Administration of Foreign Exchange (the
“Restriction”). The Optionee further acknowledges that if the Restriction does not allow the Company to issue Shares to the Optionee upon the Optionee’s attempted exercise of the Option that the Company will be not liable to the
Optionee in any respect and will not be required to provide any compensation or other consideration to the Optionee as a result of the failed Option exercise. The Optionee recognizes that if the Restriction continues to prohibit the Company from
issuing Shares pursuant to the Option at the time of his or her termination of Service, the Option shall in any event terminate and expire according to the Option Termination schedule listed above. 

The Optionee’s signature below indicates his or her agreement, understanding, and acceptance that the Option is subject to all of
the terms and conditions contained in Exhibit A, the Plan, and the Escrow Provisions (Exhibit B). Please be sure to read all of Exhibits A and B, which contain the specific terms and conditions of the Option. This PRC
Share Option Agreement (the “Option Agreement”) does not represent a securities interest in the Company, which interest may accrue only upon the exercise of the Option in accordance with its terms. 

 

					
	AMBOW EDUCATION HOLDING LTD.	 		 	OPTIONEE
			
	  
	 		 	  

	Jin Huang, CEO	 		 	[            ]

  

 -30- 

 EXHIBIT A 

OPTION RULES 

1. Grant of Option. The Plan administrator hereby grants to the Optionee under the Plan the right to purchase the number of Shares
set forth on the first page of this Option Agreement (the “Grant Notice”), at the Exercise Price per Share set forth in the Grant Notice, and subject to all of the terms and conditions in this Option Agreement and the Plan, a copy
of which the Optionee acknowledges having received. Unless otherwise defined herein, the capitalized terms in this Option Agreement shall have the meanings ascribed to those terms in the Plan. In the event of a conflict between the terms and
conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail unless otherwise indicated. 

The aggregate Fair Market Value (determined with respect to each Incentive Stock Option at the time the Incentive Stock Option is
granted) of Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any calendar year (under the Plan or any other plan of the Company) shall not exceed US$100,000. If the Option is designated
in the Grant Notice as an Incentive Stock Option, all or a portion of the Option may nonetheless be treated as a Nonstatutory Stock Option in accordance with Section 6(b) of the Plan. 

The Option, and any Shares or cash acquired pursuant hereto, shall be held by the Company under the Escrow Provisions (attached hereto
as Exhibit B). 
 2. Exercise of Option. 

(a) Right to Exercise. If permitted by applicable law, the Option shall be exercisable during its term cumulatively according to
the Vesting Schedule set out in the Grant Notice and with the applicable provisions of the Plan. Notwithstanding the foregoing, the Option may not be exercised for a fraction of a Share. 

(b) Method of Exercise. The Optionee may instruct the Company to exercise the Option to the extent then vested on his or her
behalf by delivery of a written exercise notice in the form attached hereto as Exhibit C (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Plan administrator may determine, which shall state the
election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company. The Exercise Notice shall be signed by the Optionee (or by
the Optionee’s beneficiary or other person entitled to exercise the Option under the Plan in the event of the Optionee’s death) and shall be delivered in person or by certified mail to the Company. The Exercise Notice shall be accompanied
by payment of the aggregate Exercise Price as to all Shares exercised, with applicable tax withholding delivered according to Exhibit C attached hereto. The Option shall be deemed to be exercised as of the date (the “Exercise
Date”) (i) the Company receives (as determined by the Plan administrator in its sole, but reasonable, discretion) the fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price, with applicable tax
withholding delivered according to Exhibit C attached hereto, and (ii) all other applicable terms and conditions of the Option Agreement are satisfied. 

 

 -31- 

 (c) Approval by Members and Compliance Restrictions on Exercise. Any other provision
of this Agreement to the contrary notwithstanding, no portion of the Option shall be exercisable at any time prior to the approval of the Plan by the Members of the Company. No Shares shall be issued pursuant to the exercise of an Option, unless the
issuance and exercise, including the form of consideration used to pay the Exercise Price, comply with applicable law. 
 3.
Optionee’s Representations. In the event the Shares have not been registered under the Securities Act on the Exercise Date, the Optionee shall, if required by the Company, concurrently with the exercise of all or any portion of the
Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit D, as well as any other representations necessary or appropriate, in the judgment of the Plan administrator, to comply with
applicable law. 
 4. Market Stand-Off. 

(a) The Optionee agrees that the Optionee shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer,
grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Shares acquired
under the Option Agreement for a period specified by the Company or its underwriters. Such restriction (the “Market Stand-Off”) shall be in effect for such period of time commencing on and following the date of the final prospectus
for the first Qualified Public Offering as may be requested by the Company or its underwriters. In no event, however, shall the Market Stand-Off period exceed 180 days following the first Qualified Public Offering (or such other period as may be
requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, if
applicable, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). In the event of the declaration of a share dividend, a spin-off, a share split, an adjustment in conversion
ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities that are by reason of such transaction distributed with respect to
any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with
respect to the Shares acquired under this Option Agreement until the end of the applicable Market Stand-Off period. The Company’s underwriters shall be beneficiaries of the agreement set forth in this Section 4, and the Optionee agrees
that any transferee of any Optionee shall be bound by the provisions of this Section 4. This Section 4 shall not apply to Shares registered in the first Qualified Public Offering. 

(b) For purposes of this Section 4, a “Qualified Public Offering” shall mean the closing of an underwritten public
offering, pursuant to an effective registration statement under the Securities Act or pursuant to a valid qualification or filing under applicable law of another jurisdiction, of the Shares or other equity securities of the Company. Notwithstanding
the foregoing, a Qualified Public Offering shall not include a registration relating solely to employee benefit plans or to a Rule 145 transaction under the Securities Act or to similar registrations under applicable law of another jurisdiction.

  

 -32- 

 (c) The Optionee shall execute and deliver such other agreements as may be reasonably
requested by the Company or its underwriters that are consistent with this Section 4 or that are necessary to give further effect thereto. In addition, if requested by the Company or its underwriters, the Optionee shall provide, within ten
(10) days of this request, such information as may be required by the Company or its underwriters in connection with the completion of the Company’s first Qualified Public Offering. 

5. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following forms of consideration, or a
combination thereof, at the election of the Optionee: 
 (a) if permitted by applicable law, by cash, check or cash equivalent;

 (b) at the discretion of the Plan administrator and to the extent permitted by applicable law, consideration received by the
Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or 
 (c) such other method
or manner of payment as the Plan administrator may approve. 
 6. Non-Transferability of Option. The Option and the
rights and privileges conferred hereby shall not be sold, pledged or otherwise transferred (whether by operation of law or otherwise) in any manner otherwise than by will or by the laws of descent or distribution, shall not be subject to sale under
execution, attachment, levy or similar process and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and the Option Agreement shall be binding upon the executors, administrators, heirs, successors and
assigns of the Optionee. 
 7. Term of Option. The Option shall in any event expire on the expiration date set forth in
the Grant Notice, and may be exercised prior to the expiration date only in accordance with the Plan and the terms of this Option Agreement. 

8. Tax Obligations. 

(a) Tax Withholding. The Optionee shall make appropriate arrangements with the Company (or the Parent or Subsidiary employing or
retaining the Optionee) for the satisfaction of all income and employment tax withholding requirements applicable to the Option exercise, disposition of the Option or the Shares issued pursuant to the exercise of the Option. The Optionee hereby
acknowledges, understands and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if the withholding amounts are not delivered at the time of exercise. 

(b) Notice of Disqualifying Disposition of Shares. If the Option granted to the Optionee herein is designated as an Incentive
Stock Option, and if the Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option on or before the later of (1) the date two years after the Date of Grant and (2) the date one year after the
date of exercise, the Optionee shall immediately notify the Company in writing of such disposition. The Optionee hereby acknowledges and agrees that the Optionee may be subject to tax withholding by the Company (or the Parent or Subsidiary employing
or retaining the Optionee) on the compensation income recognized by the Optionee in connection with the exercise of the Option. 
  

 -33- 

 9. Adjustment of Shares. In the event of any transaction described in Section 7
of the Plan, the terms of the Option (including, without limitation, the number and kind of the Shares subject to the Option and the Exercise Price) may be adjusted as set forth in Section 7 of the Plan. This Option Agreement shall in no way
affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer any part of its business or assets. 

10. Legality of Initial Issuance. No Shares shall be issued upon the exercise of the Option unless and until the Company has
determined that: (i) the Company and the Optionee have taken all actions required to register the Shares under the Securities Act or to perfect an exemption from the registration requirements thereof, if applicable; (ii) all applicable
listing requirements of any stock exchange or other securities market on which the Shares are listed have been satisfied; and (iii) all other applicable provisions of applicable law have been satisfied. 

11. No Registration Rights. The Company may, but shall not be obligated to, register or qualify the sale of Shares under the
Securities Act or any other applicable law. The Company shall not be obligated to take any affirmative action in order to cause the sale of Shares under this Option Agreement to comply with any applicable law. 

12. Securities Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have been registered under
the Securities Act or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate
legends on share certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any other
jurisdiction or any other applicable law. 
 13. Acknowledgements. 

(a) The Optionee acknowledges receipt of a copy of the Plan (including any applicable appendices or sub-plans thereunder) and represents
that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. The Optionee has reviewed the Plan (including any applicable appendices or sub-plans thereunder) and
this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Option. The Optionee hereby agrees to accept as binding, conclusive
and final all decisions or interpretations of the Plan administrator upon any questions arising under the Plan or this Option. The Optionee further agrees to notify the Company upon any change in the residence address indicated below. 

(b) The Company (which may or may not be the Optionee’s employer) is granting the Option. The Company will administer the Plan from
outside the Optionee’s country of residence, and United States law will govern all Options granted under the Plan. 
  

 -34- 

 (c) The Optionee acknowledges that benefits and rights provided under the Plan are wholly
discretionary and, although provided by the Company, do not constitute regular or periodic payments. Unless otherwise required by applicable law, the benefits and rights provided under the Plan are not to be considered part of the Optionee’s
salary or compensation for purposes of calculating any severance, resignation, redundancy or other end of service payments, vacation, bonuses, long-term service awards, indemnification, pension or retirement benefits, or any other payments, benefits
or rights of any kind. The Optionee waives any and all rights to compensation or damages as a result of the termination of employment with the Company for any reason whatsoever insofar as those rights result or may result from: 

(i) the loss or diminution in value of such rights under the Plan, or 

(ii) the Optionee ceasing to have any rights under, or ceasing to be entitled to any rights under the Plan as a result of such
termination. 
 (d) The grant of the Option, and any future grant of Options under the Plan is entirely voluntary, and at the
complete discretion of the Company. Neither the grant of the Option nor any future grant of an Option by the Company will be deemed to create any obligation to grant any further Options, whether or not such a reservation is explicitly stated at the
time of such a grant. The Company has the right, at any time, to amend, suspend or terminate the Plan. 
 (e) The Plan will not
be deemed to constitute, and will not be construed by the Optionee to constitute, part of the terms and conditions of employment, and the Company will not incur any liability of any kind to the Optionee as a result of any change or amendment, or any
cancellation, of the Plan at any time. 
 (f) Participation in the Plan will not be deemed to constitute, and will not be deemed
by the Optionee to constitute, an employment or labor relationship of any kind with the Company. 
 (g) By entering into this
Option Agreement, and as a condition of the grant of the Option, the Optionee consents to the collection, use, and transfer of personal data as described in this subsection to the full extent permitted by and in full compliance with applicable law.

 (i) the Optionee understands that the Company, its Parent or any Subsidiary may hold certain personal information about the
Optionee, including, but not limited to, name, home address and telephone number, date of birth, social insurance number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or other entitlement to
Shares awarded, canceled, exercised, vested, unvested, or outstanding in the Optionee’s favor, for the purpose of managing and administering the Plan (“Data”). 

(ii) the Optionee further understands that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the
purposes of implementation, administration, and management of the Optionee’s participation in the Plan, and that the Company and/or its Subsidiaries may each further transfer Data to any third parties assisting the Company in the
implementation, administration, and management of the Plan (“Data Recipients” ). 
  

 -35- 

 (iii) the Optionee understands that these Data Recipients may be located in the
Optionee’s country of residence or elsewhere, such as the United States. The Optionee authorizes the Data Recipients to receive, possess, use, retain, and transfer Data in electronic or other form, for the purposes of implementing,
administering, and managing the Optionee’s participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Optionee’s behalf, to a broker
or third party with whom the Shares acquired on exercise may be deposited. 
 (iv) the Optionee understands that the Optionee
may, at any time, review the Data, request that any necessary amendments be made to it, or withdraw the Optionee’s consent herein in writing by contacting the Company. The Optionee further understands that withdrawing consent may affect the
Optionee’s ability to participate in the Plan. 
 (h) The Optionee has received the terms and conditions of this Option
Agreement and any other related communications, and the Optionee consents to having received these documents in English. 
 14.
General Provisions. 
 (a) Notice. Any notice required by the terms of this Option Agreement shall be given in
writing and shall be deemed effective upon personal delivery or upon deposit with a national postal service, by registered or certified mail, with postage and fees prepaid. Notice shall be addressed to the Company at its principal executive office
and to the Optionee at the address that he or she most recently provided to the Company. 
 (b) Successors and Assigns.
Except as provided herein to the contrary, this Option Agreement shall be binding upon and inure to the benefit of the parties to this Option Agreement, their respective successors and permitted assigns. 

(c) No Assignment. Except as otherwise provided in this Option Agreement, the Optionee shall not assign any of his or her rights
under this Option Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion. The Company shall be permitted to assign its rights or obligations under this Option Agreement, but no such
assignment shall release the Company of any obligations pursuant to this Option Agreement. 
 (d) Severability. The
validity, legality or enforceability of the remainder of this Option Agreement shall not be affected even if one or more of the provisions of this Option Agreement shall be held to be invalid, illegal or unenforceable in any respect. 

(e) Administration. Any determination by the Plan administrator in connection with any question or issue arising under the Plan or
this Option Agreement shall be final, conclusive, and binding on the Optionee, the Company, and all other persons. 
  

 -36- 

 (f) Headings. The section headings in this Option Agreement are inserted only as a
matter of convenience, and in no way define, limit or interpret the scope of this Option Agreement or of any particular section. 

(g) Counterparts. This Option Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 (h) Entire Option Agreement;
Governing Law. The provisions of the Plan are incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and the Optionee. This Option
Agreement is governed by the laws of the State of California applicable to contracts executed in and to be performed in that State, except with respect to its choice of law rules. 

15. No Guarantee of Continued Service. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING
SCHEDULE HEREOF IS EARNED ONLY BY OPTIONEE’S CONTINUED SERVICE AT THE WILL OF THE COMPANY OR THE AFFILIATE EMPLOYING THE OPTIONEE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE OPTIONEE FURTHER
ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE OPTION GRANTED HEREUNDER, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT OF SERVICE
FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH THE OPTIONEE’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE AFFILIATE EMPLOYING THE OPTIONEE) TO TERMINATE THE OPTIONEE’S SERVICE AT ANY TIME, WITH OR
WITHOUT CAUSE. 
  

 -37- 

 EXHIBIT B 

AMBOW EDUCATION HOLDING LTD. 

2005 STOCK PLAN 

ESCROW PROVISIONS 

1. Option. As set forth in the PRC Share Option Agreement, to which these Escrow Provisions (the “Escrow
Provisions”) are attached, you have been granted an Option under the Plan. The Option will be held by the Company under these Escrow Provisions in an account in your name. Unless otherwise defined herein, the capitalized terms in these
Escrow Provisions shall have the meanings ascribed to those terms in the Plan. 
 2. Legal and Equitable Title. Legal and
equitable title to the Option and any cash or securities acquired pursuant to the Option, will remain with you at all times, notwithstanding that such items may be held by the Company pursuant to these Escrow Provisions. 

3. Exercise of Option. You may instruct the Company to exercise the Option on your behalf at such time or times as permitted by
the PRC Share Option Agreement and the Plan. 
 4. Proceeds of Exercise. Shares acquired upon exercise of your Option
will be retained in Escrow under these Escrow Provisions. Subject to requirements for repatriation and settlement of foreign exchange under the laws of the People’s Republic of China, you may elect to keep any proceeds from the sale of such
Shares (any such sale to be performed by the Company under your direction) in your account under these Escrow Provisions or to have them distributed to you. If you elect to have the proceeds distributed to you, the Company will use its reasonable
efforts to effect such distribution within ten (10) business days of the sale, pursuant to such channels as the Company reasonably determines appropriate. 

5. Powers of Company. The Company may take any and all actions, and is hereby granted such powers and discretion, as may appear
necessary or proper to comply with applicable law and to effectuate and carry out the terms and purposes of Escrow under these Escrow Provisions, including, but not limited to, the power to exercise the Option and hold or dispose of the proceeds of
such exercise in accordance with the terms of these Escrow Provisions. 
 6. Limitation of Liability. The Company is not
liable for any damage caused by the exercise of its discretion as authorized by these Escrow Provisions for any reason, except gross negligence or willful misconduct. The Company is not liable for honest mistakes of judgment or for losses or
liabilities due to honest mistakes of judgment. 
 7. Costs and Expenses of this Escrow. All costs and expenses of these
Escrow Provisions will be borne by the Company. 
  

 -38- 

 8. Entire Agreement; Governing Law. The provisions of the Plan are incorporated
herein by reference. The Plan, Option Agreement and these Escrow Provisions constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company
and you with respect to the subject matter hereof, and may not be modified adversely to your interest except by means of a writing signed by the Company and you. These Escrow Provisions are governed by the laws of the State of California applicable
to contracts executed in and to be performed in that State, except with respect to its choice of law rules. 
  

 -39- 

 EXHIBIT C 

AMBOW EDUCATION HOLDING LTD. 

2005 STOCK PLAN 

EXERCISE NOTICE 

Attention: Secretary 
 1.
Exercise of Option. Effective as of today, [            ], 200  , the undersigned (the “Optionee”) hereby elects to exercise the Optionee’s
option to purchase [            ] Ordinary Shares (the “Shares”) of Ambow Education Holding Ltd. (the “Company”), under and pursuant to the 2005 Stock Plan (the
“Plan”) and the PRC Share Option Agreement dated [            ], 200   (the “Option Agreement”). Unless otherwise defined herein, the capitalized
terms in this notice of exercise (the “Exercise Notice”) shall have the meanings ascribed to those terms in the Plan. 

2. Delivery of Payment. The Optionee herewith delivers to the Company the full Exercise Price of the Shares with respect to which
the Optionee is exercising the Option, and delivers any and all tax withholding due in connection with the exercise of the Option to the Company, the Parent or the Subsidiary that is required under applicable law to withhold such taxes. 

3. Representations of the Optionee. The Optionee hereby acknowledges that the Optionee has received and read, and understands the
Plan and the Option Agreement, including the Option Rules, and agrees to abide by and be bound by their terms and conditions. 

4. Rights as Member. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a Member shall exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares shall be
issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as
provided in Section 7 of the Plan. 
  

 -40- 

 5. Right of First Refusal. 

(a) Transfer Notice. If at any time the Optionee proposes to sell, transfer, assign, encumber, pledge, hypothecate or otherwise
dispose of in any way (each, a “Transfer”) all or any part of or any interest in the Shares to one or more third parties pursuant to an understanding with the third parties, then the Optionee (a “Selling Optionee”)
shall first give the Company written notice of the Selling Optionee’s intention to make the Transfer (the “Transfer Notice”), which Transfer Notice shall include (i) a description of the Shares to be transferred (the
“Offered Shares”), (ii) the identity of the prospective transferee(s), (iii) a certification as to the number of Shares currently owned, directly or indirectly, by the proposed transferee and its Affiliates and
(iv) the consideration and the material terms and conditions upon which the proposed Transfer is to be made. For purposes of this Section 5, “Affiliate” shall mean any person or entity that directly, or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common control with such entity. The Transfer Notice shall certify that the Selling Optionee has received a firm offer from the prospective transferee(s) and in good faith
believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet or letter of intent or other agreement relating to the
proposed Transfer and proof satisfactory to the Company that the proposed Transfer will not violate applicable law. 
 (b)
Company’s Option. The Company and its assignee(s) shall have an option for a period of thirty (30) days from receipt of the Transfer Notice to elect to purchase the Offered Shares at the same price and subject to the same material
terms and conditions as described in the Transfer Notice. The Company and its assignee(s) may exercise such purchase option and, thereby, purchase all (or a portion of) the Offered Shares by notifying the Selling Optionee in writing before
expiration of such thirty (30)-day period as to the number of Offered Shares that it wishes to purchase. If the Company or an assignee gives the Selling Optionee notice that it desires to purchase the Offered Shares, then payment for the Offered
Shares shall be by check or wire transfer, against delivery of the Offered Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than thirty (30) days after
the Company’s receipt of the Transfer Notice, unless the Transfer Notice contemplates a later closing with the prospective third party transferee(s) or unless the value of the purchase price has not yet been established pursuant to
Section 5(c) hereof. 
 (c) Valuation of Property. Should the purchase price specified in any Transfer Notice be
payable in property other than cash or evidences of indebtedness, the Company and its assignee(s) shall have the right to pay the purchase price in the form of cash equal in amount to the value of such property. If the Selling Optionee and the
Company or its assignee(s) cannot agree on such cash value within ten (10) days after the Company’s receipt of the Transfer Notice, the valuation shall be as determined in good faith by the Plan administrator. If the time for the closing
of the purchase has expired but for the determination of the value of the purchase price offered by the prospective transferee(s), then such closing shall be held on or prior to the fifth (5th) business day after the valuation shall have been
made pursuant to this Section 5(c). 
  

 -41- 

 (d) Non-Exercise of Right. To the extent that any Offered Share has not been
purchased pursuant to Section 5(b) hereof and the Company has determined that the proposed Transfer of the unpurchased Offered Shares to the third party transferee identified in the Transfer Notices would not constitute a Change in Control, the
Company shall promptly so notify the Selling Optionee and the Selling Optionee shall have a period of thirty (30) days from receipt of such notice in which to sell such unpurchased Offered Shares upon terms and conditions (including the
purchase price) no more favorable than those specified in the Transfer Notice; provided, however, that the transferee shall agree in writing on a form prescribed by the Company to be bound by all provisions of this Exercise Notice. In
the event that the Selling Optionee does not consummate such sale or disposition within such thirty (30) day period, all rights of first refusal under this Section 5 shall continue to be applicable to any subsequent disposition of the
Offered Shares by the Selling Optionee until such rights lapse in accordance with the terms of this Section 5. Furthermore, the exercise or nonexercise of such rights shall not adversely affect the right of the Company and its assignee(s) to
make subsequent purchases from the Selling Optionee of Shares. 
 (e) Additional Shares or Substituted Securities. In the
event of the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form other than shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the
Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities or other property (including money paid other than as an ordinary cash dividend) that are by reason of such transaction distributed
with respect to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5. Appropriate adjustments to reflect the distribution of such securities or property
shall be made to the number and/or class of Shares subject to this Section 5. 
 (f) Exception for Certain Family
Transfers. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or all of the Shares during the Optionee’s lifetime or on the Optionee’s death by will or intestacy to the Optionee’s
immediate family or a trust for the benefit of the Optionee’s immediate family shall be exempt from the provisions of this Section 5. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father,
mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance
with the terms of this Section 5. 
 (g) Change in Control. In the event of a Change in Control, all rights of first
refusal under this Section 5 shall remain in full force and effect and shall apply to the new shares of capital received in exchange for the Shares in consummation of the Change in Control, but only to the extent the Shares are at the time
covered by the rights of first refusal under this Section 5. 
 (h) Lapse. Notwithstanding any other provision of this
Section 5, any right of first refusal provided in this Section 5 shall terminate as to any Shares upon the earlier to occur of (i) a Qualified Public Offering (as defined in the Option Agreement) and (ii) a Change in Control in
which the successor corporation has equity securities that are publicly traded. 
 6. Tax Consultation. The Optionee
hereby acknowledges that he or she understands that the Optionee may suffer adverse tax consequences as a result of the Optionee’s purchase or disposition of the Shares. The Optionee hereby represents that the Optionee has consulted with any
tax consultants the Optionee deems advisable in connection with the purchase or disposition of the Shares and that the Optionee is not relying on the Company for any tax advice. 

 

 -42- 

 7. Restrictions on Transfer. 

(a) Legends. The Optionee hereby acknowledges, understands and agrees that the Company may cause the legends set forth below or
legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or U.S. federal securities laws or other applicable
law: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE
“ACT”) OR QUALIFIED OR REGISTERED UNDER STATE SECURITIES OR BLUE SKY LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION, AND NEITHER THESE SECURITIES NOR ANY INTEREST OR PARTICIPATION THEREIN MAY
BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT IN COMPLIANCE WITH THE ACT, APPLICABLE STATE SECURITIES OR BLUE SKY LAWS AND THE APPLICABLE RULES AND REGULATIONS THEREUNDER. THE ISSUER OF THESE
SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER
OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE
BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR
A PERIOD NOT TO EXCEED 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING
UNDERWRITER. 
 (b) Stop-Transfer Notices. The Optionee agrees that, in order to ensure compliance with the restrictions
referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own
records. 
  

 -43- 

 (c) Rights of the Company. The Company shall not (i) record on its books the
transfer of any Shares that have been sold or transferred in contravention of this Exercise Notice or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Shares have been
transferred in contravention of this Exercise Notice. Any Transfer of Shares not made in conformance with this Exercise Notice shall be null and void and shall not be recognized by the Company. 

(d) Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a certificate of shares
representing Shares sold under this Exercise Notice is no longer required, the holder of the certificate shall be entitled to exchange the certificate for a certificate representing the same number of Shares but without such legend. 

8. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees,
and the terms and conditions of this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, the terms and conditions of this Exercise Notice shall be binding
upon the Optionee and his or her heirs, executors, administrators, successors and assigns. 
 9. Interpretation. Any
dispute regarding the interpretation of this Exercise Notice shall be submitted by the Optionee or by the Company forthwith to the Plan administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by
the Plan administrator shall be final and binding on all parties. 
 10. Governing Law; Severability. This Exercise
Notice is governed by the laws of the State of California applicable to contracts executed in and to be performed in that State without giving effect to its choice of law rules. 

11. Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the
Option Agreement, the Escrow Provisions, and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of
the Company and the Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and the Optionee. 

[SIGNATURE PAGE FOLLOWS] 
  

 -44- 

 IN WITNESS WHEREOF, this Exercise Notice is deemed made as of the date first set forth
above. 
  

							
	Submitted by:	 		 	Accepted by:
			
	OPTIONEE	 		 	AMBOW EDUCATION HOLDING LTD.
			
	  
	 		 	  

	Signature	 		 	By	 	[            ]
			
	  
	 		 	[            ]
	[            ]	 		 	Title:	 	CEO
				
	Address:	 		 		 	
				
	  
	 		 		 	
	  
	 		 	
	  
	 		 	
			
		 		 	  

		 		 	Date Received

 SIGNATURE
PAGE TO EXERCISE NOTICE 
  

 -45- 

 EXHIBIT D 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	OPTIONEE:	 	  
	  	
		
	COMPANY:	 	AMBOW EDUCATION HOLDING LTD.
		
	SECURITIES:	 	ORDINARY SHARES
			
	AMOUNT:	 	  
	  	
			
	DATE:	 	  
	  	

 In connection with the purchase of the above-listed Securities, the Optionee represents to the
Company the following: 
 (a) The Optionee hereby acknowledges that the Optionee is aware of the Company’s business affairs
and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. The Optionee is acquiring these Securities for investment for the Optionee’s own
account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b) The Optionee hereby acknowledges and understands that the Securities constitute “restricted securities” under the
Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Optionee’s investment intent as expressed
herein. In this connection, the Optionee understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if the Optionee’s representation was predicated solely upon a present
intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed
period in the future. The Optionee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Optionee further
acknowledges and understands that the Company is under no obligation to register the Securities. The Optionee understands that the certificate evidencing the Securities will be imprinted with a legend that prohibits the transfer of the Securities
unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company, and with any other legend required under applicable state securities laws. 

 

 -46- 

 (c) The Optionee hereby acknowledges and agrees that the Optionee is familiar with the
provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a
non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to Optionee, the exercise shall be exempt from registration under
the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement
may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information
about the Company, (2) the amount of Securities being sold during any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions directly
with a “market maker” or “riskless principal transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable. 

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold
in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase
and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the
paragraph immediately above. 
 (d) The Optionee further understands that in the event all of the applicable requirements of
Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of
the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. The Optionee understands that no assurances
can be given that any such other registration exemption will be available in such event. 
 (e) The Optionee hereby acknowledges
that the Optionee is aware of the relevant requirements under the laws of the People’s Republic of China regarding overseas investment, including the requirements for approval and registration with competent authorities. The Optionee is
acquiring these Securities after obtaining requisite approval or registration from competent authorities of the People’s Republic of China. Failure to obtain requisite approval or registration shall relieve the Company, and any Parent or
Subsidiary, of any liability in respect of the failure to issue these Securities. If the failure is revealed or occurs after the issuance of these Securities, the Company shall be entitled, at its sole discretion, to redeem or request the Optionee
to transfer these Securities to a transferee who is legally entitled to hold the Securities. Unless otherwise determined by the Administrator, the redemption price shall be the Exercise Price paid by the Optionee for the Securities. The Company, its
Parent and any Subsidiary shall be relieved from any liability for any redemption or request for transfer made pursuant to the foregoing. 
  

			
	Signature of the Optionee:
	
	  

	Date:	 	  

 

 -47-2010 Equity Incentive Plan and forms of agreements thereunder

 Exhibit 10.2 

AMBOW EDUCATION HOLDING LTD. 

2010 EQUITY INCENTIVE PLAN 

1. Purposes of the Plan. The purposes of this Plan are: 

 

	 	•	 	 to attract and retain the best available personnel for positions of substantial responsibility, 

 

	 	•	 	 to provide additional incentive to Employees, Directors and Consultants, and 

 

	 	•	 	 to promote the success of the Company’s business. 

The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Shares, Restricted Share Units, Share
Appreciation Rights, Performance Units and Performance Shares. 
 2. Definitions. As used herein, the following
definitions will apply: 
 (a) “Administrator” means the Board or any of its Committees as will be
administering the Plan, in accordance with Section 4 of the Plan. 
 (b) “ADS” means an American
Depository Share corresponding to a Share or Shares, as applicable. 
 (c) “Applicable Laws” means the
requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Plan Shares are listed or quoted and the
applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan. 
 (d)
“Award” means, individually or collectively, a grant under the Plan of Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units, Performance Units or Performance Shares. 

(e) “Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to
each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 
 (f)
“Board” means the Board of Directors of the Company. 
 (g) “Change in Control” means the
occurrence of any of the following events: 
 (i) A change in the ownership of the Company which occurs on the date that any
one person, or more than one person acting as a group (“Person”), acquires ownership of the shares of the Company that, together with the shares held by such Person, constitutes more than 50% of the total voting power of the shares
of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional shares by any one Person, who is considered to own more than 50% of the total voting power of the shares of the Company will not be considered
a Change in Control; or 

 (ii) A change in the ownership of a substantial portion of the Company’s assets which
occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value
equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not
constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s shareholders immediately after the transfer, or (B) a transfer of assets by
the Company to: (1) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s shares, (2) an entity, 50% or more of the total value or voting power of which is owned,
directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding shares of the Company, or (4) an entity, at least 50% of the total value or
voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets
being disposed of, determined without regard to any liabilities associated with such assets. 
 For purposes of this
Section 2(g), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of shares, or similar business transaction with the Company. 

(h) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a
reference to any successor or amended section of the Code. 
 (i) “Committee” means a committee of Directors or
of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 hereof. 
 (j)
“Company” means Ambow Education Holding Ltd., a Cayman Islands corporation, or any successor thereto. 
 (k)
“Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity. 

(l) “Director” means a member of the Board. 

(m) “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code, provided that in
the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from
time to time. 
  

 -2- 

 (n) “Employee” means any person, including Officers and Directors, employed
by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(p) “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange
for Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial
institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.

 (q) “Fair Market Value” means, as of any date, the value of Plan Shares as the Administrator may determine
in good faith by reference to the price of such shares on any established stock exchange or a national market system on the day of determination if the Plan Shares are so listed on any established stock exchange or a national market system. If the
Plan Shares are not listed on any established stock exchange or a national market system, the value of Plan Shares will be as the Administrator may determine in good faith. 

(r) “Fiscal Year” means the fiscal year of the Company. 

(s) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code and the regulations promulgated thereunder. 
 (t) “Inside Director” means a
Director who is an Employee. 
 (u) “Nonstatutory Stock Option” means an Option that by its terms does not
qualify or is not intended to qualify as an Incentive Stock Option. 
 (v) “Officer” means a person who is an
officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

(w) “Option” means a stock option granted pursuant to the Plan. 

(x) “Ordinary Share” means a Class A ordinary share of the Company. 

(y) “Outside Director” means a Director who is not an Employee. 

(z) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 
 (aa) “Participant” means the holder of an outstanding Award. 

 

 -3- 

 (bb) “Performance Share” means an Award denominated in Plan Shares which
may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 10. 

(cc) “Performance Unit” means an Award which may be earned in whole or in part upon attainment of performance goals or
other vesting criteria as the Administrator may determine and which may be settled for cash, Plan Shares or other securities or a combination of the foregoing pursuant to Section 10. 

(dd) “Period of Restriction” means the period during which the transfer of Restricted Shares are subject to restrictions
and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

 (ee) “Plan” means this 2010 Equity Incentive Plan. 

(ff) “Plan Shares” means, as applicable, Class A Ordinary Shares or ADSs. 

(gg) “Registration Date” means the effective date of the first registration statement that is filed by the Company and
declared effective pursuant to Section 12(g) of the Exchange Act, with respect to any class of the Company’s securities. 

(hh) “Restricted Share” means a Plan Share issued pursuant to a Restricted Share award under Section 7 of the Plan,
or issued pursuant to the early exercise of an Option. 
 (ii) “Restricted Share Unit” means a bookkeeping
entry representing an amount equal to the Fair Market Value of one Plan Share, granted pursuant to Section 8. Each Restricted Share Unit represents an unfunded and unsecured obligation of the Company. 

(jj) “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is
being exercised with respect to the Plan. 
 (kk) “Section 16(b)” means Section 16(b) of the Exchange Act.

 (ll) “Service Provider” means an Employee, Director or Consultant. 

(mm) “Share” means a Class A Ordinary Share, as adjusted in accordance with Section 13 of the Plan.

 (nn) “Share Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant
to Section 9 is designated as a Share Appreciation Right. 
 (oo) “Subsidiary” means a “subsidiary
corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code. 
  

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 3. Shares Subject to the Plan. 

(a) Shares Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares
that may be issued under the Plan is such number of Shares as shall be equal to 15% of the Company’s outstanding shares immediately prior to the Registration Date, plus (i) any Shares that, as of the Registration Date, have been reserved
but not issued pursuant to any awards granted under the Company’s 2005 Stock Plan (the “2005 Plan”) and are not subject to any awards granted thereunder, and (ii) any Shares subject to stock options or similar awards
granted under the 2005 Plan that expire or otherwise terminate without having been exercised in full and Shares issued pursuant to awards granted under the 2005 Plan that are forfeited to or repurchased by the Company, with the maximum number of
Shares to be added to the Plan pursuant to clauses (i) and (ii) equal to 10,000,000 Shares. The Shares may be authorized, but unissued, or reacquired Shares. 

(b) Automatic Share Reserve Increase. The number of Shares available for issuance under the Plan will be increased on the first
day of each Fiscal Year beginning with the 2011 Fiscal Year, in an amount equal to the least of (i) 25,000,000 Shares, (ii) five percent (5%) of the outstanding Shares on the last day of the immediately preceding Fiscal Year or
(iii) such number of Shares determined by the Board. 
 (c) Lapsed Awards. If an Award expires or becomes
unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect to Restricted Shares, Restricted Share Units, Performance Units or Performance Shares, is forfeited to or repurchased by the
Company due to failure to vest, the unpurchased Shares (or for Awards other than Options or Share Appreciation Rights, the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan
(unless the Plan has terminated). With respect to Share Appreciation Rights, only Shares actually issued (i.e., the net Shares issued) pursuant to a Share Appreciation Right will cease to be available under the Plan; all remaining Shares under Share
Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available
for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Shares, Restricted Share Units, Performance Shares or Performance Units are repurchased by the Company or are forfeited to the Company,
such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future grant or sale under the Plan. To
the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided
in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Section 422 of the Code and
the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Sections 3(b) and 3(c). 

(d) Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares
as will be sufficient to satisfy the requirements of the Plan. 
  

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 (e) Application to ADSs. For purposes of calculating the number of Shares issued
under this Plan (and for purposes of calculating any other Share limit set forth herein), the issuance of an ADS shall be deemed to equal one Share, provided, however, that if the number of Shares represented by an ADS is other than on a one-to-one
basis, the number of Shares issued under this Plan (and any other Share limit set forth herein) shall be adjusted to reflect such issuance of ADSs. 

4. Administration of the Plan. 

(a) Procedure. 

(i) Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the
Plan. 
 (ii) Section 162(m). To the extent that the Administrator determines it to be desirable to qualify Awards
granted hereunder as “performance-based compensation” within the meaning of Section 162(m) of the Code, the Plan will be administered by a Committee of two (2) or more “outside directors” within the meaning of
Section 162(m) of the Code. 
 (iii) Rule 16b-3. To the extent desirable to qualify transactions hereunder as
exempt under Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3. 

(iv) Other Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a
Committee, which committee will be constituted to satisfy Applicable Laws. 
 (b) Powers of the Administrator. Subject to
the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion: 

(i) to determine the Fair Market Value; 

(ii) to select the Service Providers to whom Awards may be granted hereunder; 

(iii) to determine the number of Plan Shares to be covered by each Award granted hereunder; 

(iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or
limitation regarding any Award or the Plan Shares relating thereto, based in each case on such factors as the Administrator will determine; 
  

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 (vi) to determine the terms and conditions of any, and to institute any Exchange Program;

 (vii) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 

(viii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws; 
 (ix) to modify or amend each Award (subject to
Section 18(c) of the Plan), including but not limited to the discretionary authority to extend the post-termination exercisability period of Awards; 

(x) to allow Participants to satisfy withholding tax obligations in such manner as prescribed in Section 14; 

(xi) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously
granted by the Administrator; 
 (xii) to allow a Participant to defer the receipt of the payment of cash or the delivery of
Plan Shares that would otherwise be due to such Participant under an Award; and 
 (xiii) to make all other determinations
deemed necessary or advisable for administering the Plan. 
 (c) Effect of Administrator’s Decision. The
Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards. 

5. Eligibility. Nonstatutory Stock Options, Share Appreciation Rights, Restricted Shares, Restricted Share Units, Performance
Shares and Performance Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 

6. Stock Options. 

(a) Grant of Stock Options. Subject to the terms and conditions of the Plan, an Option may be granted to Service Providers at any
time and from time to time as will be determined by the Administrator, in its sole discretion. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such
designation, to the extent that the aggregate Fair Market Value of the Plan Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any
Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options will be taken into account in the order in which they
were granted. The Fair Market Value of the Plan Shares will be determined as of the time the Option with respect to such Plan Shares is granted. 
  

 -7- 

 (b) Number of Shares. The Administrator will have complete discretion to determine
the number of Plan Shares subject to an Option granted to any Participant. 
 (c) Exercise Price and Other Terms. The
Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Options granted under the Plan, provided, however, that the exercise price will not be less than one hundred percent
(100%) of the Fair Market Value of a Plan Share on the date of grant. In addition, in the case of an Incentive Stock Option granted to an employee of the Company or any Parent or Subsidiary of the Company who, at the time the Incentive Stock
Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of shares of the Company or any Parent or Subsidiary, the per Plan Share exercise price will be no less than one hundred ten percent
(110%) of the Fair Market Value per Plan Share on the date of grant. Notwithstanding the foregoing provisions of this Section 6(c), Options may be granted with a per Plan Share exercise price of less than one hundred percent (100%) of
the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code and the Treasury Regulations thereunder. 

(d) Option Agreement. 

(i) Terms and Conditions. Each Option grant will be evidenced by an Award Agreement that will specify the exercise price, the
term of the Option, the acceptable forms of consideration for exercise (which may include any form of consideration permitted by Section 6(d)(ii), the conditions of exercise, and such other terms and conditions as the Administrator, in its sole
discretion, will determine. 
 (ii) Form of Consideration. The Administrator will determine the acceptable form of
consideration for exercising an Option, including the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely
of: (1) cash; (2) check; (3) promissory note, to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the
Plan Shares as to which such Option will be exercised and provided that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration
received by the Company under a broker-assisted (or other) cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise; (7) such other consideration and
method of payment for the issuance of Plan Shares to the extent permitted by Applicable Laws; or (8) any combination of the foregoing methods of payment. 

(e) Term of Option. The term of each Option will be stated in the Award Agreement. In the case of an Incentive Stock Option, the
term will be ten (10) years from the date of grant or such shorter term as may be provided in the Award Agreement. Moreover, in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is
granted, owns Shares representing more than ten percent (10%) of the total combined voting power of all classes of Shares of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the
date of grant or such shorter term as may be provided in the Award Agreement. 
  

 -8- 

 (f) Exercise of Option. 

(i) Procedure for Exercise; Rights as a Shareholder. Any Option granted hereunder will be exercisable according to the terms of
the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Plan Share. 

An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator will
specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Plan Shares with respect to which the Option is exercised (together with applicable withholding taxes). Full payment may consist of any
consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Plan Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant,
in the name of the Participant and his or her spouse. Until the Plan Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends
or any other rights as a shareholder will exist with respect to the Plan Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Plan Shares promptly after the Option is exercised.
No adjustment will be made for a dividend or other right for which the record date is prior to the date the Plan Shares are issued, except as provided in Section 13 of the Plan. 

Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale
under the Option, by the number of Shares as to which the Option is exercised. 
 (ii) Termination of Relationship as a
Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to
the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will
remain exercisable for three (3) months following the Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered
by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option
will revert to the Plan. 
 (iii) Disability of Participant. If a Participant ceases to be a Service Provider as a
result of the Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than
the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s termination.
Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the
Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 
  

 -9- 

 (iv) Death of Participant. If a Participant dies while a Service Provider, the
Option may be exercised following the Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the option be exercised later than the
expiration of the term of such Option as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable to the Administrator.
If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s
will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following Participant’s death. Unless otherwise provided
by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time
specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 
 7. Restricted
Shares. 
 (a) Grant of Restricted Shares. Subject to the terms and provisions of the Plan, the Administrator, at any
time and from time to time, may grant Restricted Shares to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. 

(b) Restricted Share Agreement. Each Award of Restricted Shares will be evidenced by an Award Agreement that will specify the
Period of Restriction, the number of Plan Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold
Restricted Shares until the restrictions on such Plan Shares have lapsed. 
 (c) Transferability. Except as provided in
this Section 7, Restricted Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 

(d) Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Restricted Shares as it
may deem advisable or appropriate. 
 (e) Removal of Restrictions. Except as otherwise provided in this Section 7,
Restricted Shares covered by each Restricted Share grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine. The
Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 
 (f) Voting
Rights. During the Period of Restriction, Service Providers holding Restricted Shares granted hereunder may exercise full voting rights with respect to those Plan Shares, unless the Administrator determines otherwise. 

 

 -10- 

 (g) Dividends and Other Distributions. During the Period of Restriction, Service
Providers holding Restricted Shares will be entitled to receive all dividends and other distributions paid with respect to such Plan Shares, unless the Administrator provides otherwise. If any such dividends or distributions are paid in Plan Shares,
the Plan Shares will be subject to the same restrictions on transferability and forfeitability as the Restricted Shares with respect to which they were paid. 

(h) Return of Restricted Shares to Company. On the date set forth in the Award Agreement, the Restricted Shares for which
restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. 
 8.
Restricted Share Units. 
 (a) Grant. Restricted Share Units may be granted at any time and from time to time as
determined by the Administrator. After the Administrator determines that it will grant Restricted Share Units under the Plan, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant,
including the number of Restricted Share Units. 
 (b) Vesting Criteria and Other Terms. The Administrator will set
vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Share Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the
achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment), or any other basis determined by the Administrator in its discretion. 

(c) Earning Restricted Share Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a
payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Share Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a
payout. 
 (d) Form and Timing of Payment. Payment of earned Restricted Share Units will be made as soon as practicable
after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may only settle earned Restricted Share Units in cash, Plan Shares, or a combination of both. 

(e) Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Share Units will be forfeited to the
Company. 
 9. Share Appreciation Rights. 

(a) Grant of Share Appreciation Rights. Subject to the terms and conditions of the Plan, a Share Appreciation Right may be granted
to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. 

(b) Number of Shares. The Administrator will have complete discretion to determine the number of Share Appreciation Rights granted
to any Service Provider. 
  

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 (c) Exercise Price and Other Terms. The per Plan Share exercise price for the Plan
Shares to be issued pursuant to exercise of a Share Appreciation Right will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Plan Share on the date of grant. Otherwise, the
Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Share Appreciation Rights granted under the Plan. 

(d) Share Appreciation Right Agreement. Each Share Appreciation Right grant will be evidenced by an Award Agreement that will
specify the exercise price, the term of the Share Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(e) Expiration of Share Appreciation Rights. A Share Appreciation Right granted under the Plan will expire upon the date
determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(e) relating to the maximum term and Section 6(f) relating to exercise also will apply to
Share Appreciation Rights. 
 (f) Payment of Share Appreciation Right Amount. Upon exercise of a Share Appreciation
Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i) The
difference between the Fair Market Value of a Plan Share on the date of exercise over the exercise price; times 
 (ii) The
number of Plan Shares with respect to which the Share Appreciation Right is exercised. 
 At the discretion of the
Administrator, the payment upon Share Appreciation Right exercise may be in cash, in Plan Shares of equivalent value, or in some combination thereof. 

10. Performance Units and Performance Shares. 

(a) Grant of Performance Units/Shares. Performance Units and Performance Shares may be granted to Service Providers at any time
and from time to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion in determining the number of Performance Units and Performance Shares granted to each Participant. 

(b) Value of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator
on or before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Plan Share on the date of grant. 

(c) Performance Objectives and Other Terms. The Administrator will set performance objectives or other vesting provisions
(including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units/Shares that will be paid out to the Service
Providers. The time period during which the performance objectives or other vesting provisions must be met will be called the “Performance Period.” Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will
specify the Performance Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine. The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, or individual
goals, applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. 
  

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 (d) Earning of Performance Units/Shares. After the applicable Performance Period has
ended, the holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the
corresponding performance objectives or other vesting provisions have been achieved. After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting provisions
for such Performance Unit/Share. 
 (e) Form and Timing of Payment of Performance Units/Shares. Payment of earned
Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance Period. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the form of cash, in Plan Shares (which
have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 

(f) Cancellation of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance
Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan. 
 11.
Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of
(i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three
(3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first
(1st) day of such leave any Incentive Stock Option
held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option. 

12. Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award
transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate. 
 13.
Adjustments; Dissolution or Liquidation; Merger or Change in Control. 
 (a) Adjustments. In the event that any
dividend or other distribution (whether in the form of cash, Plan Shares, other securities, or other property), recapitalization, share split, reverse share split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
or exchange of Plan Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Plan Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential
benefits intended to be made available under the Plan, will adjust the number and class of Plan Shares that may be delivered under the Plan and/or the number, class, and price of Plan Shares covered by each outstanding Award, and the numerical Share
limits in Section 3 of the Plan. 
  

 -13- 

 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior
to the consummation of such proposed action. 
 (c) Change in Control. In the event of a merger or Change in Control,
each outstanding Award will be treated as the Administrator determines, including, without limitation, that each Award be assumed or an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor
corporation. The Administrator will not be required to treat all Awards similarly in the transaction. 
 In the event that the
successor corporation does not assume or substitute for the Award, the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Share Appreciation Rights, including as to Plan Shares as to which such
Awards would not otherwise be vested or exercisable, all restrictions on Restricted Shares and Restricted Share Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be
deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met. In addition, if an Option or Share Appreciation Right is not assumed or substituted in the event of a Change in Control, the Administrator
will notify the Participant in writing or electronically that the Option or Share Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Share Appreciation Right will
terminate upon the expiration of such period. 
 For the purposes of this subsection (c), an Award will be considered assumed
if, following the Change in Control, the Award confers the right to purchase or receive, for each Plan Share, subject to the Award immediately prior to the Change in Control, the consideration (whether shares, cash, or other securities or property)
received in the Change in Control by holders of Plan Shares for each Plan Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of
the outstanding Plan Shares); provided, however, that if such consideration received in the Change in Control is not solely ordinary shares of the successor corporation or its Parent, the Administrator may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of an Option or Share Appreciation Right or upon the payout of a Restricted Share Unit, Performance Unit or Performance Share, for each Plan Share subject to such Award, to
be solely ordinary shares of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Plan Shares in the Change in Control. 

 

 -14- 

 Notwithstanding anything in this Section 13(c) to the contrary, an Award that vests, is
earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent; provided, however, a modification
to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption. 

Notwithstanding anything in this Section to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and
if the change in control definition contained in the Award Agreement or other agreement related to the Award does not comply with the definition of “change in control” for purposes of a distribution under Code Section 409A, then any
payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties applicable under Code
Section 409A. 
 14. Tax. 

(a) Withholding Requirements. Prior to the delivery of any Plan Shares or cash pursuant to an Award (or exercise thereof), the
Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation)
required to be withheld with respect to such Award (or exercise thereof). 
 (b) Withholding Arrangements. The
Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash,
(ii) electing to have the Company withhold otherwise deliverable cash or Plan Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld, or (iii) delivering to the Company already-owned Plan Shares
having a Fair Market Value equal to the minimum statutory amount required to be withheld. The Fair Market Value of the Plan Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld. 

(c) Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from
the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise
determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as
otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner
that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. 

15. No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to
continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without
cause, to the extent permitted by Applicable Laws. 
  

 -15- 

 16. Date of Grant. The date of grant of an Award will be, for all purposes, the date
on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such
grant. 
 17. Term of Plan. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by
the Board. It will continue in effect for a term of ten (10) years from the date adopted by the Board, unless terminated earlier under Section 18 of the Plan. 

18. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 

(b) Shareholder Approval. The Company will obtain shareholder approval of any Plan amendment to the extent necessary and desirable
to comply with Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or
termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the
Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 

19. Conditions Upon Issuance of Plan Shares. 

(a) Legal Compliance. Plan Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and
the issuance and delivery of such Plan Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to represent and warrant at the time of any such exercise that the Plan Shares are being purchased only for investment and without any present intention to sell or distribute such Plan Shares if, in the opinion of counsel for the Company, such
a representation is required. 
 20. Inability to Obtain Authority. The inability of the Company to obtain authority from
any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Plan Shares hereunder, will relieve the Company of any liability in respect of the failure to
issue or sell such Plan Shares as to which such requisite authority will not have been obtained. 
 21. Shareholder
Approval. The Plan will be subject to approval by the shareholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such shareholder approval will be obtained in the manner and to the degree required
under Applicable Laws. 
  

 -16- 

 AMBOW EDUCATION HOLDING LTD. 

2010 EQUITY INCENTIVE PLAN 

RESTRICTED SHARE AWARD AGREEMENT 

Unless otherwise defined herein, the terms defined in the Ambow Education Holding Ltd. 2010 Equity Incentive Plan (the “Plan”)
will have the same defined meanings in this Restricted Share Award Agreement (the “Award Agreement”). 
  

	I.	NOTICE OF RESTRICTED SHARE GRANT 

Participant Name: 

Address: 

You have been granted the right to receive an Award of Restricted Shares, subject to the terms and conditions of the Plan and this Award
Agreement, as follows: 
  

					
	Grant Number	 	  
	 	
			
	Date of Grant	 	  
	 	
			
	Vesting Commencement Date	 	  
	 	
			
	Total Number of Shares Granted	 	  
	 	

 Vesting Schedule: 

Subject to any acceleration provisions contained in the Plan or set forth below, the Restricted Shares will vest and the Company’s
right to reacquire the Restricted Shares will lapse in accordance with the following schedule: 
 [INSERT VESTING SCHEDULE]

 By Participant’s signature and the signature of the representative of Ambow Education Holding Ltd. (the
“Company”) below, Participant and the Company agree that this Award of Restricted Shares is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including the Terms and Conditions of Restricted Share
Grant, attached hereto as Exhibit A, all of which are made a part of this document. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Award Agreement and fully understands all provisions of the Plan and Award Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan
and Award Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below. 
  

 -17- 

					
	PARTICIPANT:	 		 	AMBOW EDUCATION HOLDING LTD.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	Residence Address:	 		 	
			
	  
	 		 	
			
	  
	 		 	

  

 -18- 

 EXHIBIT A 

TERMS AND CONDITIONS OF RESTRICTED SHARE GRANT 

1. Grant of Restricted Shares. The Company hereby grants to the individual named in the Notice of Grant attached as Part I of this
Award Agreement (the “Participant”) under the Plan for past services and as a separate incentive in connection with his or her services and not in lieu of any salary or other compensation for his or her services, an Award of Restricted
Shares, subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and
the terms and conditions of this Award Agreement, the terms and conditions of the Plan will prevail. Although the Notice of Grant designates this Award as a right to receive Shares, the Company may, in its sole discretion, issue an amount of ADSs
that equate to the number of Shares issuable hereunder. 
 2. Escrow of Plan Shares. 

(a) All Restricted Shares will, upon execution of this Award Agreement, be delivered and deposited with an escrow holder designated by
the Company (the “Escrow Holder”). The Restricted Shares will be held by the Escrow Holder until such time as the Restricted Shares vest or the date Participant ceases to be a Service Provider. 

(b) The Escrow Holder will not be liable for any act it may do or omit to do with respect to holding the Restricted Shares in escrow
while acting in good faith and in the exercise of its judgment. 
 (c) Upon Participant’s termination as a Service Provider
for any reason, the Escrow Holder, upon receipt of written notice of such termination, will take all steps necessary to accomplish the transfer of the unvested Restricted Shares to the Company. Participant hereby appoints the Escrow Holder with full
power of substitution, as Participant’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of Participant to take any action and execute all documents and instruments, including, without limitation,
stock powers which may be necessary to transfer the certificate or certificates evidencing such unvested Restricted Shares to the Company upon such termination. 

(d) The Escrow Holder will take all steps necessary to accomplish the transfer of Restricted Shares to Participant after they vest
following Participant’s request that the Escrow Holder do so. 
 (e) Subject to the terms hereof, Participant will have all
the rights of a shareholder with respect to the Plan Shares while they are held in escrow, including without limitation, the right to vote the Plan Shares and to receive any cash dividends declared thereon. 

 

 -19- 

 (f) In the event of any dividend or other distribution (whether in the form of cash, Plan
Shares, other securities, or other property), recapitalization, share split, reverse share split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Plan Shares or other securities of the Company, or
other change in the corporate structure of the Company affecting the Plan Shares, the Restricted Shares will be increased, reduced or otherwise changed, and by virtue of any such change Participant will in his or her capacity as owner of unvested
Restricted Shares be entitled to new or additional or different shares, cash or securities (other than rights or warrants to purchase securities); such new or additional or different shares, cash or securities will thereupon be considered to be
unvested Restricted Shares and will be subject to all of the conditions and restrictions which were applicable to the unvested Restricted Shares pursuant to this Award Agreement. If Participant receives rights or warrants with respect to any
unvested Restricted Shares, such rights or warrants may be held or exercised by Participant, provided that until such exercise any such rights or warrants and after such exercise any shares or other securities acquired by the exercise of such rights
or warrants will be considered to be unvested Restricted Shares and will be subject to all of the conditions and restrictions which were applicable to the unvested Restricted Shares pursuant to this Award Agreement. The Administrator in its absolute
discretion at any time may accelerate the vesting of all or any portion of such new or additional shares, cash or securities, rights or warrants to purchase securities or shares or other securities acquired by the exercise of such rights or
warrants. 
 (g) The Company may instruct the transfer agent for its Plan Shares to place a legend on the certificates
representing the Restricted Shares or otherwise note its records as to the restrictions on transfer set forth in this Award Agreement. 

3. Vesting Schedule. Except as provided in Section 4, and subject to Section 5, the Restricted Shares awarded by this
Award Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Restricted Shares scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with
any of the provisions of this Award Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting occurs. 

4. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser
portion of the balance, of the unvested Restricted Shares at any time, subject to the terms of the Plan. If so accelerated, such Restricted Shares will be considered as having vested as of the date specified by the Administrator. 

5. Forfeiture upon Termination of Status as a Service Provider. Notwithstanding any contrary provision of this Award Agreement,
the balance of the Restricted Shares that have not vested at the time of Participant’s termination as a Service Provider for any reason will be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company
upon the date of such termination and Participant will have no further rights thereunder. Participant will not be entitled to a refund of the price paid for the Restricted Shares, if any, returned to the Company pursuant to this Section 5.
Participant hereby appoints the Escrow Agent with full power of substitution, as Participant’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of Participant to take any action and execute all
documents and instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing such unvested Plan Shares to the Company upon such termination of service. 

 

 -20- 

 6. Death of Participant. Any distribution or delivery to be made to Participant under
this Award Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee must furnish
the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

 7. Withholding of Taxes. Notwithstanding any contrary provision of this Award Agreement, no certificate representing
the Restricted Shares may be released from the escrow established pursuant to Section 2, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of income,
employment and other taxes which the Company determines must be withheld with respect to such Plan Shares. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to
satisfy such tax withholding obligation, in whole or in part (without limitation) by (a) paying cash, (b) electing to have the Company withhold otherwise deliverable Plan Shares having a Fair Market Value equal to the minimum amount
required to be withheld, (c) delivering to the Company already vested and owned Plan Shares having a Fair Market Value equal to the amount required to be withheld, or (d) selling a sufficient number of such Plan Shares otherwise
deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. To the extent determined appropriate by the Company in its
discretion, it will have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Plan Shares otherwise deliverable to Participant. If Participant fails to make satisfactory arrangements for the payment
of any required tax withholding obligations hereunder at the time any applicable Plan Shares otherwise are scheduled to vest pursuant to Sections 3 or 4, Participant will permanently forfeit such Plan Shares and the Plan Shares will be returned to
the Company at no cost to the Company. 
 8. Rights as Shareholder. Neither Participant nor any person claiming under or
through Participant will have any of the rights or privileges of a shareholder of the Company in respect of any Plan Shares deliverable hereunder unless and until certificates representing such Plan Shares will have been issued, recorded on the
records of the Company or its transfer agents or registrars, and delivered to Participant or the Escrow Agent. Except as provided in Section 2, after such issuance, recordation and delivery, Participant will have all the rights of a shareholder
of the Company with respect to voting such Plan Shares and receipt of dividends and distributions on such Plan Shares. 
 9.
No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE
PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THESE RESTRICTED SHARES OR ACQUIRING PLAN SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN
ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

 

 -21- 

 10. Address for Notices. Any notice to be given to the Company
under the terms of this Award Agreement will be addressed to the Company, in care of its Share Administration at Ambow Education Holding Ltd., at
18th Floor, Building A, ChengJian Plaza, No. 18
BeiTaipingzhuang Road, Haidian District, Beijing, China, 100088, or at such other address as the Company may hereafter designate in writing. 

11. Grant is Not Transferable. Except to the limited extent provided in Section 6, the unvested Restricted Shares subject to
this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar
process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any unvested Restricted Shares subject to this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment
or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void. 
 12.
Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of
the parties hereto. 
 13. Additional Conditions to Release from Escrow. The Company will not be required to issue any
certificate or certificates for Plan Shares hereunder or release such Plan Shares from the escrow established pursuant to Section 2 prior to fulfillment of all the following conditions: (a) the admission of such Plan Shares to listing on
all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Plan Shares under any state or federal law or under the rulings or regulations of the Securities and Exchange
Commission or any other governmental regulatory body, which the Administrator will, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency,
which the Administrator will, in its absolute discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of grant of the Restricted Shares as the Administrator may establish from
time to time for reasons of administrative convenience. 
 14. Plan Governs. This Award Agreement is subject to all terms
and provisions of the Plan. In the event of a conflict between one or more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined in this Award
Agreement will have the meaning set forth in the Plan. 
 15. Administrator Authority. The Administrator will have the
power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the
determination of whether or not any Restricted Shares have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested
persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement. 

 

 -22- 

 16. Electronic Delivery. The Company may, in its sole discretion, decide to deliver
any documents related to the Restricted Shares awarded under the Plan or future Restricted Shares that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means.
Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 17. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or
construction of this Award Agreement. 
 18. Agreement Severable. In the event that any provision in this Award Agreement
will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement. 

19. Modifications to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects
covered. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be
made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems
necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) or to otherwise avoid imposition of any additional tax or
income recognition under Section 409A of the Code in connection to this Award of Restricted Shares. 
 20. Amendment,
Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received an Award of Restricted Shares under the Plan, and has received, read and understood a description of the Plan. Participant
understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time. 

21. Governing Law. This Award Agreement will be governed by the laws of the State of [State], without giving effect to the
conflict of law principles thereof. For purposes of litigating any dispute that arises under this Award of Restricted Shares or this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the State of [State], and agree
that such litigation will be conducted in the courts of [Santa Clara County, California, or the federal courts for the United States for the Northern District of California], and no other courts, where this Award of Restricted Shares is made and/or
to be performed. 
  

 -23- 

 AMBOW EDUCATION HOLDING LTD. 

2010 EQUITY INCENTIVE PLAN 

RESTRICTED SHARE UNIT AWARD AGREEMENT 

Unless otherwise defined herein, the terms defined in the Ambow Education Holding Ltd. 2010 Equity Incentive Plan (the “Plan”)
will have the same defined meanings in this Restricted Share Unit Award Agreement (the “Award Agreement”). 
  

	I.	NOTICE OF RESTRICTED SHARE UNIT GRANT 

Participant Name: 

Address: 

You have been granted the right to receive an Award of Restricted Share Units, subject to the terms and conditions of the Plan and this
Award Agreement, as follows: 
  

					
	Grant Number	 	  
	 	
			
	Date of Grant	 	  
	 	
			
	Vesting Commencement Date	 	  
	 	
			
	Number of Restricted Share Units	 	  
	 	

 Vesting Schedule: 

Subject to any acceleration provisions contained in the Plan or set forth below, the Restricted Share Unit will vest in accordance with
the following schedule: 
 [INSERT VESTING SCHEDULE.] 

In the event Participant ceases to be a Service Provider for any or no reason before Participant vests in the Restricted Share Unit, the
Restricted Share Unit and Participant’s right to acquire any Shares hereunder will immediately terminate. 
 By
Participant’s signature and the signature of the representative of Ambow Education Holding Ltd. (the “Company”) below, Participant and the Company agree that this Award of Restricted Share Units is granted under and governed by the
terms and conditions of the Plan and this Award Agreement, including the Terms and Conditions of Restricted Share Unit Grant, attached hereto as Exhibit A, all of which are made a part of this document. Participant has reviewed the Plan and
this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement and fully understands all provisions of the Plan and Award Agreement. Participant hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Award Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated
below. 
  

 -24- 

					
	PARTICIPANT:	 		 	AMBOW EDUCATION HOLDING LTD.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	Residence Address:	 		 	
			
	  
	 		 	
			
	  
	 		 	

  

 -25- 

 EXHIBIT A 

TERMS AND CONDITIONS OF RESTRICTED SHARE UNIT GRANT 

1. Grant. The Company hereby grants to the individual named in the Notice of Grant attached as Part I of this Award Agreement (the
“Participant”) under the Plan an Award of Restricted Share Units, subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in the
event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Award Agreement, the terms and conditions of the Plan will prevail. 

2. Company’s Obligation to Pay. Each Restricted Share Unit represents the right to receive a Share on the
date it vests. Unless and until the Restricted Share Units will have vested in the manner set forth in Section 3, Participant will have no right to payment of any such Restricted Share Units. Prior to actual payment of any vested Restricted
Share Units, such Restricted Share Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. Any Restricted Share Units that vest in accordance with Sections 3 or 4 will be paid to
Participant (or in the event of Participant’s death, to his or her estate) in whole Shares, subject to Participant satisfying any applicable tax withholding obligations as set forth in Section 7. Subject to the provisions of
Section 4, such vested Restricted Share Units will be paid in Shares as soon as practicable after vesting, but in each such case within the period ending no later than the date that is two and one-half
(2 1/2) months from the end of the
Company’s tax year that includes the vesting date. Although the Notice of Grant designates this Award as a right to receive Shares, the Company may, in its sole discretion, issue an amount of ADSs that equate to the number of Shares issuable
hereunder. 
 3. Vesting Schedule. Except as provided in Section 4, and subject to Section 5, the
Restricted Share Units awarded by this Award Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Restricted Share Units scheduled to vest on a certain date or upon the occurrence of a certain condition
will not vest in Participant in accordance with any of the provisions of this Award Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting occurs. 

4. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser
portion of the balance, of the unvested Restricted Share Units at any time, subject to the terms of the Plan. If so accelerated, such Restricted Share Units will be considered as having vested as of the date specified by the Administrator.

 Notwithstanding anything in the Plan or this Award Agreement to the contrary, if the vesting of the balance, or some lesser
portion of the balance, of the Restricted Share Units is accelerated in connection with Participant’s termination as a Service Provider (provided that such termination is a “separation from service” within the meaning of
Section 409A, as determined by the Company), other than due to death, and if (x) Participant is a “specified employee” within the meaning of Section 409A at the time of such termination as a Service Provider and
(y) the payment of such accelerated Restricted Share Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following Participant’s termination as a
Service Provider, then the payment of such accelerated Restricted Share Units will not be made until the date six (6) months and one (1) day following the date of Participant’s termination as a Service Provider, unless the Participant
dies following his or her termination as a Service Provider, in which case, the Restricted Share Units will be paid in Plan Shares to the Participant’s estate as soon as practicable following his or her death. It is the intent of this Award
Agreement to comply with the requirements of Section 409A so that none of the Restricted Share Units provided under this Award Agreement or Plan Shares issuable thereunder will be subject to the additional tax imposed under Section 409A,
and any ambiguities herein will be interpreted to so comply. For purposes of this Award Agreement, “Section 409A” means Section 409A of the Code, and any proposed, temporary or final Treasury Regulations and Internal Revenue Service
guidance thereunder, as each may be amended from time to time. 
  

 -26- 

 5. Forfeiture upon Termination of Status as a Service Provider. Notwithstanding any
contrary provision of this Award Agreement, the balance of the Restricted Share Units that have not vested as of the time of Participant’s termination as a Service Provider for any or no reason and Participant’s right to acquire any Plan
Shares hereunder will immediately terminate. 
 6. Death of Participant. Any distribution or delivery to be made to
Participant under this Award Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such
transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining
to said transfer. 
 7. Withholding of Taxes. Notwithstanding any contrary provision of this Award Agreement, no
certificate representing the Plan Shares will be issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of income, employment and other
taxes which the Company determines must be withheld with respect to such Plan Shares. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to satisfy such tax
withholding obligation, in whole or in part (without limitation) by (a) paying cash, (b) electing to have the Company withhold otherwise deliverable Plan Shares having a Fair Market Value equal to the minimum amount required to be
withheld, (c) delivering to the Company already vested and owned Plan Shares having a Fair Market Value equal to the amount required to be withheld, or (d) selling a sufficient number of such Plan Shares otherwise deliverable to
Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. To the extent determined appropriate by the Company in its discretion, it will
have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Plan Shares otherwise deliverable to Participant. If Participant fails to make satisfactory arrangements for the payment of any required tax
withholding obligations hereunder at the time any applicable Restricted Share Units otherwise are scheduled to vest pursuant to Sections 3 or 4, Participant will permanently forfeit such Restricted Share Units and any right to receive Plan Shares
thereunder and the Restricted Share Units will be returned to the Company at no cost to the Company. 
  

 -27- 

 8. Rights as Shareholder. Neither Participant nor any person claiming under or
through Participant will have any of the rights or privileges of a shareholder of the Company in respect of any Plan Shares deliverable hereunder unless and until certificates representing such Plan Shares will have been issued, recorded on the
records of the Company or its transfer agents or registrars, and delivered to Participant. After such issuance, recordation and delivery, Participant will have all the rights of a shareholder of the Company with respect to voting such Plan Shares
and receipt of dividends and distributions on such Plan Shares. 
 9. No Guarantee of Continued Service. PARTICIPANT
ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED SHARE UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING
PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OF RESTRICTED SHARE UNITS OR ACQUIRING PLAN SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH
PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

10. Address for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be
addressed to the Company, in care of Share Administration at Ambow Education Holding Ltd., at
18th Floor, Building A, ChengJian Plaza, No. 18 North
Taipingzhuang Road, Haidian District, Beijing, China, 100088, or at such other address as the Company may hereafter designate in writing. 

11. Grant is Not Transferable. Except to the limited extent provided in Section 6, this grant and the rights and privileges
conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately
will become null and void. 
 12. Binding Agreement. Subject to the limitation on the transferability of this grant
contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

 

 -28- 

 13. Additional Conditions to Issuance of Plan Shares. If at any time the Company will
determine, in its discretion, that the listing, registration or qualification of the Plan Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or
desirable as a condition to the issuance of Plan Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of
any conditions not acceptable to the Company. Where the Company determines that the delivery of the payment of any Plan Shares will violate federal securities laws or other applicable laws, the Company will defer delivery until the earliest date at
which the Company reasonably anticipates that the delivery of Plan Shares will no longer cause such violation. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to
obtain any such consent or approval of any such governmental authority. 
 14. Plan Governs. This Award Agreement is
subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined
in this Award Agreement will have the meaning set forth in the Plan. 
 15. Administrator Authority. The Administrator
will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not
limited to, the determination of whether or not any Restricted Share Units have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and
all other interested persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement. 

16. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Restricted Share
Units awarded under the Plan or future Restricted Share Units that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such
documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

17. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction
of this Award Agreement. 
 18. Agreement Severable. In the event that any provision in this Award Agreement will be held
invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement. 

19. Modifications to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects
covered. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be
made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems
necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Award
of Restricted Share Units. 
  

 -29- 

 20. Amendment, Suspension or Termination of the Plan. By accepting this Award,
Participant expressly warrants that he or she has received an Award of Restricted Share Units under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may
be amended, suspended or terminated by the Company at any time. 
 21. Governing Law. This Award Agreement will be
governed by the laws of the State of [State], without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Award of Restricted Share Units or this Award Agreement, the parties hereby
submit to and consent to the jurisdiction of the State of [State], and agree that such litigation will be conducted in the courts of [Santa Clara County, California, or the federal courts for the United States for the Northern District of
[California], and no other courts, where this Award of Restricted Share Units is made and/or to be performed. 
  

 -30- 

 AMBOW EDUCATION HOLDING LTD. 

2010 EQUITY INCENTIVE PLAN 

PRC STOCK OPTION AWARD AGREEMENT 

Unless otherwise defined herein, the terms defined in the Ambow Education Holding Ltd. 2010 Equity Incentive Plan (the “Plan”)
will have the same defined meanings in this People’s Republic of China (“PRC”) Stock Option Award Agreement (the “Award Agreement”). 
  

	I.	NOTICE OF STOCK OPTION GRANT 

Participant Name: 

Address: 

You have been granted an Option to purchase Shares of Ambow Education Holding Ltd. (the “Company”), subject to the terms and
conditions of the Plan and this Award Agreement, as follows: 
  

							
	 Grant Number
	 	  
	 	
			
	 Date of Grant
	 	  
	 	
			
	 Vesting Commencement Date
	 	  
	 	
				
	 Exercise Price per Share
	 	$	 	  
	 	
			
	 Total Number of Shares Granted
	 	  
	 	
				
	 Total Exercise Price
	 	$	 	  
	 	
			
	 Type of Option:
	 	Nonstatutory Stock Option	 	
			
	 Term/Expiration Date:
	 	  
	 	

 Vesting Schedule: 

Subject to any acceleration provisions contained in the Plan or set forth below, this Option may be exercised, in whole or in part, in
accordance with the following schedule: 
 [INSERT VESTING SCHEDULE] 

Termination Period: 

To the extent permitted by Applicable Law and subject to the terms of the Plan and the Terms and Conditions of Stock Option Grant,
attached hereto as Exhibit A, this Option will be exercisable for [three (3) months] after Participant ceases to be a Service Provider, unless such termination is due to Participant’s death or Disability, in which case this Option
will be exercisable for [twelve (12) months] after Participant ceases to be a Service Provider. Notwithstanding the foregoing, in no event may this Option be exercised after the Term/Expiration Date as provided above and may be subject
to earlier termination as provided in Section 13 of the Plan. 
  

 -31- 

 By Participant’s signature and the signature of the Company’s representative
below, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including the Terms and Conditions of Stock Option Grant (attached hereto as Exhibit A),
all of which are made a part of this document. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement and fully understands all
provisions of the Plan and Award Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Award Agreement. Participant further
agrees to notify the Company upon any change in the residence address indicated below. 
  

					
	PARTICIPANT:	 		 	AMBOW EDUCATION HOLDING LTD.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	Residence Address:	 		 	
			
	  
	 		 	
			
	  
	 		 	

  

 -32- 

 EXHIBIT A 

TERMS AND CONDITIONS OF STOCK OPTION GRANT 

1. Grant of Option. The Company hereby grants to the Participant named in the Notice of Grant attached as Part I of this Award
Agreement (the “Participant”) an option (the “Option”) to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”),
subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms
and conditions of this Award Agreement, the terms and conditions of the Plan will prevail. 
 2. Payment Upon Exercise of
Option. Although the Notice of Grant designates the Option as a right to purchase Shares, the Company may, in its discretion, issue an amount of ADSs upon exercise of the Option that equate to the number of Shares being purchased hereunder.

 3. Vesting Schedule. Except as provided in Section 4, the Option awarded by this Award Agreement will vest in
accordance with the vesting provisions set forth in the Notice of Grant. Plan Shares scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the provisions of this
Award Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting occurs. 

4. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser
portion of the balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered as having vested as of the date specified by the Administrator. 

5. Exercise of Option. 

(a) Right to Exercise. To the extent permitted by Applicable Law, this Option may be exercised only within the term set out in the
Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Award Agreement. 

(b) Method of Exercise. This Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit B
(the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election to exercise the Option, the number of Plan Shares in respect of which the Option is being exercised
(the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The
Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any applicable tax withholding. This Option will be deemed to be exercised (i) upon receipt by the Company of such fully
executed Exercise Notice accompanied by such aggregate Exercise Price and any applicable tax withholding, according to Exhibit B hereto, and (ii) all other applicable terms and conditions of the Award Agreement are satisfied. 

 

 -33- 

 Notwithstanding anything to the contrary, no Plan Shares will be issued pursuant to the
exercise of the Option unless such issuance and such exercise complies with Applicable Law and such policies and procedures as the Company deems appropriate from time to time, including any policies and procedures the Company determines, in its sole
discretion, to be necessary or desirable to comply with Applicable Laws, including without limitation, those promulgated by the PRC State Administration of Foreign Exchange or its local agency (“SAFE”) with respect to Participant’s
acquisition of the Plan Shares pursuant to the Option. 
 6. Method of Payment. To the extent permitted by Applicable
Law, payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Participant: 

(a) cash; 
 (b)
check; 
 (c) consideration received by the Company under a formal cashless exercise program adopted by the Company in
connection with the Plan; or 
 (d) to the extent permitted by Applicable Laws, surrender of other Plan Shares which have a Fair
Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares, provided that accepting such Plan Shares, in the sole discretion of the Administrator, will not result in any adverse accounting consequences to the
Company. 
 For the avoidance of doubt, Participant acknowledges and agrees that the Company may refuse to honor an exercise of
the Option and refuse to issue Plan Shares if the method of payment by Participant does not, in the Company’s sole and reasonable discretion, comply with Applicable Law. 

7. Tax Obligations. 

(a) Withholding Taxes. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing
or retaining Participant) for the satisfaction of all U.S. Federal, state, local and non-U.S. (including the PRC) income, employment and other tax withholding requirements applicable to the Option exercise, disposition of the Option or the Plan
Shares issued upon exercise, the satisfaction of which must be conducted in a manner that complies with Applicable Laws. In this regard and to the extent determined appropriate by the Company in its discretion and permissible under Applicable Law,
Participant authorizes the Company (and/or the Parent or Subsidiary employing or retaining Participant) to (i) withhold all applicable taxes legally payable by Participant from Participant’s wages or other cash compensation paid to
Participant by the Company (and/or the Parent or Subsidiary employing or retaining Participant) or from proceeds from the sale of Plan Shares acquired upon exercise of the Option in an amount sufficient to cover such tax obligations,
(ii) reduce the number of Plan Shares otherwise deliverable to Participant equal to the minimum amount statutorily required to be withheld or (iii) sell a sufficient number of Plan Shares otherwise deliverable to Participant through such
means as the Company may determine in its sole discretion (whether through a broker or otherwise). Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Plan Shares if such withholding amounts
are not delivered at the time of exercise. 
  

 -34- 

 (b) Code Section 409A. Under Code Section 409A, an option that vests after
December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Plan Share exercise price that is determined by the Internal Revenue Service (the
“IRS”) to be less than the Fair Market Value of a Plan Share on the date of grant (a “Discount Option”) may be considered “deferred compensation.” A Discount Option may result in (i) income recognition by
Participant prior to the exercise of the option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The Discount Option may also result in additional state income, penalty and
interest charges to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Plan Share exercise price of this Option equals or exceeds the Fair Market Value of a Plan Share on the
Date of Grant in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per Plan Share exercise price that was less than the Fair Market Value of a Plan Share on the date of grant, Participant will be
solely responsible for Participant’s costs related to such a determination; 
 8. Rights as Shareholder. Neither
Participant nor any person claiming under or through Participant will have any of the rights or privileges of a shareholder of the Company in respect of any Plan Shares deliverable hereunder unless and until certificates representing such Plan
Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant. After such issuance, recordation and delivery, Participant will have all the rights of a shareholder of the
Company with respect to voting such Plan Shares and receipt of dividends and distributions on such Plan Shares. 
 9.
Transfer and/or Disposition of Plan Shares. The Company may require Participant to hold Plan Shares acquired pursuant to exercise of the Option with an escrow agent designated by the Company and/or require Participant to transfer or sell the
Plan Shares pursuant to such policies and procedures as the Company deems appropriate from time to time, including any procedures necessary to obtain SAFE approval for the acquisition and disposition of the Plan Shares by Participant. The Company
may require that all proceeds received from the Option be remitted to the PRC if the Company deems such action is necessary or appropriate to comply with Applicable Laws. 

Participant must sell, transfer or otherwise dispose of the Plan Shares acquired pursuant to exercise of the Option in such manner and
subject to such terms and conditions as the Administrator determines within six (6) months after Participant’s termination as a Service Provider, or such other period of time as the Administrator may designate from time to time to comply
with Applicable Laws, including requirements and conditions relating to SAFE registration (the “Disposition Deadline”). Participant hereby authorizes the Company and appoints the Company as its attorney-in-fact to sell on
Participant’s behalf any Plan Shares held by Participant after the Disposition Deadline, without any further action, consent or instruction by Participant. Participant hereby acknowledges and agrees that Company will not be held liable to
Participant with respect to its actions relating to the sale, transfer or disposition of Plan Shares after the Disposition Deadline. 

10. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF PLAN SHARES PURSUANT TO THE VESTING
SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING PLAN SHARES
HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE
PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S
RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
  

 -35- 

 11. Acknowledgments. 

(a) Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions
thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Award Agreement and fully understands all provisions of the Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Award
Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below. 
 (b)
Participant acknowledges that benefits and rights provided under the Plan are wholly discretionary and, although provided by the Company, do not constitute regular or periodic payments. Unless otherwise required by Applicable Law, the benefits and
rights provided under the Plan are not to be considered part of Participant’s salary or compensation for purposes of calculating any severance, resignation, redundancy or other end of service payments, vacation, bonuses, long-term service
awards, indemnification, pension or retirement benefits, or any other payments, benefits or rights of any kind. Participant waives any and all rights to compensation or damages as a result of the termination of employment with the Company for any
reason whatsoever insofar as those rights result or may result from: 
 (i) the loss or diminution in value of such rights
under the Plan, or 
 (ii) Participant ceasing to have any rights under, or ceasing to be entitled to any rights under the Plan
as a result of such termination. 
 (c) The grant of the Option, and any future grant of Options under the Plan is entirely
voluntary, and at the complete discretion of the Company. Neither the grant of the Option nor any future grant of an Option by the Company will be deemed to create any obligation to grant any further Options, whether or not such a reservation is
explicitly stated at the time of such a grant. The Company has the right, at any time, to amend, suspend or terminate the Plan. 

(d) The Plan will not be deemed to constitute, and will not be construed by Participant to constitute, part of the terms and conditions
of employment, and the Company will not incur any liability of any kind to Participant as a result of any change or amendment, or any cancellation, of the Plan at any time. 

(e) Participation in the Plan will not be deemed to constitute, and will not be deemed by Participant to constitute, an employment or
labor relationship of any kind with the Company. 
  

 -36- 

 (f) By entering into this Award Agreement, and as a condition of the grant of the Option,
Participant consents to the collection, use, and transfer of personal data as described in this subsection to the full extent permitted by and in full compliance with Applicable Law. 

(i) Participant understands that the Company, its Parent or any Subsidiary may hold certain personal information about Participant,
including, but not limited to, name, home address and telephone number, date of birth, social insurance number, salary, nationality, job title, any Plan Shares or directorships held in the Company, details of all Options or other entitlement to Plan
Shares awarded, canceled, exercised, vested, unvested, or outstanding in Participant’s favor, for the purpose of managing and administering the Plan (“Data”). 

(ii) Participant further understands that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the
purposes of implementation, administration, and management of Participant’s participation in the Plan, and that the Company and/or its Subsidiaries may each further transfer Data to any third parties assisting the Company in the implementation,
administration, and management of the Plan (“Data Recipients”). 
 (iii) Participant understands that these Data
Recipients may be located in Participant’s country of residence or elsewhere, such as the United States. Participant authorizes the Data Recipients to receive, possess, use, retain, and transfer Data in electronic or other form, for the
purposes of implementing, administering, and managing Participant’s participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of Plan Shares on
Participant’s behalf, to a broker or third party with whom the Plan Shares acquired on exercise may be deposited. 
 (iv)
Participant understands that Participant may, at any time, review the Data, request that any necessary amendments be made to it, or withdraw Participant’s consent herein in writing by contacting the Company. Participant further understands that
withdrawing consent may affect Participant’s ability to participate in the Plan. 
 (g) Participant has received the terms
and conditions of this Award Agreement and any other related communications, and Participant consents to having received these documents in English. 

12. Address for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be
addressed to the Company, in care of its [TITLE] at Ambow Education Holding Ltd.,
18th Floor, Building A, ChengJian Plaza, No. 18 North
Taipingzhuang Road, Haidian District, Beijing, China, 100088, or at such other address as the Company may hereafter designate in writing. 

13. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of
descent or distribution and may be exercised during the lifetime of Participant only by Participant. 
 14. Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties
hereto. 
  

 -37- 

 15. Additional Conditions to Issuance of Plan Shares. If at any time the Company will
determine, in its discretion, that the listing, registration or qualification of the Plan Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or
desirable as a condition to the issuance of Plan Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of
any conditions not acceptable to the Company. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental
authority. Assuming such compliance, for income tax purposes the Exercised Shares will be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. 

16. Plan Governs. This Award Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one
or more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined in this Award Agreement will have the meaning set forth in the Plan. 

17. Administrator Authority. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt
such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Plan Shares subject to the
Option have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will
be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement. 

18. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under
the Plan or future Options that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and
agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

19. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction
of this Award Agreement. 
 20. Agreement Severable. In the event that any provision in this Award Agreement will be held
invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement. 

21. Modifications to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects
covered. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be
made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems
necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code in
connection to this Option. 
  

 -38- 

 22. Amendment, Suspension or Termination of the Plan. By accepting this Award,
Participant expressly warrants that he or she has received an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or
terminated by the Company at any time. 
 23. Governing Law. This Award Agreement will be governed by the laws of the
State of [State], without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Option or this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the
State of [State], and agree that such litigation will be conducted in the courts of [Santa Clara County, California, or the federal courts for the United States for the Northern District of California], and no other courts, where this Option
is made and/or to be performed. 
  

 -39- 

 EXHIBIT B 

AMBOW EDUCATION HOLDING LTD. 

2010 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 Ambow
Education Holding Ltd. 

18th
 Floor, Building A, ChengJian Plaza, No. 18 North Taipingzhuang Road 
 Haidian
District 
 Beijing, China, 100088 

Attention: [            ] 

1. Exercise of Option. Effective as of today,
                    ,             , the undersigned (“Purchaser”)
hereby elects to purchase                      Ordinary Shares (the “Shares”) of Ambow Education Holding Ltd. (the
“Company”) under and pursuant to the 2010 Equity Incentive Plan (the “Plan”) and the PRC Stock Option Award Agreement dated
                     (the “Award Agreement”). The purchase price for the Shares will be
$            , as required by the Award Agreement. 
 2.
Delivery of Payment. Purchaser herewith delivers to the Company the full purchase price of the Plan Shares and any required tax withholding to be paid in connection with the exercise of the Option. 

3. Issuance of Shares. Participant hereby agrees to accept Shares upon exercise of the Option or a number of ADSs that equate to
the number of Shares Participant is purchasing pursuant to the Option or a combination of both, as the Company determines in its discretion. 

4. Representations of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Award
Agreement and agrees to abide by and be bound by their terms and conditions, including, without limitation, any policies or procedures established by the Administrator to comply with Applicable Laws, including those promulgated by SAFE. 

5. Rights as Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company) of the Plan Shares, no right to vote or receive dividends or any other rights as a shareholder will exist with respect to the Plan Shares subject to the Option, notwithstanding the exercise of the Option.
The Plan Shares so acquired will be issued to Participant as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in
Section 13 of the Plan. 
  

 -40- 

 6. Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax
consequences as a result of Purchaser’s purchase or disposition of the Plan Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Plan
Shares and that Purchaser is not relying on the Company for any tax advice. 
 7. Entire Agreement; Governing Law. The
Plan and Award Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This agreement
is governed by the internal substantive laws, but not the choice of law rules, of the State of [State]. 
  

					
	Submitted by:	 		 	Accepted by:
			
	PURCHASER:	 		 	AMBOW EDUCATION HOLDING LTD.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	Address:	 		 	
			
	  
	 		 	
			
	  
	 		 	
			
		 		 	  

		 		 	Date Received

  

 -41- 

 AMBOW EDUCATION HOLDING LTD. 

2010 EQUITY INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 

Unless otherwise defined herein, the terms defined in the Ambow Education Holding Ltd. 2010 Equity Incentive Plan (the “Plan”)
will have the same defined meanings in this Stock Option Award Agreement (the “Award Agreement”). 
  

	I.	NOTICE OF STOCK OPTION GRANT 

Participant Name: 

Address: 

You have been granted an Option to purchase Shares of Ambow Education Holding Ltd. (the “Company”), subject to the terms and
conditions of the Plan and this Award Agreement, as follows: 
  

							
	Grant Number	 	  
	 	
			
	Date of Grant	 	  
	 	
			
	Vesting Commencement Date	 	  
	 	
				
	Exercise Price per Share	 	$	 	  
	 	
			
	Total Number of Shares Granted	 	  
	 	
				
	Total Exercise Price	 	$	 	  
	 	
			
	Type of Option:	 	         Incentive Stock Option	 	
			
		 	         Nonstatutory Stock Option	 	
			
	Term/Expiration Date:	 	  
	 	

 Vesting Schedule: 

Subject to any acceleration provisions contained in the Plan or set forth below, this Option may be exercised, in whole or in part, in
accordance with the following schedule: 
 [INSERT VESTING SCHEDULE] 

Termination Period: 

This Option will be exercisable for [three (3) months] after Participant ceases to be a Service Provider, unless such termination is
due to Participant’s death or Disability, in which case this Option will be exercisable for [twelve (12) months] after Participant ceases to be a Service Provider. Notwithstanding the foregoing, in no event may this Option be
exercised after the Term/Expiration Date as provided above and may be subject to earlier termination as provided in Section 13 of the Plan. 
  

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 By Participant’s signature and the signature of the Company’s representative
below, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A,
all of which are made a part of this document. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement and fully understands all
provisions of the Plan and Award Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Award Agreement. Participant further
agrees to notify the Company upon any change in the residence address indicated below. 
  

					
	PARTICIPANT:	 		 	AMBOW EDUCATION HOLDING LTD.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	Residence Address:	 		 	
			
	  
	 		 	
			
	  
	 		 	

  

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 EXHIBIT A 

TERMS AND CONDITIONS OF STOCK OPTION GRANT 

1. Grant of Option. The Company hereby grants to the Participant named in the Notice of Grant attached as Part I of this Award
Agreement (the “Participant”) an option (the “Option”) to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”),
subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms
and conditions of this Award Agreement, the terms and conditions of the Plan will prevail. 
 If designated in the Notice of
Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an ISO under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). However, if this Option is intended to be an ISO, to
the extent that it exceeds the $100,000 rule of Code Section 422(d) it will be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion thereof) will not qualify as an ISO, then, to the extent
of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event will the Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any
liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. 
 2.
Payment Upon Exercise of Option. Although the Notice of Grant designates the Option as a right to purchase Shares, the Company may, in its discretion, issue an amount of ADSs upon exercise of the Option that equate to the number of Shares
being purchased hereunder. 
 3. Vesting Schedule. Except as provided in Section 4, the Option awarded by this Award
Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Plan Shares scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the
provisions of this Award Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting occurs. 

4. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser
portion of the balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered as having vested as of the date specified by the Administrator. 

5. Exercise of Option. 

(a) Right to Exercise. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised
during such term only in accordance with the Plan and the terms of this Award Agreement. 
 (b) Method of Exercise. This
Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit B (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election to
exercise the Option, the number of Plan Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the
Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any applicable tax withholding. This
Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price and any applicable tax withholding. 

 

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 6. Method of Payment. Payment of the aggregate Exercise Price will be by any of the
following, or a combination thereof, at the election of Participant. 
 (a) cash; 

(b) check; 

(c) consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 (d) to the extent permitted by Applicable Laws, surrender of other Plan Shares which have a Fair Market Value on the date of
surrender equal to the aggregate Exercise Price of the Exercised Shares, provided that accepting such Plan Shares, in the sole discretion of the Administrator, will not result in any adverse accounting consequences to the Company. 

7. Tax Obligations. 

(a) Withholding Taxes. Notwithstanding any contrary provision of this Award Agreement, no certificate representing the Plan Shares
will be issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of income, employment and other taxes which the Company determines must be
withheld with respect to such Plan Shares. To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Plan Shares
otherwise deliverable to Participant. If Participant fails to make satisfactory arrangements for the payment of any required tax withholding obligations hereunder at the time of the Option exercise, Participant acknowledges and agrees that the
Company may refuse to honor the exercise and refuse to deliver Plan Shares if such withholding amounts are not delivered at the time of exercise. 

(b) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant
sells or otherwise disposes of any of the Plan Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one (1) year after the date of exercise,
Participant will immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant. 

(c) Code Section 409A. Under Code Section 409A, an option that vests after December 31, 2004 (or that vested on or
prior to such date but which was materially modified after October 3, 2004) that was granted with a per Plan Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of
a Plan Share on the date of grant (a “Discount Option”) may be considered “deferred compensation.” A Discount Option may result in (i) income recognition by Participant prior to the exercise of the option, (ii) an
additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The Discount Option may also result in additional state income, penalty and interest charges to the Participant. Participant acknowledges
that the Company cannot and has not guaranteed that the IRS will agree that the per Plan Share exercise price of this Option equals or exceeds the Fair Market Value of a Plan Share on the Date of Grant in a later examination. Participant agrees that
if the IRS determines that the Option was granted with a per Plan Share exercise price that was less than the Fair Market Value of a Plan Share on the date of grant, Participant will be solely responsible for Participant’s costs related to such
a determination; 
  

 -45- 

 8. Rights as Shareholder. Neither Participant nor any person claiming under or
through Participant will have any of the rights or privileges of a shareholder of the Company in respect of any Plan Shares deliverable hereunder unless and until certificates representing such Plan Shares will have been issued, recorded on the
records of the Company or its transfer agents or registrars, and delivered to Participant. After such issuance, recordation and delivery, Participant will have all the rights of a shareholder of the Company with respect to voting such Plan Shares
and receipt of dividends and distributions on such Plan Shares. 
 9. No Guarantee of Continued Service. PARTICIPANT
ACKNOWLEDGES AND AGREES THAT THE VESTING OF PLAN SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING PLAN SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO
NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT
OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

10. Address for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be
addressed to the Company, in care of its [TITLE] at Ambow Education Holding Ltd.,
18th Floor, Building A, ChengJian Plaza, No. 18 North
Taipingzhuang Road, Haidian District, Beijing, China, 100088, or at such other address as the Company may hereafter designate in writing. 

11. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of
descent or distribution and may be exercised during the lifetime of Participant only by Participant. 
 12. Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties
hereto. 
  

 -46- 

 13. Additional Conditions to Issuance of Plan Shares. If at any time the Company will
determine, in its discretion, that the listing, registration or qualification of the Plan Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or
desirable as a condition to the issuance of Plan Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of
any conditions not acceptable to the Company. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental
authority. Assuming such compliance, for income tax purposes the Exercised Shares will be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. 

14. Plan Governs. This Award Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one
or more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined in this Award Agreement will have the meaning set forth in the Plan. 

15. Administrator Authority. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt
such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Plan Shares subject to the
Option have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will
be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement. 

16. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under
the Plan or future Options that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and
agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

17. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction
of this Award Agreement. 
 18. Agreement Severable. In the event that any provision in this Award Agreement will be held
invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement. 

19. Modifications to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects
covered. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be
made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems
necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code in
connection to this Option. 
  

 -47- 

 20. Amendment, Suspension or Termination of the Plan. By accepting this Award,
Participant expressly warrants that he or she has received an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or
terminated by the Company at any time. 
 21. Governing Law. This Award Agreement will be governed by the laws of the
State of [State], without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Option or this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the
State of [State], and agree that such litigation will be conducted in the courts of [Santa Clara County, California, or the federal courts for the United States for the Northern District of California], and no other courts, where this Option is made
and/or to be performed. 
  

 -48- 

 EXHIBIT B 

AMBOW EDUCATION HOLDING LTD. 

2010 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 Ambow
Education Holding Ltd. 

18th
 Floor, Building A, ChengJian Plaza, No. 18 North Taipingzhuang Road 
 Haidian
District 
 Beijing, China, 100088 

Attention: [            ] 

1. Exercise of Option. Effective as of today,
                    ,             , the undersigned (“Purchaser”)
hereby elects to purchase                      Ordinary Shares (the “Shares”) of Ambow Education Holding Ltd. (the
“Company”) under and pursuant to the 2010 Equity Incentive Plan (the “Plan”) and the Stock Option Award Agreement dated              (the “Award
Agreement”). The purchase price for the Shares will be $            , as required by the Award Agreement. 

2. Delivery of Payment. Purchaser herewith delivers to the Company the full purchase price of the Plan Shares and any required tax
withholding to be paid in connection with the exercise of the Option. 
 3. Issuance of Shares. Participant hereby agrees
to accept Shares upon exercise of the Option or a number of ADSs that equate to the number of Shares Participant is purchasing pursuant to the Option or a combination of both, as the Company determines in its discretion. 

4. Representations of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Award
Agreement and agrees to abide by and be bound by their terms and conditions. 
 5. Rights as Shareholder. Until the
issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Plan Shares, no right to vote or receive dividends or any other rights as a shareholder will exist with respect
to the Plan Shares subject to the Option, notwithstanding the exercise of the Option. The Plan Shares so acquired will be issued to Participant as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other
right for which the record date is prior to the date of issuance, except as provided in Section 13 of the Plan. 
  

 -49- 

 6. Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax
consequences as a result of Purchaser’s purchase or disposition of the Plan Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Plan
Shares and that Purchaser is not relying on the Company for any tax advice. 
 7. Entire Agreement; Governing Law. The
Plan and Award Agreement are incorporated herein by reference. This Exercise Notice, the Plan and the Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This agreement
is governed by the internal substantive laws, but not the choice of law rules, of the State of [State]. 
  

					
	Submitted by:	 		 	Accepted by:
			
	PURCHASER:	 		 	AMBOW EDUCATION HOLDING LTD.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Title
			
	Address:	 		 	
			
	  
	 		 	
			
	  
	 		 	
			
		 		 	  

		 		 	Date Received

  

 -50-

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