Document:

English Translation of Share Pledge Agreement

 Exhibit 10.19 

Share Pledge Agreement 

Between 

Ambow Online Software Co., Ltd. 

And 

Xiaogang Feng & Xuejun Xie 

October 31, 2009 

 This Share Pledge Agreement (this “Agreement”) is entered into by and among the following parties
on October 31, 2009: 
 Pledgee: Beijing Ambow Online Software Co., Ltd. 

Legal Representative: Jin Huang 
 Principal
Office: 18th Floor, Building A, Chengjian Plaza, No.18 North 
 Taipingzhuang Road, Haidian District, Beijing 

Pledgor 1: Xiaogang Feng 
 Address: 8
Changde Road, Heping District, Tianjin 
 Pledgor 2: Xuejun Xie 

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

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

WHEREAS: 
 (1) Beijing Ambow Online Software
Co., Ltd. entered into Technology Service Agreement with Shanghai Ambow Education Information Consulting Co., Ltd. (“Ambow Shanghai”) and the companies and schools directly or wholly owned or controlled by Ambow Shanghai
(“Subsidiaries”) respectively on October 31, 2009; 
 (2) Pledgor 1 and Pledgor 2 are shareholders of Ambow Shanghai, holding 20% and
80% of the equity interest in Ambow Shanghai respectively; 
 (3) Pledgors agree to pledge all of their equity interests in Ambow Shanghai to
Pledgee as a security for Ambow Shanghai and its Subsidiaries’ performance of their obligations under the Technology Service Agreement. 

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

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

 1.1.2 “Pledged Equity” means the 20% and 80% equity respectively owned by each Pledgor and all
rights relating to such equity. With Pledgee’s prior consent, Pledgors may increase the capital of the company. The increment in the company’s registered capital as a result of Pledgors’ additional contributions shall also be deemed
part of the pledge. 
 2. Equity Pledge 

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

2.2 Pledgors undertake to Pledgee that Pledgors’ execution of this Agreement and performance of the obligations hereunder have been approved by the
other shareholders of Ambow Shanghai, and they will cause Ambow Shanghai to record the equity pledge hereunder on the shareholders’ register of Ambow Shanghai. Pledgors and Ambow Shanghai shall deliver the shareholders’ register recording
the equity pledge hereunder to Pledgee for safekeeping upon execution of this Agreement; 
 2.3 The Parties agree to register or cause to
register the Pledge hereunder with the administrative authorities for industry and commerce in the place where Ambow Shanghai is registered. The Pledge hereunder is established at the time when the Pledge is registered with the administrative
authorities for industry and commerce in the place where Ambow Shanghai is registered. Pledgors, Pledgee and the company shall promptly register the Pledge hereunder with the administrative authorities for industry and commerce upon execution of
this Agreement. The Parties also acknowledge that, upon execution of this Agreement, the Parties will not raise any question or objection to the effectiveness of this Agreement because of failure to register the Pledge hereunder with the
administrative authorities for industry and commerce in the place where Ambow Shanghai is registered. 
 3. Scope of Security 

3.1 The Pledged Equity hereunder offers security for: 

3.1.1 The Secured Debt defined in Section 1.1.1 hereof; and 

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

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

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

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

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

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

5.2 In the course of Pledgee’s disposal of the Pledged Equity as specified in the preceding section, Pledgee shall have the right to take any
actions permitted by law to realize any of its rights hereunder. 
 5.3 As requested by Pledgee, Pledgors shall assist Pledgee in obtaining all
necessary approvals or consents in connection with Pledgee’s realization of its rights to debt and pledge. 
 5.4 All amounts received due
to Pledgee’s exercise of its pledge shall be used in the following order of priority subject to the other provisions hereof: 
 5.4.1
First, such amounts shall be used to pay all taxes and costs incurred by Pledgee because of its exercise of the pledge and/or other rights hereunder; 

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

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

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

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

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

 7.2 The security created hereunder and Pledgee’s rights hereunder shall not be terminated or affected
due to the following circumstances: 
 7.2.1 Any grace, termination or relief granted by Pledgee in connection with any person’s debt;

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

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

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

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

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

8. Special Provisions 
 8.1 Without
Pledgee’s prior written consent, Pledgors shall not transfer any of its rights or obligations hereunder to any other party. 
 8.2 Pledgee
shall have the right to transfer to any third party any of its rights or obligations hereunder and any of its rights or obligations under other agreements contemplated by this Agreement without Pledgor’s prior consent. In such case, Pledgors
must unconditionally cooperate with Pledgee in handling the procedures for the transfer of relevant rights and obligations, including without limitation signing an agreement on the change of the relevant contractual party and re-registering the
equity pledge with the administrative authorities for industry and commerce. 
 8.3 Upon effectiveness of this Agreement, unless Pledgee makes a
written decision to the contrary and notify Pledgors of such decision, Pledgors shall be obligated to continue to observe legal requirements relating to the Pledged Equity and perform all rights and obligations in connection with the Pledged Equity,
and perform the due care and good faith obligations that a shareholder shall perform. 
 8.4 Pledgors shall promptly notify Pledgee of any event
that may affect the Pledged Equity or the value thereof, or that may impede, prejudice or delay Pledgee’s performance of its rights as a shareholder of Ambow Shanghai. Each of Pledgors hereby agrees to sign a power of attorney
(“Attorney-in-fact”) on the even date herewith, appointing Beijing Ambow Online Software Co., Ltd. as his or her initial attorney-in-fact to: (i) exercise all voting rights it enjoys as a shareholder of Ambow Shanghai, and
(ii) sign on behalf of such Pledgor any resolutions adopted by the shareholders’ meetings of Ambow Shanghai, and any other documents that are related to such Pledgor’s performance of his or her rights as a shareholder of Ambow
Shanghai. The attorney-in-fact shall perform its duties in good faith, aiming to maximize the value of the Pledged Equity hereunder, and its acts shall be in compliance with applicable Chinese laws in all respects. The form of the initial Power of
Attorney to be signed by each Pledgor is set forth in Appendix 1 attached hereto. 

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

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

8.6.1 Making a proposal to amend the articles of association of Ambow Shanghai or causing the making of such proposal; increasing or reducing its
registered capital, or otherwise change its registered capital structure; 
 8.6.2 Creating any further security, encumbrances and any third
party’s rights on the Pledged Equity in addition to the pledge created hereunder; 
 8.6.3 Performing any act that may prejudice any rights
of Pledgee hereunder, or any act that may materially affect the assets, business and/or operations of Ambow Shanghai; 
 8.6.4 Distributing
dividends to the shareholders in any form; however, upon Pledgee’s request, Pledgors shall immediately distribute all of its distributable profits to the shareholders. 

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

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

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

9.1.1 Each Pledgor has the lawful eligibility and necessary authority to enter into this Agreement and has the capacity to fully perform any of his or
her rights hereunder; 
 9.1.2 Each Pledgor has the sole ownership of the Pledged Equity and has lawful, complete and full ownership of the his
or her pledged equity hereunder; 
 9.1.3 Except the pledge created hereunder, each Pledgor has not created or allowed the creation of any
security rights or any third party’s rights or encumbrances on the Pledged Equity without Pledgee’s prior written consent; there is no dispute over the ownership of such Pledged Equity, which is not subject to any lien or other legal
proceedings and can be used for pledge or transfer in accordance with applicable laws; 
 9.1.4 There is no existing, pending or threat of legal
proceedings, arbitrations or administrative proceedings against the Pledged Equity; 

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

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

9.1.7 All documents delivered by Pledgors to Pledgee in connection with this Agreement are true, complete and correct in all material respects, and there
is no omission that may cause any information therein to become incorrect or misleading in any material respect; 
 9.1.8 This Agreement shall
constitute a legal, valid and binding obligation of Pledgors, and may be enforced in accordance with the application of Pledgee to competent authorities under this Agreement; 

9.1.9 From the date of this Agreement to the expiration of the term of pledge, Pledgors shall not transfer or dispose of any part or all of the interests
in the Pledged Equity to any third party without Pledgee’s prior written consent; 
 9.2 Pledgee hereby represents, undertakes and warrants
to Pledgors that: 
 9.2.1 Pledgee is a limited liability company duly established and validly existing, and has the authority to enter into
this Agreement and is able to perform its obligations hereunder; 
 9.2.2 Pledgee has obtained all authorities and consents necessary for the
execution and performance of this Agreement. 
 10. Liability for Breach 

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

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

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

11.1 “Force Majeure” means any event that is beyond the reasonable control of any or all Parties hereto, unable to be foreseen or unable to be
overcome even foreseen, which impedes, affects or delays any party’s performance of all or part of its obligations under this Agreement. Such event includes without limitation any government act, act of God, war, hacker attack or any other
similar event. 
 11.2 The Party affected by a Force Majeure event may suspend the performance of its relevant obligations hereunder that cannot
be performed due to the Force Majeure until the effect of such Force Majeure event is eliminated, and shall not be held liable for such suspension. However, such Party shall use its best endeavor to overcome such event and mitigate its negative
effect. 
 11.3 The Party affected by a Force Majeure event shall provide the other Parties with a legitimate certificate issued by a notary
public (or other proper agency) in the place where such event occurs to evidence the occurrence of such Force Majeure event. If such Party cannot provide such certificate, the other Parties may hold such Party liable for breach in accordance with
the provisions hereof. 
 12. Effectiveness and Termination 

12.1 This Agreement shall come into effect after it has been duly executed by Pledgors and Pledgee. The pledge hereunder is established after the
registration specified in Section 2.3 is completed. 
 12.2 This Agreement shall be terminated under any of the following circumstances:

 12.2.1 in accordance with Section 6 hereof; 

12.2.2 by mutual agreement of Pledgee and Pledgors; 

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

 13. Dispute Resolution 

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

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

14. Miscellaneous 
 14.1 The headings
herein are for convenience only, and shall not affect the interpretation of any provisions hereof. 
 14.2 The Parties may amend and supplement
this Agreement by written agreement. Any amendments or supplements executed by the Parties, if any, are part of this Agreement, and shall have the same force and effect as this Agreement. 

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

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

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

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

					
	 Pledgee:
	 	
		
	Beijing Ambow Online Software Co., Ltd.	 	
			
	Authorized Representative:	 	 /s/ Jin Huang
	 	
		 	Jin Huang	 	

  

					
	 Pledgors:
	 	
			
	Signature:	 	 /s/ Xiaogang Feng
	 	
		 	Xiaogang Feng	 	
			
	Signature:	 	 /s/ Xuejun Xie
	 	
		 	Xuejun XieEnglish Translation of Call Option Agreement

 Exhibit 10.20 

Call Option Agreement 

Between 

Beijing Ambow Online Software Co., Ltd. 

And 

Xiaogang Feng and Xuejun Xie 

October 31, 2009 

 Call Option Agreement 

This Call Option Agreement (this “Agreement”) is entered into by the following Parties on October 31, 2009: 

1. Beijing Ambow Online Software Co., Ltd., a limited liability company duly established and existing under the Chinese laws, with its registered address
at 8th Floor, Building A, Chengjian Plaza, No.18 BeiTaiPingZhuang Road, Haidian District, Beijing (hereinafter referred to as “Party A”); and 

2. Xiaogang Feng, a Chinese citizen; Xuejun Xie, a Chinese citizen (each hereinafter referred to as “Party B”, and collectively, “Party
B”); 
 WHEREAS 
 A. Party B owns
100% equity interest in Shanghai Ambow Education Information Consulting Co., Ltd. (“Ambow Shanghai”); 
 B. Party B is willing to
transfer their equity interests in Ambow Shanghai to Party A (or its affiliate or assign) to the extent permitted by the Chinese laws and if such transfer is allowed under the Chinese laws. 

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

Section 1 Definitions 
 Unless
otherwise specified in this Agreement, the following terms shall have the following meanings: 
  

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

 Section 2 Grant of Call Option 

2.1 Party B hereby irrevocably and exclusively grant Party A the Call Option, the right that allows Party A and any third party designated by Party A to
subscribe for all or part of the equity interest held by Party B in Ambow Shanghai. 
 2.2 To the extent permitted by the Chinese laws, Party A
and/or any third party designated by Party A shall have the right to exercise the Call Option at any time during the term of this Agreement, to obtain necessary government approvals and complete required registration procedures (if required,
including the evaluation procedures), and to obtain and maintain the Equity in Ambow Shanghai. Party A and/or any third party designated by Party A shall become the lawful holder of the Equity in Ambow Shanghai, and shall have the right to obtain
all shareholder rights according to its shareholding ratio. 
 2.3 Without Party A’s written consent, Party B shall not grant to any third
party any rights, senior to or on a parity with Call Option. 
 Section 3 Consideration for the Call Option 

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

Section 4 Exercise of the Call Option 

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

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

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

Section 5 Representations and Warranties 

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

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

(2) Party B has contributed the capital for his or her equity interest in Ambow Shanghai in full. Party A and/or any third party designated by Party A
shall acquire such equity interest without any capital contribution to Ambow Shanghai in accordance with this Agreement; 
 (3) Except the
pledge granted to Party A by the share pledge agreement entered into by Party A and Party B on October 31, 2009, Party B has not created or allowed any option, call option, pledge, or other equity interest or security interest on Equity in
Ambow Shanghai without Party A’s written consent; 
 (4) Party B hereby agrees that it shall irrevocably waive the preemptive right to
purchase the Equity in Ambow Shanghai to which it is entitled under the Chinese laws and the bylaws of Ambow Shanghai, and allow Party A and/or any third party designated by Party A to exercise the Call Option; 

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

(6) Without Party A’s written consent, Party B shall not supplement, alter or modify the Articles of Association of Ambow Shanghai in any form,
shall not increase or decrease its registered capital, or otherwise change the structure of its registered capital; 
 (7) During the term of
this Agreement, Party B and Ambow Shanghai have not engaged in and shall not engage in any act or omission that may cause any losses to Party A or cause any reduction in value of the Equity in Ambow Shanghai; 

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

(9) Ambow Shanghai has the right to operate all business activities within the approved business scope which it is operating or it expects to operate in
the future; and 
 (10) Party B shall not have the right to early terminate this Agreement. 

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

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

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

Section 6 Liability for Breach 
 6.1
Under any of the following circumstances, Party B shall be deemed to breach the Agreement: 
 (1) Any representations or warranties made by
Party B are not true or correct; 
 (2) Party B transfers the Equity in Ambow Shanghai to any company or individual other than Party A and/or
any third party designated by Party A without Party A’s prior written consent; 
 (3) Party B fails to promptly handle or facilitate Ambow
Shanghai to handle relevant procedures upon receipt of the subscription notice from Party A and/or any third party designated by Party A in accordance with this Agreement, which would cause Party A and/or any third party designated by Party A to
fail to acquire the Equity of Ambow Shanghai; 
 (4) Party B attempts to terminate this Agreement without Party A’s consent; 

(5) Party B violates any other provisions hereof. 

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

 Section 7 Term 

7.1 This Agreement shall come into effect as of the date when the authorized representatives of the Parties duly sign the Agreement, and shall remain
effective until the termination of the Loan Agreement. 
 7.2 Unless otherwise provided herein, Party A shall have the right to early terminate
this Agreement upon twenty (20) days’ prior notice, but Party B shall not early terminate this Agreement. 
 Section 8 Force
Majeure 
 8.1 Force Majeure means any event (i) that is beyond the control of either or both Parties hereto; (ii) that cannot be
foreseen or cannot be overcome even foreseeable; and (iii) that occurs after the date of this Agreement and prevent either Party hereto from performing this Agreement in whole or part. Force Majeure includes without limitation the occurrence of
explosion, fire, flood, earthquake and other acts of God and war, civil disorder, governmental act of sovereignty, etc. 
 8.2 The Party
affected by any Force Majeure event may suspend the performance of relevant obligations that cannot be performed due to Force Majeure until the effect of such Force Majeure event is eliminated, and shall not be held liable for such suspension.
However, such Party shall use its best endeavors to overcome such event and reduce its adverse effect. 
 8.3 The Party affected by any Force
Majeure event shall provide the other Party with a legitimate certificate issued by a notary public (or any other proper authorities) in the place where such event occurs to evidence the Force Majeure event; if such Party cannot provide such
certificate, the other Party may hold such Party liable for breach of the Agreement in accordance with the provisions hereof. 

Section 9 Governing Law 
 The
conclusion, effectiveness, interpretation, performance, enforcement and dispute resolution of this Agreement shall be governed by the laws of the People’s Republic of China. 

Section 10 Dispute Resolution 
 10.1
All disputes arising out of or in connection with this Agreement shall be settled by the Parties through good faith consultations. If no agreement can be reached through consultations within sixty (60) days after one Party receives a notice
from other Party requesting the beginning of such consultations or as otherwise agreed by the Parties, either Party shall have the right to submit relevant disputes to the China International Economic and Trade Arbitration Commission for arbitration
in accordance with its then effective arbitration rules. The arbitration shall be held in Beijing. The award of the arbitration shall be final and binding on both Parties. 

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

 10.3 While any disputes exist between the Parties, the Parties shall continue to perform duties and
obligations without any dispute. 
 Section 11 Miscellaneous 

11.1 No amendment, modification, addition or deletion made to this Agreement shall become effective unless the Parties sign a written document by mutual
agreement. 
 11.2 The invalidity, ineffectiveness and unenforceability of any provisions hereof shall not affect or prejudice the other
provisions’ validity, effectiveness and enforceability. However, the Parties shall also cease to perform such invalid, ineffective and unenforceable provisions, and only modify such provisions to the extent the modified provisions have the
closest intent to the original provisions so that they are valid, effective and enforceable under such specific facts and circumstances. 
 11.3
This Agreement shall be effective to and binding upon both Parties and their respective successors or permitted assigns. Party A shall have the right to transfer its rights under this Agreement and other agreements contemplated herein at its sole
discretion to any third party without Party B’s consent. 

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

					
	 Beijing Ambow Online Software Co., Ltd.
	 	
			
	Authorized Representative:	 	Jin Huang	 	
	Signature:	 	 /s/ Jin Huang
	 	

  

					
	Xiaogang Feng
			
	Signature:	 	 /s/ Xiaogang Feng
	 	

  

					
	 Xuejun Xie
	 	
			
	Signature:	  	 /s/ Xuejun Xie
	 	

 Appendix 1 Subscription Notice 

Dear Sir: 
 This is to notify you that, in
accordance with the Call Option Agreement (“Agreement”) entered into by you and Beijing Ambow Online Software Co., Ltd. on October 31, 2009, we decide to exercise the call option under such Agreement for [all] or [part] of the equity
interest in Shanghai Ambow Education Information Consulting Co., Ltd. (and appoint [                ] as the transferee of the target equity interest).

  

	
	  

	
	Authorized Representative:
	Title:
	Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]