Document:

Exhibit 10.57

 

Technology
Service Agreement

 

Between

 

Ambow Sihua
Education and Technology Co., Ltd.

 

And

 

Beijing Ambow
Shengying Education Technology Co., Ltd.

 

June
29, 2017

 

     

     

    

 

This Technology
Service Agreement (this “Agreement”) is entered into by the following parties on June 29, 2017: 

 

(1)     Ambow Sihua Education and Technology Co., Ltd. (“Party
A”), a limited liability company duly established and validly existing under the laws of the People’s Republic of China
(“China”), with its registered address at A129, No.10 Zhongxing Road, Science Park, Changping District, Beijing and

 

(2)     Beijing Ambow Shengying Education Technology Co., Ltd. (“Party
B”), a limited liability company duly established and validly existing under the laws of China, with its registered address
at Room A1805,18th Floor, No.18 North Taipingzhuang Road, Haidian District, Beijing

 

WHEREAS: 

 

(1)     Party A engages in education
information consulting, business administration consulting and commercial consulting (excluding broker services); business marketing
and planning; internal employee training;  

 

(2)     Party B has expertise and experience
in the design and development of software and hardware;  

 

(3)     Party A and Party B (collectively
referred to as the “Parties”) plan to promote their business development by mutual cooperation and developing their
respective advantages.  

 

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

 

Section 1
– Terms of Service  

 

1.1     Party A hereby agrees to engage
Party B as Party A’s exclusive technology service provider, and Party B hereby agrees to accept such engagement. 

 

1.2     Party A agrees that Party A
shall not engage any other third party as its technology service provider without Party B’s prior written consent during
the term of this Agreement.  

 

1.3     Party A agrees that Party B
shall have the right to provide other entities or individuals with the technology service equivalent or similar to that hereunder
and to appoint other entities or individuals to provide the technology service hereunder. 

 

Section 2
– Scope of Service  

 

See Appendix
1 for the scope of relevant technology service provided by Party B to Party A. 

 

     

     

    

 

Section 3
– Service Fee  

 

3.1     The Parties hereto agree that
the fee for the technology service hereunder shall be determined and paid as specified in Appendix 2. 

 

3.2     If Party A fails to pay service
fee and other fees in accordance with the provisions of this Agreement, Party A shall pay Party B liquidated damages at [0.05%]
per day for the overdue amount.  

 

3.3     Party B shall have the right to, at its own expense, appoint
one of its employees or a certified public accountant it engages (“Party B’s Authorized Representative”) to examine
Party A’s accounts in order to review the calculation method and amount of the service fee. To that end, Party A shall provide

Party B’s
Authorized Representative with documents, accounts, records, data, etc. that are necessary to audit Party A’s accounts and
to determine the amount of the service fee. Unless there is any significant error, the amount of the service fee shall be as determined
by Party B’s Authorized Representative.  

 

3.4     Unless as otherwise agreed
by the Parties, the service fee payable to Party B by Party A hereunder shall not be subject to any deduction or offset (e.g. bank
charges).  

 

3.5     In addition to the service
fee described above, Party A shall pay Party B with the actual costs incurred by Party B for rendering consulting services hereunder,
including without limitation, traveling expenses, car fare, printing expenses and postage. 

 

Section 4
– Confidentiality  

 

4.1     The Parties acknowledge that,
during the term of this Agreement, either Party may obtain (1) the other Party’s non-public information, technical data,
trade secrets or know-how relating to the actual and expected business or research and development of either Party, including without
limitation research, product plans or other information relating to either Party’s products or services or promotions for
products or services, customers’ lists and customers, software, development, invention, processes, formula, technologies,
designs, drawings, engineering, hardware configuration information, marketing, financial or other business information, and (2)
any third party’s confidential or proprietary information for which either Party assume confidentiality obligations and which
shall be only used for certain limited purposes (“Confidential Information”). The Confidential Information does not
include(1) any information that one Party already knows at the time such information is disclosed to such Party by the other Party;
(2) any information that becomes public known or generally available not because of either Party’s illegal conduct; or (3)
the information lawfully obtained by one Party from a third party authorized to make the disclosure. 

 

4.2     Either Party will take reasonable
measures to keep confidential the other Party’s Confidential Information and prevent disclosure and unauthorized use of such
Confidential Information. Without limiting the foregoing, the Parties will at least take such measures as it will take for its
own Confidential Information. Unless as reasonable required for the performance of its obligations hereunder or unless as the other
Party approves in writing, neither Party shall make any copy of the other Party’s Confidential Information. Either Party
shall reproduce the other Party’s proprietary rights notices on any approved copy in the manner in which such notice was
set forth in or on the original.  

 

4.3     Either Party shall (1) not
disclose such Confidential Information to any person other than any of its directors, employees, authorized agents or independent
contractors who need to know such Confidential Information to perform their duties hereunder; (2) only use Confidential Information
for the purposes of fully performing its obligations hereunder; and (3) ensure any person from such Party who knows Confidential
Information comply with the confidentiality obligations and other restrictive provisions hereunder as if such person were a party
hereto. If one Party is required by law to disclose the other Party’s Confidential Information, such Party shall promptly
notify the other Party in writing of such requirement prior to the disclosure, and shall assist the other Party in securing the
order to protect such information against public disclosure. Neither Party shall reverse engineer, dissemble or decompile any prototype,
software or any tangible object that contains the other Party’s Confidential Information and that is provided to such Party.
 

 

     

     

    

 

4.4     Either Party further agree
to return to the other Party all written Confidential Information obtained from the other Party upon termination of this Agreement
or at any other time requested by the other Party.  

 

Section 5
– Intellectual Property  

 

5.1     The Parties acknowledge and
agree that Party B shall exclusively own all technical data, software, findings, inventions, developments, trade secrets, copyrights,
documents and other materials improved or prepared by Party B under this Agreement, whether they are patentable or copyrighted.
 

 

5.2     If Party A makes improvements
to “intellectual property”, such improvements shall be Party B’s exclusive proprietary property. Party A hereby
transfers to Party B all of its rights, title and interests in and to such improvements. 

 

Section 6
– Independent Contractor  

 

The Parties expressly
acknowledge and agree that Party B performs all the technology services hereunder as an independent contractor, and shall not be
deemed to enter into any partnership, joint venture or other relationships of substantially the same or similar nature with Party
A.  

 

Section 7
– Representations and Warranties  

 

7.1 Party A represents
and warrants that:  

 

(1)     Party A is a company duly registered
and validly existing under the laws of China;  

 

(2)     Party A’s execution and
performance of this Agreement is within its corporate power and business scope; it has taken necessary corporate action and obtained
proper authorization as well as the consents and approvals of third parties and government departments; and it does not violate
any legal or corporate restrictions binding upon or affecting it. 

 

(3)     Upon execution, this agreement
shall constitute Party A’s legal, valid and binding obligations that may be enforced against it in accordance with the terms
hereof.  

 

7.2 Party B represents
and warrants that:  

 

(1)     Party B is a company registered
and validly existing under the laws of China;  

 

(2)     Party B’s execution and
performance of this Agreement is within its corporate power and business scope; it has taken necessary corporate action and obtained
proper authorization as well as the consents and approvals of third parties and government departments; and it does not violate
any legal or corporate restrictions binding upon or affecting it. 

 

     

     

    

 

(3)     Upon execution, this agreement
shall constitute Party B’s legal, valid and binding obligations that may be enforced against it in accordance with the terms
hereof.  

 

Section 8
– Liability for Breach  

 

8.1     Either Party’s direct
or indirect violation of any provisions hereof or failure to perform its obligation hereunder or failure to perform such obligation
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. 

 

8.2     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.  

 

8.3     Party B’s liability arising
out of this Agreement shall be limited to the amount of service fee received by Party B hereunder. In no event shall Party B be
liable for any special, incidental, indirect or direct damages arising out of this Agreement. 

 

Section 9
– Force Majeure  

 

9.1     “Force Majeure”
means any event that is beyond the reasonable control of the Parties hereto, unable to be foreseen or unable to be overcome even
foreseen, which impedes, affects or delays either 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. 

 

9.2     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. 

 

9.3     The Party affected by a Force
Majeure event shall provide the other Party 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 Party may hold such Party liable for breach in accordance with the provisions hereof. 

     

Section 10
– Effectiveness and Term  

 

This Agreement
shall come into effect from the date when it is signed by the Parties’ authorized representatives. This Agreement shall remain
effective unless it is terminated in accordance with the provisions hereof. 

 

     

     

    

 

Section 11
– Termination  

 

11.1   Party B shall have the right
to terminate this Agreement at any time during the term of this Agreement upon fifteen (15) days’ notice to Party A. 

 

11.2   If Party A materially or continually
breaches this Agreement, and fails to remedy such breach within fourteen (14) days upon receipt of Party B’s notice specifying
details of such breach (to the extent such breach is remediable), Party B shall have the right to terminate this Agreement immediately
by sending a written notice of termination to Party A.  

 

11.3   This Agreement may
be terminated at any time by a written agreement between Party A and Party B.  

 

Section 12
– Non-solicitation  

 

Party A shall
not take the following actions directly or indirectly in any manner for its own, any other individual or entity’s account,
or together with any other individual or entity: (1) causing any employee of Party B to terminate his employment with Party B by
solicitation, including employing or encouraging such employee; or attempting to solicit, induce, employ or encourage any employee
of Party B. (2) causing any existing or previous client of Party A to terminate its business relationship with Party B. 

 

Section 13
– Dispute Resolution  

 

13.1   If any dispute arises in connection
with the interpretation and performance of this Agreement, the Parties hereto shall first 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 any longer period agreed upon separately by the Parties, 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 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. 

 

Section 14
– Governing Law

  

The execution,
validity, performance, interpretation and enforcement of this Agreement shall be governed by the laws of China. 

 

Section 15
– Assignment  

 

15.1   Party A shall not assign its
rights and obligations hereunder to any third party without Party B’s prior written consent. 

 

15.2   Party A hereby agrees that
Party B may assign its rights and obligations hereunder to any third party at its sole discretion, and Party B only needs to send
a written notice to Party A upon such assignment without obtaining Party A’s consent. 

 

     

     

    

 

15.3   This Agreement shall inure
to and be binding upon the Parties and their respective successors and permitted assigns. 

 

Section 16
– Severability  

 

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 under relevant facts and circumstances. 

 

Section 17
– Amendment and Supplement  

 

The Parties may
amend and supplement this Agreement by written agreement. Any amendments or supplements in connection with this Agreement that
are duly signed by the Parties are part of this Agreement, and shall have the same force and effect as this Agreement. 

 

Section 18
– Miscellaneous  

 

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

 

18.2   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.  

 

18.3   This Agreement shall supersede any prior or concurrent verbal
or written agreement, understanding and communication between the Parties in connection with this Agreement. The Parties do not
have any express or implied obligations or undertakings for the subject matter herein except those specified in this Agreement.

 

     

     

    

 

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

 

Party A: Ambow Sihua Education and Technology Co., Ltd.

 

(Corporate Seal)

 

	Authorized Representative: 	/s /	 
	 	 	 
	Name:	 	 

 

Party B: Beijing Ambow Shengying Education Technology Co., Ltd.

 

(Corporate Seal)

 

	Authorized Representative: 	/s /	 
	 	 	 
	Name:	 	 

 

     

     

    

 

Appendix 1 

 

Scope of Service

 

1.     Providing Party A with programs
relating to education and training;  

 

2.     Providing Party A’s employees
with proper training, technical support and assistance, including without limitation training and technical support for education
programs; and  

 

3.     Providing Party A with administration
and consulting services necessary for Party A’s business operations, including without limitation administration and consulting
for education programs.  

 

4.     Other arrangements relating to technology services subject to mutual consent.

 

     

     

    

 

Appendix 2

 

Calculation and Payment of Service
Fee

 

1.     Party B shall provide Party A with bills in the light of the
service price by mutual consent and the actual workload.

 

2.     Party A shall pay the relevant service fee in accordance with
the date and the amount prescribed by the bill.

 

3.     Party A and Party B may make other arrangements relating to
the payment of the service fee subject to mutual consent.Exhibit 10.58

 

Share
Pledge Agreement

 

Between

  

Beijing
Ambow Shengying Education Technology Co., Ltd.

  

And

  

Xuejun
Xie & Gang Huang

  

June 29,
2017

 

     

     

    

  

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

 

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

Legal Representative: Xuejun Xie

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

 

Pledgor 1: Xuejun Xie 

ID number: [510102196610258005]

 

Pledgor 2: Gang Huang

ID number: [620102196208241817]

 

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

  

WHEREAS: 

 

(1)         Beijing
Ambow Shengying Education Technology Co., Ltd. entered into Technology Service Agreement with Ambow Sihua Education and Technology
Co., Ltd. (“Ambow Sihua”) and the companies and schools directly or wholly owned or controlled by Ambow Sihua (“Subsidiaries”)
respectively on June 29, 2017;  

 

(2)         Pledgor
1 and Pledgor 2 are shareholders of Ambow Sihua, holding 57.38% and 42.62 % of the equity interest in Ambow Sihua
respectively;  

 

(3)         Pledgors
agree to pledge all of their equity interests in Ambow Sihua to Pledgee as a security for Ambow Sihua 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 Sihua 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 Sihua and its Subsidiaries commit a breach. If Ambow Sihua controls new Subsidiaries by means of acquisition or incorporation
or otherwise in the future and such new Subsidiaries enter into a new Technology Service Agreement with Pledgee, then such new
Subsidiaries’ obligations under the new Technology Service Agreement will be automatically included in the “Secured
Debt” herein.  

 

     

     

    

 

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

 

2.          Equity
Pledge  

 

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

 

2.2         Pledgors
undertake to Pledgee that Pledgors’ execution of this Agreement and performance of the obligations hereunder have been approved
by the other shareholders of Ambow Sihua, and they will cause Ambow Sihua to record the equity pledge hereunder on the shareholders’
register of Ambow Sihua. Pledgors and Ambow Sihua 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 Sihua 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 Sihua 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 Sihua 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 Sihua and its Subsidiaries fail to perform their payment obligation or other related obligations to Pledgee in accordance
with the provisions of Technology Service Agreement, or (b) Pledgors breach their duties or obligations hereunder, Pledgee shall
have the right to exercise the pledge in any manner at any time it deems appropriate to the extent permitted by applicable laws
during the Term of Pledge, including without limitation: 

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6.          Termination
of Pledge  

 

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

 

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

 

7.          Nature
of Security  

 

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

 

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

 

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

 

     

     

    

 

 

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

 

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

 

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

 

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

 

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

 

8.          Special
Provisions  

 

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

 

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

 

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

 

8.4         Pledgors
shall promptly notify Pledgee of any event that may affect the Pledged Equity or the value thereof, or that may impede, prejudice
or delay Pledgee’s performance of its rights as a shareholder of Ambow Sihua . Each of Pledgors hereby agrees to sign a power
of attorney (“Attorney-in-fact”) on the even date herewith, appointing Beijing Ambow Shengying Education Technology
Co., Ltd. as his or her initial attorney-in-fact to: (i) exercise all voting rights it enjoys as a shareholder of Ambow Sihua ,
and (ii) sign on behalf of such Pledgor any resolutions adopted by the shareholders’ meetings of Ambow Sihua , and any other
documents that are related to such Pledgor’s performance of his or her rights as a shareholder of Ambow Sihua . 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 Sihua 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 Sihua ;  

 

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

 

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

 

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

 

9.          Representations,
Undertakings and Warranties  

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

10.         Liability
for Breach  

 

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

 

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

 

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

 

11.         Force
Majeure  

 

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

 

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

 

     

     

    

 

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

 

12.         Effectiveness
and Termination  

 

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

 

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

 

12.2.1    in
accordance with Section 6 hereof;  

 

12.2.2    by
mutual agreement of Pledgee and Pledgors;  

 

12.2.3    by
the consent of Pledgee.  

 

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

 

13.        Dispute
Resolution  

 

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

 

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

 

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

 

14.         Miscellaneous
 

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

Pledgee:

 

Beijing Ambow Shengying Education Technology
Co., Ltd. 

  

	Authorized Representative:	/s/  	 

 

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

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