Document:

EX-10.29

 Exhibit 10.29 

REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of [    ], 2014, by and among:

 (1) Tarena International, Inc., a company incorporated in the Cayman Islands (the “Company”); 

(2) New Oriental Education & Technology Group Inc., a company incorporated in the Cayman Islands (the
“Investor”). 
 The Investor on the one hand, and the Company on the other hand, are sometimes herein
referred to each as a “Party,” and collectively as the “Parties.” 
 RECITALS 

 

	A.	The Company and the Investor have entered into a Subscription Agreement dated as of March 19, 2014 (the “Subscription Agreement”); and 

 

	B.	In connection with the Subscription Agreement and in order to induce the Investor to consummate the transactions contemplated under the Subscription Agreement, the Company and the Investor have agreed to enter into this
Agreement. 

 WITNESSETH 

NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 
  

	1.	Interpretation 

 1.1 Definitions. The following terms shall have the meanings
ascribed to them below: 
 “Affiliate” means, with respect to a specified person, a person that directly or
indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified. 

“Applicable Securities Laws” means the securities law of the United States, including the Exchange Act and the
Securities Act, and any applicable securities law of any state of the United States. 
 “Board” or
“Board of Directors” means the board of directors of the Company. 
 “Business Day” means any
day that is not a Saturday, Sunday, public holiday or other day on which commercial banks are required or authorized by law to be closed in the PRC, the Cayman Islands or the City of New York. 

 “Commission” means the Securities and Exchange Commission of the United
States or any other federal agency at the time administering the Securities Act. 
 “Ordinary Shares” means
the Class A ordinary shares, par value US$0.001, of the Company. 
 “Exchange Act” means the United
States Securities Exchange Act of 1934, as amended. 
 “Existing Registration Right Holders” means any holders
of any registration rights of any kind relating to any securities of the Company and existing as of the date hereof under the Shareholders’ Agreement. 

“Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially
similar form then in effect. 
 “Form S-3” means Form S-3 promulgated by the Commission under the Securities
Act or any successor form or substantially similar form then in effect. 
 “Founder Shares” means any
securities of the Company with respect to which registration rights exist under the Shareholders’ Agreement and that, as of the date of the Shareholders’ Agreement, were held by Shaoyun Han. 

“Governmental Authority” means any nation or government or any province or state or any other political subdivision
thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality
of the PRC or any other country, or any court, tribunal or arbitrator, and any self-regulatory organization. 

“Holder” means the holder of the Registrable Securities. 

“IPO” means the Company’s underwritten registered initial public offering. 

“Law” means any constitutional provision, statute or other law, rule, regulation, official policy or interpretation of
any Governmental Authority and any injunction, judgment, order, ruling, assessment or writ issued by any Governmental Authority. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited
liability company, firm, trust, estate or other enterprise or entity. 
 “PRC” means the People’s
Republic of China, but solely for the purposes of this Agreement, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan. 

“Registration” means a registration effected by preparing and filing a Registration Statement and the declaration or
ordering of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant with the foregoing. 

  
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 “Registrable Securities” means all of the Ordinary Shares acquired by the
Investor pursuant to the Subscription Agreement. 
 “Registration Statement” means a registration statement
prepared on Form F-1, F-3, S-1 or S-3 under the Securities Act (including Rule 415 under the Securities Act). 

“Securities Act” means the United States Securities Act of 1933, as amended. 

“Shareholders’ Agreement” means the Second Amended and Restated Shareholders’ Agreement dated as of
September 6, 2011 by and among the Company and other parties thereto, as such agreement may be amended and restated. 

“U.S.” means the United States of America. 

1.2 Interpretation. For all purposes of this Agreement, except as otherwise expressly provided, (i) the terms defined in this
Section 1 shall have the meanings assigned to them in this Section 1 and include the plural as well as the singular, (ii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated
Sections and other subdivisions of the body of this Agreement, (iii) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (iv) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, (v) all references in this Agreement to designated schedules, exhibits and annexes are to the
schedules, exhibits and annexes attached to this Agreement unless explicitly stated otherwise, (vi) “or” is not exclusive, (vii) the term “including” will be deemed to be followed by “, but not limited to,”
(viii) the terms “shall,” “will,” and “agrees” are mandatory, and the term “may” is permissive, and (ix) the term “day” means “calendar day.” 

 

	2.	Registration Rights. 

  

	 	2.1	Piggyback Registrations. 

  

	 	(a)	The Company shall notify the Investor in writing at least thirty (30) days prior to filing any Registration Statement under the Securities Act for purposes of effecting a public offering of securities of the
Company (including Registration Statements relating to secondary offerings of securities of the Company, but excluding Registration Statements filed in connection with the IPO, under Section 2.2 of this Agreement or relating to any employee
benefit plan or a corporate reorganization), and shall afford the Investor an opportunity to include in such Registration Statement all or any part of the Registrable Securities then held by the Investor to the extent provided herein. If the
Investor desires to include in any such Registration Statement all or any part of the Registrable Securities held by it, it shall within twenty (20) days after receipt of the above-described notice from the Company so notify the Company in
writing and in such notice shall inform the Company of the number of Registrable Securities the Investor wishes to include in such Registration Statement. If the Investor decides not to include all of its Registrable Securities in any Registration
Statement thereafter filed by the Company, the Investor shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company with
respect to offerings of its securities, all upon the terms and conditions set forth herein. 

  
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	 	(b)	Underwriting. If a Registration Statement under which the Company gives notice under this Section 2.1 is for an underwritten offering, then the Company shall so advise the Investor. In such event, the right
of any of the Investor’s Registrable Securities to be included in a Registration pursuant to this Section 2.1 shall be conditioned upon the Investor’s participation in such underwriting and the inclusion of the Investor’s
Registrable Securities in the underwriting to the extent provided herein. If the Investor proposes to distribute its Registrable Securities through such underwriting it shall enter into an underwriting agreement in customary form with the managing
underwriter or underwriters selected for such underwriting. If the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of Ordinary Shares to be underwritten, then the managing underwriter(s)
may exclude any or all Ordinary Shares held by the Investor from the Registration and the underwriting; provided, however, that all Founder Shares must be excluded from the Registration and the underwriting before any of the Ordinary
Shares held by the Investor can be excluded. If the Investor disapproves of the terms of any such underwriting, the Investor may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten
(10) Business Days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the Registration. 

 

	 	(c)	No Limit on Number of Piggyback Registrations. There shall be no limit on the number of times the Investor may request Registration of Registrable Securities under this Section 2.1. 

 

	 	2.2	Form F-3 Registration. 

  

	 	(a)	In case the Company shall receive from the Investor a written request or requests that the Company effect a Registration on Form F-3 (and any related qualification or compliance) with respect to all or any part of the
Registrable Securities owned by the Investor, then the Company shall promptly give written notice of the proposed Registration and the Investor’s request therefor, and any related qualification or compliance, to all other Holders and the
Existing Registration Right Holders; and, subject to the provisions of this Sections 2.2(b) and (c), as soon as practicable but in no later than forty-five (45) days after receipt of the request of such Investor, effect such Registration and
all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of such Registrable Securities of the Investor as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company. 

  
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	 	(b)	Notwithstanding anything to the contrary provided above, the Company shall not be obligated to effect any such Registration, qualification or compliance pursuant to this Section 2.2: 

 

	 	(1)	if Form F-3 is not available for such offering by the Holders; 

  

	 	(2)	if such Holders, together with the holders of any other securities of the Company entitled to inclusion in such Registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate
price to the public (before payment of any underwriters’ discounts or commissions) of less than US$5,000,000; 

  

	 	(3)	if the Company shall furnish to the Investor requesting such Registration a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors
of the Company, it would be materially detrimental to the Company and its shareholders for such Form F-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3 Registration
Statement no more than once during any twelve (12) month period for a period of not more than ninety (90) days after receipt of the request of the Investor requesting Registration under this Section 2.2, provided that the Company
shall not register any of its other securities during such ninety (90) day period; 

  

	 	(4)	in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such Registration, qualification or compliance unless
the Company is already qualified to do business or subject to service of process in that jurisdiction and except as may be required by the Securities Act; or 

  

	 	(5)	if the Company has, within the twelve (12)-month period preceding the date of such request, already effected two (2) Registrations on Form F-3 for the Investor pursuant to this Section 2.2 excluding any
Registrations from which Registrable Securities have been excluded despite an Investor’s request that they be included. 

  

	 	(c)	Underwriter’s Discretion. If the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of Ordinary Shares to be underwritten, then the managing
underwriter(s) may exclude any or all Ordinary Shares held by the Investor from the Registration and the underwriting; provided, however, that all Founder Shares must be excluded from the Registration and the underwriting before any of
the Ordinary Shares held by the Investor can be excluded. If the Investor disapproves of the terms of any such underwriting, the Investor may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten
(10) Business Days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the Registration. 

  
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	 	(d)	No Limit on Number of Form F-3 Registrations. There shall be no limit on the number of times the Investor may request Registration of Registrable Securities under this Section 2.2. 

2.3 Expenses. All expenses that are applicable to the sale of Registrable Securities pursuant to this Agreement and incurred in
connection with Registrations, filings or qualifications pursuant to this Agreement, including all Registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and one counsel
for all holders of registration rights relating to any securities of the Company (up to a maximum of US$100,000), shall be borne by the Company; provided that (i) the Investor and Holder shall bear its own underwriting discounts and
commissions applicable to the sale of its Registrable Securities in such Registration and (ii) if the Investor or one or more Holders engages its or their own counsel, the Investor or Holders shall bear the legal fees for any other counsel
engaged in connection with such Registration. The Company shall not, however, be required to pay for any expenses of any Registration proceeding begun pursuant to this Agreement if the Registration request is subsequently withdrawn at the request of
a majority-in-interest of the holders requesting such Registration (in which case all participating holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be thereby Registered in the withdrawn
Registration). 
 2.4 Obligations of the Company. Whenever required to effect the Registration of any Registrable Securities under
this Agreement the Company shall, as expeditiously as reasonably possible: 
  

	 	(a)	Registration Statement. Prepare and file with the SEC a Registration Statement with respect to such Registrable Securities and use its best efforts to cause such Registration Statement to become effective
provided, however, that (x) before filing a Registration Statement or prospectus or any amendments or supplements thereto, the Company shall provide counsel for holders of registration rights relating to securities of the Company
with an adequate and appropriate opportunity to review and comment on such Registration Statement and each prospectus included therein (and each amendment or supplement thereto) to be filled with the SEC, subject to such documents being under the
Company’s control, and (y) the Company shall notify the counsel and each seller of Registrable Securities of any stop order issued or threatened by the SEC and take all action required to prevent the entry of such stop order or to remove
it if entered. 

  
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	 	(b)	Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection with such Registration Statement to keep such
Registration Statement effective for up to the shorter of one hundred twenty (120) days or until the distribution contemplated in the Registration Statement has been completed, provided that if the Investor has requested that a Registration on
Form F-3 be for an offering on a continuous basis pursuant to Rule 415 under the Securities Act, then the Company shall keep such Registration Statement effective until the shorter of (i) one hundred and eighty (180) days or
(ii) until such time as all Registrable Securities covered by such Registration Statement have been sold, and the Company shall comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement. 

  

	 	(c)	Prospectuses. Furnish to each Holder such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as it may
reasonably request in order to facilitate the disposition of Registrable Securities owned by it. 

  

	 	(d)	Blue Sky. Use its best efforts to register and qualify the securities covered by such Registration Statement under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably
requested by a Holder, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions unless the
Company is already subject to service of process in such jurisdiction and except as may be required by the Securities Act. 

  

	 	(e)	Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering.
The Holders participating in such underwriting shall also enter into and perform its obligations under such an agreement with respect to its securities included in such underwriting; provided that (i) no Holder will be required to make
any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements specifically regarding such Holder, its rights, title and interest in the Registrable Securities and its
intended method of distribution and (ii) no Holder will be required to provide an indemnity in such underwriting agreement that is broader than the provisions in Section 2.6(b) of this Agreement. 

 

	 	(f)	Notification. Notify the Holders of Registrable Securities covered by such Registration Statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the
happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statement therein not misleading in the light of the circumstances then existing and the Company shall promptly prepare a supplement or amendment to such prospectus (and, if necessary, a post-effective amendment to the Registration
Statement) and furnish to the seller of Registrable Securities a reasonable number of copies of such supplement to or an amendment of such prospectus as may be necessary so that, after delivery to the purchasers of such Registrable Securities, such
prospectus shall not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. 

  
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	 	(g)	Exchange Listing. Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed. 

 

	 	(h)	Transfer Agent and CUSIP. Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than
the effective date of such Registration. 

  

	 	(i)	SEC Compliance; Earnings Statements. Comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable but no later than fifteen
(15) months after the effective date of the Registration Statement, an earnings statement covering a period of twelve (12) months beginning after the effective date of the Registration Statement, in a manner which satisfies the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder. 

  

	 	(j)	To use its commercially reasonable efforts to furnish, at the request of the Holder requesting registration of Registrable Securities pursuant to this Agreement, on the date that such Registrable Securities, are
delivered to the underwriters for sale in connection with a registration pursuant to this Agreement, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the
registration statement with respect to such securities becomes effective, a copy of (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering, addressed to the underwriters, if any and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters. 

  

	 	(k)	 Make available at reasonable times for inspection by any managing underwriter participating in any disposition of such Registrable Securities pursuant
to a registration statement, the counsel selected by any managing underwriter (each, an “Inspector” and collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties
of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s and its subsidiaries’ officers,
directors and employees, and the independent public accountants of the Company, to supply at reasonable times all information reasonably requested by any such Inspector in connection with such registration statement.

  
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No Records shall be disclosed by the Inspectors (and the Inspectors shall confirm their agreement in writing in advance to the Company if the Company shall so request) unless (x) the
disclosure of such Records is necessary, in the Company’s judgment, to avoid or correct a misstatement or omission in the registration statement, (y) the release of such Records is ordered pursuant to a subpoena or other order from a court
of competent jurisdiction after exhaustion of all appeals therefrom or (z) the information in such Records was known to the Inspectors on a non-confidential basis prior to its disclosure by the Company or has been made generally available to
the public. The Seller of Registrable Securities agrees that it shall, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at the Company’s expense, to
undertake appropriate action to prevent disclosure of the Records deemed confidential. 

 2.5 Furnish Information. It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 that the Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the
intended method of disposition of such securities as shall be required to timely effect the Registration of its Registrable Securities. 

2.6 Indemnification. In the event any Registrable Securities are included in a Registration Statement under this Section 2: 

 

	 	(a)	Indemnification by the Company. To the extent permitted by law, the Company shall indemnify and hold harmless the Investor, each Holder, and each of their respective partners, officers, directors, employees,
advisors, agents, any underwriter (as defined in the Securities Act) for the Investor or such Holder, and each Person, if any, who controls the Investor, Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against all
losses, claims, damages and liabilities (joint or several; or actions, proceedings or settlements in respect thereof) to which the Investor, Holder, partner, officer, director, employee, advisor, agent, underwriter or controlling Person may become
subject under laws which are applicable to the Company and relate to action or inaction required of the Company in connection with any Registration, qualification or compliance, insofar as such losses, claims, damages or liabilities (or actions,
proceedings or settlements in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

 

	 	(i)	any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto; 

  

	 	(ii)	the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they are made, not misleading; or

  
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	 	(iii)	any violation or alleged violation by the Company of the Applicable Securities Law, or any rule or regulation promulgated under the Applicable Securities Law; 

and the Company shall reimburse the Investor, Holder, partner, officer, director, employee, advisor, agent, underwriter and controlling Person
for any legal or other expenses reasonably incurred by them, as such expenses are incurred, in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however, that the
indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, action or proceeding to the extent that it arises out of or is based upon (A) a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such Registration by the Investor, a Holder or any of their respective partners, officers, directors, employees, advisors, agents, underwriters
or controlling Persons or (B) delivery of a prospectus by a Holder who has received notice from the Company that the Registration Statement relating thereto contains an untrue statement of a material fact or an omission of a material fact. 

 

	 	(b)	Indemnification by the Investor. To the extent permitted by law, the Investor and each Holder shall, if Registrable Securities held by the Investor or such Holder are included in the securities as to which such
Registration, qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its employees, advisors, agents and directors, each of its officers who has signed the Registration Statement, each Person, if any, who
controls the Company within the meaning of the Securities Act and any underwriter, against any losses, claims, damages or liabilities (joint or several; or actions, proceedings or settlements in respect thereof) to which the Company or any such
director, officer, legal counsel, controlling Person underwriter may become subject under the Securities Act, the Exchange Act or other United States federal or state law, insofar as such losses, claims, damages or liabilities (or actions,
proceedings or settlements in respect thereof) arise out of or are based upon any of the following statements, omissions or Violation, in each case to the extent (and only to the extent) that such statement, omission or Violation occurs in sole
reliance upon and in conformity with written information furnished by the Investor, such Holder, or their respective partners, officers, directors, employees, advisors, agents, underwriters or controlling Persons expressly for use in connection with
such Registration: 

  

	 	(i)	untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto; or 

  
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	 	(ii)	omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they are made, not misleading,

 and the Investor or such Holder shall reimburse any legal or other expenses reasonably incurred by the Company or any such
employee, advisor, agent, director, officer, controlling Person or underwriter in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however, that the indemnity agreement
contained in this Section 2.6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Investor or such Holder, which consent
shall not be unreasonably withheld; and provided, further, that except for liability for willful fraud or misrepresentation, in no event shall any indemnity under this Section 2.6(b) exceed the net proceeds received by the
Investor or such Holder in such Registration. 
  

	 	(c)	Notice. Promptly after receipt by an indemnified party of notice of the commencement of any action (including any governmental action), such indemnified party shall, if a claim in respect thereof is to be made
against any indemnifying party, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any
other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and
expenses to be paid by the indemnifying party, as incurred, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such
indemnified party and any other party represented by such counsel in such proceeding. 

  

	 	(d)	Survival; Consents to Judgments and Settlements. The obligations of the Company and Holders under this Section 2.6 shall survive the completion of any offering of Registrable Securities in a
Registration Statement under this Section 2. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

2.7 Rule 144 Reporting. With a view to making available to the Investor the benefits of certain rules and regulations of the SEC which
may at any time permit the sale of the Registrable Securities to the public without Registration or pursuant to a Registration on Form F-3, after such time as a public market exists for the Ordinary Shares, the Company agrees to: 

 

	 	(a)	Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first Registration under the Securities Act filed
by the Company for an offering of its securities to the general public; 

  
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	 	(b)	File with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and

  

	 	(c)	So long as the Investor owns any Registrable Securities, (x) to furnish to the Investor forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of
Rule 144 (at any time after ninety (90) days after the effective date of the Company’s initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or its
qualification as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and (iii) such other reports and documents of
the Company as the Investor may reasonably request in availing itself of any rule or regulation of the SEC that permits the selling of any such securities without Registration or pursuant to Form F-3; and (y) to procure the removal of the
legend on the restricted securities of the Company held by the Investor in connection with the resale by such Investor of such securities under Rule 144. 

2.8 Termination. The Company shall have no obligations to register any Registrable Securities proposed to be sold by the Investor or any
Holder after the earlier of (a) seven (7) years following the closing of the IPO and (b) such time as pursuant to Rule 144 or another similar exemption under the Securities Act the Investor or such Holder is able to sell all of its
Registrable Securities without Registration. In connection with the foregoing, if any Registrable Securities become eligible for sale pursuant to Rule 144(d) or no longer constitute “restricted securities” (as defined under Rule 144(a)),
the Company shall, upon the request of the Investor or an Holder, promptly remove (or authorize the transfer agent to remove) the restrictive legend set forth in Section 1.2(c) of the Subscription Agreement from the certificates for such share
securities. 
  

	3.	Miscellaneous. 

 3.1 Governing Law. This Agreement shall be governed by and
construed under the Laws of the State of New York, without regard to principles of conflicts of law thereunder. 
 3.2 Dispute Resolution.

  

	 	(a)	 Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination
(“Dispute”) shall be referred to and finally resolved by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force.
There shall be three arbitrators. 

  
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Each Party has the right to appoint one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the arbitration
proceedings shall be English. Each of the parties hereto irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including sovereign immunity, immunity to pre-award attachment, post-award attachment or
otherwise) in any arbitration proceedings and/or enforcement proceedings against it arising out of or based on this Agreement or the transactions contemplated hereby. 

3.3 Counterparts. This Agreement may be executed 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. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

3.4 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either personally
or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to such party. Where a notice is sent by next-day or second-day courier service, service of the notice shall be deemed to be effected by properly
addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation of delivery, and to have been effected at the expiration of two days after the
letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organization, with a
written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid. 
 3.5 Headings and Titles.
Headings and titles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

3.6 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing Party
shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

3.7 Successors and Assigns. The registration rights granted to the Investor under this Agreement may be assigned (but only together with
the related obligations) by the Investor to a transferee of Registrable Securities that (i) is an Affiliate of the Investor, (ii) an immediate family member or trust for the benefit of the Investor (or its Affiliate), or (iii) after
such transfer, holds at least 30% of the Registrable Securities originally acquired by the Investor pursuant to the Subscription Agreement (subject to appropriate adjustments for stock splits, dividends, combinations or the like); provided,
however, that (x) the Company is furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred, and (y) such transferee agrees in a
written instrument delivered to the Company to be bound by the terms and conditions of this Agreement. 

  
 13 

 3.8 Entire Agreement; Amendments and Waivers. This Agreement (including any Schedules or
Exhibits hereto) constitutes the full and entire understanding and agreement among the Parties with regard to the subjects hereof and thereof, and supersedes all other agreements between or among any of the Parties with respect to the subject matter
hereof. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of both Parties.

 3.9 Severability. If a provision of this Agreement is held to be unenforceable under applicable Laws, such provision shall be
excluded from this Agreement and the remainder of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

3.10 Further Assurances. The Parties agree to execute such further instruments and to take such further action as may be reasonably
necessary to carry out the intent of this Agreement. 
 3.11 Rights Cumulative. Each and all of the various rights, powers and
remedies of a party hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such party may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise
or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such party. 

3.12 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a
waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such
right, power or remedy at any other time or times. 
 3.13 No Presumption. The Parties acknowledge that any applicable Law that would
require interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of
this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 

[The remainder of this page has been intentionally left blank.] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

			
	TARENA INTERNATIONAL, INC.
		
	 By:
	 	 
	 Name: Shaoyun Han

	 Title: CEO

	
	NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
		
	 By:
	 	 
	 Name:

	 Title:

  
 15EX-10.4

 Exhibit 10.4 

EXECUTIVE SALARY CONTINUATION AGREEMENT 
 THIS
AGREEMENT, made and entered into this 17th day of March, 2014, by and between Lake Sunapee Bank, FSB, a bank organized and existing under the laws of the United States of America (hereinafter
referred to as the “Bank”), and Laura Jacobi, an Executive of the Bank (hereinafter referred to as the “ Executive”), a member of a select group of management and highly compensated employees of the Bank. 

WHEREAS, the Executive has been and continues to be a valued Executive of the Bank; and 

WHEREAS, the purpose of this Agreement is to further the growth and development of the Bank by providing the Executive with
supplemental retirement income, and thereby encourage the Executive’s productive efforts on behalf of the Bank and the Bank’s shareholders, and to align the interests of the Executive and those shareholders; and 

WHEREAS, it is the desire of the Bank and the Executive to enter into this Agreement under which the Bank will agree to make certain
payments to the Executive at retirement or the Executive’s Beneficiary in the event of the Executive’s death pursuant to this Agreement; and 

ACCORDINGLY, it is intended that the Agreement be “unfunded” for purposes of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”) and not be construed to provide income to the participant or beneficiary under the Internal Revenue Code of 1986, as amended (the “Code”), particularly Section 409A of the Code and guidance or
regulations issued thereunder, prior to actual receipt of benefits; and 
 NOW THEREFORE, it is agreed as follows: 

 

	I.	EFFECTIVE DATE 

 The Effective Date of this Agreement shall be March 13, 2014. 

 

	II.	FRINGE BENEFITS 

 The salary continuation benefits provided by this Agreement are granted
by the Bank as a fringe benefit to the Executive and are not part of any salary reduction plan or an arrangement deferring a bonus or a salary increase. The Executive has no option to take any current payment or bonus in lieu of these salary
continuation benefits except as set forth hereinafter. 

  
 1 

	III.	DEFINITIONS 

  

	 	A.	Retirement Date: 

 “Retirement Date” shall mean the later of the
Executive’s sixty-seventh (67th) birthday or Separation from Service. 
  

	 	B.	Normal Retirement Age: 

 “Normal Retirement Age” shall mean the date on which
the Executive attains age sixty-seven (67). 
  

	 	C.	Plan Year: 

 Any reference to “Plan Year” shall mean a calendar year from
January 1st to December 31st. In the year of implementation, the term “Plan Year” shall mean the period from the Effective Date to December 31st of the year of the Effective Date. 
  

	 	D.	Separation from Service: 

 “Separation from Service” shall mean the Executive
dies, retires, or otherwise has a termination of employment with the Bank. However, the employment relationship is treated as continuing intact while the individual is on military leave, sick leave, or other bona fide leave of absence if the period
of such leave does not exceed six (6) month, or if longer, so long as the individual retains a right to reemployment with the service recipient under an applicable statute or by contract. For purposes of this definition, a leave of absence
constitutes a bona fide leave of absence only if there is a reasonable expectation that the Executive will return to reemployment for the Bank. If the period of leave exceeds six (6) months and the individual does not retain a right to
reemployment under an applicable statute or by contract, the employment relations is deemed to terminate on the first date immediately following such six (6) month period. Notwithstanding the foregoing, where a leave of absence is due to any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Executive to be unable to perform
the duties of his or her of employment or any other substantially similar position of employment, a twenty-nine (29) month period of absence may be substituted for such six(6) month period. 

Whether a termination of employment of service has occurred is determined based on whether the facts and circumstances indicate that the Bank
and Executive reasonably anticipated that no further services would he performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an Executive or as an independent contractor) would
permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an Executive or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full
period of services to the Bank if the Executive has been providing services to the Bank less than 36 months). Facts and circumstances to be considered in making this determination include, but are not limited to, whether the Executive continues to
be treated as an 

  
 2 

 
Executive for other purposes (such as continuation of salary and participation in Executive benefit programs), whether similarly situated service providers have been treated consistently, and
whether the Executive is permitted, and realistically available, to perform services for other service recipients in the same line of business. An Executive is presumed to have separated from service where the level of bona fide services performed
deceases to a level equal to twenty percent (20%) or less of the average level of services performed by the Executive during the immediately preceding thirty-six (36) month period. An Executive will be presumed not to have separated from
service where the level of bona fide services performed continues at a level that is fifty percent (50%) or more of the average level of service performed by the Executive during the immediately preceding thirty-six (36) month period. 

 

	 	E.	Discharge for Cause: 

 The term “for Cause” shall mean any of the following
that result in an adverse effect on the Bank: (i) the commission of a felony or gross misdemeanor involving fraud or dishonesty; (ii) the willful violation of any banking law, rule, or banking regulation (other than a traffic violation or
similar offense); (iii) an intentional failure to perform stated duties; or (iv) a breach of fiduciary duty involving personal profit. If a dispute arises as to discharge “for Cause,” such dispute shall be resolved by arbitration
as set forth in this Agreement. 
  

	 	F.	Change in Control: 

 “Change in Control” shall mean a change in ownership or
control of the Bank as defined in Treasury Regulation Section 1.409A-3(g)(5) or any subsequently applicable Treasury Regulation. 
  

	 	G.	Restriction on Timing of Distribution: 

 Notwithstanding any provision of this Agreement
to the contrary, distributions to the Executive may not commence earlier than six (6) months after the date of a Separation from Service, as that term is used under Section 409A if, pursuant to Internal Revenue Code Section 409A, the
Executive is considered a “specified employee” of the Bank under Internal Revenue Code Section 416(i), if any stock of the Bank is publicly traded on an established securities market or otherwise. In the event a distribution is
delayed pursuant to this paragraph, the originally scheduled payment shall be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service. If payments are scheduled to be made
in installments, the first six (6) months of installment payments shall be delayed, aggregated, and paid instead on the first day of the seventh month, after which all installment payments shall be made on their regular schedule. If payment is
scheduled to be made in a lump sum, the lump sum payment shall be delayed for six (6) months and instead be made on the first day of the seventh month. 
  

	 	H.	Beneficiary: 

 The Executive shall have the right to name a Beneficiary of the Death
Benefit. The Executive shall have the right to name such Beneficiary at any time prior to the 

  
 3 

 
Executive’s death and submit it to the Plan Administrator (or Plan Administrator’s representative) on the form provided. Once received and acknowledged by the Plan Administrator, the
form shall be effective. The Executive may change a Beneficiary designation at any time by submitting a new form to the Plan Administrator. Any such change shall follow the same rules as for the original Beneficiary designation and shall
automatically supersede the existing Beneficiary form on file with the Plan Administrator. 
 If the Executive dies without a valid
Beneficiary designation on file with the Plan Administrator, death benefits shall be paid to the Executive’s estate. 
 If the Plan
Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution
of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem
appropriate prior to distribution of the benefit. Any distribution of a benefit shall be a distribution for the account of the Executive and the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement
for such distribution amount. 
  

	IV.	RETIREMENT BENEFIT 

 Upon attainment of the Retirement Date, the Bank shall pay the
Executive an annual benefit equal to fifty thousand dollars ($50,000). Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) until the death of the Executive.
Said payment shall be made the first day of the month following the date of such Separation from Service. 
  

	V.	DEATH BENEFIT 

 In the event the Executive should die at any time after the Effective
Date of this Agreement, the Bank will pay the accrued balance on the date of death, of the Executive’s Accrued Liability Retirement Account in one (1) lump sum to the Executive’s Beneficiary. Said payment due hereunder shall be made
within sixty (60) days of the Executive’s death. 
  

	VI.	BENEFIT ACCOUNTING/ ACCRUED LIABILITY RETIREMENT ACCOUNT 

 The Bank shall account for
this benefit using the regulatory accounting principles of the Bank’s primary federal regulator. The Bank shall establish an Accrued Liability Retirement Account for the Executive on the books of the Bank into which appropriate reserves shall
be accrued. 
  

	VII.	VESTING 

 The Executive shall be one hundred percent (100%) vested in the Accrued
Liability Retirement Account from the Effective Date of this Agreement 

  
 4 

	VII.	TERMINATION PRIOR TO NORMAL RETIREMENT AGE 

 Subject to Paragraph IX, in the event that
the employment of the Executive shall terminate prior to the Normal Retirement Age, by the Executive’s voluntary action, or by the Executive’s discharge by the Bank without cause, the Bank shall pay to the Executive an amount of money
equal to the balance of the Executive’s Accrued Liability Retirement Account on the date of Separation from Service. This benefit shall be paid in one (1) lump sum thirty (30) days following Separation from Service. 

 

	VIII.	DISCHARGE FOR CAUSE 

 Notwithstanding anything to the contrary, in the event the
Executive shall be Discharged For Cause at any time, this Agreement shall terminate and all benefits provided herein shall be forfeited. 
  

	IX.	CHANGE IN CONTROL 

 Upon a Change in Control, the Executive shall become one hundred
percent (100%) vested in the Retirement Benefit. The Executive shall receive the Retirement Benefit as if the Executive had been continuously employed by the Bank until the Executive’s Normal Retirement Age. Such benefit shall be paid in
accordance with Paragraph IV, commencing on the first day of the month following the Executive’s Normal Retirement Age. 
  

	X.	RESTRICTIONS ON FUNDING 

 The Bank shall have no obligation to set aside, earmark or
entrust any fund or money with which to pay its obligations under this Agreement. The Executive, their Beneficiary, or any successor in interest shall be and remain simply a general creditor of the Bank in the same manner as any other creditor
having a general claim for matured and unpaid compensation. The Bank reserves the absolute right, at its sole discretion, to either fund the obligations undertaken by this Agreement or to refrain from funding the same and to determine the extent,
nature and method of such funding. Should the Bank elect to fund this Agreement, in whole or in part, through the purchase of life insurance, mutual funds, Disability policies or annuities, the Bank reserves the absolute right, in its sole
discretion, to terminate such funding at any time, in whole or in part. At no time shall any Executive he deemed to have any lien, right, title or interest in any specific funding investment or assets of the Bank. 

If the Bank elects to invest in a life insurance, disability or annuity policy on the life of the executive, then the Executive shall assist
the Bank by freely submitting a physical exam and supplying such additional information as necessary to obtain such insurance or annuity. 
  

	XII.	MISCELLANEOUS 

  

	 	A.	Alienability and Assignment Prohibition:  

 Neither the Executive nor any Beneficiary
under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure
for the payment of any debts, judgments, alimony or separate maintenance owed by the Executive or the Executive’s Beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. 

  
 5 

	 	B.	Amendment or Revocation:  

 Subject to Paragraph XIV, this Agreement may be amended or
revoked at any time or times, in whole or in part, by the mutual written consent of the Executive and the Bank. Any such amendment shall not be effective to decrease or restrict the Executive’s accrued benefit under this Agreement, determined
as of the date of amendment, unless agreed to in writing by the Executive, and provided further, no amendment shall be made, or if made, shall be effective, if such amendment would cause the Agreement to violate Internal Revenue Code
Section 409A. 
  

	 	C.	Applicable Law:  

 The validity and interpretation of this Agreement shall be governed by
the laws of the State of New Hampshire. 
  

	 	D.	Binding Obligation of the Bank and any Successor in Interest: 

 The Bank shall not merge
or consolidate into or with another bank or sell substantially all of its assets to another bank, firm or person until such bank, firm or person expressly agree, in writing, to assume and discharge the duties and obligations of the Bank under this
Agreement. This Agreement shall be binding upon the parties hereto, their successors, assigns, beneficiaries, heirs and personal representatives. 
  

	 	E.	Gender:  

 Whenever in this Agreement words are used in the masculine or neutral gender,
they shall be read and construed as in the masculine, feminine or neutral gender, whenever they should so apply. 
  

	 	F.	Headings: 

 Headings and subheadings in this Agreement are inserted for reference and
convenience only and shall not be deemed a part of this Agreement. 
  

	 	G.	Not a Contract of Employment:  

 This Agreement shall not be deemed to constitute a
contract of employment between the parties hereto, nor shall any provision hereof restrict the right of the Bank to discharge the Executive, or restrict the right of the Executive to terminate employment. 

 

	 	H.	Opportunity to Consult with Independent Advisors: 

 The Executive acknowledges that he
has been afforded the opportunity to consult with independent advisors of his choosing including, without 

  
 6 

 
limitation, accountants or tax advisors and legal counsel regarding both the benefits granted to him under the terms of this Agreement and the: (i) tetras and conditions which may affect the
Executive’s right to these benefits; and (ii) personal tax effects of such benefits including, without limitation, the effects of any federal or state taxes, Section 280G of the Code, Section 409A of the Code and guidance or
regulations thereunder, and any other taxes, costs, expenses or liabilities whatsoever related to such benefits, which in any of the foregoing instances the Executive acknowledges and agrees shall be the sole responsibility of the Executive
notwithstanding any other tetra or provision of this Agreement. The Executive further acknowledges and agrees that the Bank shall have no liability whatsoever related to any such personal tax effects or other personal costs, expenses, or liabilities
applicable to the Executive and further specifically waives any right for himself or herself, and his or her heirs, beneficiaries, legal representative, agents, successor and assign to claim or assert liability on the part of the Bank related to the
matters described above in this paragraph. The Executive further acknowledges that he has read, understands and consents to all of the terms and conditions of this Agreement, and that he enters into this Agreement with a full understanding of its
terms and conditions. 
  

	 	I.	Partial Invalidity: 

 If any term, provision, covenant, or condition of this Agreement is
determined by an arbitrator or a court, as the case may be, to be invalid, void, or unenforceable, such determination shall not render any other term, provision, covenant, or condition invalid, void, or unenforceable, and the Agreement shall remain
in full force and effect notwithstanding such partial invalidity. 
  

	 	J.	Permissible Acceleration Provision: 

 Under Treasury Regulation
Section 1.409A-3(j)(4), a payment of deferred compensation may not be accelerated except as provided in regulations by the Internal Revenue Code. This Agreement allows all permissible payment accelerations under 1.409A-3(j)(4) that include but
are not limited to payments necessary to comply with a domestic relations order, payments necessary to comply with certain conflict of interest rules, payments intended to pay employment taxes, and other permissible payments are allowed as permitted
by statute or regulation. 
  

	 	K.	Subsequent Changes to Time and Form of Payment: 

 The Bank may permit subsequent changes
to the time and form of payment. Any such change shall be considered made only when it becomes irrevocable under the terms of the Agreement. Any subsequent time and form of payment changes will be considered irrevocable not later than thirty
(30) days following acceptance of the change by the Plan Administrator, subject to the following rules: 
  

	 	a.	the subsequent change may not take effect until at least twelve (12) months after the date on which the change is made; 

  

	 	b.	the payment (except in the case of death, disability, or unforeseeable emergency) upon which the change is made is deferred for a period of not less than five (5) years from the date such payment would otherwise
have been paid; and 

  

	 	c.	in the case of a payment made at a specified time, the change must be made not less than twelve (12) months before the date the payment is scheduled to be paid. 

  
 7 

	 	L.	Tax Withholding: 

 The Bank shall withhold any taxes that are required to be withheld
from the benefits provided under this Agreement. The Executive acknowledges that the Bank’s sole liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority(ies). 

 

	XIII.	ADMINISTRATIVE AND CLAIMS PROVISIONS 

  

	 	A.	Plan Administrator: 

 The “Plan Administrator” of this Agreement shall he Lake
Sunapee Bank, FSB. As Plan Administrator, the Bank shall be responsible for the management, control and administration of the Agreement. The Plan Administrator may delegate to others certain aspects of the management and operation responsibilities
of the Agreement including the employment of advisors and the delegation of ministerial duties to qualified individuals. 
  

	 	B.	Claims Procedure: 

  

	 	a.	Filing a Claim for Benefits: 

 Any insured, Beneficiary, or other individual,
(“Claimant”) entitled to benefits under this Agreement will file a claim request with the Plan Administrator. The Plan Administrator will, upon written request of a Claimant, make available copies of all forms and instructions necessary to
file a claim for benefits or advise the Claimant where such forms and instructions may be obtained. If the claim relates to disability benefits, then the Plan Administrator shall designate a sub-committee to conduct the initial review of the claim
(and applicable references below to the Plan Administrator shall mean such sub-committee). 
  

	 	b.	Denial of Claim: 

 A claim for benefits under this Agreement will be denied if the Bank
determines that the Claimant is not entitled to receive benefits under the Agreement. Notice of a denial shall be furnished the Claimant within a reasonable period of time after receipt of the claim for benefits by the Plan Administrator. This time
period shall not exceed more than ninety (90) days after the receipt of the properly submitted claim. In the event that the claim for benefits pertains to disability, the Plan Administrator shall provide written notice within forty-five (45),
days. However, if the Plan Administrator determines, in its discretion, that an extension of time for 

  
 8 

 
processing the claim is required, such extension shall not exceed an additional ninety (90) days. In the case of a claim for disability benefits, the forty-five (45) day review period
may be extended for up to thirty (30) days if necessary due to circumstances beyond the Plan Administrator’s control, and for an additional thirty (30) days, if necessary. Any extension notice shall indicate the special circumstances
requiring an extension of time and the date by which the Plan Administrator expects to render the determination on review. 
  

	 	c.	Content of Notice: 

 The Plan Administrator shall provide written notice to every
Claimant who is denied a claim for benefits which notice shall set forth the following: 
  

	 	(i.)	The specific reason or reasons for the denial; 

  

	 	(ii.)	Specific reference to pertinent Agreement provisions on which the denial is based; 

  

	 	(iii.)	A description of any additional material or information necessary for the Claimant to perfect the claim, and any explanation of why such material or information is necessary; and 

 

	 	(iv.)	Any other information required by applicable regulations, including with respect to disability benefits. 

  

	 	d.	Review Procedure: 

 The purpose of the Review Procedure is to provide a method by which
a Claimant may have a reasonable opportunity to appeal a denial of a claim to the Plan Administrator for a full and fair review. The Claimant, or his duly authorized representative, may: 

 

	 	(i.)	Request a review upon written application to the Plan Administrator. Application for review must be made within sixty (60) days of receipt of written notice of denial of claim. If the denial of claim pertains to
disability, application for review must be made within one hundred eighty (180) days of receipt of written notice of the denial of claim; 

  

	 	(ii.)	Review and copy (free of charge) pertinent Agreement documents, records and other information relevant to the Claimant’s claim for benefits; 

 

	 	(iii.)	Submit issues and concerns in writing, as well as documents, records, and other information relating to the claim. 

  
 9 

	 	e.	Decision on Review: 

 A decision on review of a denied claim shall he made in the
following manner: 
  

	 	(i.)	The Plan Administrator may, in its sole discretion, hold a hearing on the denied claim. If the Claimant’s initial claim is for disability benefits, any review of a denied claim shall be made by members of the Plan
Administrator other than the original decision maker(s) and such person(s) shall not be a subordinate of the original decision maker(s). The decision on review shall be made promptly, but generally not later than sixty (60) days after receipt
of the application for review. In the event that the denied claim pertains to disability, such decision shall not be made later than forty- five (45) days after receipt of the application for review. If the Plan Administrator determines that an
extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial sixty (60) day period. In no event shall the extension exceed a period of sixty
(60) days from the end of the initial period. In the event the denied claim pertains to disability, written notice of such extension shall be furnished to the Claimant prior to the termination of the initial forty-five (45) day period. In
no event shall the extension exceed a period of thirty (30) days from the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan Administrator
expects to render the determination on review. 

  

	 	(ii.)	The decision on review shall be in writing and shall include specific reasons for the decision written in an understandable manner with specific references to the pertinent Agreement provisions upon which the decision
is based. 

  

	 	(iii.)	The review will take into account all comments, documents, records and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted or considered in the
initial benefit determination. Additional considerations shall be required in the case of a claim for disability benefits. For example, the claim will be reviewed without deference to the initial adverse benefits determination and, if the initial
adverse benefit determination was based in whole or in part on a medical judgment, the Plan Administrator will consult with a health care professional with appropriate training and experience in the field of medicine involving the medical judgment.
The health care professional who is consulted on appeal will not be the same individual who was consulted during the initial determination or the subordinate of such individual. If the Plan Administrator obtained the advice of medical or vocational
experts in making the initial adverse benefits determination (regardless of whether the advice was relied upon), the Plan Administrator will identify such experts. 

 

	 	(iv.)	The decision on review will include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records or other information relevant to the
Claimant’s claim for benefits. 

  
 10 

	 	f.	Exhaustion of Remedies: 

 A Claimant must follow the claims review procedures under this
Agreement and exhaust his or her administrative remedies before taking any further action with respect to a claim for benefits. 
  

	 	C.	Arbitration: 

 If claimants continue to dispute the benefit denial based upon completed
performance of this Agreement or the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to an Arbitrator for final arbitration. The Arbitrator shall be selected by mutual agreement of the Bank and the
claimants. The Arbitrator shall operate under any generally recognized set of arbitration rules. The parties hereto agree that they and their heirs, personal representatives, successors and assigns shall be bound by the decision of such Arbitrator
with respect to any controversy properly submitted to it for determination. 
 Where a dispute arises as to the Bank’s discharge of the
Executive “For Cause,” such dispute shall likewise be submitted to arbitration as above described and the parties hereto agree to be bound by the decision thereunder. 

 

	XIV.	TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES OR REGULATIONS 

The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in effect in
their current form. If any said tax laws, rules or regulations assumptions should change and said change has a detrimental effect on this Agreement, then the Bank reserves the right to terminate or modify this Agreement accordingly. Any such
termination or modification shall not be effective to decrease or restrict the Accrued Liability Retirement Account under this Agreement, determined as of the date of amendment, unless agreed to in writing by the Executive, and provided further, no
amendment shall be made, or if made, shall be effective, if such termination or modification would cause the Agreement to violate Internal Revenue Code Section 409A. Upon a Change in Control, this paragraph shall become null and void. 

IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof
effective as of the first day set forth hereinabove, and that, upon execution, each has received a conforming copy. 

  
 11 

							
		 		 	LAKE SUNAPEE BANK, FSB
		 		 	Newport, New Hampshire
				
	 /s/ Jodi Hoyt
	 		 	By:	 	 /s/ Stephen R. Theroux

	Witness	 		 		 	 Stephen R. Theroux, President & CEO

Lake Sunapee Bank, fsb

			
	 /s/ Jodi Hoyt
	 		 	 /s/ Laura Jacobi

	Witness	 		 	Executive

  
 12

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