Document:

EX-4.34

 Exhibit 4.34 
 Proxy Agreement and Power of Attorney 
  
 

 
  
 Execution
Version Proxy Agreement and Power of Attorney 2012 This Proxy Agreement and Power of Attorney (this “Agreement”) is entered into as of December 3, 2012 by and among the following parties: (1) Party A: Beijing Pioneer Technology Co., Ltd.)
(the “WFOE”), a wholly foreign-owned enterprise registered in Beijing, the People’s Republic of China (“China”), under laws of China; (2) Party B: Beijing New Oriental Education & Technology (Group) Co., Ltd. (“New
Oriental China”), a domestic company registered in Beijing, China, under the laws of China; and (3) Party C: Beijing Century Friendship Education Investment Co., Ltd.) (the “Shareholder”), a domestic company registered in Beijing,
China, under the laws of China. (Party A, Party B and Party C are hereinafter collectively referred to as the “Parties” and individually, as a “Party.”) RECITALS (A) WHEREAS, the Shareholder holds 100% equity interest in New
Oriental China; (B) 

 

 
  
 WHEREAS,
the WFOE and its affiliates, New Oriental China, New Oriental’s schools and subsidiaries have entered into a series of contractual arrangements, including service agreements, an exclusive option agreement, equity pledge agreements; these
contractual arrangements provide New Oriental China and New Oriental’s schools and subsidiaries with services necessary for their business operation and also ensure that the WFOE and its affiliates have extensive, continuous and effective
control over New Oriental China and New Oriental’s schools and subsidiaries; (C) WHEREAS, as the consideration for the WFOE and its affiliates to provide New Oriental China and New Oriental’s schools and subsidiaries with services
necessary for their business operation, the WFOE has requested the Shareholder to appoint the WFOE as its attorney-in-fact (“Attorney-in-Fact”), with full power of substitution, to exercise any and all of the rights in respect of
Shareholder’s equity interests in New Oriental China and the Shareholder has agreed to make such appointment. NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements herein contained, and
intending to be legally bound hereby, Parties hereby agree as follows: AGREEMENT Section 1 The Shareholder hereby irrevocably nominates, appoints and constitutes the WFOE as its Attorney-in-Fact (which expression shall include any substitute
attorney appointed pursuant to this Agreement) to exercise on the Shareholder’s behalf any and all rights that such Shareholder has in respect of Shareholder’s equity interests in New Oriental China conferred by relevant laws and
regulations and the articles of association of New Oriental China, including without limitation, the following rights (collectively, “Shareholder Rights”): (a) to call and attend shareholders’ meeting of New Oriental China; (b) to
execute and deliver any and all written resolutions in the name and on behalf of the Shareholder; 

 

 
  
 (c) to
vote by itself or by proxy on any matters discussed on shareholders’ meetings, including without limitation, the sale, transfer, mortgage, pledge or disposal of any or all of the assets of New Oriental China; (d) to sell, transfer, pledge or
dispose of any or all of the equity interests in New Oriental China; (e) to nominate, appoint or remove the directors of New Oriental China when necessary; (f) to oversee the economic performance of New Oriental China; (g) to have full access the
financial information of New Oriental China at any time; (h) to file any shareholder lawsuits or take other legal actions against New Oriental China’s directors or senior management members when such directors or members are acting to the
detriment of the interest of New Oriental China or its shareholder(s); (i) to approve annual budgets or declare dividends; and (j) any other rights conferred by the articles of association New Oriental China and/or the relevant laws and regulations
on the shareholders. The Shareholder further agrees and undertakes that without the WFOE’s prior written consent, it shall not exercise any of the Shareholder Rights. Section 2 

 

 
  
 The WFOE
agrees to accept the appointment as an Attorney-in-Fact. In addition, the WFOE has the right to appoint, at its sole discretion, a substitute or substitutes to perform any or all of its rights of the Attorney-in-Fact under this Agreement, and to
revoke the appointment of such substitute or substitutes. Section 3 New Oriental China confirms, acknowledges and agrees to the appointment of the Attorney-in-Fact to exercise any and all of the Shareholder Rights. New Oriental China further
confirms and acknowledges that any and all acts done or to be done, decisions made or to be made, and instruments or other documents executed or to be executed by the Attorney-in-Fact, shall therefore be as valid and effectual as though done, made
or executed by the Shareholder. Section 4 (a) (a) The Shareholder hereby acknowledges that, if the Shareholder increases its equity interest in New Oriental China, whether by subscribing additional amount equity interests or otherwise, any such
additional equity interests acquired by the Shareholder shall be automatically subject to this Agreement and the Attorney-in-Fact shall have the right to exercise the Shareholder Rights with respect to such additional equity interests on behalf of
the Shareholder as described in Section 1 hereunder; if the Shareholder’s equity interest in New Oriental China is transferred to any other party, whether by voluntary transfer, judicial sale, foreclosure sale, or otherwise, any such equity
interest in New Oriental China so transferred remains subject to this Agreement and the Attorney-in-Fact shall continue to have the right to exercise the Shareholder Rights with respect to such equity interest in New Oriental China so transferred.
(b) Furthermore, for the avoidance of any doubt, if any equity transfer is contemplated under any exclusive option agreement and equity pledge agreement(s) that the Shareholder enters into for the benefits of the WFOE or its affiliate (as the same
may be amended from time to time), the Attorney-in-Fact shall, on behalf of the Shareholder, have the right to sign the equity transfer agreement and other relevant agreements and to perform the exclusive option agreement and the equity pledge
agreement(s). If required by the WFOE, the Shareholder shall sign any documents and fix the chops and/or seals thereon and the Shareholder shall take any other actions as necessary for purposes of consummation of the aforesaid equity transfer. The
Shareholder shall ensure that such equity transfer be consummated and any transferee shall sign an agreement in a form substantially the same as this Agreement for the same purposes hereof. 

 

 
  

Section 5 5 The Shareholder further covenants with and undertakes to the WFOE that, if the Shareholder receives any
dividends, interest, any other forms of capital distributions, residual assets upon liquidation, or proceeds or consideration from the transfer of equity interest as a result of, or in connection with, such Shareholder’s equity interests in New
Oriental China, the Shareholder shall, to the extent permitted by applicable laws, remit all such dividends, interest, capital distributions, assets, proceeds or consideration to WFOE without any compensation. Section 6 6 The Shareholder hereby
authorizes the Attorney-in-Fact to exercise the Shareholder Rights according to its own judgment without any oral or written instruction from the Shareholder. The Shareholder undertakes to ratify any acts which the Attorney-in-Fact or any
substitutes or agents appointed by the Attorney-in-Fact may lawfully do or cause to be done pursuant to this Agreement. Section 7 7 This Agreement shall become effective as of the date hereof when it is duly executed by the parties’
authorized representatives and shall remain effective as long as New Oriental China exists. The Shareholder does not have rights to terminate this Agreement or revoke the appointment of the Attorney-in-Fact without the prior written consent of the
WFOE. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their successors and assigns. Section 8 8 2012423 This Agreement constitutes the entire agreement between the parties with respect to the subject
matter hereof. This Agreement supersedes the five powers of attorney, each of which is executed by the Shareholder on April 23, 2012 for the benefit of the WFOE, Beijing Decision Education & Consulting Co., Ltd., Shanghai Smart Words
Software Technology Co., Ltd., Beijing Wisdom Career Software Technology Co., Ltd. and Beijing Hewstone Technology Co., Ltd. 

 

 
  

Section 9 9 This Agreement shall be construed in accordance with and governed by the laws of the China.
Section 10 10 Any dispute or claim arising out of or in connection with or relating to this Agreement shall be resolved by the Parties in good faith through negotiations. In case no resolution can be reached by the Parties, such dispute shall
be submitted to the Beijing Arbitration Commission for arbitration in accordance with its rules of arbitration in effect at the time of applying for arbitration and the place of arbitration shall be in Beijing. The language of the proceedings shall
be Chinese. The arbitral award is final and binding upon all Parties. Section 11 11 This Agreement shall be executed in three originals by all Parties, with each Party keeping one original. All originals shall have the same legal effect. The
Agreement may be executed in one or more counterparts. Section 12 12 Both Chinese and English versions of this Agreement shall have the equal validity. In case of any discrepancy between the English version and the Chinese version, the English
version shall prevail. [] [THE REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY.] 

 

 
  
 IN WITNESS
WHEREOF, the Parties have duly executed this Agreement on the date appearing at the head hereof. Beijing Pioneer Technology Co., Ltd. Authorized Representative: /s/ signature and seal Beijing New Oriental Education & Technology (Group) Co.,
Ltd. Authorized Representative: /s/ signature and seal Beijing Century Friendship Education Investment Co., Ltd. Authorized Representative: /s/ signature and sealEX-10.31

 Exhibit 10.31 
 FOURTH AMENDMENT 
 TO THE 

AMERICAN EXPRESS RETIREMENT RESTORATION PLAN 
 WHEREAS, pursuant to its delegation powers, the Compensation and Benefits Committee (the “CBC”) of the Board of Directors of American Express Company (the “Company”) has
authorized the Senior Vice President Global Compensation & Benefits of the Company generally to take certain actions with respect to the American Express Retirement Restoration (the “Plan”) as he shall deem reasonably necessary or
appropriate; and 
 WHEREAS, the undersigned Senior Vice President Global Compensation & Benefits deems it
reasonably necessary and appropriate to make the amendments set forth below; now 
 THEREFORE, the Plan is hereby amended
as set forth below, effective as set forth below (provided that clarifying provisions reflect preexisting administrative interpretation): 

1.      The following clarifying sentence is added to the end of Section 2.1(y) of the Plan, effective immediately:

 By way of clarification, Incentive Pay is calculated prior to reduction for amounts which would have been paid to a
Participant but which instead are contributed by the Company to an employee benefit plan pursuant to a salary reduction agreement and which are not includible in the gross income of the Participant under Sections 125, 132(a)(5), 132(f)(4), 402 or
403(b) of the Code (or which are includible in income but considered elective deferrals pursuant to Section 402(A) of the Code). 

2.      Section 4.2(b)(i) of the Plan is amended to read as follows, effective January 1, 2013 and for the 2012
open enrollment period: 
 (i) have an Account under the Plan from a prior Plan Year (provided that, solely for purposes of
determining eligibility to participate, a Participant who would have had an Account balance had he or she accepted a previous offer to participate in the Plan shall be treated as having an Account balance); or 

3.      Section 5.3(c)(i) of the Plan is amended to read as follows, effective January 1, 2013: 

(i) amounts may not be directed to the Stock Fund in excess of limits established by the Plan or Administrator pursuant to Article 7,
and any amounts directed to the Stock Fund in excess of those limits will be redirected in accordance with Article 7; and 

  
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 4.      Section 7.4 of the Plan is amended to read as follows, effective
January 1, 2013: 
 (a)     For each Participant, credits to his or her RSP-Related and Deferral
Account (to the extent subject to the Hypothetical Investment Method) shall be made to such subaccounts thereunder as directed by such Participant, using the subaccounts described in Section 5.3, provided, however, that with respect to Deferral
Benefits attributable to Plan Years prior to 2011, the Participant may elect to have all or some of such Deferral Benefits invested in an investment option that credits earnings at the AFR instead of in the Stock Fund or the RSP-based investment
options, and provided further that no Participant may transfer amounts to the subaccount representing the Stock Fund to the extent that such transfer would result in the aggregate Company Stock holdings of such Participant under the Plan exceeding
ten percent of (i) the total value of his or her Deferral Account (determined at the time of the transfer) with respect to the investment of the Deferral Account or (ii) the total value of his or her RSP-Related Account (determined at the
time of the transfer) with respect to the investment of the RSP-Related Account, nor may a Participant direct that more than ten percent of new contributions made to the RSP-Related Account or the Deferral Account, respectively, be directed to the
subaccount representing the Stock Fund. If more than one subaccount is available, a Participant must designate, on a form or other medium acceptable to the Administrator, in one-percent increments, the amounts to be credited to each subaccount. A
Participant shall be allowed to amend such designation consistent with the frequency of investment changes offered the Participant under rules governing the RSP for a given Plan Year, subject to any different or additional rules as may be
established by the Administrator for this Plan. If a Participant has directed the transfer of amounts to the Stock Fund and the credits to the relevant Account of a Participant to the subaccount relating to the Stock Fund would result in the
aggregate Company Stock holdings of such Participant under the Plan exceeding ten percent of the total value of such Account (determined at the time of the transfer) or has directed new contributions to an Account to the Stock Fund in an amount
which would result in new contributions to such Account’s subaccount representing the Stock Fund exceeding ten percent of new contributions to such Account, then such Participant shall be deemed to have selected, with respect to any such
excess, the default subaccount designated by the Administrator (which shall be deemed to be the subaccount representing the fund designated as the default fund under the RSP, unless the Administrator directs the use of a different fund). 

(b)     To the extent a Participant elects to invest in the subaccount representing the Stock Fund, subject to
Sections 7.4(d) and 7.6, the limit on such investments set forth above, and such rules as may be adopted by the Administrator, the performance of the book reserve subaccount established for each Participant pursuant to Section 5.3 or
Section 6.6 shall reflect the performance of the Stock Fund. Such subaccount shall reflect such increases or decreases in value from time to time, whether from dividends, gains, losses or otherwise, as may be experienced by the Stock Fund.
Subject to Section 7.6 and to such rules as may be adopted by the Administrator, a Participant may elect to transfer credits among the Stock Fund and one or more subaccounts representing other investment options in a manner similar to the rules
for such transfers under the RSP and such different or additional rules as the Administrator may establish for this Plan; provided, however, no Participant may transfer amounts to the subaccount representing the Stock Fund to the extent that such
transfer would violate a limit on such investment established by the Plan or the Administrator. 

  
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 (c)     To the extent the Participant does not elect (or is not
permitted) to invest in the subaccount representing the Stock Fund, subject to Section 7.4(d), and to such rules as may be adopted by the Administrator, the performance of each book reserve subaccount established for each Participant shall
reflect the performance of the investment fund that the Participant elects to have such subaccount represent. Each such subaccount shall reflect such increases or decreases in value from time to time, whether from dividends, gains, losses or
otherwise, as that experienced by the related investment fund under the RSP or, in the case of the AFR investment option, as indicated by the AFR. Subject to Section 7.6, credits to such subaccounts may be transferred to any other subaccount
under the Plan in a manner similar to the rules for such transfers under the RSP, on such terms and at such times as permitted with respect to the related investment funds under the RSP and such similar rules as may be established for the AFR
option, subject in each case to such rules as may be adopted by the Administrator for this Plan. If a Participant fails to affirmatively designate one or more subaccounts pursuant to this Section 7.4(c), subject to rules established by the
Administrator, such Participant shall be deemed to have selected a default account selected by the Administrator (which shall be deemed to be the subaccount representing the fund designated as the default fund under the RSP, unless the Administrator
directs the use of a different fund). Notwithstanding the foregoing, the Administrator may, in its sole discretion, provide that one or more investment funds available under the RSP, including any self-directed brokerage account which may be
available under the RSP, shall not be available for designation under the Plan. 
 (d)     The subaccounts
shall be valued subject to such reasonable rules and procedures as the Administrator may adopt and apply to all Participants similarly situated with an effort to value such subaccounts as if amounts designated were invested at similar times and in
manners, subject to administrative convenience, as amounts are invested, and subject to the same market fluctuation factors used in valuing such investments in the RSP. 
 5.      The last sentence of Section 8.1(a) of the Plan is clarified to read as follows, effective immediately: 

A Participant who has experienced a Separation from Service and is to receive or has begun receiving payments as set forth above, shall
continue receiving any remaining payments according to the terms in effect on the date of his or her Separation from Service, even if later re-employed by the Company. 
 6.      The last sentence of Section 8.2(c)(i)(A) of the Plan is clarified to read as follows, effective immediately: 

A Participant who has experienced a Separation from Service and is to receive or has begun receiving payments as set forth above, shall
continue receiving any remaining payments according to the terms in effect on the date of his or her Separation from Service, even if later re-employed by the Company. 

  
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 7.      The last sentence of Section 8.2(c)(ii) of the Plan is clarified to
read as follows, effective immediately: 
 A Participant who has experienced a Separation from Service and is to receive or
has begun receiving payments as set forth above, shall continue receiving any remaining payments according to the terms in effect on the date of his or her Separation from Service, even if later re-employed by the Company. 

8.      A new paragraph is added to the end of Section 8.3 of the Plan to read as follows, effective January 1,
2013: 
 Effective for Participants who die on or after January 1, 2013, if a Participant has designated his or her
spouse as his or her beneficiary for either or both Accounts, that designation shall automatically become null and void in the event of the Participant’s divorce, without prejudice, however, to any rights the former spouse may be granted
pursuant to a domestic relations order applicable to the Plan. In the event that a beneficiary designation is voided hereunder, the benefit shall be paid as if the former spouse had pre-deceased the Participant. A Participant who wishes the former
spouse to be his or her beneficiary may file a new beneficiary designation form naming the former spouse after the date of divorce. These rules will also apply in the event a beneficiary is permitted to designate a beneficiary and becomes divorced
from the person named as beneficiary. Notwithstanding the foregoing, neither the Plan nor any other person will be liable for payment made to a named beneficiary prior to the date that the Plan is notified that such person is a divorced spouse.

  

									
	Dated:	 	10/24/2012	 		 	AMERICAN EXPRESS COMPANY
					
		 		 		 	By:	 	/s/ David Kasiarz
		 		 		 	Its:	 	SVP Global Compensation & Benefits

  
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