Exhibit   10.12

 

AMENDMENT NO. 2
TO
1992 STOCK PURCHASE AND OPTION PLAN
DATED MAY 11, 2005

 

 

The PRIMEDIA Inc. 1992 Stock Purchase and Option Plan (the “Plan”) is hereby
amended as follows:

 

(1)          By amending the last sentence of clause (b) of Section 5 to read as
follows:

“In addition to other restrictions contained in the Plan, an option granted
under this Paragraph 5 (b), (i) may not be exercised more than 20 years after
the date it is granted and (ii) may not have an exercise price less than 50% of
the Fair Market Value of Common Stock on the date it is granted”.

 

(2)          By amending the first sentence of clause (a) of Section 6 to read
as follows:

(a) Subject to Paragraph 4, the number of shares available for grants under the
Plan shall be 45 million shares of Common Stock, reduced by the sum of the
aggregate amount of shares issued upon a Grant or become subject to an
Outstanding Grant.

 

(3)          By amending Section 13 to read as follows:

13.  Termination Date

The Plan shall terminate March 9, 2015, subject to earlier termination by the
Board of Directors pursuant to Paragraph 10.

 

 

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