EXHIBIT
10.16

     

    STOCK
PURCHASE AGREEMENT

     

    This
STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of this 13th day of
November, 2009 by and between Camden Learning Corporation, a Delaware
corporation (“Buyer” or “Camden”) and the signatory on the execution page hereof
and its affiliates (collectively, “Seller”).1

     

    WHEREAS,
Camden was organized for the purpose of acquiring, through a merger, capital
stock exchange, asset acquisition or other similar business combination, an
operating business (“Business Combination”); and

     

    WHEREAS,
Camden consummated an initial public offering in November, 2007 (“IPO”) in
connection with which it raised gross proceeds of approximately $53 million, a
significant portion of which was placed in a trust account (the “Trust Account”)
pending the consummation of a Business Combination, or the dissolution and
liquidation of Camden in the event it is unable to consummate a Business
Combination on or prior to November 29, 2009; and

     

    WHEREAS,
Camden has entered into that certain Agreement and Plan of Reorganization as
amended and restated in its entirety on August 11, 2009 and further amended on
October 26th, 2009
by Amendment No. 1 to the Amended and Restated Agreement and Plan of
Reorganization (as amended, the “Merger Agreement”) pursuant to which Dlorah
Subsidiary, Inc., a newly formed, wholly-owned subsidiary of Camden (“Merger
Sub”), will merge with and into Dlorah, Inc., a South Dakota corporation which
owns and operates National American University (Dlorah, Inc., together with its
divisions and subsidiaries, is referred to herein as “Dlorah”), with Dlorah
surviving as a wholly-owned subsidiary of Camden, as a result of which the
stockholders of Dlorah will contribute all of the outstanding capital stock of
Dlorah to the Corporation in exchange for shares of a newly created class of
common stock, common stock purchase warrants and restricted shares of the
Corporation’s currently authorized common stock (the “Acquisition”);
and

     

    WHEREAS,
pursuant to certain provisions in Camden’s Certificate of Incorporation, as
amended (the “Certificate of Incorporation”), a holder of Camden’s shares of
common stock, par value $.0001 per share (the “Common Stock”), issued in
Camden’s initial public offering (“IPO”) may, if it votes against the Business
Combination, demand that Camden redeem such Common Stock into cash (“Redemption
Rights”); and

    
       

      
        
          

        

      

      
        1
“Affiliates” shall have the meaning ascribed to such term under Rule 501 of
Regulation D of the Securities Exchange Act of 1934, as
amended.

      

    

     

    
      
         


      

      
         


        
          

        

      

      
         


      

    

     

    WHEREAS,
the Acquisition will not be consummated if the holders of 30% or more of the
Common Stock issued in the IPO vote against the Acquisition and request
Redemption Rights; and

     

    WHEREAS,
Buyer has requested Seller sell, and Seller has agreed to sell, the number of
shares of Common Stock set forth on the signature page hereof (the “Shares”);
and

     

    NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and
other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

     

    ARTICLE
I

    Purchase
and Closing

     

    Section
1.01     Purchase.

     

    (a)  Seller
hereby agrees to sell to Buyer and Buyer hereby agrees to purchase from Seller
at the Closing (as defined below) the Shares at $7.97 per
share (the “Purchase Price Per Share”) for the aggregate purchase price set
forth on the signature page hereto (the “Aggregate Purchase Price”). Following
the execution of this Agreement, Buyer hereby agrees to provide irrevocable
instructions to its transfer agent in the form attached hereto as Exhibit A, to deliver
the Aggregate Purchase Price at the Closing. Buyer’s obligation to purchase the
Shares from Seller shall be conditioned on the consummation of the
Acquisition.

     

    (b)  If, at
any time following the execution of this Agreement the market price of the
Shares exceeds the pro rata amount due a stockholder of Buyer who elects to
exercise its Redemption Rights, Seller may sell some or all of the Shares in the
market (a “Sale”); provided, however, any such
Sale shall only reduce the number of Shares covered by this Agreement and the
Aggregate Purchase thereof as a result of such Sale. In the event of a Sale,
each of the other terms and provisions of this Agreement shall terminate only in
accordance with Section 7.01.

     

    Section
1.02    Closing.
The Buyer shall initiate the liquidation of Buyer’s Trust Account as soon
as practicable following the earlier of (i) the consummation of the Acquisition
and (ii) November 29, 2009. The closing of the purchase and sale of the Shares
(“Closing”) will occur as soon as practicable, but in no event more than (1)
business day after: (i) the liquidation of Buyer’s Trust Account in connection
with the consummation of the Acquisition and (ii) the settlement of all (and not
less than all) of the Shares following Seller’s delivery of the Shares to an
account specified by Buyer using the Depository Trust Company’s DWAC
(Deposit/Withdrawal at Custodian) System. At the Closing, Buyer shall pay Seller
the Aggregate Purchase Price by wire transfer from Camden’s Trust Account
of immediately available funds to an account specified by Seller. It shall be a
condition to the obligation of Buyer on the one hand and Seller on the other
hand, to consummate the transfer of the Shares and payment of the Aggregate
Purchase Price contemplated hereunder that the other party’s representations and
warranties are true and correct at the Closing with the same effect as though
made on such date, unless waived in writing by the party to whom such
representations and warranties are made.


    
      
         


      

      
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    ARTICLE
II

    Voting
of the Shares; Proxy and Waiver of Redemption

     

    Section
2.01    Voting; Redemption. In
further consideration of the Aggregate Purchase Price, Seller hereby agrees that
as soon as practicable, Seller will cause the Shares to be voted in favor of the
Acquisition and each of the other proposals (the “Proposals”) to be submitted at
the special meeting, or adjournment thereof called for by Camden for the purpose
of voting upon (i) the Acquisition and (ii) any other proposal set forth in
Camden’s definitive proxy statement describing the Acquisition and Proposals
(the “Meeting”), each in the manner set forth in such definitive proxy
statement.

     

    Section
2.02    Prior
Votes. If Seller has already voted in connection with the Meeting, Seller
shall, if applicable, withdraw and revoke its vote against the Acquisition and
Proposals with respect to the Shares and rescind its demand, to exercise its
Redemption Rights with respect to the Shares.

     

    Section
2.03    Appointment of Proxy. Subject
to the limitation set forth below, Seller hereby appoints David Warnock as its
true and lawful proxy and attorney-in-fact, with full power of substitution, to
vote all of the Shares in accordance with the terms of this Agreement. The proxy
and power of attorney granted herein shall be deemed to be coupled with an
interest, shall be irrevocable during the term of this Agreement, and shall
survive the death, disability, incompetency, bankruptcy, insolvency or
dissolution of Seller. Furthermore, Seller will, from time to time as reasonably
requested by Buyer, execute and deliver such further instruments, ancillary
agreements or other documents or take such other actions as may be necessary or
advisable to give effect to, confirm, evidence or effectuate the purposes of the
proxy granted by this Section 2.03. This Section 2.03 shall become effective
only if Seller fails to vote the Shares in accordance with this Agreement and
upon the termination of this Agreement in accordance with Section 7.01, this
Section 2.03 shall be of no further force and effect.

     

    Section
2.04     Evidence of Vote. Seller
shall provide further evidence of both (i) its vote in favor of the Acquisition
and Proposals, and (ii) its non-demand or withdrawal of Redemption Rights,
within one (1) business day of any reasonable request by Buyer for such
evidence.

     

    Section
2.05     Waiver of Right of Redemption.
By entering into this Agreement, Seller hereby waives its rights to
redeem the Shares. The waiver granted by Seller pursuant to this Section 2.05 is
irrevocable unless and until this Agreement is terminated in accordance with
Section 7.01 and is granted in consideration of Buyer entering into this
Agreement and incurring certain related fees and expenses.


    
      
         


      

      
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    ARTICLE
III

    Representations
and Warranties of the Seller

     

    Seller
hereby represents and warrants to Buyer on the date hereof and on the Closing
Date that:

     

    Section
3.01     Sophisticated Seller. Seller
is sophisticated in financial matters and is able to evaluate the risks and
benefits attendant to the sale of Shares to Buyer.

     

    Section
3.02    Independent Investigation.
Seller, in making the decision to sell the Shares to Buyer, has not
relied upon any oral or written representations or assurances from Buyer or any
of its officers, directors or employees or any other representatives or agents
of Buyer other than as set forth in this Agreement. Seller has had access to all
of the filings made by Camden with the SEC, pursuant to the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as
amended, in each case to the extent available publicly via the SEC’s Electronic
Data Gathering, Analysis and Retrieval system.

     

    Section
3.03    Authority. This Agreement has
been validly authorized, executed and delivered by Seller and, assuming the due
authorization, execution and delivery thereof by Buyer, is a valid and binding
agreement enforceable in accordance with its terms, subject to the general
principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally. The execution, delivery and performance of this
Agreement by Seller does not and will not, to the best of Seller’s knowledge,
conflict with, violate or cause a breach of, constitute a default under, or
result in a violation of (i) any agreement, contract or instrument to which
Seller is a party which would prevent Seller from performing its obligations
hereunder or (ii) any law, statute, rule or regulation to which Seller is
subject.

     

    Section
3.04    No
Legal Advice from Buyer. Seller acknowledges that is has had the
opportunity to review this Agreement and the transactions contemplated by this
Agreement with Seller’s own legal counsel, investment and tax advisors. Seller
is not relying on any statements or representations of Buyer or any of its
representatives or agents for legal, tax or investment advice with respect to
this Agreement or the transactions contemplated by the Agreement.

     

    Section
3.05    Ownership of Shares. Seller
is the legal and beneficial owner of the Shares and will transfer to Buyer at
the Closing good and marketable title to the Shares free and clear of any liens,
claims, security interests, options, charges or any other encumbrance
whatsoever. The Seller beneficially owned all of the Shares as of the close of
the trading day on November 5, 2009 and has the sole right to exercise
Redemption Rights and vote the Shares, whether at the Meeting or upon action by
written consent, with respect to all of the Shares. Except as provided by this
Agreement, Seller has not, directly or indirectly, granted any proxies or
entered into any voting trust or other agreement or arrangement with respect to
the voting, regardless of whether such vote would occur at the Meeting or upon
action by written consent, of any of the Shares.


    
      
         


      

      
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    Section
3.06    Number
of Shares. The Shares being transferred pursuant to this Agreement
represent all of the Common Stock beneficially owned by Seller as of the date
hereof, including any such shares of Common Stock which may result from the
exercise of any option, call or other derivative security interest.

     

    Section
3.07    Cash Account. If the Shares
are not currently held in an account which prohibits rehypothecation by the
Seller’s prime broker, Seller will transfer the Shares into such an account as
soon as practicable following the execution of this Agreement; provided, however, in no event
shall such transfer occur more than two (2) business days from the execution of
this Agreement.

     

    Section
3.08     Seller Taxes. Seller
understands that Seller (and not the Buyer) shall be responsible for any and all
tax liabilities of Seller that may arise as a result of the transactions
contemplated by this Agreement.

     

    Section
3.09    Aggregate Purchase Price Negotiated.
Seller represents and understands that both the number of Shares and the
Aggregate Purchase Price were negotiated figures by the parties and that the
terms and conditions by the parties of this Agreement may differ from
arrangements entered into with other holders of Common Stock.

     

    Section
3.10    Finder’s Fees. No investment
banker, broker, finder or other intermediary is entitled to a fee or commission
from Camden in respect of this Agreement based upon any arrangement or agreement
made by or on behalf of Seller.

     

    ARTICLE
IV

    Representations
and Warranties of the Buyer

     

    Buyer
hereby represents and warrants to Seller on the date hereof and on the Closing
Date that:

     

    Section
4.01     Sophisticated Buyer. Buyer is
sophisticated in financial matters and is able to evaluate the risks and
benefits attendant to the purchase of Shares from Seller.

     

    Section
4.02    Independent Investigation.
Buyer, in making the decision to purchase the Shares from Seller, has not
relied upon any oral or written representations or assurances from Seller or any
of its officers, directors, partners or employees or any other representatives
or agents of Seller other than as set forth in this Agreement.


    
      
         


      

      
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    Section
4.03    Authority. This Agreement has
been validly authorized, executed and delivered by Buyer and assuming the due
authorization, execution and delivery thereof by Seller, is a valid and binding
agreement enforceable in accordance with its terms, subject to the general
principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally. The execution, delivery and performance of this
Agreement by Buyer does not and will not conflict with, violate or cause a
breach of, constitute a default under, or result in a violation of (i) any
agreement, contract or instrument to which Buyer is a party which would prevent
Buyer from performing its obligations hereunder or (ii) any law, statute, rule
or regulation to which Buyer is subject.

     

    Section
4.04    No
Legal Advice from Seller. Buyer acknowledges that is has had the
opportunity to review this Agreement and the transactions contemplated by this
Agreement with Buyer’s own legal counsel, investment and tax advisors. Buyer is
relying solely on such counsel and advisors and not on any statements or
representations of Seller or any of its representatives or agents for legal, tax
or investment advice with respect to this Agreement or the transactions
contemplated by this Agreement.

     

    Section
4.05     Buyer Taxes. Buyer
understands that Buyer (and not the Seller) shall be responsible for any and all
tax liabilities of Buyer that may arise as a result of the transactions
contemplated by this Agreement.

     

    ARTICLE
V

    Negative
Covenants of the Seller

     

    Section
5.01    No
Further Acquisitions of Camden Securities. Seller hereby covenants and
agrees that following the execution of this Agreement and prior to Closing,
Seller shall not acquire any Common Stock, other securities of Camden
convertible into or exchangeable for shares of Common Stock in Camden or any
options, calls or other rights to acquire Common Stock of Camden or similar
securities or rights that are derivative of, or provide economic benefits based,
directly or indirectly, on the value or price of, any Common Stock or other
securities of Camden.

     

    Section
5.03     No Borrowing of the Shares.
Seller hereby covenants and agrees that it shall not allow the Shares to
be borrowed by, or lent to, any other person or entity whatsoever during the
term of this Agreement.

     

    Section
5.02    No
Other Proxies or Voting Agreements. Seller hereby covenants and agrees
that except pursuant to the terms of this Agreement, Seller shall not, directly
or indirectly, (i) grant any proxies or enter into any voting trust or other
agreement or arrangement with respect to the voting of any of the Shares,
regardless of whether such vote would occur at the Meeting or upon action by
written consent or (ii) sell, assign, transfer, encumber or otherwise dispose
of, or enter into any contract, option or other arrangement or understanding
with respect to the direct or indirect assignment, transfer, encumbrance or
other disposition of, any of the Shares during the term of this Agreement.
Seller shall not seek or solicit any such assignment, transfer, encumbrance or
other disposition or any such contract, option or other arrangement or
understanding with respect to the Shares.


    
      
         


      

      
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    ARTICLE
VI

    Acknowledgement;
Waiver

     

    Section
6.01     Acknowledgement; Waiver.
Seller (i) acknowledges that Buyer may possess or have access to material
non-public information which has not been communicated to Seller; (ii) hereby
waives any and all claims, whether at law, in equity or otherwise, that he, she,
or it may now have or may hereafter acquire, whether presently known or unknown,
against Buyer or any of its officers, directors, employees, agents, affiliates,
subsidiaries, successors or assigns relating to any failure to disclose any
non-­public information in connection with the transactions contemplated by
this Agreement, including without limitation, any such claims arising under the
securities or other laws, rules and regulations, and (iii) is aware that Buyer
is relying on the foregoing acknowledgement and waiver in clauses (i) and (ii)
above, respectively, in connection with the transactions contemplated by this
Agreement.

     

    ARTICLE
VII

    Miscellaneous


     

    Section
7.01    Termination. Except with
respect to Buyer’s obligation under the first sentence of Section 1.02,
notwithstanding any provision in this Agreement to the contrary, this Agreement
shall become null and void and of no further force and effect upon the earlier
to occur: (i) termination by the written agreement of the parties to this
Agreement, (ii) the day on which the Company terminates the Acquisition or (iii)
12:00 a.m. on November 30, 2009.

     

    Section
7.02    Counterparts; Facsimile. This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same instrument. This Agreement or any counterpart may be
executed via facsimile transmission, and any such executed facsimile copy shall
be treated as an original.

     

    Section
7.03    Governing Law. This Agreement
shall for all purposes be deemed to be made under and shall be construed in
accordance with the laws of the State of Delaware. Each of the parties hereby
agrees that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall, to the fullest extent applicable,
be brought and enforced first in the Delaware Chancery Court, then to such other
court in the State of Delaware as appropriate and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.


    
      
         


      

      
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    Section
7.04    Remedies Cumulative. Each of
the parties hereto acknowledges and agrees that, in the event of any breach of
any covenant or agreement contained in this Agreement by the other party, money
damages may be inadequate with respect to any such breach and the non-breaching
party may have no adequate remedy at law. It is accordingly agreed that each of
the parties hereto shall be entitled, in addition to any other remedy to which
they may be entitled at law or in equity, to seek injunctive relief and/or to
compel specific performance to prevent breaches by the other party hereto of any
covenant or agreement of such other party contained in this Agreement.
Accordingly, Seller hereby agrees Buyer is entitled to an injunction prohibiting
any conduct by the Seller in violation of this Agreement and shall not seek the
posting of any bond in connection with such request for an injunction.
Furthermore, in any action by Buyer to enforce this Agreement, Seller waives its
right to assert any counterclaims and its right to assert set-off as a defense.
The prevailing party agrees to pay all costs and expenses, including reasonable
attorneys’ and experts’ fees that such prevailing party may incur in connection
with the enforcement of this Agreement.

     

    Section
7.05    Severability. If any term,
provision or covenant of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the
remainder of the terms, provisions and covenants of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or
invalidated

     

    Section
7.06    Binding
Effect; Assignment. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns. This Agreement shall not be assigned by either
party without the prior written consent of the other party hereto.

     

    Section
7.07     Headings. The descriptive
headings of the Sections hereof are inserted for convenience only and do not
constitute a part of this Agreement.

     

    Section
7.08    Entire
Agreement; Changes in Writing. This Agreement constitutes the entire
agreement among the parties hereto and supersedes and cancels any prior
agreements, representations and warranties, whether oral or written, among the
parties hereto relating to the transaction contemplated hereby. Neither this
Agreement not any provision hereof may be changed or amended orally, but only by
an agreement in writing signed by the other party hereto.


    
      
         


      

      
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    Section
7.09    Trust Waiver. Camden’s
initial public offering was consummated on December 5, 2007 as a result of which
it received gross proceeds of $53,010,400, a significant portion of which are
held in the Trust Account. The Trust Account is invested in U.S. government
securities in a trust account at JP Morgan Chase Bank, N.A. and held in trust by
Continental Stock Transfer & Trust Company (the “Trustee”) pursuant to the
Investment Management Trust Account Agreement, dated as of November 29, 2007,
between Camden and Trustee. Other than with respect to the Aggregate Purchase
Price to be paid to Seller in connection with this Agreement, Seller agrees that
it does not now have, and shall not at any time have, any claim to, or make any
claim against, the Trust Account or any asset contained therein, regardless of
whether such claim arises as a result of, in connection with or relating in any
way to, the business relationship between Seller, on the one hand, and Camden,
on the other hand, this Agreement, or any other agreement or any other matter,
and regardless of whether such claim arises based on contract, tort, equity or
any other theory of legal liability. Other than with respect to the Aggregate
Purchase Price to be paid to Seller in connection with this Agreement, Seller
hereby irrevocably waives any and all claims it may have, now or in the future
(in each case, however, prior to the consummation of a business combination),
and will not seek recourse against, the Trust Account for any other reason
whatsoever in respect thereof. Other than with respect to an action for the
recovery of the Aggregate Purchase Price to be paid to Seller in connection with
this Agreement, in the event Seller commences any other action or proceeding
based upon, in connection with, relating to or arising out of any matter
relating to Camden, which proceeding seeks, in whole or in part, relief against
the Trust Account or the public stockholders of Camden, whether in the form of
money damages or injunctive relief, Camden shall be entitled to recover from
Seller the associated legal fees and costs in connection with any such
action.

     

    [Signature
Page Follows]

     

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set
forth on the first page of this Agreement.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  CAMDEN
      LEARNING

                                  CORPORATION

                                
	 
      	 
      
	
                                  By:

                                	/s/
      David Warnock
	
                                  Name:

                                	David
      Warnock
	
                                  Title:

                                	CEO
	 
      	 
      
	
                                  BULLDOG
      INVESTORS

                                
	
                                  By:

                                	
                                  

                                
	Name: 	
                                  Andrew
      Dakos

                                
	
                                  Title: 

                                	Principal 


                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Purchase
Price Per Share: $7.97

    Number of
Shares: 1,030,167

    Aggregate
Purchase Price: 8,210,430.99

    


    Signature
Page to Stock Purchase Agreement