Document:

First Amending Agreement to the Transaction Agreement

 Exhibit 10.1 
 FIRST AMENDING AGREEMENT TO 
 TRANSACTION AGREEMENT

 THIS FIRST AMENDING AGREEMENT TO TRANSACTION AGREEMENT (this “Amendment”) is made as of this 31st day of
March, 2010, by and among SSI Investments III Limited, a company incorporated in Ireland with registered number 480477 (“SSI”) SkillSoft plc, a company incorporated in Ireland with registered number 148294
(“SkillSoft”). 
 WHEREAS, SSI and SkillSoft entered into a certain Transaction Agreement, dated as of
11 February 2010 (the “Transaction Agreement”); and 
 WHEREAS, the parties have agreed to enter
into this Amendment in order to reflect certain amendments to the Transaction Agreement; 
 NOW, THEREFORE, in
consideration of the premises, mutual covenants and agreements contained herein, the parties hereto hereby agree as follows: 
 1. Definitions. All capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them in the Transaction Agreement. 
 2. Reaffirmation of Clauses 2.1.1 through 2.1.3, 2.2.3 and Representations and Warranties. By executing this Amendment,
SkillSoft hereby reaffirms the provisions of Clauses 2.1.1 through 2.1.3 and 2.2.3 of the Transaction Agreement (provided that the reference in Clause 2.1.1 to “the Rule 2.5 Announcement” is hereby removed and replaced with “the
“Increase Announcement and the Rule 2.5 Announcement”) with respect to the Increase Announcement and confirms that the representations and warranties of SkillSoft in the Transaction Agreement are true and correct as of the date of this
Amendment except for any representation or warranty given as at a specific time and/or date which remains true and correct as of such time and/or date. 
 3. Amendment of Transaction Agreement. Effective as of the date hereof, the Transaction Agreement is hereby amended as follows: 
 3.1. Amendment of Clause 2.1.5. Clause 2.1.5 of the Transaction Agreement is hereby amended and restated in its
entirety as follows: 
 “Following the release of the Increase Announcement, SkillSoft shall use all
reasonable efforts to assist SSI in obtaining irrevocable undertakings from certain of SkillSoft’s major institutional shareholders as agreed between the Parties to vote in favour of the Acquisition at the Court Meeting and the EGM.”

 3.2. Amendment of Clause 2.1.6. Clause 2.1.6 of the Transaction Agreement is hereby amended and
restated in its entirety as follows: 
 “Forthwith upon the execution of the First Amending Agreement to
Transaction Agreement, SkillSoft shall, in accordance with, and for the purposes of, the Takeover Rules, procure the release of the Increase Announcement to a RIS by no later than 9.30am United States Eastern Standard Time on 1 April
2010.” 
 3.3 Amendment of Clause 2.2.1, final sentence. The final sentence of Clause 2.2.1 of the
Transaction Agreement is hereby amended and restated in its entirety as follows and Schedule 1 to the Transaction Agreement is hereby deleted: 
  

 1 

 “Each of the Parties shall use all of its reasonable efforts to adhere to the
indicative timetable set forth in the Table to this Clause (the “Timetable”).” 
  

			
	 Item
	 	 Date (all 2010)

	 Adjourned Court Meeting and EGM
	 	Thursday 29 April
		
	 Petition presented for s 201(4) application to approve scheme as approved by shareholders
	 	Thursday 29 April
		
	 Advertising Motions Hearing with the High Court (directions as to advertising petition hearing)
	 	Tuesday 4 May
		
	 Newspaper Advertisements published
	 	On or before Tuesday 11 May
		
	 Petition Hearing with the High Court to sanction the Scheme
	 	Tuesday 25 May
		
	 High Court order sanctioning the Scheme available
	 	Wednesday 26 May
		
	 Order and Minute of Reduction of Share Capital filed
	 	Thursday 27 May
		
	 Payment
	 	Thursday 10 June

 3.4.
Amendment of Clause 3.1.9. Clause 3.1.9 of the Transaction Agreement is hereby amended and restated in its entirety as follows: 
  

	 	“3.1.9	subject to the obligations of the Board under the Takeover Rules, and unless the Board determines in good faith after consultation with its outside legal counsel and
its financial advisors that the Board’s fiduciary duties require otherwise, procure that the Scheme Document shall include the Scheme Recommendation, provided that SkillSoft shall not withdraw the Scheme Recommendation except where:

  

	 	(a)	following compliance in all material respects with Clause 5.5.3 SSI has not irrevocably committed to an acquisition of the entire issued, and to be issued, share
capital of the Company at a price per share equal to or greater than, and otherwise substantially on the same terms as that of, the proposed Third Party Transaction Proposal in a Superior Proposal Notice pursuant to Section 5.5.3; and

  

	 	(b)	the Board recommends that Third Party Transaction Proposal;” 

 3.5. Addition of Clause 3.1.19. A new Clause 3.1.19 of the Transaction Agreement is hereby inserted as follows:

  

	 	“3.1.19	if, during the term of this Agreement, SSI decides to make the Acquisition by means of an offer, to use all reasonable efforts to take such steps as are reasonably
required of it by SSI for the proper implementation of the Acquisition by such method, including, without limitation joining in making and/or supporting an application by SSI to the Panel under Takeover Rule 41.3.” 

 3.6. Amendment of Clause 5.5. Clause 5.5 of the Transaction Agreement is hereby amended and restated in its entirety
as follows: 
 “5.5 Solicitation 
  

	 	5.5.1	[Intentionally deleted]. 

  

	 	5.5.2	 Subject to any actions which SkillSoft is required to take so as to comply with the requirements of the Takeover Rules, during the period commencing on
7 March 2010 and ending on the earlier of (i) the date set forth in Section 9.1.1, (ii) the date on which this Agreement is terminated in accordance with its terms and (iii) the date on which the Scheme is withdrawn by

  

 2 

	 	 
SkillSoft in accordance with its terms or lapses or becomes effective, SkillSoft agrees that neither it nor any of its Subsidiaries shall and SkillSoft shall not authorise or permit its
Representatives to: 

  

	 	(a)	directly or indirectly, solicit or initiate any discussions with, or enquiries or proposals from, any person other than SSI, any Associate of SSI or any person Acting
in Concert with SSI in respect of or in connection with a Third Party Transaction Proposal; or 

  

	 	(b)	make available any non-public information relating to SkillSoft and/or its assets and/or its business and/or any Subsidiary of SkillSoft in respect of or in connection
with a Third Party Transaction Proposal other than to SSI, any Associate of SSI or any person Acting in Concert with SSI provided that nothing in this Agreement shall prevent SkillSoft from complying with its obligations under Rule 20.2 of the
Takeover Rules; or 

  

	 	(c)	enter into any expenses reimbursement or similar agreement or any inducement fee agreement of any nature with any person (an “Other Bidder”). This
paragraph (c) shall survive the termination of this Agreement as provided by Clause 9.1.5. 

  

	 	5.5.3	SkillSoft further agrees that, subject to any provision to the contrary in the Takeover Rules applicable to the Scheme, SkillSoft shall from and after the date of the
First Amending Agreement to Transaction Agreement and ending on the earlier of the dates specified in paragraphs (i), (ii) and (iii) of Clause 5.5.2: 

  

	 	(a)	promptly advise SSI orally, with written confirmation to follow within one Business Day, of (i) receipt of any Third Party Transaction Proposal or any request for
non-public information in connection with any Third Party Transaction Proposal from any person and (ii) the material terms and conditions of any such Third Party Transaction Proposal (including, for the avoidance of doubt, the identity of the
person making any such Third Party Transaction Proposal); 

  

	 	(b)	keep SSI reasonably informed, on a reasonably current basis, of the status and material terms and conditions (including updating SSI of any material change to such
terms within one Business Day of SkillSoft receiving or becoming aware of such change) of any such Third Party Transaction Proposal from any person; 

  

	 	(c)	provide to SSI as soon as practicable after receipt or delivery thereof copies of any proposals received by SkillSoft with respect to such Third Party Transaction
Proposal from any person and any draft or final version of any acquisition agreement relating to such Third Party Transaction Proposal; 

  

	 	(d)	SkillSoft shall give SSI not less than four (4) days’ advance written notice of any meeting of the Board, or other forum or the occurring of any other means
by which any withdrawal of the Scheme Recommendation is to be considered and SkillSoft shall as part of such notice disclose the identity of the person making or submitting such Third Party Transaction Proposal and the material terms and conditions
thereof; 

  

	 	(e)	deliver to SSI, not less than four (4) days prior to any withdrawal of the Scheme Recommendation, a written notice (the “Superior Proposal Notice”)
stating that Skillsoft (or the Board) intends to make a change in the Scheme Recommendation and withdraw the Scheme and intends to join with such person in the issue of a recommended announcement of such Third Party Transaction Proposal pursuant to
Rule 2.5 of the Takeover Rules; 

  

	 	(f)	 make, during the four (4) day period commencing on the date of such Superior Proposal Notice, its Representatives reasonably available for the
purpose of engaging in negotiations with SSI (to the extent SSI desires to negotiate) regarding a possible amendment of the Transaction Agreement or the Scheme to effect an increase in the price payable under the Scheme or the implementation of the
Acquisition at such

  

 3 

	 	 
increased price by way of a general offer so that the Third Party Transaction Proposal that is the subject of the Superior Proposal Notice ceases to be superior to that available to the Skillsoft
Shareholders pursuant to the Scheme (it being understood that SkillSoft must agree to such amendment that is necessary solely to increase the price if such amendment is binding upon SSI and will deliver equal consideration to the consideration
offered by the Third Party Transaction Proposal); and 

  

	 	(g)	if, after the expiration of the negotiation period described in clause 5.5.3(f) above the Board shall have in good faith determined, after consultation with
Skillsoft’s outside legal counsel and financial advisers, that such amendment as described in Clause 5.5.3(f) does not constitute a proposal which is itself superior to that available to the Skillsoft Shareholders pursuant to the Third Party
Transaction Proposal, there is an amendment to the financial or other material terms of the Third Party Transaction Proposal, Skillsoft shall be obliged to deliver a further Superior Proposal Notice and the period of negotiation pursuant to clause
“(f)” above, in respect of such further Superior Proposal Notice, shall be a period of two (2) Business Days from the date of receipt by SSI of such further Superior Proposal Notice. 

  

	 	5.5.4	For the avoidance of doubt and notwithstanding any other term of this Agreement, nothing in this Agreement shall preclude, restrict or hinder SkillSoft or any of its
Subsidiaries or any of their respective Representatives from: 

  

	 	(a)	[intentionally deleted]; or 

  

	 	(b)	considering and engaging with any unsolicited offers/proposals of a Third Party Transaction Proposal but only if and only to the extent that the Board has determined,
in good faith after consultation with its outside legal counsel and its financial advisors, that it is required to do so to satisfy the fiduciary duties of the Board or to comply with the Takeover Rules.” 

 3.7. Addition of Clause 9.1.5. A new Clause 9.1.5 of the Transaction Agreement is hereby inserted as follows:

 “9.1.5 Termination of this Agreement shall not affect Clause 5.5.2(c), which shall continue in full force and effect
until the first anniversary of the date of this Agreement save where this Agreement is terminated by reason of the material breach thereof by SSI.” 
 3.8. Amendments to Definitions in Clause 11.1. The definitions in Clause 11.1 of the Transaction Agreement are hereby amended as follows: 
 (a) The definition of “Acquisition” is hereby amended and restated in its entirety as follows: 

“Acquisition”, the proposed acquisition by SSI of SkillSoft by means of the Scheme as described in the
Increase Announcement and the Rule 2.5 Announcement; 
 (b) The definition of “Credit
Agreements” is hereby amended and restated in its entirety as follows: 
 “Credit
Agreements”, (i) that certain Bridge Credit Agreement, dated as of 11 February 2010, by and among SSI Luxco II, S.à.r.l., the Lenders (as defined therein) party thereto and Morgan Stanley Senior Funding, Inc., as
administrative agent and collateral agent, as amended, restated or supplemented from time to time and (ii) that certain Credit Agreement dated as of 11 February 2010, by and among SSI Luxco II, S.à.r.l., SSI Investments II Limited,
the Lenders (as defined therein) party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, as amended, restated or supplemented from time to time.” 
  

 4 

 (c) The definition of “Expenses Reimbursement Agreement”
is hereby amended and restated in its entirety as follows: 
 “Expenses Reimbursement
Agreement”, the restated expenses reimbursement agreement, dated as of the date of the First Amending Agreement to Transaction Agreement, between SSI and SkillSoft, the terms of which have been approved by the Panel; 
 (d) A new definition of “First Amending Agreement to Transaction Agreement” is hereby added as follows:

 “First Amending Agreement to Transaction Agreement,” the first amending agreement to the
Transaction Agreement dated as of 31 March 2010, between the Parties. 
 (e) A new definition of
“Increase Announcement” is hereby added as follows: 
 “Increase
Announcement”, the announcement to be made by SSI and SkillSoft pursuant to the Takeover Rules increasing the price payable under the Acquisition to US$11.25; 
 (f) The definition of “Non-Solicitation Period Start Date” is hereby deleted. 
 (g) The definition of “Optionholder Proposal” is hereby amended and restated in its entirety as follows:

 “Optionholder Proposal”, the proposal of SSI to the SkillSoft Optionholders to be made
pursuant to Rule 15 of the Takeover Rules. 
 (h) A new definition of “Other Bidder” is hereby
added as follows: 
 “Other Bidder”, the meaning given to that term in Clause 5.5.2(c);

 (i) The definition of “Rule 2.5 Announcement” is hereby amended and restated in its entirety
as follows: 
 “Rule 2.5 Announcement”, the announcement dated 12 February 2010 made by
SSI and SkillSoft pursuant to Rule 2.5 of the Takeover Rules; 
 (j) A new definition of “Superior
Proposal Notice” is hereby added as follows: 
 “Superior Proposal Notice”, the
meaning given to that term in Clause 5.5.3(e); 
 4. Counterparts. This Amendment may be executed in any number of
counterparts, all of which, taken together, shall constitute one and the same agreement, and each Party may enter into this Amendment by executing a counterpart. 
 5. Governing Law and Jurisdiction. 
 5.1. This
Amendment shall be governed by, and construed in accordance with, the laws of Ireland. 
 5.2. Each of the
Parties irrevocably agrees that the courts of Ireland are to have exclusive jurisdiction to settle any dispute arising out of or in connection with this Amendment and, for such purposes, irrevocably submits to the exclusive jurisdiction of such
courts. Any proceeding, suit or action arising out of or in connection with this Amendment shall therefore be brought in the courts of Ireland. 
 6. Effect of this Amendment; No Other Modifications. From and after the date of this Amendment, all references in the Transaction Agreement to “this Agreement”,
“hereof”, “herein”, “hereunder” and words or expressions of similar import shall be deemed to be references to the Transaction Agreement as amended by this Amendment; provided, that, for the avoidance of doubt,
all references to the “date hereof”, the “date of this Agreement”, the “date of the Agreement” and words and expressions of similar import shall refer to 11 February

  

 5 

 
2010. Except as amended hereby, the terms and conditions of the Transaction Agreement shall continue in full force and effect. The execution of this Amendment does not affect the rights and
liabilities of the Parties under the Transaction Agreement prior to the execution of this Amendment nor does it constitute a waiver of those rights and liabilities by the Parties under the Transaction Agreement prior to the execution of this
Amendment. Without affecting the foregoing, any breach of Clause 5.5 prior to the execution of this Amendment shall be regulated by Clause 5.5 of the Transaction Agreement unamended by this Amendment. 
  

 6 

			
	 SIGNED
 on behalf of SSI INVESTMENTS III LIMITED
 by its authorised signatory
 in the presence of:
	  	 /S/    IMELDA
SHINE

		  	Authorised Signatory (Signature)
		
		  	 Imelda Shine
 Print name

	 /S/    PAUL EGAN
	  
	Witness (Signature)	  	
		
	 Paul Egan
	  	
	Print name	  	
		
	 South Bank House, Barrow Street, Dublin 4
	  	
	Print address	  	

  

			
	 SIGNED
 on behalf of SKILLSOFT PLC
 by its authorised signatory
 in the presence of:
	  	 /S/    CHARLES E.
MORAN

		  	Authorised Signatory (Signature)
		
		  	 Charles E. Moran
 Print name

	 /S/    GREGORY PORTO
	  
	Witness (Signature)	  	
		
	 Gregory Porto
	  	
	Print name	  	
		
	 15 Rolling Woods Drive, Bedford, NH 03110
	  	
	Print addressRestated Expenses Reimbursement Agreement

 Exhibit 10.2 
 SSI INVESTMENTS III LIMITED 
 SKILLSOFT PLC 

 RESTATED EXPENSES REIMBURSEMENT AGREEMENT 
  
 William Fry 
 Solicitors 
 Fitzwilton House 
 Wilton Place 
 Dublin
2 
 www.williamfry.ie 
 © William Fry 2010 
 020533.0001.DMF/MAT 

 THIS AGREEMENT is made on 31 March 2010 
 BETWEEN: 
 SSI INVESTMENTS III LIMITED 
 a company incorporated in Ireland with registered number 480477 and having its registered office at Block 3, The Harcourt Centre,
Harcourt Road, Dublin 2, Ireland 
 (hereinafter referred to as “SSI”) 
 - and - 
 SKILLSOFT public limited company 
 a public limited company incorporated in Ireland with registered number
148294 and having its registered office at Belfield Office Park, Clonskeagh, Dublin 4, Ireland 
 (hereinafter referred to as
“Skillsoft”) 
 RECITALS: 
  

	A.	SSI intends to acquire Skillsoft on the terms set out in the Increase Announcement and the Rule 2.5 Announcement and Skillsoft intends to agree to reimburse costs and
expenses incurred and to be incurred by SSI for the purposes of, in preparation for or in connection with the Acquisition in certain circumstances if the Acquisition does not proceed. 

  

	B.	This Agreement (i) sets out the agreement between the parties as to the reimbursement in certain circumstances by Skillsoft of costs and expenses incurred and to
be incurred by SSI for the purposes of, in preparation for or in connection with the Acquisition and (ii) supersedes in its entirety an expenses reimbursement agreement made between the parties on 11 February 2010.

  

	C.	Capitalised terms and some other words and expressions used in this Agreement are defined in Clause 4. 

 NOW IT IS HEREBY AGREED as follows: 
  

	1.	Commencement of Clause 2 

 Clause 2 of this Agreement shall not have effect unless the Increase Announcement is issued on or before 09:30 am (United States Eastern Time) on the day next following the date hereof. 
  

	2.	Reimbursement 

  

	2.1	Subject to, and in consideration of, SSI announcing a firm intention to make the Acquisition in the Increase Announcement and the Rule 2.5 Announcement, Skillsoft
agrees to pay to SSI, if any one or more of the Events described in Clause 2.2 occur, an amount equal to all specific, quantifiable third party (including vouched out of pocket expenses incurred by third party advisers only) costs and expenses
incurred by SSI for the purposes of, in preparation for or in connection with the Acquisition, including, without limitation: 

  

	 	2.1.1	exploratory work carried out in contemplation of and in connection with the Acquisition; 

  

	 	2.1.2	legal, financial and commercial due diligence; 

  

	 	2.1.3	arranging financing (with associated hedging and related expenses); and 

  

	 	2.1.4	engaging advisers to assist in the process; 

  

 2 

 provided that the gross amount payable to SSI pursuant to this Agreement shall not, in any
event, exceed such sum as is equal to 1% of the total value of the entire issued share capital (excluding, for the avoidance of doubt, any interest in such share capital of Skillsoft (including in the form of American Depositary Shares) held by
Stockbridge Fund, L.P.) as ascribed by the terms of the Acquisition as set out in the Increase Announcement and the Rule 2.5 Announcement. The amount payable by Skillsoft to SSI under this Clause 2.1 shall not include any Value Added Tax
attributable to such third party costs to the extent that it is recoverable by SSI. 
  

	2.2	The Events for the purposes of Clause 2.1 are any one or more of the following: 

  

	 	2.2.1	the Board (or any one or more of the members thereof) withdraws, adversely modifies or qualifies its recommendation to Skillsoft Shareholders or the holders of
Skillsoft ADSs to vote in favour of the Scheme (to include any public announcement by Skillsoft of a recommendation or intention to recommend a Competing Offer); or 

  

	 	2.2.2	Skillsoft wilfully takes or omits to take any action, such as failing to post a Scheme Circular, preventing Skillsoft Shareholders from voting at any meetings to
approve the Scheme or any related resolutions, withdrawal of the Scheme, adjourning any Court hearing or shareholders’ meeting, failing to issue the petition to approve the Scheme, unilaterally altering the terms and conditions of the Scheme,
or failing to deliver the Court Order and minute of reduction of capital to the Registrar of Companies (in any such case without the consent of SSI); or 

  

	 	2.2.3	prior to the Scheme being withdrawn by Skillsoft or lapsing in accordance with its terms, a Competing Offer is announced (under Rule 2.4 or 2.5) and subsequently made
and that Competing Offer or a Competing Offer in which that Competing Party is interested or participates subsequently becomes effective or unconditional within the 18 months of such lapse or withdrawal; or 

  

	 	2.2.4	the Scheme is not approved at the Court Meeting by the requisite majorities required by section 201 of the Companies Act 1963 or if any other resolutions of
Skillsoft Shareholders required to implement the Scheme are not passed by the requisite majorities at the extraordinary general meeting(s) convened for the purpose of proposing such resolutions to Skillsoft Shareholders. 

  

	2.3	Any request by SSI for a Reimbursement Payment shall be: 

  

	 	2.3.1	notified in writing to Skillsoft no later than 30 days following: 

  

	 	(a)	in the case of Clauses 2.2.1 and 2.2.2, to include in the case of withdrawal of the Scheme by Skillsoft, SSI becoming aware of the Event or; 

 

	 	(b)	in the case of Clause 2.2.3, SSI becoming aware that such Competing Offer has become effective; and 

  

	 	2.3.2	accompanied and / or followed by written invoices or written documentation supporting the request for a Reimbursement Payment; and 

  

	 	2.3.3	subject to satisfactory compliance with Clause 2.3.2, satisfied in full by payment in full by Skillsoft to SSI in cleared, immediately available funds within 14
calendar days following such receipt of such invoices or documentation. 

  

	2.4	Notices under this Agreement shall be served as provided in the Transaction Agreement. 

  

	2.5	For the avoidance of doubt: 

  

	 	2.5.1	the refusal by Skillsoft to agree an extension to the date set out in Condition 1 to the Rule 2.5 Announcement (namely 16 July 2010) shall not constitute a
withdrawal, or an adverse modification, of the Board’s recommendation of the Acquisition; and 

  

 3 

	 	2.5.2	where used in this Agreement in the context of the Scheme: 

  

	 	(a)	the term “lapse” shall mean any of the Conditions becoming incapable of satisfaction and “lapsing” shall be construed accordingly;

  

	 	(b)	the term “withdraw” shall include (i) an application to Court to adjourn Court proceedings on the Scheme either generally without a return date or
to a date after 16 July 2010 and (ii) an adjournment of any shareholders’ meeting either generally without an adjourned date or to a date after 16 July 2010 and “withdrawal” shall be construed accordingly.

  

	3.	General 

  

	3.1	The invalidity, illegality or unenforceability of a provision of this Agreement does not affect or impair the continuance in force of the remainder of this Agreement.

  

	3.2	This Agreement shall be construed in accordance with and governed by the laws of Ireland. The parties submit to the exclusive jurisdiction of the Irish Courts in
relation to any disputes arising out of this Agreement. 

  

	3.3	This Agreement may be executed by the parties on separate counterparts, but shall not be effective until each party has executed at least one counterpart. Each
counterpart shall constitute an original of this Agreement, but the counterparts shall together constitute one and the same instrument. 

  

	3.4	Each party hereto represents and warrants to the other that, assuming due authorisation, execution and delivery by the other party hereto, this Agreement constitutes
the valid and binding obligations of that party. 

  

	3.5	Each party hereto confirms and agrees that no provision of the Transaction Agreement shall supersede, vary or otherwise amend the provisions of this Agreement.

  

	4.	Definitions 

  

	4.1	In this Agreement (including in the Recitals), the following expressions shall have the following meaning: 

 “Acquisition”, the proposed acquisition by SSI of Skillsoft by means of the Scheme, as described in, and on the terms and
conditions of, the Increase Announcement and the Rule 2.5 Announcement; 
 “Act”, the Irish Takeover Panel Act
1997 (as amended); 
 “Acting in Concert”, shall have the meaning given to that term in the Act; 
 “Associate”, shall have the meaning given to that term in the Rules; 
 “Board”, the board of directors of Skillsoft (or, where a director is considered not to be independent for the purposes of
Rule 3 or if restricted from voting on the Scheme or a Competing Offer at a meeting of the Board pursuant to the Articles of Association of Skillsoft, a duly constituted and authorised committee thereof consisting of all other directors);

 “Business Day”, any day, other than a Saturday, Sunday or public holiday in Ireland or the State of New York;

 “SSI’s Group” means SSI and any bodies corporate which are Holding Companies of SSI or Subsidiaries or
subsidiary undertakings, in each of SSI or of any Holding Company of SSI; 
  

 4 

 “Competing Offer”, means any one or more offers by or on behalf of a party
(a “Competing Party”) other than SSI (or an Associate of SSI or a person Acting in Concert with SSI) which is publicly disclosed and which, if completed, would result in the Competing Party (whether alone or with its Associates and
concert parties) holding or controlling more than 50% of: 
  

	 	(i)	the voting and other equity securities of Skillsoft (whether in Skillsoft Shares, Skillsoft ADRs or Skillsoft ADSs); or 

  

	 	(ii)	all or substantially all the assets of Skillsoft; 

 “Competing Party” means a person other than SSI (or an Associate of SSI or a person Acting in Concert with SSI) who alone or with or through others announces a Competing Offer prior to
the withdrawal or lapse of the Scheme; 
 “Conditions”, the conditions to the Scheme and the Acquisition set out
in Appendix I to the Rule 2.5 Announcement, and “Condition” means any one of the Conditions; 
 “Court
Meeting”, the meeting or meetings of the SkillSoft Shareholders (and any adjournment thereof) convened by order of the High Court pursuant to Section 201 of the Companies Act 1963 to consider and, if thought fit, approve the Scheme
(with or without amendment); 
 “Event” means any one or more of the events described in Clause 2.2; 

“First Amending Agreement” means an agreement between SSI and Skillsoft dated as of the date hereof expressed to be the
First Amending Agreement to the Transaction Agreement; 
 “Holding Company”, shall have the meaning given to it
in the Transaction Agreement; 
 “Increase Announcement”, means the announcement to be made by SSI and SkillSoft
pursuant to the Rules increasing the price payable under the Acquisition to US$11.25; 
 “Offer Period”, shall
have the meaning given to it in the Rules; 
 “Panel”, the Irish Takeover Panel; 
 “Reimbursement Payment(s)”, the payment(s) provided for in Clause 2.1; 
 “Rule 2.5 Announcement”, the announcement dated 12 February 2010 made by SSI and SkillSoft pursuant to Rule 2.5 of the
Rules; 
 “Rules”, the Irish Takeover Panel Act, 1997, Takeover Rules, 2007, as amended; 
 “Scheme”, the proposed scheme of arrangement under Section 201 of the Companies Act 1963 and the capital reduction
under Sections 72 and 74 of the Companies Act 1963 to effect the Acquisition, including any revision thereof; 
 “Skillsoft”, Skillsoft plc; 
 “Skillsoft ADRs”, American Depositary Receipts
evidencing Skillsoft ADSs; 
 “Skillsoft ADSs”, American Depositary Shares each representing one Skillsoft Share
and evidenced by Skillsoft ADRs; 
 “Skillsoft Shareholders”, the holders of Skillsoft Shares; 
 “Skillsoft Shares”, the ordinary shares of €0.11 each in the capital of Skillsoft; 
 “Subsidiary”, shall have the meaning given to it in the Transaction Agreement; 
 “subsidiary undertaking”, shall have the meaning given to it in the Transaction Agreement; and 
 “Transaction Agreement”, the transaction agreement between SSI and Skillsoft dated 11 February 2010, as amended by the
First Amending Agreement. 
  

 5 

	4.2	In this Agreement, the expression “offer” shall include: 

  

	 	4.2.1	an offer, scheme of arrangement, contract, merger, redemption, share swap, re-capitalisation or other transaction of any nature whatsoever made by or on behalf of a
party (other than SSI or any party Acting in Concert with SSI) which, if completed, would result in such third party or its Associates holding more than 50% of: 

  

	 	(a)	the voting and other equity securities of Skillsoft; or 

  

	 	(b)	all or substantially all the assets of Skillsoft; and 

  

	 	4.2.2	a merger or other transaction pursuant to SI 137/1987, SI 157/2008, Council Regulation (EC) No 2157/2001 or SI 21/2007. 

  

	4.3	In this Agreement: 

  

	 	4.3.1	reference to the word “person” is deemed to include references to natural persons, firms, partnerships, companies, corporations, associations, bodies
corporate, trusts and investment funds (in each case whether or not having a separate legal personality); 

  

	 	4.3.2	reference to the word “writing” is deemed to include reference to electronic communications such as fax and email. 

  

	4.4	In this Agreement, references to time are to Irish times unless otherwise specified. 

 IN WITNESS whereof the parties have executed these presents the day and year above written. 
  

 6 

			
	 SIGNED
 on behalf of SSI INVESTMENTS III LIMITED
 by its authorised signatory
 in the presence of:
	  	 /S/    IMELDA
SHINE

		  	Authorised Signatory (Signature)
		
		  	 Imelda Shine
 Print name

	 /S/    PAUL EGAN
	  
	Witness (Signature)	  	
		
	 Paul Egan
	  	
	Print name	  	
		
	 South Bank House, Barrow Street, Dublin 4
	  	
	Print address	  	

  

			
	 SIGNED
 on behalf of SKILLSOFT
plc
 by its authorised signatory
 in the presence of:
	  	 /S/    CHARLES E.
MORAN

		  	Authorised Signatory (Signature)
		
		  	 Charles E. Moran
 Print name

	 /S/    GREGORY PORTO
	  
	Witness (Signature)	  	
		
	 Gregory Porto
	  	
	Print name	  	
		
	 15 Rolling Woods Drive
 Bedford, NH 03110
	  	
	Print address

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}]]