Document:

SEPA Sale and Purchase Agreement

 Exhibit 10.5 
  

			
	DATED	 	2008

 CMT EUROPE LIMITED 
 and 
 ASHLEY TALLENTIRE DOWSON 
 and 
 DARRELL ROY FIELDING

  
  
 SALE AND PURCHASE AGREEMENT 
  
  
 

 
 Needham &James 
 Needham and James House 
 Bridgeway 
 Stratford Upon Avon 
 Tel: 0845 630 8833 

			
	THIS AGREEMENT is dated	 	2008

  

	(1)	Ashley Tallentire Dowson of Innisfree 61 Bidborough Ridge Tunbridge Wells Kent TN4 0UU and Darrell Roy Fielding of 2 Station Road Chigwell Essex IG7 6QT (together
‘the Seller’). 

  

	(2)	CMT Europe Limited incorporated and registered in England and Wales with company number 06129995 whose registered office is at St Quivox House 69 Windsor Road Gerrards Cross
Buckinghamshire SL9 7NL (‘the Buyer’). 

 BACKGROUND 
 The Seller has agreed to sell and the Buyer has agreed to buy the Sale Shares subject to the terms and conditions of this Agreement. 
 AGREED TERMS 
  

	1.	INTERPRETATION 

  

	1.1	The definitions and rules of interpretation in this clause apply in this Agreement. 

 Accounts: the abbreviated financial statements of the Company as at and to the Accounts Date, comprising the individual accounts of the Company, including in each case the notes thereon and the Directors’
reports (copies of which are attached to the Disclosure Bundle). 
 Accounts Date: 31 March 2008 
 Business Day: a day (other than a Saturday, Sunday or public holiday) when banks in the City of London are open for business. 
 Buyer’s Solicitors: Needham and James LLP at Needham and James House Bridgeway Stratford upon Avon Warwickshire CV37 6YY 
 CAA 2001: the Capital Allowances Act 2001. 
 Claim and Substantiated Claim: have the meanings set out respectively in clause 6 (Limitations on claims). 
 Company:
The SEPA Consultancy Limited, a company incorporated and registered in England and Wales with company number 05355292 whose registered office is at 5 Underwood Street London N1 7LY further details of which are set out in Schedule 1. 
 Companies Acts: the Companies Act 1985 and the Companies Act 1989 and the Companies Act 2006 
 Completion: completion of the sale and purchase of the Sale Shares in accordance with this Agreement. 
 Completion Date: the date of this Agreement. 
 Connected: in relation to a person, has the meaning contained in section 839 of the ICTA 1988. 
 Control: in relation
to a body corporate, the power of a person to secure that the affairs of the body corporate are conducted in accordance with the wishes of that person: 
  

	 	(a)	by means of the holding of shares, or the possession of voting power, in or in relation to that or any other body corporate; or 

  

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	 	(b)	by virtue of any powers conferred by the constitutional or corporate documents, or any other document, regulating that or any other body corporate, 

 and a Change of Control occurs if a person who controls any body corporate ceases to do so or if another person acquires control of it. 

Director: each person who is a director or shadow director of the Company, the names of whom are set out in Schedule 1. 
 Directors’ Service Agreements: the directors’ service agreements for the Seller in the form annexed hereto to be entered into by the
parties on Completion 
 Disclosed: fully, accurately, clearly and fairly disclosed (with sufficient details to identify the nature and
scope of the matter disclosed) in the Disclosure Bundle. 
 Disclosure Bundle: the replies by the Seller and all documents referred to
in such replies to enquiries raised by the Buyer with the same date as this Agreement and described as the Disclosure Bundle and agreed between the Buyer and the Seller. 
 Encumbrance: any interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, assignment, hypothecation, security, interest, title,
retention or any other security agreement or arrangement. 
 FSMA: the Financial Services and Markets Act 2000.  
 ICTA 1988: the Income and Corporation Taxes Act 1988. 
 IHTA 1984: the Inheritance Tax Act 1984. 
 Intellectual Property Rights: has the meaning given
in paragraph 14.1 of Part 1 of Schedule 3. 
 Management Accounts: the unaudited
consolidated balance sheet and the unaudited consolidated profit and loss account of the Company (including any notes thereon) for the period (a copy of which is attached to the Disclosure Bundle) ending on 30th April 2008 
 Parent Company: Capital Markets Technologies of 200
South Michigan Suite 2100 Chicago IL 60604 being CMT Inc as quoted on the OTC:BB under symbol “CMKT” 
 Previously-owned Land and
Buildings: has the meaning given in paragraph 17.1 of Part 1 of Schedule 3. 
 Properties: has the meaning given in paragraph 17.1
of Part 1 of Schedule 3. 
 Purchase Price: the purchase price for the Sale Shares to be paid by the Buyer to the Seller in accordance
with clause 3. 
  

			
	Sale Shares:	  	3,996 Ordinary Shares of £1 each
		  	1 A Share of £1
		  	1 B Share of £1
		  	1 C Share of £1
		  	1 D Share of £1
		
		  	each in the Company, all of which have been issued and are fully paid.

 Seller’s Solicitors: Thomas Dunton Solicitors at 217/219 High Street Orpington Kent BR6
0NZ 
 Tax Warranties: the Warranties in Part 2 of Schedule 3. 
  

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 TCGA 1992: the Taxation of Chargeable Gains Act 1992. 
 TMA 1970: the Taxes Management Act 1970. 
 Transaction: the transaction contemplated by this Agreement or any part of that transaction. 
 VATA 1994: the Value
Added Tax Act 1994. 
 Warranties: the representations and warranties in clause 5 and Schedule 3. 
  

	1.2	Clause and schedule headings do not affect the interpretation of this Agreement. 

  

	1.3	A person includes a corporate or unincorporated body. 

  

	1.4	Words in the singular include the plural and in the plural include the singular. 

  

	1.5	A reference to one gender includes a reference to the other gender. 

  

	1.6	A reference to a statute or statutory provision is a reference to it as it is in force at the time of this agreement being taking account of any amendment, extension, or
re-enactment and includes any subordinate legislation for the time being in force made under it. 

  

	1.7	Writing or written includes faxes but not e-mail. 

  

	1.8	Documents in agreed form are documents in the form agreed by the parties or on their behalf and initialled by them or on their behalf for identification. 

 

	1.9	References to clauses and schedules are to the clauses and schedules of this Agreement; references to paragraphs are to paragraphs of the relevant schedule.

  

	1.10	References to this Agreement include this Agreement as amended or varied in accordance with its terms. 

  

	2.	SALE AND PURCHASE 

 On the terms of this Agreement, the Seller shall sell as and the Buyer shall buy, with effect from Completion, the Sale Shares, free from all Encumbrances and together with all rights that attach (or may in the future
attach) to them including, in particular, the right to receive all dividends and distributions declared, made or paid on or after the date of this Agreement. 
  

	3.	PURCHASE PRICE 

  

	3.1	The Purchase Price is £3 million, to be satisfied as follows: 

  

	 	3.1.1	On Completion: 

  

	 	3.1.1.1	the sum of £500,000 in cash; and 

  

	 	3.1.1.2	the issue of stock in the Parent Company to a value equal to £500,000 based upon a stock value of $1.05 at the £sterling/$US dollar exchange rate prevailing on the date
of Completion 

 to be divided equally between the Sellers. 
  

	 	3.1.2	On the first anniversary of the date of Completion: 

  

	 	3.1.2.1	the sum of £500,000 in cash; and 

  

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	 	3.1.2.2	the issue of stock in the Parent Company to a value equal to £500,000 based upon the market price of the Parent Company at the date of payment and the £sterling/$US
dollar exchange rate prevailing at such time 

 to be divided equally between the Sellers. 
  

	 	3.1.3	On the second anniversary of the date of Completion: 

  

	 	3.1.3.1	the sum of £500,000 in cash; and 

  

	 	3.1.3.2	the issue of stock in the Parent Company to a value equal to £500,000 based upon the market value of the Parent Company at the date of payment and the £sterling/$US
dollar exchange rate prevailing at such time 

 to be divided equally between the Sellers. 
  

	3.2	If a Directors Service Agreement is at any time in the two years following Completion terminated by one of the Sellers for whatever reason, save as a result of a material breach of
that Directors Service Agreement by the Company then any of the consideration payable under clauses 3.1.2 and 3.1.3 due to the Seller whose Directors Service Agreement has been terminated which has not yet fallen due for payment shall lapse and
shall not be payable by the Buyer 

  

	3.3	If a Directors Service Agreement is at any time in the first two years following completion terminated by the Company for whatever reason other than as a result of a material breach
by that Seller of that Directors Service Agreement then any of the consideration payable under clauses 3.1.1 and 3.1.2 and 3.1.3 which has not yet been paid shall immediately be paid by the Buyer in full to that individual Seller.

  

	4.	COMPLETION 

  

	4.1	Completion shall take place on the Completion Date: 

  

	 	4.1.1	at the offices of the Buyer; or 

  

	 	4.1.2	at any other place or time as agreed in writing by the Seller and the Buyer. 

  

	4.2	At Completion the Seller shall: 

  

	 	4.2.1	deliver or cause to be delivered the documents and evidence set out in Schedule 2; and 

  

	 	4.2.2	deliver any other documents referred to in this Agreement as being required to be delivered by the Seller. 

  

	4.3	At Completion the Buyer shall pay the Purchase Price by telegraphic transfer to the Seller’s Solicitors (who are irrevocably authorised to receive the same) and otherwise in
accordance with clause 3.1. 

  

	4.4	At Completion the Buyer and Seller shall enter into Directors Service Agreements in the agreed form. 

  

	4.5	Within 6 years of the date of this Agreement if the Buyer’s accountants discover any overpayment in respect of any tax paid up to and including the Accounts date, the Buyer
shall use its reasonable endeavours to recover such overpayment from Her Majesty’s Revenue and Custom and shall account on a received basis to the Seller for the sum so recovered. The Seller shall use its reasonable endeavours to assist the
Buyer in reclaiming the overpayment. 

  

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	4.6	On Completion each of the Sellers waive all rights of pre-emption contained in Regulation 6 of the Articles of Association of the Company. 

  

	5.	WARRANTIES 

  

	5.1	The Buyer is entering into this Agreement on the basis of, and in reliance on, the Warranties. 

  

	5.2	The Seller warrants and represents to the Buyer that each Warranty is true, accurate and not misleading on the date of this Agreement. 

  

	5.3	Without prejudice to the right of the Buyer to claim on any other basis or take advantage of any other remedies available to it, if any Warranty is breached or proves to be untrue
or misleading, the Seller shall pay to the Buyer on demand: 

  

	 	5.3.1	the amount necessary to put the Company into the position it would have been in if the Warranty had not been breached after taking account of any relevant tax considerations or had
not been untrue or misleading; and 

  

	 	5.3.2	all reasonable costs and expenses (including, without limitation, damages, claims, demands, proceedings, costs, legal and other professional fees and costs, penalties, expenses and
consequential losses whether directly or indirectly arising) incurred by the Buyer or the Company as a result of such breach or of the Warranty being untrue or misleading (including a reasonable amount in respect of management time).

  

	5.4	Warranties qualified by the expression so far as the Seller is aware (or any similar expression) are deemed to be given to the best of the knowledge, information and belief of the
Seller after it has made all reasonable and careful enquiries. 

  

	5.5	Each of the Warranties is separate and, unless otherwise specifically provided, is not limited by reference to any other Warranty or any other provision in this Agreement.

  

	6.	LIMITATIONS ON CLAIMS 

  

	6.1	The definitions and rules of interpretation in this clause apply in this Agreement. 

 Claim: a claim by the Buyer for breach of any of the Warranties. 
 Substantiated Claim: a Claim
in respect of which liability is admitted by the party against whom such Claim is brought, or which has been adjudicated on by a Court of competent jurisdiction and no right of appeal lies in respect of such adjudication, or the parties are debarred
by passage of time or otherwise from making an appeal. 
 A Claim is connected with another Claim or Substantiated Claim if they all
arise out of the occurrence of the same event or relate to the same subject matter. 
  

	6.2	This clause limits the liability of the Seller in relation to any Claim. 

  

	6.3	The liability of the Seller for all Substantiated Claims when taken together shall not exceed the value of the consideration received by the Seller under clause 3 at the time of any
Claim. 

  

	6.4	The Seller is not liable for any Claim to the extent that the Claim: 

  

	 	6.4.1	relates to matters Disclosed; or 

  

	 	6.4.2	relates to any matter specifically and fully provided for in the Accounts. 

  

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	6.5	The Seller shall not be liable for any claim if and to the extent that: 

  

	 	6.5.1	an allowance provision or reserve in respect of any liability was subject to the Claims made or taken into account or payment or discharge of which was taken into account in or
preparing the accounts to the full amount of such Claim; 

  

	 	6.5.2	it is attributable to or arises as a result of any voluntary act or omission of the Buyer or any person deriving title from it or any group of company after completion done or
suffered outside the ordinary course of business; 

  

	 	6.5.3	it is arising as a result of a change in the law whether retrospectively or not; 

  

	 	6.5.4	it is arising as a result of any change after completion the basis of which the accounts of the Company are prepared or any changes in accounting or taxation practise policies or
principles. 

  

	6.6	The Seller is not liable for a Claim unless the Buyer has given the Seller notice in writing of the Claim, summarising the nature of the Claim as far as it is known to the Buyer and
the amount claimed within the period of 2 years beginning with the Completion Date. 

  

	6.7	Nothing in this clause 6 applies to a Claim that arises or is delayed as a result of dishonesty, fraud, wilful misconduct or wilful concealment by the Seller, its agents or advisers
to the extent that such conduct inhibited such a claim. 

  

	7.	CONFIDENTIALITY AND ANNOUNCEMENTS 

  

	7.1	Except so far as may be required by law, and in such circumstances only after prior consultation with the other party, neither the Buyer nor the Seller shall at any time disclose to
any person or use to the detriment of the Company this Agreement or any trade secret or other confidential information which it holds in relation to the Company and its affairs. 

  

	7.2	No party shall make any announcement relating to this Agreement or its subject matter without the prior written approval of the other party except as required by law or by any legal
or regulatory authority (in which case the parties shall co-operate, in good faith, in order to agree the content of any such announcement so far as practicable prior to it being made). 

  

	8.	FURTHER ASSURANCE 

 The Seller shall (at its expense) promptly execute and deliver all such documents, and do all such things, as the Buyer may from time to time reasonably require for the purpose of giving full effect to the provisions
of this Agreement. 
  

	9.	ASSIGNMENT 

  

	9.1	No party may assign, or grant any Encumbrance or security interest over, any of its rights under this Agreement or any document referred to in it. 

  

	9.2	Each party that has rights under this Agreement is acting on its own behalf. 

  

	10.	WHOLE AGREEMENT 

  

	10.1	This Agreement, and any documents referred to in it, constitute the whole agreement between the parties and supersede any arrangements, understanding or previous agreement between
them relating to the subject matter they cover. 

  

	10.2	Nothing in this clause 10 operates to limit or exclude any liability for fraud. 

  

	11.	VARIATION AND WAIVER 

  

	11.1	Any variation of this Agreement shall be in writing and signed by or on behalf of the parties. 

  

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	11.2	Any waiver of any right under this Agreement is only effective if it is in writing and it applies only to the party to whom the waiver is addressed and to the circumstances for
which it is given and shall not prevent the party who has given the waiver from subsequently relying on the provision it has waived other than to the extent of the waiver. 

  

	11.3	No failure to exercise or delay in exercising any right or remedy provided under this Agreement or by law constitutes a waiver of such right or remedy or shall prevent any future
exercise in whole or in part thereof. 

  

	11.4	No single or partial exercise of any right or remedy under this Agreement shall preclude or restrict the further exercise of any such right or remedy. 

  

	11.5	Unless specifically provided otherwise, rights arising under this Agreement are cumulative and do not exclude rights provided by law. 

  

	12.	COSTS 

 Unless otherwise provided,
all costs in connection with the negotiation, preparation, execution and performance of this Agreement, and any documents referred to in it, shall be borne by the party that incurred the costs. 
  

	13.	NOTICE 

  

	13.1	A notice given under this Agreement: 

  

	 	13.1.1	shall be in writing; 

  

	 	13.1.2	shall be sent for the attention of 

  

	 	13.1.2.1	Philip Walsh (in the case of the Buyer); or 

  

	 	13.1.2.2	Ashley Dowson (in the case of the Seller) 

 to the
respective registered addresses or fax numbers of the Buyer or the Company (or such other address, fax number or person as each party may notify to the others in accordance with the provisions of this clause 14); and 
  

	 	13.1.3	shall be: 

  

	 	13.1.3.1	delivered personally; or 

  

	 	13.1.3.2	sent by fax; or 

  

	 	13.1.3.3	sent by pre-paid first-class post or recorded delivery; or 

  

	 	13.1.3.4	(if the notice is to be served by post outside the country from which it is sent) sent by airmail. 

  

	13.2	A notice is deemed to have been received: 

  

	 	13.2.1	if delivered personally, at the time of delivery; or 

  

	 	13.2.2	in the case of fax, at the time of receipt; or 

  

	 	13.2.3	in the case of pre-paid first class post, recorded delivery, 2 Business days from the date of posting; or 

  

	 	13.2.4	in the case of registered airmail, 4 Business Days from the date of posting; or 

  

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	 	13.2.5	if deemed receipt under the previous paragraphs of this clause 14.2 is not within business hours (meaning 9.00 am to 5.30 pm Monday to Friday on a day that is not a public holiday
in the place of receipt), when business next starts in the place of receipt. 

  

	13.3	To prove service, it is sufficient to prove that the notice was transmitted by fax to the fax number of the party or, in the case of post, that the envelope containing the notice
was properly addressed and posted. 

  

	14.	SEVERANCE 

  

	14.1	If any provision of this Agreement (or part of a provision) is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other
provisions shall remain in force. 

  

	14.2	If any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted, the provision shall apply with whatever modification is
necessary to give effect to the commercial intention of the parties. 

  

	15.	AGREEMENT SURVIVES COMPLETION 

 This Agreement (other than obligations that have already been fully performed) remains in full force after Completion. 
  

	16.	SUCCESSORS 

 The rights and
obligations of the Seller and the Buyer under this Agreement shall continue for the benefit of, and shall be binding on, their respective successors and assigns. 
  

	17.	COUNTERPARTS 

 This Agreement may be
executed in any number of counterparts, each of which is an original and which together have the same effect as if each party had signed the same document. 
  

	18.	GOVERNING LAW AND JURISDICTION 

  

	18.1	This Agreement and any disputes or claims arising out of or in connection with its subject matter are governed by and construed in accordance with the law of England.

  

	18.2	The parties irrevocably agree that the courts of England have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement.

  

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 Schedule 1 The Company 
  

			
	Name:	  	The SEPA Consultancy Limited
		
	Registration number:	  	5355292
		
	Registered office:	  	5 Underwood Street London N1 7LY
		
	Authorised share capital	  	1,000,000 Shares of £1 each divided into:
		
		  	999.996 Ordinary Shares of £1 each
		  	1 A Share of £1
		  	1 B Share of £1
		  	1 C Share of £1
		  	1 D Share of £1
		
	Issued share capital	  	3,996 Ordinary Shares of £1 each
		  	1 A Share of £1
		  	1 B Share of £1
		  	1 C Share of £1
		  	1 D Share of £1
		
	Registered shareholders (and number of Sale Shares held):	  	Ashley Tallentire Dowson shareholder of:
		
		  	1,998 Ordinary Shares of £1 each
		  	1 A Share of £1
		  	1 B Share of £1
		
		  	Darrell Roy Fielding shareholder of:
		
		  	1,998 Ordinary Shares of £1 each
		  	1 C Share of £1
		  	1 D Share of £1
		
	Directors and shadow directors:	  	Ashley Tallentire Dowson
		  	Darrell Roy Fielding
		
	Secretary:	  	David Morris Stroll
		
	Registered charges	  	None

  

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 Schedule 2 Completion 
 What the Seller shall deliver to the Buyer at Completion 
  

	1.	At Completion, the Seller shall deliver or cause to be delivered to the Buyer the following documents and evidence: 

  

	 	1.1	transfers of the Sale Shares executed by the registered holders in favour of the Buyer; 

  

	 	1.2	the share certificates for the Sale Shares in the names of the registered holders or an indemnity in the agreed form for any lost certificates; 

  

	 	1.3	in relation to the Company, the statutory registers and minute books (written up to the time of Completion), the common seal, certificate of incorporation and any certificates of
incorporation on change of name; 

  

	 	1.4	the written resignation, executed as a deed and in the agreed form, of the secretary of the Company 

  

	 	1.5	all title deeds and other documents relating to the Properties as listed in the Disclosure Bundle; 

  

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 Schedule 3 Warranties 
 Part 1. General warranties 
  

	1.	POWER TO SELL THE COMPANY 

  

	1.1	This agreement and the other documents referred to in it constitute (or shall constitute when executed) valid, legal and binding obligations on the Seller in the terms of the
agreement and such other documents. 

  

	1.2	Compliance with the terms of this Agreement and the documents referred to in it shall not breach or constitute a default under any of the following: 

  

	 	1.2.1	any agreement or instrument to which the Seller is a party or by which it is bound; or 

  

	 	1.2.2	any order, judgment, decree or other restriction applicable to the Seller. 

  

	2.	SHARES IN THE COMPANY AND SUBSIDIARIES 

  

	2.1	The Sale Shares constitute the whole of the allotted and issued share capital of the Company and are fully paid. 

  

	2.2	The Seller is the sole legal and beneficial owner of the Sale Shares. 

  

	2.3	The Sale Shares are free from all Encumbrances and no commitment has been given to create an Encumbrance affecting the Sale Shares. 

  

	2.4	No right has been granted to any person to require the Company to issue any share capital and no Encumbrance has been created and no commitment has been given to create an
Encumbrance in favour of any person affecting any unissued shares or debentures or other unissued securities of the Company. 

  

	3.	INFORMATION 

  

	3.1	All information contained in the Disclosure Bundle is complete, accurate and not misleading and gives full Disclosure to the enquiries made of the Seller. 

 

	3.2	The particulars relating to the Company in this Agreement are accurate and not misleading. 

  

	3.3	The Company is not a subsidiary nor a holding company. 

  

	3.4	Save in respect of the contracts referred to in the Disclosure Bundle as being subject to confidentiality clauses there is no information that has not been Disclosed which, if
Disclosed, might reasonably affect the willingness of the Buyer to buy the Sale Shares on the terms of this Agreement. 

  

	4.	COMPLIANCE WITH LAWS 

 The Company has at all times conducted its business in accordance with its memorandum and articles of association and with all applicable laws and regulations. 
  

	5.	INSURANCE 

  

	5.1	There are no material outstanding claims under, or in respect of the validity of, the insurance policy details of which are set out in the Disclosure Bundle and so far as the Seller
is aware, there are no circumstances likely to give rise to any claim under that policy. 

  

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	5.2	The insurance policy is in full force and effect, not void or voidable, nothing has been done or not done which could make it void or voidable and Completion will not terminate, or
entitle any insurer to terminate, such policy. 

  

	6.	POWER OF ATTORNEY 

 There are no powers of attorney in force given by the Company and no person, as agent or otherwise, is entitled or authorised to bind or commit the Company to any obligation not in the ordinary course of the
Company’s business. 
  

	7.	DISPUTES AND INVESTIGATIONS 

  

	7.1	So far as the Seller is aware neither the Company nor any of its respective Directors nor any person for whom the Company is vicariously liable: 

  

	 	7.1.1	is engaged in any litigation, administrative, mediation or arbitration proceedings or other proceedings or hearings before any statutory or governmental body, department, board or
agency (except for debt collection in the normal course of business); or 

  

	 	7.1.2	is the subject of any investigation, inquiry or enforcement proceedings by any governmental, administrative or regulatory body. 

  

	7.2	No such proceedings, investigation or inquiry as are mentioned in paragraph 7.1 of this Schedule 3 have been threatened or are pending and there are no circumstances likely to give
rise to any such proceedings so far as the Seller is aware. 

  

	8.	COMPETITION 

  

	8.1	The definition in this paragraph applies in this Agreement. 

 Competition Law: the national and directly effective legislation of any jurisdiction which governs the conduct of companies or individuals in relation to restrictive or other anti-competitive agreements or practices (including, but
not limited to, cartels, pricing, resale pricing, market sharing, bid rigging, terms of trading, purchase or supply and joint ventures), dominant or monopoly market positions (whether held individually or collectively) and the control of
acquisitions or mergers. 
  

	8.2	So far as the Seller is aware the Company is not engaged in any agreement, arrangement, practice or conduct which amounts to an infringement of Competition Law and no Director is
engaged in any activity which would be an offence or infringement under any such Competition Law. 

  

	9.	CONTRACTS 

  

	9.1	So far as the Seller is aware, except for the agreements and arrangements Disclosed, the Company is not a party to or subject to any agreement or arrangement which:

  

	 	9.1.1	is of a long term, unusual or exceptional nature or restricts the freedom of the Company; or 

  

	 	9.1.2	is not in the ordinary and usual course of business of the Company; or 

  

	 	9.1.3	involves partnership, joint venture, consortium, joint development, shareholders or similar arrangements; or 

  

	 	9.1.4	involves or is likely to involve any material consideration payable by the Company; or 

  

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	 	9.1.5	is not on arm’s length terms. 

  

	9.2	So far as the Seller is aware, each material contract is in full force and effect and binding on the parties to it. 

  

	9.3	No notice of termination of a material contract has been received or served by the Company and there are no grounds for determination, rescission, avoidance, repudiation or a
material change in the terms of any such contract. 

  

	10.	TRANSACTIONS WITH THE SELLER 

  

	10.1	There is no outstanding indebtedness or other liability (actual or contingent) between the Company: 

  

	 	10.1.1	and any director or member of the Company; or 

  

	 	10.1.2	the Seller or any person Connected with the Seller. 

  

	10.2	So far as the Sellers is aware, neither the Seller, nor any person Connected with the Seller, is entitled to a claim of any nature against the Company or has assigned to any person
the benefit of a claim against the Company to which the Seller or a person Connected with the Seller would otherwise be entitled. 

  

	11.	FINANCE AND GUARANTEES 

  

	11.1	No guarantee, mortgage, charge, pledge, lien, assignment or other security agreement or arrangement has been given by or entered into by the Company or any third party in respect of
borrowings or other obligations of the Company. 

  

	11.2	The Company has no outstanding loan capital, or has lent any money that has not been repaid, and there are no debts owing to the Company other than debts that have arisen in the
normal course of business. 

  

	11.3	The Company has not: 

  

	 	11.3.1	factored any of its debts or discounted any of its debts or engaged in financing of a type which would not need to be shown or reflected in the Accounts; or

  

	 	11.3.2	waived any right of set-off it may have against any third party. 

  

	11.4	All debts (less any provision for bad and doubtful debts) owing to the Company are accurately reflected in the Accounts. 

  

	11.5	Full particulars of all money borrowed by the Company (including full particulars of the terms on which such money has been borrowed) has been Disclosed. 

 

	11.6	No indebtedness of the Company is due and payable and no security over any of the assets of the Company is now enforceable. 

  

	12.	INSOLVENCY 

  

	12.1	The Company has not 

  

	 	12.1.1	entered or become subject to any arrangement under the Insolvency Act 1986; nor 

  

	 	12.1.2	stopped paying its debts as they fall due; nor 

  

	 	12.1.3	committed any act of insolvency under the lnsolvency Act 1986. 

  

 13 

	13.	ASSETS 

  

	13.1	The Company is the full legal and beneficial owner of, and has good and marketable title to, all the assets included in the Accounts, any assets acquired since the Accounts Date and
all other assets used by the Company except for those disposed of since the Accounts Date in the normal course of business and such assets are free from any Encumbrance. 

  

	13.2	None of the assets shown in the Accounts or acquired by the Company since the Accounts Date or used by the Company is the subject of any agreement for payment on deferred terms or
is the subject of any licence or factoring arrangement. 

  

	13.3	The Company is in possession and control of all the assets included in the Accounts, or acquired since the Accounts Date and all other assets used by the Company, except for those
Disclosed as being in the possession of a third party in the normal course of business. 

  

	13.4	The assets of the Company are in good working order and have been regularly and properly maintained so far as the Seller is aware. 

  

	14.	INTELLECTUAL PROPERTY 

  

	14.1	The definition in this paragraph applies in this Agreement. 

 lntellectual Property Rights: all patents, rights to inventions, utility models, copyright, trade marks, service marks, trade, business and domain names, rights in trade dress or get-up, rights in goodwill or to sue for passing off,
unfair competition rights, rights in designs, rights in computer software, database rights, topography rights, moral rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in
each case whether registered or unregistered and including all applications for and renewals or extensions of such rights, and all similar or equivalent rights or forms of protection in any part of the world. 
  

	14.2	With the exception of rights in confidential information, no lntellectual Property Rights are owned, used, or held for use by the Company, in connection with any business carried on
by the Company. In relation to rights in confidential information: 

  

	 	14.2.1	So far as the Seller is aware the Company has not disclosed or permitted to be disclosed any such information (other than to the extent necessary in the ordinary course of business
or for the purpose of disclosure to their professional advisers) to any person except the Buyer; and 

  

	 	14.2.2	So far as the Seller is aware the Company does not own rights in any confidential information which may be capable of patent protection or which, if disclosed other than subject to
conditions of confidentiality, might have a material adverse effect on any business carried on by the Company. 

  

	14.3	So far as the Seller is aware the activities of the Company have not infringed, nor are they likely to infringe any lntellectual Property Rights of any third party. No such
activities constitute, have constituted or are likely to constitute, any breach of confidence, passing off or actionable unfair competition in any jurisdiction. No such activities give or have given rise to any obligation to pay any royalty, fee,
compensation or any other sum. 

  

	15.	INFORMATION TECHNOLOGY 

  

	15.1	The definitions in this paragraph apply in this Agreement. 

 IT System: all computer hardware (including network and telecommunications equipment) and software (including associated preparatory materials, user manuals and other related documentation) owned, used, leased or licensed by or in
relation to any business carried on by the Company. 
  

 14 

	15.2	The Company is the owner of the IT System, free from Encumbrances and all other rights exercisable by third parties. The Company has obtained all necessary rights from third parties
to enable it to make exclusive and unrestricted use of the IT System. 

  

	15.3	So far as the Seller is aware the elements of the IT System are functioning satisfactorily for the needs of the Business 

  

	16.	EMPLOYMENT 

  

	16.1	The definitions in this paragraph apply in this Agreement. 

 Employment Legislation: legislation applying in England and Wales affecting contractual or other relations between employers and their employees or workers, including but not limited to any legislation and any amendment, extension or
re-enactment of such legislation and any claim arising under European treaty provisions or directives enforceable against the Company or any of the Subsidiaries by any Employee or Worker. 
 Employee: any person employed by the Company under a contract of employment. 
 Worker: any person who personally performs work for the Company but who is not in business on their own account or in a client/customer
relationship. 
  

	16.2	The name of each person who is a Director is set out in Schedule 1. 

  

	16.3	The Disclosure Bundle includes anonymised details of all Employees and Workers of the Company, the particulars of each Employee and Worker and the principal terms of each contract
including: 

  

	 	16.3.1	their remuneration (including any benefits and privileges provided or which the Company is bound to provide to them or their dependants, whether now or in the future);

  

	 	16.3.2	the commencement date of each contract and, if an Employee, the date on which continuous service began; 

  

	 	16.3.3	the length of notice necessary to terminate each contract, or if a fixed term, the expiry date of the fixed term and details of any previous renewals; 

  

	 	16.3.4	the type of contract (whether full or part-time or other); and 

  

	 	16.3.5	date of birth; 

  

	16.4	The Disclosure Bundle includes anonymised details of all persons who are not Workers and who are providing services to the Company under an agreement which is not a contract of
employment with the Company (including, in particular, where the individual acts as a consultant or is on secondment from a company) and the particulars of the terms on which the individual provides services. 

  

	16.5	No notice to terminate the contract of employment of any Employee or Worker of the Company (whether given by the relevant employer or by the Employee or Worker) is pending,
outstanding or threatened and no dispute under any Employment Legislation or otherwise is outstanding between the Company and any of the current or former Employees or Workers relating to the relevant contract, its termination and any reference
given by the Company regarding them. 

  

	16.6	No questionnaire has been served on the Company by an Employee or Worker under any Employment Legislation which remains unanswered in full or in part. 

  

 15 

	16.7	No offer of employment or engagement has been made by the Company that has not yet been accepted, or which has been accepted but where the employment or engagement has not yet
started. 

  

	16.8	All contracts between the Company and their Employees and Workers are terminable at any time on three months’ notice or less without compensation (other than for unfair
dismissal or a statutory redundancy payment) or any liability other than wages, commission or pension. 

  

	16.9	The Company is not a party to, bound by or proposing to introduce in respect of any of its Directors or Employees any redundancy payment scheme in addition to statutory redundancy
pay, and there is no agreed procedure for redundancy selection. 

  

	16.10	The Company is not a party to, bound by or proposing to introduce in respect of any of its Directors, Employees or Workers any share option, profit sharing, bonus, commission or any
other scheme relating to the profit or sales of the Company. 

  

	16.11	The Company has not incurred any actual or contingent liability in connection with any termination of employment of its Employees (including redundancy payments) or for failure to
comply with any order for the reinstatement or re-engagement of any Employee. 

  

	16.12	The Company has not made or agreed to make a payment or provided or agreed to provide a benefit to a present or former Director, officer, Employee or Worker or to their dependants
in connection with the actual or proposed termination or suspension of employment or variation of an employment contract. 

  

	16.13	The Company is not involved in any material industrial or trade dispute or negotiation regarding a claim with any trade union, group or organisation of employees or their
representatives representing Employees or Workers and there is nothing likely to give rise to such a dispute or claim. 

  

	16.14	There are no sums owing to or from any Employee or Worker other than reimbursement of expenses, wages for the current salary period and holiday pay for the current holiday year.

  

	16.15	The Company has not offered, promised or agreed to any future variation in the contract of any Employee or Worker. 

  

	16.16	In respect of each Employee and Worker, the Company has: 

  

	 	16.16.1	performed all obligations and duties it is required to perform (and settled all outstanding claims), whether or not legally binding and whether arising under contract, statute, at
common law or in equity or under any treaties including the EC Treaty or laws of the European Community or otherwise; 

  

	 	16.16.2	maintained adequate, suitable and up to date records. 

  

	16.17	No Director, Employee or Worker has any rights in respect of any pension scheme. 

  

	17.	PROPERTY 

  

	17.1	The definitions in this paragraph apply in this Agreement. 

 Previously-owned Land and Buildings: any land and buildings that has or have, at any time before the date of this Agreement, been owned (under whatever tenure) and/or occupied and/or used by the Company, but which are either:

 (a) no longer owned, occupied or used by the Company, or 
 (b) owned, occupied or used by the Seller but pursuant to a different lease, licence, transfer or conveyance. 
  

 16 

 Properties: the leasehold land and buildings, short particulars of which are set out in Schedule 4
and includes any part or parts of them and Property means any one of them or any part or parts of any one of them. 
  

	17.2	The Company owns no freehold property. 

  

	17.3	The particulars of the Properties set out in Schedule 4 are true, complete and accurate. 

  

	17.4	The Properties are the only land and buildings owned, used or occupied by the Company. 

  

	17.5	The Company has no right of ownership, right to use, option, right of first refusal or contractual obligation to purchase or any other legal or equitable right affecting any land
and buildings other than the Properties. 

  

	17.6	The Company has no actual or contingent liability in respect of Previously-owned Land and Buildings. 

  

	17.7	The Company has not given any guarantee or indemnity for any liability relating to any of the Properties, any Previously-owned Land and Buildings or any other land and buildings
other than as set out in the Disclosure Bundle. 

  

	17.8	All written replies given by or on behalf of the Seller or the Company to any written enquiries by or on behalf of the Buyer in relation to the Properties were complete and accurate
at the date they were given and would still be complete and accurate if the replies were instead being given on the Completion Date. 

  

	18.	ACCOUNTS 

  

	18.1	The Accounts have been prepared in accordance with the Companies Acts and with accounting standards, policies, principles and practices generally accepted in the UK and in
accordance with the law and give a true and fair view of the commitments, financial position and affairs of the Company as at the Accounts Date and of the profit and loss of the Company for the financial year ended on that date.

  

	18.2	The Accounts: 

  

	 	18.2.1	make proper and adequate provision or reserve for all bad and doubtful debts, for depreciation on fixed assets and for liabilities (including contingent liabilities) and Taxation
(including deferred Taxation); 

  

	 	18.2.2	do not overstate the value of current or fixed assets; and 

  

	 	18.2.3	do not understate any liabilities (whether actual or contingent). 

  

	18.3	The Accounts are not affected by any unusual or non-recurring items or any other factor that would make the financial position and results shown by the Accounts unusual or
misleading in any material respect. 

  

	18.4	The Management Accounts have been prepared on a basis consistent with that employed in preparing the Accounts and fairly represent the assets and liabilities and the profits and
losses of the Company as at and to the date for which they have been prepared. 

  

	19.	ACCOUNTING, FINANCIAL AND OTHER RECORDS 

  

	19.1	All accounting, financial and other records of the Company (including the statutory books of the Company): 

  

	 	19.1.1	have been properly prepared, filed and maintained; 

  

 17 

	 	19.1.2	constitute an accurate record of all matters required by law to appear in them; 

  

	 	19.1.3	do not contain any material inaccuracies or discrepancies; 

  

	 	19.1.4	are in the possession of the Company; and 

  

	 	19.1.5	comply with all applicable laws. 

  

	19.2	No notice has been received or allegation made that any of those records are incorrect or should be rectified. 

  

	20.	CHANGES SINCE ACCOUNTS DATE 

 Since the Accounts Date: 
  

	 	20.1	the Company has conducted its business in the normal course and as a going concern; 

  

	 	20.2	there has been no material adverse change in the turnover, financial position or prospects of the Company nor the loss of any supplier or customer; 

  

	 	20.3	The Company has not issued or agreed to issue any share or loan capital; 

  

	 	20.4	no dividend or other distribution of profits or assets has been, or agreed to be, declared, made or paid by the Company other than as set out in the Disclosure Bundle;

  

	 	20.5	The Company has not borrowed or raised any money or taken any form of financial security and no capital expenditure has been incurred on any individual item by the Company and the
Company has not acquired, invested or disposed of (or agreed to acquire, invest or dispose of) any individual item owned by the Company; and 

  

	 	20.6	no shareholder resolutions of the Company have been passed other than as routine business at an annual general meeting; 

 Part 2. Tax warranties 
  

	1.	GENERAL 

  

	1.1	So far as the Seller is aware all notices, returns (including any land transaction returns), reports, accounts, computations, statements, assessments and registrations and any other
necessary information submitted by the Company to any Taxation Authority for the purposes of Taxation have been made on a proper basis, were punctually submitted, were accurate and complete when supplied and remain accurate and complete in all
material respects and none of the above is, or is likely to be, the subject of any material dispute with any Taxation Authority. 

  

	1.2	So far as the Seller is aware all Taxation (whether of the United Kingdom or elsewhere) for which the Company is or has been liable or is liable to account for has been duly paid
(insofar as such Taxation ought to have been paid). 

  

	1.3	So far as the Seller is aware the Company has not made any payments representing instalments of corporation tax pursuant to the Corporation Tax (Instalment Payments) Regulations
1998 in respect of any current or preceding accounting periods and is not under any obligation to do so. 

  

	1.4	So far as the Seller is aware the Company has not paid within the past seven years ending on the date of this Agreement, or will become liable to pay, any penalty, fine, surcharge
or interest charged by virtue of the provisions of the TMA 1970 or any other Taxation Statute as a consequence of any action or inaction up to completion. 

  

 18 

	1.5	The Company has not within the past 12 months been subject to any visit, audit, investigation, discovery or access order by any Taxation Authority and the Seller is not aware of any
circumstances existing which make it likely that a visit, audit, investigation, discovery or access order will be made in the next 12 months. 

  

	1.6	The amount of Taxation chargeable on the Company during any accounting period ending on or within the six years before Completion has not, to any material extent, depended on any
concession, agreements or other formal or informal arrangement with any Taxation Authority. 

  

	1.7	So far as the Seller is aware all transactions in respect of which any clearance or consent was required from any Tax Authority have been entered into by the Company after such
consent or clearance has been properly obtained, any application for such clearance or consent has been made on the basis of full and accurate disclosure of all relevant material facts and considerations, and all such transactions have been carried
into effect only in accordance with the terms of the relevant clearance or consent. 

  

	1.8	So far as the Seller is aware the Company has duly submitted all claims, disclaimers and elections the making of which has been assumed for the purposes of the Accounts and none of
such claims, disclaimers or elections are likely to be disputed or withdrawn. 

  

	1.9	The Disclosure Bundle contains full particulars of all matters relating to Taxation in respect of which the Company is or at Completion will be entitled to:

  

	 	1.9.1	make any claim (including a supplementary claim), disclaimer or election for relief under any Taxation Statute or provision; and/or 

  

	 	1.9.2	appeal against any assessment or determination relating to Taxation; and/or 

  

	 	1.9.3	apply for a postponement of Taxation. 

  

	1.10	So far as the Seller is aware the Company is not or will not become liable to make to any person (including any Taxation Authority) any payment in respect of any liability to
Taxation of any other person where that other person fails to discharge liability to Taxation to which he is or may be primarily liable. 

  

	2.	CHARGEABLE GAINS 

 The
book value shown or adopted for the purposes of the Accounts as the value of each of the assets of the Company on the disposal of which a chargeable gain or allowable loss could arise does not exceed the amount which on a disposal of such asset at
the date of this Agreement would be deductible under section 38 of TCGA 1992. 
  

	3.	CAPITAL ALLOWANCES 

  

	3.1	So far as the Seller is aware no balancing charge under the CAA 2001 (or any other legislation relating to capital allowances) would be made on the Company on the disposal of any
pool of assets (that is, all those assets whose expenditure would be taken into account in computing whether a balancing charge would arise on a disposal of any of those assets) or of any asset not in such a pool, on the assumption that the
disposals are made for a consideration equal to the book value shown in or adopted for the purpose of the Accounts for the assets in the pool or (as the case may be) for the asset. 

  

	3.2	So far as the Seller is aware no event has occurred since the Accounts Date (otherwise than in the ordinary course of business) whereby any balancing charge may fall to be made
against, or any disposal value may fall to be brought into account by, the Company under the CAA 2001 (or any other legislation relating to capital allowances). 

  

 19 

	4.	DISTRIBUTIONS 

  

	4.1	So far as the Seller is aware no distribution or deemed distribution within the meaning of sections 209, 210 or 211 of ICTA 1988 has been made (or will be deemed to have been made)
by the Company after 5 April 1965 except dividends shown in their accounts and in the Disclosure Bundle and the Company is not bound to make any such distribution. 

  

	4.2	So far as the Seller is aware no rents, interest, annual payments or other sums of an income nature paid or payable by the Company or which the Company is under an existing
obligation to pay in the future are or may be wholly or partially disallowable as deductions, management expenses or charges in computing profits for the purposes of corporation tax. 

  

	4.3	So far as the Sellers is aware the Company has not within the period of seven years preceding Completion been engaged in, nor been a party to, any of the transactions set out in
sections 213 to 218 (inclusive) of ICTA 1988, nor has it made or received a chargeable payment as defined in section 218(1) of ICTA 1988. 

  

	5.	CLOSE COMPANIES GROUP RELIEF AND GROUP OF COMPANIES 

 The Company is not a closed company has not applied for group relief and is not part of a group of companies for any purpose
whatsoever. 
  

	6.	COMPANY RESIDENCE AND OVERSEAS INTERESTS 

  

	6.1	The Company has within the past seven years been resident in the United Kingdom for corporation tax purposes and has not at any time in the past seven years been treated for the
purposes of any double taxation 

  

	7.	ANTI-AVOIDANCE 

  

	7.1	All transactions or arrangements made by the Company have been made on fully arm’s length terms and there are no circumstances in which section 770A of, or Schedule 28AA to,
ICTA 1988 or any other rule or provision could apply causing any Taxation Authority to make an adjustment to the terms on which such transaction or arrangement is treated as being made for Taxation purposes. 

  

	7.2	The Company has not at any time been a party to or otherwise involved in a transaction or series of transactions in relation to which advisers considered that there was a risk that
the Company or relevant Subsidiary could be liable to taxation as a result of the principles in W.T Ramsey Limited v IRC (54 TC 101) or Furniss v Dawson (55 TC 324), as developed in subsequent cases. 

  

	8.	INHERITANCE TAX 

  

	8.1	The Company has not made any transfer of value within sections 94 and 202 of the IHTA 1984, nor has it received any value such that liability might arise under section 199 of the
IHTA 1984, nor has it been a party to associated operations in relation to a transfer of value as defined by section 268 of the IHTA 1984. 

  

	8.2	There is no unsatisfied liability to inheritance tax attached to or attributable to the Sale Shares or any asset of the Company and none of them are subject to any Inland Revenue
charge as mentioned in section 237 and 238 of the IHTA 1984. 

  

	8.3	No asset owned by the Company, nor the Sale Shares, are liable to be subject to any sale, mortgage or charge by virtue of section 212(1) of the IHTA 1984. 

 

 20 

	9.	VAT 

  

	9.1	The Company is a taxable person and is duly registered for the purposes of VAT with quarterly prescribed accounting periods, such registration not being pursuant to paragraph 2 of
Schedule 1 to the VATA 1994 or subject to any conditions imposed by or agreed with HM Customs & Excise and the Company is not (nor are there any circumstances by virtue of which they may become) under a duty to make monthly payments on
account under the Value Added Tax (Payments on Account) Order 1993. 

  

	9.2	So far as the Seller is aware the Company has complied with all statutory provisions, rules, regulations, orders and directions in respect of VAT. 

  

	9.3	So far as the Seller is aware all supplies made by the Company are taxable supplies and the Company has not been or will be denied full credit for all input tax by reason of the
operation of sections 25 and 26 of the VATA 1994 and regulations made thereunder or for any other reasons and no VAT paid or payable by the Company is not input tax as defined in section 24 of the VATA 1994 and regulations made thereunder.

  

	9.4	The Company is not or has not been for VAT purposes a member of any group of companies and no act or transaction has been effected in consequence whereof the Company is or may be
held liable for any VAT arising from supplies made by another company and no direction has been given nor will be given by HM Customs & Excise under Schedule 9A to the VATA 1994 as a result of which the Company would be treated for the
purposes of VAT as a member of a group. 

  

	9.5	The Company does not own or has at any time within the period of ten years preceding the date hereof owned any assets which are capital items subject to the capital goods scheme
under Part XV of the VAT Regulations 1995. 

  

	9.6	The Company has not made any claim for bad debt relief under section 36 of the VATA 1994 and there are no existing circumstances by virtue of which any refund of VAT obtained or
claimed may be required to be repaid or there could be a claw back of input VAT from any Company under section 36(4) of the VATA 1994. 

  

 21 

 Schedule 4 Leasehold properties 
  

			
	Description of the Property	  	Ground Floor Office 30 Watling Street London EC4M 9BR
		
	Owner	  	Lombard Street Research Limited
		
	Registered/unregistered (and title number)	  	
		
	Contractual date of termination of lease	  	Period of 2 Years from 1 July 2007
		
	Rent	  	£20,000 per annum, payable quarterly in advance
		
	Deposit	  	£10,000 held by Owners solicitor
		
	Occupier	  	The SEPA Consultancy Limited
		
	Use	  	Offices
		
	Terms of Lease	  	As set out in letter dated 21.05.07 from the Owner to Darrell Fielding. Memorandum dated 29.06.07 between the Owner and the Occupier. Notice dated 08.06.07 from the Owner excluding S.24-28 of
the LLTA 1954. Declaration of A Dowson dated 25.06.07

  

 22 

					
	Signed as a deed by the said	  		  	
	Ashley Tallentire Dowson	  		  	
			
	in the presence of	  		  	
			
	Signature	  	 /s/ C S Stickels
	  	
	Name	  	Miss C S Stickels	  	
	Address	  	 1 Crispe Close
 Rainham
 Kent ME8 9RU
	  	
			
	Occupation	  	PA	  	
			
	Signed as a deed by the said	  		  	
	Darrell Roy Fielding	  		  	
			
	in the presence of	  		  	
			
	Signature	  	 /s/ C S Stickels
	  	
		  	Miss C S Stickels	  	
	Name	  	1 Crispe Close	  	
	Address	  	 Rainham
 Kent ME8 9RU
	  	
			
	Occupation	  	PA	  	
			
	Signed as a deed by the duly authorised signatories of CMT Europe Limited	  		  	
		  	Director	  	
			
		  	  
	  	
		  	Company Secretary	  	

  

 23Second Amended and Restated Employment Agreement

 Exhibit 10.1 
 SECOND AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 This Second Amended and Restated Employment Agreement (this “Agreement”) is dated October 22, 2008 and is effective as of August 27,
2008 (the “Effective Date”), by and between Nobel Learning Communities, Inc., a Delaware corporation (“Nobel Learning”) and George Bernstein, an individual (“Executive”), and amends and restates that certain Amended and
Restated Employment Agreement dated April 12, 2007 as further amended on May 8, 2008. 
 Background 
 Executive is currently employed as Chief Executive Officer of Nobel Learning, and is responsible for the functions and duties assigned to this position,
and Nobel Learning wishes to assure itself of the continued services of Executive, and, upon the conditions hereinafter provided, Executive and Nobel Learning are prepared to enter into this Agreement. 
 Terms 
 Now, therefore, in consideration of
the premises and mutual covenants and obligations hereinafter set forth, intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Employment; Scope of Duties. 
 1.1 Subject to and upon the terms and conditions set forth herein, Nobel Learning
hereby continues the employment of Executive in the capacity of Chief Executive Officer, and Executive hereby accepts such employment and agrees to continue to render his services exclusively to Nobel Learning, its subsidiaries and affiliates
(collectively, the “Company”), in such capacity, and faithfully, diligently and to the best of his ability. Executive will continue to perform those duties and responsibilities which are not inconsistent with Executive’s position or
this Agreement, as may from time to time reasonably be specified by Nobel Learning’s Board of Directors (the “Board”). Executive’s management responsibilities shall include the general management of the affairs of Nobel Learning,
including hiring, firing, capital commitments, budgeting, leases, major contracts, financings, borrowings and determinations of salaries and bonuses of employees and officers, subject to approval of the Board where required. Executive will continue
to be responsible for the efficient performance of such duties and responsibilities and will at all times operate within the policies and procedures, and use Executive’s best efforts to carry out the goals, guidelines and budgets, now or
hereafter established by the Board. Executive will report directly to the Board. 
 1.2 Subject to and upon the terms and conditions set
forth herein, Executive will continue to devote all of Executive’s full business and professional time, energy and skill exclusively to the service of the Company and to the promotion of its interests in accordance with the duties and
responsibilities assigned to him by the Board, and will not render services of a business, professional or commercial nature to any other person or entity, whether for compensation or otherwise; provided, however, that the foregoing shall not be
construed as preventing Executive from (a) making investments in other businesses or enterprises which do not provide services in competition with those provided by the Company; provided such investments do not require the provision of other
than incidental services by Executive to the operation or affairs of such businesses or enterprises; or (b) serving (with the consent of the 

 
Board, such consent not to be unreasonably withheld) on the board of for-profit, community or nonprofit organizations which do not provide services in
competition with those provided by the Company; provided further that, in the case of both clauses (a) and (b) of this Section 1.2, the provision thereof will not interfere with the performance of Executive’s duties hereunder.
Upon request of Nobel Learning, if Executive is duly elected or appointed, Executive shall serve, without additional compensation, as an officer or a director of Nobel Learning and/or such of Nobel Learning’s subsidiaries or affiliates as may
from time to time be requested by the Board; provided, however, that Executive shall have no obligation to accept election or appointment as an officer or a director prior to Nobel Learning providing “director and officer” insurance
coverage to Executive for each instance. 
 2. Term. The term of Executive’s employment commenced on July 28, 2003 and will
end on July 28, 2009, unless and until terminated earlier pursuant to the provisions of Section 7.1 of this Agreement (said period during which Executive is employed full time pursuant to this Agreement, the “Current Employment
Period”). At the end of the Current Employment Period, the Agreement shall automatically renew for additional one-year periods unless the Nobel Learning provides written notice of its intent to terminate the Agreement not later than sixty
(60) days prior to the expiration of the then-current term (each such period during which Executive is employed full time, the “Renewal Employment Period,” and collectively with the Current Employment Period, the “Employment
Period”). 
 3. Compensation. As compensation and consideration for Executive’s services and responsibilities under the
Agreement, during the Employment Period, Nobel Learning will pay Executive, and Executive will accept, the compensation and benefits set forth in this Section 3. All amounts paid to Executive hereunder shall be subject to all applicable
federal, state and local wage withholding. 
 3.1 Base Salary. Nobel Learning shall pay to Executive a gross salary at the annual rate of
Three Hundred Seventy Three Thousand Dollars ($373,000) (“Base Salary”) payable at such intervals as Nobel Learning pays the salaries of its executives generally (currently every two weeks), but not less frequently than monthly.

 3.2 Bonuses. 
 (a) Executive
shall be eligible for an annual bonus, calculated on a fiscal year basis, according to a bonus plan to be established annually by the Compensation Committee of the Board, in its sole discretion, such plan to incorporate projects and/or financial
objectives determined by the Compensation Committee of the Board in conjunction with Executive as part of Nobel Learning’s annual business planning process; provided, that such bonus plan shall allow Executive to earn a bonus based on
achievement of established goals for Executive’s performance set forth in the Company’s business plan; provided further that the target for each such bonus shall be 100% of Executive’s Base Salary for the year; provided further that
notwithstanding the foregoing, there shall be no limit on the potential bonus that Executive may receive. 
 (b) The bonus with respect to
any fiscal year shall be payable within 30 days of the date that Nobel Learning receives from its auditors such auditor’s report on its financial 

  

 2 

 
statements for such fiscal year, and shall not be payable to Executive, nor be deemed to have accrued, unless Executive is employed by Nobel Learning on the
date the bonus would otherwise be paid; provided, however, that in the event that Executive is employed by Nobel Learning on the last day of such fiscal year, and prior to the date the bonus would otherwise be paid, Nobel Learning terminates
Executive’s employment pursuant to Section 7.1(d) not in connection with a Change of Control, or Executive terminates Executive’s employment for Good Reason pursuant to Section 7.1(e) not in connection with a Change of Control,
such bonus (if any) shall be deemed to be payable to Executive, and to have accrued, on the last day of Executive’s employment with Nobel Learning. 
 3.3 Stock Options. Executive will be eligible for grants of additional stock options based on performance at the sole discretion of the Compensation Committee of the Board. 
 3.4 Car Allowance. Executive will be provided an $8,400 per year car allowance to cover all car expenses, including gasoline; provided, that in the case
of trips to a destination which is 100 miles or more from Nobel Learning’s home office, Executive will be reimbursed for the cost of gasoline relating to the trip (subject to Section 4 and the restrictions described at Section 14.4).
Such car allowance shall be paid proportionately in each pay period. 
 3.5 Vacation. Executive will be entitled to four (4) weeks
vacation for each year of the Employment Period beginning on July 28 of each year and ending on the anniversary date thereof. All vacation periods requested must be approved by Nobel Learning’s Compensation Committee of the Board, such consent
not to be unreasonably withheld. Vacation is on a “use or lose” basis, which means that carryover from year to year will not be permitted. Vacation balances will be forfeited if not used by the applicable anniversary date of the first day
of the Employment Period. 
 3.6 Sick Leave. Executive will receive sick days in accordance with Nobel Learning’s policies in effect,
from time to time, for its senior executive management personnel. 
 3.7 Other Benefits. Executive shall be entitled to participate in all
group health, group life insurance, short term disability, long term disability, hospital, medical plans, retirement plans and director’s and officer’s liability insurance, all according to Nobel Learning’s policies in existence from
time to time generally for executive management personnel (or as may be decided by the Compensation Committee of the Board if said items are discretionary with Nobel Learning). Such plans currently include: 
 (a) 75% payment by Nobel Learning of family medical insurance (currently provided by AETNA Healthcare (as the Executive elects) (with dental coverage
available for an extra premium payable by Executive); 
 (b) the Nobel Learning Communities 401(k) Savings Plan (in which Executive will
become eligible to participate upon the first open enrollment period occurring after one year of service); provided, that participation may be limited by Federal laws relating to the participation level of lower wage earners; 
 (c) tuition reimbursement (the current features of which include the requirement that courses be job-related and pre-approved, that reimbursement is
limited to a 

  

 3 

 
specified maximum amount and that a minimum grade be achieved as a condition to reimbursement); 
 (d) term life insurance equal to one (1) times Executive’s Base Salary, with the opportunity to purchase additional coverage at
Executive’s cost; 
 (e) short-term disability insurance that extends coverage for period of 26 weeks at a rate of 65% of
Executive’s Base Salary with a maximum weekly benefit of $325; 
 (f) long-term disability insurance, as provided generally to other
senior executives of Nobel Learning; 
 (g) 100% educational scholarship at any Company school for any of Executive’s children; and

 (h) director’s and officer’s liability insurance with respect to claims made against Executive arising from the performance of
his duties as a director and/or officer of the Company. 
 3.8 Reserved. 
 3.9 Reserved. 
 3.10 Adjustments to
Compensation. Executive’s compensation will be reviewed annually each year on such date as is determined by the Compensation Committee of the Board, such review to be conducted by the Compensation Committee of the Board. However, any adjustment
shall be in the sole discretion of the Compensation Committee of the Board and nothing contained herein shall in any manner obligate Nobel Learning to make any increase or provide any additional compensation to Executive. 
 4. Reimbursement of Expenses. Subject to the restrictions described at Section 14.4, Nobel Learning shall reimburse Executive for reasonable
business expenses incurred by Executive in connection with the performance of Executive’s duties hereunder upon timely submission by Executive of appropriate vouchers or itemized statements thereof prepared in compliance with such rules
relating thereto as Nobel Learning may from time to time adopt (which rules may include the requirement that the Executive receive advance approval of such expenses) and as may be required in order to permit such payments as proper deductions to
Nobel Learning under the Code. 
 5. Location and Facilities. Executive shall be entitled to an office appropriate to his position and
such secretarial services as are reasonably necessary to the performance of his duties. Executive shall be based only at the home office of Nobel Learning (currently located in West Chester, Pennsylvania), and Executive’s services shall be
rendered there except insofar as travel may be involved in connection with Executive’s regular duties. 
  

 4 

 6. Photographs. In the event that Executive is photographed by Nobel Learning during the
Employment Period, for the Company’s commercial purposes, Executive agrees that Executive’s image may thereafter be used for the Company’s commercial purposes, and executive’s name may be attributed thereto. Executive’s
compensation fully stated herein, includes full and complete payment for all of the above and Executive hereby waives any further compensation or royalties. 
 7. Termination. 
 7.1 Early Termination of Employment Period. Notwithstanding Section 2, the
Employment Period shall sooner terminate upon the close of business on the earliest to occur of the dates specified below (the “Termination Date”): 
 (a) the date of Executive’s death; 
 (b) the date upon which Nobel Learning shall have given Executive
written notice of the termination of his employment hereunder for “Disability” (as defined in Section 7.2); 
 (c) the date
upon which Nobel Learning shall have given Executive written notice of the termination of his employment for Cause (as defined in Section 7.3); 
 (d) the date upon which Nobel Learning shall have given Executive written notice of the termination of his employment without Cause; or 
 (e) the date upon which Executive shall have given Nobel Learning written notice of the termination of Executive’s employment for “Good Reason” (as defined in Section 9). 
 In the event of termination of Executive’s employment with Nobel Learning for any reason, Executive agrees to resign, and shall automatically be deemed to have
resigned, with no further action required, from his membership on the Board and any committees thereof, effective as of the date of such termination of employment or effective at such later date selected by the Board. 
 7.2 Definition of Disability. For purposes of this Agreement, the term “Disability” means (a) a condition that entitles Executive to long
term disability benefit under the Company’s long term disability plan, if any, or, if there is no such plan, (b) Executive’s being unable substantially to perform his “essential duties” (which shall include any travel
requirements) with or without reasonable accommodation and either (i) such situation persists for a period of 180 days in any 365 day period, or (ii) in the opinion of a Pennsylvania licensed physician, Executive is so disabled or
incapacitated and he is unlikely to be able substantially to perform his “essential duties” with or without reasonable accommodation within 180 days. Determination of Disability under (b) and the date thereof shall be reasonably made
by Nobel Learning, relying on certificates of physicians, and Nobel Learning’s decision shall be conclusive and binding, in the absence of fraud. If Nobel Learning so requests, Executive will submit to an examination by a Pennsylvania licensed
physician with expertise or knowledge of the type of disabling condition from which Executive allegedly suffers for the purpose of verifying whether the provisions of this Section 7.2 are applicable. If Executive refuses to cooperate in
submitting to an examination 

  

 5 

 
as requested by Nobel Learning, Executive shall immediately be deemed Disabled. (Executive acknowledges that this Section 7.2 sets forth only the
condition for which Executive may be terminated by Nobel Learning for Disability, and that Nobel Learning is not required to pay (although it may pay) Executive for periods not worked in excess of vacation and sick days utilized, except as may be
required by applicable law or to the extent that Executive receives benefits under Nobel Learning’s short-term disability or long-term disability policies.) 
 7.3 Definition of Cause. For purposes of this Agreement, the term “Cause” includes, but is not limited to, any one of the following conditions or events: 
 (a) Executive’s habitual intoxication or drug addiction; 
 (b) violation of Nobel Learning’s written policies, procedures or codes including, without limitation, those with respect to harassment (sexual or otherwise) and ethics; 
 (c) refusal or failure by Executive to perform such duties as may reasonably be delegated or assigned to him, consistent with his position, by the Board;

 (d) willful refusal or willful failure by Executive to comply with any requirement of the Securities and Exchange Commission or any
securities exchange or self-regulatory organization then applicable to Nobel Learning; 
 (e) willful or wanton misconduct by Executive in
connection with the performance of his duties including, without limitation, breach of fiduciary duties; 
 (f) the breach by Executive
(whether due to inattention, neglect, or knowing conduct) of any of the material provisions of this Agreement (including, without limitation, Sections 1.2, 11 and 12; 
 (g) Executive is convicted of, pleads guilty, no contest or nolo contendere to, or admits or confesses to any felony, or any act of fraud, misappropriation, embezzlement or any misdemeanor involving moral turpitude;

 (h) Executive’s dishonesty detrimental to the best interest of the Company; or 
 (i) involvement in any matter which, in the opinion of the Board, is reasonably likely to cause material prejudice or embarrassment to the Company’s
business; 
 provided, that, in the case of clauses (c), (e) or (f) of this Section 7.3, there shall not be Cause unless Nobel Learning has
first given Executive written notice specifying in reasonable detail the circumstances which Nobel Learning believes gives rise to Cause for termination and Executive has failed to remedy the same to the reasonable satisfaction of the Board within
fifteen (15) days after the date of such notice, or unless the condition or event is not subject to cure, or a substantially similar condition or event has been the subject of a prior notice by Nobel Learning within the twelve (12) months
preceding such notice. 
  

 6 

 7.4 Effect of Early Termination on Compensation. 
 (a) Except as expressly provided in Section 7.4(b), if the Employment Period is terminated for any reason (including by reason of Executive’s
death or Disability), Executive shall be entitled to receive only the compensation provided for under Section 3.1 accrued but unpaid as of the effective date of termination (the “Termination Date”), and all benefits shall terminate as
of the Termination Date (except to the extent otherwise provided by law or under the terms of Nobel Learning’s benefit plans and policies then in effect and applicable to Executive). 
 (b) If, during the Employment Period, Nobel Learning terminates Executive’s employment pursuant to Section 7.1(d), which shall include a
termination as a result of non-renewal pursuant to Section 2, or Executive terminates Executive’s employment for Good Reason pursuant to Section 7.1(e), Nobel Learning shall (subject to the limitations set forth in this
Section 7.4(b) and in Section 7.5) provide benefits pursuant to one (and only one) of Section 7.4(b)(i) or Section 7.4(b)(ii), as follows: 
 (i) If such termination by Nobel Learning, or such termination for Good Reason by Executive, occurs within one year following any “Change of Control” (as defined in Section 8), Nobel Learning shall
provide the following benefits to Executive: 
  

	 	(1)	Salary. Nobel Learning shall pay Executive an amount equal to three times Executive’s current Base Salary in a single lump sum payment. Such lump sum payment shall be paid to
Executive within thirty (30) days following the date Executive delivers an executed Waiver and Release to Nobel Learning (as described in Section 7.4(d)), but no later than March 15 following the calendar year in which the Termination
Date occurs. 

  

	 	(2)	Bonus. Executive shall be entitled to a pro rata portion of a bonus award under any annual bonus program of Nobel Learning in which Executive participates. The pro rata portion of
the bonus award will be determined based on the annual bonus paid or payable to Executive for the most recently completed “performance period” multiplied by a fraction. The numerator of the fraction is the number of months from the start
of the current performance period through the end of the month in which Executive’s Termination Date occurs. The denominator of the fraction is the total number of months in the current performance period. Nobel Learning shall pay the pro rata
portion of the bonus award in a single lump sum payment at the same time as the payment described in Section 7.4(b)(i)(1). 

  

 7 

	 	(3)	Group Health Benefits. Executive shall be entitled to participate in Nobel Learning’s medical, dental, vision, and any other group health benefit programs for a period of 36
months on the same terms as he participated immediately prior to the Termination Date. The last day of such 36-month period will constitute the date of Executive’s “termination of employment” and his participation in those programs
will terminate in accordance with their respective terms. If during the 36-month period, Executive becomes re-employed with another Nobel Learning and he and his dependents are eligible to receive any of the benefits referenced in this
Section 7.4(b)(i)(3) under another Nobel Learning’s plans, Nobel Learning’s obligations under this section shall be reduced to the extent comparable coverage or benefits are actually received by Executive following Executive’s
termination by Nobel Learning, and Executive shall promptly report to Nobel Learning any such coverage or benefits actually received by Executive. 

  

	 	(4)	Other Benefit Plans. Executive may continue to participate in the other benefit plans listed in Section 3.7 for a period of 36 months to the extent that such plans permit
participation following termination of employment. Executive shall vest in any defined contribution and deferred compensation plans in accordance with the terms set forth in such plans. 

 To the extent that continued coverage following Executive’s Termination Date under a benefit plan described in Section 7.4(b)(i)(3) or (4) which is not a
bona fide disability pay plan or death benefit plan (within the meaning of Section 409A of the Code and the regulations thereunder) (“Section 409A”) is taxable to the Executive, the following rules shall apply to the provision of such
benefits pursuant to this paragraph: (A) if Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, Executive shall pay the full cost of such benefit for the first six months following the
Termination Date and shall be reimbursed by the Employer for such costs (net of any applicable cost-share for coverage the Executive would otherwise be obliged to pay), with interest at the short-term applicable federal rate, within thirty
(30) days of the end of such six-month period; and (B) if any such benefit plan consists of the reimbursement of expenses, the making of such reimbursements shall conform to the restrictions described at Section 14.4. 
 (ii) If such termination occurs, other than pursuant to Section 7.4(b)(i), (A) by Nobel Learning at or prior to the end of the Employment
Period, or (B) by Executive for Good Reason pursuant to Section 7.1(e) prior to the end of the Employment Period, Nobel Learning shall continue to pay Executive the compensation provided for pursuant to Section 3.1 and to provide the
benefits referenced in Section 3.7 other than Section 3.7(b), until the date which is 12 months from the date of termination. 

  

 8 

 
Payment of salary continuation as described above shall commence as of the pay date for the first payroll period that begins following the Termination Date
(provided the Executor has executed and delivered the Waiver and Release (see Section 7.4(d))) or, if later, the date of the Executive’s execution and delivery of the Waiver and Release. Executive shall also be entitled to a pro rata
portion of a bonus award under any annual bonus program of Nobel Learning in which Executive participates. The pro rata portion of the bonus award will be determined based on the annual bonus paid or payable to Executive for the most recently
completed “performance period” multiplied by a fraction. The numerator of the fraction is the number of months from the start of the current performance period through the end of the month in which Executive’s Termination Date occurs.
The denominator of the fraction is the total number of months in the current performance period. Nobel Learning shall pay the pro rata portion of the bonus award in a single lump sum payment. Such lump sum payment shall be paid to Executive within
thirty (30) days following the date Executive delivers an executed Waiver and Release to Nobel Learning (as described in Section 7.4(d)), but no later than March 15 following the calendar year in which the Termination Date occurs. 
 (c) If, following termination of Executive’s employment pursuant to Sections 7.1(d) or 7.1(e), Executive becomes re-employed with another company
and he and his dependents are eligible to receive any of the benefits referenced in Sections 3.7 under another employer’s plans, Nobel Learning’s obligations under Section 7.4(b) shall be reduced to the extent comparable coverage or
benefits are actually received by Executive following Executive’s termination by Nobel Learning, and Executive shall promptly report to Nobel Learning any such coverage or benefits actually received by Executive. 
 (d) As a condition to the receipt of any compensation or benefits set forth in Section 7.4(b), Executive and Nobel Learning shall execute the Waiver
and Release in the form substantially similar to that attached hereto as Exhibit A. Executive shall deliver the Waiver and Release to Nobel Learning as described therein. No compensation or benefits under this Agreement will be paid to Executive
before Nobel Learning receives the fully executed Waiver and Release and the expiration of any revocation period described in the Waiver and Release. 
 (e) Following termination of Executive’ s employment pursuant to Sections 7.1(d) or 7.1(e), Executive shall be entitled to senior executive outplacement services at the Nobel Learning’s expense until the
date which is twelve months from Termination Date. Such outplacement services shall be reasonable in amount, and reimbursement of expenses for such services shall conform to the restrictions described at Section 14.4. 
 (f) If the value of any compensation (in whatever form) provided pursuant to this Agreement or otherwise, other than payments under Section 3.9, is
counted as a “parachute payment” within the meaning of Code Section 280G(b)(2), and the value of all such parachute payments, other than payments under Section 3.9, would exceed 299% of the “base amount” applicable to
the Executive under Code Section 280G, then the amount of such compensation shall be reduced to the extent necessary so that the sum of such parachute payments (other than payments under Section 3.9) equals exactly 299% of the
Executive’s base amount. After taking into account any reduction in payments under the previous sentence, if it is determined that any payment under this Agreement or otherwise is subject to the excise tax required under Code Section 4999,
then the Executive shall receive an additional payment (a “gross-up payment”) in an amount equal to (1) the then tax rate under Code Section 4999, multiplied by the total amounts subject to the excise tax required under Code
Section 4999 including the gross-up payment, plus (2) the total FICA, Medicare, federal, state and local taxes due on the gross-up payment. The gross-up payment shall be paid to Executive no later than the end of the calendar year
following the calendar year in which Executive remits the Code Section 4999 excise tax to which the gross-up payment relates. 
  

 9 

 7.5 Limitations on Compensation Upon Early Termination. 
 (a) Executive is not required to mitigate the amount of any payments to be made by Nobel Learning pursuant to this Agreement by seeking other employment
or otherwise. 
 (b) Any compensation that Executive is entitled to receive pursuant to Section 7.4(b) shall supersede and replace Nobel
Learning’s obligations to Executive under any other severance plan of Nobel Learning. 
 (c) If Executive violates any of the provisions
of Section 12, Executive shall repay the payment made pursuant to Section 7.4(b) and forfeit any future benefits provided under this Agreement, excluding the lesser of (i) twenty percent of his total payment under Section 7.4(b)
or (ii) $5,000. The retained amount shall be deemed to be continuing consideration for signing and not revoking the release. 
 8.
Change of Control. As used in this Agreement, a “Change of Control” shall be deemed to have taken place if (a) any “person” becomes the “beneficial owner” (as such terms are defined in the Securities
Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder) of shares of Nobel Learning having 50% or more of the total number of votes that may be cast for the election of directors of Nobel Learning;
or (b) there occurs any cash tender or exchange offer for shares of Nobel Learning, merger or other business combination, or sale of assets, or any combination of the foregoing transactions, and as a result of or in connection with any such
event persons who were directors of Nobel Learning before the event shall cease to constitute a majority of the Board or of the board of directors of any successor to Nobel Learning. 
 9. Good Reason. As used in this Agreement, “Good Reason” shall mean the occurrence of any of the following events, without
Executive’s consent: (a) a material reduction in the gross amount of Executive’s Base Salary as adjusted; (b) the breach by Nobel Learning of any of the material provisions of this Agreement; (c) a material diminution in
Executive’s position, duties or responsibilities under this Agreement which would include, but would not be limited to, being the CEO of a division of a public or non-public company or reporting to a person other than the Board of Directors;
(d) an actual reassignment of Executive’s principal place of business to other than Nobel Learning’s corporate headquarters (wherever such corporate headquarters may then be located) which represents a material change in the
geographic location at which Executive performs services; (e) an actual change in the location of Nobel Learning’s corporate headquarters by more than 50 miles following a Change of Control; or (f) the failure of Nobel Learning to
obtain the assumption in writing of its obligations to perform this Agreement by any successor within thirty (30) days following any sale of all or substantially all of its assets. Notwithstanding anything to the contrary set forth above, in
the cases of the foregoing clauses (b) through (f) of this Section 9, there shall not be Good Reason unless Executive has first given Nobel Learning written notice specifying in reasonable detail the circumstances which Executive
believes give rise to Good Reason, and Nobel Learning has failed to remedy the same within thirty (30) days after the date of such notice. Executive’s notice as aforesaid must be given no later than forty-five (45) days after
following the initial existence of the circumstances which Executive believes give rise to Good Reason. Nobel Learning shall have a period of thirty (30) days from the date of its receipt of the notice to 

  

 10 

 
remedy the circumstances that Executive has determined causes Good Reason to exist, to the reasonable satisfaction of Executive (the “remediation
period”). Nobel Learning shall notify Executive within ten (10) days whether it agrees or disagrees with Executive’s determination that the event specified in the notice constitutes Good Reason and whether it will exercise, or waive,
its right to remedy the condition within the aforesaid remediation period. If Nobel Learning waives its right to remedy the condition, or if Nobel Learning attempts to remedy the condition but Executive notifies the Nobel Learning in writing within
seven (7) days of the close of the remediation period (including any extension of the remediation period that the parties may agree to in writing) that the remediation is not satisfactory, Executive may terminate his employment for Good Reason
on the date specified in the notice (or such later date as the Executive and Nobel Learning may mutually agree in writing) provided that Good Reason, as defined herein, continues to exist, and further provided that Executive’s termination of
employment shall in no event take place later than two years following the initial existence of the circumstances giving rise to Good Reason. 
 10. Expiration of Employment Period. Neither party shall be under any obligation to renew Executive’s employment with Nobel Learning. Notwithstanding any of the foregoing to the contrary, Executive’s covenants under
Section 12 shall continue so long as he is employed by, or provides consulting services to, the Company and for any additional periods specified therein. 
 11. Executive Representations. Executive represents and warrants to the Company that he is not a party to or bound by any agreement, arrangement or understanding, written or otherwise, which prohibits or in any
manner restricts his ability to enter into and fulfill his obligations under this Agreement and/or to be employed by and serve Nobel Learning in an executive capacity. Executive will indemnify and hold harmless the Company from any claims,
liabilities, damages, costs or expenses (including legal fees and costs, regardless of whether suit be brought) resulting from third-party claims of any such conflict or breach. 
 12. Certain Covenants of Executive. 
 12.1 Intellectual Property. All rights in and to any and all inventions, ideas, techniques, methods, developments, works, improvements and other forms of intellectual property (“Intellectual Property”), whether or not patentable,
which Executive (either alone or in conjunction with others) conceives, makes, obtains or reduces to product or practice or commences so to do during his employment with Nobel Learning are and shall be the sole and absolute property of Nobel
Learning, as “work made for hire”. The foregoing shall not apply to Intellectual Property unrelated to any subject matter of actual or potential concern or interest to the Company which is not conceived, made, obtained or reduced to
product or practice in the course of Executive’s employment or with the use of the time, material or facilities of the Company. Executive will make full and prompt disclosure to Nobel Learning of all Intellectual Property and, at Nobel
Learning’s request and expense but without additional compensation to Executive, will at any time or times execute and deliver such foreign and domestic patent, trademark or copyright applications, assignments and other papers and take such
other action (including, without limitation, testifying in any legal proceedings) as Nobel Learning considers necessary to vest, perfect, defend or maintain Nobel Learning’s rights in and to such Intellectual Property. 
  

 11 

 12.2 Nondisclosure of Confidential Information. 
 (a) Executive shall not, during the period that Executive is employed by, or provides consulting services to, the Company, or at any time thereafter,
unless authorized to do so in writing by Nobel Learning, directly or indirectly disclose or permit to be known to, or used for the benefit of, any person or entity (outside of the employ of the Company), or himself, any “Confidential
Information” acquired by him during the course of or as an incident to his employment or association with the Company, regardless of whether pursuant to this Agreement. As used in this Agreement, the term “Confidential Information”
shall include, but not be limited to, all trade secrets, confidential or proprietary knowledge or information with respect to the conduct or details of the Company’s businesses including, but not limited to, lists of customers or suppliers of
the Company’s businesses, business strategies, operating plans, acquisition strategies (including the identities of (and any other information concerning) possible acquisition candidates), pro forma financial information, market analyses,
acquisition terms and conditions, personnel information, pricing strategies, budgets, business files and records, trade secrets, curricula, processes, costs, designs, marketing methods, protected health information, strategies or any other
financial, educational, curricular or other information about the Company’s businesses or curricula not in the public domain. Confidential Information shall not include any information which (i) is generally available to the public as of
the Effective Date, (ii) becomes generally available to the public after the Effective Date, provided that such public disclosure did not result, directly or indirectly, from any act, omission or fault of Executive, or (iii) becomes
available to Executive, after the date of expiration or termination of his employment or any consultancy with the Company, on a non-confidential basis from a source other than the Company, or any of its agents, provided that such source is not bound
to the Company or its representatives by agreement, fiduciary duty or otherwise not to disclose such information. 
 (b) All Confidential
Information shall be the exclusive property of Nobel Learning, and Executive shall use his best efforts to prevent any publication or disclosure thereof. All correspondence, memoranda, notes, records, reports, plans and other papers and items
delivered to Executive by Nobel Learning shall also be the exclusive property of Nobel Learning. Upon termination of Executive’s employment with Nobel Learning, Executive shall immediately return to Nobel Learning all of Nobel Learning’s
property (whether in written, electronic or other form) then in Executive’s possession or control, and will not retain any copies, extracts or notations of the same. 
 12.3 Nonsolicitation and Nondisparagement. During the period that Executive is employed by Nobel Learning or provides consulting services to the Company and for an additional period of two (2) years thereafter,
Executive shall not, directly or indirectly, either for Executive or for any other person or business entity, (a) employ, or enter into any consultancy arrangement with, any person who was on the Company’s payroll on the date of
Executive’s termination of employment or consultancy or one (1) year prior to that date, take any action to solicit the employment of any such person, or direct or encourage any person to take any such action; (b) contact any
supplier, customer, or employee of Nobel Learning for the purpose of soliciting or diverting any such supplier, customer, or employee from Nobel Learning, or otherwise interfering with the business relationship of Nobel Learning with any of the
foregoing individuals or organizations; or (c) make any disparaging statements concerning the Company, 

  

 12 

 
the Company’s businesses, or its officers, directors or employees, that could injure, impair or damage the Company’s relationships. 
 12.4 Restrictive Covenant. During the period that Executive is employed by Nobel Learning or provides consulting services to the Company and, if
Executive is terminated for any reason other than for Cause, for an additional period of two (2) years thereafter, Executive shall not, directly or indirectly, operate, manage, own, control, be employed by, provide consulting services to, or in
any way be connected with or be concerned with (i) any pre-school, private school, child care center or program or day camp of any type, (ii) any for-profit or nonprofit business which provides educational services of the nature provided
by the Company, in each case, where services are provided within 25 miles of any place where the Company now or hereafter offers or plans to offer services; provided however, that nothing contained in this Section 12.4 shall prohibit Executive
from (A) classroom teaching at any level (provided, that such activities do not violate the provisions of Section 1.2 during the Employment Period), or (B) owning in the aggregate less than 2% of the publicly traded stock of any
company. If Executive is terminated for Cause, the geographic radius of this Section 12.4 shall be increased to 200 miles. 
 12.5
Return of Nobel Learning Property. Executive shall return to Nobel Learning, on or before his Termination Date, all property of Nobel Learning including, but not limited to, home office equipment, cell phones, credit cards, computers, computer
disks, computer access codes, computer programs, keys, card key passes, instruction manuals, documents, business plans, files, records, and any copies thereof and other property or materials which he received or prepared or helped to prepare in
connection with his employment with Nobel Learning, and he hereby assigns to Nobel Learning all right, title, and interest in such property, and any other inventions, discoveries, or works of authorship created by Executive during the course of his
employment. 
 12.6 Survival. The provisions of this Section 12 shall survive the expiration or termination, for any reason, of the
Employment Period and of this Agreement, and shall continue, in the case of Sections 12.1 and 12.2, without limitation, and, in the case of Sections 12.3 and 12.4, for the period contemplated therein (including any extended period as provided in
Section 12.7). 
 12.7 Remedies. Executive acknowledges that if he breaches his promises set forth in this Section 12, the Company
will suffer irreparable damages, the amount of which will be impossible to ascertain and which cannot be reasonably or adequately compensated in an action of law. Accordingly, notwithstanding Section 13, in addition to all other remedies under
this Agreement, the Company shall be entitled as a matter of right to injunctive relief, including specific performance, with respect to any such breach or violation, in any court of competent jurisdiction; provided, however, that nothing herein
shall be deemed to constitute consent by Executive to an ex parte proceeding. The remedies granted to the Company in this Agreement are cumulative and are in addition to remedies otherwise available to the Company at law or in equity. If the Company
is obliged to resort to the courts for the enforcement of a covenant of Executive contained in Sections 12.3 or 12.4, such covenant shall be extended for a period of time equal to the period of such breach, which extended period will commence on the
later to occur of (i) the date on which the original (unextended) term of such covenant is scheduled to 

  

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terminate, or (ii) the date of the final court order (without further right of appeal) enforcing such covenant. To the extent that any statutes
providing for discovery in any action to enforce any of the covenants or obligations of this Section 12.4 delay the time in which any party may initially propound, request or serve any discovery, the parties waive such provisions of such
statutes. Executive will not seek, and hereby waives any requirement for, the securing of posting of a bond or proving actual damages in connection with the Company’s seeking or obtaining any injunctive or equitable relief in connection with
Executive’s covenants or other obligations under this Section 12. If, despite the foregoing waivers, a court would nonetheless require the posting of a bond, the parties agree that a bond in the amount of $25,000 would be a fair and
reasonable amount, particularly in light of the difficulty in quantifying what the actual loss caused by an injunction would be. Executive consents to in personam jurisdiction and venue in each of the United States District Court for the Eastern
District of Pennsylvania and the Court of Common Pleas of Chester County, Pennsylvania, and waives the right to contest in personam jurisdiction and venue in such courts. 
 13. Arbitration of Certain Disputes. Any and all controversies or claims arising out of or relating to this Agreement, or the breach thereof, or any other claim by Executive against the Company arising from the
employment of Executive or the termination of Executive’s employment, including without limitation, claims alleging violation of Title VII of the Civil Rights Act of 1964, 42 U.S.C. Sections 2000e, et seq., the Age Discrimination in Employment
Act, 29 U.S.C. Section 621, et seq., the Americans with Disabilities Act, 42 U.S.C. Section 12101 et seq., the Family and Medical Leave Act, 29 U.S.C. Section 2601, et seq., any statutes of any state, and any contract or any principle
of state or federal common law, shall be settled by arbitration administered by the American Arbitration Association under its Employment Dispute Resolution Rules. Judgment on the award rendered by the arbitrator(s) may be entered in any court
having jurisdiction thereof. The procedure established by this Section 13 shall be the exclusive method for resolution of such disputes. Copies of the American Arbitration Association Employment Discrimination Resolution Rules are available
through Nobel Learning’s Human Resources Department and may be obtained upon request. Any request or demand for arbitration of any dispute covered by this Section 13 shall be filed with the American Arbitration Association no later than
300 days after the event which gave rise to the claim. Notwithstanding the foregoing, the Company may seek injunctive relief in any court of law in connection with an alleged violation of any provision of Section 12, as provided in
Section 12.6. 
 14. Miscellaneous. 
 14.1 Binding Effect. This Agreement shall be binding upon Executive, his personal representatives and distributees and upon Nobel Learning and its successors and assigns; provided that this Agreement shall be
assignable by Nobel Learning to an affiliate or any person or entity which may become a successor in interest to Nobel Learning in the business presently operated by it or which may acquire all or substantially all of Nobel Learning’s assets or
a majority of Nobel Learning’s voting capital stock. This Agreement is a personal services contract and may not be assigned by Executive. As used in this Agreement, the term “affiliate” shall mean any entity that directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with Nobel Learning, or is a successor of Nobel Learning. 
  

 14 

 14.2 Survival of Certain Provisions. It is expressly understood by the parties that certain provisions,
rights, and obligations pursuant to this Agreement are expressly meant to survive the expiration or termination of the Employment Period and this Agreement and shall be given full effect pursuant to their terms. 
 14.3 Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be delivered by hand or be sent by
certified mail or overnight courier addressed to Executive at his address set forth in the first paragraph of this Agreement or to Nobel Learning at Nobel Learning Communities, Inc., 1615 West Chester Pike, West Chester, PA 19382-7956, Attn.
Chairman of the Board, with a copy to Nobel Learning Communities, at the same address, Attn: General Counsel, or to such other address as either of such parties may designate in a written notice served upon the other party in the manner provided
herein. Any such notice shall become effective upon being mailed or, in the case of delivery by hand or overnight courier, upon receipt. 
 14.4 Conditions for Reimbursement. Any benefit payable hereunder that is in the nature of a reimbursement shall be subject to the following restrictions: (a) the amount of expenses eligible for reimbursement during any calendar year
shall not affect the expenses eligible for reimbursement in any other calendar year, (b) the reimbursement of an eligible expense shall be made as soon as practicable after the Executive submits the request for reimbursement including any
applicable documentation, but not later than December 31 following the calendar year in which the expense was incurred, and (c) Nobel Learning’s obligation to reimbursement Executive hereunder for expenses is not subject to
liquidation or exchange for another benefit. 
 14.5 Separation from Service (Section 409A of the Code). Notwithstanding any provision of
this Agreement to the contrary, any benefit or payment that is due upon termination of Executive’s employment under this Agreement and that represents a “deferral of compensation” within the meaning of Section 409A shall only be
paid or provided to Executive upon a “separation from service” as defined in Section 409A. 
 14.6 Governing Law. This
Agreement is made and delivered in the Commonwealth of Pennsylvania and shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to principles of conflict of laws. 
 14.7 Prevailing Party. Should any party default in performance of any of the terms and conditions of this Agreement which results in a claim for damages,
specific performance or other remedy, the prevailing party in such action shall be entitled to its reasonable attorneys’ fees and costs and court or arbitration costs from the nonprevailing party. For the purposes of this Section 14.5, in
any action with respect to the enforcement of a covenant set forth in Section 12, the Company shall be deemed to have prevailed if any such covenant is materially enforced in part, even if the applicable court exercises its discretion to limit
or reduce the duration or scope thereof or enforces only certain of such covenants. 
 14.8 Entire Agreement; Modifications. This instrument
contains the entire agreement of the parties relating to the subject matter hereof, and there are no agreements, representations or warranties not herein set forth. This Agreement supersedes any prior written or oral 

  

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agreement or understanding relating to the subject matter hereof, including without limitation that certain Severance Agreement dated as of April 12, 2007,
which agreement is hereby terminated and of no further force and effect. No modification of this Agreement shall be valid unless in writing and signed by the parties hereto. A waiver of the breach of any term or condition of this Agreement shall not
be deemed to constitute a waiver of any subsequent breach of the same or any other term or condition. 
 14.9 Severability; Savings Clause.
If any term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be held invalid or unenforceable by a court of competent jurisdiction, the remainder of this Agreement or the application of
any such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest
extent permitted by law. If any of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, scope, activity or subject, it shall be construed by limiting and reducing it, so as to be valid and
enforceable to the extent compatible with the applicable law or the determination by a court of competent jurisdiction. 
 14.10 Attorney
Review. Executive acknowledges that this Agreement will have important legal consequences and imposes significant requirement on Executive, including, without limitation, the obligation to refrain from certain activities after the expiration or
termination of his employment or consultancy with Nobel Learning. Accordingly, Executive acknowledges that Nobel Learning has recommended that he retain legal counsel to review this Agreement and that he has been provided with adequate time to
obtain such review. 
 14.11 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all
of which together shall constitute one and the same instrument. 
 14.12 Headings. The section and other headings in this Agreement are for
the convenience of the parties only and are not intended to be a part of, or to affect the meaning or interpretation of, this Agreement. 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Agreement the date and year first written above.

  

			
	NOBEL LEARNING COMMUNITIES, INC.
		
	By:	 	 /s/ David L. Warnock

		 	David L. Warnock, Chairman of the
		 	Compensation Committee of the
		 	Board of Directors
	
	EXECUTIVE:
	
	 /s/ George Bernstein

	George Bernstein

  

 17 

 EXHIBIT A 
 WAIVER AND RELEASE 
 I am terminating my employment with Nobel Learning Communities, Inc., or one of
its subsidiaries or affiliates, (collectively, “Nobel Learning”). Nobel Learning and I have entered into a Second Amended and Restated Employment Agreement, dated as of September     , 2008 (the “Employment
Agreement”), to which this Waiver and Release is attached as an exhibit. My Employment Agreement provides for, among other things, certain additional compensation, benefits, and rights in connection with the termination of my employment. In
consideration for the receipt of the compensation and additional benefits, I acknowledge and agree to the following: 
 1. I have been told by
Nobel Learning and I understand that all benefits set forth in my Employment Agreement from Nobel Learning are conditioned upon my signing and not revoking this Waiver and Release (“this Release” or “the Release”) on or after my
Termination Date (as that term is defined in the Employment Agreement), and returning it to Nobel Learning at Nobel Learning Communities, Inc., 1615 West Chester Pike, West Chester, PA 19382-7956, Attention: Chairman of the Board. I have been told
by Nobel Learning and I understand that I must sign and return this Release on or after my Termination Date so that it is received at the above address by the close of business on the later of (a) the thirtieth day (or if that thirtieth day is
not a business day, the first business day next following such thirtieth day) after my Termination Date, or (b) the forty-fifth day (or if that forty-fifth day is not a business day, the first business day next following such forty-fifth day)
after I have been given this Release to review (the “Release Due Date”). If I do not sign this Release or if I sign this Release, but it is not received by Nobel Learning until after the close of business on the Release Due Date, I shall
not be considered to have satisfied the conditions under my Employment Agreement for receipt of benefits or payments. 
 2. I realize that
there are various state, local, and federal laws that prohibit, among other things, employment discrimination on the basis of age, sex, race, color, gender, creed, religion, sexual preference/orientation, marital status, national origin, mental or
physical disability, veteran status, and that these laws are enforced through the Equal Employment Opportunity Commission (“EEOC”), Department of Labor (“DOL”) and State or Local Human Rights agencies. Such laws include, without
limitation, Title VII of the Civil Rights Act of 1964; the Family and Medical Leave Act of 1993 (“FMLA”); the Age Discrimination in Employment Act of 1964 (“ADEA”); the Americans with Disabilities Act of 1990 (“ADA”);
the Employee Retirement Income Security Act of 1974 (“ERISA”); 42 U.S.C. Section 1981; the Equal Pay Act; as each may have been amended; and other state and local human or civil rights laws as well as other statutes which regulate
employment; and the common law of contracts and torts. I hereby waive and release any right I may have under these or any other laws with respect to my employment and termination of employment at Nobel Learning and acknowledge that Nobel Learning
has not (a) discriminated against me, (b) breached any contract with me, (c) committed any civil wrong (tort) against me, or (d) otherwise acted unlawfully toward me. 
 I also hereby waive any right to become, and promise not to consent to become, a member of any class in a case in which claims are asserted against any
Releasee (as 

  

 18 

 
defined in Paragraph 3 below) that are related in any way to my employment or the termination of my employment with Nobel Learning, and that involve events
which have occurred as of the date of this Release (defined to mean the date on which Executive signs this Release). If, without my prior knowledge and consent, I am made a member of a class in any proceeding, I shall opt out of the class at the
first opportunity afforded to me after learning of my inclusion. In this regard, I agree that I will execute, without objection or delay, an “opt-out” form presented to me either by the court in which such proceeding is pending or by
counsel for any Releasee who is made a defendant in any such proceeding. 
 3. On behalf of myself, my heirs, executors, administrators,
successors and assigns, I hereby unconditionally release and discharge Nobel Learning, the various Nobel Learning benefit committees, plans, trusts and trustees, and their successors, assigns, affiliates, shareholders, directors, officers,
representatives, agents and employees (collectively “Releasees” and individually “Releasee”) from any and all claims, (including claims for attorneys’ fees and costs), charges, actions and causes of action, demands, damages,
and liabilities of any kind or character, in law or equity, suspected or unsuspected, past or present, that I ever had, may now have, or may later assert against any Releasee, arising out of or related to my employment or termination of employment
with Nobel Learning. To the fullest extent permitted by law, this Release includes, but is not limited to: (a) claims arising under ADEA, Title VII, the ADA, the Equal Pay Act, the Older Workers Benefit Protection Act, the Worker Adjustment and
Retraining Notification Act, ERISA, the FMLA, the ADA, 42 U.S.C. Section 1981, and any other federal, state, or local law prohibiting age, sex, race, color, gender, creed, religion, sexual preference/orientation, marital status, national
origin, mental or physical disability, veteran status, or any other form of unlawful discrimination or claim with respect to or arising out of my employment with or termination from Nobel Learning; (b) claims (whether based on common law or
otherwise) arising out of or related to any contract or employment agreement (whether express or implied); (c) claims under any federal, state or local constitutions, statutes, rules or regulations; (d) claims (whether based on common law
or otherwise) arising out of any kind of tortious conduct (whether intentional or otherwise) including, but not limited to, wrongful termination, defamation, violation of public policy; and (e) claims included in, related to, or which could
have been included in any presently pending federal, state or local lawsuit filed by me or on my behalf against any Releasee, which I agree to immediately dismiss with prejudice. This Release is intended to include in its effect, without limitation,
claims and causes of action of which I am not aware or that I do not suspect to exist in my favor at the time of executing this Release and this Release contemplates extinguishment of all such claims and causes of action. 
 4. I covenant and agree not to bring any action, suit or administrative proceeding contesting the validity of this Release or attempting to negate,
modify or reform it, nor to sue any Releasee for any reason arising out of my employment or termination thereof, other than a claim contesting the validity of this Release under applicable provisions of ADEA. If I breach either Paragraph 3 or 4 of
this Release, I shall: (a) to the extent not prohibited by law, promptly return to Nobel Learning all consideration received hereunder, and (b) pay any Releasee all of their actual attorneys’ fees and costs incurred in each such
action, suit, or other proceeding, including any and all appeals or petitions therefrom, regardless of the outcome. I agree to pay such expenses within thirty days of written demand. This Paragraph 4 is not intended to limit me from instituting
legal action according to the terms of my Employment 

  

 19 

 
Agreement for the sole purpose of a claim for benefits to which I am entitled under my Employment Agreement. 
 I understand that this Release has neither the purpose nor intent of interfering with my protected right to file a charge with or participate in an
investigation or proceeding pursuant to the statutes administered and enforced by the EEOC, specifically: the ADEA, the Equal Pay Act, Title VII of the Civil Rights Act of 1964 and the ADA. 
 I understand that I will not breach this Release if I file a charge with or participate in an investigation or proceeding pursuant to the statutes
administered and enforced by the EEOC. However, by signing this Release, I understand that I waive any right I may have to recover money or other relief in any lawsuit or proceeding brought by me or by an agency or third party, including the EEOC,
on my behalf. 
 5. I understand that this in no way affects any benefits to which I would be entitled in the absence of my Employment
Agreement under any benefit plan in which I participated during my employment, but specifically excluding any other Nobel Learning plan providing for severance or other termination-related benefits. 
 6. I have no knowledge of any wrongdoing involving improper or false claims against a federal or state governmental agency, other than as I have
disclosed to the Nobel Learning Compliance Officer. 
 7. I affirm my obligations under Section 12 of the Employment Agreement.

 8. This Release shall be governed by and construed in accordance with Pennsylvania law, without giving effect to its principles or rules
of conflict of laws to the extent those principles or rules would require or permit the application of the laws of another jurisdiction. 
 9. If any one or more of the provisions contained in the Release shall for any reason be held to be unenforceable in any respect under the law of any state or of the United States of America, such unenforceability shall not affect any other
provisions of this Release, but, with respect only to that jurisdiction holding the provision to be unenforceable, this Release shall then be construed as if such unenforceable provision or provisions had never been contained herein. 
 10. I understand that I have the right to consult with an attorney before signing the Release and that Nobel Learning has advised me to do so. I may
revoke the Release within seven calendar days after signing it. Revocation must be made by delivery of written notice of revocation to Nobel Learning at the address set forth in paragraph 1 of this Release. Upon any proper revocation of this
Release, my right to payments and benefits under the Employment Agreement shall terminate and the Employment Agreement will be rendered void and without effect. 
 11. Nothing in the Employment Agreement or this Release shall be construed as an admission of any improper action or conduct by Nobel Learning or any of its affiliates, 

  

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subsidiaries, joint venturers, or directors, officers, employees, agents, representatives or assigns of any violation or noncompliance with any obligation,
legal or otherwise. 
 12. The Employment Agreement and this Release contain the entire agreement between Nobel Learning and me and fully
supersedes any and all prior agreements or understandings pertaining to the subject matter hereof (including any employment agreements, other severance or separation agreements, arrangements, and offer letters) and all such prior agreements are null
and void in their entirety and of no force and effect. By signing this Release I am not relying on any representation, promise, or statement, either oral or written, not contained in this Release or the Employment Agreement. 
 BY SIGNING THIS WAIVER AND RELEASE, I STATE THAT: I HAVE READ IT; I UNDERSTAND IT AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS; I AGREE WITH EVERYTHING IN IT; NOBEL
LEARNING HAS ADVISED ME TO CONSULT AN ATTORNEY BEFORE SIGNING IT; AND I HAVE SIGNED IT KNOWINGLY AND VOLUNTARILY. 
  

					
	  
	 		 	  

	Date	 		 	Signature

  

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