Document:

exv10w6

Exhibit 10.6

CONFIDENTIAL

November 21,
2008

Mr. Cameron Chalmers 
5618
Morningside Ave. 
Dallas,
Texas 75206

Dear Cam:

     Reference is hereby made to (i) that Employment Agreement (this “Agreement”) dated
the 10th day of January, 2007, by and between Study Island, LLC, a Delaware limited liability
company (the “Company”), and Cameron Chalmers (the “Executive”) and (ii) that
Participation Share Agreement dated [   ], 2008 (the “Equity Agreement”) by and between
Study Island Holdings, LLC, a Delaware limited liability company ( “Holdings”) and the
Executive. Capitalized terms used herein but not otherwise defined shall have the meanings set
forth in the Agreement or the Equity Agreement, as applicable.

     The Company understands that the Executive plans to scale back his working hours and take an
extended leave of absence from the Company to engage in a cross Atlantic boating trip beginning in
or around June 2009 and ending in or around early October 2009 (the “Leave of Absence”).
As we have discussed, in light of this, the Company is willing to extend the Agreement on the
following terms and conditions:

     1. Base Salary. Beginning as of January 10, 2009, the Executive’s annual base salary
for all purposes under the Agreement shall be $62,500. For the avoidance of doubt, the Executive’s
bonus contemplated by Section 4.2 of the Agreement will be computed based on an annual base salary
of $62,500.

     2. Participation Shares. As of January 10, 2009, the number of Vested Class B Shares
shall be 365,150.4 shares. The Equity Agreement shall be amended to reduce the remaining number of
unvested Class B Shares available to become vested in accordance with Section 4.2 of the Equity
Agreement to 273,862.8 shares. For the avoidance of doubt, the effect of the foregoing is that
273,862.8 unvested Class B Shares under the Equity Agreement shall be forfeited and no longer
available to become Vested Class B shares.

     3. Leave of Absence. The Executive shall provide the Company at least thirty (30) days
advanced notice of the beginning of the Leave of Absence, and the Leave of Absence shall not exceed
one hundred twenty (120) days. In the event that the Leave of Absence exceeds one hundred twenty
(120) days, the Company shall be entitled to terminate the Executive’s employment for Cause in
accordance with 

Section 7.1(b) of the Agreement.

 

 

     4. Renewal Terms. The Agreement shall be extended hereby until January 10, 2010. The
Agreement shall be thereafter automatically extended as hereby amended from year to year hereafter
unless either party gives not less than sixty (60) days prior written notice to the other that
such party elects to have the Agreement terminated effective at the end of the current renewal
term.

     5. Miscellaneous.

               (a) This letter agreement may be executed in counterparts (each of which shall be deemed to
be an original but all of which taken together shall constitute one and the same agreement) and
shall become effective when one or more counterparts have been signed by each of the parties and
delivered to the other parties.

               (b) Except to the extent specifically set forth in this letter agreement, all other terms and
provisions of the Agreement and the Equity Agreement shall remain in full force and effect without
change. This letter agreement shall be effective as of the date set forth above.

               (c) This letter agreement shall be
governed by, and construed in accordance with, the laws of
the State of Delaware, applicable to contracts executed in and to be performed entirely within
that State.

               (d) This letter agreement is binding upon and is solely for the benefit of the parties hereto
and their respective successors, legal representatives and assigns.

               (e) In the event that the Executive’s employment with the Company ceases for any reason on or
prior to January 10, 2009, this letter agreement shall be null and void. In such case, the
Executive’s employment will cease of such date and the Agreement will be deemed to have expired in
accordance with Section 6.3.

[remainder of page intentionally left blank]

2

 

     If
the foregoing is acceptable to you, please acknowledge your acceptance and agreement to the
matters set forth herein by signing where indicated below and returning your signature to the
Company. We are pleased to continue our relationship with you and look forward to the continuing
success of the Company.

	 	 	 	 	 
	 	STUDY ISLAND, LLC

 	 
	 	By:  	/s/ Tim McEwen
 	 
	 	 	Name:  	Tim McEwen 	 
	 	 	Title:  	CEO 	 
	 
	 	STUDY ISLAND HOLDINGS, LLC

 	 
	 	By:  	/s/ James B. Walburg
 	 
	 	 	Name:  	James B. Walburg 	 
	 	 	Title:  	CFO 	 
	 

AGREED AND ACCEPTED:

The undersigned acknowledges, agrees and approves this letter agreement

	 	 	 
	/s/ Cameron Chalmers
 

Cameron Chalmers

	 	 

[SIGNATURE PAGE TO LETTER AGREEMENT]

 

 

AMENDMENT TO STOCK PARTICIPATION SHARE AGREEMENT

          This
AMENDMENT TO PARTICIPATION SHARE AGREEMENT (this
“Amendment”) is entered into as of
November 21, 2008 (“Effective Date”)  by
and among STUDY ISLAND HOLDINGS, LLC, a Delaware
corporation (“Holdings”),  and CAMERON CHALMERS (the
“Executive”  and together with Holdings, the
“Parties”).

          WHEREAS, the Parties are parties to a Participation Share Agreement dated May 22, 2007 (the
“Agreement”);

          WHEREAS, the Parties desire to amend the Agreement in accordance with Section 10.5 thereof;
and

          WHEREAS, certain terms used in this Amendment are used as defined in the Agreement.

          NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set
forth herein and in the Agreement, and intending to be legally bound hereby, the parties hereto
agree as follows:

          SECTION 1. Class B Shares As of January 10, 2009, (i) the number of Vested Class B
Shares shall be 365,150.4 shares and (ii) the remaining number of unvested Class B Shares
available to become vested in accordance with Section 4.2 of the Agreement, shall be 273,862.8
shares. For the avoidance of doubt, the effect of the foregoing is that 273,862.8 unvested Class B
Shares under the Agreement shall be forfeited and no longer available to become Vested Class B
shares.

          SECTION 2. Further Assurances. The Parties shall agree to execute and deliver any
additional documents and take such further actions as may reasonably be reasonably requested by any
other party to make effective and carry out the provisions of this Amendment.

          SECTION 3. Miscellaneous.

               (a) Headings. The headings contained in this Amendment are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Amendment.

               (b) Counterparts. This Amendment may be executed in counterparts (each of which shall
be deemed to be an original but all of which taken together shall constitute one and the same
agreement) and shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other parties.

               (c) Entire Agreement. Except to the extent specifically set forth herein and the
letter agreement of even date herewith between the Parties, all other terms and provisions of the
Agreement shall remain in full force and effect without change.

 

 

               (d) Governing Law. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of Delaware, applicable to contracts executed in and to be performed
entirely within that State.

               (e) Binding Nature. This Amendment is binding upon and is solely for the benefit of
the parties hereto and their respective successors, legal representatives and assigns.

               (f) Effective Date. This Amendment shall be effective as of January 10, 2009, provided
that if the Executive’s employment with the Company ceases for any reason prior to such date, this
Amendment shall be null and void.

[signature pages follow]

2

 

     IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed and delivered
as of the Effective Date.

	 	 	 	 	 
	 	STUDY ISLAND HOLDINGS, LLC

 	 
	 	By:  	/s/ Tim McEwen
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	                                                  /s/ Cameron Chalmers
 	 
	 	Cameron Chalmers 	 
	 	 	 
	 

[SIGNATURE PAGE TO AMENDMENT TO PARTICIPATION SHARE AGREEMENT]exv10w7

Exhibit 10.7

Second Amendment to Employment Agreement

     This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered
into by and between Study Island, LLC, a Delaware limited liability company (the
“Company”) and Cameron Chalmers (the
“Executive”) as of December 31, 2008
for purposes of amending that certain employment agreement by and between the Company and the
Executive dated January 10, 2007, as amended by that certain letter agreement by and between the
Company and the Executive dated November 21, 2008 (the “Employment Agreement”). Terms used
in this Amendment with initial capital letters that are not otherwise defined herein shall have
the meanings ascribed to such terms in the Employment Agreement.

W I T N E S S E T H

     WHEREAS, the Company and the Executive desire to amend the Employment Agreement to bring the
provisions into compliance with Section 409A of the Internal Revenue Code of 1986, as amended;

     NOW, THEREFORE, in consideration of the mutual covenants and conditions hereafter set forth
and for other good and valuable consideration, the Company and the Executive agree as follows:

     1. Section 4.2 of the Employment Agreement is hereby amended by adding the
following sentence to the end of said section:

The bonus payments, if any, shall be paid by the Company no later than the 15th day
of the third calendar month of the fiscal year following the fiscal year to which
such annual bonus relates.

     2. Section 7.1 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

     7.1 Termination by the Company:

     (a) If the Company terminates the Executive’s employment without Cause (other
than as result of death or total disability), and such termination constitutes a
“separation from service” under Section 409A of the Internal Revenue Code of 1986,
as amended (“Section 409A”), he will not be entitled to receive any of the payments
or benefits provided for herein except the Company shall (i) pay his base salary
through the Termination Date, (ii) pay him an amount equal to his base salary
during the Severance Period (as defined in Section 7.7 below) payable in
equal installments, in accordance with the Company’s normal payroll practices,
beginning with the first payroll date following the
45th day after the
Termination Date, (iii) provide the Executive with all benefits that are accrued
but unpaid as of the Termination Date, and (iv) provide the Executive with all
benefits expressly available upon termination of employment in accordance with the
plans and programs of the Company applicable to the Executive on the

Page 1

 

Termination Date (but without duplication of any benefits or payments otherwise
provided for hereunder).

     (b)
If the Company terminates the Executive’s employment for Cause, and such
termination constitutes a “separation from service” under Section 409A, he will not
be entitled to receive any of the payments or benefits provided for herein except
the Company shall (i) pay his base salary through the Termination Date, (ii) provide
the Executive with all benefits that are accrued but unpaid as of the Termination
Date, and (iii) provide the Executive with all benefits expressly available upon
termination of employment in accordance with the plans and programs of the Company
applicable to the Executive on the Termination Date (but without duplication of any
benefits or payments otherwise provided for hereunder).

     3. Section 7.2 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

     7.2 Termination by the Executive:

     (a) If the Executive terminates his employment with the Company with Good
Reason (as hereinafter defined), and such termination constitutes a “separation from
service” under Section 409A, he will not be entitled to receive any of the payments
or benefits provided for herein except the Company shall (i) pay his base salary
through the Termination Date, (ii) pay him an amount equal to his base salary during
the Severance Period payable in equal installments, in accordance with the Company’s
normal payroll practices, beginning with the first payroll date following the
45th day after the Termination Date, (iii) provide the Executive with all
benefits that are accrued but unpaid as of the Termination Date, and (iv) provide
the Executive with all benefits expressly available upon termination of employment
in accordance with the plans and programs of the Company applicable to the Executive
on the Termination Date (but without duplication of any benefits or payments
otherwise provided for hereunder).

     (b) If the Executive terminates his employment with the Company without Good
Reason, and such termination constitutes a “separation from service” under Section
409A, he will not be entitled to any payments or benefits provided for herein except
the Company shall (i) pay his base salary through the Termination Date, (ii) provide
the Executive with all benefits that are accrued but unpaid as of the Termination
Date, and (iii) provide the Executive with all benefits expressly available upon
termination of employment in accordance with the plans and programs of the Company
applicable to the Executive on the Termination Date (but without duplication of any
benefits or payments otherwise provided for hereunder).

     4. Section 7.3 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

Page 2

 

     7.3 Expiration of Term, Death or Disability: If the Executive’s employment is terminated pursuant to Section 6.3 hereof as a result of
the expiration of the term of such employment, or his death or total disability,
and such termination constitutes a “separation from
service” under Section 409A, he will not be entitled to any payments or benefits provided for herein except the
Company shall (i) pay his base salary through the Termination Date, (ii)
provide the Executive with all benefits that are accrued but unpaid as of the
Termination Date, and (iii) provide the Executive with all benefits expressly available
upon termination of employment in accordance with the plans and programs of the
Company applicable to the Executive on the Termination Date (but without
duplication of any benefits or payments otherwise provided for hereunder).

     5. Section 7.4 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

     7.4 Payment Schedule: All payments of base salary under this
Section 7 (excluding wages for services performed prior to the
Termination Date)
shall be paid in accordance with the Company’s normal payroll
practices,
beginning with the first payroll date following the 45th day after the
Termination
Date. Payment of wages for services performed prior to the
Termination Date
shall be paid in accordance with the Company’s normal payroll practices without
regard to the 45 day delay. Any bonus amounts due under this Section 7
shall be
paid promptly following the Company’s receipt of its audited financial
statements
for the year during which the Termination Date occurs, but in no event later
than
the 15th day of the third calendar month of the fiscal year following the
fiscal
year in which the Termination Date occurred, and in no event earlier than the
45th
day following the Termination Date. Each payment made in accordance with this
Section 7 shall be treated as a separate payment for purposes of
Section 409A, to
the extent Section 409A applies to such payments.

     6. Section 7.6 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

     7.6 Good Reason: Whenever reference is made in this Agreement to termination
being with or without Good Reason, “Good Reason” shall mean the occurrence of any of
the following events without the Executive’s express written consent: (i) any
material breach by the Company of any material provision of this Agreement, (ii) a
material reduction in the Executive’s base salary, or (iii) a material reduction or
diminution of the Executive’s duties, responsibilities or authorities which are
caused by an act of the Company. The Company shall have 30 days after receipt of
notice from the Executive setting forth the specific conduct that constitutes Good
Reason, to cure such conduct that would result in Good Reason. The Executive may not
resign his employment for Good Reason unless the executive has provided the Company
with at least 30 days prior written notice of his intent to resign for Good Reason
(which notice must be provided

Page 3

 

within 60 days following (x) the occurrence of the event(s) purported to constitute
Good Reason, or (y) if the Executive did not know of the occurrence of any of such
events, the date on which the Executive had actual knowledge of the occurrence of
any of such events) and has set forth in reasonable detail the specific conduct that
constitutes Good Reason and the specific provisions of this Agreement on which the
Executive relies.

     7. Section 7.8 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

     7.8 Payments Contingent on Release: The Company’s obligation to make any
payments of base salary or bonus under this Section 7 shall be contingent
upon the Executive executing a general release concerning the Executive’s employment
in form and substance reasonably acceptable to the Company and the Executive, within
45 days following the Termination Date. No such contingency shall apply to any
obligation to provide benefits under this Section 7.

     8. Except as expressly amended by this Amendment, the Employment Agreement
shall continue in full force and effect in accordance with the provisions thereof.

The next page is the signature page.

Page 4

 

     IN WITNESS WHEREOF, the parties have executed and entered into this Amendment on the date set
forth above.

	 	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Cameron Chalmers	 	 
	 	 	 	 	 
	 	 	Cameron Chalmers	 	 
	 
	 	 	 	 	 	 
	 	 	STUDY ISLAND, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Timothy McEwen	 	 
	 

	 	Name:
	 	 

Timothy McEwen
	 	 
	 

	 	Title:
	 	CEO	 	 

Page 5

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