Document:

Termination of Employee Agreement and Release Agreement

 Exhibit 10.15 
 TERMINATION OF EMPLOYMENT AGREEMENT AND 
 RELEASE AGREEMENT 
 This Termination of Employment Agreement and Release Agreement (the
“Agreement”) is entered into between Robert Buckingham (“Executive”) and Dlorah, Inc. (“Dlorah”) (collectively referred to herein as the “Parties”). 
 RECITALS 
  

	A.	The Parties entered into an employment agreement on January 3, 1995, as amended, including by that amendment dated November 18, 2009 (the “Amended
Employment Agreement”). 

  

	B.	The Parties desire to terminate the Amended Employment Agreement and Executive’s employment with Dlorah, effective March 15, 2010. 

 

	C.	The Parties have engaged in discussions regarding the terms and conditions surrounding the termination of the Amended Employment Agreement and the termination of
Executive’s employment and have agreed to terminate the Amended Employment Agreement and Executive’s employment under the terms and conditions set forth below. 

 AGREEMENT 
 1.    Separation From Employment.    Executive’s employment with Dlorah terminated effective March 15, 2010. Executive has no intent to resume his position or duties as an
officer of Dlorah or as an officer of National American University Holdings, Inc. at any time in the foreseeable future. Executive agrees that he has been paid (a) any wages earned by him through the Separation Date; and (b) any vacation
or paid time off accrued, but unused by him as of the Separation Date. 
 2.    Termination of
Existing Amended Employment Agreement.    The Parties agree that, effective as of March 15, 2010, the Amended Employment Agreement will terminate without any payment to Executive of any consideration or benefits of
any kind under the Amended Employment Agreement, and the Amended Employment Agreement will no longer be in effect and Executive will no longer be eligible to receive any of the consideration or benefits set forth in the Amended Employment Agreement.

 3.    Settlement Payment.    Provided that Executive signs this
Agreement and signs and does not rescind Exhibit A to this Agreement, Dlorah agrees to pay Executive the sum total of Two Million One Hundred Thirty One Thousand Nine Hundred and 12/100 Dollars ($2,131,900.12) (the “Settlement
Payment”) to be distributed as follows: 
 A.    Payment to Executive in the amount
of $1,500,000.00. This payment shall be paid in the form of a check made payable to “Robert Buckingham” and will be delivered to Executive’s attorney on March 31, 2010, only if Executive signs this Agreement and delivers it to
Dlorah’s Chief Executive Officer, by March 19, 2010. A Form W-2 will be issued with respect to this portion of the Settlement Payment. 

 B.    Payment to Executive in the amount of $631,900.12
This payment shall be paid in the form of a check made payable to “Robert Buckingham” and will be delivered to Executive’s attorney on or about ten (10) calendar days after Executive signs Exhibit A to this Agreement, and only if
Executive does not rescind his release of claims under the Age Discrimination in Employment Act (“ADEA”) within the seven (7) calendar days described in Exhibit A under Paragraph 3 titled “Opportunity to
Rescind.” Executive further understands that if he rescinds his release of claims under the ADEA, he will not be entitled to receive this portion of the Settlement Payment. A Form W-2 will be issued with respect to this portion of the
Settlement Payment. 
 Executive acknowledges that he has not relied upon any advice from Dlorah or any of its attorneys,
insurers, or representatives concerning the taxability of any payment made pursuant to this Agreement, and that he has been advised to obtain his own tax advice. 
 4.    No Other Benefits; Representations.    Executive understands that except for the Settlement Payment specifically described in this Agreement,
Executive shall receive no other compensation or benefits from Dlorah and shall no longer participate in Dlorah’s benefit plans, except to the extent he is entitled to do so under state and federal benefits continuation laws. All of
Executive’s rights under such policies shall be governed in accordance with the terms of such plans. Executive acknowledges receipt of applicable summary plan descriptions relating to such plans. Further, he affirms that, while employed with
Dlorah, he had no known and unreported workplace injuries or occupational diseases. Executive further affirms that he was never denied requested leave under the Family and Medical Leave Act while employed with Dlorah. 
 Notwithstanding the foregoing, Executive will be entitled to participate in any benefits plans that cover members of the Board of Directors
of National American University Holdings, Inc. during any period in which he serves as a member of such Board of Directors. A form 1099 will be issued to the extent such coverage is taxable to Executive. 
 5.    Release.    Executive understands that as part of this Agreement, he is
receiving the Settlement Payment that he would not otherwise be entitled to receive at this time and that he agrees is good, valuable, and sufficient consideration for all aspects of this Agreement. In return for Dlorah’s performance of its
obligations under this Agreement, Executive agrees that on behalf of himself and any other person or entity that could bring a claim on his behalf, he releases Dlorah and any subsidiaries, predecessors, successors, assigns and/or affiliated
companies, businesses or entities (including but not limited to National American University Holdings, Inc. and National American University (hereinafter, collectively referred to as the “Affiliates”)) and all of their respective
employee benefit plans, plan administrators, trustees, current and former officers, agents, directors, employees, independent contractors, shareholders, attorneys, accountants, insurers, representatives, predecessors, successors and assigns, both
individually and in any representative capacity (collectively, the “Released Parties”), from each and every legal claim or demand of any kind, whether known or unknown, existing at any time up to and including the effective date of
this Agreement, arising out of or related to the termination of Executive’s employment, or the Amended Employment Agreement, including but not limited to any claim for payment of any consideration or benefits of any kind under the Amended
Employment Agreement. 
  

 2 

 Executive understands that this Agreement is a full, final, and complete settlement and
release of all his claims, whether known or unknown, including but not limited to any claims or rights under the Employment Retirement Income Security Act, 29 U.S.C. § 1001 et. seq., Title VII of the Civil Rights Act of 1964, as amended,
42 U.S.C. § 2000e, et. seq., the Americans with Disabilities Act, 42 U.S.C. § 12101, et. seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et. seq., the Fair Labor Standards Act, 29 U.S.C.
§ 201 et. seq., the Equal Pay Act, 29 U.S.C. § 206 et. seq., the National Labor Relations Act, 29 U.S.C. § 1501 et. seq., all rights and claims under any employment law, rule or regulation of the State of
South Dakota including, but not limited to, any and all claims under the SDCL Chapter 20-13, SDCL Chapter 60-11, and all rights and claims under any employment law, and all rights and claims under any other foreign, federal, states’, or local
governments’ laws, regulations, or executive orders governing employment, including, but not limited to, all rights and claims under any county, city, or other local ordinance or law relating to civil or human rights or employment. Executive
further understands that he is releasing any claims, whether known or unknown, arising from the beginning of time to and including the execution date, for payment of compensation or benefits of any kind, costs, expenses, and attorneys’ fees,
based on fraud or misrepresentation, negligence, breach of contract, promissory estoppel, defamation, invasion of privacy, harassment or discrimination of any kind, assault, battery, breach of the covenant of good faith and fair dealing, intentional
or negligent infliction of emotional distress, and any other claims arising under common law. Executive further agrees that if any claim he releases in this Agreement is prosecuted in his name before any court or administrative agency, he will waive
any benefits he might otherwise obtain through such prosecution and will not take any award of money or other damages from such action or suit. 
 Notwithstanding the foregoing, this Agreement does not release any rights or claims which arise from acts occurring after Executive signs this Agreement or to enforce this Agreement. 
 6.    Service as Member of the Board of Directors and Chair of the Board of
Directors.    Nothing in this Agreement is intended to terminate Executive’s current positions as a member of the Board of Directors of National American University Holdings, Inc., as the Chairman of the Board of
Directors of National American University Holdings, Inc., as a member of the Board of Directors of Dlorah, or as the Chairman of the Board of Directors of Dlorah. 
 7.    Non-Admission.    Executive understands that nothing contained in this Agreement is to be construed by him or anyone else as an admission that
Dlorah has violated any local, state, or federal law, rule, regulation, or principle of common law. In fact, Dlorah expressly denies any legal wrongdoing whatsoever. 
 8.    Opportunity to Consider and Seek Advice.    Executive is hereby advised that he has the right to consult with an attorney prior to signing this
Agreement. Executive states that he has, in fact, consulted with an attorney prior to signing this Agreement. Executive understands that he may not sign and accept this Agreement until after March 15, 2010. Executive states that he has had
adequate opportunity to consider this Agreement prior to signing this Agreement. 
  

 3 

 9.    Complete Agreement.    Executive
understands that this Agreement and Exhibit A to this Agreement contain the entire agreement between him and Dlorah regarding his separation from employment with Dlorah or any other matters set forth herein, and there are no other written or oral
agreements regarding such matters. 
 10.    Law and Venue.    This
Agreement and Exhibit A to this Agreement will be construed and interpreted in accordance with the laws of the State of South Dakota, without regard to its choice of law provisions, and any action arising out of or related to this Agreement shall be
brought only within the State of South Dakota whether or not that forum is then convenient to Executive. 
 11.    Severability; Modification.    The invalidity or partial invalidity of any portion of this Agreement or Exhibit A to this Agreement, shall not invalidate the remainder thereof and
said remainder shall remain in full force and effect. In addition, this Agreement and Exhibit A to this Agreement shall not be modified or amended except by a written instrument signed by Executive and Dlorah. 
 12.    Signature.    The Parties agree that they have read this Agreement, know its
contents and have signed it as a free and voluntary act after having had adequate opportunity to consult with counsel of their choice and to consider its terms and conditions. The Parties further agree that this Agreement may be signed in
counter-parts. This Agreement is entered into without regard to who may or may not be correct in any understanding of the facts or law relating to this matter. 
 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement intending to be legally bound thereby. 
  

									
	EXECUTIVE:	 		 	
				
	/s/ Robert Buckingham	 		 	Date:	 	March 19, 2010
	Robert Buckingham	 		 		 	
			
	DLORAH, INC.	 		 	
					
	By:	 	/s/ Samuel Kerr	 		 	Date:	 	March 22, 2010
	Title:	 	Secretary	 		 		 	

  

 4 

 EXHIBIT A TO TERMINATION OF EMPLOYMENT AGREEMENT 
 AND RELEASE AGREEMENT 
 1.    Release of Claims Under the Age Discrimination and Employment Act.    Executive understands that as part of the Termination of Employment
Agreement and Release Agreement (the “Agreement”), he is receiving the portion of the Settlement Payment described under Paragraph 3B of the Agreement that he would not otherwise be entitled to receive. Executive further agrees that
this portion of the Settlement Payment is good, valuable, and sufficient consideration for all aspects of this Exhibit A to the Agreement. In return for Dlorah’s performance of its obligations under Paragraph 3B of the Agreement, Executive
agrees that on behalf of himself and any other person or entity that could bring a claim on his behalf, releases Dlorah and any subsidiaries, predecessors, successors, assigns and/or affiliated companies, businesses or entities (including but not
limited to National American University Holdings, Inc and National American University (hereinafter, collectively referred to as the “Affiliates”)) and all of their respective employee benefit plans, plan administrators, trustees,
current and former officers, agents, directors, employees, independent contractors, shareholders, attorneys, accountants, insurers, representatives, predecessors, successors and assigns, both individually and in any representative capacity
(collectively, the “Released Parties”), from any claims under the Age Discrimination in Employment Act of 1967, 29 U.S.C. 626 et. seq. 
 Executive further agrees that if any claim he releases in this Exhibit A to the Agreement is prosecuted in his name before any court or administrative agency, he will waive any benefits he might otherwise
obtain through such prosecution and will not take any award of money or other damages from such action or suit. 
 Notwithstanding the foregoing, this Exhibit A to the Agreement does not release any rights or claims Executive may have under the Age Discrimination in Employment Act, which arise after he signs this Exhibit A to the Agreement or which
arise from acts occurring after he signs this Exhibit A to the Agreement. 
 2.    Opportunity to
Consider and Seek Advice.    Executive is hereby advised that he has the right to consult with an attorney prior to signing this Exhibit A to the Agreement. Executive understands that he may not sign and accept this
Exhibit A to the Agreement until March 19, 2010. Executive is hereby advised that he may take up to twenty-one (21) days to review and sign this Exhibit A to the Agreement. 
 3.    Opportunity to Rescind.    Executive understands that he may rescind his release
of claims under the ADEA contained in this Exhibit A for any reason within seven (7) days after he has signed it. If Executive decides to rescind his release of claims under the ADEA contained in this Exhibit A and mails his notice of
rescission, Executive understands that the notice of rescission must be postmarked within the seven (7) day period and be addressed to Samuel D. Kerr, Esq., Provost, General Counsel and Secretary, National American University Holdings, Inc.,
5301 S. Highway 16, Suite 200, Rapid City, SD 57701, and must be sent by certified mail, return receipt requested. If Executive rescinds his release of claims under the ADEA, only those claims will be rescinded and Executive will not receive the
portion of the Settlement Payment described in Paragraph 3B of the Agreement. Any rights and obligations Executive has under the remainder of the Agreement will remain in effect. 
  

 5 

 4.    Signature.    Executive agrees
that he has read this Exhibit A to the Agreement, know its contents, and has signed it as a free and voluntary act after having had adequate opportunity to consult with counsel of his choice and to consider its terms and conditions. This Exhibit A
to the Agreement is entered into without regard to who may or may not be correct in any understanding of the facts or law relating to this matter. 
 IN WITNESS WHEREOF, Executive has executed this Exhibit A to the Agreement intending to be legally bound thereby. 
  

							
	EXECUTIVE:	 		 	
				
	 	 		 	Date:	 	 
	Robert Buckingham	 		 		 	

  

 6Joinder to Registration Rights Agreement, T. Rowe Price Associates

 Exhibit 10.21 
 JOINDER TO REGISTRATION RIGHTS AGREEMENT 
 This
JOINDER AGREEMENT (this “Joinder Agreement”), dated as of January 12, 2010, to the Registration Rights Agreement (the “Agreement”) dated as of November 29, 2007, by and among National American University Holdings, Inc.,
formerly known as Camden Learning Corporation, a Delaware corporation (the “Company”) and the Investors is made by and between the Company and the stockholders listed on the signature page hereof (the “TRP Stockholders”). All
capitalized terms used in this Joinder Agreement without definition shall have the meanings ascribed thereto in the Agreement. 
 WHEREAS, in connection with the Company’s initial public offering consummated on December 5, 2007, the Company issued 1,562,650 shares of restricted common stock, par value $0.0001 per share (the “Restricted Stock”) to
the Investors with such Restricted Stock subject to the terms and conditions of that certain Securities Escrow Agreement dated November 29, 2007, as amended; and 
 WHEREAS, the Company entered into that certain Agreement and Plan of Reorganization as amended and restated in its entirety on August 11, 2009 and further amended on October 26, 2009 by
Amendment No. 1 to the Amended and Restated Agreement and Plan of Reorganization, pursuant to which Dlorah Subsidiary, Inc., a newly formed, wholly-owned subsidiary of the Company (“Merger Sub”), merged with and into Dlorah, Inc., a
South Dakota corporation (Dlorah, Inc., together with its divisions and subsidiaries, is referred to herein as “Dlorah”), with Dlorah surviving as a wholly-owned subsidiary of the Company, as a result of which the stockholders of Dlorah
will contribute all of the outstanding capital stock of Dlorah to Camden in exchange for shares of a newly created class of the Company’s common stock, common stock purchase warrants and restricted shares of the Company’s currently
authorized common stock (the “Acquisition”); and 
 WHEREAS, in connection with the Acquisition and pursuant to the
Press Release issued by the Company on November 13, 2009 and filed with the Securities and Exchange Commission on the Company’s Form 8-K on November 16, 2009, the Company’s sponsor, Camden Learning, LLC (“CL LLC”),
agreed to grant and transfer one share of Restricted Stock for every three shares of common stock held by each Company stockholder who satisfied all of the following criteria: (i) such stockholder was not a stockholder as of November 5,
2009; (ii) such stockholder held 50,000 or more shares of the Company common stock as of November 23, 2009; and (iii) such stockholder continued to be a stockholder through the closing date of the transaction with Dlorah, Inc. (the
“Grant and Transfer”); and 
 WHEREAS T. Rowe Price Associates, Inc., as investment adviser to T. Rowe Price Small-Cap
Value Fund, Inc. and T. Rowe Price U.S. Equities Trust (the “TRP Stockholders”), purchased 1,202,800 shares of common stock of the Company from November 13 through November 19, 2009, for and on behalf of the TRP Stockholders as
follows: (i) 1,200,000 shares for and on behalf of T. Rowe Price Small-Cap Value Fund, Inc. and (ii) 2,800 shares for and on behalf of T. Rowe Price U.S. Equities Trust; and 
  

 WHEREAS, in accordance with the Grant and Transfer, CL, LLC transferred 400,000 shares of
Restricted Stock to T. Rowe Price Small-Cap Value Fund, Inc. and 933 shares of Restricted Stock to T. Rowe Price U.S. Equities Trust (the “Transferred Stock”); and 
 WHEREAS, the Grant and Transfer was a pro rata distribution of Restricted Stock for no consideration to all holders of the Company’s
common stock who met the specified conditions of the distribution as contemplated under Rule 17a-5 promulgated under the Investment Company Act of 1940, as amended; and 
 WHEREAS, at a Special Meeting of Stockholders and Warrantholders on November 23, 2009, the stockholders approved the Acquisition and also approved the Company’s name change from “Camden
Learning Corporation” to “National American University Holdings, Inc.”; and 
 WHEREAS, the Agreement sets forth
the terms upon which the Restricted Stock can be registered, and as transferee of a certain portion of the Restricted Stock, the Stockholders wish to be joined to the Agreement with respect to the Transferred Stock. 
 NOW, THEREFORE, the parties hereto agree as follows: 
  

	 	1.	Joinder. 

 The
Stockholders hereby agree to become parties to the Agreement and to be bound by all of the provisions thereof as if a signatory thereto, and shall have all of the rights and privileges of an original signatory to the Agreement with respect to the
Transferred Stock. 
  

	 	2.	Notices. 

 The provisions
of Section 6.3 of the Agreement shall be amended to add the following notice information for the Stockholder: 
 If to the TRP Stockholders
to: 
 T. Rowe Price Small-Cap Value Fund, Inc. 
 T. Rowe Price Associates, Inc. 
 100 East Pratt Street 
 Baltimore, MD 21202 
 Attn: Andrew Baek, Vice
President and Senior Legal Counsel 
 Andrew_baek@troweprice.com 
  

 2 

 T. Rowe Price U.S. Equities Trust 
 T. Rowe Price Associates, Inc. 
 100 East Pratt Street 
 Baltimore, MD 21202 
 Attn: Andrew Baek, Vice
President and Senior Legal Counsel 
 Andrew_baek@troweprice.com 
 A copy of any notice sent to the TRP Stockholders hereunder shall be sent to: 
 Same as above

  

	 	3.	Miscellaneous. 

 (a)
Governing Law. This Joinder Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed within the State of New York, without
giving effect to any choice-of-law provisions thereof that would compel that application of the substantive laws of any other jurisdiction. Each of the parties hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Joinder Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York (each, a “New York Court”), and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 
 (b) Entire Agreement. This Joinder Agreement contains the entire agreement of the parties hereto with respect to the subject matter
hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to be charged. This Joinder Agreement may be executed in one or more counterparts and delivered by facsimile, each
of which shall constitute an original, and together shall constitute one and the same instrument. 
 (c) Headings. The
headings contained in this Joinder Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof. 
 (d) Binding Effect. This Joinder Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and assigns. 
 (e) Counterparts. This Agreement may be executed in several counterparts each one of which shall constitute an original and may be
delivered by facsimile transmission and together shall constitute one instrument. 
 Signatures on Next Page 

 

 3 

 WITNESS the execution of this Joinder Agreement as of the date first above written.

  

					
	T. ROWE PRICE ASSOCIATES, INC., Investment Adviser
	On Behalf of its Investment Advisory Clients:
		 	T. Rowe Price Small-Cap Value Fund, Inc.
		 	T. Rowe Price U.S. Equities Trust
			
		 	By:	 	 /s/ Preston G. Athey

		 	Name:	 	Preston G. Athey
		 	Title:	 	Vice President

 NATIONAL AMERICAN UNIVERSITY
HOLDINGS, INC., 
  

					
	By:	 	 /s/ Ronald L. Shape, Ed.D.

		 	Name:	 	Ronald L. Shape, Ed.D.
		 	Title:	 	Chief Executive Officer

  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]