Document:

<PAGE>
                                                                   EXHIBIT 10.52

     FOURTH AMENDED AND RESTATED OPERATING AGREEMENT dated as of September 28,
2005, of LPA INVESTMENT LLC, a Delaware limited liability company (the
"Company"), among J.P. MORGAN PARTNERS (23A SBIC), L.P., a Delaware limited
liability partnership ("JPMP"); ROBERT E. KING ("King"); KING CHILDREN TRUST
PARTNERSHIP (the "King Partnership"), and the other Persons signatory hereto
from time to time.

          The parties are entering into this Agreement for the purpose of
amending and restating the Third Amended and Restated Operating Agreement of the
Company dated as of July 31, 2003. The Company has been formed as a limited
liability company pursuant to the provisions of the Delaware Limited Liability
Company Act, 6 Del. C. Section 18-101 et seq. (the "Delaware Act"). This
Agreement is the limited liability agreement of the Company for purposes of the
Delaware Act.

          ACCORDINGLY, in consideration of the mutual covenants and agreements
contained in this Agreement, the sufficiency of which is hereby acknowledged,
the parties agree as set forth below.

1.   Definitions; Rules of Construction.

          (a) When used in this Agreement, the following capitalized terms have
the meanings ascribed to them below:

          "Affiliate" means, with respect to any Person, (i) a director or
executive officer of such Person, (ii) a spouse, parent, sibling or descendant
of such Person (or a spouse, parent, sibling or descendant of any director or
executive officer of such Person), and (iii) any other Person that, directly or
indirectly through one or more intermediaries controls, is controlled by or is
under common control with such Person. The term "control" means and includes the
possession, directly or indirectly, of the power to direct the management and
policies of a Person, whether through the ownership of voting securities, by
contract or otherwise.

          "Applicable Law" means, as to any Person, all provisions of laws,
statutes, ordinances, rules, regulations, permits, certificates or orders of any
Governmental Authority applicable to such Person or any of its assets or
property and all judgments applicable to such Person.

          "Board of Managers" means the board of managers of the Company
consisting of JPMP and King. The Chief Executive Officer of Parent shall be a
non-voting observer of the Board of Managers entitled to attend all meetings of
the Board of Managers scheduled from time to time.
<PAGE>
          "Capital Contribution" means, with respect to any Member, the amount
of capital contributed by such Member to the Company, as determined in
accordance with Section 8.

          "Cause", with respect to any Other Member,

               (i) shall have the meaning ascribed to such term in such Other
     Member's written employment agreement with the Parent or any of its
     Subsidiaries, as applicable,

               (ii) if such Other Member is not a party to a written employment
     agreement with Parent or its Subsidiaries at such time or if "Cause" is not
     defined in such Other Member's written employment agreement, shall mean (A)
     any action by such Other Member involving willful malfeasance in connection
     with his employment having a material adverse effect on the Company or its
     Subsidiaries and their Affiliates, (B) material breach by such Other Member
     of this Agreement or any other agreement entered into between such Other
     Member and the Company or its Subsidiaries and their Affiliates after a
     written notice of such breach shall have been delivered to such Other
     Member and, if such breach can be cured, such breach shall not have been
     cured prior to the tenth day after delivery of such notice, (C) willful
     neglect of duties of such other Member or the failure to follow the lawful
     directions of the Company, its Subsidiaries and their Affiliates after a
     written demand for substantial performance is delivered to such Other
     Member by the board of directors of Parent which demand specifically
     identifies the manner in which the board of directors of Parent believes
     that he has not substantially performed his duties or (D) such Other Member
     being convicted of any felony (or any misdemeanor involving the property or
     assets of the Company or any of its Subsidiaries) under the laws of the
     United States or any State. For purposes of this definition of Cause,
     action or inaction by the Other Member shall not be considered "willful"
     unless done or omitted by such Other Member (a) intentionally and not in
     good faith, and (b) without reasonable belief that such Other Member's
     action was in the best interests of the Company or the Parent or its
     Subsidiaries, and shall not include failure to act by reason of partial or
     total incapacity due to physical or mental illness.

          "Class A Units" means the class A units of the Company, which the
Company shall be authorized to issue from time to time pursuant to such
agreements as the Board of Managers shall approve, including pursuant to options
or warrants.

          "Class B Units" means the class B units of the Company, which the
Company shall be authorized to issue from time to time pursuant to such
agreements as the Board of Managers shall approve, including pursuant to options
or warrants.

          "Class C Units" means the class C units of the Company, which the
Company shall be authorized to issue from time to time pursuant to such
agreements as the Board of Managers shall approve, including pursuant to options
or warrants.

          "Code" means the Internal Revenue Code of 1986, as amended.

          "Disability" means the incapacitation or disability of such Other
Member by accident, sickness or otherwise so as to render such Other Member
mentally or physically

                                       2
<PAGE>
incapable of performing the services required to be performed by such Other
Member pursuant to the terms of his or her employment with the Company, its
Subsidiaries or their Affiliates, as applicable, for any period of ninety (90)
consecutive days or for an aggregate of 180 days in any period of 365
consecutive days.

          "Employment Termination Date" means the date such Other Member's
employment with the Company, its Subsidiaries or their Affiliates is terminated.

          "Encumbrance" means any mortgage, lien, judgment, claim, security
interest, pledge, escrow, charge or other encumbrance of any kind or character
whatsoever.

          "Fair Market Value Evaluation Committee" shall have the meaning set
forth in Section 12(b).

          "Good Reason", with respect to any Other Member,

               (i) shall have the meaning ascribed to such term in such Other
     Member's written employment agreement with the Parent or any of its
     Subsidiaries, as applicable, or

               (ii) if such Other Member is not a party to a written employment
     agreement with Parent or its Subsidiaries at such time or if "Good Reason"
     is not defined in such Other Member's written employment agreement, shall
     mean the occurrence of any of the following events without such Other
     Member's express prior written consent and which event shall not have been
     cured within a 10 day period after notice from such Other Member:

                    (A) any material reduction by Parent, its Subsidiaries and
          their Affiliates of such Other Member's duties or responsibilities; or

                    (B) a reduction by Parent, its Subsidiaries and their
          Affiliates in such Other Member's base salary as in effect at the
          commencement of employment or as the same may be increased from time
          to time during the terms of such Other Member's employment.

          "Governmental Authority" means any domestic or foreign government or
political subdivision thereof, whether on a federal, state or local level and
whether executive, legislative or judicial in nature, including any agency,
authority, board, bureau, commission, court, department or other instrumentality
thereof.

          "Heritage Member" means (i) JPMP, King and the King Partnership so
long as they are Members and (ii) any other Member designated a "Heritage
Member" by the Board of Managers from time to time.

          "Initial Distribution Amount" means an amount equal to the sum of (x)
$32,000,000 and (y) the additional Capital Contributions, if any, made by JPMP
after the date hereof.

                                       3
<PAGE>
          "Interest" means the ownership interest of a Member in the Company,
consisting of (i) such Member's ownership of Units and right to receive a
portion of distributions, (ii) such Member's right to vote or grant or withhold
consents with respect to Company matters as provided herein or in the Delaware
Act and (iii) such Member's other rights and privileges as herein provided.

          "Joinder" means the Joinder in the form of Exhibit B attached hereto
or such other form approved by the Board of Managers from time to time.

          "Majority in Interest of the Members" means, at any time, the Members
who hold in the aggregate greater than 50% of the Class A Units.

          "Members" shall mean any Person holding a Unit and who shall be
admitted as additional or substituted Members pursuant to this Agreement, so
long as they remain Members.

          "Net Profits and Net Losses" means the net taxable income or net
taxable loss of the Company, respectively, as determined for federal income tax
purposes, for each fiscal year of the Company, plus any income that is exempt
from federal income tax and minus expenditures that are not deductible in
computing federal taxable income and not properly chargeable to Capital
Accounts, in each case to the extent such items are not otherwise taken into
account in computing Net Profits or Net Losses.

          "Other Member" means a Member who is not a Heritage Member.

          "Other Member Units" means (i) the Units and any other Securities of
the Company acquired by such Other Member from time to time and (ii) any
Securities issued or issuable directly or indirectly with respect to the
Securities referred to in clause (i) above by way of conversion, dividend, or
stock split or in connection with a combination, recapitalization, merger,
consolidation or other reorganization.

          "Parent" means LPA Holding Corp., a Delaware corporation.

          "Person" shall be construed broadly and shall include an individual, a
partnership, a corporation, an association, a joint stock company, a limited
liability company, a trust, a joint venture, an unincorporated organization and
a governmental entity or any department, agency or political subdivision
thereof.

          "Permitted Transfer" means, in the case of any Other Member, a
Transfer of units to (i) an immediate family member of such Other Member or (ii)
a trust or estate planning-related entity for the benefit of such Other Member.

          "Permitted Transferee" means, in the case of any Other Member, each
transferee of Other Member Units pursuant to a Permitted Transfer consummated in
accordance with Section 13(e) hereof. Each Permitted Transferee shall be deemed
to be an "Other Member".

          "Repurchase Notice" means the written notice of the Company or its
designees notifying such Other Member of (i) the Company's or its designee's
intent to exercise its or their rights under Section 12; (ii) the number of
Other Member Units to be purchased; (iii) the price to

                                       4
<PAGE>
be paid for each Other Member Unit; and (iv) the date for consummation of the
proposed purchase of such Other Member Units.

          "Regulatory Sideletter" shall have the meaning set forth in Section
6(a).

          "Sale Transaction" means the consummation of (i) the Transfer (in one
or a series of related transactions) of all or substantially all of the
Company's assets to a Person or a group of Persons acting in concert; (ii) the
sale or transfer (in one or a series of related transactions) of a majority of
the outstanding Securities of the Company to one Person or a group of Persons
acting in concert; or (iii) the merger or consolidation of the Company with or
into another Person, in each case in clauses (ii) and (iii) above, under
circumstances in which the holders of a majority of the voting power of the
outstanding Securities of the Company immediately prior to such transaction own
less than a majority in voting power of the outstanding Securities of the
Company or the surviving or resulting corporation or acquirer, as the case may
be, immediately following such transaction. A sale (or multiple related sales)
of one or more Subsidiaries of the Company (whether by way of merger,
consolidation, reorganization or sale of all or substantially all assets or
Securities) which constitutes all or substantially all of the consolidated
assets of the Company shall be deemed a Sale Transaction.

          "Securities" means "Securities" as defined in Section 2(1) of the
Securities Act.

          "Securities Act" means the Securities Act of 1933, as amended, or any
similar federal law then in force.

          "Service Factor" for such Other Member shall be the number of months
specified in such Other Member's executed Joinder Agreement.

          "Subsidiary" means with respect to any Person, any limited liability
company, partnership or corporation of which the units of control having a
majority of the general voting power in electing the board of directors or
managers of such entity are, at the time as of which any determination is being
made, owned by such Person either directly or indirectly through subsidiaries.

          "Transferee" means a Person acquiring Securities of the Company
(including Other Member Units) through a Transfer.

          "Trigger Event" means written notice to the Company by JPMP of its
election to increase the number of votes granted to JPMP as a member of the
Board of Managers pursuant to Section 5 hereof.

          "Units" means collectively or individually the Class A Units, the
Class B Units and the Class C Units and any other Securities issued by the
Company in exchange for or as a distribution related to any of the foregoing.

          "Unvested Units" means a number of Other Member Units equal to the
total number of Other Member Units held by such Other Member as of the date of
the Repurchase Notice minus the number of Vested Units held by such Other Member
as of the date of the Repurchase Notice.

                                       5
<PAGE>
          "Vested Units" means the product of (1) the total number of Other
Member Units held by such Other Member as of the date of the Repurchase Notice
and (2) a fraction, the numerator of which is the Service Factor plus the number
of months that have passed since the date such Other Member first becomes a
"Member" hereunder through the Employment Termination Date and the denominator
of which is 48.

          (b) The title of and the section and paragraph headings in this
Agreement are for convenience of reference only and shall not govern the
interpretation of any of the terms or provisions of this Agreement.

          (c) The use herein of the masculine, feminine or neuter forms shall
also denote the other forms, as in each case the context may require.

2.   Name; Formation; Issuance of Units.

          (a) The name of the Company shall be "LPA Investment LLC" or such
other name as the Board of Managers may from time to time hereafter designate.

          (b) The Company was formed upon the execution and filing by Adam K.
Weinstein (such Person being hereby authorized to take such action) with the
Secretary of State of the State of Delaware of a certificate of formation of the
Company on March 13, 1998.

          (c) The Company shall be authorized to issue from time to time up to
1,000,000 Units, of which 750,000 shall be Class A Units, 150,000 shall be Class
B Units and 100,000 shall be Class C Units. Units may be issued pursuant to such
agreements as the Board of Managers shall approve, including pursuant to options
or warrants.

          (d) On the date hereof, each Member hereby agrees to exchange its
outstanding equity Securities in the Company for the number and class of Units
set forth on Schedule I. Each Member shall retain the Capital Account it had on
the date hereof, which is reflected on Schedule I.

          (e) Schedule II sets forth (i) the names of the Members, (ii) the
number of Units held by each such Member on the date hereof after giving effect
to the transactions contemplated by Section 2(d) and (iii) the Capital Account
of each such Member. Without further action from the Company or any of the
Members, Schedule II shall be amended from time to time to record the effects of
(i) the addition of any new Members, (ii) the issuance and purchase of any
additional Units and (iii) changes in the Capital Accounts of the Members.

          (f) The parties hereto have previously ratified and confirmed the
filing of the Certificate of Formation.

3.   Purpose.

          The purpose of the Company shall be to engage in any lawful business
that may be engaged in by a limited liability company organized under the
Delaware Act, as such business activities may be determined by the Board of
Managers from time to time.

                                       6
<PAGE>
4.   Offices.

          (a) The principal office of the Company, and such additional offices
as the Board of Managers may determine to establish, shall be located at such
place or places inside or outside the State of Delaware as the Board of Managers
may designate from time to time.

          (b) The registered office of the Company in the State of Delaware and
the registered agent of the Company for service of process at such address are
as set forth in the Certificate of Formation.

5.   Management of the Company.

          (a) Subject to the delegation of rights and powers provided for
herein, the Board of Managers shall have the sole right to manage the business
of the Company and shall have all powers and rights necessary, appropriate or
advisable to effectuate and carry out the purposes and business of the Company.
Prior to a Trigger Event, the Board of Managers shall have five votes, with JPMP
having two votes and King having three votes. After a Trigger Event, the Board
of Managers shall have five votes, with JPMP having four votes and King having
one vote. A member of the Board of Managers that is not an individual may act
through its duly authorized representative. In his/her capacity as a non-voting
observer of the Board of Managers, the Chief Executive Officer of Parent shall
be entitled to: (i) attend all meetings of the Board of Managers and receive
prior notice of such meetings and (ii) receive all reports and information
provided to the other members of the Board of Managers from time to time solely
in their capacity as members of the Board of Managers.

          (b) No Member, by reason of such Member's status as such, shall have
any authority to act for or bind the Company but shall have only the right to
vote on or approve the actions herein specified to be voted on or approved by
such Member.

          (c) Except as otherwise expressly provided for herein, no Other Member
shall have any voting rights hereunder or under the LLC Act with respect to
their ownership of Class A Units, Class B Units or Class C Units.

          (d) The officers of the Company, if any, shall be, and shall be
elected, removed and perform such functions, as are determined by the Board of
Managers from time to time The Board of Managers may appoint, employ, or
otherwise contract with such other Persons for the transaction of the business
of the Company or the performance of services for or on behalf of the Company as
it shall determine in its sole discretion. The Board of Managers may delegate to
any officer of the Company or to any such other Person such authority to act on
behalf of the Company as the Board of Managers may from time to time deem
appropriate in its sole discretion.

          (e) Except as otherwise provided by the Board of Managers, when the
taking of such action has been authorized by the Board of Managers, any officer
of the Company or any other Person specifically authorized by the Board of
Managers may execute any contract or other agreement or document on behalf of
the Company and may execute and file on behalf of the Company with the Secretary
of State of the State of Delaware any certificates of amendment to the Company's
certificate of formation, one or more restated certificates of formation and

                                       7
<PAGE>
certificates of merger or consolidation and, upon the dissolution and completion
of winding up of the Company, or as otherwise provided in the Delaware Act, a
certificate of cancellation canceling the Company's certificate of formation.

6.   Regulatory Matters.

          (a) Each Member agrees to cooperate with the Company in all reasonable
respects in complying with the terms and provisions of the letter agreement
between the Company and JPMP, a copy of which is attached hereto as Exhibit A,
regarding regulatory matters (the "Regulatory Sideletter"), including without
limitation, voting to approve amending this Agreement in a manner reasonably
acceptable to the Members and JPMP or any Affiliate of JPMP entitled to make
such request pursuant to the Regulatory Sideletter in order to remedy a
Regulatory Problem (as defined in the Regulatory Sideletter).

          (b) The Company and each Member agree not to amend or waive the voting
or other provisions of this Agreement if such amendment or waiver would cause
JPMP or any of its Affiliates to have a Regulatory Problem. JPMP agrees to
notify the Company as to whether or not it would have a Regulatory Problem
promptly after JPMP has notice of such amendment or waiver.

7.   Members; Representations of Members.

          (a) The name and business, mailing or residence address of and number
of Units held by the Members (after giving effect to Section 2(d)) are set forth
on Schedule II. Schedule II shall be amended from time to time to reflect the
names and business, mailing or residence address of and number of Units held by
each Person who shall become Members after the date hereof.

          (b) Upon the acquisition of a Unit after the date hereof (pursuant to
issuance by the Company, Transfer by any Member or otherwise), such Member makes
the following representations and warranties to the Company on the date of
acquisition thereof:

               (i) The execution and delivery of this Agreement by such Member
     has been duly authorized, validly executed and delivered and this Agreement
     constitutes the legal and binding obligation of such Member, enforceable
     against such Member in accordance with its terms.

               (ii) The Member understands that (A) the Units have not been
     registered under the Securities Act or registered or qualified under
     applicable state securities laws by reason of their issuance by the Company
     in a transaction exempt from the registration and qualification
     requirements of the Securities Act and applicable state securities laws,
     and (B) the Units issued to the Member must be held by the Member
     indefinitely unless a subsequent disposition thereof is registered or
     qualified under the Securities Act and applicable state securities Laws, or
     are exempt from such registration or qualification. The Member further
     understands that in connection with the Transfer of the Units, that the
     Company may request, and if so requested the Member will furnish, such
     certificates, legal opinions and other information as the Company may
     reasonably require to confirm that such share Transfer complies with the
     foregoing.

                                       8
<PAGE>
               (iii) The Member further understands that, with respect to the
     Units, the exemption from registration afforded by Rule 144 (the provisions
     of which are known to the Member) promulgated under the Securities Act
     depends on the satisfaction of various conditions, and that, if applicable,
     Rule 144 may only afford the basis for sales only under certain
     circumstances and only in limited amounts.

               (iv) The Member will not Transfer the Units acquired by it
     hereunder, except in compliance with this Agreement.

               (v) The Member is acquiring the Units for its own account, for
     investment only and not with a view to, or an intention of, the
     distribution thereof in violation of the Securities Act or any applicable
     state securities laws.

               (vi) The Member has no need for liquidity in its investment in
     the Units and is able to bear the economic risk of his investment in the
     Units for an indefinite period of time.

               (vii) The Member has been represented by counsel and/or advisors
     in connection with the execution and delivery of this Agreement and has had
     an opportunity to ask questions and receive answers concerning the terms
     and conditions of the offering of the Units and has had full access to or
     been provided with all such other information concerning the Company as he
     has requested.

               (viii) The Member has such knowledge and experience in financial
     and business matters and with respect to investments in Securities of
     privately held companies such that the Member is capable of evaluating the
     risks and merits of its investment in the Units.

               (ix) Neither the issuance of the Units to the Member nor any
     provision contained in this Agreement shall entitle any Member to obtain
     employment with or remain in the employment of the Company or any of its
     Subsidiaries or Affiliates or affect any right the Company or any
     Subsidiary or Affiliate of the Company may have to terminate the Member's
     employment, pursuant to an applicable employment agreement or otherwise for
     any reason.

8.   Capital Contributions; Issuance of Units; Capital Accounts.

          (a) The Heritage Members have contributed to the Company on or prior
to the date hereof the amount set forth in Schedule I in respect of the Units
set forth in Schedule I by payment of cash in such amount. The equity value of
the Company as of the date hereof is $32,000,000.

          (b) A separate capital account shall be maintained on the books of the
Company for each Member (the "Capital Account"), which shall be adjusted (1) as
of December 31 of each year, (2) immediately prior to the acquisition of any
Membership interest by any Person, (3) effective as of the date of sale of the
Company and (4) the date of (and immediately prior to) dissolution of the
Company, as follows:

                                       9
<PAGE>
               (i) the amount of money and the fair market value of property
     (net of any liabilities secured by such property that the Company assumes
     or takes subject to) contributed by such Member to the Company shall be
     credited to such Member's Capital Account;

               (ii) the amount of any distributions (including the fair market
     value (as determined by the Board of Managers in good faith) of property
     other than cash (net of any liabilities that such Member assumes or takes
     subject to) distributed to such Member by the Company to shall be debited
     from such Member's Capital Account; and

               (iii) Net Profits incurred by the Company since the last date on
     which Net Profits or Net Losses shall have been allocated to the Members
     shall be credited to such Member's Capital Account and Net Losses incurred
     by the Company since the last date on which Net Losses or Net Profits shall
     have been allocated to the Members shall be debited to such Member's
     Capital Account, which allocations shall be made in the amounts on
     proportions set forth in Sections 8(c) and (d), hereof.

          (c) Net Profits and Net Loss shall be allocated among the Members so
as to reduce, proportionately, the difference between their respective "Target
Capital Accounts" and Capital Accounts. For purposes of the foregoing, a
Member's "Target Capital Account" shall be equal to the amount such Member would
be entitled to receive if the Company sold all of its assets for their book
value, settled all of its liabilities according to their terms and distributed
all of its remaining cash pursuant to Section 9 hereof.

          (d) Notwithstanding any provision of this Agreement to the contrary,
each Member's Capital Accounts shall be maintained and adjusted in accordance
with the Code, including (i) the adjustments permitted or required by Code
Section 704(b) and, to the extent applicable, the principles expressed in Code
Section 704(c) and the regulations promulgated thereunder and (ii) adjustments
required to maintain Capital Accounts in accordance with the "substantial
economic effect test" set forth in the regulations promulgated under Code
Section 704(b).

          (e) Any Member, including any substitute Member, who shall receive any
interest in the Company by means of a transfer to him from another Member shall
have a Capital Account that reflects the Capital Account associated with the
transferred interest in the Company.

9.   Distributions.

          (a) The Company shall distribute assets, whether in cash or in kind,
at such times and in such amounts as the Board of Managers may determine;
provided that, all such distributions shall be made in the following order of
priority, and such distributions shall be pro rata to the holders of each class
of units, in accordance with the number of Units of such class held by such
Member:

               (i) first, 99% to the Members holding Class A Units and 1% to the
     Members holding Class B Units until the aggregate distributions made
     pursuant to this clause equal the Initial Distribution Amount; then

                                       10
<PAGE>
               (ii) second, 91% to the Members holding Class A Units, 1% to the
     Members holding Class B Units and 8% to the Members holding Class C Units
     until the aggregate amount distributed pursuant to this clause equals
     $32,500,000; then

               (iii) third, 89% to the Members holding Class A Units, 1% to the
     Members holding Class B Units and 10% to the Members holding Class C Units
     until the aggregate amount distributed pursuant to this clause equals
     $50,000,000; then

               (iv) fourth, 79% to the Members holding Class A Units, 1% to the
     Members holding of Class B Units and 20% to the Members holding Class C
     Units until the aggregate amount distributed pursuant to this clause equals
     $50,000,000; then

               (v) fifth, 100% to the Members holding Class C Units until the
     aggregate amount distributed pursuant to this clause equals $5,000,000; and

               (vi) thereafter, 69% to the Members holding Class A Units, 1% to
     the Members holding Class B Units and 30% to the Members holding Class C
     Units.

10.  Liability for Return of Capital.

          No Member shall have any liability for the return of any Member's
Capital Contribution, which Capital Contribution shall be payable solely from
the assets of the Company at the absolute discretion of the Board of Managers,
subject to the requirements of the Delaware Act.

11.  Administrative Matters.

          (a) The Company hereby designates JPMP as the "Tax Matters Partner"
for purposes of Code Section 6231 and the regulations promulgated thereunder.
The Tax Matters Partner shall promptly advise each Member of any audit
proceedings proposed to be conducted with respect to the Company.

          (b) It is the intention of the Members that the Company shall be taxed
as a "partnership" for federal, state, local and foreign income tax purposes.
The Members shall take all reasonable actions, including the amendment of this
Agreement and the execution of other documents, as may reasonably be required in
order for the Company to qualify for and receive "partnership" treatment for
federal, state, local and foreign income tax purposes.

          (c) The fiscal year of the Company shall be the calendar year. The
books and records of the Company shall be maintained in accordance with
generally accepted accounting principles and Code Section 704(b) and the
regulations promulgated thereunder.

12.  Repurchase of Other Member Units.

     The provisions set forth in this Section 12 shall apply to the Other
Members and any Permitted Transferee of such Other Members.

          (a) In the event that such Other Member's employment with the Company,
its Subsidiaries or their Affiliates is terminated for any reason at any time,
JPMP or its designee

                                       11
<PAGE>
shall have the right (but not the obligation), upon delivery of a Repurchase
Notice to such Other Member, to repurchase all of the Other Member Units owned
by such Other Member and its Transferees (the "Repurchase Right"). If JPMP or
its designee elects to exercise the Repurchase Right, JPMP or its designee shall
deliver the Repurchase Notice on or before the 180th day after the Employment
Termination Date. The closing of any repurchase of Other Member Units pursuant
to this Section 12 shall occur on or before the date that is 30 days after the
date of delivery of the Repurchase Notice.

          (b) In the event JPMP or its designee elects to exercise its
Repurchase Right, the repurchase price shall be determined as set forth below.

               (i) In the event that an Other Member's employment with the
     Company, its Subsidiaries or their Affiliates is terminated for any reason
     (other than a termination (i) for Good Reason, (ii) without Cause or (iii)
     upon the death or Disability of such Other Member), the price to be paid by
     JPMP or its designee to repurchase each Vested Unit shall be an amount
     equal to $.01 (as adjusted for splits, combinations, recapitalizations and
     similar transactions).

               (ii) In the event that an Other Member's employment with the
     Company, its Subsidiaries or their Affiliates is terminated for (A) Good
     Reason, (B) without Cause or (C) due to death or Disability of such Other
     Member, the price to be paid by JPMP or its designee to repurchase each
     Vested Unit shall be an amount equal to the fair market value of such Units
     as of the Employment Termination Date. The determination of fair market
     value of such Vested Units shall be made by the good faith majority
     decision of a committee (the "Fair Market Value Evaluation Committee)
     consisting of (1) two designees of JPMP and (2) the Chief Executive Officer
     of Parent at such time. In the event that the Fair Market Value Evaluation
     Committee is to determine the value of Vested Units owned by the Chief
     Executive Officer of Parent, the third member of the Fair Market Value
     Evaluation Committee shall be Neil Dyment or the Chief Financial Officer of
     Parent at such time.

               (iii) In the event that an Other Member's employment with the
     Company, its Subsidiaries or their Affiliates is terminated for any reason,
     the price to be paid by JPMP or its designee to repurchase each Unvested
     Unit shall be $.01 (as adjusted for splits, combinations, recapitalizations
     and similar transactions).

               (iv) The purchase price to be paid by JPMP or its designees shall
     be paid in cash in a single lump sum payment. The Persons purchasing the
     Units pursuant to this Section 12 will be entitled to require such Other
     Member to provide representations and warranties regarding (i) his or its
     power, authority and legal capacity to enter into such Transfer; (ii) valid
     right, title and interest in such Units and the Other Member's ownership of
     such Units; (iii) the absence of any Encumbrances on such Units; and (iv)
     the absence of any violation, default, or acceleration of any agreement or
     instrument pursuant to which such Other Member or the assets of such Other
     Member are bound as the result of such sale. JPMP or its designee shall
     have the right to revoke the Repurchase Notice at any time. Should JPMP or
     any of its designees elect to exercise the purchase rights pursuant to this
     Section 12 and such Other Member fails to deliver all of

                                       12
<PAGE>
     such Units in accordance with the terms hereof, JPMP may, at its option, in
     addition to all other remedies it may have, deliver the purchase price to
     the Company to be held for the benefit of and payment over to such Other
     Member in accordance herewith, whereupon (i) the Company shall cancel on
     its books the such Units registered in the name of the Other Member and
     (ii) issue to the purchaser, in lieu thereof, Units registered in the
     purchaser's name (or if the Company is the purchaser, cancel such Units),
     and all of such Other Member's right, title, and interest in and to such
     Units shall terminate in all respects.

          (c) Notwithstanding the foregoing, in the event that any Other
Member's employment with the Company, its Subsidiaries or their Affiliates is
terminated for any reason at any time and such Other Member has Transferred
Other Member Units to a Permitted Transferee, JPMP or its designee shall have
the right (but not the obligation), upon delivery of a Repurchase Notice to such
Permitted Transferee, to repurchase all of the Other Member Units owned by such
Permitted Transferee in accordance the provisions of this Section 12 on the same
terms and conditions as if JPMP or its designee were to repurchase such Other
Member Units directly from the Person who originally Transferred such Other
Member Units to such Permitted Transferee.

13.  Transfers of Units and Interests.

          (a) Except as required by Sections 12, 13(b), or 13(c), no Member may
sell, assign, pledge or otherwise transfer or encumber (collectively,
"Transfer"), other than to Permitted Transferees in accordance with the terms
hereof, all or any part of its Units or other part of its Interest, and no
transferees of all or any part of the Units of a Member shall be admitted as a
substituted Member, without, in either event, having obtained the prior written
consent of a Majority in Interest of the Members, which consent may be withheld
in their sole discretion. Any Transfer or attempted Transfer of any Interest in
the Company in violation of any the provisions of this Section 13 shall be void,
and the Company shall not record such Transfer on its books or treat any
purported transferee of such Units as the owner of such Units for any purpose.
The Company shall amend Schedule II hereto from time to time to reflect
Transfers made in accordance with, and as permitted under, this Section 13. Upon
the Transfer of all Units held by a Member, such Person shall no longer be
deemed to be a "Member" hereunder and shall have no rights as a "Member"
hereunder.

          (b) If the Board of Managers approves a Sale Transaction, each Other
Member shall consent to and raise no objections against the Sale Transaction,
and if the Sale Transaction is structured as a sale of the issued and
outstanding Securities of the Company (whether by merger, recapitalization,
consolidation or sale or transfer of Units or otherwise), then each Other Member
shall waive any dissenters rights, appraisal rights or similar rights in
connection with such Sale Transaction and each Other Member shall agree to sell
his or her Units on the terms and conditions approved by the Board of Managers.
Each Other Member shall take all necessary and desirable actions in connection
with the consummation of the Sale Transaction, including, but not limited to,
the execution of such agreements and instruments (including Member resolutions)
and other actions necessary to provide the representations, warranties,
indemnities, covenants, conditions, escrow agreement and other provisions and
agreements relating to such Sale Transaction. In the event that any Other Member
fails for any

                                       13
<PAGE>
reason to take any of the foregoing actions after reasonable notice thereof, he
or it hereby grants an irrevocable power of attorney and proxy to the Company to
take all necessary actions and execute and deliver all documents deemed by the
Company necessary to effectuate the terms of this Section 13(b).

          (c) If and whenever the Company proposes to register any of its
Securities under the Securities Act for its own account (or otherwise), each
Other Member agrees not to effect (other than pursuant to such registration) any
public sale or distribution (including, but not limited to, any sale pursuant to
Rule 144 or Rule 144A of the Securities Act) of any Units or any other
Securities of the Company until 180 days after (or with respect to the Company's
initial public offering of Units under the Securities Act 270 days after), and
during the twenty (20) days prior to, the effective date of such registration.

          (d) Notwithstanding anything to the contrary contained herein, JPMP
may Transfer any Units to any employee, officer, director or consultant of the
Company or its Subsidiaries.

          (e) No Transfer of any Other Member Units by any Other Member to a
Permitted Transferee shall become effective until the Permitted Transferee
(unless already party to this Agreement) executes and delivers to the Company a
Joinder. Upon such Permitted Transfer and such execution and delivery, the
Permitted Transferee shall be bound by, and entitled to the benefits of, this
Agreement.

14.  Withdrawal.

          No Member shall have the right to withdraw from the Company except
with the consent of the Board of Managers. The provisions hereof with respect to
distributions upon withdrawal are exclusive, and no Member shall be entitled to
claim any further or different distribution upon withdrawal under Section 18-604
of the Delaware Act or otherwise.

15.  Additional Members.

          The Board of Managers shall have the right to cause the Company to
issue additional Units and to admit additional Members upon the acquisition of
such Units upon such terms and conditions, at such time or times, and for such
Capital Contributions as shall be determined by the Board of Managers. In
connection with the admission of an additional Member, the Company shall amend
Schedule II hereof to reflect the name, address of and the number of Units held
by, the additional Member. Prior to the admission of any Person as a Member,
such Person shall execute a Joinder.

16.  Dissolution.

          (a) The Company shall be dissolved and its affairs wound up and
terminated upon the first to occur of the following:

               (i) March 13, 2023; or

                                       14
<PAGE>
               (ii) the determination of the Board of Managers and a Majority in
     Interest of the Members to dissolve the Company.

          (b) Upon dissolution of the Company, the Company's affairs shall be
promptly wound up in accordance with the provisions of this Section 16. The
Company shall engage in no further business except as may be necessary, in the
reasonable discretion of the Board of Managers, to preserve the value of the
Company's assets during the period of dissolution and liquidation.

          (c) Distributions to the Members in liquidation may be made in cash or
in kind, or partly in cash and partly in kind, as determined by the Board of
Managers.

          (d) The Net Profits and Net Losses of the Company during the period of
dissolution and liquidation shall be allocated among the Members in accordance
with the provisions of Section 8.

          (e) The assets of the Company (including, without limitation, proceeds
from the sale or other disposition of any assets during the period of
dissolution and liquidation) shall be applied as follows:

               (i) First, to repay any indebtedness of the Company, whether to
     third parties or the Members, in the order of priority required by law;

               (ii) Second, to any reserves which the Board of Managers
     reasonably deems necessary for contingent or unforeseen liabilities or
     obligations of the Company (which reserves when they become unnecessary
     shall be distributed in accordance with the provisions of (iii), below);
     and

               (iii) Third, to the Members in accordance with Section 9.

17.  Limitation on Liability.

          The debts, obligations and liabilities of the Company, whether arising
in contract, tort or otherwise, shall be solely the debts, obligations and
liabilities of the Company, and no Member of the Company shall be obligated
personally for any such debt, obligation or liability of the Company solely by
reason of being a Member. No Member shall be liable to the Company, any other
Member or any third party for any breach of any representation or warranty or
failure by the Company to comply with any of its covenants or agreements
contained in this Agreement.

18.  Amendments.

          Except as expressly set forth herein, this Agreement may be amended
only upon the written consent of the Board of Managers and a Majority in
Interest of the Members; provided, however, that the approval of holders
representing a majority of the Class A Units and the approval of holders
representing a majority of the Class C Units shall be required to amend or
modify Sections 1 (with respect to the following definitions only: Cause,
Disability, Good Reason, Service Factor, Unvested Units and Vested Units), 8, 9,
12(b) and 13(a) hereof.

                                       15
<PAGE>
19.  Governing Law.

          This Agreement shall be governed by and construed in accordance with
the domestic laws of the State of Delaware without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of Delaware or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the state of Delaware.

20.  Entire Agreement.

          This Agreement and the other agreements and documents referenced
herein (including, but not limited to, the schedules and the exhibits (in their
executed form) attached hereto) and any other document or agreement
contemporaneously entered into contain all of the agreements among the parties
hereto with respect to the transactions contemplated hereby and supersede all
prior agreements or understandings, oral and written, among the parties with
respect thereto, including without limitation the Third Amended and Restated
Operating Agreement of the Company dated as of the July 31, 2003.

21.  Initial Public Offering.

          In the event of a reorganization of the Company in contemplation of an
initial public offering, the Members shall negotiate in good faith for a
customary registrations rights agreement setting forth the rights of each class
of Members to participate in any public registration of Securities of the
Company (subject to customary cut backs, priorities and holdbacks).

22.  Counterpart Signatures

          This Agreement may be executed in counterparts, each of which will be
deemed an original and all of which together shall constitute one document. A
facsimile signature by a party shall constitute due execution of this Agreement
by such party.

                                    * * * * *

                                       16
<PAGE>
          IN WITNESS WHEREOF, the undersigned have duly executed this Fourth
Amended and Restated Operating Agreement as of the date first written above.

                                    J.P. MORGAN PARTNERS (23A SBIC), L.P.

                                    By: J.P. Morgan Partners (23A SBIC Manager),
                                        Inc., its General Partner

                                    By: /s/ Chris Behrens
                                        ----------------------------------------
                                    Name: Chris Behrens
                                          --------------------------------------
                                    Title:
                                           -------------------------------------

                                    /s/ Robert E. King
                                    --------------------------------------------
                                    Robert E. King

                                    KING CHILDREN TRUST PARTNERSHIP

                                    By: Stanford J. Goldblatt, as Trustee of the
                                        Heather Oakes King Trust, the Margaret
                                        Elizabeth King Trust and the
                                        Robert E. King Trust, the sole
                                        general partners

                                    By: /s/ Stanford J. Goldblatt
                                        ----------------------------------------
                                    Name: Stanford J. Goldblatt
                                          --------------------------------------
                                    Title: Trustee
                                           -------------------------------------

                                       -i-<PAGE>
                                                                   EXHIBIT 10.53

         AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement") dated and
effective as of September 28, 2005, by and among LPA HOLDING CORP., a Delaware
corporation ("LPA Holdings"), LA PETITE ACADEMY, INC., a Delaware corporation
(the "Company") and GARY A. GRAVES ("Executive").

                                    RECITALS

         WHEREAS, the Company, LPA Holdings and Executive are party to an
existing Employment Agreement (the "Original Agreement") dated August 26, 2002
(the "Commencement Date");

         WHEREAS, the Company, LPA Holdings and the Executive wish to amend and
restate the Original Agreement in its entirety;

         WHEREAS, in order to induce Executive to agree to serve as Chief
Executive Officer and President of the Company, LPA Holdings and the Company
desire to provide Executive with compensation and other benefits on the terms
and conditions set forth in this Agreement; and

         NOW, THEREFORE, it is therefore hereby agreed by and among the parties
as follows:

     Section 1. Employment.

         (a) Subject to the terms and conditions of this Agreement, the Company
agrees to continue to employ Executive as Chief Executive Officer and President.
In his capacity as Chief Executive Officer and as President of the Company,
Executive shall have all of the customary powers, responsibilities and
authorities of presidents and chief executive officers of corporations of the
size, type and nature of the Company. For so long as Executive shall serve as an
officer of the Company, Executive shall serve as a member of the Company's Board
of Directors (the "Board").

         (b) Subject to the terms and conditions of this Agreement, Executive
hereby accepts continued employment as Chief Executive Officer and as President,
of the Company and agrees to devote his full working time and efforts, to the
best of his ability, experience and talent, to the performance of services,
duties and responsibilities in connection therewith. Nothing in this Agreement
shall preclude Executive from engaging, consistent with his duties and
responsibilities hereunder, in charitable and community affairs, from managing
his personal investments or, except as otherwise provided in Section 14 hereof,
from serving as a member of boards of directors or as a trustee of other
companies, associations or entities.

<PAGE>

     Section 2. Term of Employment. Subject to the valid execution of a
Stockholders Written Consent on or prior to the Commencement Date approving the
terms of this Agreement, the Executive's term of employment under this Agreement
shall be deemed to have commenced on the Commencement Date and, subject to the
terms hereof, shall terminate on the third anniversary of the Commencement Date
(the "Termination Date"); provided, however, that on such anniversary date and
on each subsequent one-year anniversary thereof, the Termination Date shall
automatically be extended for a period of one year unless either party shall
have given written notice to the other party not less than ninety days prior to
such Termination Date that the Termination Date shall not be so extended.

     Section 3. Compensation.

         (a) Initial Base Salary. The Company shall pay Executive a base salary
("Base Salary") at the annual rate of $425,000. The Base Salary shall be payable
in accordance with the ordinary payroll practices of the Company and shall be
subject to increase as determined by the Board or its compensation committee;
provided, however that the Base Salary, as in effect from time to time, may not
be decreased.

         (b) Annual Bonus. In addition to his Base Salary, Executive shall be
entitled to receive a cash bonus (the "Bonus") with respect to each fiscal year;
provided that, except as otherwise provided in this Agreement, the Executive is
employed by the Company on the last day of such fiscal year. The Bonus shall be
paid as follows:

             (i) Prior to the end of each fiscal year the Board, in good faith
     consultation with the Executive, shall determine the target EBITDA for the
     immediately succeeding fiscal year (the "Plan EBITDA") for use in
     determining the Company's bonus payable to participants in the Company's
     bonus pool. For purposes hereof, EBITDA shall be as defined in the
     Indenture dated as of May 11, 1998, among the Company, PNC Bank, as
     Trustee, and the other parties thereto.

             (ii) The Executive shall be entitled to a Bonus based upon the
     attainment of a specified percentage of the actual EBITDA in relation to
     Plan EBITDA. No Bonus will be payable in the event that actual EBITDA is
     less than 90% of Plan EBITDA and the maximum bonus of 200% of Base Salary
     is payable only when actual EBITDA is more than 110% of Plan EBITDA. If
     actual EBITDA as a percentage of Plan EBITDA falls within one of the
     gradations specified below, the percentage of Base Salary specified below
     will be earned in even increments within the relevant gradation.

<TABLE>
<CAPTION>
         Range of EBITDA                      Percentage of Base Salary
         ---------------                      -------------------------
<S>                                           <C>
         90% or less of Plan EBITDA                     0%

         More than 90% but less than or                 50%
         equal to 100% of Plan EBITDA

         More than 100% but less than or                100%
         equal to 110% of Plan EBITDA

         More than 110% of Plan EBITDA                  200%
</TABLE>

                                       2
<PAGE>

         (c) Options. LPA Holdings agrees to cause to be granted to the
Executive options to purchase 180,254 shares of common stock of LPA Holdings at
an exercise price of $0.01 per share. One forty-eighth of the options will vest
and become exercisable on the Commencement Date and the remaining options will
vest and become exercisable at a rate of one forty-eighth per month on the 19th
day of each month following the Commencement Date for a 47 month period
thereafter. Such vesting will be accelerated upon the earlier of the
consummation of a Change-in-Control (as defined in the LPA Holdings' 1998 Stock
Option Plan) or the consummation of an underwritten registered public offering
of Common Stock of LPA Holdings. Such options and the underlying shares will be
issued pursuant to an agreement that contains repurchase rights, tag-along
rights, drag along rights and other provisions substantially equivalent to those
set forth in the LPA Holdings' 1998 Stock Option Plan.

         (d) Compensation Plans and Programs. Executive shall participate in any
compensation plan or program, annual or long-term, maintained by the Company on
terms no less favorable than those applicable to other senior management
personnel of the Company. The Company acknowledges that the Executive has been
issued equity interests of LPA Investment LLC pursuant to the Fourth Amended and
Restated Operating Agreement as of September 28, 2005, by and among LPA
Investment LLC, J.P. Morgan Partners (23A SBIC), LLC, Robert E. King and the
King Children Trust Partnership. The foregoing reference to such agreement shall
not shall provide Executive with any additional benefits, remedies or rights
under this Agreement.

     Section 4. Employee Benefits.

         (a) Employee Benefit Programs, Plans and Practices. During the term of
his employment hereunder, the Company shall provide to Executive coverage under
any employee benefit programs, plans and practices (commensurate with his
positions in the Company and to the extent possible under any employee benefit
plan), in accordance with the terms hereof, which the Company makes available to
its senior executive officers, including but not limited to (i) retirement,
pension and profit-sharing, and (ii) medical, dental, hospitalization, life
insurance, short and long-term disability, accidental death and dismemberment
and travel accident coverage.

         (b) Vacation and Fringe Benefits. Executive shall be entitled to a paid
vacation each fiscal year of no less than four weeks. The Company may, in its
sole discretion, grant additional vacation time to Executive. Executive shall
participate in any fringe benefits offered to other senior management personnel
of the Company, including directors and officers insurance to the extent offered
by the Company, on terms no less favorable than those applicable to such other
senior management personnel.

     Section 5. Expenses. Executive is authorized to incur reasonable expenses
in carrying out his duties and responsibilities under this Agreement, including
without limitation, expenses for travel and similar items related to such duties
and responsibilities. The Company will reimburse Executive for all such expenses
upon presentation by Executive from time to time of an itemized account of such
expenditures.

                                       3
<PAGE>

     Section 6. Termination of Employment.

         (a) The Company may terminate Executive's employment at any time, and
Executive may terminate his employment at any time, both subject to the notice
requirements as specifically set forth herein. Nothing contained in this
Agreement shall limit Executive's rights under the Consolidated Omnibus Budget
Reconciliation Act.

         (b) Termination Not for Cause or Termination for Good Reason.

             (i) If Executive's employment is terminated (1) by the Company
     other than for Cause (as defined in Section 6(c)(ii) hereof), (2) due to
     Executive's death or disability, (3) by Executive for Good Reason (as
     defined in Section 6(b)(ii) hereof) or (4) due to the Company's written
     election not to extend the Termination Date as provided in Section 2
     hereof, Executive shall be entitled to receive from the Company, in lieu of
     any other cash compensation provided for herein but not in substitution for
     compensation already paid or earned, payable in accordance with the
     Company's customary payroll payment practices, for the Severance Period, an
     amount equal to the sum of (A) the Executive's Base Salary at its then
     current annual rate plus (B) two times the Bonus for the fiscal year in
     which the Executive's employment is terminated at 100% of Base Salary. For
     purposes hereof, the term "Severance Period" means (x) if such termination
     occurs on or prior to the one-year anniversary of the Commencement Date, 6
     months from the date of termination and (y) if such termination occurs
     subsequent to the one-year anniversary of the Commencement Date or pursuant
     to Section (6)(b)(ii)(E) below, 12 months from the date of termination.
     Additionally, upon such termination Executive shall be entitled to the
     following:

                 (A) within a reasonable period of time after the date of
         termination, a cash lump sum equal to (x) any compensation payments
         deferred by Executive, together with any applicable interest or other
         accruals thereon; (y) any unpaid amounts, as of the date of such
         termination, in respect of the Bonus for the fiscal year ending before
         the fiscal year in which such termination occurs and (z) any unpaid
         amounts, as of the date of such termination, in respect of accrued but
         unpaid vacation time and outstanding business expenses incurred in
         connection with the Company's policies;

                 (B) for the period from the date of termination of Executive's
         employment until the end of the Severance Period, the Executive shall
         continue to be covered under and participate in the Company's employee
         benefit programs, plans and practices described in Section 4(a)(ii)
         hereof or under such other plans of the Company which provide for
         equivalent coverage to the extent and on the terms in effect on
         Executive's date of termination (other than any disability plan for
         which coverage cannot be maintained after such termination);

                 (C) the rights to payments under applicable plans or programs,
         including but not limited to those described in Section 3(d) hereof, as
         may be determined pursuant to the terms of such plans or programs. This
         Section 6(b)(i) shall survive the termination or expiration of this
         Agreement;

                                       4
<PAGE>

                 (D) senior executive level outplacement services to be provided
         at the expense of the Company by a firm selected by the Executive
         within six (6) months following the date the Executive's employment
         with the Company is terminated; provided, however that the cost of such
         senior executive level outplacement services shall not exceed $25,000.

             (ii) For purposes of this Agreement, "Good Reason" shall mean the
     occurrence of any of the following events without Executive's express prior
     written consent and which event shall not have been cured within a 10 day
     period after notice from the Executive:

                 (A) the assignment to Executive by the Company of duties
         substantially inconsistent with Executive's positions, duties,
         responsibilities, authorities, titles and offices as set forth in
         Section 1 hereof, or any material reduction by the Company of
         Executive's duties or responsibilities or any removal of Executive as
         the Chief Executive Officer and President of the Company, except in
         connection with the termination of Executive's employment for any other
         reason;

                 (B) a reduction by the Company in Executive's Base Salary or
         Bonus (other than by reason of the terms of Section 3(b) hereof) as in
         effect at the commencement of employment hereunder or as the same may
         be increased from time to time during the terms of this Agreement;

                 (C) any material breach by the Company of any material
         provision of this Agreement;

                 (D) the failure of the Executive be elected to the Board; or

                 (E) requiring the Executive to be permanently based at any
         location outside of the Chicago, Illinois metropolitan area.

             (iii) For purposes of this Agreement, "Disability" means
     Executive's failure to render the services provided for under this
     Agreement due to the illness, physical or mental disability or other
     incapacity of the Executive for a period of the longer of (A) 90
     consecutive days or for at least 45 days in any 180 day period, or (B) the
     period of time required for the Executive to qualify for disability
     benefits under the Company's long term disability insurance policy.

         (c) The obligations of the Company to make the foregoing payments to
the Executive is subject to the Executive executing and delivering to the
Company a general release (a "General Release"), in form and substance
satisfactory to the Company. The General Release shall release the Company and
its officers, directors, employees, agents, representatives, stockholders and
affiliates from all claims of the Executive, known or unknown, against the
Company and such other persons. If a General Release is executed and delivered
by the Executive, the Company shall execute and deliver to the Executive a
release from all claims, known or unknown, against the Executive solely related
to Executive's lawful activities as an officer and director of the Company.

                                       5
<PAGE>

         (d) Voluntary Termination by Executive: Discharge for Cause.

             (i) In the event that Executive's employment is terminated by the
     Company for Cause, as hereinafter defined, or by Executive other than for
     Good Reason, prior to the Termination Date, Executive shall be entitled to
     receive all salary and benefits to which Executive is entitled up to and
     including the date of Executive's termination of employment hereunder,
     including, without limitation, compensation payments deferred by Executive
     and any accrued and unpaid amounts in respect of the Bonus for the fiscal
     year ending before the fiscal year in which such termination occurs. The
     obligations of the Company under this Agreement to make any further
     payments, or provide any benefits specified herein, to Executive shall
     cease and terminate on the date on which Executive's employment is
     terminated by the Company for Cause or by Executive other than for Good
     Reason. Termination of Executive in accordance with this Section 6(c) shall
     be communicated to Executive pursuant to a notice of a resolution of a
     majority of the Board determining that Executive is subject to Discharge
     for Cause as defined herein.

             (ii) As used herein, the term "Cause" shall be limited to (A)
     action by Executive involving willful malfeasance in connection with his
     employment having a material adverse effect on the Company, (B) material
     breach by Executive of this Agreement or any other agreement entered into
     between Executive and the Company after a written notice of such breach
     shall have been delivered to the Executive and, if such breach can be
     cured, such breach shall not have been cured prior to the tenth day after
     delivery of such notice, (C) continuing refusal by Executive in willful
     breach of this Agreement to perform the duties ordinarily performed by a
     chief executive officer and president (other than any such failure
     resulting from his reasonably documented incapacity due to physical or
     mental illness) after a written demand for substantial performance is
     delivered to him by the Board which demand specifically identifies the
     manner in which the Board believes that he has not substantially performed
     his duties or (D) Executive being convicted of any felony (or any
     misdemeanor involving the property or assets of the Company) under the laws
     of the United States or any State. Notwithstanding the foregoing, the
     Executive shall not be deemed to have been terminated for Cause unless and
     until there shall have been delivered to him a copy of a resolution duly
     adopted by the affirmative vote of not less than a majority of the entire
     Board at a meeting of the Board (after reasonable notice to Executive and
     opportunity for his, together with counsel, to be heard before the Board),
     finding that the Executive was guilty of conduct set forth above in this
     subsection. For purposes of this definition of Cause, action or inaction by
     Executive shall not be considered "willful" unless done or omitted by
     Executive (1) intentionally or not in good faith and (2) without reasonable
     belief that Executive's action or inaction was in the best interests of the
     Company, and shall not include failure to act by reason of partial or total
     incapacity due to physical or mental illness.

     Section 7. Change of Control.

         (a) As used in this Agreement, the term "Change of Control" means (i)
as a result of a merger, consolidation, sale or other disposition, a person
(other than any shareholder

                                       6
<PAGE>

of LPA Holdings or affiliate of such shareholder) acquires 51% or more of the
voting securities of LPA Holdings on a fully diluted basis or (ii) a sale of all
or substantially all of the assets of LPA Holdings and its subsidiaries on a
consolidated basis.

         (b) If the Executive's employment with the Company (1) is terminated
without Cause or (2) is terminated by Executive for Good Reason (as defined in
Section 6(b)(ii) hereof) during the period commencing six (6) months prior to
the consummation of a Change of Control and ending on the second anniversary of
the consummation of such Change of Control:

             (i) The Company shall pay the Executive a lump sum cash payment
     equal to the sum of (A) two times the Executive's Base Salary at its then
     current annual rate plus (B) two times the Bonus for fiscal year in which
     the Executive's employment is terminated at 100% of Base Salary;

             (ii) The Company shall provide to Executive coverage under the
     employee benefit programs, plans and practices described in Section
     4(a)(ii) for a period of twenty-four (24) months following the date of
     termination; and

             (iii) The Executive shall receive senior executive level
     outplacement services to be provided at the expense of the Company by a
     firm to be selected by the Executive within six (6) months following the
     date that the Executive's employment with the Company is terminated;
     provided; however that the cost of such senior executive level outplacement
     services to the Company shall not exceed $25,000.

         (c) Nothing in this Section 7 shall restrict the Company's right to
terminate the Executive's employment with the Company at any time before or
after a Change of Control for any reason, with or without Cause and with or
without notice or requires the Company to make any payments to the Executive in
connection with any termination of the Executive's employment before a Change of
Control.

         (d) The obligations of the Company to make the foregoing payments to
the Executive is subject to the Executive executing and delivering to the
Company a General Release.

     Section 8. Section 280(g).

     Prior to the Company's stock becoming "readily tradeable on an established
securities market or otherwise" (within the meaning of Treasury Regulation s.
1.280G-1 or its successor), in the event that the Company or the Executive
reasonably determines that any portion of the amounts payable to the Executive
(such portion, the "Excess Payments"), whether pursuant to this Agreement or
otherwise, would subject the Executive to the excise tax (the "Excise Tax")
imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the
"Code"), the Executive agrees to waive his right to the Excess Payments, and the
Company agrees to submit the Excess Payments to the shareholders of the Company
for approval in the manner prescribed by Q/A-7 of Treasury Regulation s.
1.280G-1 or its successor.

     Section 9. Notices. All notices or communications hereunder shall be in
writing, addressed as follows:

                                       7
<PAGE>

               To the Company and LPA Holdings:

               La Petite Academy, Inc.
               130 South Jefferson Street, Suite 300
               Chicago, IL 60661
               Attention: Chief Financial Officer
               Telecopier: (312) 798-1351
               Telephone:  (312) 798-1200

                        with a copy to:

                        LPA Investment LLC
                        c/o J.P. Morgan Partners, LLC
                        1221 Avenue of the Americas
                        New York, NY 10020-1080
                        Attention: Official Notices Clerk
                        Fax: (212) 899-3402

                        with a copy to:

                        O'Melveny & Myers LLP
                        7 Times Square, Times Square Tower
                        New York, New York  10036
                        Attention:  Adam K. Weinstein, Esq.

               To Executive:

                        Gary A. Graves
                        1224 Cromwell Lane
                        Naperville, Illinois 60564

                        with a copy to:

                        Seyfarth Shaw
                        55 E. Monroe Street, Suite 4200
                        Chicago, Illinois 60603-5803
                        Attention:  Eugene Jacobs

Any such notice or communication shall be sent certified or registered mail,
return receipt requested, postage prepaid, addressed as above (or to such other
address as such party may designate in a notice duly delivered as described
above), and the actual date of mailing shall constitute the time at which notice
was given.

     Section 10. Separability; Legal Fees; Arbitration. If any provision of this
Agreement shall be declared to be invalid or unenforceable, in whole or in part,
such invalidity or unenforceability shall not affect the remaining provisions
hereof, which shall remain in full-force and effect. Any controversy or claim
arising out of or relating to this Agreement or the breach of

                                       8
<PAGE>

this Agreement (other than Section 14 hereof) that cannot be resolved by
Executive on the one hand and the Company on the other, including any dispute as
to the calculation of Executive's benefits or any payments hereunder, shall be
submitted to arbitration by a single arbitrator in New York, New York in
accordance with Delaware law and the procedures of the American Arbitration
Association in accordance with its National Rules For Resolution of Employment
Disputes. The determination of the arbitrator shall be conclusive and binding on
the Company and Executive, and judgment may be entered on the arbitrator's award
in any court having jurisdiction. To the extent a party prevails in any dispute
arising out of this Agreement or any of its terms and provisions, all reasonable
costs, fees and expenses relating to such dispute, including the party's
reasonable legal fees, shall be borne by the party not prevailing in the
resolution of such dispute, but only to the extent that the arbitrator or court,
as the case may be, deems reasonable and appropriate given the merits of the
claims and defenses asserted.

     Section 11. No Obligation to Mitigate Damages. Executive shall not be
required to mitigate damages or the amount of any payment provided for under
this Agreement by seeking other employment or otherwise. Without limiting the
Company's rights under Section 14, no payment under this Agreement shall be
reduced by any compensation that Executive may earn from a third party after any
termination of employment.

     Section 12. Assignment. This contract shall be binding upon and inure to
the benefit of the heirs and representatives of Executive and the assigns and
successors of LPA Holdings and the Company, but neither this nor any rights
hereunder shall be assignable or otherwise subject to hypothecation by Executive
(except by will or by operation of the laws of intestate succession) or by LPA
Holdings or by the Company, except that LPA Holdings and the Company may assign
this Agreement to any successor (whether by merger, purchase or otherwise) to
all or substantially all of the stock, assets or businesses of LPA Holdings or
the Company.

     Section 13. Amendment. This Agreement may only be amended by written
agreement of the parties hereto.

     Section 14. Nondisclosure of Confidential Information; Non-Competition.

         (a) Executive shall not, without the prior written consent of the
Company, divulge, disclose or make accessible to any other person, firm,
partnership, corporation or other entity any Confidential Information pertaining
to the business of the Company, except (i) while employed by the Company, in the
business of and for the benefit of the Company, or (ii) when required to do so
by a court of competent jurisdiction, by any governmental agency having
supervisory authority over the business of the Company, or by any administrative
body or legislative body (including a committee thereof) with purported or
apparent jurisdiction to order Executive to divulge, disclose or make accessible
such information. For purposes of this Section 14(a), "Confidential Information"
shall mean non-public information concerning the Company's financial data,
strategic business plans, product development (or other proprietary product
data), customer lists, marketing plans and other non-public, proprietary and
confidential information of the Company that is not otherwise available to the
public.

         (b) For a period of one year commencing on Executive's date of
termination for any reason, Executive agrees that, without the prior written
consent of the Company, he shall

                                       9
<PAGE>

not, directly or indirectly, (i) either as principal, manager, agent,
consultant, officer, stockholder, partner, investor, lender or employee or in
any other capacity, carry on, be engaged in or have any financial interest in,
any business which is in material competition with the business of the Company
and/or its affiliates or (ii) solicit any employees of the Company and/or its
affiliates.

         (c) For purposes of Section 14(b) hereof, a business shall be deemed to
be in competition with the Company if it is significantly involved in the
rendering of any service significantly purchased, sold, dealt in or rendered by
the Company and/or its affiliates. As used in the preceding sentence, the term
"significantly" shall be deemed to refer to activities generating gross annual
sales of at least $25 million. Nothing in this Section 14 shall be construed so
as to preclude Executive from investing in any publicly held company provided
Executive's beneficial ownership of any class of such company's securities does
not exceed 5% of the outstanding securities of such class.

         (d) Executive and the Company agree that the foregoing covenant not to
compete is a reasonable covenant under the circumstances, and further agree that
if in the opinion of any court of competent jurisdiction such restraint is not
reasonable in any respect, such court shall have the right, power and authority
to excise or modify such provision or provisions of such covenant as to the
court shall appear not reasonable and to enforce the remainder of the covenant
as so amended. Executive agrees that any breach of the covenants contained in
this Section 14 would irreparably injure the Company. Accordingly, the Company
may, in addition to pursuing any other remedies they may have in law or in
equity, obtain an injunction against Executive from any court having
jurisdiction over the matter, restraining any further violation of this Section
14 by Executive.

     Section 15. Beneficiaries; References. Executive shall be entitled to
select (and change, to the extent permitted under any applicable law) a
beneficiary or beneficiaries to receive any compensation or benefit payable
hereunder following Executive's death, and may change such election, in either
case by giving the Company written notice thereof. In the event of Executive's
death or a judicial determination of his incompetence, reference in this
Agreement to Executive shall be deemed, where appropriate, to refer to his
beneficiary, estate or other legal representative. Any reference to the
masculine gender in this Agreement shall include, where appropriate, the
feminine.

     Section 16. Survivorship. The respective rights and obligations of the
parties hereunder shall survive any termination of this Agreement to the extent
necessary to the intended preservation of such rights and obligations. The
provisions of this Section 16 are in addition to the survivorship provisions of
any other section of this Agreement.

     Section 17. Governing Law. This Agreement shall be construed, interpreted
and governed in accordance with the laws of the State of Delaware, without
reference to rules relating to conflict of laws.

     Section 18. Withholding. The Company shall be entitled to withhold from any
payment hereunder any amount required by law to be withheld.

                                       10
<PAGE>

     Section 19. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original.

     Section 20. Construction. The language used in this Agreement has been
chosen by the parties to express their mutual intent, and no rule of strict
construction shall be applied against any party. In construing this Agreement,
no consideration shall be given to the fact or presumption that either party had
a greater or lesser hand in drafting the Agreement.

     Section 21. Indemnification. The Executive will be entitled to
indemnification as an officer of the Company as set forth in the Company's
By-Laws in effect on the date hereof.

     Section 22. Entire Agreement. This Agreement reflects the entire agreement
and understanding of the parties hereto with respect to the subject matter
hereof and replaces and supersedes any prior employment agreements. This
Agreement amends and restates the Original Agreement in its entirety.

                                *   *   *   *   *

                                       11
<PAGE>

                                        LA PETITE ACADEMY, INC.

                                        By:  /s/ Neil P. Dyment
                                            ------------------------------------
                                            Name:  Neil P. Dyment
                                            Title: Chief Financial Officer

                                        LPA HOLDING CORP.

                                        By:  /s/ Neil P. Dyment
                                            ------------------------------------
                                            Name:  Neil P. Dyment
                                            Title: Chief Financial Officer

                                         /s/ Gary A. Graves
                                        ----------------------------------------
                                        Executive

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]