Document:

exv10w10

Exhibit 10.10

AMENDMENT TO EMPLOYMENT AGREEMENT

The Employment Agreement by and between Blackboard Inc. and Judy Verses, which took effect July 7,
2008 (“Agreement”) is hereby amended pursuant to this Amendment to Employment Agreement
(“Amendment”). This Amendment will take effect on November 14, 2008.

The parties, for good and valuable consideration, the sufficiency of which is hereby acknowledged,
hereby agree as follows:

1. Section 5(c)(i) is hereby amended and restated as follows:

          (i) For purposes of this Agreement, “Good Reason” shall mean (A) a material failure by
Blackboard to perform its obligations under this Agreement; (B) your material relocation to
more than 30 miles outside of the Washington, DC metropolitan area without your consent; or
(C) a material diminution of your compensation, duties or responsibilities within three (3)
months of (I) a sale or transfer of more than 50% of the total number of shares of the
outstanding capital stock of Blackboard or all or substantially all of the assets of
Blackboard to a single unrelated entity or group of affiliated entities (not related to
Blackboard) in one or a series of closely related transactions, or (II) a merger or
consolidation in which Blackboard is not the surviving entity or in which the shareholders
in Blackboard prior to the merger or consolidation own less than 50% of the shares of
outstanding capital stock of Blackboard.

2. Section 6(a) is hereby amended and restated as follows:

     (a) Payments and Benefits. After the first six (6) months of your Initial Term have
elapsed, if during the remainder of the Term Blackboard terminates your employment without
Cause (as defined in Section 5(b)), or you resign for Good Reason and comply with the
obligations set forth in Section 5(c), then Blackboard will pay you at the rate of your then
current base compensation, less applicable taxes and withholdings, for six months
(“Severance Payments”). If, following the end of a calendar year but prior to receiving
your bonus for the completed calendar year, you are terminated without Cause or resign for
Good Reason, you shall also receive your bonus, less taxes and withholdings, for the
completed calendar year as part of the Severance Payments. The Severance Payments shall be
made over a period beginning on the Termination Date and ending six months from such date
(the “Severance Period”), to be paid on Blackboard’s regular payroll cycle during the
Severance Period; provided that your bonus for the completed calendar year, if any, shall be
paid at such time in such next succeeding year as Blackboard deems appropriate, consistent
with the payment of other executives’ bonuses. If you timely apply and qualify for COBRA,
Blackboard will pay your COBRA premiums, at your current level of coverage, for six months,
unless you become covered by another employer’s health insurance, in which case the COBRA
coverage will be terminated when your new coverage commences. You agree to notify
Blackboard immediately if you become covered by another employer’s health insurance plan.
To receive the Severance Payments and COBRA premiums you must sign a release of any and all
claims in the form provided by Blackboard. Such Severance Payments and COBRA premiums shall
begin at the later of (i) the first pay period following your Termination Date or (ii) ten
(10) days after you deliver the signed release to Blackboard.

3. The word “your” is deleted from the last sentence in Section 6(b)(iii)(B).

4. Except as expressly provided herein, the terms and conditions of the Agreement remain
unmodified. All capitalized terms not defined herein shall have the meaning set forth in the
Agreement.

 

 

This Amendment shall be governed by the same provisions as set forth in Section 12(d) of the
Agreement. If any part of this Amendment is held by a court of competent jurisdiction to be void
or unenforceable, the remaining provisions shall continue with full force and effect. The headings
in this Amendment are for convenience only and shall not effect the interpretation of this
Amendment.

This Amendment has been agreed to and executed by the following parties on the dates set forth
opposite their names:

	 	 	 	 	 	 	 	 	 
	 

	 	/s/ Judy Verses
	 	 	 	November 14, 2008	 	 
	 

	 	 

Judy Verses
	 	 
	 	Date	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Blackboard Inc.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Justin Tan
 

	 	 
	 	November 14, 2008
	 	 
	 

	 	Justin Tan
	 	 	 	Date	 	 
	 

	 	Senior Vice Presidentexv10w11

Exhibit 10.11

Outside Director Compensation Plan

The following compensation shall be paid to non-employee directors of Blackboard’s Board of
Directors:

Cash Retainers

	 	 	 	 
	 	Amount per year	 
	Board member
	$	50,000	 
	Audit Committee chair
	$	20,000	 
	Audit Committee non-chair member
	$	5,000	 
	Compensation Committee chair
	$	20,000	 
	Compensation Committee non-chair member
	$	5,000	 
	Nominating & Corp Gov Committee chair
	$	20,000	 
	Nominating & Corp Gov Committee non-chair member
	$	5,000	 
	Non-Executive Chairman of the Board
	$	20,000	 

	•	 	Paid quarterly in arrears at the beginning of each fiscal quarter for the prior quarter.
	 
	•	 	New board members shall receive the pro-rated amount in the quarter in which they are first
elected or appointed.

Meeting Fees

For a non-executive Chairman of the Board, the following meeting fees will be paid:

	 	•	 	$4,000 per meeting day for in-person meetings of the Board of Directors
	 
	 	•	 	$2,000 per telephonic meeting of the Board of Directors

Equity Grants

Initial Grant

Each new outside director shall receive a stock option grant on the next regularly scheduled stock
option grant date following the director’s date of election or appointment. The terms of such
grant shall be as follows:

	 	 	 
	Amount

	 	12,000 stock options (as adjusted for stock splits or similar events)
	Term

	 	8 years (unless required under the relevant plan to be shorter)
	Vesting period

	 	3 years (one-third on each anniversary of grant)
	Vesting start date

	 	Date of election or appointment
	Post-directorship exercise period

	 	1 year
	Change in Control

	 	As provided in plan
	Exercise Price

	 	Most recent closing price of the stock as of the date of grant

Annual Grant

On June 15 of each year, each outside director who has served on the Board for at least six months
shall receive a grant of stock options on the terms listed below.

	 	 	 
	Amount

	 	6,000 stock options (as adjusted for stock splits or similar events)
	Term

	 	8 years (unless required under the relevant plan to be shorter)
	Vesting period

	 	100% vesting on May 1st of the following year
	Vesting start date

	 	Date of grant
	Post-directorship exercise period

	 	1 year
	Change in Control

	 	As provided in plan
	Exercise Price

	 	Most recent closing price of the stock as of the date of grant

A director who represents an outside investor in Blackboard may elect to have the compensation
payable and stock options issuable under this Plan paid to such outside investor.exv10w15

Exhibit 10.15

Blackboard Inc.

Nonstatutory Stock Option Agreement

Granted Under Amended and Restated 2004 Stock Incentive Plan

1. Grant of Option.

     This agreement evidences the grant by Blackboard Inc., a Delaware corporation (the “Company”),
on [Date] (the “Grant Date”) to [Name], an employee, consultant or director of the Company (the
“Participant”), of an option to purchase, in whole or in part, on the terms provided herein and in
the Company’s Amended and Restated 2004 Stock Incentive Plan (the “Plan”), a total of [Number]
shares (the “Shares”) of common stock, $0.01 par value per share, of the Company (“Common Stock”)
at $[Price] per Share. Unless earlier terminated, this option shall expire at 4:00 p.m., Eastern
time, on the eighth anniversary of the Grant Date (the “Final Exercise Date”).

     It is intended that the option evidenced by this agreement shall not be an incentive stock
option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the
term “Participant”, as used in this option, shall be deemed to include any person who acquires the
right to exercise this option validly under its terms.

2. Vesting Schedule.

     This option will become exercisable (“vest”) as to [insert vesting schedule]. The “Vesting
Commencement Date” is [Vesting Commencement Date].

     The right of exercise shall be cumulative so that to the extent the option is not exercised in
any period to the maximum extent permissible it shall continue to be exercisable, in whole or in
part, with respect to all Shares for which it is vested until the earlier of the Final Exercise
Date or the termination of this option under Section 3 hereof or the Plan. Without prior notice to
the Participant, the Company’s Board of Directors may accelerate the vesting hereunder upon a
resolution of the Board of Directors duly passed and approved.

     Upon the occurrence of a Reorganization Event or a Change in Control Event (as defined in the
Plan), except to the extent specifically provided to the contrary in any other agreement between
the Participant and the Company, the vesting hereunder shall be accelerated so that this option
shall become immediately exercisable for the number of Shares subject to this option which
otherwise would have first vested within 12 months following such Reorganization Event or Change in
Control Event, and any remaining unvested shares subject to such Option shall continue to vest in
accordance with the vesting schedule set forth herein as though such 12 month period had actually
passed. If within 12 months of a Reorganization Event or a Change in Control Event, the
Participant ceases to be an Eligible Participant due to termination by the Company of its
relationship with the Participant without Cause (as defined below) or a
Constructive Termination (as defined below) of the Participant, except to the extent
specifically provided to the contrary in any other agreement between the Participant and the
Company, the vesting hereunder shall be further accelerated so that this option shall become
immediately

 

 

exercisable for the number of Shares subject to this option which otherwise would have
first vested within 24 months following such termination or Constructive Termination (“Additional
Acceleration”), provided that the acceleration periods under this Section 2 shall be cumulative,
and any remaining unvested shares subject to such Option shall continue to vest in accordance with
the vesting schedule set forth herein as though such additional 24 month period had actually
passed.

     For the purposes of this option, a “Constructive Termination” is deemed to have occurred if
the Participant is relocated outside of the Participant’s then residential area without his or her
consent or there is a material diminution of the Participant’s compensation, duties or
responsibilities without his or her consent.

     In the event that the Participant dies, becomes disabled (within the meaning of Section
22(e)(3) of the Code) or is terminated without Cause (as defined below), the vesting hereunder
shall be accelerated so that this Option shall become immediately exercisable for the number of
Shares subject to this option which otherwise would have first vested within 12 months following
such termination; provided that this sentence shall not apply if Additional Acceleration has
occurred.

3. Exercise of Option.

     (a) Form of Exercise. Each election to exercise this option shall be in writing,
signed by the Participant, and received by the Company at its principal office, or by other method
authorized pursuant to the Plan, accompanied by this agreement and payment in full in the manner
provided in the Plan. The Participant may purchase less than the number of shares covered hereby,
provided that no partial exercise of this option may be for any fractional share.

     (b) Continuous Relationship with the Company Required. Except as otherwise provided
in this Section 3, this option may not be exercised unless the Participant, at the time he or she
exercises this option, is, and has been at all times since the Grant Date, an employee, officer or
director of, or consultant or advisor to, the Company or any other entity the employees, officers,
directors, consultants, or advisors of which are eligible to receive option grants under the Plan
(an “Eligible Participant”).

     (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the
right to exercise this option shall terminate twelve months after such cessation (but in no event
after the Final Exercise Date), provided that this option shall be exercisable only
to the extent that the Participant was entitled to exercise this option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date,
violates the non-competition or confidentiality provisions of any employment contract,
confidentiality and nondisclosure agreement or other agreement between the Participant and the
Company, the right to exercise this option shall terminate immediately upon such violation.

     (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date
while he or she is an Eligible Participant and the Company has not terminated such relationship

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for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of
one year following the date of death or disability of the Participant, by the Participant (or in
the case of death by an authorized transferee), provided that this option shall be
exercisable only to the extent that this option was exercisable by the Participant on the date of
his or her death or disability, and further provided that this option shall not be exercisable
after the Final Exercise Date.

     (e) Discharge for Cause. If the Participant, prior to the Final Exercise Date, is
discharged by the Company for “cause” (as defined below), the right to exercise this option shall
terminate immediately upon the effective date of such discharge. “Cause” shall mean willful
misconduct by the Participant or willful failure by the Participant to perform his or her
responsibilities to the Company (including, without limitation, breach by the Participant of any
provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar
agreement between the Participant and the Company), as determined by the Company, which
determination shall be conclusive. The Participant shall be considered to have been discharged for
“Cause” if the Company determines, within 30 days after the Participant’s resignation, that
discharge for cause was warranted.

4. Withholding.

     No Shares will be issued pursuant to the exercise of this option unless and until the
Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any
federal, state or local withholding taxes required by law to be withheld in respect of this option.

5. Nontransferability of Option.

     This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and
distribution, and, during the lifetime of the Participant, this option shall be exercisable only by
the Participant.

6. Agreement in Connection with Public Offering.

     The Participant agrees, in connection with an underwritten public offering of the Company’s
securities pursuant to a registration statement under the Securities Act, (i) not to sell, make
short sale of, loan, grant any options for the purchase of, or otherwise dispose of any shares of
Common Stock held by the Participant (other than those shares included in the offering) without the
prior written consent of the Company or the underwriters managing such initial underwritten public
offering of the Company’s securities for a period of 90 days from the effective date of such
registration statement, and (ii) to execute any agreement reflecting clause (i) above as may be
requested by the Company or the managing underwriters at the time of such offering.

7. Provisions of the Plan.

     This option is subject to the provisions of the Plan, a copy of which is furnished to the
Participant with this option.

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     IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal
by its duly authorized officer. This option shall take effect as a sealed instrument.

	 	 	 	 	 
	 	Blackboard Inc.

 	 
	 	 	 
	Dated: [Grant Date] 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

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PARTICIPANT’S ACCEPTANCE

     The undersigned hereby accepts the foregoing option and agrees to the terms and conditions
thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s Amended and
Restated 2004 Stock Incentive Plan.

	 	 	 	 	 	 	 
	 

	 	PARTICIPANT:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Print Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 	 	 
 
	 	 
	 
	 

	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	TIN/SSN:	 	 	 	 
	 

	 	 	 	 	 	 

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