Document:

Letter Agreement

 Exhibit 10.30 
  
 Executive and Director Compensation Exhibit 
  
 Per annum base salaries of the Executive Officers of the Company as of May 16, 2005: 
  

				
	 Executive Officers

	  	Per Annum Base Salaries
as of May 16, 2005

	 Paul Cormier
	  	$	275,000
	 Michael Cunningham
	  	$	225,000
	 Charles E. Peters, Jr.
	  	$	275,000
	 Alex Pinchev
	  	$	300,000
	 Joanne Rohde
	  	$	275,000
	 Matthew Szulik
	  	$	400,000

  
 Board of Directors’ retainers
as of May 16, 2005: 
  

																					
	 Directors

	  	Board Retainer

	  	Lead Director
Retainer

	  	Director Committee Memberships

	  	Total Annual
per Director

	  	 Deferred Stock Election
beginning
May 15, 2005

	  	  	  	Audit

	  	Comp

	  	  
								
	 E. McDonald
	  	$	30,000	  	 	 	  	$	10,000	  	$	5,000	  	 	 	  	$	45,000	  	100% of all compensation
								
	 M. Fox
	  	$	30,000	  	 	 	  	$	10,000	  	 	 	  	$	5,000	  	$	45,000	  	N/A
								
	 W. Kaiser
	  	$	30,000	  	$	20,000	  	$	10,000	  	 	 	  	$	0	  	$	60,000	  	N/A
								
	 H. Shelton
	  	$	30,000	  	 	 	  	 	 	  	$	10,000	  	$	5,000	  	$	45,000	  	50% of all compensation
								
	 W. Albrecht
	  	$	30,000	  	 	 	  	$	20,000	  	$	5,000	  	 	 	  	$	55,000	  	50% of equity compensation only
								
	 E. Kozel
	  	$	30,000	  	 	 	  	 	 	  	$	5,000	  	$	5,000	  	$	40,000	  	N/A

  
 Director Stock
Compensation Summary 
  

	*	Initial Election: 40,000 options, 3 year vesting 

  

	*	Annual Grant (on the earlier of (i) date of annual Shareholders Meeting or (ii) August 13, 2005: 10,000 options, fully vested 

  

	*	Deferred Stock Unit Conversion ratio: 35 DSU’s per 100 optionsSecond Amendment to Credit Agreement as of February 11, 2005

 EXHIBIT 10.1 
  
 NOBEL LEARNING COMMUNITIES, INC. 
 SECOND AMENDMENT TO CREDIT AGREEMENT 
  
 This Second Amendment to Credit Agreement (herein, the
“Amendment”) is entered into as of February 11, 2005, between Nobel Learning Communities, Inc., a Delaware corporation (“Borrower”), and Harris Trust and Savings Bank (“HTSB”), as sole Lender
on the date hereof and as Administrative Agent for the Lenders. 
  
 PRELIMINARY STATEMENTS 
  
 A. The Borrower, the Guarantors, and HTSB entered into a certain Credit Agreement, dated as of February 20, 2004, as amended (referred to herein as the “Credit Agreement”). All capitalized terms used herein without
definition shall have the same meanings herein as such terms have in the Credit Agreement. 
  
 B. The Borrower and Bank of Montreal (“BMO”), an Affiliate of HTSB, have entered into a BMO ePurchasing Solutions Corporate MasterCard Program Account Agreement dated as of December 30, 2004 (as it
may be amended or modified and in effect from time to time, the “Procurement Card Agreement”) providing for the establishment by BMO of one or more MasterCard accounts for the Borrower and the issuance by BMO of one or more
MasterCard cards (the “Procurement Cards”) on such accounts to employees of the Borrower. 
  
 C. The Borrower and HTSB have agreed that all extensions of credit by BMO under the Procurement Card Agreement and the Procurement Cards shall be secured
by the Collateral and shall reduce, on a dollar-for-dollar basis, the amount available for borrowing under the Revolving Credit, all as specifically set forth in this Amendment. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows: 
  
 SECTION 1. AMENDMENTS. 
  
 Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows: 
  
 1.1. Section 1.2 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:

  
 Section 1.2. Revolving Credit
Commitments. Subject to the terms and conditions hereof, each Lender, by its acceptance hereof, severally agrees to make a loan or loans (individually a “Revolving Loan” and collectively the “Revolving Loans”)
in U.S. Dollars to the Borrower from time to time on a revolving basis up to the amount of such Lender’s Revolving Credit Commitment, subject to any reductions thereof pursuant to the terms hereof, before the Revolving Credit Termination Date.
The sum of the aggregate principal amount of Revolving Loans and L/C Obligations at any time outstanding shall not exceed the Revolving Credit 

  

 
Commitments in effect at such time less the Procurement Card Obligations outstanding at such time. Each Borrowing of Revolving Loans shall be
made ratably by the Lenders in proportion to their respective Revolver Percentages. As provided in Section 1.6(a) hereof, the Borrower may elect that each Borrowing of Revolving Loans be either Base Rate Loans or Eurodollar Loans. Revolving Loans
may be repaid and the principal amount thereof reborrowed before the Revolving Credit Termination Date, subject to the terms and conditions hereof. 
  
 1.2. Section 1.9(b)(iv) of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
  
 (iv) The Borrower shall, on each date the Revolving Credit
Commitments are reduced pursuant to Section 1.13 hereof, prepay the Revolving Loans and, if necessary, prefund the L/C Obligations by the amount, if any, necessary to reduce the sum of the aggregate principal amount of Revolving Loans and L/C
Obligations then outstanding to the amount to which the Revolving Credit Commitments have been so reduced, less the Procurement Card Obligations outstanding at such time. 
  
 1.3. Section 1.13(a) of the Credit Agreement is hereby amended and restated to read in its entirety as
follows: 
  
 Section 1.13. Commitment
Terminations. (a) Optional Revolving Credit Terminations. The Borrower shall have the right at any time and from time to time, upon 5 Business Days prior written notice to the Administrative Agent (or such shorter period of time agreed to
by the Administrative Agent), to terminate the Revolving Credit Commitments without premium or penalty and in whole or in part, any partial termination to be (i) in an amount not less than $1,000,000 or any greater amount which is an integral
multiple thereof and (ii) allocated ratably among the Lenders in proportion to their respective Revolver Percentages, provided that the Revolving Credit Commitments may not be reduced to an amount less than the sum of the aggregate principal amount
of Revolving Loans and L/C Obligations and the aggregate amount of Procurement Card Obligations then outstanding. Any termination of the Revolving Credit Commitments below the L/C Sublimit then in effect shall reduce the L/C Sublimit by a like
amount. The Administrative Agent shall give prompt notice to each Lender of any such termination of the Revolving Credit Commitments. 
  
 1.4. Section 5.1 of the Credit Agreement is hereby amended by adding the following new defined terms thereto, each in its appropriate
place in the alphabetical sequence: 
  
 “Procurement Card Agreement” is used as defined in the Second Amendment. 
  

 -2- 

 “Procurement Card Obligations” means, at any time, the aggregate amount
of obligations (whether for charges, fees, or any other amounts incurred or accrued) outstanding at such time under the Procurement Card Agreement, whether or not such amounts are due and owing at such time. 
  
 “Procurement Cards” is used as defined in
the Second Amendment. 
  
 “Second
Amendment” means that certain Second Amendment to Credit Agreement dated as of February 11, 2005 between the Borrower and Harris Trust and Savings Bank, individually as sole Lender and as Administrative Agent. 
  
 1.5. Section 5.1 of the Credit Agreement is hereby further
amended by amending and restating the following defined term set forth therein to read in its entirety as follows: 
  
 “Funds Transfer and Deposit Account Liability” means the liability of the Borrower or any Subsidiary owing to any of the
Lenders, or any Affiliates of such Lenders, arising under or out of (a) the execution or processing of electronic transfers of funds by automatic clearing house transfer, wire transfer or otherwise to or from deposit accounts of the Borrower and/or
any Subsidiary now or hereafter maintained with any of the Lenders or their Affiliates, (b) the acceptance for deposit or the honoring for payment of any check, draft or other item with respect to any such deposit accounts, (c) the Procurement Card
Agreement (including without limitation all Procurement Card Obligations), and (d) any other deposit, disbursement, and cash management services afforded to the Borrower or any Subsidiary by any of such Lenders or their Affiliates. 
  
 SECTION 2. CONDITIONS
PRECEDENT. 
  
 Upon the satisfaction of all of the
following conditions precedent, this Amendment shall become effective on and as of the date first above written to the same extent as if it had been entered into on such date: 
  
 2.1. The Borrower and HTSB shall have executed and delivered this Amendment. 
  
 2.2. Legal matters incident to the execution and delivery of
this Amendment shall be satisfactory to HTSB and its counsel. 
  
 2.3. The Guarantors shall have executed and delivered to HTSB their consent to this Amendment in the form set forth below. 
  

 -3- 

 SECTION 3. REPRESENTATIONS. 
  
 In order to induce HTSB to execute and deliver this Amendment, the Borrower
hereby represents to HTSB that as of the date hereof the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct (except that the representations contained in Section 6.5 shall be
deemed to refer to the most recent financial statements of the Borrower delivered to the Administrative Agent) and the Borrower is in compliance with the terms and conditions of the Credit Agreement and no Default or Event of Default has occurred
and is continuing under the Credit Agreement or shall result after giving effect to this Amendment. 
  
 SECTION 4. MISCELLANEOUS. 
  
 4.1. The Borrower and the Guarantors heretofore executed and delivered to the Lenders the Collateral Documents. Each of the
Borrower and the Guarantors hereby acknowledges and agrees that the Liens created and provided for by the Collateral Documents continue to secure, among other things, the Obligations arising under the Credit Agreement as amended hereby; and the
Collateral Documents and the rights and remedies of the Administrative Agent and Lenders thereunder, the obligations of the Borrower and Guarantors thereunder, and the Liens created and provided for thereunder remain in full force and effect and
shall not be affected, impaired or discharged hereby. Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Collateral Documents as to the indebtedness which
would be secured thereby prior to giving effect to this Amendment. 
  
 4.2. Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms. Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any
other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being
sufficient to refer to the Credit Agreement as amended hereby. 
  
 4.3. The Borrower agrees to pay on demand all costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment, including the fees and expenses of
counsel for the Administrative Agent. 
  
 4.4. This Amendment may
be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by
signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. This Amendment shall be governed by the internal laws of the State of Illinois. 
  
 [SIGNATURE PAGE TO
FOLLOW] 
  

 -4- 

 This Second Amendment to Credit Agreement is entered into as of the date and year first above
written. 
  

			
	 NOBEL LEARNING COMMUNITIES, INC.

		
	By	 	 /s/ George H. Bernstein

	 	 	 Name George H. Bernstein

	 	 	 Title   President/CEO

  
 Accepted and
agreed to. 
  

			
	 HARRIS TRUST AND SAVINGS BANK, as the sole
Lender
and as Administrative Agent

		
	By	 	 /s/ Craig S. Munro

	 	 	 Name Craig S. Munro

	 	 	 Title   Managing Director

  

 -5- 

 GUARANTORS’ ACKNOWLEDGEMENT AND
CONSENT 
  
 Each of the undersigned, pursuant
to Section 12 of the Credit Agreement, has, inter alia, guaranteed the Obligations, Hedging Liability, and Funds Transfer and Deposit Account Liability. Each of the undersigned hereby consents to the Amendment to the Credit Agreement as set
forth above and confirms that its aforementioned Guaranty and all of the undersigned’s obligations thereunder remain in full force and effect. Each of the undersigned further agrees that the consent of the undersigned to any further amendments
to the Credit Agreement shall not be required as a result of this consent having been obtained, except to the extent, if any, required by the Credit Agreement. 
  

			
	 MERRYHILL SCHOOLS NEVADA, INC.

		
	By	 	 /s/ Thomas Frank

	 	 	 Name Thomas Frank

	 	 	 Title   President

	
	 NEDI, INC.

		
	By	 	 /s/ Thomas Frank

	 	 	 Name Thomas Frank

	 	 	 Title   Assistant Treasurer

	
	 THE HOUSTON LEARNING ACADEMY, INC.

		
	By	 	 /s/ Kathy E. Herman

	 	 	 Name Kathy E. Herman

	 	 	 Title   Assistant Secretary

	
	 HOUSTON LEARNING ACADEMY–SAN ANTONIO,
INC.

		
	By	 	 /s/ Kathy E. Herman

	 	 	 Name Kathy E. Herman

	 	 	 Title   Assistant Secretary

  

			
	 SPYROS, INC.

		
	By	 	 /s/ Kathy E. Herman

	 	 	 Name Kathy E. Herman

	 	 	 Title   Assistant Secretary

	
	 ORTHONI, INC.

		
	By	 	 /s/ Kathy E. Herman

	 	 	 Name Kathy E. Herman

	 	 	 Title   Assistant Secretary

	
	 MARIAN CATECHIS, INC.

		
	By	 	 /s/ Kathy E. Herman

	 	 	 Name Kathy E. Herman

	 	 	 Title   Assistant Secretary

	
	 SANC, INC.

		
	By	 	 /s/ Kathy E. Herman

	 	 	 Name Kathy E. Herman

	 	 	 Title   Assistant Secretary

	
	 MALONA, INC.

		
	By	 	 /s/ Kathy E. Herman

	 	 	 Name Kathy E. Herman

	 	 	 Title   Assistant Secretary

	
	 NOBEL LEARNING TECHNOLOGIES, INC.

		
	By	 	 /s/ Kathy E. Herman

	 	 	 Name Kathy E. Herman

	 	 	 Title   Assistant Secretary

  

 -2- 

			
	 NOBEL SCHOOL MANAGEMENT SERVICES,
INC.

		
	By	 	 /s/ Thomas Frank

	 	 	 Name Thomas Frank

	 	 	 Title   Vice President

	
	 PALADIN ACADEMY, L.L.C.

		
	By:	 	Nobel Learning Communities, Inc., its sole member
		
	By	 	 /s/ Thomas Frank

	 	 	 Name Thomas Frank

	 	 	 Title   CFO

	
	 THE ACTIVITIES CLUB, INC.

		
	By	 	 /s/ Thomas Frank

	 	 	 Name Thomas Frank

	 	 	 Title   Secretary/Treasurer

  

 -3-

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