Document:

exv10w24

Exhibit
10.24

AMENDMENT TO EMPLOYMENT AGREEMENT

     This Amendment to Employment Agreement (the “Amendment”), dated as of the 26th day of
June, 2009, is made by and between Cambium-Voyager Holdings, Inc. (the “Corporation”),
Cambium Learning, Inc. (“Cambium”) and David Cappellucci (the “Executive”).

WITNESSETH THAT:

     WHEREAS, Cambium and the Executive are parties to that certain Employment Agreement, dated as
of April 12, 2007 (the “Employment Agreement”); and

     WHEREAS, VSS-Cambium Holdings II Corp., the indirect parent of Cambium, has entered into that
certain Agreement and Plan of Mergers, dated as of June 20, 2009, by and among Voyager Learning
Company, the Corporation, Vowel Acquisition Corp., VSS-Cambium Holdings II Corp., Consonant
Acquisition Corp., and certain other entities signatory thereto (the “Merger Agreement”); and

     WHEREAS, in connection with the Mergers (as defined in the Merger Agreement), Cambium shall
become a wholly owned subsidiary of the Corporation; and

     WHEREAS, subject to and contingent upon the consummation of the Mergers, the Corporation and
the Executive mutually desire the Executive to serve as the President of the Corporation, pursuant
to the terms of the Employment Agreement, as amended hereby; and

     WHEREAS, subject to and contingent upon the consummation of the Mergers, in order to
facilitate the foregoing, the Corporation, Cambium and the Executive desire to amend the Employment
Agreement on the terms and conditions set forth herein.

     NOW THEREFORE, in consideration of the foregoing premises and for other good and valuable
consideration the receipt of which is hereby acknowledged, the Corporation, Cambium and the
Executive hereby agree as follows:

     1. Sections 2 through and including Section 15 of this Amendment are subject
to and contingent upon, the consummation of the Mergers, and such sections shall become effective
only as of the Effective Time (as defined in the Merger Agreement). If the Merger Agreement is
terminated for any reason, then all such sections of this Amendment shall be void ab initio.

     2. At the Effective Time, Cambium hereby transfers and assigns the Employment Agreement, as
amended hereby, and all liabilities and obligations thereunder, to the Corporation, the Corporation
hereby acknowledges and accepts such transfer and assignment, and the Executive hereby consents to
such transfer and assignment. All references to the “Company” set forth in the Employment Agreement
shall mean the Corporation. Capitalized terms used in this Amendment but not defined herein shall
have the meanings set forth in the Employment Agreement.

     3. Notwithstanding any provision of Section 1.1 of the Employment Agreement or any other
provision of the Employment Agreement to the contrary, during the period commencing as of the
Effective Time, the Executive shall serve the Corporation as its President, and shall report
directly to the Chief Executive Officer of the Corporation, and shall have primary responsibility
for the Corporation’s intervention-focused businesses.

          (a) Upon the 180th day after the Effective Time (the “Initial Period”), the
Executive may elect to transition from President to Vice Chairman of the Corporation on such
amended terms regarding his role and responsibilities (such amendments pertaining solely to Section
1.1. of the

 

 

Employment Agreement) as the Corporation and the Executive may mutually agree in writing (the
“Transition Amendment”) by his delivering written notice thereof to the Corporation upon expiration
of the Initial Period; provided, however, (i) if the Executive does not elect such
transition, then he shall be entitled to remain as the President of the Corporation in accordance
with the terms of his Employment Agreement, as amended hereby or (ii) if the Executive does elect
such transition, the terms of the Employment Agreement, as amended in accordance with the
Transition Amendment, shall govern his Vice Chairman role; provided, however, that the Executive
shall remain President of the Corporation under the terms of the Employment Agreement as amended
hereby, and shall not assume the position of Vice Chairman unless and until the Transition
Amendment becomes effective. If the Executive does elect such transition, but the Corporation and
the Executive do not enter into the Transition Amendment prior to the 270th day after
the Effective Time (the “End Date”), the Executive’s employment by the Corporation shall
terminate upon the End Date, and he shall not at any time be entitled to any of the compensation or
benefits under Section 5 of the Employment Agreement. If, after making such election, the
Executive’s employment terminates on the End Date (by reason of the failure of the parties to enter
into the Transition Amendment), so long as he has not resigned without Good Reason (other than due
to death or Disability) or his employment has not been terminated for Cause, he shall be entitled
to receive the following compensation, in lieu of any other compensation or benefits that may be
available under Section 5 of the Employment Agreement: (i) his Base Salary through the date of
termination of his employment, (ii) the amount of all then unpaid expense reimbursements due to the
Executive under Section 4.2 of the Employment Agreement for periods prior to the date of
termination, (iii) additional payments as severance equal to his Base Salary (at the rate in effect
on the date of termination) for a period of twelve months after termination of his employment,
payable in installments at the same times as the Executive’s salary would have been payable if the
Executive’s employment had not terminated, (iv) a pro rated bonus equal to the amount of bonus that
the Executive would have earned in respect of the calendar year in which termination occurs,
multiplied by a fraction, the numerator of which is equal to the number days the Executive worked
during such calendar year, and the denominator of which is equal to 365, and (v) continuation
during that twelve month period of the health and dental insurance benefits provided to the
Executive and his covered dependents under the Corporation’s insurance plans in effect as of the
date of termination (except that the Executive shall pay that portion of the cost of such insurance
as the Executive was required to pay as of the date of termination of employment and, if the
Executive and his dependents become eligible for comparable health and dental benefits provided by
any other employer, the Corporation may cease to provide those benefits to the Executive and his
dependents). The bonus described in clause (iv) shall be paid at or about the same time annual
bonuses are paid to other executives of the Corporation. Notwithstanding anything in the
Employment Agreement to the contrary, the salary continuation payments described in clause (iii)
above shall immediately be reduced dollar for dollar if, and in the amount which, he receives
compensation or other remuneration from any employment or the performance of services (whether for
the Corporation, another company, himself or any other business enterprise) during the period of
such continuation payments. From and after the End Date (or earlier termination of employment),
the Executive shall be subject to Article 6 of the Employment Agreement, as amended hereby;
provided, however, that solely in the event that the Executive becomes entitled to
the payments and benefits provided in clauses (i) through (v) of this paragraph, and solely for
purposes of this Section 3(a), “Restricted Period” as defined in Section 6.2 of the Employment
Agreement shall mean the twelve month period commencing immediately following the Executive’s
termination of employment, unless the Corporation elects (in writing to the Executive no later than
30 days following the Executive’s termination of employment) to extend such Restricted Period for
an additional 12 month period (i.e., 24 months in the aggregate) during which extended
period the Corporation shall be obligated to continue to provide the Executive with the payments
and benefits set forth in clauses (iii) and (v) of this paragraph, above. For clarity, if the
Executive remains employed with the Corporation following the End Date, then the payments and
benefits described in clauses (i) through (v) of this paragraph shall not be paid or provided, and
the Executive’s employment shall remain subject to the Employment Agreement, as amended hereby, and
as further amended as contemplated under the first sentence of this paragraph in connection with
his transition to Vice Chairman of the Corporation.

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          (b) Following the Effective Time and so long as the Executive remains employed by the
Corporation as President (or, if the Transition Amendment has been executed by the parties, Vice
Chairman), the Executive shall be nominated by the Corporation for election to the Board in
accordance with the Corporation’s governance policies and applicable law; provided,
that, continuing service as a member of the Board shall remain subject to election by the
Corporation’s stockholders in accordance with the Corporation’s governance policies and applicable
law. In the event the Executive’s employment with the Corporation shall terminate for any reason
whatsoever, the Executive agrees that he shall immediately resign his position as a member of the
Board, and each other position that he then holds with the Corporation or any of its affiliates.
If the Executive shall fail to so resign, then such failure shall constitute Cause, and the
Corporation shall thereupon have the right to remove the Executive from such positions without
further action, deed or notice. Upon the End Date, if it shall occur, the Employment Agreement and
its Term shall terminate and the Employment Agreement shall be of no further force and effect,
except for provisions which by their terms expressly survive.

     4. Section 1.2 of the Employment Agreement is hereby amended and restated to read, in its
entirety, as follows:

          The term (the “Term”) of the Executive’s employment under this Agreement shall begin as of the
Effective Time, and shall continue to the earliest to occur of (x) a termination of employment
pursuant to Section 1.1 of the Employment Agreement (as amended by Section 3 of the Amendment), or
(y) a termination pursuant to Article 5 of the Employment Agreement.

     5. Section 3.1 of the Employment Agreement is hereby amended to provide that, effective as of
the Effective Time, the Base Salary shall equal $395,000.

     6. Section 3.2 of the Employment Agreement is hereby amended to provide that, with respect to
the Cash Bonus, commencing with calendar year 2010, the Target Bonus shall equal 75% of Base
Salary, and the Maximum Bonus shall equal 150% of Base Salary. Notwithstanding Section 3.2 of the
Employment Agreement or any other provision of the Employment Agreement to the contrary, the Cash
Bonus in respect of calendar year 2009 shall equal $250,000 and shall be payable upon the
expiration of the Initial Period (but not later than the date upon which annual bonuses for 2009
are paid to other executives of the Corporation); provided, however, if the
Executive’s employment by the Corporation was terminated with Cause or by the Executive without
Good Reason (other than due to Executive’s death or Disability) prior to the expiration of the
Initial Period, or if the Executive has provided notice of resignation without Good Reason for any
reason prior to the expiration of the Initial Period, then such bonus shall not be paid and shall
instead be forfeited.

     7. As of the Effective Time, Section 5.4 of the Employment Agreement (Termination Resulting
From a Realization Event) is hereby terminated and deleted in its entirety. Further, the Executive
and the Corporation hereby agree that neither the consummation of the Mergers nor any other
transaction that occurs pursuant to or in anticipation of the Merger Agreement shall constitute a
Realization Event or any other event or circumstance for which any payment is due under Section 5
of the Employment Agreement.

     8. The Executive and the Corporation hereby agree that none of the changes to the Executive’s
title, authority, duties , responsibilities, employer, and reporting responsibilities, none of the
provisions of this Amendment (including without limitation, the inability of the parties to agree
upon terms following the Executive’s election to transition to Vice Chairman under Section 3
above), and none of the transactions contemplated by the Merger Agreement (collectively, the
“Amendment Changes”), shall constitute Good Reason or Cause, and the Executive hereby
waives any right to resign for Good Reason and the Company waives any right to terminate Executive
for Cause, in either case in connection with any such Amendment Changes. Nothing provided herein
is intended to limit the parties’ respective

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rights to resign for Good Reason or to terminate for Cause, as applicable, under the Employment
Agreement in respect of any event that occurs subsequent to the Effective Time that is not an
Amendment Change.

     9. The Executive has executed a Voluntary Waiver of Equity and Compensation Rights (the
“Waiver”) relating to all of his rights relating to the VSS-Cambium Management LLC
Management Incentive Plan as set forth in the limited liability company agreement of the Management
LLC. The Executive shall be entitled to a return of his capital contribution in accordance with
the terms of the Waiver. As of the Effective Time, Section 3.3 of the Employment Agreement
(Management Incentive Plan) is hereby terminated and deleted in its entirety.

     10. At the Effective Time, the Executive shall be granted an option to purchase 600,000 shares
of Corporation common stock pursuant to the Corporation’s 2009 Equity Incentive Plan. The terms
and conditions of such stock options shall be determined by the Board (or the Compensation
Committee of the Board) in its sole and absolute discretion; provided, however,
that such terms and conditions shall be no less favorable to the Executive than those provided to
the Chief Executive Officer of the Corporation and as set forth on Annex A hereto;
provided, further, however, that such options shall vest ratably over four
years beginning on the date of grant, such that the number of vested options shall equal the total
number of options initially granted, multiplied by a fraction, the numerator of which is the number
of days the Executive has been employed by the Corporation since the date of grant (commencing at
the Effective Time), and the denominator of which is 1,460. If Executive’s employment is
terminated under Section 5.2 of the Employment Agreement for Cause, or if the Executive resigns
from his employment prior to the End Date, other than for Good Reason (excluding by reason of death
or Disability), then, notwithstanding any provision of the Plan or any grant agreement to the
contrary, the Executive shall immediately and automatically forfeit all such vested and unvested
options.

     11. Clause (iii) of Section 5.1(b) of the Employment Agreement is hereby amended and restated
to read, in its entirety, as follows:

“(iii) additional payments equal to 150% of the Executive’s Base Salary at the rate
in effect at the time of termination (the “Aggregate Severance Amount”) to be paid
over a period of twenty-four (24) months after termination of employment, payable in
installments (subject to applicable withholding) at the same times as the
Executive’s salary would have been payable if the Executive’s employment had not
been terminated, and”

     12. Clause (iv) of Section 5.1(b) of the Employment Agreement is hereby amended by replacing
the term “twelve-month” with the term “twenty-four month.”

     13. As of the Effective Time, Section 5.4 of the Employment Agreement (Realization Event) is
hereby terminated and deleted in its entirety, and the definition of Realization Event in Section
5.5(d) of the Employment Agreement shall be amended and restated to read, in its entirety,
“Intentionally omitted.”

     14. Section 6.2 of the Employment Agreement is hereby amended and restated to read, in its
entirety, as follows:

“For the purpose of Section 6.1, the Restricted Period shall be eighteen months from
the effective date of termination of the Executive’s employment, regardless of the
reason for termination of the Executive’s employment. Notwithstanding the foregoing,
the Company shall have the right to extend the Restricted Period for an additional
six (6) months immediately following such eighteen-month period (the “Extension
Period”) if (i)

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the Company provides written notice to the Executive of such extension within 90
days following his termination of employment and (ii) the Company pays the
Executive, during such Extension Period, compensation payments in the amount equal
to 50% of his Base Salary, as in effect on the date of termination, in equal
installments at the same times as the Executive’s salary would have been payable if
the Executive’s employment had not been terminated.”

     15. The parties hereto shall, simultaneously with the execution of this Amendment, execute the
Amendment to Executive Covenants Agreement, by and between the Cambium and the Executive, dated as
of April 12, 2007, in the form set forth as Annex B hereto.

     16. A new Section 7.13 is hereby added to the Employment Agreement which shall read, in its
entirety, as follows:

“ The payments pursuant to this Agreement are intended to be exempt from or, comply
with, the requirements of Section 409A (“Section 409A”) of the Internal Revenue Code
of 1986, as amended (the “Code”) and this Agreement is intended to be interpreted
and operated accordingly to the fullest extent possible; provided,
however, that notwithstanding anything to the contrary in this Agreement, in
no event shall the Company be liable to the Executive for or with respect to any
taxes, penalties or interest which may be imposed upon the Executive pursuant to
Section 409A. In accordance with the preceding sentences, the date on which a
“separation from service” pursuant to Section 409A (“Separation from Service”)
occurs shall be treated as the termination of employment date for purposes of
determining the timing of payments under this Agreement to the extent necessary to
have such payments under this Agreement be exempt from the requirements of Section
409A or comply with the requirements of Section 409A. To the extent that any
payments pursuant to this Agreement constitute “deferral of compensation” subject to
Section 409A (after taking into account to the maximum extent possible any
applicable exemptions) (a “409A Payment”) treated as payable upon Separation from
Service, then, if the Executive is a “Specified Employee” pursuant to Section 409A
on the date of the Executive’s Separation from Service, then to the extent required
for the Executive not to incur additional taxes pursuant to Section 409A, no such
409A Payment shall be made before the earlier of (i) 6 months after the Executive’s
Separation from Service; or (ii) the date of the Executive’s death. Should the
preceding sentence result in payments to the Executive at a later time than
otherwise would have been made under this Agreement, on the first day any such
payments may be made without incurring additional tax pursuant to Section 409A
(“409A Payment Date”), the Company shall make such payments provided that any
amounts that would have been paid earlier but for the application of this paragraph
shall be paid in a lump sum on the 409A Payment Date. For purposes of Section 409A,
each payment installment shall be treated as a separate payment. The parties agree
to cooperate to minimize the impact of Section 409A without materially changing the
economic value of this Agreement to either party.”

     17. Except as expressly modified hereby, the Employment Agreement shall otherwise remain in
full force and effect, and is hereby ratified by the Corporation and Cambium. Notwithstanding
anything herein to the contrary, all payments described in this Amendment that are made in
connection with the Executive’s termination of employment hereunder or that are “post employment
compensation or benefits” (within the meaning of Section 7.12 of the Employment Agreement) shall be
subject to the release requirements of Section 7.12 of the Employment Agreement, which release
shall be in the form as

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attached hereto as Annex C, except for such reasonable amendments as may be required by applicable
law to assure the effectiveness of the release of claims.

     18. This Amendment may be executed in counterparts, each of which shall constitute an
original, but both of which together shall constitute one and same instrument.

     19. This Amendment shall be governed by, and construed and interpreted in accordance with, the
laws of the State of New York, without giving effect to its principles of conflicts of laws.

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     IN WITNESS WHEREOF, the parties have signed this Amendment to Employment Agreement as of the
day and year set forth above.

	 	 	 	 	 	 	 
	 	 	CAMBIUM LEARNING, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott J. Troeller	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Scott J. Troeller	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	CAMBIUM-VOYAGER HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott J. Troeller	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Scott J. Troeller	 	 
	 	 	Title: President	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ David Cappellucci	 	 
	 	 	 	 	 
	 	 	DAVID CAPPELLUCCI	 	 

[Signature Page to Amendment to Employment Agreement of David Cappellucci]exv10w25

Exhibit 10.25

 

RESTRICTIVE COVENANT AGREEMENT

     THIS
AGREEMENT (“Agreement”) dated as of
November 28, 2006 (the “Effective
Date”) is by and between ProQuest Company, a Delaware corporation (“Seller”), and
Snap-on Incorporated, a Delaware corporation (“Buyer”). Seller and Buyer may be referred to
in this Agreement individually as a “Party” or collectively as “Parties.”

     WHEREAS, pursuant to the Stock and Asset Purchase Agreement by and between Buyer and Seller
dated October 20 , 2006, as amended November 1, 2006 (the “Stock and Asset Purchase Agreement”), Seller will purchase
certain stock and assets of Seller (all capitalized terms not otherwise defined shall have the
meanings set forth in the Stock and Asset Purchase Agreement);

     WHEREAS, Seller engages in the Business and is selling to Buyer pursuant to the Stock and
Asset Purchase Agreement all rights, title and interest in the Acquired Business to Buyer
(including all rights to engage in the business in the future); and in connection therewith has
agreed to the restrictive covenants set forth herein;

     WHEREAS, Seller, pursuant to the transactions contemplated by the Stock and Asset Purchase
Agreement, will realize substantial economic benefits, including the receipt of the Purchase Price
thereunder;

     WHEREAS, the execution of this Agreement between Buyer and Seller is an express condition to
closing under the Stock and Asset Purchase Agreement, as set forth in Section 9.3 of the Stock and
Asset Purchase Agreement and Buyer would not have consummated the transactions contemplated therein
in the absence of this Agreement; and

     WHEREAS, to protect the assets and the related business being acquired by Buyer pursuant to
the Stock and Asset Purchase Agreement, Buyer and Seller desire to enter into this Agreement.

ARTICLE I

AGREEMENT NOT TO COMPETE; AGREEMENT NOT TO SOLICIT

     SECTION 1.01 Agreement Not to Compete. Seller shall not, for a period of five years
after the Effective Date, in any location in the world where the Acquired Business conducts
operations other than in the United Kingdom and for a period of two years after the Effective Date
in the United Kingdom: (a) directly or indirectly, own, manage, establish, operate, participate in,
provide financial assistance to, or control any business, company, partnership, organization,
proprietorship, or other entity that is engaged in the business of developing and deploying
electronic parts and service information retrieval products and dealer performance applications for
the automotive, powersports and outdoor power markets as conducted by the Acquired Entities and by
the

 

 

Retained Subsidiaries with the Foreign Assets on the Effective Date (except as a holder of no more
than five percent (5%) of the stock of a publicly held company, provided the Seller does not
participate in the business of such company or render advice or assistance to such company); or (b)
entice or attempt to entice any third party with which the Acquired Business transacts business
directly or indirectly so as to cause or attempt to cause any such third party not to engage in or
reduce its business with Buyer; provided, however, that this agreement not to compete shall not
apply to retrieval products and services provided by Seller’s Affiliates to libraries, colleges,
schools and universities.

     SECTION 1.02 Agreement Not to Solicit Employees. Seller agrees and acknowledges that
the value and goodwill related to the Acquired Business purchased by the Buyer depends on
continued, amicable relations with its employees, and Seller agrees that for a period of two years
after the Effective Date, Seller shall not, directly or indirectly, induce or attempt to induce any
Business Employee to terminate his or her employment with Buyer or any of its Affiliates; provided
that such restriction shall not prevent Seller or its Subsidiaries from (i) advertising to the
general public openings that it may have and hiring individuals in response to those
advertisements, or (ii) hiring any Business Employee who has been terminated by Buyer or any of its
Affiliates.

ARTICLE II

NON-DISCLOSURE AGREEMENT

     SECTION 2.01 Definition. “Confidential Information” means any data or
information of the Acquired Business, including, without limitation, Buyer’s customer lists,
business connections, financial information, fees, business and marketing plans, forecasts and
techniques, personnel data, employee compensation, the terms of this Agreement, business
strategies, and proprietary information, as well as information of any kind provided to Buyer by
its customers or their respective representatives, including all written materials, notes, data,
reports assessment, analysis, whether transcribed or on computer disk, or databases, prepared by
either their employees or other personnel in connection in any way with the work Buyer is doing for
its customers; provided that Confidential Information shall not include information which
(i) is now or becomes publicly available, other than through disclosure by Seller or one of its
Representatives (as hereinafter defined), (ii) is now or becomes available to Seller or its
Affiliates on a non-confidential basis from a source other than Buyer or any of its
Representatives, provided that such source is not bound by a confidentiality agreement with or
other contractual, legal or fiduciary obligation of confidentiality to Buyer or its Affiliates that
requires the source of the information to keep such disclosed information confidential, or (iii)
that is developed by Seller independently with no use of the Confidential Information.

     SECTION 2.02 Recitals. The Parties agree that Confidential Information shall be
treated as confidential by the Seller, shall be disclosed only as permitted in this Agreement and
is valuable to the Acquired Business and Buyer. The Parties further agree that Buyer would suffer
injury if Seller would disclose such information or use it to compete with Buyer (except as
permitted pursuant to this Agreement) and Buyer would

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not have consummated the transactions contemplated herein without this agreement with respect to
the Confidential Information.

     SECTION 2.03 Use. Seller shall not directly or indirectly use or induce or permit
others to use any of the Confidential Information for any purposes, except as may be reasonably
necessary for purposes of providing services under the Transition Services Agreement referred to in
Section 9.4 of the Stock and Asset Purchase Agreement (the “Transition Services”). Seller
shall not directly or indirectly divulge, disclose, or communicate to any person, firm, entity, or
other third party in any manner whatsoever any information relating to or constituting a part of
the Confidential Information; provided, however, that such disclosures may be made
to those of Seller’s directors, officers, employees, attorneys, accountants, and other agents
(collectively, “Representatives”) with a specific need to know for purposes of providing or
administering Transition Services or for valid legal purposes of Seller (including in connection
with disputes pursuant to the Stock and Asset Purchase Agreement); and provided
further that Seller may disclose Confidential information to the extent it is requested or
required to do so by deposition, interrogatories, requests for information or documents in legal
proceedings, subpoenas, civil investigative demand or similar process or by court order, provided
that Seller first gives Buyer written notice that Seller has been requested or will be required to
make such disclosure so as to allow Buyer to seek a protective order to prevent such disclosure.
Seller shall inform all Representatives who are given access to any of the Confidential Information
of the nature and existence of this Agreement, and shall advise them that they shall be responsible
for the observance of the obligations of Seller under this Agreement.

     SECTION 2.04 Term. The provisions of this Article II shall continue in perpetuity
with respect to any Confidential Information.

     SECTION 2.05 Effect. As to Confidential Information disclosed on or after the date of
this Agreement, this Article supersedes any prior confidentiality or non-disclosure agreements
between the parties.

ARTICLE III

AGREEMENT OF SELLER

     SECTION 3.01 Enforceability of this Agreement. Seller agrees and acknowledges that
the geographic boundaries, scope of prohibited activities and the time duration of the provisions
of this Agreement are reasonable and are no broader than are necessary to protect the legitimate
business interests of Buyer including, without limitation, the ability of Buyer to realize the
benefit of its bargain from the Stock and Asset Purchase Agreement. The Parties agree and
stipulate that the agreements and covenants not to compete or solicit contained in this Agreement
are fair and reasonable in light of all the facts and circumstances of the relationship between
Buyer and Seller; however, Buyer and Seller are aware that in certain circumstances courts have
refused to enforce certain agreements not to compete and laws have placed limitations on certain
agreements not to compete. Therefore, in furtherance of, and not in derogation of this

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Agreement, Buyer and Seller agree that in the event a court should decline to enforce some of the
provisions of this Agreement or if any law should limit the enforceability of any provisions of
this Agreement, that this Agreement shall be deemed to be modified or reformed to restrict Seller’s
competition with Buyer and any of its Affiliates or Subsidiaries to the maximum extent, as to time,
geography and business scope, which the court shall find enforceable or the applicable law shall
permit; provided, however, in no event shall any such modifications or reformations of this
Agreement be deemed to be more restrictive to Seller than those contained herein.

     SECTION 3.02 Available Remedies. Seller acknowledges that it would be difficult to
fully compensate Buyer or any of its Affiliates or Subsidiaries for damages resulting from any
breach by Seller of this Agreement and Seller hereby agrees to stipulate in any proceeding that
money damages are insufficient. In the event of any actual or threatened breach of this Agreement,
Buyer, its Affiliates and its Subsidiaries shall (in addition to any other remedies which it may
have) be entitled to temporary and/or permanent injunctive relief in a court of competent
jurisdiction to enforce such provisions and to recover reasonable attorneys’ fees and costs for
same, and such relief may be granted without the necessity of proving actual damages; provided that
to the extent that Buyer, its Affiliates and its Subsidiaries are unable to obtain injunctive
relief, Seller shall remain liable for any and all actual damages incurred by Buyer, its Affiliates
or its Subsidiaries as a result of a breach of this Agreement by Seller. The preceding remedies are
cumulative and nonexclusive and shall be in addition to any other remedy to which Buyer may be
entitled. It is understood by and between the parties hereto that the covenants by Seller set forth
in Articles I and II are essential elements of this Agreement and that but for the agreement of
Seller to comply with such covenants, Buyer would not have entered into the Stock and Asset
Purchase Agreement. Seller further acknowledges that this Agreement as a whole constitutes a
material condition to Buyer’s consummation of the transactions contemplated by the Stock and Asset
Purchase Agreement and the related documents.

ARTICLE IV

GENERAL PROVISIONS

     SECTION 4.01 Assignment. This Agreement is binding on the parties and their
successors and permitted assigns.

     SECTION 4.02 Notices. All notices and other communications given or made pursuant to
this Agreement shall be in writing and shall be deemed to have been duly given or made as of the
date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered
personally, sent by reputable overnight express courier, charges prepaid, or, if mailed, three days
after deposit with the United States Postal Service, to the parties at the following addresses (or
at such other address for a party as shall be specified by like changes of address) or sent by
electronic transmission to the facsimile number specified below:

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	 	If to Buyer:	 	 
	 
	 	 	 	 
	 

	 	 	 	Snap-on Incorporated
	 

	 	 	 	2801 80th Street
	 

	 	 	 	Kenosha, Wisconsin 53143
	 

	 	 	 	Attention: Martin M. Ellen, Chief Financial Officer
	 

	 	 	 	Fax: 262-656-5221
	 
	 	 	 	 
	 

	 	with copies to:	 	 
	 
	 	 	 	 
	 

	 	 	 	Snap-on Incorporated
	 

	 	 	 	2801 80th Street
	 

	 	 	 	Kenosha, Wisconsin 53143
	 

	 	 	 	Attention: Susan F. Marrinan, Chief Legal Officer
	 

	 	 	 	Fax: 262-656-4762
	 
	 	 	 	 
	 

	 	 	 	Quarles & Brady LLP
	 

	 	 	 	One South Pinckney Street
	 

	 	 	 	Suite 600
	 

	 	 	 	Madison, Wisconsin 53701-2113
	 

	 	 	 	Attention: Mark T. Ehrmann, Esquire
	 

	 	 	 	Fax: 608-294-4944
	 
	 	 	 	 
	 

	 	If to Seller:
	 	ProQuest Company
	 

	 	 	 	789 Eisenhower Parkway
	 

	 	 	 	P.O. Box 1346
	 

	 	 	 	Ann Arbor, MI 48106
	 

	 	 	 	Attention: General Counsel
	 

	 	 	 	Fax: 734-997-4040
	 
	 	 	 	 
	 

	 	With a copy to:
	 	McDermott Will & Emery LLP
	 

	 	 	 	227 West Monroe Street
	 

	 	 	 	Chicago, Illinois 60606-5096
	 

	 	 	 	Attention: Thomas Murphy, Esquire
	 

	 	 	 	Fax: 312-984-7700

     SECTION 4.03 Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall
be governed by, and construed in accordance with, the Laws of the State of Delaware. Each of the
Parties agrees that if any dispute is not resolved by the Parties, it shall be resolved only in the
Courts of the State of New York sitting in the County of New York or the United States District
Court for the Southern District of New York and the appellate courts having jurisdiction of appeals
in such courts (collectively, the “Proper Courts”). In that context, and without limiting
the generality of the

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foregoing, each of the Parties irrevocably and unconditionally (a) submits for itself and its
property in any action relating to this Agreement or for recognition and enforcement of any
judgment in respect thereof, to the exclusive jurisdiction of the Proper, and appellate courts
having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of
any such action shall be heard and determined in such Proper Courts; (b) consents that any such
action may and shall be brought in the Proper Courts and waives any objection that it may now or
thereafter have to the venue or jurisdiction of any such action in any such court or that such
action was brought in an inconvenient court and agrees not to plead or claim the same; (c) waives
all right to trial by jury in any action (whether based on contract, tort or otherwise) arising out
of or relating to this Agreement or any document delivered pursuant to this Agreement, or its
performance under or the enforcement of this Agreement or any document delivered pursuant to this
Agreement; (d) agrees that service of process in any such action may be effected by mailing a copy
of such process by registered or certified mail (or any substantially similar form of mail),
postage prepaid, to such party at its address as provided in Section 4.02 of this Agreement; and
(e) agrees that nothing in this Agreement or any document delivered pursuant to this Agreement
shall affect the right to effect service of process in any other manner permitted by the Laws of
the State of New York.

     SECTION 4.04 Amendments and Waivers. This Agreement may not be amended or waived
except in writing executed by the Party against which such amendment or waiver is sought to be
enforced. The failure of any Party to insist, in any one or more instances, upon the performance
of the terms or conditions of this Agreement shall not be construed as a waiver or relinquishment
of any right granted hereunder or of the future performance of any such term, covenant or
condition. No valid waiver of any provision of this Agreement at any time shall be deemed a waiver
of any other provision of this Agreement at such time or will be deemed a valid waiver of such
provision at any other time. The Parties agree that nothing in this Agreement shall be construed to
limit or negate the common law of torts or trade secrets where it provides Buyer with broader
protection than that provided herein.

     SECTION 4.05 Other Agreements. This Agreement represents one of a number of
agreements among the Parties. Each existing agreement is intended to be separately enforceable. To
the extent another agreement, whether executed before or after this Agreement, purports to further
restrict Seller’s ability to compete or use or disclose Confidential Information, including trade
secrets, such agreement shall also be enforceable. To the extent the provisions of the Stock and
Asset Purchase Agreement purport to apply to this Agreement or are incorporated herein by
reference, such provisions shall, as applicable, apply or be incorporated.

     SECTION 4.06 Advice of Counsel. Buyer and Seller have independently consulted their
respective counsel and have been advised in all respects concerning the reasonableness and
propriety of such covenants, with specific regard to the nature of the businesses conducted by
Buyer.

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     SECTION 4.07 Severability. The provisions of this Agreement (including in particular,
but not limited to, the provisions of Article I and Article II hereof) shall be deemed severable,
and the invalidity or unenforceability of any one or more of the provisions hereof shall not affect
the validity or enforceability of any one or more of the other provisions hereof.

     SECTION 4.08 Section Headings. The section headings in this Agreement are included
solely for convenient reference, and shall not define, limit, or affect the construction or
interpretation of this Agreement.

     SECTION 4.09 Counterparts. This Agreement may be executed by facsimile and in one or
more counterparts, each of which shall be deemed an original but all of which together, when each
party hereto has signed a counterpart, shall constitute one and the same instrument.

[Signature Page Follows]

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     IN WITNESS WHEREOF, Seller and Buyer have caused this Agreement to be executed as of
the date first written above by its respective officers duly authorized.

	 	 	 	 	 	 	 	 	 
	 	 	PROQUEST COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	By:	 	/s/ Todd W. Buchardt 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Todd W. Buchardt 	 	 
	 
	 	 	 	Title:	 	Senior
Vice President General Counsel, Secretary 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SNAP-ON INCORPORATED	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	By:	 	/s/ Martin M. Ellen 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	Name:	 	Martin M. Ellen 	 	 
	 
	 	 	 	Title:	 	Senior
Vice President - Finance and Chief Financial Officer 	 	 
	 
	 	 	 	 	 	 
	 	 

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