Document:

Exhibit 10.18.1

 Exhibit 10.18.1 
 DATED 19 March 1999 
  

							
		  	LEARNING TREE INTERNATIONAL INC.	  	(1)	  	
				
		  	LEARNING TREE INTERNATIONAL LIMITED	  	(2)	  	
				
		  	COURTLANDS DEVELOPMENTS LIMITED	  	(3)	  	

  

 COUNTERPART GUARANTEE AND RENT DEPOSIT DEED 
 relating to a lease dated 19 March 1999 in respect
of 
 Euston House 24 Eversholt Street London 
  

 Norton Rose 
 London 

 THIS DEED     made
on                            
19 March                1999 
 BETWEEN: 
  

	(1)	LEARNING TREE INTERNATIONAL, INC. whose registered office is at 6053 West Century Boulevard Suite 200 PO Box 45028 Los Angeles California 90045 USA (the
“Guarantor”) 

  

	(2)	LEARNING TREE INTERNATIONAL LIMITED (Company No. 1392643) whose registered office is at Mole Business Park, Leatherhead, Surrey KT22 7AD (the “Tenant”)

  

	(3)	COURTLANDS DEVELOPMENTS LIMITED (Company No. 00871088) whose registered office is at Chelsea House West Gate London W5 1DR (“the Landlord”)

 WITNESSES as follows: 
  

	1	Definitions and Interpretation 

  

	1.1	In this Deed unless the context otherwise requires the following expressions shall have the following meanings: 

 “Arbitration” means the decision of an independent person to be agreed upon by the parties or in the event of a failure to agree to be
appointed by the Chartered Institute of Arbitrators at the request of the parties and the person so appointed shall act as an arbitrator in accordance with the provisions of the Arbitration Act 1996. 
 “Assignee Qualifying Accounts” means audited accounts which show three (3) consecutive years (the latest of which being the most
recent year in respect of which audited accounts of the Tenant’s assignee have been prepared) where the Tenant’s assignee’s pre-tax profits are equal to or greater than three (3) times the Basic Rent (as defined by the Lease)
payable from time to time. 
 “Deposit” means Six Million Pounds (£6,000,000) or Five Million Pounds
(£5,000,000) in the circumstances specified in clause 17. 
 “Deposit Account” means the deposit account earning
the best interest from time to time reasonably obtainable at a major clearing bank (such account having been agreed upon between the parties to this Deed) opened by the Landlord’s Solicitors and the Tenant’s Solicitors in the Tenant’s
name on or before the date of this Deed and in which the Deposit is placed. 
 “Deposit Balance” means the amount from time
to time standing to the credit of the Deposit Account (excluding interest having accrued thereon) 

 “Guarantee Qualifying Accounts” means audited accounts which accounts may be produced
either before or after any assignment of the Lease which show three (3) consecutive years where the Tenant’s pre-tax profits are equal to or greater than three (3) times the Basic Rent (as defined in the Lease) payable from time to
time. 
 “Landlord” includes the immediate reversioner from time to time to the Lease (or the party who would be that
reversioner if the Lease continued to subsist) 
 “Landlord’s Solicitors” means Messrs. McGuiness Finch of 9 Stratford
Place London W1N 9AE or such other solicitor or firm of solicitors as shall for the time being be acting for the Landlord. 
 “Lease” means a lease of the Premises date 19 March 1999 made between to Landlord (1) the Tenant (2) and the Guarantor (3) and includes where relevant any deed of variation licence consent or other
document supplemental to or associated with the Lease to which in each case the Tenant is a party 
 “Liabilities” means all
the obligations and liabilities of the Tenant under the Lease including without limitation all rent reserved under the Lease together with interest (as well after as before judgment) to date of payment at such rate and upon such terms as may from
time to time be specified in the Lease and all fair and proper fees and other charges costs and expenses as may be incurred by the Landlord in enforcing this Deed on a full and unqualified indemnity basis 
 “Premises” means Euston House 24 Eversholt Street London NW1 as is more particularly described in the Lease 
 “Tenant’s Solicitors” means Messrs. Norton Rose of Kempson House PO Box 570 Camomile Street London EC3A 7AN or such other solicitor
or firm of solicitors as shall for the time being be acting for the Tenant 
 “Terminating Event” means the disclaimer of the
Lease by a liquidator or trustee in bankruptcy of the Tenant or the Tenant being wound up or ceasing to exist so that the Lease no longer has effect or the forfeiture of the Lease 
  

	1.2	In this Deed unless the context otherwise requires: 

  

	 	(a)	words importing any gender include every gender 

  

	 	(b)	references to numbered clauses are to the relevant numbered clauses of this Deed 

  

	 	(c)	words importing the plural shall include the singular and vice versa 

	 	(d)	references to a person shall include references to an individual firm company corporation or unincorporated body of persons 

  

	1.3	The benefit from this Deed shall enure for the benefit of any party falling within the definition of “Landlord” as if such party had been named in this Deed as a party
instead of or in addition to the Landlord 

  

	2	Guarantee 

  

	2.1	In consideration of the Landlord granting the Lease to the Tenant the Guarantor unconditionally and irrevocably covenants with and guarantees to the Landlord that until released in
accordance with clause 11 or 13 the Tenant will pay and discharge the Liabilities when the same fall due or are expressed to fall due under the Lease for payment and discharge upon the following terms and conditions 

  

	2.2	The Guarantor shall upon being requested to do so by the Landlord enter into any deed of variation licence consent or other document to which in each case the Tenant is a party and
which is in each case supplemental to the Lease for the purpose of acknowledging that the Guarantor’s liabilities under this Deed are not thereby released 

  

	2.3	The Guarantee and covenant contained in clause 2.1 shall impose upon the Guarantor the same liability as if the Guarantor were itself the principal debtor in respect of the
Liabilities and such liability shall continue notwithstanding (and shall not be discharged in whole or in part or otherwise affected by): 

  

	 	(a)	any forbearance by the Landlord to enforce against the Tenant its covenants in the Lease 

  

	 	(b)	the giving of time or other concessions or the taking or holding of or varying realising releasing or not enforcing any other security for the liabilities of the Tenant

  

	 	(c)	any legal limitation or incapacity relating to the Tenant 

  

	 	(d)	the invalidity or unenforceability of any of the obligations of the Tenant 

  

	 	(e)	the Tenant ceases to exist 

  

	 	(f)	the giving and subsequent withdrawal of any notice to determine the Lease 

  

	 	(g)	the disclaimer of the Lease 

  

	 	(h)	any other act or omission of the Landlord or any other circumstances which but for this clause 2 would discharge the Guarantor 

 and for the purposes of this clause 2.3 the Tenant shall be deemed to be liable to continue to pay and
discharge the Liabilities notwithstanding any of the above matters and any money expressed to be payable by the Tenant which may not be recoverable from the Tenant for any such reason shall be recoverable by the Landlord from the Guarantor as
principal debtor 
  

	3	New Lease 

  

	3.1	The Guarantor shall if required by the Landlord in writing within the period beginning on the day of a Terminating Event and expiring three months after the Landlord has been
notified in writing by the Guarantor or the Tenant of that Terminating Event accept (and execute and deliver to the Landlord a counterpart of) a new lease of the Premises and the Guarantor shall also pay all legal charges and stamp duties reasonably
incurred by the Landlord in respect of that new lease 

  

	3.2	The new lease referred to in clause 3.1 shall: 

  

	 	(a)	be for a term commencing on the date of the Terminating Event and expiring on the date on which the contractual term originally granted by the Lease would have expired by effluxion
of time 

  

	 	(b)	be at the rent which would then have been payable under the Lease and 

  

	 	(c)	be otherwise on the same terms as the Lease 

  

	3.3	If a new lease is granted under this clause 3 then from the date of grant the liability of the Guarantor under that new lease shall replace the liability of the Guarantor under this
Deed 

  

	4	Enforcement and Notices 

  

	4.1	No failure or delay on the part of the Landlord to exercise any power right or remedy under this Deed or at law shall operate as a waiver thereof nor shall any single or partial
exercise or waiver of any such power right or remedy preclude its further exercise or the exercise of any other power right or remedy 

  

	4.2	Any notice demand or legal process to be served on the Guarantor under this Deed shall be in writing and (in addition to any other valid method of service) shall be sufficiently
served if delivered to or if sent by registered or recorded delivery post to the registered office of the Guarantor addressed to the Guarantor and marked for the attention of the Vice President Administration and (if served by post) shall be deemed
served 10 days after the date of posting 

  

	4.3	Any notice demand or legal process to be served on the Tenant shall incorporate the provisions as to notices in Section 196 of the Law of Property Act 1925 as amended by the
Recorded Delivery Service Act 1962 and shall be marked for the attention of the Tenant’s Company Secretary at the Premises or any such other address as the Tenant shall have previously notified the Landlord in writing 

	5	Security taken by Guarantor 

  

	5.1	Until the Liabilities have been paid and discharged in full the Guarantor shall not without the Landlord’s written consent exercise any of its rights: 

 

	 	(a)	to take the benefit of or share in or enforce any security or other guarantee or indemnity for the Liabilities; or 

  

	 	(b)	to prove in the bankruptcy or liquidation of the Tenant in competition with the Landlord 

  

	5.2	The Guarantor has not taken any security from the Tenant and agrees not to do so except any liens as between the Tenant and the Guarantor or any fixed and/or floating charges over
the Tenant’s assets 

  

	5.3	Any security taken by the Guarantor in breach of clause 5.2 and all monies at any time received in respect of it shall be held in trust for the Landlord as security for the
liability of the Guarantor under this Deed 

  

	5.4	For the avoidance of doubt this clause 5 shall not in any way restrict the Guarantor’s rights to draw dividends from or distribute the profits of the Tenant

  

	6	Set-off and Deductions 

 All payments made by
the Guarantor under this Deed shall be made without set- off or deduction (whether legal or equitable) or counterclaim 
  

	7	Rent Deposit 

  

	7.1	The Landlord’s Solicitors and the Tenant’s Solicitors are hereby irrevocably authorised by the Landlord and the Tenant to act jointly as stakeholders in the operation of
the Deposit Account in accordance with this Deed and in particular in: 

  

	 	(a)	the making of payments into the Deposit Account 

  

	 	(b)	the withdrawal of sums from the Deposit Account 

  

	 	(c)	accounting to the Landlord and the Tenant for money due to either of them from the Deposit Account 

  

	7.2	In the event that any rental liabilities comprised within the Liabilities have not been paid within the relevant 7 days or 14 days specified in the Lease the Landlord shall be
entitled to serve written notice on the Tenant (and the Guarantor) requesting such payment and if the Tenant does not make such payment within 7 days of receipt of such notice the Landlord shall be entitled to instruct the Landlord’s Solicitors
and the Tenant’s Solicitors to make withdrawals from the Deposit Account in respect of such non-payment of rental liability 

	7.3	In the event of any failure by the Tenant to perform or discharge any non-rental liabilities comprised within the Liabilities the Landlord shall be entitled to instruct the
Landlord’s Solicitors and the Tenant’s Solicitors to make withdrawals from the Deposit Account of such sum as is assessed by court judgment or Arbitration 

  

	8	Charge 

  

	8.1	The Tenant with full title guarantee hereby charges the Deposit and all its rights title and benefit whatsoever both present and future therein to the Landlord by way of first fixed
charge as a continuing security for the payment and discharge of the Liabilities 

  

	8.2	The Landlord agrees that any interest which has accrued on the Deposit shall belong to the Tenant and as soon as such interest is credited to the Deposit Account in accordance with
the terms under which the Deposit Account is held such interest shall be directly debited from the Deposit Account to an account specified by the Tenant and notified to the Landlord’s Solicitors and the Tenant’s Solicitors and such
interest shall not be withheld or withdrawn from the Deposit Account by the Landlord 

  

	9	Substitution of Security 

  

	9.1	It is hereby agreed that the Tenant may upon giving written notice to the Landlord substitute the Deposit with a Letter of Credit or a Bank Guarantee from a bank with an operating
presence in the UK to be agreed by the parties acting reasonably in such form as the parties acting reasonably agree 

  

	9.2	On the date of substitution in accordance with clause 9.1 the Deposit Account shall be closed and the Deposit Balance released to the Tenant upon the terms contained in clause 12

  

	10	Continuing Security 

  

	10.1	This Deed shall be a continuing security notwithstanding any settlement of account or other matter whatsoever and shall remain in full force and effect until all the Liabilities
have been paid or discharged in full or until the Guarantee and Deposit Balance have been released in accordance with clauses 11, 12 or 13 

  

	10.2	This Deed is in addition to and shall not merge with or otherwise prejudice or affect any contractual or other right or remedy or any other security now or hereafter held by or
available to the Landlord and shall not be in any way prejudiced or affected thereby or by the invalidity thereof or by the Landlord now or hereafter dealing with exchanging releasing varying or abstaining from perfecting or enforcing any of the
same or any rights which it may now or hereafter have or giving time for payment or indulgence or compounding with any other person liable 

	11	Guarantor Release 

 The Guarantor shall be
released from its liability under this Deed on the earliest of: 
  

	 	(a)	the date on which the Tenant is released from its liability under the Lease by operation of Section 5 Landlord and Tenant (Covenants) Act 1995 

  

	 	(b)	the date on which the Tenant produces to the Landlord Guarantee Qualifying Accounts 

  

	 	(c)	the date of determination of the Lease by effluxion of time 

  

	 	(d)	the occurrence of a Terminating Event unless the Landlord requests the Guarantor to enter into a new lease in accordance with clause 3 

  

	 	(e)	the date of release in accordance with clause 13 

 but
without prejudice to the rights of any parties to this Deed in respect of antecedent breaches 
  

	12	Deposit Release 

 The Deposit Account will be
closed upon the earliest of: 
  

	 	(a)	the date on which the Tenant is released from its liability under the Lease by operation of Section 5 Landlord and Tenant (Covenants) Act 1995 

  

	 	(b)	the date upon which the Guarantor’s audited accounts show three (3) consecutive years when the Guarantor’s pre-tax profits are equal to or greater than three
(3) times the Basic Rent (as defined in the Lease) and the Tenant’s pre-tax, audited profits for three (3) consecutive years are equal to or greater than two (2) times the Basic Rent (as defined in the Lease)

  

	 	(c)	in the event that the Guarantor is required to take up a new lease in accordance with clause 3 the date upon which the Guarantor’s audited accounts show three
(3) consecutive years when the Guarantor’s pre-tax profits are equal to or greater than three (3) times the Basic Rent (as defined in the Lease) 

  

	 	(d)	the date of determination of the Lease by effluxion of time 

  

	 	(e)	the date of release in accordance with clause 13 

 whereupon the Deposit Balance shall be released to the Tenant after first being applied by payment to the Landlord in accordance with the provisions of this Deed in satisfaction of all lawful claims made by the Landlord (if any) against the
Tenant arising out of default by the Tenant in respect of the Liabilities in accordance with clause 7.2 and 7.3 

	13	Assignee Release 

 In the event that the
Tenant or the Guarantor (if the Guarantor has been required to take up a new lease in accordance with clause 3) assigns the Lease to an assignee in accordance with clause 4.23 of the Lease the Tenant and the Guarantor shall on the date that the
Assignee produces to the Landlord Assignee Qualifying Accounts be released from their liabilities under this Deed and the Deposit Account will close and the Deposit Balance shall be released to the Tenant in accordance with clause 12 on the date
that the assignee produces to the Landlord Assignee Qualifying Accounts 
  

	14	Assignment by Landlord 

 The Landlord may
assign the benefit of this Deed to any person who is (or is about to become) the immediate reversioner to the Lease 
  

	15	Severable Nature of Obligations 

  

	15.1	Each of the provisions of this Deed is severable from the others and if at any time one or more of such provisions is or becomes illegal invalid or unenforceable the legality
validity and enforceability of the remaining provisions of this Deed shall not in any way be affected or impaired in consequence 

  

	16	Proper law 

  

	16.1	This Deed shall be governed by law and construed in accordance with the laws of England and the Courts of England are to have jurisdiction but without prejudice to the
Landlord’s execlusive right to commence proceedings against the Tenant and/or the Guarantor in any other jurisdiction 

  

	16.2	The Guarantor irrevocably authorises and appoints the Tenant’s Solicitors (or such other firm of solicitors resident in England or Wales as it may from time to time by written
notice to the landlord substitute) to accept service of all legal process arising out of or connected with this Deed PROVIDED THAT there shall not be deemed service unless there is service on both the Tenant’s Solicitors (or such
substitute) and the Guarantor (in accordance with clause 4.2) 

  

	17	Deposit Reduction 

 If the Guarantor’s
audited accounts shoe three (3) consecutive years where the Guarantor’s pre-tax profits are equal to or greater than three (3) times the Basic Rent (as defined in the Lease) the deposit shall be reduced to Five Million pounds
(£5,000,000) and for the avoidance of doubt the Guarantor shall not be required to make any payments to increase the Deposit Balance 
  

	18	Disputes 

 Any Dispute between parties shall
be referred to Arbitration 

 IN WITNESS of which each party has duly executed this Agreement as a Deed the date first above written 

 

							
	EXECUTED AS A DEED for	  	)	  		  	
	and on behalf of COURTLANDS	  	)	  		  	
	DEVELOPMENTS LIMITED	  	)	  		  	

  

			
	 	 	 
	Director	 	/s/ Signature on File
		
		 	
	Secretary	 	/s/ Signature on FileAgreement

 Exhibit 10.243 
 AGREEMENT 
 This Agreement (the
“Agreement”), dated the 27th day of April, 2007, by and between Pharmaceutical Product Development, Inc.,
a North Carolina corporation (“PPD”), and Linda Baddour (“Employee”). 
 WHEREAS, PPD and Employee are parties to that
certain Employment Agreement dated May 16, 2002 (the “Employment Agreement”); and 
 WHEREAS, Employee has resigned her
employment with PPD and, in connection therewith, the parties desire to enter into this Agreement upon the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and considerations contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 1. Termination of Employment Agreement. The Employment Agreement shall be deemed terminated as of the close of business on May 31, 2007 (the
“Termination Date”). Subject to compliance with the Employment Agreement and this Agreement, the Employment Agreement shall remain in full force and effect from the date hereof through the Termination Date, and PPD will continue to pay for
and provide to Employee the salary and benefits under Article 3 of the Employment Agreement through the Termination Date. 
 2. Consulting Services.
Employee agrees to be available to consult with PPD upon reasonable request for a period of six months after the Termination Date. In consideration for providing these consulting services, PPD will continue to pay Employee her base salary and
benefits in effect on the Termination Date, beginning on the day immediately following the Termination Date and continuing until the earlier of November 30, 2007 or the date on which Employee becomes employed full-time elsewhere. If Employee
becomes employed full-time prior to November 30, 2007, Employee shall promptly notify the Company thereof in writing. 
 3. Rights and
Obligations. From and after the Termination Date, neither party hereto shall have any rights or obligations under the Employment Agreement, except that the Company shall pay Employee for any remaining accrued and unused vacation time as of the
Termination Date. Employee acknowledges and agrees that the Proprietary Information and Inventions Agreement dated May 15, 2002 executed by Employee shall not be affected by the termination of the Employment Agreement and shall continue in full
force and effect in accordance with the terms thereof. Notwithstanding anything to foregoing herein contained, in the event Employee becomes full-time employed elsewhere, all compensation and benefits payable under the Employment Agreement,
including Article 3 thereof, and the payments under Section 2 of this Agreement shall terminate as of the initial date of such employment. 

	4.	Miscellaneous. 

 a. This Agreement constitutes the
entire agreement between the parties with respect to the subject matter hereof and except as set forth herein supersedes all prior agreements, written or oral, with respect to that subject matter, and may not be altered or amended except by writing
signed by the parties. 
 b. The Company and Employee agree that they shall make no negative or disparaging statements regarding the other or
their affiliates. 
 c. This Agreement shall be governed by the laws of State of North Carolina. 
 d. This Agreement shall inure to the benefit of and be binding upon the PPD, Employee and their respective heirs, successors, assigns and personal
representatives. 
 e. The parties agree that any dispute under this Agreement or the Employment Agreement shall be submitted to arbitration
pursuant to Section 6.8 of the Employment Agreement. 
 f. Any notices required or permitted to be given under this Agreement shall be
given in accordance with Section 6.9 of the Employment Agreement. 
 g. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original and all of which taken together shall constitute one and the same agreement. 
 IN WITNESS WHEREOF, the
parties have caused this Agreement to be executed as of the date first hereinabove set forth. 
  

			
	 PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.

		
	 By:
	 	 /s/ Fredric N. Eshelman

	 Name:
	 	 Fredric N. Eshelman

	 Title:
	 	 Chief Executive Officer

		
		 	 /s/ Linda Baddour

		 	 Linda Baddour

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