Document:

exv10w23

 

Exhibit 10.23

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (the “Amendment”) is entered into as of April 26, 2005
by and between J. Barry Morrow (the “Executive”), and Collegiate Funding Services, Inc., a
corporation organized and existing under the laws of the State of Delaware (the “Company”).

WHEREAS, Executive is currently employed as Chief Executive Officer and President of the Company
pursuant to an employment agreement dated June 30, 2004, between Executive and the Company (the
“Employment Agreement”); and

WHEREAS, in recognition of Executive’s contributions to the success and accomplishments of the
Company and to provide additional incentive for the Executive’s continued contributions and
accomplishments, the Company wishes amend the terms of the Employment Agreement as set forth
herein; and

WHEREAS, the Company and Executive agree to enter into such amendment on the terms set forth
herein.

NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein, and
intending to be legally bound, the parties, subject to the terms and conditions set forth herein,
agree as follows:

PART I. DEFINITIONS. CAPITALIZED TERMS NOT DEFINED HEREIN SHALL HAVE THE MEANING SET FORTH IN THE EMPLOYMENT AGREEMENT.

PART II. AMENDMENTS.

	 	A.  	There is added a new Section 6(d) to the read as follows:

Upon a Change of Control (as defined in Section 13.3(a)), All Stock Options and/or
Restricted Shares held by Executive shall fully vest and, as applicable, be
exercisable immediately, and all restrictions on Restricted Shares shall lapse.

	 	B.  	Section 13.3(e) of the Employment Agreement is deleted in its entirety.

PART III. GENERAL

	 	A.  	Except as set forth in Section 2 of this Amendment, the Employment Agreement
remains in full force and effect.
	 
	 	B.  	This Amendment may be executed in any number of counterparts, and each such
counterpart shall be deemed to be an original instrument, but all such counterparts
together shall constitute one and the same instrument.

[Remainder of page intentionally left blank.]

 

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed the day and year first
written above.

COMPANY

Collegiate Funding Services, Inc.

By: ________________________

EXECUTIVE

J. Barry Morrow

Title: Chief Executive Officer and Presidentexv10w24

 

Exhibit 10.24

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (the “Amendment”) is entered into as of April 26, 2005
by and between                     (the “Executive”), and Collegiate Funding Services, Inc., a corporation
organized and existing under the laws of the State of Delaware (the “Company”).

WHEREAS, Executive is currently employed as                      of the Company pursuant to an employment
agreement dated                     , between Executive and the Company (the “Employment Agreement”); and

WHEREAS, in recognition of Executive’s contributions to the success and accomplishments of the
Company and to provide additional incentive for the Executive’s continued contributions and
accomplishments, the Company wishes amend the terms of the Employment Agreement as set forth
herein; and

WHEREAS, the Company and Executive agree to enter into such amendment on the terms set forth
herein.

NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein, and
intending to be legally bound, the parties, subject to the terms and conditions set forth herein,
agree as follows:

PART I. DEFINITIONS. CAPITALIZED TERMS NOT DEFINED HEREIN SHALL HAVE THE MEANING SET FORTH IN THE EMPLOYMENT AGREEMENT.

PART II. AMENDMENTS.

	 	A.  	There is added a new Section 6(d) to the read as follows:

Upon a Change of Control (as defined in Section 12.3(a)), All Stock Options and/or
Restricted Shares held by Executive shall fully vest and, as applicable, be
exercisable immediately, and all restrictions on Restricted Shares shall lapse.

	 	B.  	Section 12.3(d) of the Employment Agreement is deleted in its entirety.

PART III. GENERAL

	 	A.  	Except as set forth in Section 2 of this Amendment, the Employment Agreement
remains in full force and effect.
	 
	 	B.  	Each of the Company and the Executive hereby give notice of its and his
intent, respectively, to permit the automatic extension of the Term of the Employment
Agreement, as amended by this Amendment, for an additional one-year term beginning on
___, 2005.
	 
	 	C.  	This Amendment may be executed in any number of counterparts, and each such
counterpart shall be deemed to be an original instrument, but all such counterparts
together shall constitute one and the same instrument.

[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed the day and year first
written above.

COMPANY

Collegiate Funding Services, Inc.

By: ________________________

EXECUTIVE

___________

Title:

2exv10w25

 

Exhibit 10.25

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (the “Amendment”) is entered into as of April 26, 2005
(the “Amendment Date”) by and between John Reeves (the “Executive”), and Collegiate Funding
Services, Inc., a corporation organized and existing under the laws of the State of Delaware (the
“Company”).

WHEREAS, Executive is currently employed as Executive Vice President of Government Relations of the
Company pursuant to an employment agreement dated July 9, 2004, between Executive and the Company
(the “Employment Agreement”); and

WHEREAS, at the request of the Board of Directors of the Company, Executive has also been serving
as Acting Chief Operating Officer of the Company; and

WHEREAS, in recognition of Executive’s contributions to the success and accomplishments of the
Company and to provide additional incentive for the Executive’s continued contributions and
accomplishments, the Company wishes amend the terms of the Employment Agreement as set forth
herein; and

WHEREAS, the Company and Executive agree to enter into such amendment on the terms set forth
herein.

NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein, and
intending to be legally bound, the parties, subject to the terms and conditions set forth herein,
agree as follows:

Definitions. Capitalized terms not defined herein shall have the meaning set forth in the
Employment Agreement.

Section 1(a) of the Employment Agreement is amended and restated in its entirety to read as
follows:

	 	(a)  	Executive hereby agrees to be employed by the Company as Executive Vice
President and Chief Operating Officer of the Company, and Company hereby agrees to
employ Executive in such capacity. To the extent required by law, Executive’s
employment under this Agreement shall be maintained through the primary subsidiary of
the Company, Collegiate Funding Services, L.L.C. (“CFS”), or another wholly owned
subsidiary of the Company used to employ Company executives, and in such case any
reference in this Agreement to employment or termination of employment with the
Company shall be deemed to include employment or termination of employment with CFS or
such other subsidiary.

	 	A.  	Section 1(b) of the Employment Agreement is amended and restated in its
entirety to read as follows:

	 	(b)  	The period of Executive’s employment under this Agreement (the “Term”) shall
begin on July 9, 2004 (the “Effective Date”) and end on the third anniversary of the
Effective Date, unless sooner terminated in accordance with Section 12 hereof.

	 	B.  	Section 1(c) of the Employment Agreement is amended and restated in its
entirety to read as follows:

	 	(c)  	The Term shall automatically be extended for an additional one-year period
one-year period each July 9, beginning July 9, 2007, unless either Executive or the
Company delivers written

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	 	   	notice to the other party, not later than 60 days before the end of the Term (including
extensions) of their election that the Term not be extended.

	 	C.  	Section 2(a) of the Employment Agreement is amended and restated in its
entirety to read as follows:

	 	(a)  	For the period starting on the Effective Date and ending on the first day of
the first full pay period following the Amendment Date, the Company shall pay
Executive an annual salary at the rate of two hundred twenty thousand dollars
($220,000). Starting on the first day of the first full pay period following the
Amendment Date, the Company shall pay Executive an annual salary at the rate of three
hundred twenty-five thousand dollars ($325,000.00) (such annual salary, as applicable,
the “Base Salary”). The Base Salary shall be inclusive of all applicable income,
Social Security and other taxes and charges which are required by law or requested to
be withheld by Executive and which shall be withheld and paid in accordance with
Company’s normal payroll practice for its similarly situated executives as in effect
from time to time.

	 	D.  	There is added a new Section 6(d) to the read as follows:

Upon a Change of Control (as defined in Section 11.3(a)), All Stock Options and/or
Restricted Shares held by Executive shall fully vest and, as applicable, be
exercisable immediately, and all restrictions on Restricted Shares shall lapse.

	 	E.  	Section 11.3(d) of the Employment Agreement is deleted in its entirety.

PART II. GENERAL

	 	A.  	Except as set forth in Section 2 of this Amendment, the Employment Agreement
remains in full force and effect.
	 
	 	B.  	This Amendment may be executed in any number of counterparts, and each such
counterpart shall be deemed to be an original instrument, but all such counterparts
together shall constitute one and the same instrument.

[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed the day and year first
written above.

COMPANY

Collegiate Funding Services, Inc.

By: ________________________

EXECUTIVE

___________

John Reeves

Title: Executive Vice President and Chief Operating Officer

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