Document:

EX-10.1 Stock Voting Agreement

    STOCK
      VOTING AGREEMENT

     

    STOCK
      VOTING AGREEMENT (this “Agreement”), dated as of June 21, 2006 by and between
      JACK L. BROZMAN (“Stockholder”) and LIBERTY PARTNERS HOLDINGS 28 LLC, a Delaware
      limited liability company (“Buyer”).

     

    WHEREAS,
      concurrently herewith, Buyer, Teach Acquisition Corporation, a Delaware
      corporation and a wholly owned subsidiary of Buyer ( “Merger Sub”), and Concorde
      Career Colleges, Inc., a Delaware corporation (“Company”), are entering into an
      Agreement and Plan of Merger of even date herewith (such Agreement in the form
      attached hereto as Exhibit
      A
      being
      the “Merger Agreement”), pursuant to which Merger Sub will merge with and into
      Company (the “Merger”); and

     

    WHEREAS,
      Stockholder is the beneficial owner (as defined in Rule 13d-3 of the Securities
      Exchange Act of 1934, as amended) as of the date hereof of that number of shares
      of common stock, $.10 par value per share (the “Common Stock”), of Company, or
      other securities exercisable or exchangeable for, or convertible into, Common
      Stock of the Company, in each case as set forth opposite his name on
Schedule
      I
      attached
      hereto (such Common Stock and other securities collectively referred to as
      the
“Existing Shares,” and together with any shares of Common Stock acquired after
      the date hereof and prior to the termination hereof, including upon the
      exercise, exchange or conversion of any security or right to acquire shares
      of
      Common Stock and any shares of Common Stock issued as the result of any stock
      split, stock dividend, reorganization, recapitalization or other change in
      the
      capital structure of the Company, hereinafter collectively referred to as the
      “Shares”); and

     

    WHEREAS,
      the Board of Directors of the Company has determined that it is in the best
      interests of its stockholders that Merger Sub be merged with and into the
      Company and, to that end, has approved the merger of Merger Sub with and into
      the Company in accordance with the laws of the State of Delaware and the
      provisions of the Merger Agreement and this Agreement, including for purposes
      of
      rendering the restrictions of Section 203 of the Delaware General Corporation
      Law inapplicable to this Agreement, the Merger Agreement, the Merger and the
      other transactions contemplated hereby and thereby, and has unanimously
      recommended that the Merger Agreement and the transactions contemplated thereby
      be approved by the Company’s stockholders; and

     

    WHEREAS,
      Buyer and Merger Sub have entered into the Merger Agreement in reliance on
      and
      in consideration of Stockholder’s representations, warranties, covenants and
      agreements hereunder.

     

    NOW,
      THEREFORE, in consideration of the mutual agreements, promises and covenants
      set
      forth herein and the recitals set forth above, and other good and valuable
      consideration, the receipt and adequacy of which are acknowledged, the parties
      hereto, intending to be legally bound, hereby agree as follows.

     

    1.  Agreement
      to Vote.
      Stockholder hereby revokes any and all previous proxies with respect to the
      Shares and irrevocably agrees to vote and otherwise act (including pursuant
      to
      written consent), or cause the holder of record on any applicable record date
      to
      vote or otherwise act (including pursuant to written consent), with respect
      to
      all of the Shares, (a) for the approval and the adoption of the Merger and
      the
      Merger Agreement, as the same may be amended from time to time, all agreements
      relating to the Merger and all actions relating thereto; and (b) against (i)
      any
      Acquisition Proposal (as defined in the Merger Agreement), (ii) any material
      change in the capitalization of Company or any subsidiary of Company, or the
      corporate structure of Company or any subsidiary of Company and (iii) any other
      proposal or transaction which could, or could reasonably be expected to, impede,
      interfere with, postpone, discourage, adversely affect, prevent or delay the
      Merger or the Merger Agreement or any of the transactions contemplated thereby,
      in each case, at any meeting or meetings of the stockholders of Company called
      and at any adjournment, postponement or continuation thereof, and on every
      action or approval by written consent of the stockholders of Company. In the
      event that a meeting of the stockholders of Company is held, Stockholder shall,
      or shall cause the holder of record on any applicable record to, appear at
      such
      meeting or otherwise cause the Shares to be counted as present thereat for
      purposes of establishing a quorum. Stockholder shall not enter into any
      agreement with any person to vote or give instructions in any manner
      inconsistent with this Section 1. The foregoing shall remain in effect with
      respect to the Shares until the termination of this Agreement. Stockholder
      hereby agrees to, execute such additional documents as Buyer may reasonably
      request to effectuate the foregoing.

     

    
      
         

      

      
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    2.  Irrevocable
      Proxy.
      Stockholder hereby appoints the directors on the Board of Directors of Buyer,
      and each of them, as his proxy to vote all of the Shares at any meeting of
      the
      stockholders of Company or any adjournment, postponement or continuation thereof
      on the matters described in Section 1 hereof, and to execute and deliver any
      written consents to fulfill Stockholder’s obligations under this Agreement. This
      proxy is coupled with an interest and is irrevocable until the termination
      of
      this Agreement, at which time it shall terminate.

     

    3.  Agreement
      not to Exercise Appraisal Rights.
      Stockholder shall not exercise any rights (including under section 262 of the
      Delaware General Corporation Law) to demand appraisal of any Shares that may
      arise with respect to the Merger or the Merger Agreement.

     

    4.  Representations
      and Warranties of Stockholder.
      Stockholder represents and warrants to Buyer as follows:

     

    4.1.  Ownership
      of Shares.
      On the
      date hereof, the Existing Shares are all of the securities of Company currently
      owned, beneficially or otherwise, by Stockholder. On the Closing Date, the
      Shares will constitute all of the securities of Company owned, beneficially
      or
      otherwise, by Stockholder. Other than as set forth on Schedule
      I
      attached
      hereto, Stockholder does not hold, whether of record or beneficially, or have
      any rights to acquire any shares of Common Stock. Stockholder has sole voting
      power, sole power of disposition, sole power to issue instructions with respect
      to the matters set forth herein and sole power to agree to all of the matters
      set forth in this Agreement, in each case, with respect to all of the Shares,
      with no limitations, qualifications or restrictions on such rights, subject
      to
      applicable United States federal and state securities laws and this Agreement.
      Stockholder is the beneficial owner of the Shares and currently has, and at
      Closing (as defined in the Merger Agreement) will have, good, valid and
      marketable title to the Shares, free and clear of all liens, encumbrances,
      restrictions, options, warrants, rights to purchase, voting trusts or
      agreements, proxies and claims of every kind (other than the encumbrances
      created by this Agreement and other than restrictions on transfer under
      applicable United States federal and state securities laws).

     

    
      
         

      

      
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    4.2.  Authority;
      Binding Agreement.
      Stockholder has the full right, power and authority to execute and deliver
      this
      Agreement and to perform all of his obligations under this Agreement and to
      consummate the transactions contemplated hereby. This Agreement has been duly
      executed and delivered by Stockholder and constitutes a legal, valid and binding
      agreement of Stockholder, enforceable against Stockholder in accordance with
      its
      terms, except as the enforcement thereof may be limited by bankruptcy,
      insolvency, reorganization, moratorium and similar laws, now or hereafter in
      effect affecting creditors’ rights and remedies generally or general principles
      of equity. Neither the execution, delivery and performance of this Agreement
      by
      Stockholder nor the consummation by Stockholder of the transactions contemplated
      hereby will (i) violate, or require any consent, approval or notice under,
      any
      provision of any judgment, order, decree, statute, law, rule or regulation
      applicable to Stockholder or the Shares or (ii) constitute a violation of,
      conflict with or constitute a default under, any contract, commitment,
      agreement, understanding, arrangement or other restriction of any kind to which
      Stockholder is a party or by which Stockholder is bound.

     

    4.3.  Reliance
      on Agreement.
      Stockholder understands and acknowledges that Merger Sub and Buyer each are
      entering into the Merger Agreement in reliance upon Stockholder’s execution and
      delivery of this Agreement. Stockholder acknowledges that the agreement set
      forth in Section 1 hereof is granted in consideration for the execution and
      delivery of the Merger Agreement by Merger Sub and Buyer.

     

    5.  Certain
      Restrictions.
      Stockholder shall not, directly or indirectly, take any action that would make
      any representation or warranty of Stockholder contained herein untrue or
      incorrect.

     

    6.  Certain
      Covenants of Stockholder.
      Except
      in accordance with the provisions of this Agreement, Stockholder hereby agrees
      with, and covenants to, Buyer as follows:

     

    6.1.  Transfer.
      Stockholder shall not (a) transfer (which term shall include for the purposes
      of
      this Agreement, any sale, gift, pledge, assignment, encumbrance or other
      disposition) or consent to any transfer of, any or all of the Shares or any
      interest therein, except pursuant to the Merger and the Merger Agreement, (b)
      enter into any contract, option or other agreement or understanding with respect
      to any transfer of any or all such Shares or any interest therein, (c) grant
      any
      proxy, power-of-attorney or other authorizations in or with respect to such
      Shares or (d) deposit such Shares into a voting trust or enter into a voting
      agreement or similar arrangement with respect to the Shares. Stockholder shall
      submit to Company, promptly after the execution of this Agreement, any and
      all
      certificates representing the Shares and Stockholder agrees with, and hereby
      consents to the inscription on all such certificates prior to their prompt
      return to Stockholder of the following legend by Company on such certificates:
      “The shares of Common Stock, $.10 par value, of the Company, represented by
      this
      certificate are subject to a Stock Voting Agreement, dated as of June 21, 2006,
      and may not be sold or otherwise transferred, except in accordance therewith.
      Copies of such Agreement may be obtained at the principal executive office
      of
      the Company.” 

     

    6.2.  Solicitation.
      Prior
      to the Effective Time (as defined in the Merger Agreement), Stockholder shall
      not, and he shall use his best efforts to direct and cause his affiliates,
      and
      their respective agents and representatives not to, directly or indirectly,
      (a) initiate, solicit, encourage or otherwise take any action to facilitate
      any inquiries or the making of any proposal or offer with respect to an
      Acquisition Proposal (as defined in the Merger Agreement) or (b) engage in
      any negotiations concerning, or provide any confidential information or data
      to,
      or have any discussions with, or afford access to any of the properties, assets
      or books and records of Company or any of its subsidiaries to, or enter into
      any
      agreement, commitment or arrangement with, any person relating to an Acquisition
      Proposal. Stockholder shall immediately cease and cause to be terminated all
      existing activities, discussions and negotiations by Stockholder or any of
      his
      affiliates, or their respective agents or representatives, with respect to
      any
      Acquisition Proposal. Stockholder shall (i) as promptly as reasonably
      practicable (but in no event later than the day after receipt) notify Buyer
      if
      any such inquiries, proposals or offers are received by, any such information
      is
      requested from, or any such discussions or negotiations are sought to be
      initiated or continued with, any such third party and (b) identify the terms
      and
      conditions of any Acquisition Proposal (including any subsequent changes,
      modifications and amendments thereto) and the identity of the third party making
      such Acquisition Proposal.

     

    
      
         

      

      
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    6.3.  Notifications.
      Stockholder shall, while this Agreement is in effect, notify Buyer in writing
      promptly, but in no event later than two days after such acquisition, of any
      securities of Company acquired by Stockholder after the date
      hereof.

     

    6.4.  Waiver.
      Stockholder hereby unconditionally waives all of his rights, remedies and
      interests in, to and under any and all agreements, arrangements, contracts
      and
      understandings, whether written or otherwise, to or by which the Company or
      its
      assets or properties are subject or bound, which rights, remedies and interests,
      including any rights of first refusal or rights to consent or object, whether
      directly or indirectly, prohibit, restrict or otherwise impair (or would
      reasonably be expected to prohibit, restrict or impair) the ability of the
      Company or any stockholder of the Company, including Stockholder, to perform
      the
      obligations of such person hereunder or the ability of any party to the Merger
      Agreement to perform its obligations thereunder or to consummate the
      transactions contemplated thereby, including the Merger. This waiver is
      irrevocable until the termination of this Agreement pursuant to Section 7(ii),
      at which time it shall terminate.

     

    7.  Termination.
      This
      Agreement shall terminate on the earlier of (i) the Effective Time or (ii)
      immediately after the termination of the Merger Agreement in accordance with
      its
      terms.

     

    8.  Certain
      Events.
      This
      Agreement and the obligations hereunder shall, while this Agreement is in
      effect, attach to the Shares and shall be binding upon any person to whom record
      or beneficial ownership of such Shares shall pass, whether by operation of
      law
      or otherwise, including Stockholder’s administrators or successors. In the event
      of any stock split, stock dividend, merger, reorganization, recapitalization
      or
      other change in the capital structure of Company affecting the Shares or the
      acquisition of additional shares or other voting securities of the Company
      by
      Stockholder, the number of Shares listed on Schedule I beside the name of
      Stockholder shall be adjusted appropriately, and this Agreement and the
      obligations hereunder shall attach to any additional Shares or other voting
      securities of Company issued to or acquired by Stockholder.

     

    9.  Action
      in Stockholder Capacity Only.
      Stockholder makes no agreement or understanding herein as a director of Company.
      Stockholder has executed and delivered this Agreement solely in his capacity
      as
      a holder of record and beneficial owner of the Shares, and nothing herein shall
      limit or affect any actions taken in his capacity as a director of Company.
      

     

    
      
         

      

      
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    10.  Miscellaneous.

     

    10.1.  Disclosure.
      Stockholder shall permit Buyer and the Company to publish and disclose in all
      documents and schedules filed with the Securities and Exchange Commission, and
      any press release or other disclosure document that Buyer or the Company
      determines to be necessary or desirable in connection with the Merger and any
      transactions related to the Merger, Stockholder’s identity and ownership of
      Shares and the nature of Stockholder’s commitments, arrangements and
      understandings under this Agreement. 

     

    10.2.  Further
      Assurances.
      Subject
      to the terms and conditions of this Agreement, Stockholder shall use his best
      efforts to take, or cause to be taken, all actions, and to do, or cause to
      be
      done, all things necessary to fulfill such Stockholder’s obligations under this
      Agreement. Stockholder shall at all times publicly support the Merger.

     

    10.3.  Notices.
      All
      notices, documents, or other communications to be given hereunder shall be
      in
      writing and shall be deemed validly given if delivered by messenger, facsimile
      transmission (with a confirming copy sent by overnight courier), or express
      overnight delivery, or sent by certified mail, return receipt requested, as
      follows:

     

    If
      to
      Buyer, to:

    

    Liberty
      Partners Holdings 28 LLC

    c/o
      Liberty Partners

    1177
      Avenue of the Americas

    34th
      Floor

    New
      York,
      New York 10036

    Telephone: 212-541-7676

    Telecopier: 212-
      649-6076

    Attention:
      G. Michael Stakias

    

    with
      a
      copy (which shall not constitute notice) to:

    

    Blank
      Rome LLP

    One
      Logan
      Square

    Philadelphia,
      Pennsylvania 19103

    Telephone: 215-569-5500

    Telecopier: 215-569-5500

    Attention:
      Ronald Fisher, Esquire

    

    
      
         

      

      
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    If
      to
      Stockholder, to:

    

    Jack
      L.
      Brozman

    President
      and Chief Executive Officer

    Concorde
      Career Colleges, Inc.

    5800
      Foxridge Drive

    Mission,
      Kansas 66202

    Telephone: 913-831-9977

    Telecopier: 913-831-6460

    

    with
      a
      copy (which shall not constitute notice) to:

    

    Bryan
      Cave LLP

    1200
      Main
      Street, Suite 3500

    Kansas
      City, MO 64105

    Telephone:
      816-374-3200

    Telecopier:
      816-374-3300

    Attention:
      Thomas W. Van Dyke, Esquire

    

    or
      such
      other persons or addresses as may be designated in writing by the party to
      receive such notice. Any notice delivered by messenger shall be deemed received
      when such delivery is tendered; notices sent by facsimile transmission shall
      be
      deemed received upon faxed confirmation of receipt; notices mailed in the manner
      provided above, shall be deemed received on the third day after such are
      postmarked; and notices delivered by other methods shall be deemed received
      when
      actually received by the addressee or its authorized agent.

    

    10.4.  Interpretation.
      The
      words “includes” and “including” and their syntactical variants mean “includes,
      but is not limited to” and “including, without limitation,” and corresponding
      syntactical variant expressions. The article and section headings contained
      in
      this Agreement are solely for the purpose of reference, are not part of the
      agreement of the parties hereto and shall not in any way affect the meaning
      or
      interpretation of this Agreement. 

     

    10.5.  Entire
      Agreement.
      This
      Agreement together with the documents expressly referred to herein, constitute
      the entire agreement and understanding of the parties with respect to the
      subject matter contained herein and supersede any and all prior agreements
      and
      understandings relating to the subject matter hereof.

     

    10.6.  Amendments.
      This
      Agreement may not be modified, amended, altered or supplemented except upon
      the
      execution and delivery of a written agreement executed by the parties
      hereto.

     

    10.7.  Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors, assigns, heirs and personal representatives,
      and, in the case of Stockholder, any other person to whom record or beneficial
      ownership of any Shares shall pass, whether by operation of law or otherwise,
      but neither this Agreement nor any rights, interests, remedies or obligations
      hereunder shall be assigned by any party hereto (whether by operation of law
      or
      otherwise) without the prior written consent of the other party hereto, except
      that Buyer may assign any or all of its rights, interests, remedies, or
      obligations hereunder to any of its wholly owned subsidiaries without the prior
      written consent of Stockholder.

     

    
      
         

      

      
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    10.8.  Governing
      Laws.
      This
      Agreement shall be governed by, and construed and enforced in accordance with,
      the laws of the State of Delaware, without giving effect to the principles
      of
      conflicts of law. 

     

    10.9.  Injunctive
      Relief; Jurisdiction.
      Stockholder agrees that irreparable damage would occur and that Buyer would
      not
      have any adequate remedy at law in the event that any of the provisions of
      this
      Agreement were not performed in accordance with their specific terms or were
      otherwise breached. It is accordingly agreed that Buyer shall be entitled to
      an
      injunction or injunctions to prevent breaches by Stockholder of this Agreement
      and to enforce specifically the terms and provisions of this Agreement in any
      court of the United States located in the State of Delaware or in any Delaware
      state court (collectively, the “Courts”), this being in addition to any other
      remedy to which Buyer is entitled at law or in equity. In addition, each of
      the
      parties hereto (i) irrevocably consents to the submission of such party to
      the
      personal jurisdiction of the Courts in the event that any dispute arises out
      of
      this Agreement or any of the transactions contemplated hereby, (ii) agrees
      that
      such party will not attempt to deny or defeat such party to the personal
      jurisdiction by motion or other request for leave from any of the Courts and
      (iii) agrees that such party will not bring any action relating to this
      Agreement or any of the transactions contemplated hereby in any court other
      the
      Courts. 

     

    10.10.  Counterparts.
      This
      Agreement may be executed in any number of separate counterparts, each of which
      shall be deemed to be an original, but which together shall constitute one
      and
      the same instrument.

     

    10.11.  Severability.
      The
      provisions of this Agreement shall be deemed severable and the invalidity or
      unenforceability of any provision shall not affect the validity or
      enforceability or the other provisions hereof. If any provision of this
      Agreement, or the application thereof to any person or any circumstance, is
      invalid or unenforceable, (a) a suitable and equitable provision shall be
      substituted therefore in order to carry out, so far as may be valid and
      enforceable, the intent and purpose of such invalid or unenforceable provision
      and (b) the remainder of this Agreement and the application of such
      provision to other persons or circumstances shall not be affected by such
      invalidity or unenforceability, nor shall such invalidity or unenforceability
      affect the validity or enforceability of such provision, or the application
      thereof, in any other jurisdiction.

     

    **************

    
      
        
          

           

        

         

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have caused this Stock Voting Agreement
      to
      be executed and delivered as of the date first above written.

    

    

    LIBERTY
      PARTNERS HOLDINGS 28 LLC

     

    
      	 	
              By:

            	
              Liberty
                Partners, L.P., its Sole Manager

            

    

    By: PEB
      Associates, Inc., its General Partner

    

    By:___________________________

    Name: G.
      Michael Stakias

    Title: President

    

    

    

    _______________________________________

    JACK
      L.
      BROZMAN

    

    

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    Exhibit
      A

    Merger
      Agreement

    

    See
      Attached.

    
      
        
          057223.00125/11554399v.2

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    Schedule
      I

    

    
      	
              Stockholder
                Name

            	
              Number
                of Shares

            
	
              Jack
                L. Brozman

            	
              699,363
                (of which 88,000 issuable upon the exercise of
                options)EX-10.2 Stock Voting Agreement

    STOCK
      VOTING AGREEMENT

     

    STOCK
      VOTING AGREEMENT (this “Agreement”), dated as of June 21, 2006 by and among
      CAHILL, WARNOCK STRATEGIC PARTNERS FUND, L.P. (“Cahill, Warnock”), DAVID L.
      WARNOCK (“Warnock”) and STRATEGIC ASSOCIATES, L.P. (“Strategic Associates and,
      collectively with Cahill, Warnock and Warnock, the “Stockholders”) and LIBERTY
      PARTNERS HOLDINGS 28 LLC, a Delaware limited liability company
      (“Buyer”).

     

    WHEREAS,
      concurrently herewith, Buyer, Teach Acquisition Corporation, a Delaware
      corporation and a wholly owned subsidiary of Buyer ( “Merger Sub”), and Concorde
      Career Colleges, Inc., a Delaware corporation (“Company”), are entering into an
      Agreement and Plan of Merger of even date herewith (such Agreement in the form
      attached hereto as Exhibit
      A
      being
      the “Merger Agreement”), pursuant to which Merger Sub will merge with and into
      Company (the “Merger”); and

     

    WHEREAS,
      each Stockholder is the record owner as of the date hereof of that number of
      shares of common stock, $.10 par value per share (the “Common Stock”), of
      Company, or other securities exercisable or exchangeable for, or convertible
      into, Common Stock of the Company, in each case as set forth opposite such
      Stockholder’s name on Schedule
      I
      attached
      hereto (such Common Stock and other securities collectively referred to as
      the
“Existing Shares,” and together with any shares of Common Stock acquired after
      the date hereof and prior to the termination hereof, including upon the
      exercise, exchange or conversion of any security or right to acquire shares
      of
      Common Stock and any shares of Common Stock issued as the result of any stock
      split, stock dividend, reorganization, recapitalization or other change in
      the
      capital structure of the Company, hereinafter collectively referred to as the
      “Shares”); and

     

    WHEREAS,
      the Board of Directors of the Company has determined that it is in the best
      interests of its stockholders that Merger Sub be merged with and into the
      Company and, to that end, has approved the merger of Merger Sub with and into
      the Company in accordance with the laws of the State of Delaware and the
      provisions of the Merger Agreement and this Agreement, including for purposes
      of
      rendering the restrictions of Section 203 of the Delaware General Corporation
      Law inapplicable to this Agreement, the Merger Agreement, the Merger and the
      other transactions contemplated hereby and thereby, and has unanimously
      recommended that the Merger Agreement and the transactions contemplated thereby
      be approved by the Company’s stockholders; and

     

    WHEREAS,
      Buyer and Merger Sub have entered into the Merger Agreement in reliance on
      and
      in consideration of each Stockholder’s representations, warranties, covenants
      and agreements hereunder.

     

    NOW,
      THEREFORE, in consideration of the mutual agreements, promises and covenants
      set
      forth herein and the recitals set forth above, and other good and valuable
      consideration, the receipt and adequacy of which are acknowledged, the parties
      hereto, intending to be legally bound, hereby agree as follows.

     

    1.  Agreement
      to Vote.
      Each
      Stockholder hereby revokes any and all previous proxies with respect to the
      Shares owned by such Shareholder and irrevocably agrees to vote and otherwise
      act (including pursuant to written consent), with respect to all of the Shares
      owned by such Shareholder, (a) for the approval and the adoption of the Merger
      and the Merger Agreement, as the same may be amended from time to time, all
      agreements relating to the Merger and all actions relating thereto; and (b)
      against (i) any Acquisition Proposal (as defined in the Merger Agreement),
      (ii)
      any material change in the capitalization of Company or any subsidiary of
      Company, or the corporate structure of Company or any subsidiary of Company
      and
      (iii) any other proposal or transaction which could, or could reasonably be
      expected to, impede, interfere with, postpone, discourage, adversely affect,
      prevent or delay the Merger or the Merger Agreement or any of the transactions
      contemplated thereby, in each case, at any meeting or meetings of the
      stockholders of Company called and at any adjournment, postponement or
      continuation thereof, and on every action or approval by written consent of
      the
      stockholders of Company. In the event that a meeting of the stockholders of
      Company is held, each Stockholder shall appear at such meeting or otherwise
      cause the Shares owned by such Stockholder to be counted as present thereat
      for
      purposes of establishing a quorum. No Stockholder shall enter into any agreement
      with any person to vote or give instructions in any manner inconsistent with
      this Section 1. The foregoing shall remain in effect with respect to the Shares
      until the termination of this Agreement. Each Stockholder hereby agrees to
      execute such additional documents as Buyer may reasonably request to effectuate
      the foregoing.

     

    
      
         

      

      
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    2.  Irrevocable
      Proxy.
      Each
      Stockholder hereby appoints the directors on the Board of Directors of Buyer,
      and each of them, as such Stockholder’s proxy to vote all of the Shares owned by
      such Stockholder at any meeting of the stockholders of Company or any
      adjournment, postponement or continuation thereof on the matters described
      in
      Section 1 hereof, and to execute and deliver any written consents to fulfill
      such Stockholder’s obligations under this Agreement. This proxy is coupled with
      an interest and is irrevocable until the termination of this Agreement, at
      which
      time it shall terminate.

     

    3.  Agreement
      not to Exercise Appraisal Rights.
      No
      Stockholder shall exercise any rights (including under section 262 of the
      Delaware General Corporation Law) to demand appraisal of any Shares owned by
      such Stockholder that may arise with respect to the Merger or the Merger
      Agreement.

     

    4.  Representations
      and Warranties of Stockholders.
      Each
      Stockholder represents and warrants to Buyer as follows:

     

    4.1.  Ownership
      of Shares.
      On the
      date hereof, the Existing Shares are all of the securities of Company currently
      owned, beneficially or otherwise, by Stockholders. On the Closing Date, the
      Shares will constitute all of the securities of Company owned, beneficially
      or
      otherwise, by Stockholders. Other than as set forth on Schedule
      I
      attached
      hereto, the Stockholders do not hold, whether of record or beneficially, or
      have
      any rights to acquire any shares of Common Stock. Each Stockholder has sole
      voting power, sole power of disposition, sole power to issue instructions with
      respect to the matters set forth herein and sole power to agree to all of the
      matters set forth in this Agreement, in each case, with respect to all of the
      Shares owned by such Stockholder, with no limitations, qualifications or
      restrictions on such rights, subject to applicable United States federal and
      state securities laws and this Agreement. Each Stockholder is the beneficial
      owner of the Shares set forth opposite such Stockholder’s name on Schedule
      I,
      and
      currently has, and at Closing (as defined in the Merger Agreement) will have,
      good, valid and marketable title to such Shares, free and clear of all liens,
      encumbrances, restrictions, options, warrants, rights to purchase, voting trusts
      or agreements, proxies and claims of every kind (other than the encumbrances
      created by this Agreement and other than restrictions on transfer under
      applicable United States federal and state securities laws).

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    4.2.  Authority;
      Binding Agreement.
      Each
      Stockholder has the full right, power and authority to execute and deliver
      this
      Agreement and to perform all of its obligations under this Agreement and to
      consummate the transactions contemplated hereby. This Agreement has been duly
      executed and delivered by such Stockholder and constitutes a legal, valid and
      binding agreement of such Stockholder, enforceable against such Stockholder
      in
      accordance with its terms, except as the enforcement thereof may be limited
      by
      bankruptcy, insolvency, reorganization, moratorium and similar laws, now or
      hereafter in effect affecting creditors’ rights and remedies generally or
      general principles of equity. Neither the execution, delivery and performance
      of
      this Agreement by such Stockholder nor the consummation by such Stockholder
      of
      the transactions contemplated hereby will (i) violate, or require any consent,
      approval or notice under, any provision of any judgment, order, decree, statute,
      law, rule or regulation applicable to such Stockholder or the Shares owned
      by
      such Stockholder or (ii) constitute a violation of, conflict with or
      constitute a default under, any contract, commitment, agreement, understanding,
      arrangement or other restriction of any kind to which such Stockholder is a
      party or by which such Stockholder is bound.

     

    4.3.  Reliance
      on Agreement.
      Each
      Stockholder understands and acknowledges that Merger Sub and Buyer each are
      entering into the Merger Agreement in reliance upon such Stockholder’s execution
      and delivery of this Agreement. Such Stockholder acknowledges that the agreement
      set forth in Section 1 hereof is granted in consideration for the execution
      and
      delivery of the Merger Agreement by Merger Sub and Buyer.

     

    5.  Certain
      Restrictions.
      No
      Stockholder shall, directly or indirectly, take any action that would make
      any
      representation or warranty of such Stockholder contained herein untrue or
      incorrect.

     

    6.  Certain
      Covenants of Stockholder.
      Except
      in accordance with the provisions of this Agreement, each Stockholder hereby
      agrees with, and covenants to, Buyer as follows:

     

    6.1.  Transfer.
      Such
      Stockholder shall not (a) transfer (which term shall include for the purposes
      of
      this Agreement, any sale, gift, pledge, assignment, encumbrance or other
      disposition) or consent to any transfer of, any or all of the Shares owned
      by
      such Stockholder or any interest therein, except pursuant to the Merger and
      the
      Merger Agreement, (b) enter into any contract, option or other agreement or
      understanding with respect to any transfer of any or all such Shares or any
      interest therein, (c) grant any proxy, power-of-attorney or other authorizations
      in or with respect to such Shares or (d) deposit such Shares into a voting
      trust
      or enter into a voting agreement or similar arrangement with respect to such
      Shares. Each Stockholder shall submit to Company, promptly after the execution
      of this Agreement, any and all certificates representing the Shares owned by
      such Stockholder and such Stockholder agrees with, and hereby consents to the
      inscription on all such certificates prior to their prompt return to such
      Stockholder of the following legend by Company on such certificates: “The shares
      of Common Stock, $.10 par value, of the Company, represented by this certificate
      are subject to a Stock Voting Agreement, dated as of June 21, 2006, and may
      not
      be sold or otherwise transferred, except in accordance therewith. Copies of
      such
      Agreement may be obtained at the principal executive office of the
      Company.”

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    6.2.  Solicitation.
      Prior
      to the Effective Time (as defined in the Merger Agreement), each Stockholder
      shall not, and each Stockholder shall use its best efforts to direct and cause
      its affiliates, and their respective agents and representatives not to, directly
      or indirectly, (a) initiate, solicit, encourage or otherwise take any
      action to facilitate any inquiries or the making of any proposal or offer with
      respect to an Acquisition Proposal (as defined in the Merger Agreement) or
      (b) engage in any negotiations concerning, or provide any confidential
      information or data to, or have any discussions with, or afford access to any
      of
      the properties, assets or books and records of Company or any of its
      subsidiaries to, or enter into any agreement, commitment or arrangement with,
      any person relating to an Acquisition Proposal. Each Stockholder shall
      immediately cease and cause to be terminated all existing activities,
      discussions and negotiations by such Stockholder or any of its affiliates,
      or
      their respective agents or representatives, with respect to any Acquisition
      Proposal. Such Stockholder shall (i) as promptly as reasonably practicable
      (but
      in no event later than the day after receipt) notify Buyer if any such
      inquiries, proposals or offers are received by, any such information is
      requested from, or any such discussions or negotiations are sought to be
      initiated or continued with, any such third party and (b) identify the terms
      and
      conditions of any Acquisition Proposal (including any subsequent changes,
      modifications and amendments thereto) and the identity of the third party making
      such Acquisition Proposal.

     

    6.3.  Notifications.
      Each
      Stockholder shall, while this Agreement is in effect, notify Buyer in writing
      promptly, but in no event later than two days after such acquisition, of any
      securities of Company acquired by such Stockholder after the date
      hereof.

     

    6.4.  Waiver.
      Each
      Stockholder hereby unconditionally waives all of its rights, remedies and
      interests in, to and under any and all agreements, arrangements, contracts
      and
      understandings, whether written or otherwise, to or by which the Company or
      its
      assets or properties are subject or bound, which rights, remedies and interests,
      including any rights of first refusal or rights to consent or object, whether
      directly or indirectly, prohibit, restrict or otherwise impair (or would
      reasonably be expected to prohibit, restrict or impair) the ability of the
      Company or any stockholder of the Company, including such Stockholder, to
      perform the obligations of such person hereunder or the ability of any party
      to
      the Merger Agreement to perform its obligations thereunder or to consummate
      the
      transactions contemplated thereby, including the Merger. This waiver is
      irrevocable until the termination of this Agreement pursuant to Section 7(ii),
      at which time it shall terminate.

     

    7.  Termination.
      This
      Agreement shall terminate on the earlier of (i) the Effective Time or (ii)
      immediately after the termination of the Merger Agreement in accordance with
      its
      terms.

     

    8.  Certain
      Events.
      This
      Agreement and the obligations hereunder shall, while this Agreement is in
      effect, attach to the Shares and shall be binding upon any person to whom record
      or beneficial ownership of such Shares shall pass, whether by operation of
      law
      or otherwise, including each Stockholder’s administrators or successors. In the
      event of any stock split, stock dividend, merger, reorganization,
      recapitalization or other change in the capital structure of Company affecting
      the Shares or the acquisition of additional shares or other voting securities
      of
      the Company by Stockholder, the number of Shares listed on Schedule
      I
      beside
      the names of Stockholders shall be adjusted appropriately, and this Agreement
      and the obligations hereunder shall attach to any additional Shares or other
      voting securities of Company issued to or acquired by each
      Stockholder.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    9.  Action
      in Stockholder Capacity Only.
      Nothing
      in this Agreement shall have the effect of restricting any Stockholder or
      affiliate of Stockholder who is a director of the Company from exercising his
      fiduciary duties as required by applicable law.

     

    10.  Miscellaneous.

     

    10.1.  Disclosure.
      Each
      Stockholder shall permit Buyer and the Company to publish and disclose in all
      documents and schedules filed with the Securities and Exchange Commission,
      and
      any press release or other disclosure document that Buyer or the Company
      determines to be necessary or desirable in connection with the Merger and any
      transactions related to the Merger, such Stockholder’s identity and ownership of
      Shares and the nature of such Stockholder’s commitments, arrangements and
      understandings under this Agreement.

     

    10.2.  Further
      Assurances.
      Subject
      to the terms and conditions of this Agreement, each Stockholder shall use its
      best efforts to take, or cause to be taken, all actions, and to do, or cause
      to
      be done, all things necessary to fulfill such Stockholder’s obligations under
      this Agreement. Each Stockholder shall at all times publicly support the Merger.
      

     

    10.3.  Notices.
      All
      notices, documents, or other communications to be given hereunder shall be
      in
      writing and shall be deemed validly given if delivered by messenger, facsimile
      transmission (with a confirming copy sent by overnight courier), or express
      overnight delivery, or sent by certified mail, return receipt requested, as
      follows:

     

    If
      to
      Buyer, to:

    

    Liberty
      Partners Holdings 28 LLC

    c/o
      Liberty Partners

    1177
      Avenue of the Americas

    34th
      Floor

    New
      York,
      New York 10036

    Telephone: 212-541-7676

    Telecopier: 212-
      649-6076

    Attention:
      G. Michael Stakias

    

    with
      a
      copy (which shall not constitute notice) to:

    

    Blank
      Rome LLP

    One
      Logan
      Square

    Philadelphia,
      Pennsylvania 19103

    Telephone: 215-569-5500

    Telecopier: 215-569-5500

    Attention:
      Ronald Fisher, Esquire

    

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

     

    If
      to the
      Stockholders, to:

    

    Camden
      Partners Holdings, LLC

    500
      East
      Pratt Street, Suite 1200

    Baltimore,
      MD 21202

    Telephone:
      410-878-6800

    Telecopier:
      410-878-6850

    Attention:
      David Warnock

    

    with
      a
      copy (which shall not constitute notice) to:

    

    WilmerHale

    1600
      Tysons Blvd. Suite 1000

    McLean,
      VA 22102

    Telephone:
      703-251-9715

    Telecopier:
      703-251-9797

    Attention:
      Gregory J. Ewald, Esquire

    

    or
      such
      other persons or addresses as may be designated in writing by the party to
      receive such notice. Any notice delivered by messenger shall be deemed received
      when such delivery is tendered; notices sent by facsimile transmission shall
      be
      deemed received upon faxed confirmation of receipt; notices mailed in the manner
      provided above, shall be deemed received on the third day after such are
      postmarked; and notices delivered by other methods shall be deemed received
      when
      actually received by the addressee or its authorized agent.

    

    10.4.  Interpretation.
      The
      words “includes” and “including” and their syntactical variants mean “includes,
      but is not limited to” and “including, without limitation,” and corresponding
      syntactical variant expressions. The article and section headings contained
      in
      this Agreement are solely for the purpose of reference, are not part of the
      agreement of the parties hereto and shall not in any way affect the meaning
      or
      interpretation of this Agreement. 

     

    10.5.  Entire
      Agreement.
      This
      Agreement together with the documents expressly referred to herein, constitute
      the entire agreement and understanding of the parties with respect to the
      subject matter contained herein and supersede any and all prior agreements
      and
      understandings relating to the subject matter hereof.

     

    10.6.  Amendments.
      This
      Agreement may not be modified, amended, altered or supplemented except upon
      the
      execution and delivery of a written agreement executed by the parties
      hereto.

     

    10.7.  Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors, assigns, heirs and personal representatives,
      and, in the case of each Stockholder, any other person to whom record or
      beneficial ownership of any Shares shall pass, whether by operation of law
      or
      otherwise, but neither this Agreement nor any rights, interests, remedies or
      obligations hereunder shall be assigned by any party hereto (whether by
      operation of law or otherwise) without the prior written consent of the other
      party hereto, except that Buyer may assign any or all of its rights, interests,
      remedies, or obligations hereunder to any of its wholly owned subsidiaries
      without the prior written consent of such Stockholder.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    10.8.  Governing
      Laws.
      This
      Agreement shall be governed by, and construed and enforced in accordance with,
      the laws of the State of Delaware, without giving effect to the principles
      of
      conflicts of law. 

     

    10.9.  Injunctive
      Relief; Jurisdiction.
      Each
      Stockholder agrees that irreparable damage would occur and that Buyer would
      not
      have any adequate remedy at law in the event that any of the provisions of
      this
      Agreement were not performed in accordance with their specific terms or were
      otherwise breached. It is accordingly agreed that Buyer shall be entitled to
      an
      injunction or injunctions to prevent breaches by each Stockholder of this
      Agreement and to enforce specifically the terms and provisions of this Agreement
      in any court of the United States located in the State of Delaware or in any
      Delaware state court (collectively, the “Courts”), this being in addition to any
      other remedy to which Buyer is entitled at law or in equity. In addition, each
      of the parties hereto (i) irrevocably consents to the submission of such party
      to the personal jurisdiction of the Courts in the event that any dispute arises
      out of this Agreement or any of the transactions contemplated hereby, (ii)
      agrees that such party will not attempt to deny or defeat such party to the
      personal jurisdiction by motion or other request for leave from any of the
      Courts and (iii) agrees that such party will not bring any action relating
      to
      this Agreement or any of the transactions contemplated hereby in any court
      other
      the Courts.

     

    10.10.  Counterparts.
      This
      Agreement may be executed in any number of separate counterparts, each of which
      shall be deemed to be an original, but which together shall constitute one
      and
      the same instrument.

     

    10.11.  Severability.
      The
      provisions of this Agreement shall be deemed severable and the invalidity or
      unenforceability of any provision shall not affect the validity or
      enforceability or the other provisions hereof. If any provision of this
      Agreement, or the application thereof to any person or any circumstance, is
      invalid or unenforceable, (a) a suitable and equitable provision shall be
      substituted therefore in order to carry out, so far as may be valid and
      enforceable, the intent and purpose of such invalid or unenforceable provision
      and (b) the remainder of this Agreement and the application of such
      provision to other persons or circumstances shall not be affected by such
      invalidity or unenforceability, nor shall such invalidity or unenforceability
      affect the validity or enforceability of such provision, or the application
      thereof, in any other jurisdiction.

     

    **************

    
      
        
          

          057223.00125/11554403v.2

        

         

      

      
        7

        
          

        

      

      
         

        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Stock Voting Agreement
      to
      be executed and delivered as of the date first above written.

    

    

    LIBERTY
      PARTNERS HOLDINGS 28 LLC

     

    
      	 	
              By:

            	
              Liberty
                Partners, L.P., its Sole Manager

            

    

    By: PEB
      Associates, Inc., its General Partner

    

    By:___________________________

    Name: G.
      Michael Stakias

    Title: President

    

    CAHILL,
      WARNOCK STRATEGIC PARTNERS FUND, L.P.

    

    

    

    By: _________________________________

    Name:

    Title:

    

    STRATEGIC
      ASSOCIATES, L.P.

    

    

    

    By: _________________________________

    Name:

    Title:

    

    

    

                                                                                                                                                                                        
  

    DAVID
      L.
      WARNOCK

    
      
        
          

          057223.00125/11554403v.2

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    Exhibit
      A

    Merger
      Agreement

    

    See
      Attached.

    
      
        
          057223.00125/11554403v.2

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    Schedule
      I

    

    
      	
              Stockholder
                Name

            	
              Number
                of Shares

            
	
              Cahill,
                Warnock Strategic Partners Fund, L.P.

            	
              1,219,210

            
	
              Startegic
                Associates, L.P.

            	
              67,555

            
	
              David
                L. Warnock

            	
              13,334
                (of which all shares are exercisable upon the issuance of
                options)

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