Document:

Joinder to Registration Rights Agreement, Granite Point Capital Offshore Fund

 Exhibit 10.24 
 JOINDER TO REGISTRATION RIGHTS AGREEMENT 
 This
JOINDER AGREEMENT (this “Joinder Agreement”), dated as of November 23, 2009, to the Registration Rights Agreement (the “Agreement”) dated as of November 29, 2007, by and among Camden Learning Corporation, a Delaware
corporation (the “Company”), and the Investors is made by and between the Company and the stockholder listed on the signature page hereof (the “Stockholder”). All capitalized terms used in this Joinder Agreement without
definition shall have the meanings ascribed thereto in the Agreement. 
 WHEREAS, in connection with the Company’s initial
public offering consummated on December 5, 2007, the Company issued 1,562,650 shares of restricted common stock, par value $0.0001 per share (the “Restricted Stock”) to the Investors with such Restricted Stock subject to the terms and
conditions of that certain Securities Escrow Agreement dated November 29, 2007, as amended; and 
 WHEREAS, the Company has
now entered into that certain Agreement and Plan of Reorganization as amended and restated in its entirety on August 11, 2009 and further amended on October 26, 2009 by Amendment No. 1 to the Amended and Restated Agreement and Plan of
Reorganization, pursuant to which Dlorah Subsidiary, Inc., a newly formed, wholly-owned subsidiary of Camden (“Merger Sub”), will merge with and into Dlorah, Inc., a South Dakota corporation (Dlorah, Inc., together with its divisions and
subsidiaries, is referred to herein as “Dlorah”), with Dlorah surviving as a wholly-owned subsidiary of Camden, as a result of which the stockholders of Dlorah will contribute all of the outstanding capital stock of Dlorah to Camden in
exchange for shares of a newly created class of Camden common stock, common stock purchase warrants and restricted shares of Camden’s currently authorized common stock (the “Acquisition”); and 
 WHEREAS, in connection with the Acquisition and pursuant to the Share Transfer Agreement dated November 23, 2009 by and between Camden
Learning, LLC (“CL LLC”) and the Stockholder, CL LLC has agreed to transfer 8,766 shares of Restricted Stock to the Stockholder (the “Transferred Stock”); and 
 WHEREAS, the Agreement sets forth the terms upon which the Restricted Stock can be registered, and as transferee of a certain portion of the
Restricted Stock, the Stockholder wishes to be joined to the Agreement with respect to the Transferred Stock. 
 NOW, THEREFORE,
the parties hereto agree as follows: 
  

	 	1.	Joinder. 

 The Stockholder
hereby agrees to become a party to the Agreement and to be bound by all of the provisions thereof as if a signatory thereto, and shall have all of the rights and privileges of an original signatory to the Agreement with respect to the Transferred
Stock. 

	 	2.	Notices. 

 The provisions
of Section 6.3 of the Agreement shall be amended to add the following notice information for the Stockholder: 
 If to the Stockholder to:

 Granite Point Capital Offshore Fund, Ltd. 
 A copy of any notice sent to the Stockholder hereunder shall be sent to: 
 222 Berkeley Street, 19th Floor 
 Boston, MA 02116 
  

	 	3.	Miscellaneous. 

 (a)
Governing Law. This Joinder Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed within the State of New York, without
giving effect to any choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction. Each of the parties hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Joinder Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York (each, a “New York Court”), and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 
 (b) Entire Agreement. This Joinder Agreement contains the entire agreement of the parties hereto with respect to the subject matter
hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to be charged. This Joinder Agreement may be executed in one or more counterparts and delivered by facsimile, each
of which shall constitute an original, and together shall constitute one and the same instrument. 
 (c) Headings. The
headings contained in this Joinder Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof. 
 (d) Binding Effect. This Joinder Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and assigns. 
 (e) Counterparts. This Agreement may be executed in several counterparts each one of which shall constitute an original and may be
delivered by facsimile transmission and together shall constitute one instrument. 
  

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 WITNESS the execution of this Joinder Agreement as of the date first above written.

  

			
	Granite Point Capital Offshore Fund, Ltd.
		
	By:	 	 /s/ Warren Lammert

			
	Name:	 	Warren Lammert
	Title:	 	Founder and Partner

 CAMDEN LEARNING CORPORATION

  

					
	By:	 	 /s/ David Warnock

		 	Name:	 	David Warnock
		 	Title:	 	Chairman, President and Chief Executive Officer

  

 3Restricted Stock Award Agreement, Dr. Ronald Shape

 Exhibit 10.25 
 RESTRICTED STOCK AWARD AGREEMENT 
  

			
	Name of Grantee: Dr. Ronald Shape	 	
	 Restricted Stock: 25,000
	 	Grant Date: March 19, 2010
	 Fair Market Value on the Date of Grant (Per Share): $10.00/share
	 	

 This Restricted Stock Award Agreement (this “Agreement”) is made effective as of
March 19, 2010 by and between National American University Holdings, Inc., a Delaware Corporation (the “Company”), and Dr. Ronald Shape, an employee of the Company (the “Grantee”). The Restricted Stock
Award represents a transfer of shares of common stock of the Company, $0.0001 par value (“Common Stock”). 
 1.
Restricted Stock Award. The Company hereby grants to the Grantee 25,000 of the Company’s authorized but unissued shares of Common Stock (the “Shares”). The Shares are subject to certain restrictions with respect to
ownership and transferability, as set forth in this Agreement. 
 2. Restrictions. The Grantee shall be prohibited from
selling, assigning, transferring, pledging, encumbering or otherwise disposing of the Shares, except by will or the laws of descent and distribution, and the Shares shall be subject to forfeiture unless and until the Shares vest as provided in
Section 3 (the “Restrictions”). 
 3. Performance Targets. The Shares will vest according to the
following schedule. 
 (a) For the fiscal year ending May 31, 2010, if the Company experiences a Net Profit
of 10% or more of the Gross Profit and the Grantee is employed with the Company as of May 31, 2010, the Restrictions on 8,333 Shares shall lapse and the Shares will no longer be subject to the Restrictions. If the Performance Target is not met,
any unvested Shares shall be rolled over and shall be eligible for vesting in the next fiscal year. 
 (b) For
the fiscal year ending May 31, 2011, if the Company experiences a Net Profit of 10% or more of the Gross Profit and the Grantee is employed with the Company as of May 31, 2011, the Restrictions on 8,333 Shares and, if applicable, any
Shares rolled over from the previous fiscal year, shall lapse and the Shares will no longer be subject to the Restrictions. If the Performance Target is not met, any unvested Shares shall be rolled over and shall be eligible for vesting in the next
fiscal year. 
 (c) For the fiscal year ending May 31, 2012, if the Company experiences a Net Profit of 10%
or more of the Gross Profit and the Grantee is employed with the Company as of May 31, 2012, the Restrictions on 8,334 Shares and, if applicable, any Shares rolled over from the previous fiscal year(s), shall lapse and the Shares will no longer
be subject to the Restrictions. If the Company does not achieve such performance target, all unvested Shares shall be automatically and immediately forfeited. 
 4. Cash Bonus for Taxes. At such time as the Grantee vests in the Shares, the Company will pay the Grantee a cash bonus sufficient to pay any federal or state income or employment taxes associated
with the vesting of the Restricted Stock. 
 5. Calculation of Performance Target. The calculation of Net Profit and
Gross Profit shall be determined as provided in the Employment Agreement between the Company and the Grantee. 
 6.
Termination Upon Death or Disability. If the Grantee’s employment is terminated as a result of death or disability during a fiscal year, the employment requirement for the fiscal year in which employment is terminated as a result of
death or disability (but no other fiscal year) shall be deemed to be satisfied. If the performance target is otherwise met for that fiscal year, the Grantee will vest in the Shares for such fiscal year as otherwise provided in this Agreement. For
purposes of this Agreement, termination as a result of disability shall mean a termination as a result of the Grantee being unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
expected to result in death or that is expected to last for a continuous period of not less than 12 months. 

 7. Other Termination. If either the Grantee or the Company terminates the employment
relationship between the Grantee and the Company for any reason other than for death or disability, regardless of whether such termination is with or without cause or good reason, all unvested Shares shall be forfeited effective immediately upon
such termination. 
 8. Withholding Taxes. The Grantee is responsible to promptly pay any Social Security,
Medicare, federal, state, and local taxes due, including, but not limited to, those due as a result of the vesting of Shares under this Agreement. The Company and its subsidiaries are authorized to deduct from any payment to the Grantee any such
taxes required to be withheld. 
 9. Beneficiary Designation. The Grantee may designate a beneficiary to receive payments
that may be due in the event of death. Any beneficiary may be named and the Grantee may change his beneficiaries at any time by submitting a written designation form to the Company. 
 10. No Employment Contract. Nothing contained in this Agreement creates any right to the Grantee’s continued employment or
otherwise affects the Grantee’s status as an employee at will. The Grantee hereby acknowledges that the Company and the Grantee each have the right to terminate the Grantee’s employment at any time for any reason or for no reason at all,
subject only to the terms of any written Employment Agreement between the Grantee and the Company or its subsidiaries. 
 11.
Status of Participant. Upon issuance of the Shares, the Grantee will be recorded as a registered stockholder of the Company with respect to the Shares. The Company will promptly provide to the Grantee written confirmation of such issuance and
recordation. Upon issuance of the Shares, the Grantee will have all rights of a holder of common stock of the Company, including, without limitation, voting rights. Rights to dividends and distributions in respect of the Shares shall be credited on
the Company’s books and records and accrued in favor of the Grantee, but shall not be paid unless and until the Restriction is removed. Any dividends and distributions accrued under this Section 11 shall be paid within 10 days after the
Restriction is removed. 
 12. Transferability. The Grantee shall not sell, transfer, assign or otherwise dispose of any
Shares while such Shares are subject to the Restrictions. Notwithstanding anything else in this Agreement to the contrary, such Restrictions shall not apply to any transfer or gift during lifetime or death of the Grantee to a Permitted
Transferee provided that: (a) the Grantee informs the Company of such transfer prior to effecting it; and (b) the transferee or donee shall furnish the Company with a written agreement to be bound by and comply with all provisions
of this Agreement. For purposes of this Agreement, “Permitted Transferee” means any trust if the trust is revocable by the Grantee and if the Grantee is the primary beneficiary of that trust during his or her lifetime. 
 13. Book Entry Registration of the Shares. The Company will issue the Shares by registering the Shares in book entry form in the
Grantee’s name and the applicable restrictions will be noted in the Company’s records and book entry system. No certificate(s) representing the Shares will be issued unless and until the Restrictions have been removed. Subject to provision
by the Grantee of any documentation reasonably requested by the Company, upon written request by the Grantee, the Company will provide such documentation as is reasonably necessary to (a) remove any restrictions under this Agreement with
respect to the Shares, or (b) otherwise facilitate a lawful transfer of the Shares pursuant to the terms and conditions of this Agreement. 
 14. Restrictive Legends. The restrictions noted in the Company’s records and any certificate or certificates representing the Shares shall bear the following legend in substantially the
following form (as well as any other legends required by applicable state and federal corporate securities laws) as reasonably deemed appropriate by the Company: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE 
 SUBJECT TO THE TERMS OF A
RESTRICTED STOCK AWARD 
 AGREEMENT DATED EFFECTIVE AS OF MARCH 19, 2010 AND MAY 
 ONLY BE TRANSFERRED IN COMPLIANCE THEREWITH. 
  

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 15. Section 83(b) Election. The Grantee hereby acknowledges that he may file an
election pursuant to Section 83(b) of the Code to be taxed currently on the Fair Market Value of the Shares (less any purchase price paid for the Shares), provided that such election must be filed with the Internal Revenue Service no later
than thirty (30) days after the grant of such Shares. The Grantee will seek the advice of her own tax advisors as to the advisability of making such a Section 83(b) election, the potential consequences of making such an election, the
requirements for making such an election, and the other tax consequences of the Restricted Stock Award under federal, state, and any other laws that may be applicable. The Company and its affiliates and agents have not and are not providing any tax
advice to the Grantee. 
 16. Notices. Notices required hereunder shall be given in person or by registered mail to the
address of the Grantee shown on the records of the Company, and to the Company at its respective principal executive offices. 
 17. Acknowledgment. The Grantee’s receipt of this Agreement constitutes the Grantee’s agreement to be bound by the terms and conditions of this Agreement. The Grantee’s signature is not required in order to make this
Agreement effective. 
 18. Governing Terms. Any Shares transferred pursuant to this Agreement are subject to the
restrictions, terms and conditions set forth in this Agreement and in the National American University Holdings, Inc. 2009 Stock Option and Compensation Plan (the “Plan”), the terms of which are incorporated herein by reference.
Notwithstanding the foregoing, the restrictions contained in Section 4(d) of the Plan shall not apply. In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall govern. Capitalized terms used but
not defined shall have the meaning ascribed thereto in the Plan. 
  

			
	NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC.
		
	By:	 	/s/ Robert Buckingham
		
	Its	 	Chairman
	
	GRANTEE
	
	/s/ Ronald Shape
	  
 Ronald Shape, Ed. D.

  

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