Document:

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                                                                    EXHIBIT 10.3

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                          SECURITIES PURCHASE AGREEMENT

                          DATED AS OF NOVEMBER 14, 2001

                                      AMONG

                               LPA HOLDING CORP.,

                               LPA INVESTMENT LLC

                                       AND

                        THE OTHER PURCHASERS NAMED HEREIN

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                                                  SECURITIES PURCHASE AGREEMENT
                                        dated as of November 14, 2001 (the
                                        "Agreement"), among LPA HOLDING CORP., a
                                        Delaware corporation (the
                                        "Corporation"), LPA INVESTMENT LLC, a
                                        Delaware limited liability company ("LPA
                                        Investment") and the parties signatory
                                        hereto (from time to time each an "Other
                                        Purchaser" and, collectively the "Other
                                        Purchasers"). Each Other Purchaser and
                                        LPA Investment are referred to herein as
                                        a "Purchaser" and collectively referred
                                        to as the "Purchasers".

                  WHEREAS, the Corporation desires to sell to the Purchasers and
the Purchasers desire to purchase from the Corporation (the "Purchase"), (i)
shares of Series B Convertible Redeemable Participating Preferred Stock, $0.01
par value (the "Series B Preferred Stock") of the Corporation, with the
designations, preferences and rights set forth in the Certificate of
Designations (as hereinafter defined) and (ii) warrants to purchase shares of
Class A Common Stock, $0.01 par value, of the Corporation (the "Class A Common
Stock"), in the form attached hereto as Exhibit A (the "New Warrants").

                  WHEREAS, promptly after each Closing (as defined herein), the
Corporation shall use the proceeds from the Purchase for general working capital
purposes.

                  NOW THEREFORE, in consideration of the mutual promises herein
made, and in consideration of the representations, warranties, and covenants
herein contained, the Corporation and the Purchasers hereby agree as set forth
below.

                                   ARTICLE I

                        FILING; ISSUANCE AND RESERVATION;
                             SALE OF THE SECURITIES

         1. FILING OF AMENDMENT TO THE RESTATED CERTIFICATE OF INCORPORATION.

         Immediately prior to the execution and delivery of this Agreement, the
Corporation shall have filed with the Secretary of State of the State of
Delaware a Certificate of Amendment with respect to the Corporation's
Certificate of Incorporation, in the form attached hereto as Exhibit B (the
"Certificate of Amendment"), which amendment shall increase the authorized
capital stock of the Corporation to 15,000,000 shares and shall increase the
total number of shares designated Preferred Stock from 45,000 to 6,945,000.

         2. FILING OF AMENDMENT TO THE CERTIFICATE OF DESIGNATIONS.

         Immediately prior to the execution and delivery of this Agreement, the
Corporation shall have filed with the Secretary of State of the State of
Delaware a Certificate of Designations (as defined herein) in the form attached
hereto as Exhibit C.

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         3. AUTHORIZATION OF ISSUANCE AND SALE OF SECURITIES AND RESERVATION OF
SHARES.

         Subject to the terms and conditions hereof, the Corporation has
authorized (i) the issuance and sale to the Purchasers of the Series B Preferred
Stock at each Closing, (ii) the issuance and sale to the Purchasers of the New
Warrants at the Initial Closings, and (iii) the reservation of an aggregate of
7,462,000 shares of Class A Common Stock for issuance upon the conversion of the
Series B Preferred Stock and the exercise of the New Warrants (such shares
collectively, the "Reserved Shares").

         4. PURCHASE AND SALE OF THE SECURITIES.

         (a) On the date LPA Investment executes and delivers this Agreement
(the "First Closing"), on the terms and subject to the conditions contained
herein, the Corporation shall issue, sell and deliver to LPA Investment, and LPA
Investment shall purchase from the Corporation, 1,572,078 shares of Series B
Preferred Stock and New Warrants to purchase 452,343 shares of Class A Common
Stock.

         (b) Promptly after the expiration of the offer period as set forth in
the Preemptive Notice and on the terms and subject to the conditions contained
herein, the Corporation shall issue, sell and deliver to each Other Purchaser
that executes and delivers this Agreement, and such Purchaser shall purchase
from the Corporation (the "Second Closing," and together with the First Closing,
the "Initial Closings"), (i) a number of shares of Series B Preferred Stock
equal to the product of (A) 1,954,922 (the "Initial Share Number") multiplied by
(B) such Other Purchaser's Proportional Percentage and (ii) a number of New
Warrants equal to the product of (A) the New Warrant Number multiplied by (B)
such Other Purchaser's Proportional Percentage.

         (c) At the Second Closing, on the terms and subject to the conditions
contained herein, the Corporation shall issue, sell and deliver to LPA
Investment and LPA Investment shall purchase from the Corporation (i) a number
of shares of Series B Preferred Stock equal to (A) the Initial Share Number less
(B) the number of shares of Series B Preferred Stock purchased pursuant to
Section 1.4(a) and Section 1.4(b) above and (ii) a number of New Warrants equal
to the New Warrant Number less the number of New Warrants issued pursuant to
Section 1.4(a) and Section 1.4(b) above.

         (d) All shares of Series B Preferred Stock and New Warrants purchased
at an Initial Closing shall be purchased (x) free and clear of any liens,
claims, charges and encumbrances whatsoever and with no restrictions on the
voting rights thereof (in each case other than pursuant to the Transaction
Documents and the Related Documents) and other incidents of record and
beneficial ownership pertaining thereto, and (y) against receipt by the
Corporation from each such Purchaser, the amount of funds equal to the product
of the Per Share Purchase Price multiplied by the number of shares of Series B
Preferred Stock being purchased by such Purchaser at the applicable Initial
Closing.

         (e) Any payments made by any Purchaser pursuant to this Section 1.4
shall be in immediately available funds to an account designated by the
Corporation.

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                                   ARTICLE II

                                    CLOSINGS

         1. INITIAL CLOSINGS.

             (f) The First Closing shall take place simultaneously with the
execution and delivery of this Agreement by LPA Investment. The Second Closing
shall take place within 10 business days after the expiration of the offer
period as set forth in the Preemptive Notice.

             (g) At each Initial Closing, the Corporation shall deliver to each
Purchaser:

                  (i) one or more stock certificates registered in the name of
         such Purchaser, representing, in the aggregate, the number of shares of
         Series B Preferred Stock purchased by such Purchaser;

                  (ii) one or more warrant certificates registered in the name
         of such Purchaser, representing, in the aggregate, the number of New
         Warrants issued to such Purchaser pursuant to Section 1.4;

                  (iii) a certificate of the secretary of the Corporation dated
         as of the date of the First Closing, certifying (A) that true and
         complete copies of the Corporation's Fundamental Documents, including
         certified copies of the Certificate of Amendment and the Certificate of
         Designations, as in effect on the date hereof, are attached to such
         certificate, (B) as to the incumbency and genuineness of the signatures
         of each officer of the Corporation executing any of the Transaction
         Documents; and (C) the genuineness of the resolutions of the Board of
         Directors of the Corporation authorizing the execution, delivery and
         performance of the Transaction Documents to which the Corporation is a
         party and the consummation of the transactions contemplated thereby;

                  (iv) a certificate of good standing from the Secretary of
         State of the State of Delaware and any other state in which the
         Corporation is qualified to do business, each such certificate to be
         dated as close as is practicable to the date of Closing, and in any
         case, not more than ten business days prior to the date of the First
         Closing;

             (h) At each Initial Closing, each Purchaser shall deliver to the
Corporation the purchase price for the Securities being purchased by such
Purchaser hereunder.

         2. ADDITIONAL CLOSINGS.

         (i) The Corporation shall have the right to require:

                  (i) each Other Purchaser to purchase from time to time an
         additional number of shares of Series B Preferred Stock in an amount
         equal to such Other Purchaser's Proportional Percentage of the
         Additional Share Number (the "Other Purchaser Additional Share
         Number"); and

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                   (ii) LPA Investment to purchase from time to time an
         additional number of shares of Series B Preferred Stock in an amount
         equal to the Additional Share Number less the Other Purchaser
         Additional Share Number.

            Each closing of the sale and purchase of shares of Series B
Preferred Stock pursuant to this Section 2.2(a) is referred to herein as an
"Additional Closing,"; together with the Initial Closings and each Additional
Closing are referred to herein as the "Closings," (and each, a "Closing"), and
the dates of the Closings are each referred to as a "Closing Date".

            (j) The holders of a majority of the outstanding Class A Common
Shares may require the Corporation, at any time and from time to time prior to
May 15, 2002, to exercise its rights under Section 2.2(a) above by delivery of a
notice to such effect at least 10 business days before any proposed Additional
Closing.

            (k) The Corporation shall consummate one or more Additional Closings
from time to time such that, prior to May 15, 2002, after giving effect to all
Closings, the Corporation shall have received gross proceeds in respect of the
Series B Preferred Stock and New Warrants in an amount equal to $15 million.

            (l) Each of the Purchaser's and the Corporation's obligations
pursuant to Section 2.2(a) above is subject to the following conditions:

                 (i) At least 5 business days prior to any proposed Additional
         Closing, the Corporation shall provide written notice to the Purchasers
         of the Corporation's intent to hold an Additional Closing, such notice
         to include (a) the date of the proposed Additional Closing, and (b) the
         number of Additional Shares to be purchased by each Purchaser and sold
         by the Corporation at such Additional Closing (the aggregate number of
         Additional Shares to be purchased and sold at such Additional Closing,
         the "Additional Share Number").

                 (ii) Subject to the terms and conditions hereof, at each
         Additional Closing, the Corporation shall issue and deliver to each
         Purchaser one or more stock certificates representing the Additional
         Shares purchased by such Purchaser at such Additional Closing.

                 (iii) As payment for the Additional Shares issued at such
         Additional Closing, each Purchaser shall deliver to the Corporation an
         amount equal to the number of Additional Shares received by such
         Purchaser multiplied by the Per Share Purchase Price. Such amount shall
         be delivered in immediately available funds to an account designated by
         the Corporation.

                 (iv) The Additional Share Number shall not be less than (i)
         $1,000,000 divided by (ii) the Per Share Purchase Price.

            (m) The obligations of the Purchasers to purchase Additional Shares
pursuant to Section 2.2(a) above shall terminate at the earlier of (i) such time
as the Corporation shall have issued, at the Initial Closings and Additional
Closings, an aggregate number of shares of Series B Preferred Stock equal to the
New Series B Preferred Stock Number for not less than the Per

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Share Purchase Price and (ii) such time as the sum of the (A) gross proceeds
received by the Corporation pursuant to the Closings plus (B) the amount paid by
J.P. Morgan Partners (23A SBIC), LLC to the Lenders (as defined in the Credit
Agreement) pursuant to the Guarantee dated as of the date hereof, between J.P.
Morgan Partners (23A SBIC), LLC, and Bank of America, N.A., collectively equals
$15,000,000.

            (n) In the event that the Corporation requests, pursuant to this
Section 2.2, that the Purchasers purchase their respective Proportional
Percentage of Additional Shares at any time and a Purchaser (a "Defaulting
Purchaser") fails to purchase its respective Proportional Percentage of such
shares at the applicable Additional Closing, in addition to any other rights
that the Corporation may have at Law or equity, the Corporation may elect to
exercise any or all of the following remedies, which shall be automatically
effective, without consideration, upon delivery of a Default Notice:

                  (i) the Defaulting Purchaser shall agree to vote all shares of
         Series B Preferred Stock and all shares of Common Stock held by such
         Defaulting Purchaser in the same proportion as the other holders of
         Series B Preferred Stock and Common Stock, respectively, vote such
         shares and hereby grants an irrevocable proxy to the Corporation to
         vote such shares in such manner at any meeting of stockholders or by
         any action by written consent of stockholders, subject to delivery of
         such Default Notice (it being understood that such irrevocable proxy is
         coupled with an interest);

                  (ii) the Defaulting Purchaser shall forfeit all New Warrants
         held by such Defaulting Purchaser and/or the shares of Class A Common
         Stock issued upon the exercise thereof;

                  (iii) the Defaulting Purchaser shall forfeit all shares of
         Class A Common Stock issued or issuable upon conversion of the Series B
         Preferred Stock to the extent that such shares have been issued as a
         result of the anti-dilution provisions set forth in Section 6(d) of the
         Certificate of Designations;

                  (iv) the Defaulting Purchaser, at the election of the
         Corporation, as indicated in the Default Notice, either (A) shall
         forfeit all shares of Common Stock issued or issuable upon conversion
         of shares of Series B Preferred Stock held or previously held by such
         Purchaser or (B) shall convert all shares of Series B Preferred Stock
         held by such Defaulting Purchaser into shares of Class A Common Stock;
         and/or

                  (v) the Defaulting Purchaser shall forfeit the right to
         receive any amounts in respect of each share of Series B Preferred
         Stock held by such Defaulting Purchaser on the occurrence of a
         Liquidity Event (as defined in the Certificate of Designations) in
         excess of the Per Share Purchase Price.

                  If the Corporation elects to exercise its rights under this
         Section 2.2(f), it shall deliver a written notice (the "Default
         Notice") to the Defaulting Purchaser within 120 days after the date of
         the applicable Additional Closing, which shall specify which of the
         foregoing remedies the Corporation elects to exercise. Upon delivery of
         the Default Notice, the Corporation shall be authorized to cancel on
         its books the New Warrants,

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         share certificates(s) or other documents or instruments representing
         any securities forfeited pursuant to this Section 2.2(f), record on its
         books the conversion of any shares of Series B Preferred Stock pursuant
         to this Section 2.2(f) and/or vote any shares of Series B Preferred
         Stock and/or Common Stock pursuant to the proxy granted pursuant to
         this Section 2.2(f). Each Purchaser (including all Defaulting
         Purchasers) hereby agrees to take all actions requested by the
         Corporation to give effect to the foregoing provisions of this Section
         2.2(f), including, but not limited to, executing any documents or
         instruments and approving amendments to the organizational documents of
         the Corporation.

                  Without the requirement to deliver a Default Notice, no
         Defaulting Purchaser shall have the right to participate in any
         Additional Closings and such Defaulting Purchaser's Proportional
         Percentage of Additional Shares shall equal zero.

                  Notwithstanding anything to the contrary set forth in this
         Agreement, if no Other Purchasers execute and deliver this Agreement
         prior to the expiration of the offer period set forth in the Preemptive
         Notice, this Section 2.2(f) shall be null and void and without effect.

            (o) All shares of Series B Preferred Stock and New Warrants
purchased at an Additional Closing shall be purchased (x) free and clear of any
liens, claims, charges and encumbrances whatsoever and with no restrictions on
the voting rights thereof (in each case other than pursuant to the Transaction
Documents and the Related Documents) and other incidents of record and
beneficial ownership pertaining thereto, and (y) against receipt by the
Corporation from each such Purchaser, the amount of funds equal to the product
of the Per Share Purchase Price multiplied by the number of shares of Series B
Preferred Stock being purchased by such Purchaser at the applicable Additional
Closing.

                                  ARTICLE III

                REPRESENTATIONS AND WARRANTIES OF THE CORPORATION

            As a material inducement to the Purchasers to enter into and perform
their respective obligations under this Agreement, the Corporation represents
and warrants to each Purchaser as set forth below:

         1. ORGANIZATION; GOOD STANDING; QUALIFICATION AND POWER.

         Each of the Corporation and its Subsidiaries is duly organized, validly
existing and in good standing under the Laws of its jurisdiction of formation,
has all requisite power to own, lease and operate its Assets and to carry on its
business as presently being conducted, and is qualified to do business and in
good standing in every jurisdiction in which the failure to so qualify or be in
good standing, individually or in the aggregate, could have a Material Adverse
Effect on the Corporation and its Subsidiaries taken as a whole, as applicable.
Each of the Corporation and its Subsidiaries has delivered to each Purchaser
true and complete copies of its Fundamental Documents as amended and in effect
on the date hereof.

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         2. AUTHORIZATION.

         The Corporation has all requisite power and authority to execute and
deliver each Transaction Document to which it is a party and any and all
instruments necessary or appropriate in order to effectuate fully the terms and
conditions of each such Transaction Document and all related transactions and to
perform its obligations under each such Transaction Document. Each Transaction
Document to which the Corporation is a party has been duly authorized by all
necessary action (corporate or otherwise) on the part of the Corporation, and
each Transaction Document to which the Corporation is a party has been duly
executed and delivered by the Corporation and constitutes the valid and legally
binding obligation of the Corporation enforceable in accordance with its terms
and conditions.

         The authorization, issuance, sale and delivery of the Series B
Preferred Stock and the New Warrants pursuant to the Closings and the
reservation of the Reserved Shares have been duly authorized by all requisite
action of the Corporation's Board of Directors and stockholders. As of (i) each
Closing, the Series B Preferred Stock and New Warrants issued at such Closing
and (ii) the date of their issuance, the Conversion Shares, will be validly
issued and outstanding, fully paid and nonassessable, with no personal liability
attaching to the ownership thereof, free and clear of any Liens whatsoever and
with no restrictions on the voting rights thereof and other incidents of record
and beneficial ownership pertaining thereto, in each case other than pursuant to
the Transaction Documents and the Related Documents.

         3. NON-CONTRAVENTION.

         The execution, delivery and performance by the Corporation of the
Transaction Documents, the consummation of the transactions contemplated thereby
and compliance with the provisions thereof, including the issuance, sale and
delivery of the Series B Preferred Stock and the New Warrants, have not and
shall not, and the issuance and delivery of the Conversion Shares shall not, (a)
violate any Law to which the Corporation, its Subsidiaries or any of their
respective Assets is subject, (b) violate any provision of the Fundamental
Documents of the Corporation or any of its Subsidiaries, (c) except with respect
to stockholder approvals and certain provisions of the Credit Agreement for
which waivers (the "Credit Waivers") shall have been obtained by the Corporation
prior to each Closing, conflict with, result in a breach of, constitute a
default under, result in the acceleration of, create in any party the right to
accelerate, terminate, modify, or cancel, or require any notice under any
Contract to which the Corporation or any of its Subsidiaries is a party or by
which any of the Assets of the Corporation or any of its Subsidiaries is bound
or (d) result in the imposition of any Lien upon any of the Assets of the
Corporation or any of its Subsidiaries. Other than state blue sky securities
filings, the Credit Waivers, and stockholder approvals, neither the Corporation
nor any of its Subsidiaries has been or is required to give any notice to, make
any filing with, or obtain any authorization, consent or approval of any
Governmental Entity or any other Person for the valid authorization,
reservation, issuance and delivery of the Series B Preferred Stock, the New
Warrants or any other Transaction Documents, for the valid authorization,
issuance and delivery of the Conversion Shares, or the valid authorization and
reservation of the Reserved Shares.

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         4. CAPITALIZATION OF THE CORPORATION AND ITS SUBSIDIARIES.

         (p) Immediately after the First Closing, the authorized capital stock
of the Corporation shall consist of:

                  (i) a number of shares of Preferred Stock, $.01 par value (the
         "Preferred Stock") as follows: (A) 45,000 shares designated as Series A
         Redeemable Preferred Stock, all of which will be issued and
         outstanding, fully paid and nonassessable, with no liability attaching
         to the ownership thereof and (B) a number of shares designated as
         Series B Convertible Redeemable Participating Preferred Stock equal to
         the New Series B Preferred Stock Number, (i) of which 1,572,078 will be
         issued and outstanding, fully paid and nonassessable, with no liability
         attaching to the ownership thereof, and (ii) the remainder of which
         will be reserved for issuance upon the Second Closing and the
         Additional Closings; and

                  (ii) 15,000,000 shares of Common Stock, $.01 par value (the
         "Common Stock"), consisting of (A) 14,980,000 shares of Class A Common
         Stock, of which (i) 584,965 shares will be issued and outstanding,
         fully paid and nonassessable, (ii) 237,613 shares will be reserved for
         issuance upon the exercise of the options, (iii) 626,634 shares will be
         reserved for issuance upon the exercise of the Warrants, (iv) 20,000
         shares will be reserved for issuance upon the conversion of the Class B
         Common Stock, $.01 par value (the "Class B Common Stock"), and (v)
         6,900,000 shares will be reserved for issuance upon the conversion of
         the Series B Preferred Stock; and (B) 20,000 shares of Class B Common
         Stock, of which 20,000 shares will be issued and outstanding, fully
         paid and non-assessable.

         (q) Except as set forth in Section 3.4(a) or as otherwise contemplated
by the Transaction Documents, there are, and immediately after each Initial
Closing there will be, no (i) outstanding warrants, options, agreements,
convertible securities or other commitments or instruments pursuant to which the
Corporation or any of its Subsidiaries is or may become obligated to issue or
sell any shares of its capital stock or other securities or (ii) preemptive or
similar rights to purchase or otherwise acquire shares of the capital stock or
other securities of the Corporation or any of its Subsidiaries pursuant to any
provision of Law, such Person's Fundamental Documents or any Contract to which
such Person, or to the best knowledge of the Corporation, any stockholder
thereof is a party; and, except as contemplated by the Transaction Documents and
the Related Documents, there is, and, immediately after each Initial Closing
there shall be, no Lien (such as a right of first refusal, right of first offer,
proxy, voting trust, voting agreement, etc.) with respect to the sale or voting
of shares of capital or securities of the Corporation or, except with respect to
the Liens granted in connection with the transactions contemplated by the Credit
Agreement, any of its Subsidiaries (whether outstanding or issuable).

         (r) All shares of the capital stock and other securities issued by the
Corporation and each of its Subsidiaries have been issued in transactions in
accordance with applicable state and federal laws and regulations governing the
sale and purchase of securities.

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         5. EQUITY INVESTMENTS.

         The Corporation owns, and as of each Initial Closing shall own, all of
the issued and outstanding capital stock of La Petite Academy, Inc., a Delaware
corporation, LPA Services, Inc., a Delaware corporation, and Bright Start, Inc.,
a Minnesota corporation. Except as set forth in the immediately preceding
sentence, each of the Corporation and its Subsidiaries do not own, directly or
indirectly, any capital stock, partnership interest or joint venture interest
in, or any security issued by, any other Person.

         6. OFFERING EXEMPTION.

         Based in part upon the accuracy of the representations of each
Purchaser in Article IV, the offering, sale and issuance of the Series B
Preferred Stock and the New Warrants have been, are, and will be, exempt from
registration under the Securities Act, and such offering, sale and issuance is
also exempt from registration under applicable state securities and "blue sky"
laws. The Corporation and its Subsidiaries have made all requisite filings and
have taken or will take all action necessary to be taken to comply with such
state securities or "blue sky" laws.

         7. BROKERS.

         The Corporation has not retained any investment banker, broker or
finder in connection with the purchase of the Series B Preferred Stock and the
New Warrants.

         8. DISCLOSURE.

         This Agreement, including the Schedules or Exhibits attached hereto,
does not contain any untrue statements of a material fact or omit any material
facts necessary to make the statements contained herein, in light of the
circumstances in which they were made, not misleading as of the date hereof.

                                   ARTICLE IV

                REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER

          As a material inducement to the Corporation to enter into and
perform its obligations under this Agreement, each Purchaser, severally and not
jointly, represents and warrants to the Corporation as set forth below:

         1. POWER AND AUTHORITY.

         Such Purchaser has full power and authority to execute and deliver this
Agreement. The execution and delivery by such Purchaser of this Agreement and
the performance of the obligations of such Purchaser contained herein have been
duly authorized by all requisite action on the part of such Purchaser. This
Agreement has been duly executed and delivered by such Purchaser and constitutes
a legal, valid and binding obligation of such Purchaser, enforceable against
such Purchaser in accordance with its terms, subject to applicable bankruptcy,

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insolvency, reorganization, fraudulent conveyance, moratorium or other similar
Laws now or hereafter in effect relating to creditors' rights and subject to
general principles of equity.

         2. NO CONFLICT.

         The execution and delivery by such Purchaser of this Agreement, such
Purchaser's consummation of the transactions contemplated hereby and such
Purchaser's compliance with the provisions hereof, will not (i) violate any
provision of any document or other instrument governing its creation or
operation, including any amendments thereto, (ii) violate, conflict with or
constitute (with notice or lapse of time or both) a default under, or give rise
to any right of termination, cancellation or acceleration, under, or result in
the creation of any encumbrance upon such Purchaser's properties or assets
pursuant to, the terms, conditions or provisions of any note, bond, lease,
mortgage, indenture, license, agreement or other instrument or obligation to
which such Purchaser is a party or by which such Purchaser or any of such
Purchaser's properties or assets are bound, or (iii) violate any provision of
Law applicable to such Purchaser or any of such Purchaser's properties or
assets.

         3. NO CONSENT OR APPROVAL REQUIRED.

         No permit, authorization, consent or approval of or by, or notification
of or filing with, any Person is required to be made or obtained by such
Purchaser in connection with such Purchaser's valid authorization, execution,
delivery and performance of this Agreement, other than those permits,
authorizations, consents, approvals, notifications or filings that have been or
will timely be obtained or made, as the case may be.

         4. INVESTMENT REPRESENTATIONS.

            (s) Such Purchaser, either individually or in conjunction with its
Purchaser Representative (as defined in Rule 501 of the Securities Act), has
such knowledge and experience in financial and business matters that he or it is
capable of utilizing the information made available to such Purchaser, to
evaluate the merits and risks of an investment in the Corporation and to make an
informed investment decision with respect thereto. Such Purchaser is aware that
the investment in the Securities is highly speculative. Such Purchaser is able,
without impairing such Purchaser's financial condition, to hold the Securities
for an indefinite period of time and to suffer a complete loss of his or its
investment.

            (t) Such Purchaser understands and acknowledges that the offering of
the Securities have not been considered or approved by any governmental or other
entity.

            (u) Such Purchaser recognizes that an investment in the Corporation
involves certain risks, and has taken full cognizance of the risk factors
related to the Securities. Such Purchaser has had the opportunity to consult
with his or its professional, tax and legal advisors with respect to the
federal, state, local and foreign income tax consequences of such Purchaser's
participation as a holder of the Securities.

            (v) Such Purchaser understands that there is no public market for
the Securities and that the transferability of the Securities is restricted.
Such Purchaser will not transfer the Securities acquired by him or it hereunder,
except in compliance with this Agreement.

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            (w) The Securities issued to such Purchaser were issued for such
Purchaser's own account, for investment purposes only and were not acquired with
a view towards resale or further distribution. Such Purchaser understands that
the Securities have not been registered for sale under the Securities Act or
registered or qualified under any applicable state securities Laws and that the
Securities issued to such Purchaser cannot be offered for sale or sold by such
Purchaser or anyone acting for such Purchaser's account or on such Purchaser's
behalf without the registration of the Securities, as applicable, and/or the
fulfillment of other regulatory requirements.

            (x) Such Purchaser further understands that, with respect to the
Securities, the exemption from registration afforded by Rule 144 (the provisions
of which are known to such Purchaser) promulgated under the Securities Act
depends on the satisfaction of various conditions, and that, if applicable, Rule
144 may only afford the basis for sales of such Purchaser's Note only in limited
amounts.

            (y) Such Purchaser has not and none of its officers, directors or
employees (or any Affiliate of the foregoing) employed any broker or finder or
incurred any liability for any brokerage fees, commissions or finders' fees in
connection with the transactions contemplated hereby and such Purchaser will not
have any liability for any brokerage fees, commissions or finders' fees in
connection with the transactions contemplated hereby.

            (z) Such Purchaser further understands that the Corporation is
entering into this Agreement with such Purchaser in reliance upon such
Purchaser's representations to the Corporation contained in this Section 4.4.

                                    ARTICLE V

                              ADDITIONAL AGREEMENTS

            1. COVENANTS OF THE CORPORATION.

            (aa) The Corporation hereby agrees that LPA Investment may rely on
the Corporation's covenant in Article VI of the Stockholders' Agreement
concerning Small Business Administration issues as if such Stockholders'
Agreement had been executed on the date hereof.

            (bb) Prior to or on the date of the First Closing, the Corporation
shall use commercially reasonable efforts to obtain Credit Waivers under the
Credit Agreement for the transactions contemplated by this Agreement and the
Transaction Documents.

            2. CONSENTS OF EACH PURCHASER.

            (cc) Each Purchaser hereby agrees to and does consent, in its
capacity as a holder of Common Stock and/or a holder of Preferred Stock, as
applicable, to the filing of the Certificate of Amendment and the Certificate of
Designations with the Secretary of State of the State of Delaware in the forms
attached hereto as Exhibits B and C respectively.

                                       11
<PAGE>

            (dd) LPA Investment hereby waives the notice provisions contained in
Section 4(l) of the May 1998 Warrant and December 1999 Warrant with respect to
the transactions contemplated hereunder.

         3. SURVIVAL OF REPRESENTATIONS, WARRANTIES AND AGREEMENTS, ETC.

         All representations and warranties hereunder shall survive each Initial
Closing. Except as otherwise provided herein, all of the Transaction Documents
and the Related Documents shall survive indefinitely until, by their respective
terms, they are no longer operative.

         4. INDEMNIFICATION.

            (ee) In addition to all rights and remedies available to the
Purchasers at law or in equity, the Corporation shall indemnify the Purchasers
and, to the extent any Purchaser expressly agrees in writing with a transferee
who acquires the Series B Preferred Stock, the New Warrants or Conversion Shares
from such Purchaser, such transferee and each of their respective Affiliates,
stockholders, officers, directors, employees, agents, representatives,
successors and permitted assigns (collectively, the "Indemnified Parties") and
save and hold each of them harmless against and pay on behalf of or reimburse
such party as and when incurred for any loss (including, without limitation,
diminutions in value), liability, demand, claim, action, cause of action, cost,
damage, deficiency, tax, penalty, fine or expense, whether or not arising out of
any claims by or on behalf of any third party, including interest, penalties,
reasonable attorneys' fees and expenses and all reasonable amounts paid in
investigation, defense or settlement of any of the foregoing (collectively,
"Losses") which any such party may suffer, sustain or become subject to, as a
result of, in connection with, relating or incidental to or by virtue of:

                  (i) any misrepresentation or breach of a representation or
         warranty on the part of the Corporation under Article III;

                  (ii) without duplication of Section 5.4(a)(i), any
         misrepresentation in or omission from any of the representations or
         warranties contained in the Transaction Documents, or any of the
         Exhibits and Schedules attached thereto, or any of the certificates or
         other documents furnished to a Purchaser by the Corporation and
         contemplated by the Transaction Documents;

                  (iii) any nonfulfillment or breach of any covenant or
         agreement on the part of the Corporation under the Transaction
         Documents; or

                  (iv) any claim (whenever made) resulting from or caused by any
         transaction, status, event, condition, occurrence or situation relating
         to, arising out of or in connection with (A) the status of, or conduct
         of the business and affairs of, the Corporation and its Subsidiaries,
         (B) the execution, delivery and performance of this Agreement and the
         other Transaction Documents and the related documents and agreements
         contemplated hereby and thereby or (C) any actions taken by or omitted
         to be taken by any of the Indemnified Parties in connection with this
         Agreement and the other Transaction Documents or the related documents
         and agreements contemplated hereby and thereby.

                                       12
<PAGE>

         (ff) Notwithstanding the foregoing, upon judicial determination, which
is final and no longer appealable, that the act or omission giving rise to the
indemnification pursuant to clause (iv) of Section 5.4(a) resulted primarily out
of or was based primarily upon the Indemnified Party's gross negligence, fraud
or willful misconduct (unless such action was based upon the Indemnified Party's
reliance in good faith upon any of the representations, warranties, covenants or
promises made by the Corporation herein) by the Indemnified Party, the
Corporation shall not be responsible for any Losses sought to be indemnified in
connection therewith, and the Corporation shall be entitled to recover from the
Indemnified Party all amounts previously paid in full or partial satisfaction of
such indemnity, together with all costs and expenses of the Corporation
reasonably incurred in effecting such recovery, if any.

         (gg) All indemnification rights hereunder shall survive the execution
and delivery of the Transaction Documents and the consummation of the
transactions contemplated herein and therein indefinitely, regardless of any
investigation, inquiry or examination made for or on behalf of, or any knowledge
of such Purchaser and/or any of the other Indemnified Parties or the acceptance
by such Purchaser of any certificate or opinion.

         (hh) If for any reason the indemnity provided for in this Section 5.4
is unavailable to any Indemnified Party or is insufficient to hold each such
Indemnified Party harmless from all such Losses arising with respect to the
transactions contemplated by the Documents, then the Corporation and the
Indemnified Party shall each contribute to the amount paid or payable by such
Loss in such proportion as is appropriate to reflect not only the relative
benefits received by the Corporation on the one hand and such Indemnified Party
on the other but also the relative fault of the Corporation and the Indemnified
Party as well as any relevant equitable considerations. In addition, the
Corporation agrees to reimburse any Indemnified Party upon demand for all
reasonable expenses (including legal counsel fees) incurred by such Indemnified
Party or any such other person in connection with investigating, preparing or
defending any such action or claim. The indemnity, contribution and expense
reimbursement obligations that the Corporation has under this Section 5.4 shall
be in addition to any liability that the Corporation may otherwise have. The
Corporation further agrees that the indemnification and reimbursement
commitments set forth in this Agreement shall apply whether or not the
Indemnified Party is a formal party to any such lawsuits, claims or other
proceedings.

         (ii) Any indemnification of the Purchaser or any other Indemnified
Party by the Corporation pursuant to this Section 5.4 shall be effected by wire
transfer of immediately available funds from the Corporation to an account
designated by the Purchaser or such other Indemnified Party within 15 days after
the determination thereof.

         (jj) By executing this Agreement, the Corporation (a) agrees that no
Indemnified Party shall have any liability to the Corporation or its
Subsidiaries pursuant to this Agreement, the Transaction Documents or the
transactions contemplated hereby or thereby (the "Covered Conduct") except to
the extent that a court of competent jurisdiction shall have determined by final
judgment, no longer subject to appeal, that the losses resulting from such
Covered Conduct primarily resulted from such Indemnified Party's willful
misconduct, fraud or gross negligence, (b) agrees that it will not make under
any circumstances, nor will it allow its Subsidiaries to make under any
circumstances, any claim against any Indemnified Party for any special, indirect
or consequential damages in respect of any breach or wrongful conduct (whether
the claim

                                       13
<PAGE>

therefore is based on contract, tort or duty imposed by law) in connection with,
arising out of or in any way related to, the transactions contemplated by and
the relationship established by this Agreement, the Transaction Documents, the
Related Documents or the transactions contemplated hereby or thereby, or any
act, omission or event occurring in connection therewith, and (c) waives,
releases and agrees not to sue upon, and it agrees to cause its Subsidiaries not
to sue upon, any such claim for any such damages, whether or not accrued and
whether or not known or suspected to exist in any such party's favor.

         (kk) This Section 5.4 shall not apply to any Purchaser who breaches its
respective obligations under Section 2.2.

                                   ARTICLE VI

                       SECURITIES LAW COMPLIANCE; LEGENDS

         1. RESTRICTION ON TRANSFER.

         Subject to having received the prior consent of the Board of Directors
of the Corporation and such transferee agreeing to be bound by a confidentiality
agreement reasonably acceptable to the Corporation, no Purchaser shall Transfer
the Securities except in compliance with the conditions specified in this
Article VI.

         2. RESTRICTIVE LEGENDS.

            (ll) Each certificate for the Securities shall (unless otherwise
provided by the provisions of Section 6.4 but subject to Section 6.2(c)) be
stamped or otherwise imprinted with a legend in substantially the following
terms:

            "THE REGISTERED HOLDER HEREOF HAS REPRESENTED TO THE ISSUER OF THE
            SHARES REPRESENTED HEREBY THAT IT HAS ACQUIRED SUCH SECURITIES FOR
            INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION. ACCORDINGLY, SUCH
            SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
            1933, AS AMENDED, OR ANY STATE SECURITIES OR BLUE SKY LAWS, AND MAY
            NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
            SUBSEQUENTLY REGISTERED THEREUNDER OR AN EXEMPTION FROM REGISTRATION
            THEREUNDER IS AVAILABLE.

            "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
            TERMS OF THE SECURITIES PURCHASE AGREEMENT DATED NOVEMBER 14, 2001,
            AS AMENDED, MODIFIED OR RESTATED FROM TIME TO TIME, AMONG THE ISSUER
            (THE "CORPORATION") AND THE OTHER PARTIES THERETO. THE TERMS OF SUCH
            AGREEMENT INCLUDE, AMONG OTHER OBLIGATIONS, EQUITY COMMITMENT

                                       14
<PAGE>
         OBLIGATIONS. FAILURE TO SATISFY SUCH OBLIGATIONS COULD SUBJECT THE
         HOLDER OF SUCH SECURITIES TO CERTAIN NEGATIVE EVENTS MORE FULLY
         DESCRIBED IN SUCH AGREEMENT. COPIES OF SUCH AGREEMENT WILL BE FURNISHED
         TO THE HOLDER HEREOF WITHOUT CHARGE UPON WRITTEN REQUEST OF THE
         CORPORATION."

         (mm) In addition to the above, any Conversion Shares issued by the
Corporation shall be subject to the terms of the Stockholders Agreement,
including, without limitation, the legending requirements set forth in Section
7.5 thereof.

         (nn) Notwithstanding anything to the contrary set forth in Section 6.3,
the second legend set forth in Section 6.2(a) shall be printed on all Securities
until such time as the obligations of the Purchasers in Sections 2.2 are no
longer in effect.

         3. NOTICE OF TRANSFER.

         The holder of any Securities, by its acceptance or purchase thereof,
agrees, prior to any Transfer of any such Securities (except pursuant to an
effective registration statement), to give written notice to the Corporation of
such holder's intention to effect such transfer and agrees to comply in all
other respects with the provisions of this Article VI. Each such notice shall
describe the manner and circumstances of the proposed Transfer and, unless
waived by the Corporation, shall be accompanied by the written opinion,
addressed to the Corporation, of counsel for the holder of such Securities
(which counsel shall be reasonably satisfactory to the Corporation), stating
that in the opinion of such counsel (which opinion shall be reasonably
satisfactory to the Corporation) such proposed Transfer does not involve a
transaction requiring registration or qualification of such Securities under the
Securities Act or the securities laws of any state of the United States. Subject
to complying with the other applicable provisions hereof, such holder of
Securities shall be entitled to consummate such Transfer in accordance with the
terms of the notice delivered by it to the Corporation if the Corporation does
not object (on the basis that such transfer violates the provisions of this
Article VI) to such transfer within five days after the delivery of such notice.
Each certificate or other instrument evidencing the securities issued upon the
transfer of any Securities (and each certificate or other instrument evidencing
any untransferred balance of such securities) shall bear the legend set forth in
Section 6.2 unless (i) in such opinion of such counsel registration of future
transfer is not required by the applicable provisions of the Securities Act or
the securities laws of any state of the United States or (ii) the Corporation
shall have waived the requirement of such legend.

         4. REMOVAL OF LEGENDS, ETC.

         Notwithstanding the foregoing provisions of this Article VI, the
restrictions imposed by Sections 6.1, 6.2(a), and 6.3 upon the transferability
of any Securities shall cease and terminate when (i) any such Securities are
sold or otherwise disposed of in accordance with the intended method of
disposition by the seller or sellers thereof set forth in a registration
statement or are sold or otherwise disposed of in a transaction contemplated by
Section 6.3 which does not require that the securities transferred bear the
legend set forth in Section 6.2(a), or (ii) the holder of such Securities has
met the requirement of transfer of such Securities pursuant to

                                       15
<PAGE>
subparagraph (k) of Rule 144 of the Securities Act. Whenever the restrictions
imposed by Sections 6.1, 6.2(a) and 6.3 shall terminate, as herein provided, the
holder of any Securities shall be entitled to receive from the Corporation,
without expense, a new certificate not bearing the restrictive legend set forth
in Section 6.2(a) and not containing any other reference to the restrictions
imposed by Sections 6.1, 6.2(a) and 6.3.

                                  ARTICLE VII

                                 MISCELLANEOUS

         1. NO THIRD PARTY BENEFICIARIES.

         Except as expressly provided herein, this Agreement shall not confer
any rights or remedies upon any Person other than the parties hereto and their
respective successors and permitted assigns, personal representatives, heirs and
estates, as the case may be.

         2. ENTIRE AGREEMENT.

         This Agreement, the Transaction Documents and the Related Documents
constitute the entire agreement among the parties hereto and supersede any prior
understandings, agreements or representations by or among the parties hereto,
written or oral, with respect to the Securities issued hereunder.

         3. SUCCESSORS AND ASSIGNS.

         This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. No party
hereto may assign either this Agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the other party
hereto; provided, however, that each Purchaser may assign any of its rights
under any of the Transaction Documents and Related Documents to (i) any
Affiliate of the Purchaser, (ii) any Person who shall acquire substantially all
of the Assets of the Purchaser or a majority in voting power of the capital
stock of the Purchaser (whether pursuant to a merger, consolidation, stock sale
or otherwise), (iii) any lender of the Purchaser (or any agent therefor) for
security purposes and the assignment thereof by any such lender or agent to any
purchaser in connection with the exercise by any such lender or agent of all of
its rights and remedies as a secured creditor with respect thereto and (iv) any
Person to whom the Purchaser shall transfer any Securities in accordance with
the terms of the Transaction Documents and Related Documents; provided that no
such assignment shall relieve such Purchaser of its obligations hereunder and
any transferee shall agree in writing to be bound by this Agreement as a
Purchaser.

         4. COUNTERPARTS.

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same instrument. Facsimile execution and delivery of this Agreement is
legal, valid and binding for all purposes. Without limiting the foregoing, the
parties acknowledge and agree that Other Purchasers will

                                       16
<PAGE>
execute and deliver a counterpart to this Agreement between the date hereof and
the expiration of the offer period as set forth in the Preemptive Notice.

         5. NOTICES.

            (oo) All notices, requests, demands, claims, and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered personally, telecopied, sent by nationally recognized
overnight courier or mailed by registered or certified mail (return receipt
requested), postage prepaid, to the parties at the following addresses (or at
such other address for a party as shall be specified by like notice):

                  (i) If to the Corporation, to:

                     LPA Holding Corp.
                     c/o La Petite Academy, Inc.
                     14 Corporate Woods
                     8717 West 110th Street,
                     Suite 300
                     Overland Park, Kansas  66210
                     Attention:  Chief Executive Officer
                     Telephone: (913) 345-1250
                     Facsimile: (913) 345-9669

                  with a copy to:

                     O'Sullivan LLP
                     30 Rockefeller Plaza, 27th floor
                     New York, New York  10112
                     Attention: John J. Suydam, Esq.
                     Telephone: (212) 728-5890
                     Facsimile: (212) 408-2420

                  (ii) If to LPA Investment, to:

                     LPA Investment LLC
                     c/o J.P. Morgan Partners, LLC
                     1221 Avenue of the Americas
                     New York, New York  10020
                     Attention:  Official Notices Clerk
                     Facsimile: (212) 899-3401

                  with a copy to:

                     O'Sullivan LLP
                     30 Rockefeller Plaza, 27th floor

                                       17
<PAGE>

                           New York, New York  10112
                           Attention:  John J. Suydam, Esq.
                           Telephone: (212) 728-5890
                           Facsimile: (212) 408-2420

              (iii) If to any Other Purchaser, to the address set forth on the
signature page to this Agreement.

         (pp) All such notices and other communications shall be deemed to have
been given and received (i) in the case of personal delivery, on the date of
such delivery, (ii) in the case of delivery by facsimile, on the date of such
delivery, (iii) in the case of delivery by nationally recognized overnight
courier with guaranteed next day delivery, on the first business day following
dispatch and (iv) in the case of mailing, on the fifth business day following
such mailing.

         6. GOVERNING LAW.

         THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
DOMESTIC LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF
LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK, OR ANY
OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL
LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF
THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION'S CHOICE OF LAW OR CONFLICT OF
LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY
APPLY.

         7. AMENDMENTS AND WAIVERS.

         No amendment to or waiver of any provision of this Agreement shall be
valid unless the same shall be in writing and signed by both the Corporation and
the Purchasers representing a majority of the outstanding Series B Preferred
Stock (on an as-converted basis) (the "Majority Holders"). No waiver by any
party hereto of any default, misrepresentation, or breach of warranty or
covenant hereunder, whether intentional or not, shall be deemed to extend to any
prior or subsequent default, misrepresentation, or breach of warranty or
covenant hereunder or affect in any way any rights arising by virtue of any
prior or subsequent such occurrence.

         8. CONFIDENTIALITY; PUBLICITY.

         The Corporation shall not issue any press release or other public
announcement with respect to the Transaction Documents or the transactions
contemplated hereby without the prior written consent of the Majority Holders.
No Purchaser shall issue any press release or other public announcement with
respect to the Transaction Documents or the transactions contemplated hereby
without the prior written consent of the Corporation. Each party hereto agrees
to keep confidential the transactions contemplated hereby, the terms and
conditions of the

                                       18
<PAGE>
Transaction Documents, the Related Documents and all information related
thereto or provided hereunder, except to the extent (i) necessary to consummate
the transactions contemplated hereby or (ii) as may be required by Law.

         9. CERTAIN DEFINITIONS.

                  "Additional Closing" shall have the meaning set forth in
Section 2.2(a).

                  "Additional Shares" means shares of Series B Preferred Stock
to be purchased at any Additional Closing.

                  "Additional Share Number" shall have the meaning set forth in
Section 2.2(d)(i).

                  "Affiliate" means, with respect to any Person, any of (a) a
director, officer or stockholder holding 5% or more of the capital stock (on a
fully diluted basis) of such Person, (b) a spouse, parent, sibling or descendant
of such Person (or a spouse, parent, sibling or descendant of any director or
officer of such Person) and (c) any other Person that, directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under
common control with, another Person. The term "control" includes, without
limitation, the possession, directly or indirectly, of the power to direct the
management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

                  "Agreement" shall have the meaning set forth in the caption of
this Agreement.

                  "Agreement and Plan of Merger" means the Agreement and Plan of
Merger dated as of March 17, 1998 by and between the Purchaser and Vestar/LPA
Investment Corp., a Delaware corporation, as it may be amended from time to
time.

                  "Assets" means, with respect to any Person, all of the assets,
rights, interests and other properties, real, personal and mixed, tangible and
intangible, owned by such Person.

                  "Certificate of Amendment" shall have the meaning set forth in
Section 1.1.

                  "Certificate of Designations" means the Certificate of
Designations, Preferences and Rights of Series B Convertible Redeemable
Participating Preferred Stock of the Corporation.

                  "Class A Common Stock" shall have the meaning set forth in the
preamble to this Agreement.

                  "Class B Common Stock" shall have the meaning set forth in
Section 3.4(a).

                  "Closing" shall have the meaning set forth in Section 2.2.

                  "Closing Date" shall have the meaning set forth in Section
2.2.

                  "Common Stock" shall have the meaning set forth in Section
3.4(a).

                                       19
<PAGE>

                  "Contract" means any agreement, contract, license, commitment,
lease, indenture or evidence of indebtedness to which the Corporation or any of
its Subsidiaries is bound or by which the Assets of the Corporation or any of
its Subsidiaries are bound.

                  "Conversion Shares" means the Reserved Shares issued upon the
conversion of the Series B Preferred Stock and the exercise of the New Warrants,
collectively.

                  "Covered Conduct" shall have the meaning set forth in Section
5.4(f).

                  "Credit Agreement" means the Credit Agreement dated as of May
11, 1998, as amended, modified or restated from time to time, among the
Corporation, La Petite Academy, Inc., NationsBank, N.A., The Chase Manhattan
Bank and the Lenders named therein.

                  "Credit Waivers" shall have the meaning set forth in Section
3.3.

                  "December 1999 Warrant" means the warrant for 22,051 shares of
Class A Common Stock issued to LPA Investment on December 15, 1999.

                  "Default Notice" shall have the meaning set forth in Section
2.2(f).

                  "Defaulting Purchaser" shall have the meaning set forth in
Section 2.2(f).

                  "First Closing" shall have the meaning set forth in Section
1.4(a).

                  "Fundamental Documents" means the documents by which any
Person (other than an individual) establishes its legal existence or which
govern its internal affairs. For example, the "Fundamental Documents" of a
corporation would be its charter, including any certificates of designations
filed with the applicable Secretary of State, and by-laws.

                  "GAAP" means U.S. generally accepted accounting principles.

                  "Governmental Entity" means any court, administrative agency
or commission or other governmental authority or instrumentality, domestic or
foreign, Federal, state or local.

                  "Indemnified Parties" shall have the meaning set forth in
Section 5.4(a).

                  "Initial Closing" shall have the meaning set forth in Section
1.4(b).

                  "Initial Share Number" shall have the meaning set forth in
Section 1.4(b).

                  "Law" means any constitution, law, statute, treaty, rule,
directive, requirement or regulation or Orders of any Governmental Entity.

                  "Lien" means any security interest, pledge, bailment (in the
nature of a pledge or for purposes of security), mortgage, deed of trust, the
grant of a power to confess judgment, conditional sale or title retention
agreement (including any lease in the nature thereof), charge, encumbrance,
easement, reservation, restriction, cloud, right of first refusal or first
offer, option, or other similar arrangement or interest in real or personal
property.

                                       20
<PAGE>

                  "Losses" shall have the meaning set forth in Section 5.4(a).

                  "Majority Holders" shall have the meaning set forth in Section
7.7.

                  "Material Adverse Effect" means, with respect to any Person, a
material adverse effect on the business, operations, Assets, condition
(financial or otherwise), operating results, liabilities or prospects of such
Person and its Subsidiaries, if any, taken as a whole.

                  "May 1998 Warrant" means the warrant for 42,180 shares of
Class A Common Stock issued to the LPA Investment on May 11, 1998.

                  "New Series B Preferred Stock Number" means 6,900,000.

                  "New Warrant Number" means 562,500.

                  "New Warrants" shall have the meaning set forth in the
preamble to this Agreement.

                  "Orders" means judgments, writs, decrees, injunctions, orders,
compliance agreements or settlement agreements of or with any Governmental
Entity or arbitrator.

                  "Other Purchaser Additional Share Number" shall have the
meaning set forth in Section 2.2.

                  "Per Share Purchase Price" means an amount equal to $2.174.

                  "Person" shall be construed broadly and shall include an
individual, a partnership, a corporation, a limited liability corporation, an
association, a joint stock corporation, a trust, a joint venture, an
unincorporated organization, or a Governmental Entity (or any department,
agency, or political subdivision thereof).

                  "Preemptive Notice" means the notice dated the date
immediately preceding the date hereof from the Corporation to the Stockholders
of the Corporation.

                  "Preferred Stock" shall have the meaning set forth in Section
3.4(a)(i).

                  "Proceeding" means any action, suit, proceeding, complaint,
charge, hearing, inquiry or investigation before or by a Governmental Entity or
an arbitrator.

                  "Proportional Percentage" means the quotient obtained by
dividing (i) the number of shares of Series B Preferred Stock which such Other
Purchaser commits to purchase pursuant to the terms and conditions of the
Preemptive Notice executed by such Other Purchaser (which shall not be greater
than such Other Purchaser's Common Stock Percentage (as defined in the
Stockholders Agreement) as of the date hereof) by (ii) the New Series B
Preferred Stock Number.

                                       21
<PAGE>

                  "Registration Rights Agreement" means the Registration Rights
Agreement dated as of the May 11, 1998, as amended, among the Corporation, LPA
Investment and the other Shareholders of the Corporation signatory thereto.

                  "Related Documents" means the Stockholders' Agreement and the
Registration Rights Agreement.

                  "Reserved Shares" shall have the meaning set forth in Section
1.3.

                  "SBA Sideletter" means the letter from the Corporation to LPA
Investment regarding the Corporations compliance with regulations promulgated
under the Small Business Investment Act of 1958.

                  "Second Closing" shall have the meaning set forth in Section
1.4(b).

                  "Securities" means (i) the Series B Preferred Stock, (ii) the
Conversion Shares, and (iii) the New Warrants, collectively.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Series B Preferred Stock" shall have the meaning set forth in
the preamble to this Agreement.

                  "Stockholders' Agreement" means the Stockholders' Agreement
dated as of May 11, 1998, as amended, among the Corporation, LPA Investment and
the other parties thereto.

                  "Subsidiary" means any corporation with respect to which a
specified Person (or a Subsidiary thereof) has the power to vote or direct the
voting of sufficient securities to elect a majority of the directors.

                  "Transaction Documents" means (i) this Agreement, (ii) the
Certificate of Designations, (iii) the New Warrants and (iv) the SBA Sideletter.

                  "Transfer" shall be construed broadly and shall include any
transfer (whether voluntary, involuntary or by operation of law) of securities
or any interest therein, including without limitation, by way of issuance, sale,
participation, pledge, gift, bequeath, intestate transfer, distribution,
liquidation, merger or consolidation.

                  "Warrants" means the May 1998 Warrant, the December 1999
Warrant and the New Warrants collectively.

         10. INCORPORATION OF SCHEDULES AND EXHIBITS.

         The Schedules and Exhibits identified in this Agreement are
incorporated herein by reference and made a part hereof.

                                       22
<PAGE>

         11. CONSTRUCTION.

         Where specific language is used to clarify by example a general
statement contained herein, such specific language shall not be deemed to
modify, limit or restrict in any manner the construction of the general
statement to which it relates. The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction shall be applied against any party.

         12. INTERPRETATION.

         Accounting terms used but not otherwise defined herein shall have the
meanings given to them under GAAP. As used in this Agreement (including all
Schedules, Exhibits, Annexes and amendments hereto), the masculine, feminine and
neuter gender and the singular or plural number shall be deemed to include the
others whenever the context so requires. References to Articles and Sections
refer to articles and sections of this Agreement. Similarly, references to
Schedules, Exhibits and Annexes refer to schedules, exhibits and annexes,
respectively, attached to this Agreement. Unless the content requires otherwise,
words such as "hereby," "herein," "hereinafter," "hereof," "hereto," "hereunder"
and words of like import refer to this Agreement. The article and section
headings contained in this Agreement are inserted for convenience only and shall
not affect in any way the meaning or interpretation of this Agreement.

         13. INDEPENDENCE OF COVENANTS AND REPRESENTATIONS AND WARRANTIES.

         All covenants hereunder shall be given independent effect so that if a
certain action or condition constitutes a default under a certain covenant, the
fact that such action or condition is permitted by another covenant shall not
affect the occurrence of such default, unless expressly permitted under an
exception to such initial covenant. In addition, all representations and
warranties hereunder shall be given independent effect so that if a particular
representation or warranty proves to be incorrect or is breached, the fact that
another representation or warranty concerning the same or similar subject matter
is correct or is not breached will not affect the incorrectness of or a breach
of a representation and warranty hereunder.

         14. REMEDIES.

         The parties hereto shall each have and retain all other rights and
remedies existing in their favor at Law or equity, including, without
limitation, any actions for specific performance and/or injunctive or other
equitable relief (including, without limitation, the remedy of rescission) to
enforce or prevent any violations of the provisions of this Agreement. Without
limiting the generality of the foregoing, the Corporation hereby agrees that in
the event the Corporation fails to convey any number of Securities to any
Purchaser in accordance with the provisions of this Agreement, such Purchaser's
remedy at law may be inadequate. In such event, such Purchaser shall have the
right, in addition to all other rights and remedies it may have, to specific
performance of the obligations of the Corporation to convey such number of
Securities.

         15. SEVERABILITY.

         It is the desire and intent of the parties hereto that the provisions
of this Agreement be enforced to the fullest extent permissible under the laws
and public policies applied in each

                                       23

<PAGE>

jurisdiction in which enforcement is sought. Accordingly, if any particular
provision of this Agreement shall be adjudicated by a court of competent
jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or
enforceability of this Agreement or affecting the validity or enforceability of
such provision in any other jurisdiction. Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as not to be invalid, prohibited or
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so
narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

         16. WAIVER OF JURY TRIAL.

         EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OTHER DOCUMENT.

                                    * * * * *

                                       24
<PAGE>

                  IN WITNESS WHEREOF, the parties have executed this Securities
Purchase Agreement as of the date first above written.

                                 LPA HOLDING CORP.

                                 By:   /s/ Jeffrey Fletcher
                                    -----------------------------
                                    Name: Jeffrey Fletcher
                                    Title: Secretary and Chief Financial Officer

                                 LPA INVESTMENT LLC

                                 By:   /s/ Stephen Murray
                                    -----------------------------
                                    Name: Stephen Murray
                                    Title:  Managing Director

                                       25

<PAGE>

                 SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT
                             (FOR OTHER PURCHASERS)

SIGNATURE OF PURCHASER:  _____________________________

NAME OF PURCHASER: ___________________________________

TITLE (IF APPLICABLE):  ______________

ADDRESS: __________________         _____________________     ___________
         (NO. & STREET)             (CITY, STATE)             (ZIP CODE)

TELEPHONE NO.:  (___) _____  -  _________

FACSIMILE NO.:  (___) _____  -  _________<PAGE>
                                                                    EXHIBIT 10.4

             THE REGISTERED HOLDER HEREOF HAS REPRESENTED TO THE ISSUER OF THE
SHARES REPRESENTED HEREBY THAT IT HAS ACQUIRED SUCH SECURITIES FOR INVESTMENT
PURPOSES AND NOT FOR DISTRIBUTION. ACCORDINGLY, SUCH SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
OR BLUE SKY LAWS, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS SUBSEQUENTLY REGISTERED THEREUNDER OR AN EXEMPTION FROM REGISTRATION
THEREUNDER IS AVAILABLE.

             THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
TERMS OF THE SECURITIES PURCHASE AGREEMENT DATED NOVEMBER 14, 2001, AS AMENDED,
MODIFIED OR RESTATED FROM TIME TO TIME, AMONG THE ISSUER (THE "CORPORATION") AND
THE OTHER PARTIES THERETO. THE TERMS OF SUCH AGREEMENT INCLUDE, AMONG OTHER
OBLIGATIONS, EQUITY COMMITMENT OBLIGATIONS. FAILURE TO SATISFY SUCH OBLIGATIONS
COULD SUBJECT THE HOLDER OF SUCH SECURITIES TO CERTAIN NEGATIVE EVENTS MORE
FULLY DESCRIBED IN SUCH AGREEMENT. COPIES OF SUCH AGREEMENT WILL BE FURNISHED TO
THE HOLDER HEREOF WITHOUT CHARGE UPON WRITTEN REQUEST OF THE CORPORATION.

No. of Shares of                                               Warrant No. W-3
Class A Common Stock:  452,343
                                                               November 14, 2001

                                     WARRANT

                       TO PURCHASE CLASS A COMMON STOCK OF

                                LPA HOLDING CORP.

                  THIS IS TO CERTIFY THAT LPA Investment, LLC, or its registered
assigns, is entitled to purchase in whole or in part from time to time from LPA
Holding Corp., a Delaware corporation (the "Issuer"), at any time on and after
the Effective Date (as hereinafter defined), but not later than 5:00 p.m., New
York time, on November 14, 2011 (the "Expiration Date"), shares of Class A
Common Stock (as hereinafter defined) at a purchase price of $0.01 per share
(the "Exercise Price"), subject to the terms and conditions provided herein and
in the Purchase Agreement (as hereinafter defined). The number of shares of
Class A Common Stock for which this Warrant shall be exercisable and the
Exercise Price are subject to adjustment from time to time as provided herein.

                  This Warrant is issued pursuant to the Securities Purchase
Agreement dated as of November 14, 2001 (as modified and supplemented and in
effect from time to time, the

<PAGE>

"Purchase Agreement") among the Issuer, LPA tInvestment LLC, a Delaware limited
liability company ("LPA Investment"), and the other parties thereto from time to
time.

         SECTION 1. CERTAIN DEFINITIONS.

                           (i) Each capitalized term used herein without
                  definition shall have the meaning assigned thereto (or
                  incorporated by reference) in the Purchase Agreement.

                           (ii) As used herein, the following terms shall have
                  the following meanings (all terms defined in this Section 1 or
                  in other provisions of this Warrant in the singular to have
                  the same meanings when used in the plural and vice versa):

                  "Affiliate" means, with respect to any specified Person, any
other Person that, directly or indirectly, controls, is under common control
with, or is owned or controlled by, such specified Person. For purposes of this
definition,

                                    (A) "control" means, with respect to any
                           specified Person, the power to direct the management
                           or policies of the specified Person through the
                           ownership of voting securities, by contract, voting
                           agreement or otherwise, and

                                    (B) the terms "controlling", "control with"
                           and "controlled by", etc. shall have meanings
                           correlative to the foregoing.

                  "Board" shall mean the Board of Directors of the Issuer.

                  "Business Day" shall mean any day other than a Saturday, a
Sunday or a day on which commercial banks are authorized or required to close in
New York, New York or Kansas City, Kansas.

                  "Class A Common Stock" shall mean the Issuer's Class A Common
Stock, $.01 par value per share.

                  "Class B Common Stock" shall mean the Issuer's Class B Common
Stock, $.01 par value per share.

                  "Common Stock" shall mean the Class A Common Stock and the
Class B Common Stock.

                  "Current Market Price" shall mean, as to any security, the
average of the closing prices of such security's sales on all domestic
securities exchanges on which such security may at the time be listed, or, if
there have been no sales on any such exchange on any day, the average of the
highest bid and lowest asked prices on all such exchanges at the end of such
day, or, if on any day such security is not so listed, the average of the
representative bid and asked prices quoted in the NASDAQ System as of 4:00 P.M.,
in New York City, on such day, or, if on any day such security is not quoted in
the NASDAQ System, the average of the highest bid and lowest asked prices on
such day in the domestic over-the-counter market as reported by the

                                       1

<PAGE>
National Quotation Bureau, Incorporated, or any similar or successor
organization (and in each such case (i) averaged over a period of 21 days
consisting of the day immediately preceding the day as of which "Current Market
Price" is being determined and the 20 consecutive Business Days prior to such
immediately preceding day and (ii) excluding any trades that are not bona fide,
arm's length transactions). If at any time such security is not listed on any
domestic securities exchange or quoted in the NASDAQ System or the domestic
over-the-counter market, the "Current Market Price" of such security shall be
the fair market value thereof as determined by the Board in good faith, using an
appropriate valuation method, assuming an arms-length sale to an independent
party. In determining the fair market value of any class or series of Common
Stock, a sale of all of the issued and outstanding Common Stock of the Issuer
will be assumed, and assuming the conversion or exchange of all securities then
outstanding that are convertible into or exchangeable for Common Stock and the
exercise of all rights and warrants (including the Warrants) then outstanding
and exercisable to purchase shares of such stock or securities convertible into
or exchangeable for shares of such stock; provided, however that such assumption
will not include those securities, rights and warrants convertible into Common
Stock where the conversion, exchange or exercise price per share is greater than
the fair market value; provided, further, however, that fair market value shall
be determined with regard to the relative priority of each class or series of
Common Stock (if more than one class or series exists.)

                  "Effective Date" shall mean the date set forth on the first
page of this Warrant.

                  "Exercise Notice" shall have the meaning assigned to such term
in Section 2(a)(i) hereof.

                  "Exercise Price" shall have the meaning assigned to such term
in the first paragraph of this Warrant.

                  "Expiration Date" shall have the meaning assigned to such term
in the first paragraph of this Warrant.

                  "Holder" shall mean the registered holder of this Warrant.

                  "include" and "including" shall be construed as if followed by
the phrase ", without being limited to,".

                  "Issuer" shall have the meaning assigned to such term in the
first paragraph of this Warrant.

                  "Majority Holders" shall mean those Persons holding a majority
of the Warrants issued in connection with the Purchase Agreement.

                  "NASDAQ System" shall mean the National Association of
Securities Dealers Automated Quotation System.

                  "Person" shall be construed broadly and shall include any
natural person, company, partnership, joint venture, corporation, limited
liability company, business trust, unincorporated organization or Governmental
Entity.

                                       2
<PAGE>

                  "Purchase Agreement" shall have the meaning assigned to such
term in the second paragraph of this Warrant.

                  "Securities Act" shall mean the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder.

                  "Stockholders Agreement" shall mean the Stockholders Agreement
dated as of May 11, 1998 among the Issuer, LPA Investment and the other
signatories thereto, as amended, modified, supplemented or restated and in
effect from time to time.

                  "Warrant" shall mean this Warrant originally issued by the
Issuer pursuant to the Purchase Agreement and all warrants issued upon transfer,
division, or combination of, or in substitution for, this Warrant. All Warrants
shall be substantially in the form of Exhibit A attached to the Purchase
Agreement except that the Warrants need not bear the legends appearing on the
first page of this Warrant from and after such time as the restrictions set
forth therein no longer apply.

                  "Warrant Holder" shall mean any Person who acquires Warrants
or Warrant Stock pursuant to the provisions of the Purchase Agreement or any
Warrant, including any transferees of Warrants or Warrant Stock.

                  "Warrant Stock" shall mean (i) all shares of Class A Common
Stock issued or issuable from time to time upon exercise of this Warrant, (ii)
all other securities or other property issued or issuable upon any such exercise
and (iii) any securities distributed with respect to the securities referred to
in the preceding clauses (i) and (ii): provided, however, that the term "Warrant
Stock" shall not include shares of Class A Common Stock or other securities
following the time such shares or other securities have been sold in a public
offering registered under the Securities Act or sold under Rule 144 promulgated
thereunder. As used in this Warrant, the phrase "Warrant Stock then held" shall
mean Warrant Stock held at the time of determination by the Holder, and shall
include Warrant Stock issuable upon exercise of any Warrants held at the time of
determination by such Holder.

         SECTION 2. EXERCISE OF WARRANT.

                  (i) On and after the Effective Date and until 5:00 p.m. in New
         York City on the Expiration Date, the Holder may exercise this Warrant,
         on one or more occasions, on any Business Day, in whole or in part, by
         delivering to the Issuer, at its office maintained for such purpose
         pursuant to Section 5(a) hereof:

                           (A) a written notice of the Holder's election to
                  exercise this Warrant, which notice shall be substantially in
                  the form of Exhibit A attached hereto and shall be properly
                  completed (the "Exercise Notice"),

                           (B) payment of the Exercise Price (payable as set
                  forth in Section 2(b) below) for the Warrant Stock as to which
                  this Warrant is being exercised, and

                           (C) this Warrant.

                                       3
<PAGE>

         Except to the extent necessary to cause the number of shares of Class A
         Common Stock deliverable as provided in Section 2(b) to be a whole
         number of shares, this Warrant shall be exercisable in part only for a
         whole number of shares.

                           (ii) At the option of the Holder, the Exercise Price
                  shall be payable

                                    (A) in cash or by certified or official bank
                           check payable to the order of the Issuer; or

                                    (B) by delivery of this Warrant to the
                           Issuer for cancellation in accordance with the
                           further provisions of this Section 2(b).

In exchange for the portion of this Warrant that is being exercised at such
time, the Holder shall receive the number of shares of Class A Common Stock
determined by multiplying (A) the number of shares of Class A Common Stock for
which this Warrant is being exercised at such time by (B) a fraction, (1) the
numerator of which shall be the difference between (x) Current Market Price per
share of Class A Common Stock at such time and (y) the Exercise Price per share
of Class A Common Stock, and (2) the denominator of which shall be the Current
Market Price per share of Class A Common Stock at such time. The Issuer shall
issue a new Warrant for the portion, if any, of this Warrant not being exercised
as provided in Section 2(f).

                           (iii) Subject to the provisions of Section 2(d), upon
                  receipt of an Exercise Notice, the aggregate Exercise Price
                  payable and this Warrant, the Issuer shall, as promptly as
                  practicable and in any event within five (5) Business Days
                  thereafter, issue one or more stock certificates representing
                  the aggregate number of shares of Class A Common Stock to
                  which the Holder is entitled and transfer to the Holder of
                  this Warrant appropriate evidence of ownership of other
                  securities or property (including any cash) to which the
                  Holder is entitled, in such denominations, and registered or
                  otherwise placed in, or payable to the order of, such name or
                  names, as may be directed in writing by the Holder, and shall
                  deliver such stock certificates, evidence of ownership and any
                  other securities or property (including any cash) to the
                  person or persons entitled to receive the same, together with
                  an amount in cash in lieu of any fraction of a share (or
                  fractional interest in any other security), as hereinafter
                  provided. The Issuer shall pay all expenses in connection
                  with, and any and all documentary, stamp or similar issue or
                  transfer taxes of the United States or any state thereof
                  payable in respect of, the issue or delivery of the Warrant
                  Stock upon exercise of this Warrant. However, the Issuer shall
                  not be required to pay any tax or other charge imposed in
                  connection with any assignment or transfer involved in the
                  issue of any certificate or other evidence of ownership of
                  Warrant Stock.

                           (iv) The Holder's election to exercise this Warrant
                  may, in the sole discretion of the Holder, be conditioned
                  upon, and in such event, the exercise shall be subject in all
                  respects to, the consummation of a sale of the Issuer, the
                  public offering of any class of the Issuer's Common Stock
                  registered under the Securities Act or other similar
                  transaction involving the Issuer, as specified in the Exercise
                  Notice. If any exercise of this Warrant is so conditioned,
                  then, subject to

                                       4
<PAGE>

                  delivery of the items required by Section 2(c), the Issuer
                  shall deliver the certificates and other evidence of ownership
                  of other securities or other property in such manner as the
                  Holder shall direct as required in connection with the
                  consummation of the transaction upon which the exercise is
                  conditioned. At any time that the Holder shall give notice to
                  the Issuer that such transaction has been abandoned or the
                  Holder has withdrawn from participation in such transaction,
                  the Issuer shall return the items delivered pursuant to
                  Section 2(c) and the Holder's election to exercise this
                  Warrant shall be deemed rescinded.

                           (v) The stock certificate or certificates or other
                  evidence of ownership of Warrant Stock to be delivered
                  pursuant to Section 2(c) hereof shall be deemed to have been
                  issued, and the Holder or any other Person so designated to be
                  named therein shall, to the extent permitted by law, be deemed
                  to have become a holder of record of the Warrant Stock
                  represented thereby, including having the right to vote any
                  voting securities included therein or to consent or to receive
                  notice as a shareholder, as of the date on which the last of
                  the Exercise Notice, payment of the Exercise Price and this
                  Warrant is received by the Issuer as aforesaid, (subject, in
                  the case of any exercise to which Section 2(d) applies, to the
                  consummation of the transaction upon which such exercise is
                  conditioned) notwithstanding that the transfer books of the
                  Company shall then be closed or that such certificates or
                  other evidence of ownership shall not then actually have been
                  delivered to the Holder.

                           (vi) If this Warrant shall have been exercised only
                  in part, the Issuer shall, at the time of delivery of the
                  certificate or certificates or other evidence of ownership of
                  Warrant Stock, execute and deliver to the Holder, without
                  charge, a new Warrant evidencing the rights of the Holder to
                  purchase the unpurchased Warrant Stock called for by this
                  Warrant, which new Warrant shall in all other respects be
                  identical to this Warrant, except for any legend hereon to the
                  extent no longer required pursuant to the Purchase Agreement
                  or the Stockholders Agreement.

                           (vii) The Issuer shall not be required to issue any
                  fractional share of Class A Common Stock (or fractional
                  interest in any other security) upon exercise of this Warrant.
                  As to any fraction of a share (or fractional interest in any
                  other security) that the Holder would otherwise be entitled to
                  receive upon such exercise, the Issuer shall pay a cash
                  adjustment in respect of such fraction in an amount equal to
                  the same fraction of the Current Market Price per share of
                  Class A Common Stock (and/or other security) on the date of
                  exercise; provided, however, that in the event that the Issuer
                  undertakes a reduction in the number of shares of Class A
                  Common Stock or other securities outstanding, it shall be
                  required to issue fractional shares or fractional interests in
                  such other securities to the Holder if the Holder exercises
                  all (but not part) of this Warrant, unless the Holder shall
                  have consented in writing to such reduction and provided the
                  Issuer with a written waiver of its right to receive
                  fractional shares or interests in accordance with this
                  paragraph. If the Holder shall exercise more than one Warrant
                  in the same transaction, any payment in respect of fractional
                  shares (or

                                       5
<PAGE>

                  other fractional interests) shall be based on the final
                  fraction resulting from aggregating all such exercises.

                           (viii) The Issuer hereby agrees at all times to keep
                  reserved for issuance and delivery upon exercise of this
                  Warrant such number of its authorized but unissued shares (or
                  treasury shares) of Class A Common Stock or other securities
                  of the Issuer from time to time issuable upon exercise of this
                  Warrant as will be sufficient to permit the exercise in full
                  of this Warrant. All such shares and other securities shall be
                  duly authorized and, when issued upon exercise of this Warrant
                  in accordance with the terms hereof, shall be validly issued,
                  fully paid and non-assessable, free and clear of all liens,
                  security interests, charges and other encumbrances or
                  restrictions on sale (except to the extent of any applicable
                  provisions set forth in the Purchase Agreement or
                  Stockholders' Agreement) and free and clear of all preemptive
                  or similar rights.

                           (ix) If the issuance of any shares of Class A Common
                  Stock or other securities required to be reserved for purposes
                  of the exercise of this Warrant requires the registration
                  with, or approval of, any governmental authority or requires
                  listing on any national securities exchange or national market
                  system before such shares or other securities may be so
                  issued, the Issuer shall at its expense use its best efforts
                  to cause such shares to be duly registered, approved or
                  listed, as the case may be, so that such shares or other
                  securities may be issued in accordance with the terms hereof;
                  provided, however, that this provision shall not obligate the
                  Issuer to register such shares or other securities under the
                  Securities Act or qualify them under state securities or blue
                  sky laws.

         SECTION 3. TRANSFER, DIVISION AND COMBINATION.

                           (i) This Warrant may not be Transferred other than in
                  accordance with Section 6.3 of the Purchase Agreement.

                           (ii) This Warrant may be exchanged for, or combined
                  with, other Warrants upon presentation of this Warrant and any
                  other Warrants with which this Warrant is to be combined to
                  the Issuer, together with a written notice specifying the
                  denominations in which a new Warrant or Warrants are to be
                  issued, signed by the Holder. The Issuer shall execute and
                  deliver a new Warrant or Warrants to the Holder in exchange
                  for the Warrant or Warrants to be divided or combined in
                  accordance with such notice.

                           (iii) The Issuer shall maintain books for the
                  registration and transfer of the Warrants, and shall allow
                  each Warrant Holder to inspect such books at such reasonable
                  times as such holder shall request.

         SECTION 4. ADJUSTMENTS.

                           (i) Dividends and Distributions. If at any time the
                  Issuer shall pay any dividend or make any other distribution
                  to holders of its Class A Common Stock of any cash, evidence
                  of indebtedness or other property (including any rights or

                                       6
<PAGE>

         warrants to purchase any securities of the Issuer) of any nature
         whatsoever (other than as contemplated by Sections 4(b), 4(c)(i)(A) and
         4(d)(i)(A)), the Issuer shall at the same time pay or distribute to the
         Holder (whether or not the Holder exercises this Warrant) the cash,
         evidence of indebtedness or other property the Holder would have been
         entitled to receive if such Holder had exercised this Warrant
         immediately prior to the record date for such dividend or distribution.

                           (ii) Subdivisions and Combinations. If at any time
                  the Issuer shall

                                    (A) take a record of the holders of its
                           Common Stock for the purpose of entitling them to
                           receive a dividend or other distribution of Common
                           Stock;

                                    (B) subdivide, split or reclassify its
                           outstanding shares of Common Stock into a larger
                           number of shares of Common Stock; or

                                    (C) combine its outstanding shares of Common
                           Stock into a smaller number of shares of Common
                           Stock;

then immediately after the occurrence of any such event (A) the number of shares
of Class A Common Stock issuable upon exercise of this Warrant shall be adjusted
so as to equal the number of shares of Class A Common Stock the Holder would
have held immediately after the occurrence of such event (in the case of an
event referred to in clause (i), after giving effect to such dividend or
distribution) if the Holder had exercised this Warrant immediately prior to the
occurrence of such event and (B) the Exercise Price shall be adjusted to be
equal to (x) the Exercise Price immediately prior to the occurrence of such
event multiplied by (y) a fraction (1) the numerator of which is the number of
shares of Class A Common Stock issuable upon exercise of this Warrant
immediately prior to the adjustment in clause (A) and (2) the denominator of
which is the number of shares of Class A Common Stock issuable upon exercise of
this Warrant immediately after the adjustment in clause (A).

                           (iii) Merger, Consolidation or Disposition of Assets.
                  If the Issuer shall merge, consolidate or effect a share
                  exchange with another entity, or shall sell, transfer or
                  otherwise dispose of all or substantially all of its assets to
                  another entity and pursuant to the terms of such merger,
                  consolidation, share exchange or disposition of assets, cash,
                  shares of Common Stock or other securities of the successor or
                  acquiring entity, or property of any nature is to be received
                  by or distributed to the holders of Common Stock of the
                  Issuer, then the Holder shall be entitled to receive in
                  respect of the Warrant Stock issuable upon exercise of this
                  Warrant, the amount of cash, shares of Common Stock, other
                  securities or other property that it would have been entitled
                  to receive if such Holder had exercised this Warrant in full
                  immediately prior to the occurrence of such merger,
                  consolidation, share exchange or disposition of assets. In the
                  case of any such merger, consolidation, share exchange or
                  disposition of assets, the successor or acquiring entity (and
                  any Affiliate thereof issuing securities) shall expressly
                  assume the due and punctual observance and performance of each
                  and every covenant and condition of this Warrant to be
                  performed and observed by the

                                       7
<PAGE>

                  Issuer and all of the obligations and liabilities hereunder,
                  subject to such modifications as may be deemed appropriate (as
                  determined by resolution of the Board and reasonably
                  acceptable to the Majority Holders) in order to provide for
                  adjustments of the Warrant Stock issuable upon exercise of
                  this Warrant that shall be as nearly equivalent as practicable
                  to the adjustments provided for in this Section 4. The
                  foregoing provisions shall similarly apply to successive
                  mergers, consolidations, share exchanges and dispositions of
                  assets.

                           (iv) Capital Reorganization or Capital
                  Reclassification. If the Issuer shall effect any capital
                  reorganization or any reclassification of its capital stock
                  (other than a change in par value or from par value to no par
                  value or from no par value to par value or as a result of a
                  stock dividend or subdivision, split-up or combination of
                  shares), then in each case the Issuer shall cause effective
                  provision to be made so that this Warrant shall be exercisable
                  for the kind and number of shares of stock, other securities,
                  cash or other property to which a holder of the Warrant Stock
                  deliverable upon exercise of this Warrant would have been
                  entitled upon such reorganization or reclassification and any
                  such provision shall include adjustments in respect of such
                  stock, securities or other property that shall be as nearly
                  equivalent as may be practicable to the adjustments provided
                  for in this Section 4 with respect to this Warrant.

                           (v) Other Action Affecting Common Stock. If at any
                  time or from time to time the Issuer shall take any action
                  affecting its Common Stock, other than any action described in
                  this Section 4, then, unless such action will not have an
                  adverse effect upon the Holder's rights, the number of shares
                  of Warrant Stock issuable upon exercise of this Warrant and
                  exercise price therefore shall be adjusted in such manner and
                  at such time as the Board shall in good faith determine (such
                  determination to be reasonably acceptable to the Majority
                  Holders) to be equitable in the circumstances, but no such
                  adjustment shall decrease the number of shares of Warrant
                  Stock issuable upon exercise of this Warrant or increase the
                  exercise price therefore.

                           (vi) Notice of Adjustments. Whenever the number of
                  shares of Warrant Stock issuable upon exercise of this Warrant
                  shall be adjusted pursuant to this Agreement, the Issuer shall
                  forthwith obtain a certificate signed by a firm of independent
                  accountants of recognized national standing selected by the
                  Issuer setting forth, in reasonable detail, the event
                  requiring the adjustment, the method by which such adjustment
                  was calculated and specifying the number of shares of Warrant
                  Stock issuable upon exercise of this Warrant after giving
                  effect to such adjustment. The Issuer shall promptly cause a
                  signed copy of such certificate to be delivered to the Holder.
                  The Issuer shall keep at its office maintained for purposes of
                  Section 5(a) hereof copies of all such certificates and cause
                  the same to be available for inspection at said office during
                  normal business hours by the Holder or any prospective
                  purchaser of a Warrant designated by the registered Holder
                  hereof.

                                       8
<PAGE>

                           (vii) No Impairment. The Issuer will not, by
                  amendment of its Certificate of Incorporation or through any
                  reorganization, transfer of assets, consolidation, merger,
                  dissolution, issue or sale of securities or any other
                  voluntary action, avoid or seek to avoid the observance or
                  performance of any of the terms to be observed or performed
                  hereunder by the Issuer, but will at all times in good faith
                  assist in the carrying out of all the provisions of this
                  Section 4 and in the taking of all such action as may be
                  necessary or appropriate in order to protect the exercise
                  rights of the Holder against impairment.

                           (viii) Miscellaneous. The computations of all amounts
                  under this Section 4 shall be made assuming all other
                  anti-dilution or similar adjustments to be made to the terms
                  of all other securities resulting from the transaction causing
                  an adjustment pursuant to this Section 4 have previously been
                  made so as to maintain the relative economic interest of this
                  Warrant vis a vis all other securities issued by the Issuer.

                           (ix) Par Value. The Issuer shall take or cause to be
                  taken such steps as shall be necessary to ensure that the par
                  value per share of Class A Common Stock is at all times less
                  than or equal to the Exercise Price.

                           (x) Minimum Adjustment of Exercise Price. No
                  adjustment of the Exercise Price shall be made in an amount of
                  less than 10% of the Exercise Price in effect at the time of
                  such adjustment is otherwise required to be made, but any such
                  lesser adjustment shall be carried forward and shall be made
                  at the time and together with the next subsequent adjustment
                  which, together with any adjustments so carried forward, shall
                  amount to not less than 10% of such Exercise Price; provided,
                  however, that all carried forward adjustments shall be made on
                  the exercise of the Warrant.

         SECTION 5. MISCELLANEOUS.

                           (i) Office of Issuer. So long as this Warrant remains
                  outstanding, the Issuer shall maintain an office in the
                  continental United States where the Warrants may be presented
                  for exercise, transfer, division or combination as provided in
                  this Warrant. Such office shall be at 14 Corporate Woods, 8717
                  West 110th Street, Suite 300, Overland Park, Kansas 66210,
                  unless and until the Issuer shall designate and maintain some
                  other office for such purposes and give notice thereof to the
                  Holder.

                           (ii) Notices Generally. Any notices and other
                  communications pursuant to the provisions hereof shall be sent
                  in accordance with the provisions of Section 7.5 of the
                  Purchase Agreement.

                           (iii) Governing Law. This Warrant shall be governed
                  by and construed in accordance with the laws of the State of
                  New York without regard to its conflicts of laws rules. The
                  Issuer agrees that it may be served with process in the State
                  of

                                       9
<PAGE>

                  New York and any action for breach of this Warrant may be
                  prosecuted against it in the courts of such State or any
                  Federal court located in such State.

                           (iv) Limitation of Liability. Except as otherwise
                  provided herein, this Warrant does not entitle the Holder to
                  any voting rights or other rights of a shareholder of the
                  Issuer, as a shareholder. No provision hereof, in the absence
                  of affirmative action by the Holder to purchase shares of
                  Class A Common Stock, and no mere enumeration herein of the
                  rights or privileges of the Holder, shall give rise to any
                  liability of the Holder for the Exercise Price or as a
                  shareholder of the Issuer, whether such liability is asserted
                  by the Issuer, by any creditor of the Issuer or any other
                  Person.

                           (v) Loss or Destruction of Warrant. Upon receipt by
                  the Issuer of evidence satisfactory to it (in the exercise of
                  its reasonable discretion) of the loss, theft, destruction or
                  mutilation of this Warrant and (in the case of loss, theft or
                  destruction), if requested by the Issuer, of reasonably
                  satisfactory indemnification (if the Holder is a financial
                  institution or an Affiliate thereof, its own agreement being
                  satisfactory), or (in the case of mutilation) upon surrender
                  and cancellation of this Warrant, the Issuer shall, without
                  charge, execute and deliver a new Warrant exercisable for the
                  same amount of Warrant Stock.

                           (vi) Amendments and Waivers. Any provision of this
                  Warrant may be amended or waived if, and only if, such
                  amendment or waiver is in writing and signed, in the case of
                  an amendment, by the Issuer and the Majority Holders (provided
                  than no amendment that treats a particular Holder in a
                  non-ratable, discriminatory fashion shall be effective against
                  such Holder without its consent) and, in the case of a waiver,
                  by the party against whom the waiver is to be effective. No
                  failure or delay by either party in exercising any right,
                  power or privilege hereunder shall operate as a waiver thereof
                  nor shall any single or partial exercise thereof preclude any
                  other or further exercise thereof or the exercise of any other
                  right, power or privilege. The rights and remedies herein
                  provided shall be cumulative and not exclusive of any rights
                  or remedies provided by law.

                                    * * * * *

                                       10
<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this Warrant to be
executed by its duly authorized officers and the Warrant to be dated as of the
date first set forth above.

                                 LPA HOLDING CORP.

                                 By:   /s/ Jeffrey Fletcher
                                    -----------------------------
                                    Name: Jeffrey Fletcher
                                    Title: Secretary and Chief Financial Officer

<PAGE>

                                                            EXHIBIT A TO WARRANT

                             FORM OF EXERCISE NOTICE

                (To be executed by the registered holder hereof)

                  The undersigned registered owner of this Warrant exercises
this Warrant for the purchase of ________ shares of Class A Common Stock of LPA
Holding Corp., a Delaware corporation, and herewith makes payment therefor of
$__________ (such payment being made [check one] (x) [ ] in cash or by certified
or official bank check or (y) [ ] by acceptance of a reduced number of shares of
Class A Common Stock upon cancellation of this Warrant as provided in Section
2(b) of this Warrant, all on the terms and conditions specified in this Warrant,
and requests that

                  (a) certificates and/or other instruments covering such shares
         of Class A Common Stock be issued in accordance with the instructions
         given below and

                           (i) if such shares of Class A Common Stock shall not
                  include all of the shares of Class A Common Stock to which the
                  Holder is entitled under this Warrant, that a new Warrant for
                  the unpurchased balance of the shares of Class A Common Stock
                  issuable hereunder be delivered to the undersigned. References
                  in this Exercise Notice to "Class A Common Stock" shall
                  include other securities or other property to the extent
                  included in Warrant Stock.

                  The undersigned agrees that the shares to be issued upon
exercise of this Warrant may not be offered, sold, assigned, pledged,
hypothecated or otherwise transferred or disposed of except under circumstances
that will not result in a violation of the Securities Act of 1933, as amended,
and applicable provisions of state securities laws.

                  [This Exercise Notice is being delivered contingent upon the
consummation of [describe transaction] as contemplated by Section 2(d) of this
Warrant].*

Dated:
      ----------------------

                                          --------------------------------------
                            (Signature of Registered Holder)**

Instructions for issuance and
registration of shares of
Class A Common Stock:

                                        Social Security or Other
----------------------------            Identifying Number:
Name of Registered Holder                                  ---------------------
(please print)

----------------------------
*     Include if applicable.

**    The signature must correspond with the name as written upon the face of
      the attached Warrant in every particular, without alteration.

<PAGE>

Please deliver certificate to
the following address:

-----------------------------------
Street

-----------------------------------
City, State and Zip Code

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