Document:

exv10w15

License Agreement

This License Agreement (“Agreement”) is entered into as of this 30th day of June,
2004 (the “Effective Date”) by and between Blanchard Education, LLC, a California Limited Liability
Corporation, including all of its offices, divisions, successors and assigns (“Blanchard
Education”), having its principal offices at 125 State Place, Escondido, California and Significant
Education, LLC, a Delaware Limited Liability Company, including all of its offices, divisions,
successors and assigns (“Significant Education”) having its principal offices at 3300 West
Camelback Road, Phoenix, Arizona. Within this Agreement Blanchard Education and Significant
Education may be referred to individually as a “Party” or collectively as the “Parties”.

RECITALS

WHEREAS, Blanchard Education and Significant Education have agreed to the terms of a relationship,
and these terms were initially established and set forth in a Letter of Intent (“Letter of Intent”)
entered into by the Parties dated May 7, 2004; and

WHEREAS, the Letter of Intent called upon the Parties to enter into a mutually acceptable license
agreement setting forth all the terms and conditions attached to the issuance of a license to
Significant Education by Blanchard Education; and

WHEREAS, this Agreement now sets forth those terms and conditions.

NOW, THEREFORE, in considerations for the mutual promises contained here, and for other good and
valuable consideration, the Parties agree as follows:

AGREEMENT

	1.	 	LICENSEE INFORMATION.

	 	•	 	Licensee: Significant Education, LLC
	 
	 	•	 	Address: 3300 West Camelback Road, Phoenix, Arizona 85017
	 
	 	•	 	Contact Persons: Charles Preston and Linda Rawles
	 
	 	•	 	Phone Number: 602.388.3814 and 602.589.2063
	 
	 	•	 	Email Address: cpreston@220partners.com; lrawles@gcu.edu

	2.	 	LICENSOR INFORMATION.

	 	•	 	Licensor: Blanchard Education, LLC
	 
	 	•	 	Address: 125 State Place, Escondido, California 92029
	 
	 	•	 	Contact Person: Tom McKee
	 
	 	•	 	Phone Number: 800-728-6000
	 
	 	•	 	Email Address: tom.mckee@kenblanchard.com

	3.	 	CONTROLING INTEREST.

It has been established, and the Parties do acknowledge, that Significant Education holds
and controls all
right and interest to and in the educational institution known as Grand Canyon University (“GCU”),
and unless specifically set forth as otherwise, all those rights granted or awarded to Significant
Education hereunder shall be understood to be similarly awarded to GCU.

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	4.	 	LICENSED RIGHTS.

Subject to and in consideration of the terms and conditions of this Agreement, Blanchard
Education does hereby grant Significant Education the right to name GCU’s College of Business, “The
Ken Blanchard College of Business”. This grant of rights also includes the right of Significant
Education and GCU to use the name “Ken Blanchard” to establish and promote the relationship between
the Parties, and to establish and promote the relationship between Ken Blanchard, Significant
Education, and GCU. Ken Blanchard’s name may also be used to advertise and promote The Ken
Blanchard School of Business by Significant Education and GCU. Blanchard Education will promote
the relationship between Ken Blanchard, Significant Education, and GCU as well as The Ken Blanchard
School of Business, including a prominent presence for GCU and The Ken Blanchard School of Business
and links to GCU and The Ken Blanchard School of Business on the website www.kenblanchard.com and
other websites maintained by Ken Blanchard or entities controlled by Ken Blanchard.

	5.	 	ADDITIONAL SUBSEQUENT LICENSE.

Following the execution of this Agreement, and sometime before June 1, 2005, the Parties
acknowledge that Significant Education will enter into a separate and subsequent license agreement
with the Ken Blanchard Companies (“Blanchard Companies”), and this agreement (the “Blanchard
Companies Agreement”) will grant Significant Education the right to use certain
specifically-identified Blanchard Companies owned intellectual property (“Blanchard Intellectual
Property”) to develop various business courses that will be offered by GCU through The Ken
Blanchard College of Business. It is necessary to make mention of the Blanchard Companies
Agreement herein, as the Parties agree that the continuance of this Agreement shall be dependent
upon the completion, execution, and continuance of the Blanchard Companies Agreement, and this
condition is further established in Section 12, “Termination of Agreement”.

	6.	 	EXCLUSIVITY OF LICENSE.

The Parties agree that this Agreement, the rights it grants to Significant Education, and the
application of these rights by Significant Education shall be mutually exclusive. For
clarification, this mutual exclusivity means that Blanchard Education (or the Blanchard Companies)
will not enter into a similar licensing arrangement for the creation of another college or graduate
level business school where this license includes the use of the names Blanchard or Ken Blanchard,
and Significant Education (and GCU) agrees that The Ken Blanchard College of Business will be the
only business-curriculum-based school existing under or within GCU.

	7.	 	CONTINUENCE OF EXCLUSIVITY.

Notwithstanding Section 6, “Exclusivity of License” the exclusive nature of this Agreement
shall continue for its entire term if the total payments to Blanchard Education under this
Agreement and to the Blanchard Companies under the Blanchard Companies Agreement by Significant
Education reaches or exceeds one million dollars ($1,000,000) by December 31, 2007. If this
payment threshold is not met, both aforementioned agreements will become non-exclusive, and the
Parties will agree to meet and discuss their respective support for continuing the relationship and
their respective obligations to one another.

	8.	 	APPLICATION OF RIGHTS.

Significant Education is solely responsible for the utilization and application of those
rights which it secures under this Agreement; however, any use of the name Blanchard or Ken Blanchard by
Significant Education beyond that use set forth herein may be viewed as a material breach of this
Agreement by Significant Education, and could subject this Agreement and the rights granted
hereunder to immediate termination.

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	9.	 	APPROVAL OF USE.

Although this Agreement does not require that Blanchard Education approve each and every use
of the names Blanchard and/or Ken Blanchard by Significant Education and/or GCU, Significant
Education will use its best reasonable efforts to provide Blanchard Education with examples of all
such use, and will consult with Blanchard Education regarding any use which creates or causes an
objection from Blanchard Education.

	10.	 	LIMITATIONS TO LICENSE.

Nothing contained or construed to be contained in this Agreement shall constitute the grant by
Blanchard Education of any right by way of license or otherwise to Significant Education to use any
trademark, trade name, or other intellectual property asset of Blanchard Education for any purpose
not expressly set forth herein. Furthermore, Significant Education may not license, sublicense,
award, grant, sell, or give to any individual or entity who is not a party to this Agreement the
right to use the names Blanchard or Ken Blanchard without the expressed written consent of
Blanchard Education.

	11.	 	TERM OF LICENSE.

Unless terminated by either Party for reasons as set forth in Section 12, “Termination of
Agreement”, this Agreement shall become effective on the Effective date and shall have an initial
term (“Initial Term”) of five (5) years, with a subsequent term (“Subsequent Term”) of five (5)
years that will automatically come into effect unless either Party establishes in writing their
opposition to such Subsequent Term within six (6) months of the expiration date of the Initial
Term.

	12.	 	TERMINATION OF AGREEMENT.

This Agreement may only be terminated by either Party due to a material breach of this
Agreement by one or the other Party; or in the event that Significant Education (i) makes a general
assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy or for
reorganization or arrangement under the bankruptcy laws, (iii) if a petition for bankruptcy is
filed against Significant Education, (iv) if a receiver or trustee is appointed for all or any part
of the property or assets of Significant Education, (v) upon the occurrence of a senior secured
creditor sale upon the assets of Significant Education, (vi) if Significant Education is generally
unable to pay its debts as they come due in the ordinary course of business, or (vii) is unable to
pay Blanchard Education those monies owed hereunder. Notwithstanding, this Agreement will
immediately terminate if the Blanchard Agreement expires and is not renewed, or is terminated for
any cause or reason.

	13.	 	NOTICE OF BREACH.

If either Party believes a material breach of this Agreement has occurred, that Party shall
immediately notify the breaching Party in writing. Once the claimed breach is known to both
Parties, every effort will be made to rectify and cure said breach. The breaching Party will have
thirty (30) days following receipt of written notice to cure said breach to the other Party’s
satisfaction. If the breach can be cured, this Agreement will survive and remain in full force and
effect. If a breach cannot be cured, and all attempts to do so fail, this License and the rights
granted hereunder immediately cease.

	14.	 	EFFECTS OF TERMINATION.

Upon the termination of this Agreement, all rights granted hereunder to Significant Education
shall revert to Blanchard Education and Significant Education shall immediately initiate a plan to
end its use of the name Blanchard and/or Ken Blanchard in association with the activities of
Significant Education and/or GCU. Within six (6) months following the termination of this
Agreement, all use of the names Blanchard and/or Ken Blanchard by Significant Education and/or GCU
will have ceased, and the Parties will make no further claims to or of a relationship between them.

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	15.	 	SURVIVIAL OF RIGHTS, DUTIES, AND OBLIGATIONS. 

The termination or expiration of this Agreement for any reason shall not release either
Party from any Liability which at the time of termination or expiration has already accrued to the other Party, or
which thereafter may accrue in respect of any act or omission prior to termination or expiration,
or from any obligation which is expressly stated to survive termination or expiration.

	16.	 	DISPUTE RESOLUTION.

The Parties will make every effort to quickly address and resolve any dispute that may arise
that would not be seen as a material breach of this Agreement. If after the investment of a reasonable amount
of time by both Parties, such dispute cannot be resolved to both Parties’ satisfaction, the Parties
will agree to submit such dispute

to mediation.

	17.	 	LICENSE FEES.

In consideration for the rights granted Significant Education hereunder, including the right
of GCU to name its College of Business the The Ken Blanchard College of Business, Significant
Education will agree to pay Blanchard Education a royalty on all net tuition (“Tuition Royalty”)
(with “net tuition” defined as gross tuition less tuition credits and refunds) received by GCU as
follows:

	 	•	 	Five percent (5%) on the net tuition received from 300 level and above Business Courses
offered by or though the Ken Blanchard College of Business while this Agreement is in
effect. To avoid any possibility of a misunderstanding between the Parties, “Business
Courses” includes Accounting, Business, Finance, Management, and Marketing courses, but
excludes all Computer Information Systems Classes or Courses.

	18.	 	MEMBERSHIP INTERESTS IN SIGNIFICANT EDUCATION

In addition to the above Tuition Royalty, Blanchard Education shall be entitled to receive the
following membership interest in Significant Education in the future, (with the understanding that
Significant Education holds and controls all the assets of GCU and that this membership interest
would be seen and treated as ownership interest upon the sale of either Significant Education or
GCU, a public offering of both or either entity, or any other liquidity event). It is understood
that Blanchard Education may receive an aggregate of 5.26 Units in the Company, which, if issued at
the time of this Agreement, would represent 5% of the outstanding Units of Significant Education,
LLC. The parties agree that such Units are being issued in exchange for the property rights being
granted to Significant Education hereunder in a manner that qualifies as a tax-free exchange of
property for units pursuant to Section 721 of the Internal Revenue Code. Blanchard Education shall
be entitled to receive such Units based on the schedule below when the combined total student
enrollment in the business school exceeds the identified number at any given time while this
Agreement is in effect, and that any Units so issued will not thereafter be lowered if total
enrollment drops below the triggering threshold.

	 	•	 	1.052 Units will be issued upon reaching two thousand (2000) students
	 
	 	•	 	an additional 1.052 Units will be issued upon reaching five thousand (5000) students
	 
	 	•	 	an additional 1.052 Units will be issued upon reaching ten thousand (10,000) students
	 
	 	•	 	an additional 1.052 Units will be issued upon reaching seventeen thousand five hundred
(17,500) students
	 
	 	•	 	an additional 1.052 Units will be issued upon reaching twenty five thousand (25,000)
students

Blanchard Education shall receive quarterly reports identifying the total number of students
enrolled in courses offered by The Ken Blanchard College of Business. It is also understood that
the student thresholds above include all branch or satellite campus locations. It is also
understood that Blanchard Education’s percentage ownership of Significant Education upon the
issuance of any of such Units is subject to pro-rata dilution from the date hereof, consistent with
the other members of Significant Education; provided, however, that Blanchard Education’s
percentage ownership shall not be diluted by more than 40% without the consent of Blanchard
Education, which consent will not be unreasonably withheld. In the event that Blanchard Education
does

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not consent to the dilution as described herein, Significant Education will nevertheless be
entitled to pursue the dilutive transaction and dilute Blanchard Education (in addition to the
other diluted members). If such dilution occurs without the consent of Blanchard Education, (i)
Blanchard Education shall have the right with written notice to withdraw from Significant Education
all further rights to use the name Ken Blanchard as allowed hereunder, and (ii) the loss of such
rights shall not effect or in any way impact the obligation of Significant Education to award
Blanchard Education the Units set forth by this Section 18. It is also understood that if
Significant Education needs additional capital contributions, that Significant Education will first
request that such capital contributions be made by Blanchard Education in
proportion to its then percentage interest in Significant Education, assuming that the Units
issuable to Blanchard Education were issued at such time, in order to allow Blanchard Education to
maintain such percentage ownership consistent with the other members of Significant Education. The
number of Units issuable to Blanchard Education shall be adjusted to reflect any splits or similar
adjustments in the number of units in the Company. Upon receiving any Units, Blanchard Education
shall execute a joinders’ agreement to the Operating Agreement of the Company then in effect.

	19.	 	PAYMENT OF TUITION ROYALTY.

Significant Education shall pay Blanchard Education the Tuition Royalty within forty-five
(45) days following that calendar quarter where the tuition is received by GCU that generates the Tuition
Royalty obligation to Blanchard Education.

	20.	 	TAX RESPONSIBILITY.

It is understood that the Parties are each separately and solely responsible for any
appropriate tax liability attached to those rights obtained, or to monies earned or received
hereunder.

	21.	 	RIGHT TO AUDIT.

With reasonable notice, Blanchard shall have the right to audit the enrollment records of GCU
for the sole purpose of determining the accuracy of the Tuition Royalty payments by Significant
Education hereunder. Blanchard Education shall bear those costs which it may incur in conducting
such audits, unless the result of such audit results in additional Tuition Royalties due Blanchard
Education exceeding Five Thousand Dollars ($5,000.00). In such case, Significant Education will
reimburse Blanchard Education its reasonable and documented audit costs.

	22.	 	INDEMNIFICATION.

Blanchard agrees to defend, indemnify, and hold Significant Education and GCU harmless from
loss, claims, or damage to Significant Education or GCU, including attorney’s fees, arising out of
any legal action or suit based on any claim that the use of the name Blanchard or Ken Blanchard by
Significant Education or GCU violates the intellectual property rights of any third party.

	23.	 	TITLE.

Nothing about this Agreement or license should be seen as awarding Significant Education or
GCU ownership or title to the name Blanchard or Ken Blanchard.

	24.	 	WARRANTY.

Blanchard Education warrants that it has the right to enter into this Agreement and sufficient
rights to the names Blanchard and Ken Blanchard to make the grants and commitments made in this
Agreement.

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	25.	 	NOTICES.

Any notice, consent, demand or request required or permitted by this Agreement shall be in
writing, shall be effective upon receipt, and shall be transmitted by personal delivery, U.S. mail
or national courier service (Federal Express, UPS), facsimile transmission if receipt is confirmed,
or by email upon confirmation of both delivery and opening and with a hard copy sent by U.S. Mail
to the Parties at the address first set forth herein.

	26.	 	CONFIDENTIALITY.

The rights conveyed by this Agreement and its contents shall be regarded as confidential and
shall not be disclosed to any third party. The Parties also agree to keep confidential all
information shared between the Parties related to the Parties’ primary business activities, and this information includes but is not
limited to financial information, client lists, student lists, and other GCU enrollment
information.

	27.	 	RELATIONSHIP OF THE PARTIES.

Nothing in this Agreement shall be deemed to constitute, create, give effect to or otherwise
recognize a franchise, partnership, joint venture, or formal business entity of any kind and the
rights and obligations of the Parties shall be limited to those expressly set forth herein.

	28.	 	NON-EXCLUSIVE REMEDIES.

The remedies provided for in this Agreement are non-exclusive and are in addition to each
other and to any other remedy available elsewhere in this Agreement or available generally at law
or in equity.

	29.	 	SEVERABILITY.

If a court of competent jurisdiction should find any term or provision of this Agreement to be
unenforceable and invalid, then such term or provision shall be severed from this Agreement, and
the remainder of this Agreement shall continue in full force and effect.

	30.	 	ASSIGNMENT.

Neither Party may assign this Agreement or any of its rights or obligations hereunder without
the prior written consent of the other Party.

	31.	 	WAIVER.

The waiver by either of the Parties of any breach or failure to enforce any of the terms and
conditions of this Agreement at any time shall not in any way affect, limit or waive either Party’s
rights thereafter to enforce and compel strict compliance with every term and condition of this
Agreement.

	32.	 	HEADINGS.

The headings in this Agreement are for convenience only and do not in any way limit or amplify
the terms or conditions of this Agreement.

	33.	 	NO BENEFIT TO OTHERS.

The provisions set forth in this Agreement are for the sole benefit of the Parties hereto and
their successors and assigns, and they shall not be construed as conferring any rights on any other
persons.

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	34.	 	FORCE MAJEURE.

Neither Party shall be in default or in breach of this Agreement for any failure or delay up
to forty-five (45) days, when this delay is caused by an act of God, war, embargo civil
disturbance, strike, or other occurrence beyond the Parties’ control.

	35.	 	ENTIRE AGREEMENT.

This Agreement contains the full and complete agreement between the Parties related to the
subject matter herein. This Agreement may not be supplemented, modified or amended except by a
written instrument signed by a duly authorized representative or officer of Significant Education
and Blanchard Education.

	36.	 	GOVERNING LAW AND JURISDICTION.

This Agreement and the rights and duties of the Parties hereunder shall be determined by the
internal substantive laws of the State of Arizona. The state courts of Arizona shall have personal
and subject matter jurisdiction over, and the Parties each hereby submit to the venue of such
courts with respect to any disputes arising out of this Agreement and all objections to such
jurisdiction and venue are hereby waived.

	37.	 	COUNTERPARTS.

This Agreement may be executed in one or more counterpart copies, each of which shall be
deemed an original and all of which shall together be deemed to constitute one agreement.

IN WITNESS WHEREOF, the Parties duly authorized representatives identified below and the have
agreed to the terms and conditions established by this Agreement as of the date first set forth
above.

	 	 	 	 	 	 	 	 	 
	For: BLANCHARD EDUCATION, LLC	 	For: SIGNIFICANT EDUCATION, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Tom McKee	 	By:	 	/s/ Brent Richardson	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Tom McKee, Managing Director	 	 	 	Brent Richardson, CEO	 	 
	 
	 	 	 	 	 	 	 	 
	Date:
	 	June 30, 2004	 	Date:
	 	June 30, 2004	 	 
	 
	 	 	 	 	 	 	 	 

By the signature below, Ken Blanchard hereby acknowledges and consents to this Agreement and the
use of the name Ken Blanchard under the terms herein.

/s/ Ken Blanchard 
Ken Blanchard

7exv10w16

Letter of Agreement

This Letter of Agreement (“Agreement”) is entered into as of this 6th day of February,
2006 (the “Effective Date”) by and between The Ken Blanchard Companies (“KBC’) with offices at 125
State Place, Escondido, California 92029, and Grand Canyon University (“GCU”) with offices at 3300
West Camelback Road, Phoenix, Arizona 85017. Within this Agreement, KBC and GCU may be referred to
individually as a “Party” or collectively as the “Parties”. For the purpose of this Agreement, it
is understood that KBC has the right and authority to represent the interests of the legal entity
known as Blanchard Education, LLC (“Blanchard Education”), and that GCU has the right and authority
to represent the interests of the legal entity known as Significant Education LLC (“Significant
Education”).

Recitals

Whereas, the Parties have a contractual relationship that is recorded and documented in a
Memorandum of Understanding (the “MOU”) dated the 21st day of April, 2005; and

Whereas, Blanchard Education and Significant Education have a contractual relationship that is
recorded and documented in a License Agreement (the “License Agreement”) dated the 30th
day of June, 2004; and

Whereas, the Parties now wish to terminate the MOU and amend the License Agreement; and

Whereas, this Agreement now sets forth and establishes the changes that the Parties wish to make to
the License Agreement allowing for the termination of the MOU; and

Whereas, following the acceptance and execution of this Agreement by the Parties, the Parties shall
capture that which is agreed to by this Agreement in a separate written instrument (the
“Amendment”), and upon its execution by the Parties, the Amendment shall become part of the License
Agreement.

Now, Therefore, in consideration of the mutual promises contained herein, and for other good and
valuable consideration, the Parties agree as follow:

Agreement

1. Additions to License Agreement. The following new terms and conditions shall be
added to the License Agreement:

	 	•	 	KBC shall grant GCU the right to use the intellectual property of KBC to
develop various business courses (the “GCU Courses”) that will be offered to
students of GCU through The Ken Blanchard College of Business. Prior to the
execution of the Amendment, the Parties shall meet, discuss, and mutually agree as
to how the development of the GCU Courses will be accomplished, and the details of
this decision will be captured within the Amendment.
	 
	 	•	 	KBC and GCU shall collaborate to develop CCU Courses that will be offered in a
Masters in Business Administration program (the “MBA Program”), and GCU shall
agree to pay KBC an eighteen percent (18%) tuition royalty (the “MBA Tuition
Royalty”) on the net tuition that GCU receives as a result of GCU offering the MBA
Program to both ground and on-line students (with the term “net tuition” defined
as gross tuition less credits and refunds). Immediately following the execution of
this Agreement, the Parties shall meet, discuss, and

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	 	 	 	mutually agree as to how the development of the GCU Courses comprising the MBA
Program will be accomplished, and the details of this decision will be captured in
a written instrument between the Parties separate from this Agreement (and separate
from the Amendment).
	 
	 	•	 	KBC shall grant GCU the right to purchase for internal use the products and
services offered by KBC, with the understanding that GCU will be charged cost plus
10% for such purchases.
	 
	 	•	 	GCU shall grant KBC the right to annually award up to four (4) four-year
undergraduate level full tuition scholarships (“Full Tuition Scholarships”);
or four (4) two-year graduate level Full Tuition Scholarships (with the
understanding that KBC may award any combination of Full Tuition Scholarships, but
may not award more than eight Full Tuition Scholarships per calendar year).
	 
	 	•	 	GCU shall grant KBC the right to annually award an unlimited number of reduced
tuition scholarships (“Reduced Tuition Scholarships”) to employees of KBC and to
immediate family members of KBC employees. The cost of these Reduced Tuition
Scholarships shall be forty percent (40%) of the then current tuition (i.e., a
sixty percent (60%) tuition discount). KBC will be responsible for explaining the
additional financial obligations (books, housing if applicable, etc.) to any
individual receiving either a Full Tuition Scholarship or a Reduced Tuition
Scholarship.
	 
	 	•	 	GCU shall agree that the Full Tuition Scholarships and the Reduced Tuition
Scholarships apply to both ground and online degree programs offered by GCU.

2. Changes to License Agreement. The following changes shall be made to the License
Agreement:

	 	•	 	Paragraph 6, “Exclusivity of License”, shall be modified to clarify that the
right of GCU to use the intellectual property of KBC to develop the GCU Courses is
non-exclusive.
	 
	 	•	 	Paragraph 11, “Term of License”, shall be amended to extend the Initial Term of
the License Agreement to February 6, 2011 (five (5) years from the Effective Date
of this Agreement).
	 
	 	•	 	The Tuition Fee established by Paragraph 17, “License Fees”, shall be changed
from five percent (5%) to seven percent (7%).
	 
	 	•	 	Paragraph 18, “Membership Interests in Significant Education”, shall be
modified so that as of the Effective Date, Blanchard Education will have earned
(and will receive) 2.104 Units of membership interest in Significant Education.

Now, by signing below, the Parties duly authorized representatives do hereby agree to the
commitments and promises set forth by this Agreement as of the Effective Date.

	 	 	 	 	 	 	 	 	 
	For: THE KEN BLANCHARD COMPANIES	 	For: GRAND CANYON UNIVERSITY	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Tom McKee	 	By:	 	/s/ Brent Richardson	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Tom McKee, President and CEO	 	 	 	Brent Richardson, President	 	 
	 
	 	 	 	 	 	 	 	 
	Date:
	 	February 6, 2006	 	Date:	 	February 6, 2006	 	 
	 
	 	 	 	 	 	 	 	 

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