Document:

EXHIBIT
10.15

     

    EMPLOYMENT
AGREEMENT

     

    I.

     

    PARTIES:  

     

    The parties to this agreement are
National American University, hereinafter called “NAU,” a Division of Dlorah,
Inc., a South Dakota corporation, having its principal place of business in
Rapid City, South Dakota, and Dr. Ronald Shape, of Rapid City, South Dakota, the
designated Chief Executive Officer of National American University, hereinafter
called “CEO.”

     

    II.

     

    PURPOSE:

     

    The parties understand that NAU
operates National American University at Rapid City, South Dakota, with branches
at 16 locations in 7 states as of the date of this agreement.  The CEO
has been employed by NAU as its CEO since April, 2009.  The purpose of
this agreement is to acknowledge the terms and conditions of an Employment
Agreement by and between the parties for the employment of the CEO.

     

    III.

     

    TERM AND WAIVER OF STATUTORY
PROTECTION: 

     

    The parties agree that the term of the
agreement commenced June 1, 2009 and shall continue until terminated by either
pursuant to Article XII hereof.

     

    The parties understand that Section
60-2-6 of the South Dakota Codified Laws provides that a contract to render
personal services cannot be enforced against the CEO beyond the term of two (2)
years from the commencement of service under it.  In consideration of
One Dollar ($1.00) and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, each party does hereby waive any
protection given to that party by said statute and agrees that this agreement
may be enforced as if said statute did not exist.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IV.

     

    DUTIES:

     

    The parties agree that the CEO shall
have charge of administration of NAU under the policies adopted by the Board of
Directors of Dlorah, Inc. (“Directors”) with input from the Board of Governors
of National American University (the “Board”) and the President.  The
CEO agrees that he will, at all times during the term of this agreement,
faithfully and industriously, with the best use of his experience, ability,
education, and talent, perform all of the duties required pursuant to the terms
of this agreement and all duties required by directives of the Directors, the
Board and the President and that he will act in accordance with all official
policies adopted by the Directors, the Board and Dlorah, Inc., heretofore or
hereafter, including those presented in the policy manuals of NAU.

     

    The CEO agrees to devote his entire
time, attention and energy to the administration of NAU and shall not, during
the term of this agreement, engage in any other business or professional
activity, whether for profit or compensation or not, without the prior written
permission of the President and the Chairman of the Board.  This
paragraph shall not be construed to prevent the CEO from investing his financial
assets in such form or manner as will not require any services on the part of
the CEO in the operation of the affairs of the companies in which such
investments are made.

     

    The duties of the Chief Executive
Officer shall include those set forth in the policies of NAU, including the
following:

     

    
      	
               
      

            	
              A.

            	
              Provide
      day-to-day leadership and management to NAU’s operations and financial
      operations consistent with the mission, goals and core values of the
      institution.

            

    

     

    
      	
               
      

            	
              B.

            	
              Be
      responsible for driving NAU to achieve and surpass sales, profitability,
      cash flow and university goals and
objectives.

            

    

     

    
      	
               
      

            	
              C.

            	
              Advise
      the President on strategic business development and key corporate planning
      issues.  Keep the President informed about business activities,
      potential threats, opportunities and recommended
  actions.

            

    

     

    
      	
               
      

            	
              D.

            	
              Be
      responsible for the measurement and effectiveness of all processes,
      internal and external.  Provide timely, accurate and complete
      reports on the operating condition of the
  organization.

            

    

     

    
      	
               
      

            	
              E.

            	
              Spearhead
      the development, communication and implementation of effective growth
      strategies and processes.

            

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              F.

            	
              Collaborate
      with a management team to develop and implement plans for the operational
      infrastructure of systems, processes and personnel designed to accommodate
      the rapid growth objectives of NAU.

            

    

     

    
      	
               
      

            	
              G.

            	
              Motivate
      and coordinate a high performance management team; attract, recruit, and
      retain required members of the executive team not currently in place and
      provide mentoring as a cornerstone to the management career development
      program.

            

    

     

    
      	
               
      

            	
              H.

            	
              Encourage
      managers to evaluate and take actions that are consistent with NAU’ s
      overall strategy which will lead to high
  performance.

            

    

     

    
      	
               
      

            	
              I.

            	
              Assist
      as required in raising additional capital at appropriate valuations and
      times to enable NAU to meet sales, growth and market share
      objectives.

            

    

     

    
      	
               
      

            	
              J.

            	
              Foster
      a success-oriented accountable environment within the
      institution.

            

    

     

    
      	
               
      

            	
              K.

            	
              Represent
      NAU, as needed, with clients, investors and business
    partners.

            

    

     

    
      	
               
      

            	
              L.

            	
              Set
      performance goals which are taylored to each
  division.

            

    

     

    
      	
               
      

            	
              M.

            	
              Employ
      management technics to the extent available to resources to ensure quality
      education.

            

    

     

    
      	
               
      

            	
              N.

            	
              Direct
      recruitment and selection of staff and recommend employment of qualified
      candidates to the Board.

            

    

     

    
      	
               
      

            	
              O.

            	
              Coordinate
      periodic evaluation of NAU programs and
  personnel.

            

    

     

    
      	
               
      

            	
              P.

            	
              Coordinate
      planning of annual academic, student service, marketing and branch campus
      budgets.

            

    

     

    
      	
               
      

            	
              Q.

            	
              Articulate
      programs with other institutions and
agencies.

            

    

     

    
      	
               
      

            	
              R.

            	
              Maintain
      high standards of employment and staff development for all
      personnel.

            

    

     

    
      	
               
      

            	
              S.

            	
              Advise
      the President on issues, policies, procedures and guidelines pertaining to
      academic student services, branches and admissions and marketing
      services.

            

    

     

    
      	
               
      

            	
              T.

            	
              Represent
      NAU at appropriate professional meetings and
  conferences.

            

    

     

    
      	
               
      

            	
              U.

            	
              Organize
      and operate NAU in accordance with the policies, procedures and
      regulations established by the
Board.

            

    

     

    
      	
               
      

            	
              V.

            	
              Call
      and preside over meetings of the Administrative Council and other meetings
      for purposes of interpreting and implementing NAU
  policy.

            

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              W.

            	
              Provide
      leadership and overall supervision for the sufficient operation of the
      academic programs, plant and other
enterprises.

            

    

     

    
      	
               
      

            	
              X.

            	
              Provide
      leadership and overall supervision for the promotion, financing and
      development of every facet of Dlorah and NAU, keeping within its
      purpose.

            

    

     

    
      	
               
      

            	
              Y.

            	
              Participate
      in meetings, programs and committees that may require special insight and
      understanding that can best be provided by
CEO.

            

    

     

    
      	
               
      

            	
              Z.

            	
              Other
      duties in support of the mission of NAU as assigned by the Directors and
      President.

            

    

     

    NAU
reserves the right to alter the job description and duties in order to meet the
needs and goals of NAU from time to time providing CEO reasonable notice and
opportunity for input in such changes.

     

    V.

     

    CONSULTATION:

     

    The CEO shall not perform consultation
with other organizations except upon prior approval of the
President.  Any time spent in consultation with others will be charged
against the CEO’s vacation allowance in the year in which the consulting was
performed.  The CEO agrees to seek and obtain approval from the
President for any such consulting.  The parties agree that no
consulting shall be provided to competing entities or businesses during the term
of this agreement and any extension thereof.

     

    VI.

     

    COMPENSATION:

     

    The parties acknowledge that effective
June 1, 2009, NAU is paying the CEO a base salary of $230,000.00 per calendar
year, payable in equal semi-monthly installments.  The base salary is
payment for all services rendered by the CEO under this agreement except as
otherwise provided in this Article VI.

     

    The parties agree that the compensation
may be increased or decreased as follows:

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              A.

            	
              Commencing
      with NAU’s fiscal year beginning June 1, 2010 and for each of NAU’s fiscal
      years thereafter during the term of this agreement, the CEO’s base
      annualized salary shall be increased or decreased by the appropriate
      percentage increase or decrease (as the case may be) in the Consumer Price
      Index -
      US City Average - All Urban
      Consumers published by the Bureau of Labor Statistics of the United States
      Department of Labor in said index for the previous March (i.e., for
      example, March 2009) and March of the current year (i.e., for example,
      March 2010).  The parties agree that, if for any reason, said
      index is not published at such time, they will use another index of
      changes in the cost of living regularly published and generally considered
      reliable.

            

    

     

    
      	
               
      

            	
              B.

            	
              The
      parties understand that a separate audited financial statement for NAU is
      prepared by a Certified Public Accountant for NAU as of each fiscal year
      ending May 31.  The parties agree to determine from said audited
      financial statement, for each fiscal year, whether NAU has experienced a
      “Net Profit” of 15% or more of the Gross Profit also known as the “Gross
      Profit.”  Gross Profit will be calculated by adding all tuition
      revenues and all other income but subtracting the cost of sales for books
      and food, such gross profit then being the same as the Gross Profit shown
      on the internally generated financial statement of
  NAU.

            

    

     

    For the
purposes of said determination, operating expenses and Net Profit shall not
include:

     

    
      	
               
      

            	
              1.

            	
              Provision
      for State and Federal income taxes.

            

    

     

    
      	
               
      

            	
              2.

            	
              Interest
      income.

            

    

     

    
      	
               
      

            	
              3.

            	
              Interest
      expense.

            

    

     

    
      	
               
      

            	
              4.

            	
              Contributions
      to the NAU 401k retirement program.

            

    

     

    
      	
               
      

            	
              5.

            	
              Gains
      and losses from securities.

            

    

     

    
      	
               
      

            	
              6.

            	
              Extraordinary
      items shown on the annual financial statement, and gains or losses from
      the sale of major corporate properties outside of the normal course of
      business.

            

    

     

    
      	
               
      

            	
              7.

            	
              Gains
      and losses from the Fairway Hills Real Estate
  Division.

            

    

     

    
      	
               
      

            	
              8.

            	
              Corporate
      overhead such as Board and Directors expense.  The parties have
      agreed that for calculation purposes, the NAU ratio will be consistent
      with historical calculations, i.e.  Board expenses
      excluded.

            

    

     

    
      	
               
      

            	
              C.

            	
              The
      CEO shall be paid merit pay based upon NAU objectives being achieved
      during the term of this agreement for the following
  areas:

            

    

    

      	
               
      

            	
              1.

            	
              Annual
      Profitability;

            

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              2.

            	
              Quarterly
      Collections;

            

    

     

    
      	
               
      

            	
              3.

            	
              Credit
      Hour Growth

            

    

     

    The
parties agree that if the CEO is employed and has been continuously employed by
NAU through the last day of a fiscal year, the CEO shall be entitled to receive
“Annual Profitability” merit pay for such fiscal year.  The parties
further agree that if the CEO is employed and has been continuously employed by
NAU through the last day of a fiscal quarter, the CEO shall be entitled to
receive “Quarterly Collections” and “Credit Hour Growth” merit pay for such
quarter.  The amount of such merit pay shall be determined according
to the guidelines set forth on Exhibit A (attached to this agreement and by this
reference incorporated herein).  All merit pay earned under this
Section VI.C. shall be paid no later than the latter of:  (a) 2-1/2
months following the last day of the fiscal year or fiscal quarter for which the
merit pay is payable, or (b) March 15th following the
last day of the fiscal year or fiscal quarter for which the merit pay is
payable.

     

    The parties acknowledge that Dlorah,
Inc., entered into an agreement to merge into a publicly held company, which
shall be known as National American University Holdings, Inc., a Delaware
corporation, following the merger.  The parties therefore agree that
in the event of successful completion of the merger, the CEO shall be eligible,
at the discretion of NAU, to participate in any equity-based incentive plan of
the employer, NAU.

     

    Attached hereto as Exhibit B is an
organization chart which contemplates the completion of the merger.

     

    In the event that the merger is not
completed in the manner provided for in the plan, the parties will review the
compensation provisions in this agreement in order to adjust the CEO’s
compensation consistent with responsibilities of the company, the same to be
completed on or before January 31, 2010.  The modification of this
agreement in order to accommodate such change shall not reduce the basic salary
compensation due the CEO during the term of this contract nor any incentive
benefit or bonus accrued as of such date, however, such replacement incentive
plan may replace, in its entirety, the bonus compensation plan set forth
above.  NAU shall give CEO at least thirty (30) days written notice of
the proposed change.  The parties agree to negotiate such changes in
good faith in order to reach agreement on the same within thirty (30) days of
notice.  If the parties are unable to reach agreement, either shall
have the option to terminate this agreement upon six (6) month’s notice in the
manner provided in Article Ill of this Agreement and the employment of the CEO
shall continue during such period according to the terms proposed by NAU, which
shall not be for less basic compensation than that provided for in this Article
VI above.

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    VII.

     

    PERQUISITES:

     

    The parties agree that the CEO shall
receive the following perquisites during the term of this
agreement:

     

    
      	
               
      

            	
              A.

            	
              Holidays
      observed by the administration of
NAU.

            

    

     

    
      	
               
      

            	
              B.

            	
              Five
      (5) weeks of vacation each academic year - June 1
      through May 31.  This vacation time may not be carried over
      without permission of NAU.

            

    

     

    
      	
               
      

            	
              C.

            	
              Sick
      leave equivalent to that given to administrative personnel of
      NAU.

            

    

     

    
      	
               
      

            	
              D.

            	
              Reimbursement
      of authorized travel expenses.

            

    

     

    
      	
               
      

            	
              E.

            	
              Other
      benefits as provided by the NAU Employee
  Handbook.

            

    

     

    VIII.

     

    RESIDENCY
REQUIREMENT: 

     

    The CEO agrees to reside within such
proximity to the city limits of Rapid City, South Dakota, as will enable him to
attend to his duties at the administrative offices of NAU in Rapid City, South
Dakota, on a daily basis.

     

    IX.

     

    WORKING
FACILITIES:

     

    NAU agrees to furnish the CEO with an
office, stenographic help, and such other facilities and services as are
suitable to his position and adequate for the performance of his duties as
provided in Article IV.

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    X.

     

    EXCLUSIVE
EMPLOYMENT/CONFIDENTIAL INFORMATION: 

     

    The CEO agrees to spend his full
working time during the term of this agreement in performance of his duties with
NAU and will abide by all policies and decisions made by the Board as well as
all applicable federal, state and local laws, regulations or
ordinances.  The CEO will act in the best interest of NAU at all times
and will not, during the term hereof, without prior written approval of the
President and the Board, engage in, become an employee, director, officer,
agent, partner of, or consultant to or stockholder of (except a stockholder of a
public company in which he owns less than 1% of the issued and
outstanding capital stock of such company) or render services to any company or
other business entity which is a competitor or significant supplier or customer
of NAU or engage in any other activities that would interfere with the
performance of his duties as CEO of NAU or would create an actual or perceived
conflict of interest with respect to his obligations as CEO.

     

    The CEO agrees to not directly or
indirectly use or disclose any confidential information of NAU for the benefit
of anyone other than NAU during the course of employment or after the
termination of employment regardless of the reason for such
termination.  For the purposes of this agreement, “confidential
information” shall mean any information about or related to NAU or any
affiliated entity or any of their employees, contractors, directors,
representatives, suppliers, vendors, members, customers, students or other third
parties or entities with whom NAU or the affiliates do business which CEO learns
of or develops during the time he is employed with NAU that derives independent
economic value from being not generally known or readily ascertainable by other
persons who could obtain economic value from its disclosure or use including,
but not limited to, trade secrets, inventions, financial information, personnel
information and information relating to such matters as existing or contemplated
products, services, profit margins, fee schedules, pricing, business processes,
business plans, sales technics, marketing technics, training manuals and
materials, policies or practices related to business personnel or other matters,
computer databases, computer programs, software and other technology, customer
lists, member lists, student lists, and preferences or requirements or
information related to any of the same.

     

    The CEO recognizes that the
confidential information constitutes a valuable asset of NAU and agrees to act
in such a manner as to prevent its disclosure and use by any person unless for
the benefit of NAU.

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    XI.

     

    RETURN OF CONFIDENTIAL
INFORMATION AND NAU’S PROPERTY: 

     

    The CEO agrees that upon termination of
his employment, regardless of the reason for such termination, he will promptly
turn over to NAU, in good condition, all property of NAU or the affiliates in
his possession or control including, but not limited to, all originals, copies
of, or electronically stored documents or other materials containing
confidential information regardless of who prepared them.  In the case
of electronically stored information retained by the CEO outside of NAU’s
electronic systems, the CEO will promptly make a hard copy of such information
in paper, audio recording, disc format or other format as appropriate, turn that
hard copy over to NAU and then destroy his electronically stored
information.  Further, the CEO agrees to execute written confirmation
that all confidential information in his possession or to which he has access,
has been turned over to NAU or destroyed at the time of his
termination.

     

    XII.

     

    TERMINATION:

     

    The parties agree that this agreement
may be terminated in any of the following manners:

     

    
      	
               
      

            	
              A.

            	
              Mutual
      written agreement of the parties, in which case any compensation payable
      to the CEO shall be defined in said
agreement.

            

    

     

    
      	
               
      

            	
              B.

            	
              Resignation
      by the CEO upon at least twenty-four calendar months written notice, in
      which case the CEO shall not be entitled to any further compensation after
      said twenty-four month period, except accrued merit pay which shall be
      paid in accordance with Article VI (C) or in a lump sum at the election of
      NAU.

            

    

     

    
      	
               
      

            	
              C.

            	
              Mental
      or physical incapacity of the CEO to an extent that makes it impossible
      for him to fully perform the duties described in Article IV,
      hereof.  In the event the CEO becomes disabled due to accident,
      illness, or mental or physical incapacity, or for any other reason becomes
      incapable of performing the requirements of this Agreement, NAU shall have
      the right to terminate this Agreement, and all obligations of NAU shall
      cease upon such termination other than as provided in this Paragraph C of
      this Article XII.  If NAU, in its sole discretion acting through
      the Board, determines that the CEO is disabled, NAU shall have the right
      to require the CEO to submit to a physical and/or mental examination at
      the expense of NAU by a physician licensed to practice medicine in South
      Dakota and selected by NAU.  In the event the CEO is determined
      by such medical examination to be unable to fully continue or resume his
      duties as CEO, within 60 days of his disability, and if NAU elects then to
      terminate this Agreement, then NAU agrees to pay him his then current base
      salary (as determined under Article VI A hereof), payable monthly for a
      period of twelve months.  In addition, NAU agrees to pay him his
      prorated share, if any, of compensation determined for the year of
      disability under Article VI (C), said proration to be based upon the
      number of days in the year of disability prior to the date of termination
      and said compensation to be paid to him at the same time as it would have
      been paid if the provisions of this Paragraph C did not
      operate.  Such payments shall not include the perquisites
      described in Article VII
hereof.

            

    

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              D.

            	
              Death
      of the CEO.  If the CEO dies during the term of this agreement,
      NAU agrees to pay to his estate or other individual named by him as a
      beneficiary under this agreement, for a period of one year, an amount
      equal to his base salary (as determined under Article VI A hereof) in
      effect at the time of his death, payable monthly.  In addition,
      NAU agrees to pay him his prorated share, if any, of compensation
      determined for the year of death under Article VI (C), said proration to
      be based upon the number of days in the year of death prior to the date of
      said death, and said compensation to be paid to him at the same time as it
      would have been paid if the provisions of this Paragraph D did not
      operate.

            

    

     

    
      	
               
      

            	
              E.

            	
              The
      parties agree that the CEO may be discharged for cause, (without further
      compensation), including but not limited to dishonesty, willful
      misconduct, refusal or unwillingness to perform the duties and
      responsibilities of the office of CEO satisfactorily in good faith and to
      the best of his ability, insubordination, prolonged absence from duty
      without the consent of NAU, or any conduct which is in violation of the
      criminal statutes of South Dakota or a federal law, or which involves
      moral turpitude.  Discharge for cause may only be made upon a
      vote of the majority of the Board after giving the CEO an opportunity to
      appear before the Board to discuss the notice of dismissal, any such
      meeting to be conducted in executive session.  If the CEO is
      discharged and terminated for cause, he shall be entitled to receive only
      the base salary then in effect, prorated to the date of termination, and
      all fringe benefits through the date of termination and the remaining
      installments due, if any, for any bonus earned for a NAU fiscal year prior
      to the final year that includes the CEO’s date of
    termination.

            

    

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              F.

            	
              The
      parties agree that the Board shall have the right to terminate this
      Agreement at any time upon a majority vote of the Board without proof of
      cause; provided that if the cancellation should be for other than cause,
      the CEO shall be entitled to receive, as liquidated damages, his then
      current base salary (as determined under Article VI A hereof), payable
      monthly, for two years after termination or until the CEO shall again be
      employed by another employer, whichever shall first occur.  Said
      then current base salary shall be paid monthly during the period that such
      amounts are payable hereunder.  The payments made to the CEO
      under this Paragraph F of this Article XII shall be in lieu of any and all
      other entitlements, whether contractually or statutorily derived,
      including, but not limited to any additional compensation which would
      otherwise be due him under the provisions of Article VI, Paragraphs
      (C).  In the event that NAU gives the notice, NAU shall
      determine whether to require the CEO to continue to perform the agreement
      during the notice period.

            

    

     

    XIII.

     

    WAIVER OF
BREACH:

     

    The parties agree that the waiver by
NAU of any breach by the CEO of any provision of this Agreement shall not be
construed as a waiver of any subsequent breach by the CEO and shall not preclude
such enforcement or disciplinary action as NAU deems necessary and
appropriate.

     

    XIV.

     

    ASSIGNMENT:

     

    The parties agree that this is a
personal service contract and may not be assigned by the CEO.

     

    XV.

     

    INTEGRATION:

     

    The parties agree that this writing
constitutes the entire Agreement between them and that there are no other oral
or collateral agreements or understandings of any kind or character except those
contained herein.

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    XVI.

     

    REQUIRED SIX MONTH
DELAY:

     

    Notwithstanding any other provision in
this Agreement to the contrary, if at the time of his separation from service,
the CEO is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, distributions made on account of the CEO’s separation from service
may not be made before the date that is six (6) months after the CEO’s
separation from service unless such payments fall under the exception from
Section 409A for separation pay due to involuntary separation from service (as
provided in Treas. Reg. § 1.
409A-1(b)(9)(iii)).  If payments are delayed pursuant to this
paragraph, distributions will commence on the first day of the seventh month
following the separation from service and the first monthly distribution shall
include the aggregate payments that were delayed.

     

    For purposes of this Agreement,
“separation from service” shall mean when the CEO retires or otherwise has a
termination of employment with the Employer.  Whether a termination of
employment has occurred is determined based on whether the facts and
circumstances indicate that the Employer and the CEO reasonably anticipate that
no further services will be performed after a certain date or that the level of
bona fide services the CEO will perform after such date (whether as an employee
or independent contractor) will permanently decrease to no more than 20 percent
of the average level of bona fide services performed (whether as an employee or
independent contractor) over the immediately preceding 36-month
period.

    

    (The
balance of this page intentionally left blank.)

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    DATED this 18th day of
November,
2009.

     

    
      
        
          
            	
                    DLORAH,
      INC.

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Robert D. Buckingham

                  
	 
      	
                    Robert
      D.  Buckingham

                  
	
                    Its:

                  	
                    Chairman

                  
	 
      
	
                    NATIONAL
      AMERICAN UNIVERSITY

                  
	
                    DIVISION
      OF DLORAH, INC.

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Jerry Gallentine

                  
	 
      	
                    Jerry
      Gallentine, Ph.D.

                  
	
                    Its:

                  	
                    President

                  
	 
      	 
      
	 	
                    /s/ Ronald Shape

                  
	
                    Ronald
      Shape, Ed.D.

                  

          

        

      

    

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    MERIT PAY
FOR CEO

     

    The merit
pay plan consists of three independent goals associated with key performance
indicators of the CEO position in conjunction with university
objectives:

     

    Annual
Profitability:

    This goal
would be based on the annual audited financial report, net of adjustments as
defined in Section VI(B) of the Agreement.  The merit pay would be
determined by multiplying the annual audited gross profit, by the corresponding
merit percentage below:

     

    Profit margin of 15 to 15.99% would
allow for a .05% (.0005) merit

    Profit margin of 16 to 16.99% would
allow for a .1% (.001) merit

    Profit margin of 17(+)% would allow for
a .15% (.0015) merit

     

    Quarterly
Collections:

    This goal
would be based on the quarterly collection percentage 180 days after the start
of the quarter.  The merit pay would be calculated by multiplying the
prior quarter’s gross profit by the corresponding merit percentage
below:

     

    Percent collected of 97 to 97.99% would
allow for a .02% (.0002) merit

    Percent collected of 98 to 98.99% would
allow for a .03 % (.0003) merit

    Percent collected of 99( +) % would
allow for a .04% (.0004) merit

     

    Credit
Hour Growth:

    This goal
would be based on the percent of campus generated credit hour
growth in the current quarter over the same quarter of the prior
year.  The merit pay would be calculated by multiplying the prior
quarter’s gross profit by the corresponding merit percentage below:

     

    Growth of 5 to 9.99% would allow for a
..04% (.0004) merit

    Growth of 10 to 14.99% would allow for
a .06% (.0006) merit

    Growth of 15(+)% would allow for a .08%
(.0008) merit

     

    DATED the 18th day of
November,
2009.

     

    DLORAH,
INC.

    
      
        
          	 
      	 
      	
                  /s/ Ronald Shape

                
	 
      	 
      	
                  Ronald
      Shape, Ed.D.

                
	
                  By:

                	
                  /s/ Robert D. Buckingham

                	 
      	 
      
	 
      	
                  Robert
      D. Buckingham

                	 
      	 
      
	
                  Its:

                	
                  Chairman

                	 
      	
                  NATIONAL
      AMERICAN UNIVERSITY

                
	 
      	 
      	
                  DIVISION
      OF DLORAH, INC.

                

        

      

       

      
        
          
            	 
      	 
      	
                    By

                  	
                    /s/ Jerry Gallentine

                  
	 
      	 
      	 
      	
                    Jerry
      Gallentine, Ph.D.

                  
	 
      	
                      

                  	
                    Its:

                  	
                    President

                  

          

        

      

    

    
      
         

      

      
        -14-EXHIBIT
10.16

     

    STOCK
PURCHASE AGREEMENT

     

    This
STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of this 13th day of
November, 2009 by and between Camden Learning Corporation, a Delaware
corporation (“Buyer” or “Camden”) and the signatory on the execution page hereof
and its affiliates (collectively, “Seller”).1

     

    WHEREAS,
Camden was organized for the purpose of acquiring, through a merger, capital
stock exchange, asset acquisition or other similar business combination, an
operating business (“Business Combination”); and

     

    WHEREAS,
Camden consummated an initial public offering in November, 2007 (“IPO”) in
connection with which it raised gross proceeds of approximately $53 million, a
significant portion of which was placed in a trust account (the “Trust Account”)
pending the consummation of a Business Combination, or the dissolution and
liquidation of Camden in the event it is unable to consummate a Business
Combination on or prior to November 29, 2009; and

     

    WHEREAS,
Camden has entered into that certain Agreement and Plan of Reorganization as
amended and restated in its entirety on August 11, 2009 and further amended on
October 26th, 2009
by Amendment No. 1 to the Amended and Restated Agreement and Plan of
Reorganization (as amended, the “Merger Agreement”) pursuant to which Dlorah
Subsidiary, Inc., a newly formed, wholly-owned subsidiary of Camden (“Merger
Sub”), will merge with and into Dlorah, Inc., a South Dakota corporation which
owns and operates National American University (Dlorah, Inc., together with its
divisions and subsidiaries, is referred to herein as “Dlorah”), with Dlorah
surviving as a wholly-owned subsidiary of Camden, as a result of which the
stockholders of Dlorah will contribute all of the outstanding capital stock of
Dlorah to the Corporation in exchange for shares of a newly created class of
common stock, common stock purchase warrants and restricted shares of the
Corporation’s currently authorized common stock (the “Acquisition”);
and

     

    WHEREAS,
pursuant to certain provisions in Camden’s Certificate of Incorporation, as
amended (the “Certificate of Incorporation”), a holder of Camden’s shares of
common stock, par value $.0001 per share (the “Common Stock”), issued in
Camden’s initial public offering (“IPO”) may, if it votes against the Business
Combination, demand that Camden redeem such Common Stock into cash (“Redemption
Rights”); and

    
       

      
        
          

        

      

      
        1
“Affiliates” shall have the meaning ascribed to such term under Rule 501 of
Regulation D of the Securities Exchange Act of 1934, as
amended.

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    WHEREAS,
the Acquisition will not be consummated if the holders of 30% or more of the
Common Stock issued in the IPO vote against the Acquisition and request
Redemption Rights; and

     

    WHEREAS,
Buyer has requested Seller sell, and Seller has agreed to sell, the number of
shares of Common Stock set forth on the signature page hereof (the “Shares”);
and

     

    NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and
other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

     

    ARTICLE
I

    Purchase
and Closing

     

    Section
1.01     Purchase.

     

    (a)  Seller
hereby agrees to sell to Buyer and Buyer hereby agrees to purchase from Seller
at the Closing (as defined below) the Shares at $7.97 per
share (the “Purchase Price Per Share”) for the aggregate purchase price set
forth on the signature page hereto (the “Aggregate Purchase Price”). Following
the execution of this Agreement, Buyer hereby agrees to provide irrevocable
instructions to its transfer agent in the form attached hereto as Exhibit A, to deliver
the Aggregate Purchase Price at the Closing. Buyer’s obligation to purchase the
Shares from Seller shall be conditioned on the consummation of the
Acquisition.

     

    (b)  If, at
any time following the execution of this Agreement the market price of the
Shares exceeds the pro rata amount due a stockholder of Buyer who elects to
exercise its Redemption Rights, Seller may sell some or all of the Shares in the
market (a “Sale”); provided, however, any such
Sale shall only reduce the number of Shares covered by this Agreement and the
Aggregate Purchase thereof as a result of such Sale. In the event of a Sale,
each of the other terms and provisions of this Agreement shall terminate only in
accordance with Section 7.01.

     

    Section
1.02    Closing.
The Buyer shall initiate the liquidation of Buyer’s Trust Account as soon
as practicable following the earlier of (i) the consummation of the Acquisition
and (ii) November 29, 2009. The closing of the purchase and sale of the Shares
(“Closing”) will occur as soon as practicable, but in no event more than (1)
business day after: (i) the liquidation of Buyer’s Trust Account in connection
with the consummation of the Acquisition and (ii) the settlement of all (and not
less than all) of the Shares following Seller’s delivery of the Shares to an
account specified by Buyer using the Depository Trust Company’s DWAC
(Deposit/Withdrawal at Custodian) System. At the Closing, Buyer shall pay Seller
the Aggregate Purchase Price by wire transfer from Camden’s Trust Account
of immediately available funds to an account specified by Seller. It shall be a
condition to the obligation of Buyer on the one hand and Seller on the other
hand, to consummate the transfer of the Shares and payment of the Aggregate
Purchase Price contemplated hereunder that the other party’s representations and
warranties are true and correct at the Closing with the same effect as though
made on such date, unless waived in writing by the party to whom such
representations and warranties are made.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    ARTICLE
II

    Voting
of the Shares; Proxy and Waiver of Redemption

     

    Section
2.01    Voting; Redemption. In
further consideration of the Aggregate Purchase Price, Seller hereby agrees that
as soon as practicable, Seller will cause the Shares to be voted in favor of the
Acquisition and each of the other proposals (the “Proposals”) to be submitted at
the special meeting, or adjournment thereof called for by Camden for the purpose
of voting upon (i) the Acquisition and (ii) any other proposal set forth in
Camden’s definitive proxy statement describing the Acquisition and Proposals
(the “Meeting”), each in the manner set forth in such definitive proxy
statement.

     

    Section
2.02    Prior
Votes. If Seller has already voted in connection with the Meeting, Seller
shall, if applicable, withdraw and revoke its vote against the Acquisition and
Proposals with respect to the Shares and rescind its demand, to exercise its
Redemption Rights with respect to the Shares.

     

    Section
2.03    Appointment of Proxy. Subject
to the limitation set forth below, Seller hereby appoints David Warnock as its
true and lawful proxy and attorney-in-fact, with full power of substitution, to
vote all of the Shares in accordance with the terms of this Agreement. The proxy
and power of attorney granted herein shall be deemed to be coupled with an
interest, shall be irrevocable during the term of this Agreement, and shall
survive the death, disability, incompetency, bankruptcy, insolvency or
dissolution of Seller. Furthermore, Seller will, from time to time as reasonably
requested by Buyer, execute and deliver such further instruments, ancillary
agreements or other documents or take such other actions as may be necessary or
advisable to give effect to, confirm, evidence or effectuate the purposes of the
proxy granted by this Section 2.03. This Section 2.03 shall become effective
only if Seller fails to vote the Shares in accordance with this Agreement and
upon the termination of this Agreement in accordance with Section 7.01, this
Section 2.03 shall be of no further force and effect.

     

    Section
2.04     Evidence of Vote. Seller
shall provide further evidence of both (i) its vote in favor of the Acquisition
and Proposals, and (ii) its non-demand or withdrawal of Redemption Rights,
within one (1) business day of any reasonable request by Buyer for such
evidence.

     

    Section
2.05     Waiver of Right of Redemption.
By entering into this Agreement, Seller hereby waives its rights to
redeem the Shares. The waiver granted by Seller pursuant to this Section 2.05 is
irrevocable unless and until this Agreement is terminated in accordance with
Section 7.01 and is granted in consideration of Buyer entering into this
Agreement and incurring certain related fees and expenses.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    ARTICLE
III

    Representations
and Warranties of the Seller

     

    Seller
hereby represents and warrants to Buyer on the date hereof and on the Closing
Date that:

     

    Section
3.01     Sophisticated Seller. Seller
is sophisticated in financial matters and is able to evaluate the risks and
benefits attendant to the sale of Shares to Buyer.

     

    Section
3.02    Independent Investigation.
Seller, in making the decision to sell the Shares to Buyer, has not
relied upon any oral or written representations or assurances from Buyer or any
of its officers, directors or employees or any other representatives or agents
of Buyer other than as set forth in this Agreement. Seller has had access to all
of the filings made by Camden with the SEC, pursuant to the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as
amended, in each case to the extent available publicly via the SEC’s Electronic
Data Gathering, Analysis and Retrieval system.

     

    Section
3.03    Authority. This Agreement has
been validly authorized, executed and delivered by Seller and, assuming the due
authorization, execution and delivery thereof by Buyer, is a valid and binding
agreement enforceable in accordance with its terms, subject to the general
principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally. The execution, delivery and performance of this
Agreement by Seller does not and will not, to the best of Seller’s knowledge,
conflict with, violate or cause a breach of, constitute a default under, or
result in a violation of (i) any agreement, contract or instrument to which
Seller is a party which would prevent Seller from performing its obligations
hereunder or (ii) any law, statute, rule or regulation to which Seller is
subject.

     

    Section
3.04    No
Legal Advice from Buyer. Seller acknowledges that is has had the
opportunity to review this Agreement and the transactions contemplated by this
Agreement with Seller’s own legal counsel, investment and tax advisors. Seller
is not relying on any statements or representations of Buyer or any of its
representatives or agents for legal, tax or investment advice with respect to
this Agreement or the transactions contemplated by the Agreement.

     

    Section
3.05    Ownership of Shares. Seller
is the legal and beneficial owner of the Shares and will transfer to Buyer at
the Closing good and marketable title to the Shares free and clear of any liens,
claims, security interests, options, charges or any other encumbrance
whatsoever. The Seller beneficially owned all of the Shares as of the close of
the trading day on November 5, 2009 and has the sole right to exercise
Redemption Rights and vote the Shares, whether at the Meeting or upon action by
written consent, with respect to all of the Shares. Except as provided by this
Agreement, Seller has not, directly or indirectly, granted any proxies or
entered into any voting trust or other agreement or arrangement with respect to
the voting, regardless of whether such vote would occur at the Meeting or upon
action by written consent, of any of the Shares.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    Section
3.06    Number
of Shares. The Shares being transferred pursuant to this Agreement
represent all of the Common Stock beneficially owned by Seller as of the date
hereof, including any such shares of Common Stock which may result from the
exercise of any option, call or other derivative security interest.

     

    Section
3.07    Cash Account. If the Shares
are not currently held in an account which prohibits rehypothecation by the
Seller’s prime broker, Seller will transfer the Shares into such an account as
soon as practicable following the execution of this Agreement; provided, however, in no event
shall such transfer occur more than two (2) business days from the execution of
this Agreement.

     

    Section
3.08     Seller Taxes. Seller
understands that Seller (and not the Buyer) shall be responsible for any and all
tax liabilities of Seller that may arise as a result of the transactions
contemplated by this Agreement.

     

    Section
3.09    Aggregate Purchase Price Negotiated.
Seller represents and understands that both the number of Shares and the
Aggregate Purchase Price were negotiated figures by the parties and that the
terms and conditions by the parties of this Agreement may differ from
arrangements entered into with other holders of Common Stock.

     

    Section
3.10    Finder’s Fees. No investment
banker, broker, finder or other intermediary is entitled to a fee or commission
from Camden in respect of this Agreement based upon any arrangement or agreement
made by or on behalf of Seller.

     

    ARTICLE
IV

    Representations
and Warranties of the Buyer

     

    Buyer
hereby represents and warrants to Seller on the date hereof and on the Closing
Date that:

     

    Section
4.01     Sophisticated Buyer. Buyer is
sophisticated in financial matters and is able to evaluate the risks and
benefits attendant to the purchase of Shares from Seller.

     

    Section
4.02    Independent Investigation.
Buyer, in making the decision to purchase the Shares from Seller, has not
relied upon any oral or written representations or assurances from Seller or any
of its officers, directors, partners or employees or any other representatives
or agents of Seller other than as set forth in this Agreement.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    Section
4.03    Authority. This Agreement has
been validly authorized, executed and delivered by Buyer and assuming the due
authorization, execution and delivery thereof by Seller, is a valid and binding
agreement enforceable in accordance with its terms, subject to the general
principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally. The execution, delivery and performance of this
Agreement by Buyer does not and will not conflict with, violate or cause a
breach of, constitute a default under, or result in a violation of (i) any
agreement, contract or instrument to which Buyer is a party which would prevent
Buyer from performing its obligations hereunder or (ii) any law, statute, rule
or regulation to which Buyer is subject.

     

    Section
4.04    No
Legal Advice from Seller. Buyer acknowledges that is has had the
opportunity to review this Agreement and the transactions contemplated by this
Agreement with Buyer’s own legal counsel, investment and tax advisors. Buyer is
relying solely on such counsel and advisors and not on any statements or
representations of Seller or any of its representatives or agents for legal, tax
or investment advice with respect to this Agreement or the transactions
contemplated by this Agreement.

     

    Section
4.05     Buyer Taxes. Buyer
understands that Buyer (and not the Seller) shall be responsible for any and all
tax liabilities of Buyer that may arise as a result of the transactions
contemplated by this Agreement.

     

    ARTICLE
V

    Negative
Covenants of the Seller

     

    Section
5.01    No
Further Acquisitions of Camden Securities. Seller hereby covenants and
agrees that following the execution of this Agreement and prior to Closing,
Seller shall not acquire any Common Stock, other securities of Camden
convertible into or exchangeable for shares of Common Stock in Camden or any
options, calls or other rights to acquire Common Stock of Camden or similar
securities or rights that are derivative of, or provide economic benefits based,
directly or indirectly, on the value or price of, any Common Stock or other
securities of Camden.

     

    Section
5.03     No Borrowing of the Shares.
Seller hereby covenants and agrees that it shall not allow the Shares to
be borrowed by, or lent to, any other person or entity whatsoever during the
term of this Agreement.

     

    Section
5.02    No
Other Proxies or Voting Agreements. Seller hereby covenants and agrees
that except pursuant to the terms of this Agreement, Seller shall not, directly
or indirectly, (i) grant any proxies or enter into any voting trust or other
agreement or arrangement with respect to the voting of any of the Shares,
regardless of whether such vote would occur at the Meeting or upon action by
written consent or (ii) sell, assign, transfer, encumber or otherwise dispose
of, or enter into any contract, option or other arrangement or understanding
with respect to the direct or indirect assignment, transfer, encumbrance or
other disposition of, any of the Shares during the term of this Agreement.
Seller shall not seek or solicit any such assignment, transfer, encumbrance or
other disposition or any such contract, option or other arrangement or
understanding with respect to the Shares.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    ARTICLE
VI

    Acknowledgement;
Waiver

     

    Section
6.01     Acknowledgement; Waiver.
Seller (i) acknowledges that Buyer may possess or have access to material
non-public information which has not been communicated to Seller; (ii) hereby
waives any and all claims, whether at law, in equity or otherwise, that he, she,
or it may now have or may hereafter acquire, whether presently known or unknown,
against Buyer or any of its officers, directors, employees, agents, affiliates,
subsidiaries, successors or assigns relating to any failure to disclose any
non-­public information in connection with the transactions contemplated by
this Agreement, including without limitation, any such claims arising under the
securities or other laws, rules and regulations, and (iii) is aware that Buyer
is relying on the foregoing acknowledgement and waiver in clauses (i) and (ii)
above, respectively, in connection with the transactions contemplated by this
Agreement.

     

    ARTICLE
VII

    Miscellaneous

     

    Section
7.01    Termination. Except with
respect to Buyer’s obligation under the first sentence of Section 1.02,
notwithstanding any provision in this Agreement to the contrary, this Agreement
shall become null and void and of no further force and effect upon the earlier
to occur: (i) termination by the written agreement of the parties to this
Agreement, (ii) the day on which the Company terminates the Acquisition or (iii)
12:00 a.m. on November 30, 2009.

     

    Section
7.02    Counterparts; Facsimile. This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same instrument. This Agreement or any counterpart may be
executed via facsimile transmission, and any such executed facsimile copy shall
be treated as an original.

     

    Section
7.03    Governing Law. This Agreement
shall for all purposes be deemed to be made under and shall be construed in
accordance with the laws of the State of Delaware. Each of the parties hereby
agrees that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall, to the fullest extent applicable,
be brought and enforced first in the Delaware Chancery Court, then to such other
court in the State of Delaware as appropriate and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    Section
7.04    Remedies Cumulative. Each of
the parties hereto acknowledges and agrees that, in the event of any breach of
any covenant or agreement contained in this Agreement by the other party, money
damages may be inadequate with respect to any such breach and the non-breaching
party may have no adequate remedy at law. It is accordingly agreed that each of
the parties hereto shall be entitled, in addition to any other remedy to which
they may be entitled at law or in equity, to seek injunctive relief and/or to
compel specific performance to prevent breaches by the other party hereto of any
covenant or agreement of such other party contained in this Agreement.
Accordingly, Seller hereby agrees Buyer is entitled to an injunction prohibiting
any conduct by the Seller in violation of this Agreement and shall not seek the
posting of any bond in connection with such request for an injunction.
Furthermore, in any action by Buyer to enforce this Agreement, Seller waives its
right to assert any counterclaims and its right to assert set-off as a defense.
The prevailing party agrees to pay all costs and expenses, including reasonable
attorneys’ and experts’ fees that such prevailing party may incur in connection
with the enforcement of this Agreement.

     

    Section
7.05    Severability. If any term,
provision or covenant of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the
remainder of the terms, provisions and covenants of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or
invalidated

     

    Section
7.06    Binding
Effect; Assignment. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns. This Agreement shall not be assigned by either
party without the prior written consent of the other party hereto.

     

    Section
7.07     Headings. The descriptive
headings of the Sections hereof are inserted for convenience only and do not
constitute a part of this Agreement.

     

    Section
7.08    Entire
Agreement; Changes in Writing. This Agreement constitutes the entire
agreement among the parties hereto and supersedes and cancels any prior
agreements, representations and warranties, whether oral or written, among the
parties hereto relating to the transaction contemplated hereby. Neither this
Agreement not any provision hereof may be changed or amended orally, but only by
an agreement in writing signed by the other party hereto.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    Section
7.09    Trust Waiver. Camden’s
initial public offering was consummated on December 5, 2007 as a result of which
it received gross proceeds of $53,010,400, a significant portion of which are
held in the Trust Account. The Trust Account is invested in U.S. government
securities in a trust account at JP Morgan Chase Bank, N.A. and held in trust by
Continental Stock Transfer & Trust Company (the “Trustee”) pursuant to the
Investment Management Trust Account Agreement, dated as of November 29, 2007,
between Camden and Trustee. Other than with respect to the Aggregate Purchase
Price to be paid to Seller in connection with this Agreement, Seller agrees that
it does not now have, and shall not at any time have, any claim to, or make any
claim against, the Trust Account or any asset contained therein, regardless of
whether such claim arises as a result of, in connection with or relating in any
way to, the business relationship between Seller, on the one hand, and Camden,
on the other hand, this Agreement, or any other agreement or any other matter,
and regardless of whether such claim arises based on contract, tort, equity or
any other theory of legal liability. Other than with respect to the Aggregate
Purchase Price to be paid to Seller in connection with this Agreement, Seller
hereby irrevocably waives any and all claims it may have, now or in the future
(in each case, however, prior to the consummation of a business combination),
and will not seek recourse against, the Trust Account for any other reason
whatsoever in respect thereof. Other than with respect to an action for the
recovery of the Aggregate Purchase Price to be paid to Seller in connection with
this Agreement, in the event Seller commences any other action or proceeding
based upon, in connection with, relating to or arising out of any matter
relating to Camden, which proceeding seeks, in whole or in part, relief against
the Trust Account or the public stockholders of Camden, whether in the form of
money damages or injunctive relief, Camden shall be entitled to recover from
Seller the associated legal fees and costs in connection with any such
action.

     

    [Signature
Page Follows]

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set
forth on the first page of this Agreement.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  CAMDEN
      LEARNING

                                  CORPORATION

                                
	 
      	 
      
	
                                  By:

                                	/s/
      David Warnock
	
                                  Name:

                                	David
      Warnock
	
                                  Title:

                                	CEO
	 
      	 
      
	
                                  BULLDOG
      INVESTORS

                                
	
                                  By:

                                	
                                  

                                
	Name: 	
                                  Andrew
      Dakos

                                
	
                                  Title: 

                                	Principal 

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Purchase
Price Per Share: $7.97

    Number of
Shares: 1,030,167

    Aggregate
Purchase Price: 8,210,430.99

    

    Signature
Page to Stock Purchase Agreement

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