Document:

Exhibit 4.1

	 	 	 	 	 

Exhibit 4.1

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

This Amendment No. 2 to Rights Agreement (this
“Amendment”), dated as of May 10, 2010, is entered into by
Allied Healthcare International Inc., a New York corporation (the
“Company”), and Computershare Trust Company, N.A., a
federally-charted trust company, as rights agent (the “Rights
Agent”), and amends the Rights Agreement, dated as of April 2,
2009, between the Company and the Rights Agent, as amended by
Amendment No. 1 to Rights Agreement, dated March 10, 2010 (as
amended, the “Rights Agreement”).

WITNESSETH:

WHEREAS, the Company and the Rights Agent have entered into the
Rights Agreement.

WHEREAS, the Company and the Rights Agent wish to amend the Rights
Agreement in the manner hereinafter specified.

NOW, THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are acknowledged, the parties agree as
follows:

1. Amendments to Section 1.

(a) Definition of Definitive Acquisition Agreement. Section 1 of the Rights Agreement
is hereby amended by adding at the end thereof a new Section 1(yy), such Section 1(yy) to read as
follows:

“(yy) “Definitive Acquisition Agreement” shall mean any agreement entered into by the
Company that is conditioned on the approval by the holders of not less than two-thirds of the
voting power of the outstanding shares of Common Stock, at a meeting of stockholders with respect
to (i) a merger, consolidation, recapitalization, reorganization, share exchange, business
combination or similar transaction involving the Company or (ii) the acquisition in any manner,
directly or indirectly, of more than 50% of the consolidated total assets (including, without
limitation, equity securities of its subsidiaries) of the Company.

(b) Definition of Outside Meeting Date. Section 1 of the Rights Agreement is hereby
amended by adding at the end thereof a new Section 1(zz), such Section 1(zz) to read as follows:

“(zz) “Outside Meeting Date” shall have the meaning set forth in Section 23(b) hereof.

(c) Definition of Qualified Offer. Section 1 of the Rights Agreement is hereby
amended by adding at the end thereof a new Section 1(aaa), such Section 1(aaa) to read as follows:

 

 

“(aaa) “Qualified Offer” shall mean an offer
determined by a majority of the Independent Directors to have each
of following characteristics:

(i) a fully-financed, all-cash tender offer, or an exchange offer offering shares of common
stock of the offeror, or a combination thereof, in each such case for all of the outstanding shares
of Common Stock at the same per-share consideration;

(ii) an offer that has commenced within the meaning of Rule 14d-2(a) under the Exchange Act;

(iii) an offer whose per-share offer price exceeds the greatest of (A) the highest reported
market price per share of the Common Stock, in the 24 months immediately preceding May 10, 2010
(provided that this clause (A) shall only be applicable to offers made on or prior to June 30,
2011), (B) the highest price per share of the Common Stock paid by the Person making the tender
offer or any of its Affiliates during the 24 months immediately preceding the commencement of the
tender offer or prior to the expiration of the tender offer and (C) the greater of (I) an amount
that is 25% higher than the 12-month moving average share price (determined as of the Trading Day
immediately preceding the commencement of such offer within the meaning of Rule 14d-2(a) of the
General Rules and Regulations under the Exchange Act) of the Common Stock and (II) an amount that
is 25% higher than the closing price (as “closing price” is determined pursuant to Section 11(d)(i)
of this Agreement) per share of the Common Stock on the Trading Day immediately preceding the
commencement of such offer within the meaning of Rule 14d-2(a) of the General Rules and Regulations
under the Exchange Act (provided that this clause (C) shall only be applicable to offers made after
June 30, 2011); provided, however, that, if, at the time that any offer is
commenced within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the
Exchange Act, any other offer that is a Qualified Offer has been commenced and remains open, the
per share offer price with respect to such subsequent offer must equal or exceed the per share
price with respect to such earlier Qualified Offer (in lieu of exceeding the thresholds set forth
in clauses (I) and (II) above); provided, further, that, to the extent that an
offer that includes common stock of the offeror, such per-share offer price with respect to such
common stock of the offeror will be determined for purposes of the foregoing provision to be the
average of the daily closing prices (as “closing price” is determined pursuant to Section 11(d)(i)
below) per share for such common stock of the offeror for the 30 Trading Days immediately preceding
the commencement of such offer within the meaning of Rule 14d-2(a) under the Exchange Act;

(iv) an offer that, within twenty Business Days after the commencement date of the offer (or
within ten Business Days after any increase in the offer consideration), does not result in a
nationally recognized investment banking firm retained by the Board rendering an opinion to the
Board that the consideration being offered to the shareholders of the Company is either unfair or
inadequate;

 

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(v) if the offer includes shares of common stock of the offeror, an offer pursuant to which
(A) the offeror shall permit representatives of the Company (including a nationally-recognized
investment banking firm retained by the Board and legal counsel and an accounting firm designated
by the Company) to have access to such offeror’s books, records, management, accountants, financial
advisors, counsel and any other appropriate outside advisors for the purposes of permitting such
representatives to conduct a due diligence review of the offeror in order to permit the Board to
evaluate the offer and make an informed decision and, if requested by the Board, to permit such
investment banking firm (relying as appropriate on the advice of such legal counsel) to be able to
render an opinion to the Board with respect to whether the consideration being offered to the
shareholders of the Company is fair from a financial point of view and (B) within ten Business Days
after such representatives of the Company (including a nationally-recognized investment banking
firm retained by the Board and legal counsel and an accounting firm designated by the Company)
shall have notified the Company and the offeror that it had completed such due diligence review to
its satisfaction (or, following completion of such due diligence review, within ten Business Days
after any increase in the consideration being offered), such investment banking firm does not
render an opinion to the Board that the consideration being offered to the shareholders of the
Company is either unfair or inadequate and such investment banking firm does not, after the
expiration of such ten Business Day period, render an opinion to the Board that the consideration
being offered to the shareholders of the Company has become either unfair or inadequate based on a
subsequent disclosure or discovery of a development or developments that have had or are reasonably
likely to have an adverse effect on the value of the common stock of the offeror;

(vi) an offer that is subject to only the minimum tender condition described below in Section
1(aaa)(ix) and other customary terms and conditions, which conditions shall not include any
financing, funding or similar conditions or any requirements with respect to the offeror or its
agents being permitted any due diligence with respect to the books, records, management,
accountants or other outside advisors of the Company;

(vii) an offer pursuant to which the Company has received an irrevocable written commitment of
the offeror that the offer will remain open for at least 120 Business Days and, if a Special
Meeting is duly requested in accordance with Section 23(b), for at least ten Business Days after
the date of the Special Meeting or, if no Special Meeting is held within ninety Business Days
following receipt of the Special Meeting Notice in accordance with Section 23(b), for at least ten
Business Days following such ninety Business Day period;

(viii) an offer pursuant to which the Company has received an irrevocable written commitment
of the offeror that, in addition to the minimum time periods specified above in Section
1(aaa)(vii), the offer, if it is otherwise to expire prior thereto, will be extended for at least
twenty Business Days after any increase in the consideration being offered or after any bona fide
alternative offer is commenced within the meaning of Rule 14d-2(a) under the Exchange Act;
provided, however, that such offer need not remain open, as a result of Section
1(aaa)(vii) and this Section 1(aaa)(viii), beyond (A) the time that any other offer satisfying the criteria for a Qualified Offer is then
required to be kept open under such Section 1(aaa)(vii) and this Section 1(aaa)(viii)

 

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or (B) the expiration date, as such date may be extended by public announcement (with prompt
written notice to the Rights Agent) in compliance with Rule 14e-1 under the Exchange Act, of any
other tender offer for the Common Stock with respect to which the Board has agreed to redeem the
Rights immediately prior to acceptance for payment of Common Stock thereunder (unless such other
offer is terminated prior to its expiration without any Common Stock having been purchased
thereunder) or (C) one Business Day after the shareholder vote with respect to approval of any
Definitive Acquisition Agreement has been officially determined and certified by the inspectors of
elections;

(ix) an offer that is conditioned on a minimum of at least two-thirds of the outstanding
shares of the Common Stock not held by the Person making such offer (and such Person’s Affiliates
and Associates) being tendered and not withdrawn as of the offer’s expiration date, which condition
shall not be waivable;

(x) an offer pursuant to which the Company has received an irrevocable written commitment of
the offeror to consummate, as promptly as practicable upon successful completion of the offer, a
second step transaction whereby all shares of the Common Stock not tendered into the offer will be
acquired at the same consideration per share actually paid pursuant to the offer, subject to
shareholders’ statutory appraisal rights, if any;

(xi) an offer pursuant to which the Company and its shareholders have received an irrevocable,
legally binding written commitment of the offeror that no amendments will be made to the offer to
reduce the consideration being offered or to otherwise change the terms of the offer in a way that
is adverse to a tendering shareholder;

(xii) an offer (other than an offer consisting solely of cash consideration) pursuant to which
the Company has received the written representation and certification of the offeror and the
written representations and certifications of the offeror’s Chief Executive Officer and Chief
Financial Officer, acting in such capacities, that (A) all facts about the offeror that would be
material to making an investor’s decision to accept the offer have been fully and accurately
disclosed as of the date of the commencement of the offer within the meaning of Rule 14d-2(a) under
the Exchange Act, (B) all such new facts will be fully and accurately disclosed on a prompt basis
during the entire period during which the offer remains open, and (C) all required Exchange Act
reports will be filed by the offeror in a timely manner during such period; and

(xiii) if the offer includes non-cash consideration, (A) the non-cash portion of the
consideration offered must consist solely of common stock of a Person that is a publicly-owned
United States corporation, (B) such common stock must be freely tradable and listed or admitted to
trading on either the New York Stock Exchange, Inc. or Nasdaq, (C) no shareholder approval of the
issuer of such common stock is required to issue such common stock, or, if such approval is
required, such approval has already been obtained, (D) no Person (including such Person’s
Affiliates and Associates) beneficially owns 20% or more of the shares of common stock of the

 

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issuer then outstanding at the time of commencement of the offer or at any time during the term of
the offer, (E) such issuer of such common stock has no other class of voting stock or other voting
securities and (F) the issuer of such common stock meets the registrant eligibility requirements
for use of Form S-3 for registering securities under the Act, including the filing of all required
Exchange Act reports in a timely manner during the twelve calendar months prior to the date of
commencement of such offer.

For the purposes of this definition of “Qualified Offer,” “fully
financed” shall mean that the offeror has sufficient funds for the
offer and related expenses which shall be evidenced by (1) firm,
unqualified, legally binding, written commitments from responsible
financial institutions having the necessary financial capacity,
accepted by the offeror, to provide funds for such offer subject
only to customary terms and conditions (for the avoidance of doubt
it being understood that a provision relating to the sharing with
a financing source of any break-up or termination fee shall be
considered customary), (2) cash or cash equivalents then available
to the offeror, set apart and maintained solely for the purpose of
funding the offer with an irrevocable, legally binding, written
commitment being provided by the offeror to the Board to maintain
such availability until the offer is consummated or withdrawn or
(3) a combination of the foregoing; which evidence has been
provided to the Company prior to, or upon, commencement of the
offer. If an offer becomes a Qualified Offer in accordance with
this definition, but subsequently ceases to be a Qualified Offer
as a result of the failure at a later date to continue to satisfy
any of the requirements of this definition, such offer shall cease
to be a Qualified Offer and the provisions of Section 23(b) shall
no longer be applicable to such offer, provided that the actual
redemption of the Rights pursuant to Section 23(b) shall not have
already occurred.”

(d) Definition of Redemption Resolution. Section 1 of the Rights Agreement is hereby
amended by adding at the end thereof a new Section 1(bbb), such Section 1(bbb) to read as follows:

“(bbb) “Redemption Resolution” shall have the meaning set forth in Section 23(b)
hereof.”

(e) Definition of Special Meeting. Section 1 of the Rights Agreement is hereby
amended by adding at the end thereof a new Section 1(ccc), such Section 1(ccc) to read as follows:

“(ccc) “Special Meeting” shall have the meaning set forth in Section 23(b) hereof.

(f) Definition of Special Meeting Notice. Section 1 of the Rights Agreement is hereby
amended by adding at the end thereof a new Section 1(ddd), such Section 1(ddd) to read as follows:

“Special Meeting Notice” shall have the meaning set forth in Section 23(b) hereof.”

 

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(g) Definition of Special Meeting Period. Section 1 of the Rights Agreement is hereby
amended by adding at the end thereof a new Section 1(ddd), such Section 1(ddd) to read as follows:

“Special Meeting Period” shall have the meaning set forth in Section 23(b) hereof.

2. Amendments to Section 23.

(a) Renumbering of Section 23(b). Section 23(b) of the Rights Agreement is hereby
renumbered as Section 23(c) and the following words are hereby inserted (A) after the word “Rights”
and before the word “evidence” in the first sentence of Section 23(b) and (b) after the word
“Rights” and before the words “the Company” in the second sentence of Section 23(b):

“or the effectiveness of a redemption of the Rights pursuant to Section 23(b)”

(b) New Section 23(b). A new Section 23(b) is hereby added to the Agreement, such new
Section 23(b) to read as follows:

“(b) If the Company receives a Qualified Offer and the Board has not redeemed the outstanding
Rights or exempted such offer from the terms of this Agreement or called a special meeting of
shareholders for the purpose of voting on whether or not to exempt such Qualified Offer from the
terms of this Rights Agreement, in each case by the end of the ninety Business Days following the
commencement of such Qualified Offer, and if the Company receives, not earlier than ninety Business
Days nor later than 120 Business Days following the commencement of such Qualified Offer, a written
notice complying with the terms of this Section 23(b) (the “Special Meeting Notice”),
properly executed by the holders of record outstanding shares of Common Stock having 10% or more of
the total voting power of all shares of Common Stock then outstanding (or their duly authorized
proxy) (excluding shares of Common Stock beneficially owned by the Person making the Qualified
Offer and such Person’s Affiliates and Associates), directing the Board to submit to a vote of
shareholders at a special meeting of the shareholders of the Company (a “Special Meeting”)
a resolution authorizing the redemption of all, but not less than all, of the then outstanding
Rights at the Redemption Price (the “Redemption Resolution”), then the Board shall take
such actions as are necessary or desirable to cause the Redemption Resolution to be submitted to a
vote of shareholders within ninety Business Days following receipt by the Company of the Special
Meeting Notice (the “Special Meeting Period”), including by including a proposal relating
to adoption of the Redemption Resolution in the proxy materials of the Company for the Special
Meeting; provided, however, that if the Company, at any time during the Special
Meeting Period and prior to a vote on the Redemption Resolution, enters into a Definitive
Acquisition Agreement, the Special Meeting Period may be extended (and any Special Meeting called
in connection therewith may be cancelled) if the Redemption Resolution will be separately submitted
to a vote at the same meeting as the Definitive Acquisition Agreement. For purposes of a Special
Meeting Notice, to the full extent permitted by applicable law, the record date for determining
eligible holders of

 

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record of the Common Stock shall be the ninetieth Business Day following the commencement of a
Qualified Offer. Any Special Meeting Notice must be delivered to the Secretary of the Company at
the principal executive offices of the Company and must set forth, as to the shareholders of record
executing such Special Meeting Notice, (i) the name and address of such shareholders, as they
appear on the Company’s books and records, (ii) the number of shares of Common Stock that are owned
of record by each of such shareholders and (iii) in the case of Common Stock that is owned
beneficially by another Person, an executed certification by the holder of record that such holder
has executed such Special Meeting Notice only after obtaining instructions to do so from such
beneficial owner. Subject to the requirements of applicable law, the Board may take a position in
favor of or opposed to the adoption of the Redemption Resolution, or no position with respect to
the Redemption Resolution, as it determines to be appropriate in the exercise of its fiduciary
duties. In the event that (i) no Person has become an Acquiring Person prior to the effective date
of redemption referred to below in this sentence, (ii) the Qualified Offer continues to be a
Qualified Offer prior to the last day of the Special Meeting Period (the “Outside Meeting
Date”) and (iii) either (A) the Special Meeting is not held on or prior to the ninetieth
Business Day following receipt of the Special Meeting Notice or (B) at the Special Meeting at which
a quorum is present, the holders of shares of Common Stock outstanding as of the record date for
the Special Meeting selected by the Board (excluding shares of Common Stock beneficially owned by
the Person making the Qualified Offer and such Person’s Affiliates and Associates) having a
majority of the total voting power of all such shares of Common Stock, shall vote in favor of the
Redemption Resolution, then all of the Rights shall be deemed redeemed at the Redemption Price by
such failure to hold the Special Meeting or as a result of the adoption of the Redemption
Resolution by the shareholders of the Company (or the Board shall take such other action as may be
necessary to prevent the existence of the Rights from interfering with the consummation of the
Qualified Offer), such redemption to be effective, as the case may be, (I) as of the close of
business on the Outside Meeting Date if a Special Meeting is not held on or prior to such date or
(II) if a Special Meeting is held on or prior to the Outside Meeting Date, as of the date on which
the results of the vote adopting the Redemption Resolution at the Special Meeting are certified as
official by the appointed inspectors of election for the Special Meeting.”

3. Amendments to Exhibit C. Exhibit C to the Rights Agreement is hereby revised as
follows:

(a) In the fifth paragraph of Exhibit C, “April 1, 2019” is hereby replaced with “April 1,
2012”.

(b) The following two paragraphs are added after the tenth paragraph of Exhibit C:

“In addition, if a Qualified Offer (as described below) is made, the holders of record of
outstanding shares of Common Stock having 10% or more of the total voting power of all shares of
Common Stock then outstanding (or their duly authorized proxy) may direct the Board of Directors of
the Company to call a special meeting of shareholders to consider a resolution authorizing a
redemption of all Rights. If the special meeting is not held

 

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within ninety Business Days of being called or if, at the special meeting, the holders of
outstanding shares of Common Stock having a majority of the total voting power of all shares of
Common Stock outstanding as of the record date of the special meeting (other than shares held by
the offeror and its affiliated and associated persons) vote in favor of the redemption of the
Rights, then the Rights shall be redeemed at the Redemption Price (or the Board will take such
other action as may be necessary to prevent the Rights from interfering with the consummation of
the Qualified Offer).

A Qualified Offer, among other things, is an offer determined by the independent directors of
the Company to be a fully-financed offer for all outstanding shares of Common Stock whose per share
offer price exceeds the greatest of (x) the highest reported market price per share of the Common
Stock, in the immediately preceding 24 months (provided that this clause (x) shall only be
applicable to offers made on or prior to June 30, 2011), (y) the highest price per share of the
Common Stock paid by the Person making the tender offer or any of its Affiliates during the 24
months immediately preceding the commencement of the tender offer or prior to the expiration of the
tender offer, and (z) the greater of (A) an amount that is 25% higher than the 12-month moving
average share price (determined as of the trading day immediately preceding the commencement of
such offer) of the Common Stock and (B) an amount that is 25% higher than the closing price per
share of the Common Stock on the trading day immediately preceding the commencement of such offer
(provided that this clause (z) shall only be applicable to offers made after July 30, 2011). A
Qualified Offer is, among other things, conditioned upon a minimum of at least two-thirds of the
outstanding shares of Common Stock not held by the offeror (and its affiliated and associated
persons) being tendered and not withdrawn, with a commitment to acquire all shares of Common Stock
not tendered for the same consideration. If the Qualified Offer includes non-cash consideration,
such consideration must consist solely of freely-tradeable common stock of a publicly traded
company, and the board and its representatives must be given access to conduct a due diligence
review of the offeror to determine whether the consideration is fair and adequate. A Qualified
Offer must also remain open for at least 120 Business Days following commencement.”

4. No Other Changes. All other provisions of the Rights Agreement shall remain
unchanged.

5. Governing Law. The validity, enforceability, interpretation and performance of
this Amendment shall be governed by and construed in accordance with the laws of the State of New
York applicable to contracts made and to be performed entirely within such state.

6. Counterparts. This Amendment may be executed in any number of counterparts, each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts
shall together constitute one and the same instrument. A signature to this Amendment transmitted
electronically shall have the same authority, effect and enforceability as an original
signature.

 

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IN WITNESS WHEREOF, the parties hereto have executed this
Amendment as of the date first written above.

	 	 	 	 	 
	 	ALLIED HEALTHCARE INTERNATIONAL INC.

 	 
	 	By:  	/s/ Sandy Young
 	 
	 	 	Name:  	Sandy Young 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	COMPUTERSHARE TRUST COMPANY, N.A., as Rights Agent

 	 
	 	By:  	/s/
Dennis V. Moccia	 
	 	 	Name:  	Dennis V. Moccia	 
	 	 	Title:  	Manager, Contract Administration	 
	 

[Signature page to Amendment No. 2 to Rights Agreement]Exhibit 10.1

Exhibit 10.1

NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC.

INDEMNIFICATION AGREEMENT

This Indemnification Agreement (“Agreement”) is effective as of March 1, 2010 by and between
National American University Holdings, Inc., a Delaware corporation (“NAUH”), and the person
identified on the signature page hereto (“Indemnified Person ”).

Recitals

	A.	 	NAUH desires to attract and retain the services of highly qualified individuals, such as
Indemnified Person, to serve as a member of the board of directors of NAUH.
	 
	B.	 	In order to induce Indemnified Person to continue to provide services to NAUH as a member of
its board of directors, and in order to provide Indemnified Person with specific contractual
assurance that indemnification will be available to Indemnified Person regardless of, among
other things, any amendment or revocation of NAUH’s certificate of incorporation or any
acquisition transaction relating to NAUH, NAUH wishes to provide for the indemnification of,
and the advancement of expenses to, Indemnified Person to the maximum extent permitted by law.
	 
	C.	 	NAUH and Indemnified Person recognize the substantial increase in corporate litigation in
general, subjecting directors to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.
	 
	D.	 	In view of the considerations set forth above, NAUH desires that Indemnified Person shall be
indemnified and advanced expenses by NAUH as set forth herein.

Agreement

In consideration of the recitals, and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, NAUH and Indemnified Person hereby agree as follows:

	1.	 	Certain Definitions.

	 	(a)	 	“Board Member” means an individual elected by stockholders of NAUH, or
appointed by members of its board of directors, to serve on its board of directors.
	 
	 	(b)	 	“Change in Control” means a change in the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of NAUH,
or any successor in interest thereto, whether through the ownership of voting
securities, by contract or otherwise. A rebuttable presumption of a Change in Control
shall be created by any of the following, which first occur after the date hereof, and
NAUH shall bear the burden of proof to overcome such presumption: (i) any “person”
(including, without limitation, any individual, sole proprietorship, partnership,
trust, corporation, association, joint venture, or other entity, whether or not
incorporated), or “group” of persons (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”)),
becomes, after the date hereof, the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing
fifty percent (50%) or more of the combined voting power of the Company’s then
outstanding securities; (ii) during any two year period, individuals who constitute the
board of directors at the beginning of such period, together with any new directors
elected or appointed during the period whose election or appointment resulted from 

 

 

 

	 	 	 	a
vacancy on the board of directors caused by retirement, death, or disability of a
director and
whose election or appointment was approved by a vote of at least a majority of the
directors then still in office who were directors at the beginning of the period,
cease for any reason to constitute a majority of the board of directors; (iii) NAUH
sells, assigns, conveys, transfers, leases or otherwise disposes of all or
substantially all of its assets to any person; (iv) NAUH consolidates with, or
merges with or into another entity, or any entity consolidates with, or merges with
or into, NAUH (a “ Merger ”), in which the owners of outstanding voting stock of
NAUH immediately prior to such Merger do not represent at least a majority of the
voting power in the surviving entity after the Merger; or (v) the stockholders of
NAUH approve a plan of liquidation or dissolution.

	 	(c)	 	“Claim” means, with respect to a Covered Event, any threatened, pending or
completed action, suit, proceeding, arbitration or alternative dispute resolution
mechanism, or any hearing, inquiry or investigation that Indemnified Person in good
faith believes might lead to the institution of any such action, suit, proceeding,
arbitration or alternative dispute resolution mechanism, whether civil, criminal,
administrative, investigative or other.
	 
	 	(d)	 	“Covered Event” means any event or occurrence related to the fact that
Indemnified Person is or was a Board Member of NAUH, or any subsidiary or affiliate of
NAUH, or is or was serving at the request of NAUH as a director, officer, partner
(limited or general), member, trustee, employee, agent or fiduciary of another
corporation, partnership, joint venture, limited liability company, trust, other
enterprise or employee benefit plan, or by reason of any action or inaction on the part
of Indemnified Person while serving in such capacity.
	 
	 	(e)	 	“Expenses” means any and all expenses (including attorneys’ fees and all other
costs, expenses and obligations incurred in connection with investigating, defending,
being a witness in or participating in (including on appeal), or preparing to defend,
to be a witness in or to participate in, any action, suit, proceeding, arbitration,
alternative dispute resolution mechanism, hearing, inquiry or investigation),
judgments, fines, penalties and amounts paid in settlement (if such settlement is
approved in advance by NAUH, which approval shall not be unreasonably withheld) of any
Claim and any federal, state, local or foreign taxes imposed on the Indemnified Person
as a result of the actual or deemed receipt of any payments under this Agreement.
	 
	 	(f)	 	“Expense Advance” means a payment to Indemnified Person pursuant to Section 3
hereof in advance of the settlement of or final judgment in any action, suit,
proceeding, arbitration, or alternative dispute resolution mechanism, hearing, inquiry
or investigation which constitutes a Claim.
	 
	 	(g)	 	“Independent Legal Counsel” means an attorney or firm of attorneys, selected in
accordance with the provisions of Section 2(d) hereof, who shall not have otherwise
performed services for NAUH or Indemnified Person within the last three years (other
than with respect to matters concerning the rights of Indemnified Person under this
Agreement, or of other Indemnified Persons under similar indemnity agreements).
	 
	 	(h)	 	“NAUH” includes, in addition to National American University Holdings, Inc.,
any constituent corporation (including any constituent of a constituent) absorbed in a
consolidation or merger to which National American University Holdings, Inc. (or any of
its wholly owned subsidiaries) is a party which, if its separate existence had
continued, would have had power and authority to indemnify its directors so that if
Indemnified Person is or was a director of such constituent corporation, or is or was
serving at the request of such constituent corporation as a director, officer, manager,
partner (general or limited), member, trustee, employee, agent or fiduciary of another
corporation, partnership, joint venture, limited liability company, employee benefit
plan, trust or other enterprise, Indemnified Person shall stand in the same position
under the provisions of this Agreement with respect to the resulting or surviving
corporation as Indemnified Person would have with respect to such constituent
corporation if its separate existence had continued.

 

 

 

	 	(i)	 	References to “other enterprises” includes employee benefit plans; references
to “fines” shall include any excise taxes assessed on Indemnified Person with respect
to an employee benefit plan;
and references to “serving at the request of NAUH” shall include any service which
imposes duties on, or involves services by, such Board Member with respect to an
employee benefit plan, its participants or its beneficiaries; and if Indemnified
Person acted in good faith and in a manner Indemnified Person reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit
plan, Indemnified Person shall be deemed to have acted in a manner “not opposed to
the best interests of NAUH” as referred to in this Agreement.
	 
	 	(j)	 	“Reviewing Party” means, subject to the provisions of Section 2(d), any person
or body appointed by NAUH’s board of directors, and approved by the Indemnified Person,
which approval shall not be unreasonably withheld, in accordance with applicable law to
review NAUH’s obligations hereunder and under applicable law, which may include a
member or members of NAUH’s board of directors, Independent Legal Counsel, the
Company’s stockholders or any other person or body not a party to the particular Claim
for which Indemnified Person is seeking indemnification.
	 
	 	(k)	 	“Section” refers to a section of this Agreement unless otherwise indicated.

	2.	 	Indemnification.

	 	(a)	 	Indemnification of Expenses. Subject to the provisions of Section 2(b) below,
NAUH shall indemnify Indemnified Person for Expenses to the fullest extent permitted by
law if Indemnified Person was or is or becomes a party to or witness or other
participant in, or is threatened to be made a party to or witness or other participant
in, any Claim (by reason of or arising in part out of a Covered Event), including all
interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses.
	 
	 	(b)	 	Review of Indemnification Obligations. Notwithstanding the foregoing, in the
event any Reviewing Party shall have determined (in a written opinion if Independent
Legal Counsel is the Reviewing Party) that indemnification of Indemnified Person
hereunder would constitute a violation of applicable law, (i) NAUH shall have no
further obligation under Section 2(a) to make any payments to Indemnified Person not
made prior to such determination by such Reviewing Party, and (ii) NAUH shall be
entitled to be reimbursed by Indemnified Person (who hereby agrees to reimburse NAUH)
for all Expenses theretofore paid to Indemnified Person to which Indemnified Person may
not be indemnified hereunder without violating applicable law; provided, however, that
if Indemnified Person has commenced or thereafter commences legal proceedings in a
court of competent jurisdiction to secure a determination that Indemnified Person is
entitled to be indemnified hereunder, any determination made by any Reviewing Party
that indemnification of Indemnified Person hereunder would constitute a violation of
applicable law shall not be binding, NAUH shall continue to make payments pursuant to
this Agreement and Indemnified Person shall not be required to reimburse NAUH for any
Expenses theretofore paid in indemnifying Indemnified Person until a final judicial
determination is made with respect thereto (as to which all rights of appeal therefrom
have been exhausted or lapsed). Indemnified Person’s obligation to reimburse NAUH for
any Expenses shall be unsecured and no interest shall be charged thereon.
	 
	 	(c)	 	Indemnified Person Rights on Unfavorable Determination; Binding Effect. If any
Reviewing Party determines that indemnification of Indemnified Person hereunder in
whole or in part would constitute a violation of applicable law, Indemnified Person
shall have the right to commence litigation seeking an initial determination by the
court or challenging any such determination by such Reviewing Party or any aspect
thereof, including the legal or factual bases therefor. Absent such litigation, any
determination by any Reviewing Party shall be conclusive and binding on NAUH and
Indemnified Person.

 

 

 

	 	(d)	 	Selection of Reviewing Party; Change in Control. If there has not been a
Change in Control, any Reviewing Party shall be selected by NAUH’s board of directors,
and approved by Indemnified Person, which approval shall not be unreasonably withheld,
and if there has been
such a Change in Control (other than a Change in Control which has been approved by
a majority of NAUH’s board of directors who were Board Members immediately prior to
such Change in Control), any Reviewing Party with respect to all matters thereafter
arising concerning the rights of Indemnified Person to indemnification of Expenses
under this Agreement or any other agreement or under NAUH’s certificate of
incorporation as now or hereafter in effect, or under any other applicable law, if
desired by Indemnified Person, shall be Independent Legal Counsel selected by
Indemnified Person and approved by NAUH (which approval shall not be unreasonably
withheld). Such counsel, among other things, shall render its written opinion to
NAUH and Indemnified Person as to whether and to what extent indemnification of
Indemnified Person hereunder would constitute a violation of applicable law and NAUH
agrees to abide by such opinion. NAUH agrees to pay the reasonable fees of the
Independent Legal Counsel referred to above and to indemnify fully such counsel
against any and all expenses (including attorneys’ fees), claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant
hereto. Notwithstanding any other provision of this Agreement, NAUH shall not be
required to pay Expenses of more than one Independent Legal Counsel in connection
with all matters concerning a single Indemnified Person, and such Independent Legal
Counsel shall be the Independent Legal Counsel for any or all other Indemnified
Persons unless (i) NAUH otherwise determines or (ii) any Indemnified Person shall
provide a written statement setting forth in detail a reasonable objection to such
Independent Legal Counsel representing other Indemnified Persons.
	 
	 	(e)	 	Mandatory Payment of Expenses. Notwithstanding any other provision of this
Agreement other than Section 11 hereof, to the extent that Indemnified Person has been
successful on the merits or otherwise, including, without limitation, the dismissal of
an action without prejudice, in defense of any Claim, Indemnified Person shall be
indemnified against all Expenses incurred by Indemnified Person in connection
therewith.

	3.	 	Expense Advances.

	 	(a)	 	Obligation to Make Expense Advances. NAUH shall make Expense Advances to
Indemnified Person upon receipt of a written undertaking by or on behalf of the
Indemnified Person to repay such amounts if it is ultimately determined that the
Indemnified Person is not entitled to be indemnified therefore by NAUH under applicable
law.

	 	(b)	 	Form of Undertaking. Any obligation to repay any Expense Advances hereunder
pursuant to a written undertaking by the Indemnified Person shall be unsecured and may
be accepted without reference to financial ability to make the repayment and no
interest shall be charged thereon.

	4.	 	Procedures for Indemnification and Expense Advances.

	 	(a)	 	Notification of Request for Indemnification. To obtain indemnification under
this Agreement, Indemnified Person shall submit to NAUH’s secretary a written request,
at the address shown on the signature page of this Agreement (or such other address as
NAUH shall designate in writing to Indemnified Person), including such documentation
and information with the written request as is reasonably available to Indemnified
Person and is reasonably necessary to determine whether and to what extent Indemnified
Person is entitled to indemnification. NAUH’s secretary shall, promptly upon receipt
of such a request for indemnification, advise NAUH’s board of directors in writing that
Indemnified Person has requested indemnification. Notwithstanding the foregoing, any
failure of Indemnified Person to provide such a request to NAUH, or to provide such a
request in a timely fashion, shall not relieve NAUH of any liability that it may have
to Indemnified Person unless, and to the extent that, such failure actually and
materially prejudices the interests of NAUH.

 

 

 

	 	(b)	 	Appointment of Reviewing Party. Promptly upon receiving a written request by
Indemnified Person for indemnification pursuant to Section 4(a), NAUH’s board of
directors will appoint the Reviewing Party, subject to Section 2(d), to review and make
a determination with respect to Indemnified Person’s entitlement to indemnification
hereunder.
	 
	 	(c)	 	Timing of Payments. The Reviewing Party will make a determination as to
Indemnified Person’s entitlement to indemnification or Expense Advances as promptly as
practicable, and, if applicable, will submit the amount of indemnified Expenses or
Expense Advances to which Indemnified Person is entitled as soon as reasonably
practicable. Notwithstanding the foregoing, if the Reviewing Party has not made a
determination within 60 days after receipt by NAUH of the request therefor, the
requisite determination of entitlement to indemnification shall be deemed to have been
made and Indemnified Person shall be entitled to such indemnification absent (i) a
misstatement by Indemnified Person of a material fact, or an omission of a material
fact necessary to make Indemnified Person’s statement not materially misleading, in
connection with the request for indemnification, (ii) Indemnified Person’s failure to
cooperate with, and provide the information reasonably requested by, the Reviewing
Party such that the Reviewing Party is unable to make a determination as to Indemnified
Person’s entitlement to indemnification, or (iii) a prohibition of such indemnification
under applicable law; provided, however, that such 60-day period may be extended for a
reasonable time, not to exceed an additional 30 days, if the Reviewing Party in good
faith requires such additional time to obtain or evaluate documentation and/or
information relating thereto; and provided further that the foregoing provisions of
this Section 4(c) shall not apply if the determination of entitlement to
indemnification is to be made by NAUH’s stockholders and if (A) within 15 days after
receipt by NAUH of the request for such determination, NAUH’s board of directors
resolves to submit such determination to the stockholders for their consideration at an
annual meeting thereof to be held within 75 days after such receipt and such
determination is made at such meeting, or (B) a special meeting of stockholders is
called within 15 days after such receipt for the purpose of making such determination,
such meeting is held for such purpose within 60 days after having been so called and
such determination is made at such meeting.
	 
	 	(d)	 	Cooperation. Indemnified Person shall cooperate with the Reviewing Party in
connection with its review of Indemnified Person’s entitlement to indemnification,
including providing to the Reviewing Party upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnified Person and reasonably
necessary to such determination. Any Independent Legal Counsel, Board Member or
stockholder of the Company shall act reasonably and in good faith in making a
determination regarding the Indemnified Person’s entitlement to indemnification under
this Agreement.
	 
	 	(e)	 	No Presumptions; Burden of Proof. For purposes of this Agreement, the
termination of any Claim by judgment, order, settlement (whether with or without court
approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall
not create a presumption that Indemnified Person did not meet any particular standard
of conduct or have any particular belief or that a court has determined that
indemnification is not permitted by this Agreement or applicable law. In addition,
neither the failure of any Reviewing Party to have made a determination as to whether
Indemnified Person has met any particular standard of conduct or had any particular
belief, nor an actual determination by any Reviewing Party that Indemnified Person has
not met such standard of conduct or did not have such belief, prior to the commencement
of legal proceedings by Indemnified Person to secure a judicial determination that
Indemnified Person should be indemnified under this Agreement under applicable law,
shall be a defense to Indemnified Person’s claim or create a presumption that
Indemnified Person has not met any particular standard of conduct or did not have any
particular belief. In connection with any determination by any Reviewing Party or
otherwise as to whether Indemnified Person is entitled to be indemnified or to Expense
Advances hereunder or under applicable law, the burden of proof shall be on NAUH to
establish that Indemnified Person is not so entitled.

 

 

 

	 	(f)	 	Selection of Counsel. In the event NAUH shall be obligated hereunder to
provide indemnification for or make any Expense Advances with respect to the Expenses
of any Claim, NAUH, if appropriate, shall be entitled to assume the defense of such
Claim with counsel approved by Indemnified Person (which approval shall not be
unreasonably withheld) upon the delivery to Indemnified Person of written notice of
NAUH’s election to do so. After delivery of
such notice, approval of such counsel by Indemnified Person and the retention of
such counsel by NAUH, NAUH will not be liable to Indemnified Person under this
Agreement for any fees or expenses of separate counsel subsequently retained by or
on behalf of Indemnified Person with respect to the same Claim; provided, that, (i)
Indemnified Person shall have the right to employ Indemnified Person’s separate
counsel in any such Claim at Indemnified Person’s expense and (ii) if (A) the
employment of separate counsel by Indemnified Person has been previously authorized
by NAUH, (B) Indemnified Person shall have reasonably concluded that there may be a
conflict of interest between NAUH and Indemnified Person in the conduct of any such
defense, or (C) NAUH shall not continue to retain such counsel to defend such Claim,
then the fees and expenses of Indemnified Person’s separate counsel shall be
Expenses for which Indemnified Person may receive indemnification or Expense
Advances hereunder.
	 
	 	(g)	 	Settlements. NAUH shall not be liable to indemnify Indemnified Person under
this Agreement for any amounts paid in settlement of any Claim effected without NAUH’s
written consent. NAUH shall not settle any Claim in any manner that would impose any
penalty or limitation on Indemnified Person or that would require the acknowledgment of
any wrongdoing by Indemnified Person without Indemnified Person’s written consent.
Neither NAUH nor Indemnified Person will unreasonably withhold consent to any proposed
settlement.

	5.	 	Additional Indemnification Rights; Nonexclusivity.

	 	(a)	 	Scope. NAUH hereby agrees to indemnify the Indemnified Person to the fullest
extent permitted by law, notwithstanding that such indemnification is not specifically
authorized by the other provisions of this Agreement, NAUH’s certificate of
incorporation or by statute. In the event of any change after the date of this
Agreement in any applicable law, statute or rule which expands the right of a Delaware
corporation to indemnify a director, officer, employee, agent or fiduciary, it is the
intent of the parties hereto that Indemnified Person shall enjoy by this Agreement the
greater benefits afforded by such change. In the event of any change in any applicable
law, statute or rule which narrows the right of a Delaware corporation to indemnify a
member of its board of directors or a director, to the extent not otherwise required by
such law, statute or rule to be applied to this Agreement, shall have no effect on this
Agreement or the parties’ rights and obligations hereunder except as set forth in
Section 11(a).
	 
	 	(b)	 	Nonexclusivity. The indemnification and the payment of Expense Advances
provided by this Agreement shall be in addition to any rights to which Indemnified
Person may be entitled under NAUH’s certificate of incorporation or bylaws, any other
agreement, any vote of stockholders or disinterested Board Members, the Delaware
General Corporation Law or otherwise. The indemnification and the payment of Expense
Advances provided under this Agreement shall continue as to Indemnified Person for any
action taken or not taken while serving in an indemnified capacity even though
subsequent thereto Indemnified Person may have ceased to serve in such capacity.

	6.	 	Allowance for Compliance with SEC Requirements. Indemnified Person acknowledges that the
Securities and Exchange Commission (“ SEC ”) has expressed the opinion that indemnification of
directors and officers from liabilities under the Securities Act of 1933, as amended (the “
Securities Act ”), is against public policy as expressed in the Securities Act and, is
therefore, unenforceable. Indemnified Person hereby agrees that if a claim for
indemnification against Securities Act liabilities (other than the payment by NAUH of expenses
incurred or paid by a director NAUH in the successful defense of any action, suit or
proceeding) is asserted in connection with the registration by NAUH of any of its stock or
other securities, it will not be a breach of this Agreement for NAUH to submit to a court of
competent 

 

 

 

	 	 	jurisdiction the question of whether or not such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.

	7.	 	No Duplication of Payments. NAUH shall not be liable under this Agreement to make any
payment in connection with any Claim made against Indemnified Person to the extent Indemnified
Person has
otherwise actually received payment under any insurance policy or other indemnity provision,
whether from NAUH or any other party.
	 
	8.	 	Partial Indemnification. If Indemnified Person is entitled under any provision of this
Agreement or otherwise to indemnification by NAUH for some or a portion of Expenses incurred
in connection with any Claim, but not, however, for all of the total amount thereof, NAUH
shall nevertheless indemnify Indemnified Person for the portion of such Expenses to which
Indemnified Person is entitled.
	 
	9.	 	Mutual Acknowledgment. Both NAUH and Indemnified Person acknowledge that in certain
instances, federal law or applicable public policy may prohibit NAUH from indemnifying its
Board Members under this Agreement or otherwise. Indemnified Person understands and
acknowledges that NAUH has undertaken or may be required in the future to undertake with the
SEC to submit the question of indemnification to a court in certain circumstances for a
determination of NAUH’s right under public policy to indemnify Indemnified Person.
	 
	10.	 	Liability Insurance. To the extent NAUH maintains liability insurance applicable to Board
Members, Indemnified Person shall be covered by such policies in such a manner as to provide
Indemnified Person the same rights and benefits as are provided to the most favorably insured
of NAUH’s Board Members. Upon any Change in Control, NAUH shall obtain continuation and/or
“tail” coverage for Indemnified Person to the maximum extent reasonably obtainable at such
time.
	 
	11.	 	Exceptions. Notwithstanding any other provision of this Agreement, NAUH shall not be
obligated pursuant to the terms of this Agreement:

	 	(a)	 	Excluded Action or Omissions. To indemnify or make Expense Advances to
Indemnified Person with respect to Claims arising out of acts, omissions or
transactions for which Indemnified Person is prohibited from receiving indemnification
under the Delaware General Corporation Law.
	 
	 	(b)	 	Claims Initiated by Indemnified Person. To indemnify or make Expense Advances
to Indemnified Person with respect to Claims initiated or brought voluntarily by
Indemnified Person and not by way of defense, counterclaim or crossclaim, except (i)
with respect to actions or proceedings brought to establish or enforce a right to
indemnification under this Agreement or any other agreement or insurance policy or
under NAUH’s certificate of incorporation now or hereafter in effect relating to Claims
for Covered Events, (ii) in specific cases if NAUH’s board of directors has approved
the initiation or bringing of such Claim, or (iii) as otherwise required under Section
145 of the Delaware General Corporation Law, regardless of whether Indemnified Person
ultimately is determined to be entitled to such indemnification, Expense Advances, or
insurance recovery, as the case may be.
	 
	 	(c)	 	Final Court Determination. To indemnify Indemnified Person for any Expenses
incurred by the Indemnified Person with respect to any action instituted by Indemnified
Person or NAUH to enforce or interpret this Agreement, if a court having jurisdiction
over such action determines as provided in Section 14 that Indemnified Person is not
entitled to indemnification hereunder.
	 
	 	(d)	 	Claims Under Section 16(b). To indemnify Indemnified Person for Expenses and
the payment of profits arising from the purchase and sale by Indemnified Person of
securities in violation of Section 16(b) of the Exchange Act, or any similar successor
statute.

	12.	 	Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall constitute an original.

 

 

 

	13.	 	Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the parties hereto and their respective successors,
assigns (including any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business or assets of NAUH), spouses, heirs and
personal and legal representatives. NAUH shall require and cause
any successor (whether direct or indirect, and whether by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business or assets of
NAUH, by written agreement in form and substance satisfactory to Indemnified Person,
expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that NAUH would be required to perform if no such succession had taken place. This
Agreement shall continue in effect regardless of whether Indemnified Person continues to
serve as a Board Member of NAUH or of any other enterprise at NAUH’s request.
	 
	14.	 	Expenses Incurred in Action Relating to Enforcement or Interpretation. In the event that any
action is instituted by Indemnified Person under this Agreement or under any liability
insurance policies maintained by NAUH to enforce or interpret any of the terms hereof or
thereof, Indemnified Person shall be entitled to be indemnified for all Expenses incurred by
Indemnified Person with respect to such action (including, without limitation, attorneys’
fees), unless as a part of such action a court having jurisdiction over such action makes a
final judicial determination (as to which all rights of appeal therefrom have been exhausted
or lapsed) that Indemnified Person is not entitled to indemnification hereunder; provided,
however, that until such final judicial determination is made, Indemnified Person shall be
entitled under Section 3 to receive payment of Expense Advances hereunder with respect to such
action. In the event of an action instituted by or in the name of NAUH under this Agreement
to enforce or interpret any of the terms of this Agreement, Indemnified Person shall be
entitled to be indemnified for all Expenses incurred by Indemnified Person in defense of such
action (including without limitation costs and expenses incurred with respect to Indemnified
Person’s counterclaims and cross-claims made in such action), unless as a part of such action
a court having jurisdiction over such action makes a final judicial determination (as to which
all rights of appeal therefrom have been exhausted or lapsed) that Indemnified Person is not
entitled to indemnification hereunder; provided, however, that until such final judicial
determination is made, Indemnified Person shall be entitled under Section 3 to receive payment
of Expense Advances hereunder with respect to such action.
	 
	15.	 	Notice. All notices, requests, demands and other communications under this Agreement shall
be in writing and shall be deemed duly given (i) if delivered by hand and signed for by the
party addressed, on the date of such delivery, or (ii) if mailed by domestic certified or
registered mail with postage prepaid, on the third business day after the date postmarked.
Addresses for notice to either party are as shown on the signature page of this Agreement, or
as subsequently modified by written notice.
	 
	16.	 	Consent to Jurisdiction. NAUH and Indemnified Person each hereby irrevocably consent to the
jurisdiction of the courts of the State of Delaware for all purposes in connection with any
action or proceeding which arises out of or relates to this Agreement and agree that any
action instituted under this Agreement shall be commenced, prosecuted and continued only in
the Court of Chancery of the State of Delaware in and for New Castle County, which shall be
the exclusive and only proper forum for adjudicating such a claim.
	 
	17.	 	Severability. The provisions of this Agreement shall be severable in the event that any of
the provisions hereof (including any provision within a single section, paragraph or sentence)
are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement (including
without limitation each portion of this Agreement containing any provision held to be invalid,
void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be
construed so as to give effect to the intent manifested by the provision held invalid, illegal
or unenforceable.
	 
	18.	 	Choice of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of
the parties to this Agreement, shall be governed by and construed in accordance with the laws
of the State of Delaware as applied to contracts between Delaware residents entered into and
to be performed entirely in the State of Delaware without regard to principles of conflicts of
laws.

 

 

 

	19.	 	Subrogation. In the event of payment under this Agreement, NAUH shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnified Person, who shall
execute all documents
required and shall do all acts that may be necessary to secure such rights and to enable
NAUH effectively to bring suit to enforce such rights.
	 
	20.	 	Amendment and Termination. No amendment, modification, termination or cancellation of this
Agreement shall be effective unless it is in writing signed by both the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a
waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver.
	 
	21.	 	Integration and Entire Agreement. This Agreement sets forth the entire understanding between
the parties hereto and supersedes and merges all previous written and oral negotiations,
commitments, understandings and agreements relating to the subject matter hereof between the
parties hereto.
	 
	22.	 	No Construction as Employment Agreement. Nothing contained in this Agreement shall be
construed as giving Indemnified Person any right to be retained in the employ of NAUH or any
of its subsidiaries or affiliated entities.

[Signature Page Follows]

 

 

 

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

	 	 	 	 	 
	 	

National American University Holdings, Inc.

 	 
	 	By:  	 	 
	 	Its:	 	 
	 
	 	

Address:

5301 South Highway 16

Rapid City, SD 57701

Indemnified Person:
	 
	 
	 	 	 
	 	(Signature)	 
	 	 	 
	 
	 	 	
	 	(Print)	 
	 
	 	

Address:

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