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Exhibit 10.5    
    

EDUCATION MEDIA, INC.

INVESTMENT MANAGEMENT TRUST AGREEMENT  

        THIS INVESTMENT MANAGEMENT TRUST AGREEMENT (the "Agreement") is
made as of                        , 2008, by and between Education Media, Inc.,
 a Delaware corporation (the
"Company") and Continental Stock Transfer & Trust Company, a New York corporation (the
"Trustee"). 

        WHEREAS,
the Company's Registration Statement on Form S-1, [as amended,] No. 333-                        (together with any
registration statement filed pursuant to Rule 462(b), the "Registration Statement"), for its initial public offering (the
"IPO") of units (the "Units"), each consisting of one share of the Company's common stock, par value
$0.0001 per share (the "Common Stock"), and one warrant (collectively, the "Warrants") to purchase one
share of Common Stock, has been declared effective as of the date hereof by the Securities and Exchange Commission (the "Effective Date"); and 

        WHEREAS,
Ferris, Baker Watts, Incorporated is acting as the underwriter (the "Underwriter") in the IPO; and 

        WHEREAS,
the Company has agreed to sell certain of its securities to its existing stockholders in a private placement to be effected concurrently with the IPO
("Private Placement"); and 

        WHEREAS,
as described in the Registration Statement, and in accordance with the Company's Certificate of Incorporation, as amended, $98,325,000 of the gross proceeds of the IPO and the
sale of securities in the Private Placement ($112,725,000 if the Underwriter's over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a
trust account for the benefit of the Company and the public stockholders of the Common Stock issued in the IPO (the amount to be delivered to the Trustee will be referred to herein as the
"Property"; the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the "Public
Stockholders," and the Public Stockholders and the Company will be referred to together as the "Beneficiaries"); and 

        WHEREAS,
a portion of the Property consists of $3,000,000 attributable to the Underwriter's non-accountable expense allowance ("Deferred
Allowance") which the Underwriter has agreed to deposit in the Trust Account (defined below); and 

        WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property; 

        IT
IS AGREED: 

        1.    Agreements and Covenants of Trustee.    The Trustee hereby agrees and covenants to: 

        (a)
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement, in segregated trust accounts (collectively, the "Trust
Account") established by the Trustee at a branch of Lehman Brothers Inc., and at a brokerage institution selected by the Trustee; 

        (b)
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

        (c)
In a timely manner, upon the written instruction of the Company, to invest and reinvest the Property in any "Government Security"
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money market funds selected by the Company meeting
the conditions specified in Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, as determined by the Company; 

        (d)
Collect and receive, when due, all principal and income arising from the Property, which income, net of taxes, shall become part of the
"Property," as such term is used herein; provided,  however, that, notwithstanding the foregoing or any
contrary provision contained herein, the Trustee shall release to the Company an aggregate amount of
up to $2,100,000 from interest earned and collected on the Trust Account, net of taxes, upon the Company's demand, to fund working capital requirements; 

        (e)
Notify the Company of all communications received by it with respect to any Property requiring action by the Company; 

        (f)
Supply any necessary information or documents as may be requested by the Company in connection with the Company's preparation of the tax returns relating to income from the Property
in the Trust Account or otherwise; 

        (g)
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company in writing to do so; 

        (h)
Render to the Company, and to such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts
and disbursements of the Trust Account; 

        (i)
If there is any income or other tax obligation relating to the income from the Property in the Trust Account as determined by the Company, then, from time to time, at the written
instruction of the Company, the Trustee shall promptly, to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, liquidate such assets held in the Trust Account as
shall be designated by the Company in writing, and disburse to the Company by wire transfer or by check, out of the Property in the Trust Account, the amount indicated by the Company as owing in
respect of such income tax obligation; and 

        (j)
Commence liquidation of the Trust Account only upon receipt of and only in accordance with the terms of a letter (the "Termination
Letter"), in a form substantially similar to that attached hereto as either Exhibit A or  Exhibit B, signed on behalf of
the Company by its Chief Executive Officer or Chairman of the Board, and complete the liquidation of the Trust
Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein. The Company agrees that it shall direct the Trustee to
distribute the Property in the Trust Account only as provided for in the Agreement. 

        2.    Limited Distributions Of Income From Trust Account.    

        Except
for an aggregate amount of up to $2,100,000 from the interest earned and collected on the Trust Account, net of taxes, that the Trustee shall release to the Company upon the
Company's demand to fund working capital requirements, no distributions from the Trust Account shall be permitted except in accordance with Sections 1(i) and 1(j) hereof. The Trustee shall have
no responsibility or liability to verify calculations, qualify or otherwise approve Company requests for distributions pursuant to this Section 2. 

        3.    Agreements and Covenants of the Company.    The Company hereby agrees and covenants to: 

        (a)
Give all instructions to the Trustee hereunder in writing, signed by the Company's Chief Executive Officer or Chairman of the Board. In addition, except with respect to its duties
under Sections 1(i) and 1(j) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith
believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing. The Company shall provide
the Underwriter with a copy of any Termination Letter and/or any other correspondence that it transmits with respect to any proposed withdrawal from the Trust Account promptly after it transmits the
same; 

        (b)
Hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in
connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this
Agreement, the services of the Trustee 

hereunder,
or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee's gross negligence or willful misconduct. Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall
notify the Company in writing of such claim (hereinafter referred to as the "Indemnified Claim"). The Trustee shall have the right to conduct and manage
the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel; 

        (c)
Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section 1(i) as set forth on  Schedule A hereto, which fees
shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees and further agreed that said transaction processing fees shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section 1(i).
The Company shall pay the Trustee the initial acceptance fee and first year's fee at the completion of the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the
Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee
except as set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the
Trustee under such Sections); 

        (d)
Provide to the Trustee any letter of intent, agreement in principle or definitive agreement that is executed prior to
[    •    ], 2009 in connection with a Business Combination; 

        (e)
In connection with any vote of the Company's stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the
business of soliciting proxies and tabulating stockholder votes verifying the vote of the Company's stockholders regarding such Business Combination; and 

        (f)
if the Company does not effect a Business Combination within 24 months after completion of the IPO (or obtain the written consent of the holders of 95% of the shares purchased
in the IPO to continue the Company's existence), the Company's existence shall cease except for the purposes of the Company winding up its affairs and liquidating pursuant to Section 278 of the
Delaware General Corporation Law, in which case as promptly as practicable thereafter the Company shall adopt a plan of distribution in accordance with Section 281(b) of the Delaware General
Corporation Law. Upon the Company's adoption of such plan of distribution, the Company shall promptly provide the Trustee a Termination Letter substantially in the form of  Exhibit B hereto.

        4.    Limitations of Liability.    The Trustee shall have no responsibility or liability to: 

        (a)
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any party except for liability arising out
of its own gross negligence or willful misconduct; 

        (b)
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the
Property unless and until it shall have received written instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay
any expenses incident thereto; 

        (c)
Change the investment of any Property, other than in compliance with Section 1(c); 

        (d)
Refund any depreciation in principal of any Property; 

        (e)
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the
Company shall have delivered a written revocation of such authority to the Trustee; 

        (f)
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own
best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, judgment, instruction, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this agreement or any of the terms hereof,
unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written
consent thereto; 

        (g)
Verify the correctness of the information set forth in the Registration Statement (other than information provided by the Trustee) or to confirm or assure that any acquisition made
by the Company or any other action taken by it is as contemplated by the Registration Statement; 

        (h)
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to income and activities relating to the Trust Account, regardless of whether such
tax is payable by the Trust Account or the Company (including but not limited to income tax obligations), it being expressly understood that as set forth in Section 1(i), if there is any income
or other tax obligation relating to the Trust Account or the Property in the Trust Account, as determined from time to time by the Company and regardless of whether such tax is payable by the Company
or the Trust, at the written instruction of the Company, the Trustee shall make funds available in cash from the Property in the Trust Account an amount specified by the Company as owing to the
applicable taxing authority, which amount shall be paid directly to the Company by electronic funds transfer and the Company shall forward such payment to the taxing authority; or 

        (i)
Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Sections 1(i) and 2 above. 

        5.    Termination.    This Agreement shall terminate as follows: 

        (a)
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee. At such
time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the
management of
the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate;
provided, however, that, in the event that the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee may submit an
application to have the Property deposited with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever
that arises due to any actions or omissions to act by any party after such deposit; 

        (b)
At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(j) hereof, and distributed the Property in
accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b). 

        6.    Miscellaneous.    

        (a)
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. The
Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has
reason to believe unauthorized persons 

may
have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or other identifying numbers of a
beneficiary, beneficiary's bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account number or other
identifying number, provided it has accurately transmitted the numbers provided. 

        (b)
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws. It may be executed in
several counterparts, each one of which shall constitute an original, and together shall constitute one instrument. This Agreement or any counterpart may be executed via facsimile or other electronic
transmission, and any such executed facsimile or other electronic copy shall be treated as an original. 

        (c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. The parties hereto may change, waive, amend or modify
any provision contained herein that may be defective or inconsistent with any other provision contained herein only upon the written consent of each of the parties hereto; provided that such action
shall not materially adversely affect the interests of the Public Stockholders. Any other change, waiver, amendment or
modification to this Agreement shall be subject to approval by a majority of the Public Stockholders. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party
waives the right to trial by jury. 

        (d)
The parties hereto consent to the non-exclusive jurisdiction and venue of any state or federal court located in the City of New York for purposes of resolving any
disputes hereunder. 

        (e)
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 

if
to the Trustee, to: 

Continental
Stock Transfer & Trust Company

17 Battery Place, 8th Floor

New York, NY 10004

Attn: Richard Kretz 

if
to the Company, to: 

Education
Media, Inc.

1700 Pennsylvania Avenue, N.W.

Suite 900

Washington, DC 20006

Attn: Peter A. Kirsch, CEO 

with
a copy to: 

Kalbian
Hagerty LLP

888 17th Street, N.W.

10th Floor

Washington, DC 20006

Attn: John F. McCarthy III, Esq. 

in
either case with a copy on behalf of the Underwriter to: 

Ferris,
Baker Watts Incorporated

100 Light Street

8th Floor

Baltimore, MD 21202

Attn: Scott T. Bass 

with
a copy to: 

Gersten
Savage, LLP

600 Lexington Avenue

9th Floor

New York, NY 10022

Attn: Arthur S. Marcus, Esq. 

        (f)
This Agreement may not be assigned by the Trustee without the prior consent of the Company. 

        (g)
Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective
obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall
not be entitled to any part of the Property under any circumstance. 

        (h)
The Trustee hereby waives any and all right, title, interest or claim of any kind ("Claim") in or to any distribution of any property
held in trust for the Company in the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 

        (i)
The Trustee hereby consents to the inclusion of Continental Stock Transfer & Trust Company in the Registration Statement and other materials relating to the IPO. 

        (j)
Each of the Company and Trustee agrees and acknowledges that the Underwriter is a third party beneficiary of this Agreement. 

        IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above. 

	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	

 	
 	

By:	

 
	 	 	Name:	 
	 	 	Title:	Trust Officer & CFO
	

 	
 	

EDUCATION MEDIA, INC.
	

 	
 	

By:	

 
	 	 	Name:	Peter A. Kirsch
	 	 	Title:	Chief Executive Officer

 
 

EXHIBIT A    
    

[LETTERHEAD OF COMPANY]

[INSERT DATE]  

Continental
Stock Transfer & Trust Company

17 Battery Place, 8th Floor

New York, NY 10004

Attn: 

Re:
Trust Account No. [    •    ] Termination Letter 

Gentlemen:

        Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Education Media, Inc. (the "Company") and Continental Stock Transfer & Trust Company
(the "Trustee"), dated as of [    •    ], 2007 (the "Trust Agreement"), this is to advise you
that the Company has entered into an agreement ("Business Agreement") with [    •    ] (the
"Target Business") to consummate a business combination with Target Business (a "Business Combination") on or about [INSERT DATE]. The Company shall notify you at least
48 hours in advance of the actual date of the consummation of the Business Combination (the "Consummation Date"). Defined terms used but not otherwise defined herein shall have the meaning
ascribed to such terms in the Trust Agreement. 

        Pursuant
to Section 3(e) of the Trust Agreement, we are providing you with [an affidavit] [a certificate] of    , which
verifies the vote of the Company's stockholders in connection with the Business Combination. In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the
Trust Account to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall
direct in writing on the Consummation Date. 

        On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated and (ii) the Company shall
deliver to you written instructions with respect to the transfer of the funds held in the Trust Account (the "Instruction Letter"). You are hereby directed and authorized to transfer the funds held in
the Trust Account immediately upon your receipt of the counsel's letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in
the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the
Trust Account and be distributed after the Consummation Date to the Company or, with respect to the Deferred Allowance, to the Underwriter. Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, the Trust Agreement shall be terminated. 

        In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then, upon receipt of written instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business
day immediately following the Consummation Date as set forth in the notice. 

	 	 	Very truly yours,
	

 	
 	

EDUCATION MEDIA, INC.
	

 	
 	

By:	

	 	 	Name:	Peter A. Kirsch
	 	 	Title:	Chief Executive Officer

 
 

EXHIBIT B    
    

[LETTERHEAD OF COMPANY]

[INSERT DATE]  

Continental
Stock Transfer & Trust Company

17 Battery Place, 8th Floor

New York, NY 10004

Attn: 

Re:
Trust Account No. [    •    ] Termination Letter 

Gentlemen:

        Pursuant
to paragraph 1(j) of the Investment Management Trust Agreement between Education Media, Inc. (the "Company") and Continental Stock Transfer & Trust Company
(the "Trustee"), dated as of [    •    ], 2007 (the "Trust Agreement"), this is to advise you
that the Company's existence has ceased due to the Company's inability to effect a Business Combination within the time frame specified in the Company's prospectus relating to its IPO. Defined terms
used but not otherwise defined herein shall have the meaning ascribed to such terms in the Trust Agreement. 

        In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account. You will notify the Company in writing as to when all of the
funds in the Trust Account will be available for immediate transfer (the "Transfer Date") in accordance with the Company's plan of distribution attached hereto. You shall commence distribution of such
funds in accordance with the terms of such plan of distribution and you shall oversee the distribution of the funds. Upon the distribution of all the funds in the Trust Account, your obligations under
the Trust Agreement shall be terminated and the Trust Account shall be closed. 

	 	 	Very truly yours,
	

 	
 	

EDUCATION MEDIA, INC.
	

 	
 	

By:	

	 	 	Name:	Peter A. Kirsch
	 	 	Title:	Chief Executive Officer

SCHEDULE A 

Schedule of fees pursuant to Section 3(c) of

Investment Management Trust Agreement

between Education Media, Inc. and

Continental Stock Transfer & Trust Company 

	Fee Item
	 	Time and method of payment
	 	Amount

	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	1,000
	

Annual fee	
 	

First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	
 	
$	

3,000
	

Transaction processing fee for disbursements to Company under Sections 1(i) and 2	
 	

Deduction by Trustee from disbursement made to Company under Section 2	
 	
$	

4,000

Dated:
November            , 2008 

	 	 	Agreed:
	

 	
 	

Education Media, Inc.
	

 	
 	

By:	

	 	 	Title:	Chief Executive Officer
	

 	
 	

Continental Stock Transfer & Trust Company
	

 	
 	

By:	

	 	 	Title:	Trust Officer

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Exhibit 10.5

EXHIBIT A

EXHIBIT BQuickLinks
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Exhibit 10.6    
    

 
  STOCK ESCROW AGREEMENT    
    

        STOCK ESCROW AGREEMENT, dated as of [            ], 2007 (the "Agreement") by and among Education Media, Inc., a Delaware
corporation (the "Company"), the undersigned parties listed as Initial Stockholders on the signature page hereto (collectively, the "Initial Stockholders") and Continental Stock Transfer &
Trust Company, a New York corporation (the "Escrow Agent"). 

        WHEREAS,
the Company has entered into an Underwriting Agreement, dated [            ], 2007 ("Underwriting Agreement") with Ferris, Baker Watts, Incorporated
("Ferris, Baker Watts") (the "Underwriter"), pursuant to which, among other matters, the Underwriter have agreed to purchase 10,000,000 units (not including the underwriter' over-allotment
option) ("Units") of the Company. Each Unit consists of one share of the Company's common stock, par value $.0001 per share (the "Common Stock"), and one warrant ("Warrant"), each Warrant to purchase
one share of Common Stock, all as more fully described in the Company's definitive Prospectus, dated [            ], 2007 ("Prospectus") comprising part of the Company's
Registration Statement on Form S-1 (File No. 333-[            ]) under the Securities Act of 1933, as amended (the "Registration
Statement"), declared effective on [            ], 2007 (the "Effective Date"). 

        WHEREAS,
the Initial Stockholders have agreed, as a condition of the Underwriter' obligation to purchase the Units pursuant to the Underwriting Agreement and to offer them to the public,
to deposit all of their shares of Common Stock, as set forth opposite their respective names in Exhibit A attached hereto (collectively the "Escrow Shares"), in escrow as hereinafter provided; 

        WHEREAS,
the Company has entered into a Subscription Agreement with            of the Initial Stockholders (each a "Warrantholder" and collectively, the "Initial Warrantholders"),
dated November [            ], 2007 (the "Subscription Agreement"), pursuant to which the Initial Warrantholders have agreed to purchase 3,125,000 warrants (the "Private
Warrants") in a private placement transaction; 

        WHEREAS,
the Initial Warrantholders have agreed as a condition of the sale of the Private Warrants to deposit the Private Warrants (together with the Escrow Shares, the "Escrow
Securities"), with the Escrow Agent as hereinafter provided; and 

        WHEREAS,
the Company and the Initial Stockholders desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter provided. 

        IT
IS AGREED: 

        1.    Appointment of Escrow Agent.    The Company and the Initial Stockholders hereby appoint the Escrow Agent to act
in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms. 

        2.    Deposit of Escrow Securities.    On or before the Effective Date, each of the Initial Stockholders shall deliver
to the Escrow Agent certificates representing his, her or its respective Escrow Shares, to be held and disbursed subject to the terms and conditions of this Agreement. Each Initial Stockholder
acknowledges and agrees that the certificates representing his or her Escrow Securities will bear a legend to reflect the deposit of such Escrow Securities under this Agreement. 

        3.    Disbursement of the Escrow Securities.    The Escrow Agent shall hold the Escrow Shares and the Escrow Warrants
until the termination of their respective Escrow Period (as defined below). In the 

case
of the Escrow Shares, the "Escrow Period" shall be the period beginning on the date the certificates representing the Shares are deposited with the Escrow Agent and ending on the date that is six
(6) months following the consummation of the initial Business Combination (as such term is defined in the Registration Statement). In the case of the Escrow Warrants, the "Escrow Period" shall
be the period beginning on the date the certificates representing the Warrants are deposited with the Escrow Agent and ending on the 90th day after the date of the consummation of the initial Business
Combination. On the termination date of the applicable Escrow Period, the Escrow Agent shall, upon written instructions from each Initial Stockholder, disburse each of the Initial Stockholder's Escrow
Securities to such Initial Stockholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time
during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Securities; provided further, that if, after the Company consummates a Business
Combination (as such term is defined in the Registration Statement), it (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which
results in all of its stockholders
of such entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon consummation of such transaction, release the Escrow
Securities to the Initial Stockholders so that they can similarly participate. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Securities in
accordance with this Section 3. 

        4.    Rights of Initial Stockholders in Escrow Securities.    

        4.1    Voting Rights as a Stockholder.    Subject to the terms of the Insider Letters described in Section 4.4
hereof and except as herein provided, the Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without limitation, the right to
vote such shares. 

        4.2    Dividends and Other Distributions in Respect of the Escrow Securities.    During the Escrow Period, all
dividends payable in cash with respect to the Escrow Securities shall be paid to the Initial Stockholders, but all dividends payable in stock or other non-cash property
("Non-Cash Dividends") shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term "Escrow Securities" shall be deemed to include the
Non-Cash Dividends distributed thereon, if any. 

        4.3    Restrictions on Transfer.    During the Escrow Period, no sale, transfer or other disposition may be made of
any or all of the Escrow Securities except (i) by gift to a member of Initial Stockholder's immediate family or to a trust or other entity, the beneficiary of which is an Initial Stockholder or
a member of an Initial Stockholder's immediate family, (ii) by virtue of the laws of descent and distribution upon death of any Initial Stockholder, (iii) pursuant to a qualified
domestic relations order, (iv) to an entity that is an Initial Stockholder, (v) to any person or entity controlling, controlled by, or under common control with, an Initial Stockholder
or (vi) with respect to an Initial Stockholder who is an individual, to an entity controlled by such Initial Stockholder; provided, however, that such permitted transfers may be implemented
only upon the respective transferee's written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Initial Stockholder transferring the Escrow
Securities. During the Escrow Period, the Initial Stockholders shall not pledge or grant a security interest in the Escrow Securities or grant a security interest in their rights under this Agreement. 

        4.4    Insider Letters.    Each of the Initial Stockholders has executed a letter agreement with Ferris, Baker Watts
and the Company, dated as of the Effective Date, and which is filed as an exhibit to the Registration Statement ("Insider Letter"), respecting the rights and obligations of such Initial Stockholder in
certain events, including, but not limited to, the liquidation of the Company. 

        5.    Concerning the Escrow Agent.    

        5.1    Good Faith Reliance.    The Escrow Agent shall not be liable for any action taken or omitted by it in good
faith and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the
truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall
not be bound by any notice or demand, or any waiver, 

modification,
termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow
Agent are affected, unless it shall have given its prior written consent thereto. 

        5.2    Indemnification.    The Escrow Agent shall be indemnified and held harmless by the Company from and against any
expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or
indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Securities held by it hereunder, other than expenses or losses arising from the gross
negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow
Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an
appropriate court to determine ownership or disposition of the Escrow Securities or it may deposit the Escrow Securities with the clerk of any appropriate court or it may retain the Escrow Securities
pending receipt of a final, non appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Securities are to be disbursed
and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below. 

        5.3    Compensation.    The Escrow Agent shall be entitled to reasonable compensation from the Company for all
services rendered by it hereunder, as set forth on Exhibit B hereto. The Escrow Agent shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the
administration of its duties hereunder including, but not limited to, all counsel, advisors' and agents' fees and disbursements and all taxes or other governmental charges. 

        5.4    Further Assurances.    From time to time on and after the date hereof, the Company and the Initial Stockholders
shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 

        5.5    Resignation.    The Escrow Agent may resign at any time and be discharged from its duties as escrow agent
hereunder by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the
Escrow Agent shall turn over to a successor escrow agent appointed by the Company and approved by Ferris, Baker Watts, the Escrow Securities held hereunder. If no new escrow agent is so appointed
within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Securities with any court it deems appropriate. 

        5.6    Discharge of Escrow Agent.    The Escrow Agent shall resign and be discharged from its duties as escrow agent
hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by a
successor escrow agent as provided in Section 5.5. 

        5.7    Liability.    Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from
liability hereunder for its own gross negligence or its own willful misconduct. 

        6.    Miscellaneous.    

        6.1    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 New York. 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 be
brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New 

York,
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. 

        6.2    Third Party Beneficiaries.    Each of the Initial Stockholders hereby acknowledges that the Underwriter,
including, without limitation, Ferris, Baker Watts, are third party beneficiaries of this Agreement and
this Agreement may not be modified or changed without the prior written consent of Ferris, Baker Watts. 

        6.3    Entire Agreement.    This Agreement contains the entire agreement of the parties hereto with respect to the
subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged. 

        6.4    Headings.    The headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation thereof. 

        6.5    Binding Effect.    This Agreement shall be binding upon and inure to the benefit of the respective parties
hereto and their legal representatives, successors and assigns. 

        6.6    Notices.    Any notice or other communication required or which may be given hereunder shall be in writing and
either be delivered personally or by private national courier service, or be mailed, certified or registered mail, return receipt requested, postage prepaid, and shall be deemed given when so
delivered personally or, if sent by private national courier service, on the next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, as follows: 

If
to the Company, to: 

Education
Media, Inc.

1700 Pennsylvania Ave NW, Suite 900

Washington, DC 20006

Attn: Peter A. Kirsch, CEO 

If
to a Stockholder, to his address set forth in Exhibit A. 

and
if to the Escrow Agent, to: 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Richard Kretz 

A
copy of any notice sent hereunder shall be sent to: 

Kalbian
Hagerty LLP

888 17th Street NW, Suite 1000

Washington, DC 20006

Attn: John F. McCarthy III, Esq. 

and: 

Ferris,
Baker Watts, Incorporated

100 Light Street, 8th Floor

Baltimore, MD 21202

Attn: Scott T. Bass 

and:

Gersten
Savage LLP

600 Lexington Avenue

9th Floor

New York, NY 10022

Attn: Arthur S. Marcus, Esq. 

        The
parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for
giving notice. 

        6.7    Liquidation of Company.    The Company shall give the Escrow Agent written notification of the liquidation and
dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period(s) specified in the Prospectus. 

        6.8    Waiver.    Notwithstanding anything herein to the contrary, the Escrow Agent hereby waives any and all right,
title, interest or claim of any kind ("Claim") in or to any distribution of the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the
Trust Account for any reason whatsoever. 

        6.9    Counterparts.    This Agreement may be executed in several counterparts each one of which shall constitute an
original and may be delivered by facsimile transmission and together shall constitute one instrument. 

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

	EDUCATION MEDIA, INC.	 	 
	

By:	

	
 	

 
	Peter A. Kirsch

Chief Executive Officer	 	 
	

CONTINENTAL STOCK TRANSFER & TRUST COMPANY	
 	

 
	

By:	

	
 	

 
	Name:	 	 	 
	Title:	 	 	 

	 	 	INITIAL STOCKHOLDERS:
	

 	
 	

 James V. Kimsey
	

 	
 	

 Peter A. Kirsch
	

 	
 	

 Daniel E. Moore
	

 	
 	

 J. Patrick Campbell
	

 	
 	

 C. Richard Allan
	

 	
 	

 Nancy Shuba-Merritt
	

 	
 	

 Stephanie S. Weir
	

 	
 	

 Brie Hytovitz
	

 	
 	

 James Keeratisakdawong
	

 	
 	

HENDRICKS INVESTMENT HOLDINGS, LLC
	

 	
 	

By:	

	 	 	Title:	

	 	 	LONGSTREET PARTNERS, LLC
	

 	
 	

By:	

	 	 	Title:	

	

 	
 	

SHERWOOD INVESTORS LLC
	 	 	By:	

	 	 	Title:	

 
 

EXHIBIT A    
    

	Name and Address of Initial Stockholder
 
	 	Number

of Shares
	 	Number

of Warrants
	 	Stock

Certificate

Number

	 	 	 	 	 	 	 

 
 

EXHIBIT B    
    
    Escrow Agent Fees    
    

$3,500
annually for acting agent escrow fee. 

Initial
acceptance fee and first year agent fee to be paid at closing. 

QuickLinks

Exhibit 10.6

STOCK ESCROW AGREEMENT

EXHIBIT A

EXHIBIT B Escrow Agent Fees

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