Document:

EX-10.1

AMENDMENT NO. 1 TO PURCHASE AND ASSUMPTION AGREEMENT

THIS AMENDMENT NO. 1 TO PURCHASE AND ASSUMPTION AGREEMENT, dated as of June 21, 2012 (this
“Amendment”), is by and between First Niagara Bank, National Association, a national
banking association with its principal office in Buffalo, New York (“Seller”), and Five
Star Bank, a New York State charted bank with its principal office in Warsaw, New York
(“Purchaser”).

RECITALS

WHEREAS, Seller and Purchaser entered into the Purchase and Assumption Agreement dated as of
January 19, 2012 (the “Purchase Agreement”);

WHEREAS, Seller and Purchaser desire to amend the Purchase Agreement on the terms set forth in
this Amendment.

NOW, THEREFORE, in consideration of the premises and the mutual promises and obligations set
forth herein, the parties, intending to be legally bound, agree as follows:

1. Defined Terms. Except as otherwise expressly provided in this Amendment, terms
used in this Amendment as defined terms have the respective meanings assigned to them in the
Purchase Agreement.

2. Removal of SBA Loans. Purchased Loans shall not include SBA Loans, and any SBA
Loans shall be included in the Excluded Assets. The term “SBA Loan” means a Loan that is secured
by a United States Small Business Administration guaranty, whether in whole or in part.

3. Additional Excluded Deposits. Notwithstanding anything to the contrary in the
Purchase Agreement, Excluded Deposits shall include deposits that, as of the date that is three (3)
Business Days prior to the Closing Date, are subject to a legal hold or levy, including those holds
or levies placed on such deposits as a result of an attachment, garnishment, in-arrears child
support order and other legal actions, and such deposits shall not be Assumed Deposits.

4. Retained In-Process Mortgage Loans.

(a) Purchased Assets shall include In-Process Loans (as defined below) and Excluded Assets
shall include Retained In-Process Loans (as defined below). The term “In-Process Loans”
shall mean all applications (and related documentation) for Loans from Seller that would otherwise
constitute Purchased Loans if, pursuant to such applications, credit were extended, or the
commitment to extend credit became legally binding, prior to the Closing Date, other than the
Retained In-Process Loans. The term “Retained In-Process Loans” shall mean all
applications (and related documentation) for Mortgage Loans, including the potential Mortgage Loan
associated therewith, that have been submitted to Seller as of the Closing Date and for which the
associated Mortgage Loan has not closed or has not been funded prior to the Closing Date. The term
“Mortgage Loans” shall mean a Loan secured by a first or second mortgage, any home equity
loan or any home equity line of credit.

5. Split Customer Relationships. The restrictions on Seller and its Affiliates in
Section 7.9(d) of the Purchase Agreement shall not apply to Split Customers. The term “Split
Customer” shall mean a customer with at least one account that will be transferred to Purchaser
and at least one account that will remain with Seller.

6. Environmental Objections and Remediation.

(a) Purchaser and Seller, together with their respective consultants and counsel, shall
cooperate in good faith to jointly develop a commercially reasonable and cost-effective plan to
remediate, manage and/or otherwise address environmental conditions identified by Purchaser’s
consultant pursuant to Phase II environmental site assessments (“Phase II ESAs”) to be conducted
after the Closing at the Batavia, New York and Medina, New York real property at which Banking
Centers are located (a “Remediation Plan”); provided, however, that the
Remediation Plan shall provide that Purchaser shall direct and control, in consultation with
Seller, any and all such remediation and/or management activities. Each of Purchaser and Seller
shall be solely responsible for its own costs and the costs of its consultants and counsel in
connection with the activities undertaken pursuant to this Section 6, provided that Qualifying
Remediation Costs shall be allocated between Purchaser and Seller as provided below. A cost will
constitute a “Qualifying Remediation Cost” only if the cost (i) is reasonably incurred in
accordance with the Remediation Plan and is required to remedy environmental conditions identified
by the Phase II ESAs which constitute actual and current liabilities regarding, or non-compliance
with, Environmental Laws or (ii) has been required by a Government Entity, in writing, in response
to a disclosure required pursuant to Environmental Laws, . For the avoidance of doubt, (i)
non-compliance with Environmental Laws will only include the presence of contaminants at levels
above the applicable New York State Department of Environmental Conservation (“NYSDEC”) cleanup
standards and/or guidance values if the presence of such contaminants constitutes a significant
threat to public health or the environment, as defined in 6 NYCRR 375-2.7, or as determined by the
NYSDEC, and (ii) under no circumstances will a Qualifying Remediation Cost include costs to the
extent triggered by renovation or redevelopment of any portion of the Batavia, New York or Medina,
New York sites, including the management and/or disposal of contaminated media generated during
such renovation or redevelopment projects, unless such costs have been specifically delineated, and
agreed to, in the Remediation Plan. In all circumstances, any Remediation Plan must be
commercially reasonable and cost-effective, and will include, where appropriate, practicable, and
acceptable to the involved Governmental Entities, the use of institutional controls, engineering
controls and/or property use limitations.

(b) For the Batavia, New York real property, each of Purchaser and Seller agrees to fund fifty
percent (50%) of the first $200,000 of Qualifying Remediation Costs. In the event that Qualifying
Remediation Costs exceed $200,000 and are less than $500,000, then Seller shall fund seventy five
percent (75%) of such Qualifying Remediation Costs and Purchaser shall fund twenty five percent
(25%) of such Qualifying Remediation Costs (i.e., the costs in excess of $200,000 and less than
$500,000). In the event that Qualifying Remediation Costs exceed $500,000, then Seller shall fund
ninety percent (90%) of such excess Qualifying Remediation Costs and Purchaser shall fund ten
percent (10%) of such excess Qualifying Remediation Costs (i.e., the costs in excess of $500,000).

(c) For the Medina, New York real property, each of Purchaser and Seller agrees to fund fifty
percent (50%) of all Qualifying Remediation Costs.

(d) Notwithstanding anything set forth in this Section 6 above, or anything set forth in the
Purchase Agreement, in no event shall Seller be required to pay for: (i) any costs in respect of
the Purchased Real Estate that do not constitute Qualifying Remediation Costs, (ii) any Qualifying
Remediation Costs in respect of the Purchased Real Property in an aggregate amount that exceeds
$1,000,000, or (iii) costs to the extent arising from or relating to Liabilities under and/or
violations of Environmental Laws caused by Purchaser’s post-Closing operation of the Banking
Centers at the Batavia, New York and Medina, New York real property.

(e) In the event of a disagreement about what will be included in the Remediation Plan and/or
what constitutes a Qualifying Remediation Cost, the parties agree to seek to resolve such
disagreement, in good faith, through the engagement of an independent, third-party arbitrator, with
a favorable reputation, that is acceptable to both parties (the “Third-Party Arbitrator”). Each of
Seller and Purchaser shall bear 50% of the costs of such firm under the foregoing engagement.

7. Change to Closing Documents and Deliveries. Notwithstanding anything to the
contrary in Sections 4.2 and 8.3 of the Purchase Agreement, Seller shall be afforded up to thirty
(30) days after the Closing Date to deliver the Purchased Loans, duly and properly endorsed, to
Purchaser by Seller together with all notes, guarantees, agreements and other evidence thereof and
all collateral and security interests securing the Purchased Loans in the possession of Seller or
its Subsidiaries and all necessary assignments (if applicable, in recordable form), endorsements
and other instruments of conveyance as may be necessary under the circumstances; provided
that all such assignments, endorsements and other instruments of conveyance shall be without
recourse as to collection to Seller. If and to the extent that, and for so long as, any of such
collateral remains in the possession of Seller or its Subsidiaries after the Closing Date, then
Seller and its Subsidiaries shall hold such collateral in such a manner as shall ensure the
uninterrupted perfection of the security interests in such collateral for the sole benefit of
Purchaser. From the Close of Business on the Closing Date until such delivery, Seller shall hold
any such undelivered documentation related to the Purchased Loans as the agent exclusively for
Purchaser and shall exercise the same degree of care that Seller exercises over its own similar
documentation (but in no event shall the degree of care be less than a reasonable degree of care).
The parties acknowledge that some documentation related to assignments and recordings may be
trailing. The parties agree to work in good faith to handle all trailing documents to ensure
appropriate documentation is delivered to the appropriate party following the Closing Date.

8. Waiver of Restriction. Reference is made to Seller’s FNIS Incentive Plan and
Agreement for Personal Financial Associate (PFA) (the “Plan”).  Seller hereby consents to
Purchaser’s employment of Luciann Kelley and waives  Ms. Kelley’s agreement on competing with
Seller that is contained in section 4 (Non-competition with FNFG) under the caption “Professional
Responsibilities” in the Plan solely to the extent such employment would violate said section 4. 
The foregoing consent is provided by Seller solely for the benefit of Purchaser and does not
release or waive other agreements of Luciann Kelley in or arising under the Plan, including
restrictions on confidentiality and solicitation of customers and employees.

9. Notices. All notices, request, demands and other communications required hereunder
shall be in writing and shall be deemed to have been duly given or made if delivered personally,
sent by facsimile transmission or telex confirmed in writing within two (2) Business Days, or sent
by registered or certified mail, postage prepaid, as follows:

If to Purchaser addressed to:

Peter G. Humphrey

President and Chief Executive Officer

Five Star Bank

220 Liberty Street

Warsaw, NY 14569

Facsimile: (585) 786-1108

with a copy to:

John L. Rizzo

General Counsel

Five Star Bank

220 Liberty Street

Warsaw, NY 14569

Facsimile: (585) 786-1108

with an additional copy to:

James M. Jenkins, Esq.

Harter Secrest & Emery LLP

1600 Bausch & Lomb Place

Rochester, NY 14604

Facsimile: (585) 232-6500

If to Seller:

First Niagara Bank

726 Exchange Street

Suite 618

Buffalo, New York 14210

Fax: (716) 819-5158

Attention: Kristy Berner

First Vice President & Assistant General Counsel

With a copy to:

Pepper Hamilton LLP

3000 Two Logan Square

Eighteenth and Arch Streets

Philadelphia, PA 19103-2799

Fax: (215) 981-4750

Attention: Michael Friedman, Esq.

Any party may change the address or fax number to which such communications are to be sent to it by
giving written notice of change of address to the other parties in the manner provided above for
giving notice.

10. Governing Law. The execution, interpretation, and performance of this Amendment
shall be governed by the laws of the State of New York without giving effect to any conflict of
laws provision or rule (whether of the State of New York or any other jurisdiction) that would
cause the application of the law of any other jurisdiction other than the State of New York.

11. Third Party Beneficiaries. This Amendment shall not benefit or create any right
or cause of action in or on behalf of any person other than Seller and Purchaser.

12. Counterparts. This Amendment may be executed in any number of counterparts, each
of which shall be deemed to be an original as against any party whose signature appears thereon,
and all of which shall together constitute one and the same instrument. This Amendment shall become
binding when two or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. The execution and delivery of
this Amendment may be effected by facsimile or any other electronic means such as “.pdf” or “.tiff”
files.

13. Headings. The headings used in this Amendment are inserted for purposes of
convenience of reference only and shall not limit or define the meaning of any provisions of this
Amendment.

14. Ratification of Purchase Agreement. Except as expressly amended hereby, the
Purchase Agreement continues in full force and effect.

[Remainder of page left intentionally blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their duly authorized officers as of the date and year first above written.

	 
	SELLER:

	FIRST NIAGARA BANK, NATIONAL ASSOCIATION

By: /s/ John R. Koelmel

	 

	Name: John R. Koelmel

Title: President & Chief Executive Officer

	PURCHASER:

	FIVE STAR BANK

By: /s/ Peter G. Humphrey

	 

	Name: Peter G. Humphrey

Title: President & Chief Executive OfficerEX-10.1

STOCK PURCHASE AGREEMENT

This STOCK PURCHASE AGREEMENT, dated as of June 22, 2012 (this “Agreement”), is by and
among Cambium Learning Group, Inc., a Delaware corporation (the “Purchaser” or the
“Issuer”), and each of the persons and entities listed on Schedule I attached
hereto (collectively, the “Sellers” and each, individually, a “Seller”).

WHEREAS, the Sellers are the owners of an aggregate of 440,373 shares (the “Shares”)
of common stock, par value $0.01 per share, of the Issuer (“Common Stock”);

WHEREAS, each Seller is the owner of the number of Shares set forth opposite such Seller’s
name on Schedule I attached hereto; and

WHEREAS, the Sellers desire and are willing to sell the Shares to the Purchaser, and the
Purchaser desires and is willing to purchase the Shares from the Sellers, upon and subject to the
terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the covenants, agreements and warranties
contained herein, the sufficiency of which is hereby acknowledged, the parties agree as follows:

1. Definitions. When used herein, the following terms shall have the meanings set
forth below:

(a) “Affiliate” means, with respect to any Person, any other Person that, directly or
indirectly, through one or more intermediaries, controls, or is controlled by, or is under common
control with, such Person, and the term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through ownership of voting
securities, by contract or otherwise.

(b) “Encumbrance” means any pledge, hypothecation, assignment, lien, restriction,
charge, claim, security interest, option, preference, priority or other preferential arrangement of
any kind or nature whatsoever.

(c) “Organizational Documents” means: (a) in the case of a Person that is a
corporation, its articles or certificate of incorporation and its by-laws, regulations or similar
governing instruments required by the laws of its jurisdiction of formation or organization; (b) in
the case of a Person that is a partnership, its articles or certificate of partnership, formation
or association, and its partnership agreement (in each case, limited, limited liability, general or
otherwise); (c) in the case of a Person that is a limited liability company, its articles or
certificate of formation or organization, and its limited liability company agreement or operating
agreement; and (d) in the case of a Person that is none of a corporation, partnership (limited,
limited, general or otherwise), limited liability company or natural person, its governing
instruments as required or contemplated by the laws of its jurisdiction of organization.

(d) “Person” means any individual, corporation, partnership, limited liability
company, firm, joint venture, association, joint-stock company, trust, unincorporated organization,
governmental body or authority or any other entity.

(e) “Transfer Restriction” means, with respect to any security or other property, any
condition to or restriction on the ability of the holder thereof to sell, assign or otherwise
transfer such security or other property or to enforce the provisions thereof or of any document
related thereto, whether set forth in such security or other property itself or in any document
related thereto or arising by operation of law, including, without limitation, such conditions or
restrictions arising under federal, state or foreign laws or under any contracts, arrangements or
agreements.

2. Sale and Purchase. The Sellers and the Purchaser will execute this agreement as of
4:05 p.m., New York City time, on the date hereof (the “Trade Date”) and close the sale and
purchase (the “Transaction”) on the Settlement Date (as defined below). The Sellers will sell the
Shares to the Purchaser, and the Purchaser will purchase the Shares from the Sellers at a purchase
price per Share equal to One Dollar and Fifteen and Eight Tenths Cents ($1.158) (the aggregate
purchase price for all the Shares is referred to herein as the “Purchase Price”).

3. Representations, Warranties and Agreements of the Sellers.

Each of the Sellers hereby represents, warrants and agrees on the date hereof and on the Trade
Date and the Settlement Date (as defined below):

(a) Such Seller has the power and capacity to enter into this Agreement and to consummate the
Transaction. The execution, delivery, and performance by each Seller of this Agreement and the
consummation by such Seller of such Seller’s obligations hereunder have been duly authorized by all
necessary action in respect thereof by the respective Seller. This Agreement has been duly and
validly executed and delivered by such Seller and constitutes the legal, valid and binding
obligation of such Seller, enforceable in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws
from time to time in effect that affect creditors’ rights generally, and by legal and equitable
limitations on the availability of specific remedies. Any Person signing this Agreement on behalf
of such Seller has been duly and validly authorized and empowered to do so and has the authority to
bind such Seller and to effectuate the transactions contemplated by this Agreement.

(b) The execution, delivery and performance by such Seller of this Agreement and consummation
by such Seller of the Transaction do not and will not: (i) violate any decree or judgment of any
court or other governmental authority applicable to or binding on such Seller; (ii) violate any
provision of any federal or state statute, rule or regulation which is, to such Seller’s knowledge,
applicable to such Seller; (iii) conflict with, or result in any violation of, any provision of any
Organizational Document of such Seller; or (iv) violate or result in a default under any contract
to which such Seller or any of such Seller’s assets or properties are bound. No consent or approval
of, or filing with, any governmental authority or other Person not a party hereto is required for
the execution, delivery and performance by such Seller of this Agreement or the consummation of the
Transaction.

(c) Such Seller is the record and beneficial owner of the number of Shares set forth opposite
such Seller’s name on Schedule I attached hereto, free and clear of any Encumbrances, and
upon the transfer of such Shares to the Purchaser, the Purchaser will acquire good and marketable
title thereto, free and clear of any Encumbrances or Transfer Restrictions, other than Transfer
Restrictions arising solely under the Securities Act of 1933, as amended (the “Securities
Act”), and the rules and regulations of the Securities and Exchange Commission (the
“Commission”) promulgated thereunder, or under similar state securities laws (the
“Permitted Securities Law Restrictions”).

(d) No proceedings relating to the Shares are pending or, to the knowledge of such Seller,
threatened, before any court, arbitrator or administrative or governmental body or authority that
would adversely affect such Seller’s right to transfer the Shares to the Purchaser.

(e) Such Seller, by reason of, among other things, such Seller’s business and financial
experience, is capable of evaluating the merits and risks of the Transaction and of protecting such
Seller’s own interests in connection with the Transaction. Such Seller is aware of the Issuer’s
business affairs and financial condition, and has acquired sufficient information about the Issuer
to reach an informed and knowledgeable decision to sell the Shares owned by such Seller.

(f) Such Seller acknowledges that such Seller is aware and understands that the Purchaser is
the issuer of the Shares, and that the Purchaser has informed such Seller that, among other things,
the Purchaser, as the issuer of the Shares, is in possession of substantial information which may
be material and/or nonpublic (collectively, the “Issuer Information”) and which, if
publicly disclosed, could foreseeably affect the trading price of the Common Stock, including
information that may be indicative that the value of the Shares is substantially lower or higher
than the Purchase Price being paid in the Transaction, or which, if known to such Seller, could
foreseeably have impacted such Seller’s decision to sell such Seller’s Shares or to enter into this
Agreement.

(g) Notwithstanding the Purchaser’s possession of the Issuer Information, which is not being
disclosed to such Seller, such Seller wishes to enter into the Transaction at this time for such
Seller’s own business purposes. Such Seller acknowledges that the Purchaser would not enter into
the Transaction with such Seller in the absence of the protections afforded to the Purchaser by
such Seller’s representations, warranties and agreements in this Section 3 and that such
Seller is providing such representations, warranties and agreements, including the waivers
contained in this Agreement, as an inducement to the Purchaser to consummate the Transaction.

(h) Such Seller is experienced, sophisticated and knowledgeable in the trading of securities
and other instruments of private and public companies and understands the disadvantage to which
such Seller is subject on account of the disparity of the access to, and possession of, the Issuer
Information between the Purchaser and such Seller. Such Seller has conducted an independent
evaluation of the Common Stock to determine whether to engage in the Transaction and,
notwithstanding the absence of access by such Seller to the Issuer Information, such Seller is
desirous of consummating the Transaction.

(i) Such Seller hereby irrevocably waives any and all actions, causes of action, rights or
claims, whether known or unknown, contingent or matured, and whether currently existing or
hereafter arising, that such Seller may have or hereafter acquire against the Purchaser or any of
its Affiliates (collectively, the “Purchaser Released Persons” and each, individually, a
“Purchaser Released Person”) in any way, directly or indirectly, arising out of, relating
to or resulting from the Purchaser’s or such other Persons’ failure to disclose any Issuer
Information to such Seller, except for those representations and warranties of the Purchaser
expressly set forth in Section 4 of the Agreement, including, without limitation, claims it may
have or hereafter acquire under applicable federal and/or state securities laws. Such Seller also
agrees that such Seller shall not institute or maintain any cause of action, suit, complaint or
other proceeding against any Purchaser Released Person as a result of the Purchaser’s or such other
Persons’ failure to disclose any Issuer Information to such Seller, except for those
representations and warranties of the Purchaser expressly set forth in Section 4 of the Agreement.
Such Seller intends to effect, to the maximum extent permitted by law, a complete and knowing
waiver of such Seller’s rights as set forth in this Section 3(i). Each of the terms of the
waivers and releases set forth in this Section 3(i) shall survive the execution and
delivery of this Agreement and the consummation of the Transaction.

(j) Such Seller has been given the opportunity to consult with such Seller’s own counsel and
financial and other advisors with respect to this Agreement and the terms hereof and the
Transaction to be consummated hereunder and has delivered this Agreement freely and voluntarily.

(k) Neither the Purchaser nor any of its Affiliates or any of their respective
representatives are making any representations or warranties to such Seller, and such Seller is not
relying on any statements, whether oral or written, which may have been made at any time by the
Purchaser or any of its Affiliates or any of their respective representatives, except for those
representations and warranties of the Purchaser expressly set forth in Section 4 of this
Agreement.

4. Representations, Warranties and Agreements of the Purchaser.

The Purchaser hereby represents, warrants and agrees as of the date hereof and on the Trade
Date and the Settlement Date:

(a) The Purchaser has the power and capacity to enter into this Agreement and to consummate
the Transaction. This Agreement has been duly and validly executed and delivered by the Purchaser
and constitutes the legal, valid and binding obligation of the Purchaser, enforceable in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws from time to time in effect that affect creditors’
rights generally, and by legal and equitable limitations on the availability of specific remedies.

(b) The execution, delivery and performance by the Purchaser of this Agreement and
consummation by the Purchaser of the Transaction do not and will not: (i) violate any decree or
judgment of any court or other governmental authority applicable to or binding on the Purchaser;
(ii) violate any provision of any federal or state statute, rule or regulation which is, to the
Purchaser’s knowledge, applicable to the Purchaser; (iii) conflict with, or result in any violation
of, any provision of any Organizational Document of the Purchaser; or (iv) violate or result in a
default under any material contract to which the Purchaser or any of the Purchaser’s assets or
properties are bound. No consent or approval of, or filing with, any governmental authority or
other Person not a party hereto is required for the execution, delivery and performance by the
Purchaser of this Agreement or the consummation of the Transaction.

(c) The Purchaser acknowledges that upon the Purchaser’s purchase of the Shares that each
such Share may be subject to the Permitted Securities Law Restrictions.

(d) The Purchaser is the issuer of the Shares and is capable of evaluating the merits and
risks of the Transaction and of protecting the Purchaser’s own interests in connection with the
Transaction.

(e) The Purchaser has been given the opportunity to consult with the Purchaser’s own counsel
and financial and other advisors with respect to this Agreement and the terms hereof and the
Transaction to be consummated hereunder and has delivered this Agreement freely and voluntarily.

(f) No Seller is making any representations or warranties to the Purchaser, and the Purchaser
is not relying on any statements, whether oral or written, which may have been made at any time by
any Seller, except for those representations and warranties of the Sellers expressly set forth in
Section 3 of this Agreement.

(g) The Purchaser hereby irrevocably waives any and all actions, causes of action, rights or
claims, whether known or unknown, contingent or matured, and whether currently existing or
hereafter arising, that the Purchaser may have or hereafter acquire against any Seller or any of
its Affiliates (collectively, the “Seller Released Persons” and each, individually, a
“Seller Released Person”) in any way, directly or indirectly, arising out of, relating to
or resulting from any statements, whether oral or written, which may have been made at any time by
any Seller, except for those representations and warranties of the Sellers expressly set forth in
Section 3 of the Agreement, including, without limitation, claims it may have or hereafter
acquire under applicable federal and/or state securities laws. The Purchaser also agrees that the
Purchaser shall not institute or maintain any cause of action, suit, complaint or other proceeding
against any Seller Released Person as a result of any statements, whether oral or written, which
may have been made at any time by any Seller, except for those representations and warranties of
the Sellers expressly set forth in Section 3 of the Agreement. The Purchaser intends to
effect, to the maximum extent permitted by law, a complete and knowing waiver of the Purchaser’s
rights as set forth in this Section 4(g). Each of the terms of the waivers and releases set
forth in this Section 4(g) shall survive the execution and delivery of this Agreement and
the consummation of the Transaction.

5. Conditions Precedent to Obligations of the Purchaser. The obligations of the
Purchaser are subject to the satisfaction of the following conditions precedent:

(a) The representations and warranties of the Sellers contained herein shall be true and
correct as of the Trade Date and the Settlement Date.

(b) The Sellers shall have complied with all of the Sellers’ covenants and agreements
contained herein to be performed by the Sellers on or prior to the Settlement Date.

6. Conditions Precedent to Obligations of the Sellers. The obligations of the Sellers
are subject to the satisfaction of the following conditions precedent:

(a) The representations and warranties of the Purchaser contained herein shall be true and
correct as of the Trade Date and the Settlement Date.

(b) The Purchaser shall have complied with all of the Purchaser’s covenants and agreements
contained herein to be performed by the Purchaser on or prior to the Settlement Date.

(c) The Sellers shall have received the wire transfer referred to in Section 7
hereof.

(d) Any consents necessary to consummate the sale of the Shares shall have
been received.

(e) There must not be in effect any legal requirement or any injunction or other
order that (a) prohibits the sale of the Shares by the Sellers to the Purchaser and (b) has
been adopted or issued, or has otherwise become effective.

7. Settlement.

(a) Settlement of the Transaction shall take place on June 27, 2012 (the “Settlement
Date”). On the Settlement Date, subject to Sections 5 and 6 hereof, the Sellers shall
deliver to the Purchaser the Shares against payment by the Purchaser of the Purchase Price.

(b) The Shares delivered to the Purchaser pursuant to this Agreement shall be free and clear
of all Encumbrances and Transfer Restrictions (other than the Permitted Securities Law
Restrictions). The Sellers represent that all of the Shares are held in “street name” through a
bank, broker or other nominee, and that the Sellers shall instruct such bank, broker or nominee to
transfer the Shares to the Purchaser.

(c) The Purchaser shall pay the Purchase Price among the Sellers by wire transfer of
immediately available funds in the amounts and to the bank accounts set forth opposite each such
Seller’s name on Schedule I attached hereto.

(d) The Purchaser and each of the Sellers shall, upon the reasonable request of the other,
execute and deliver all other such documents and instruments reasonably deemed necessary or
desirable by the other parties to fully effect the Transaction contemplated hereby.

8. Amendment. This Agreement shall not be amended, modified or supplemented except in
a writing signed by the Purchaser and the Sellers.

9. Notices. Any notice, request, instruction or other document to be given hereunder
by a party hereto shall be in writing and shall be deemed to have been given, (a) when received, if
given in person or by a courier or a courier service, (b) on the date of transmission, if sent by
facsimile transmission or other means of electronic transmission (provided that the sending party
retains written evidence of confirmed transmission), or (c) when actually received, if mailed by
first-class certified or registered United States mail or recognized overnight courier service,
postage-prepaid and return receipt requested, and all legal process with regard hereto shall be
validly served when served in accordance with applicable law, in the case of the Purchaser, to
Cambium Learning Group, Inc., 17855 North Dallas Parkway, Suite 400, Dallas, Texas 75287,
Attention: General Counsel and Secretary, and, in the case of a Seller, to the address of the
Seller as set forth in Schedule I attached hereto, or, in either case, at such other
address as the recipient party may designate for such party in writing by notice to the other
parties, given as herein provided.

10. Counterparts; Facsimile or Electronic Signatures. This Agreement may be executed
in two or more counterparts. Each such counterpart shall be deemed to be an original, but all of
which together shall constitute one and the same document. Executed counterparts to this Agreement
transmitted by facsimile or by electronic transmission of portable document format (PDF) files or
tagged image file format (TIF) files shall be deemed to be original signatures for all purposes.

11. GOVERNING LAW; VENUE. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAWS. The parties hereby submit to the exclusive jurisdiction of any state or federal court
sitting in New York County over any suit, action or proceeding arising out of or relating to this
Agreement and waive any claims of lack of personal jurisdiction or forum non conveniens. The
parties agree that a final judgment in any such suit, action or proceeding brought in such court
shall be conclusive and binding upon the parties and may be enforced in any other courts to whose
jurisdiction other parties are or may be subject, by suit upon such judgment.

12. Expenses. Except as otherwise expressly provided herein, each party hereto will
bear his or its own expenses in connection with the purchase and sale of the Shares contemplated
hereby.

13. Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
understandings between such parties with respect to such subject matter.

14. Severability. If any provision of this Agreement shall be held invalid, illegal
or unenforceable, the validity, legality and enforceability of the other provisions hereof shall
not be affected thereby.

15. Captions. The Section captions herein are for convenience of reference only and
are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

16. Currency. All references to “dollars” or “$” in this Agreement refer to United
States dollars, which is the currency used for all purposes in this Agreement.

17. Specific Performance. Each party hereto acknowledges that it would be impossible
to determine the amount of damages that would result from a breach of any of the provisions of
this Agreement and that the remedy at law for any breach, or threatened breach, of any of such
provisions would likely be inadequate and, accordingly, each other party shall, in addition to any
other rights or remedies that it may have, be entitled to seek such equitable and injunctive
relief as may be available from any court of competent jurisdiction to compel specific performance
of, or restrain any party from violating, any of such provisions. In connection with any action or
proceeding for injunctive relief, each party hereto hereby waives the claim or defense that a
remedy at law alone is adequate and, to the maximum extent permitted by law, consents to have each
provision of this Agreement specifically enforced against such party, without the necessity of
posting bond or other security against him or it, and consents to the entry of injunctive relief
against him or it enjoining or restraining any breach or threatened breach of any provision of
this Agreement.

[Signature Page to Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as
of the date first above written.

PURCHASER:

CAMBIUM LEARNING GROUP, INC.

By: /s/ Brad Almond       

Name: Brad Almond

Title: Senior Vice President and CFO

SELLERS:

FOXHILL OPPORTUNITY OFFSHORE FUND, LTD.

By: /s/ Ronan Guilfoyle and Tammy Seymour

Name: Ronan Guilfoyle and Tammy Seymour

Title: Directors

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Schedule I

Sellers, Number of Shares Sold & Wire Instructions

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 
	 	 	 	 	Number of Shares	 	 	 	 	 	 	 	 
	Seller Name and Address	 	 	 	Sold	 	 	 	Purchase Price	 	 	 	Wire Instructions
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name: Foxhill
Opportunity Offshore
Fund, Ltd.	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	 	 
	 	 
	 	 	440,373.00	 	 	 
	 	 
	 	 	$	 	 	 	1.158	 	 	 	 	 
	 	Bank Name and Address:
	 

	 	 
	 	 
	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 	

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