Document:

EX-10.2

 Exhibit 10.2 

SIXTH AMENDMENT TO 
 RISK
SHARING AGREEMENT 
 This SIXTH AMENDMENT TO RISK SHARING AGREEMENT (this “Amendment”) is made and entered into
effective as of June 8, 2015 (the “Effective Date”), by and between ITT EDUCATIONAL SERVICES, INC., a Delaware corporation, on behalf of itself and its Affiliates and subsidiaries (“ITT ESI”), and
STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability company operating as a credit union service organization (the “CUSO”). 

RECITALS 
 The following
recitals are a material part of this Amendment: 
 A. ITT ESI and the CUSO (together, the “Parties”) are parties to
that certain Risk Sharing Agreement entered into as of February 20, 2009, and subsequently amended on January 13, 2011, March 30, 2011, May 18, 2012, November 6, 2014, and March 17, 2015 (as so amended,
the “Agreement”). 
 B. Capitalized terms used in this Amendment and not otherwise defined herein shall have the
meanings provided in the Agreement and Schedule A thereto. 
 C. The Parties have agreed to amend certain provisions of the Agreement in
certain respects, subject to and conditioned upon the payment to the CUSO by ITT ESI of the Discharge Amount (as defined in Section 4 of this Amendment). 

D. In connection with the foregoing, the Parties desire to amend the Agreement as set forth in this Amendment. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby jointly acknowledged, the Parties agree as follows: 

1. Subject to and conditioned upon payment of the Discharge Amount to the CUSO by ITT ESI as provided in Section 4 of this Amendment,
Section 7.2(b)(1)(a) of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	a.	Debt Service Ratio. A debt service ratio that is equal to or greater than 1.2 to 1, defined as earnings before interest, income taxes, depreciation and amortization divided by the current portion of
long-term debt plus interest expense; provided, however, that for each of the ITT ESI fiscal quarters ending June 30, 2013 through March 31, 2016 (the “Debt Service Ratio Suspension Period”), compliance with this
debt service ratio covenant is not required, and the failure to comply with this debt service ratio covenant during the Debt Service Ratio Suspension Period shall not require an increase in Collateralization Percentage pursuant to Section 6.3
of the Agreement; 

 2. Subject to and conditioned upon payment of the Discharge Amount to the CUSO by ITT ESI as
provided in Section 4 of this Amendment, Section 7.2(b)(1)(c) of the Agreement is hereby amended in its entirety to read as follows: 
  

	 	c.	Current Ratio. A current ratio, defined as the “Total Current Assets” as reported on ITT ESI’s consolidated balance sheet contained in its Forms 10-Q and 10-K filed with the SEC and any cash
or securities pledged as Collateral under this Agreement, divided by the “Total Current Liabilities” as reported on ITT ESI’s consolidated balance sheet contained in its Forms 10-Q and 10-K filed with the SEC, of ITT ESI, equal to or
greater than: (i) 0.75 to 1 as of June 30, 2012 and September 30, 2012; and (ii) 1 to 1 as of December 31, 2012 and every measurement period thereafter; provided, however, that as of the end of each of the ITT ESI
fiscal quarters ending June 30, 2013 through March 31, 2016 (the “Current Ratio Suspension Period”), compliance with this current ratio covenant is not required, and the failure to comply with this current ratio
covenant during the Current Ratio Suspension Period shall not require an increase in Collateralization Percentage pursuant to Section 6.3 of the Agreement. This calculation excludes all unsecured and uncollateralized related-party receivables
and payables. 

 3. Subject to and conditioned upon payment of the Discharge Amount to the CUSO by ITT ESI as provided in
Section 4 of this Amendment, Section 7.2(b)(2) of the Agreement is hereby amended in its entirety to read as follows: 
 (2)
Persistence Percentage. During the Term of this Agreement, and thereafter, while any ITT ESI Risk Loans remain outstanding, measured at the end of each fiscal quarter based on ITT ESI’s quarterly and annual reports filed with the SEC,
ITT ESI will maintain an average persistence percentage over the preceding eight consecutive fiscal quarters ending on the measurement date of not less than 70%, calculated on a straight average basis; provided however, that as of the end of each of
the ITT ESI fiscal quarters ending March 31, 2015 through March 31, 2016 (the “Persistence Percentage Suspension Period”), compliance with this persistence percentage covenant is not required, and the failure to
comply with this persistence percentage covenant during the Persistence Percentage Suspension Period shall not require an increase in Collateralization Percentage pursuant to Section 6.3 of the Agreement. 

4. On or before the fifth Business Day following the Effective Date, ITT ESI shall pay to the CUSO by wire transfer in
immediately available funds the sum of $6,544,279.47 (the “Discharge Amount”), which payment in full shall discharge, pursuant to Section 3.6 of the Agreement, all ITT ESI’s obligations under Article III of the
Agreement with respect to those Loans set forth on Exhibit A to this Amendment to the extent and as provided in Section 3.6 of the Agreement. If ITT ESI pays to the CUSO the Discharge Amount in full as provided in this Section 4,
then, through December 31, 2015, ITT ESI may, at its sole option, delay further payments otherwise becoming due pursuant to Article III of the Agreement (each a “Deferred 

  
 2 

 
Article III Payment”) until January 4, 2016, upon the terms provided below. With each of the Monthly Reports due for the period from the Effective Date through
December 31, 2015, the CUSO shall submit to ITT ESI an invoice for all Deferred Article III Payments otherwise due for such month, (a) accompanied by supporting Claims Packages; (b) stating that the due date for such Deferred Article
III Payment is delayed until January 4, 2016; (c) setting forth each previously-delayed Deferred Article III Payment; and (d) setting forth the then-current total amount of all unpaid Deferred Article III Payments. On January 4,
2016, ITT ESI shall pay the aggregate of all then unpaid Deferred Article III Payments (which shall be the then–current total unpaid amount specified in the CUSO’s most current Monthly Report hereunder net of any Deferred Article III
Payment made by ITT ESI on or after receipt of such Monthly Report). Nothing herein provided shall prohibit ITT ESI from prepaying all or any part of any Deferred Article III Payments. All payments in respect of any Deferred Article III Payment
shall be applied to the Deferred Article III Payments in the inverse order of their original due dates (i.e., before application of this Section 4). Any portion of any Deferred Article III Payment remaining unpaid after January 4,
2016 shall accrue interest, at the rate of 12.5 percent per annum, from the date such Deferred Article III Payment would otherwise have been due absent the deferral provided for herein, until paid in full by ITT ESI. For the avoidance of any
confusion, any Deferred Article III Payment paid on or before January 4, 2016 shall bear no interest whatsoever. Unless otherwise specified in writing by ITT ESI, any ITT ESI Risk Payment made by ITT ESI after January 4, 2016 shall be
applied first to the portion of the aggregate amount due from ITT ESI on such payment date that does not represent unpaid Deferred Article III Payments or interest thereon, next to accrued and unpaid interest on Deferred Article III Payments, and
last to Deferred Article III Payments in the inverse order of their original due dates. If ITT ESI fails to pay to the CUSO the Discharge Amount in full on or before the fifth Business Day following the Effective Date as provided in this
Section 4, no discharge of obligations with respect to the Loans set forth on Exhibit A shall occur and none of the amendments to the Agreement set forth in Sections 1, 2, 3 and 4 of this Amendment shall be deemed to have become
effective. 
 5. For the avoidance of confusion, the Parties acknowledge and agree that, following payment of the Discharge Amount in
accordance with Section 4 of this Amendment, the Parties’ respective rights and obligations under the Agreement with respect to those Loans set forth on Exhibit A to this Amendment shall continue in full force and effect to the same
extent and in the same manner as other Loans discharged pursuant to Section 3.6 of the Agreement. 
 6. Except as expressly amended by
this Amendment, the remainder of the Agreement is unchanged and remains in full force and effect. 
 7. The Parties agree that
notwithstanding any provision to the contrary in the Program Documents, if any, the CUSO will deliver to ITT ESI, no later than July 31, 2015, the CUSO’s audited financial statements for the fiscal year ended 2014. 

8. Contemporaneously herewith, ITT ESI is delivering to the CUSO a Secretary’s Certificate evidencing the authority of the representative
executing this Amendment on behalf of ITT ESI. 

  
 3 

 9. This Amendment may be executed in multiple counterparts, each of which shall for all purposes
be deemed to be an original and both of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Parties have
caused their names to be signed hereto by their respective duly authorized officers effective as of the Effective Date. 
  

			
	ITT EDUCATIONAL SERVICES, INC.
		
	By:		/s/ Daniel M. Fitzpatrick
	Name:		Daniel M. Fitzpatrick
	Title:		 Executive Vice President and
 Chief Financial
Officer

  

			
	STUDENT CU CONNECT CUSO, LLC
		
	By:		/s/ Joe Karlin
	Name:		Joe Karlin
	Title:		Program Administrator

 [Signature Page to Sixth Amendment to Risk Sharing Agreement.] 

  
 4 

 EXHIBIT A 

List of Loans for which ITT ESI obligations are to be discharged, to the extent and as 

provided in Section 3.6 of the Agreement, by payment of the Discharge Amount as 

provided in Section 4 of this Amendment. 

See attached. 

  
 5EXHIBIT
10.1

 

ECOSCIENCES,
INC.

 

RESTRICTED
STOCK PURCHASE AGREEMENT

 

THIS
RESTRICTED STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of June 4, 2015, by and between Ecosciences,
Inc., a Nevada corporation with offices located at 420 Jericho Turnpike, Suite 110, Jericho, NY 11753 (the “Company”),
and Joel Falitz (the “Purchaser”).

 

RECITALS

 

WHEREAS,
the Purchaser has provided, consulting services to the Company (the “Services”) pursuant to that certain Services
Agreement, dated June 4 2015 (the “Services Agreement”) between the Purchaser and the Company, and, in consideration
for the Services in connection the completion of one or more milestones set forth on Schedule A to the Services
Agreement (the “Milestones”), the Company desires to issue and sell the Restricted Shares (as defined in Section
1 below) to the Purchaser, and the Purchaser desires to purchase the Restricted Shares from the Company; and

 

NOW
THEREFORE, the Company and Purchaser agree as follows:

 

1.Sale
of Restricted Shares. Subject to the terms and conditions of this Agreement, on the Purchase Date (as defined below) the
Company will issue and sell to Purchaser, and Purchaser agrees to purchase from the Company, 100,000 unregistered
shares of the Company’s Series D Convertible Preferred Stock (the “Restricted Shares”) at a purchase
price of $0.001 per Share, which is equal to the Stated Value of the shares. The term “Restricted Shares” refers
to the purchased Restricted Shares and all securities received in replacement of or in connection with the Restricted Shares pursuant
to stock dividends or splits, all securities received in replacement of the Restricted Shares in a recapitalization, merger, reorganization,
exchange or the like, and all new, substituted or additional securities or other properties to which Purchaser is entitled by
reason of Purchaser’s ownership of the Restricted Shares.

 

2.Purchase.
The purchase and sale of the Shares under this Agreement shall occur at the principal office of the Company simultaneously
with the execution of this Agreement by the parties or on such other date as the Company and Purchaser shall agree (the “Purchase
Date”). The Board has determined that the Services rendered by Purchaser on or prior to the date hereof (the “Past
Services”) have a value in excess of the aggregate purchase price of the Shares. On the Purchase Date, the Company will
issue shares as book entry and at the earliest practicable date deliver to Purchaser a certificate representing the Shares to
be purchased by Purchaser (which shall be issued in Purchaser’s name) and the Purchaser shall agree that such Shares shall
constitute full payment for the Past Services.

 

3.Investment
and Taxation Representations. In connection with the purchase of the Restricted Shares, Purchaser represents to the Company
the following:

 

(a)Purchaser
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Restricted Shares. Purchaser is purchasing the Restricted Shares
for investment for its own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act.

 

    	 

    	 

    

 

(b)Purchaser
understands that the Restricted Shares have not been registered under the Securities Act by reason of a specific exemption therefrom,
which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein.

 

(c)Purchaser
understands that the Restricted Shares are “restricted securities” under applicable U.S. federal and state securities
laws and that, pursuant to these laws, Purchaser must hold the Restricted Shares indefinitely unless they are registered with
the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification
requirements is available. Purchaser acknowledges that the Company has no obligation to register or qualify the Restricted Shares
for resale. Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned
on various requirements including, but not limited to, the time and manner of sale, the holding period for the Restricted Shares,
and requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no
obligation and may not be able to satisfy.

 

(d)Purchaser
understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the
Restricted Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection
with the purchase or disposition of the Restricted Shares and that Purchaser is not relying on the Company for any tax advice.

 

4.Restrictive
Legends and Stop-Transfer Orders.

 

(a)Legends.
The certificate or certificates representing the Restricted Shares shall bear the following legends (as well as any legends
required by applicable state and federal corporate and securities laws):

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY BE CONVERTED ONLY IN ACCORDANCE WITH THE TERMS THE CERTIFICATE OF DESIGNATION OF THE
SERIES D CONVERTIBLE PREFERRED STOCK OF THE COMPANY, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

    	Ecosciences, Inc.  – RSPA	Page 2

    	 

    

 

(b)Stop-Transfer
Notices. Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c)Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Restricted Shares that have been sold
or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Restricted
Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Restricted Shares shall
have been so transferred.

 

5.No
Continuing Rights. Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company,
or a parent or subsidiary of the Company, to terminate Purchaser’s consulting relationship, for any reason, with or without
cause.

 

6.Miscellaneous.

 

(a)Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of Nevada, without giving effect to principles
of conflicts of law.

 

(b)Entire
Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the parties relating
to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement,
nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement.
The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such
party.

 

(c)Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted
as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(d)Construction;
Disclaimer. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and
their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto,
and no ambiguity shall be construed in favor of or against any one of the parties hereto. The Purchaser agrees and acknowledges
that Company is not providing, nor has it provided, any legal or financial advice to the Purchaser, including, without limitation,
advice as to state and federal securities laws and the valuation of the Company’s securities forming the subject matter
hereof. Accordingly, Company hereby strongly urges the Purchaser to retain its own legal and/or financial advisors to assist the
Purchaser in evaluating the merits of the transactions described herein. This Agreement shall only be used for the specific purposes
described herein and is not suitable for any other purpose.

 

    	Ecosciences, Inc. – RSPA	Page 3

    	 

    

 

(e)Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally
or sent by telegram or fax or 48 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid,
and addressed to the party to be notified at such party’s address or fax number as set forth below or as subsequently modified
by written notice.

 

(f)Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

(g)Successors
and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s
successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written
consent of the Company.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	Ecosciences, Inc. – RSPA	Page 4

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.

 

	 	ECOSCIENCES,
    INC. 
	 	 
	 	By:
    	/s/
    Joel Falitz
	 	Name: 	Joel Falitz
	 	Title: 	Chief Executive
    Officer and President 
	 	 
	 	PURCHASER:
	 	 	 
	 	By:	/s/ Joel
    Falitz
	 	Name:	Joel Falitz

 

    	Ecosciences, Inc. – RSPA	Page 5

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