Document:

exv10w12

Exhibit 10.12

First Amendment to Employment Agreement

     THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into as of March
16, 2007, by and between Study Island LLC (the “Company”) and Timothy McEwen (the “Executive”).
The Company and the Executive are collectively referred to herein as the “Parties” and
individually as a “Party.”

     WHEREAS, the Parties have entered into that certain Employment Agreement dated January 28,
2007 (the “Employment Agreement”), whereby the Company engaged the services of the Executive, and
the Executive confirmed his desire to be employed by the Company; and

     WHEREAS, the Parties desire to amend the Employment Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual promises herein made, the Parties
agree as follows:

     1. Unless otherwise defined in this Amendment, all capitalized terms used herein shall have
the meanings ascribed to such terms in the Employment Agreement.

     2. Section 7.4 of the Employment Agreement shall be deleted in its entirety and shall be
replaced with the following:

“Payment Schedule: All payments of base salary under this Section 7 (including wages for
services performed prior to the Termination Date) shall be paid in accordance with the Company’s
normal payroll practices and any bonus amounts due under this Section 7 shall be paid
promptly following the Company’s receipt of its audited financial statements for the year during
which the Termination Date occurs, or in no event later than June 30 of the calendar year
following the year in which the bonus was earned.”

     3. All references in the Employment Agreement to “this Employment Agreement” and any other
references of similar import shall hereafter refer to the Employment Agreement as amended by this
Amendment.

     4. This Amendment may be executed in any number of counterparts (including facsimile
counterparts), each of which counterparts, when so executed and delivered, shall be deemed to be an
original and all of which counterparts, taken together, will constitute one and the same
instrument.

     5. Except as set forth in this First Amendment, the terms and provisions of the Employment
Agreement (a) are hereby ratified and confirmed, and (b) shall be and remain in full force and
effect.

[The next page is the signature page.]

 

 

     IN WITNESS WHEREOF, the Parties have executed this First Amendment to the Employment Agreement
as of the date first above written.

	 	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Timothy McEwen	 	 
	 	 	 	 	 
	 	 	Timothy McEwen	 	 
	 
	 	 	 	 	 	 
	 	 	STUDY ISLAND, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Phillips	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	David Phillips	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

COMPENSATION DEFERRAL AGREEMENT

THIS AGREEMENT by and between Timothy McEwen (“Participant”) and Study Island LLC, a Delaware
limited liability company (“Company”) sets forth the terms and conditions pursuant to which the
base compensation amounts otherwise payable to Participant during 2007 will be deferred and
subsequently paid to Participant.

	I.	 	Election to Defer Compensation

	 	A.	 	Base Compensation.
	 
	 	 	 	Participant hereby elects to defer the receipt of:

100% percent
	 
	 		 	of the regular periodic base compensation for services rendered to the Company or
any affiliate that Participant would otherwise receive, after taking into account
(1) any portion of such base compensation Participant defers under the Company’s
401(k) plan, (2) any portion of such base compensation the Participant contributes
to medical coverage and (3) payment of all applicable taxes that would be owed if
the payment had not been deferred, during the period beginning
March 12, 2007  and
ending December 31, 2007.
	 
	 	B.	 	Revocation of Election.
	 
	 	 	 	The elections made pursuant to Sections I.A. and B. above are irrevocable.

	II.	 	Maintenance of Deferred Compensation Account.
	 
	 	 	The Company will maintain an account (“Account”) to reflect the amount of base compensation
that has been deferred by Participant. No assets will be set aside with respect to
Participant; rather, the Account will represent an unfunded and unsecured promised to pay
the amounts credited to the Account to Participant in accordance with the terms of this
agreement. Nothing in this agreement may be deemed to create an escrow, trust, custodial
account or fiduciary relationship of any kind, nor may it be construed to eliminate any
priority or preferred position of Participant in a bankruptcy matter with respect to claims
for wages.

 

 

	 
	III.	 	Credits to Participant’s Account.
	 
	 	 	The amounts of base compensation deferred under this agreement will be
credited to Participant’ s Account on the date the amounts otherwise would
have been payable to him.
	 
	IV.	 	Payment of Deferred Compensation

	 	A.	 	The Participant’s Account shall be paid to him as follows (choose one and
complete the applicable blanks):

                         100% in a single lump sum payment.

                         ___%
in periodic annual payments over ___ 5 ___ 10 ___ 15 years

                (check one).

	 	B.	 	The date of the single lump sum payment and/or
commencement of the periodic payments (the “Starting Date”) shall be:
	 
	 	 	 	January 11, 2008 (the Starting Date may be no earlier
than 1/1/2008). 
Month/Day/Year
	 
	 	C.	 	Notwithstanding the foregoing, if Participant’ s employment
is terminated by reason of death or disability, before the distribution of any
portion of his Account has begun, the Company shall, within ninety (90) days
of the date of such termination, commence distribution of the Account to the
Participant (in the event of disability) or to the beneficiary or
beneficiaries (in the event of death) selected by the Participant in the form
selected in Section IV. A. above. If Participant’s employment is terminated by
reason of death or disability after distribution of his or her Account has
begun, the Company will continue to make distributions to the
Participant or the Participant’s beneficiary or beneficiaries in the manner in
which distributions commenced.

	V.	 	Beneficiaries
	 
	 	 	The amount payable in accordance with Part IV above in the case of
Participant’s death will be paid to Participant’s estate unless one or more
beneficiaries both are designated below and survive Participant:

	 	 	 	 	 
	Beneficiary (Name)	 	Address	 	Share (%)
	Mae Charlene Rowe McEwen
	 	7109 Barefoot Cove, Austin,
TX 78730
	 	100%

- 2 -

 

	VI.	 	Miscellaneous.

	 	A.	 	Except for naming a beneficiary(ies), whether by designation above, by will, or
by laws of descent and distribution, the right to receive payments of amounts credited
to Participant’s Account in accordance with this agreement is not transferable or
assignable by Participant; any other attempted assignment or alienation of payments
hereunder will be void and of no force or effect.
	 
	 	B.	 	The Company has the full and exclusive authority to construe, interpret and
administer this agreement, and the Company’ s construction and interpretation thereof
will be binding and conclusive on the Company and Participant for all purposes.
	 
	 	C.	 	Nothing in this agreement is to be construed as conferring upon Participant the
right to remain in the employment of the Company or any affiliate as an executive or in
any other capacity.
	 
	 	D.	 	It is intended that the deferral of payment of any amount under this agreement
will not affect in any way Participant’s rights under the Employment Agreement by and
between Participant and the Company dated January 28, 2007.
	 
	 	E.	 	This agreement will be interpreted under the laws of the state of Delaware.
	 
	 	F.	 	The Company reserves the right at any time, or from time to time, to
amend, terminate or modify this agreement.
	 
	 	G.	 	This agreement is binding upon the Company and any successor thereto by
merger, consolidation, acquisition of all or substantially all the assets thereof, or
otherwise.

- 3 -

 

     IN WITNESS WHEREOF, the parties have executed and entered into this Agreement on the date set
forth above.

	 	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 
	 	/s/ Timothy McEwen	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	STUDY ISLAND, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Phillips	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	David Phillips	 	 
	 

	 	Title:
	 	Vice President	 	 

- 4 -exv10w13

Exhibit 10.13

Second Amendment to Employment Agreement

     This
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into by
and between Study Island, LLC, a Delaware limited liability company
(the “Company”) and Timothy
McEwen (the “Executive”) as of December 31, 2008 for purposes of amending that certain employment
agreement by and between the Company and the Executive dated January 28, 2007 (the “Employment
Agreement”). Terms used in this Amendment with initial capital letters that are not otherwise
defined herein shall have the meanings ascribed to such terms in the Employment Agreement.

W I T N
E S S E T H

     WHEREAS, the Company and the Executive desire to amend the Employment Agreement to bring the
provisions into compliance with Section 409A of the Internal Revenue Code of 1986, as amended;

     NOW, THEREFORE, in consideration of the mutual covenants and conditions hereafter set forth
and for other good and valuable consideration, the Company and the Executive agree as follows:

     1. Section 4.2
of the Employment Agreement is hereby amended by adding the following sentence to the end of said section:

The bonus payments, if any, shall be paid by the Company no later than the 15th day
of the third calendar month of the fiscal year following the fiscal year to which
such annual bonus relates.

     2. Section 7.1
of the Employment Agreement is hereby amended by deleting said section in its entirety and replacing it with the following:

     7.1 Termination by the Company:

     (a) If the Company terminates the Executive’s employment without Cause (other
than as result of death or total disability), and such termination constitutes a
“separation from service” under Section 409A of the Internal Revenue Code of 1986,
as amended (“Section 409A”), he will not be entitled to receive any of the payments
or benefits provided for herein except the Company shall (i) pay his base salary
through the Termination Date, (ii) pay him an amount equal to his base salary during
the Severance Period (as defined in Section 7.7 below) payable in equal
installments, in accordance with the Company’s normal payroll practices, beginning
with the first payroll date following the 45th day after the Termination
Date, (iii) provide the Executive with all benefits that are accrued but unpaid as
of the Termination Date, and (iv) provide the Executive with all benefits expressly
available upon termination of employment in accordance with the plans and programs
of the Company applicable to the Executive on the

Page 1

 

Termination Date (but without duplication of any benefits or payments otherwise
provided for hereunder).

     (b) If the Company terminates the Executive’s employment for Cause, and such
termination constitutes a “separation from service” under Section 409A, he will not
be entitled to receive any of the payments or benefits provided for herein except
the Company shall (i) pay his base salary through the Termination Date, (ii) provide
the Executive with all benefits that are accrued but unpaid as of the Termination
Date, and (iii) provide the Executive with all benefits expressly available upon
termination of employment in accordance with the plans and programs of the Company
applicable to the Executive on the Termination Date (but without duplication of any
benefits or payments otherwise provided for hereunder).

     3. Section 7.2
of the Employment Agreement is hereby amended by deleting said section in its entirety and replacing it with the following:

     7.2 Termination by the Executive:

     (a) If the Executive terminates his employment with the Company
with Good Reason (as hereinafter defined), and such termination constitutes a
“separation from service” under Section 409A, he will not be entitled to receive
any of the payments or benefits provided for herein except the Company shall (i)
pay his base salary through the Termination Date, (ii) pay him an amount equal to
his base salary during the Severance Period payable in equal installments, in
accordance with the Company’s normal payroll practices, beginning with the first
payroll date following the 45th day after the Termination Date, (iii)
provide the
Executive with all benefits that are accrued but unpaid as of the Termination
Date,
and (iv) provide the Executive with all benefits expressly available upon
termination of employment in accordance with the plans and programs of the
Company applicable to the Executive on the Termination Date (but without
duplication of any benefits or payments otherwise provided for hereunder).

     (b) If the Executive terminates his employment with the Company
without Good Reason, and such termination constitutes a “separation from
service” under Section 409A, he will not be entitled to any payments or benefits
provided for herein except the Company shall (i) pay his base salary through the
Termination Date, (ii) provide the Executive with all benefits that are accrued
but
unpaid as of the Termination Date, and (iii) provide the Executive with all
benefits expressly available upon termination of employment in accordance with
the plans and programs of the Company applicable to the Executive on the
Termination Date (but without duplication of any benefits or payments otherwise
provided for hereunder).

     4. Section 7.3 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

Page 2

 

     7.3 Expiration of Term, Death or Disability: If the Executive’s
employment is terminated pursuant to Section 2 hereof as a result of the
expiration of the term of such employment, or pursuant to Section 6.3 as
a result
of his death or disability, and such termination constitutes a “separation from
service” under Section 409A, he will not be entitled to any payments or benefits
provided for herein except the Company shall (i) pay his base salary through the
Termination Date, (ii) provide the Executive with all benefits that are accrued
but
unpaid as of the Termination Date, and (iii) provide the Executive with all
benefits expressly available upon termination of employment in accordance with
the plans and programs of the Company applicable to the Executive on the
Termination Date (but without duplication of any benefits or payments otherwise
provided for hereunder).

     5. Section 7.4 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

     7.4 Payment Schedule: All payments of base salary under this
Section 7 (excluding wages for services performed prior to the
Termination Date)
shall be paid in accordance with the Company’s normal payroll practices,
beginning with the first payroll date following the 45th day after the
Termination
Date. Payment of wages for services performed prior to the Termination Date
shall be paid in accordance with the Company’s normal payroll practices without
regard to the 45 day delay. Any bonus amounts due under this Section 7
shall be
paid promptly following the Company’s receipt of its audited financial statements
for the year during which the Termination Date occurs, but in no event later than
the 15th day of the third calendar month of the fiscal year following the fiscal
year in which the Termination Date occurred, and in no event earlier than the
45th
day following the Termination Date. Each payment made in accordance with this
Section 7 shall be treated as a separate payment for purposes of Section
409A, to
the extent Section 409A applies to such payments.

     6. Section 7.6 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

     7.6 Good Reason: Whenever reference is made in this Agreement to termination
being with or without Good Reason, “Good Reason” shall mean the occurrence of any of
the following events without the Executive’s express written consent: (i) any
material breach by the Company of any material provision of this Agreement, (ii) a
material reduction in the Executive’s base salary, or (iii) a material reduction or
diminution of the Executive’s duties, responsibilities or authorities which are
caused by an act of the Company. The Company shall have 30 days after receipt of
notice from the Executive setting forth the specific conduct that constitutes Good
Reason, to cure such conduct that would result in Good Reason. The Executive may not
resign his employment for Good Reason unless the executive has provided the Company
with at least 30 days prior written

Page 3

 

notice of his intent to resign for Good Reason (which notice must be provided within
60 days following (x) the occurrence of the event(s) purported to constitute Good
Reason, or (y) if the Executive did not know of the occurrence of any of such
events, the date on which the Executive had actual knowledge of the occurrence of
any of such events) and has set forth in reasonable detail the specific conduct that
constitutes Good Reason and the specific provisions of this Agreement on which the
Executive relies.

     7. Section 7.8 of the Employment Agreement is hereby amended by deleting said
section in its entirety and replacing it with the following:

     7.8 Payments Contingent on Release: The Company’s obligation to make any
payments of base salary or bonus under this Section 7 (other than wages for
services performed prior to the Termination Date) shall be contingent upon the
Executive executing a general release concerning the Executive’s employment in form
and substance reasonably acceptable to the Company and the Executive, within 45 days
following the Termination Date. No such contingency shall apply to any obligation to
provide benefits under this Section 7.

     8. Except as expressly amended by this Amendment, the Employment Agreement
shall continue in full force and effect in accordance with the provisions thereof.

The next page is the signature page.

Page 4

 

     IN WITNESS WHEREOF, the parties have executed and entered into this Amendment on the date set
forth above.

	 	 	 	 	 
	 	EXECUTIVE:

 	 
	 	/s/ Timothy McEwen
 	 
	 	Timothy McEwen 	 
	 	 	 
	 
	 	STUDY ISLAND, LLC

 	 
	 	By:  	/s/ Peter Wilde
 	 
	 	Name: 	Peter Wilde	 
	 	Title: 	Chairman	 
	 

Page 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]