Document:

exv10w02

EXHIBIT 10.02

SECOND AMENDMENT TO ACCOUNT PURCHASE AGREEMENT

     THIS SECOND AMENDMENT (this “Amendment”), dated as of March 31, 2011, is entered into by and
between MARTIN MARIETTA MATERIALS, INC., a North Carolina corporation (the “Customer”), and WELLS
FARGO BANK, NATIONAL ASSOCIATION, acting through its Wells Fargo Business Credit operating division
(“WFBC”).

RECITALS

     The Customer and WFBC are parties to an Account Purchase Agreement dated April 21, 2009 (as
amended from time to time, the “Account Purchase Agreement”). Capitalized terms used in these
recitals have the meanings given to them in the Account Purchase Agreement unless otherwise
specified.

     The Customer has requested that certain amendments be made to the Account Purchase Agreement,
which WFBC is willing to make pursuant to the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
herein contained, it is agreed as follows:

     1. Defined Terms. Capitalized terms used in this Amendment which are defined in the
Account Purchase Agreement shall have the same meanings as defined therein, unless otherwise
defined herein.

     2. Section 2.22 of the Account Purchase Agreement is hereby amended and restated to read in
its entirety as follows:

“2.22 “Consolidated Debt” means at any date the Debt of the Customer and its Consolidated
Subsidiaries, determined on a consolidated basis as of such date; provided that, at
any date on which there are no Revolving Loans (as defined in the Credit Agreement)
outstanding and the Purchased Amount is zero, Consolidated Debt shall be reduced in an
amount equal to the lesser of (a) $200,000,000 and (b) the excess (i) of the unrestricted
cash and Temporary Cash Investments (as defined in the Credit Agreement) of the Customer and
its Consolidated Subsidiaries over (ii) $50,000,000.”

3. Section 2.71 of the Account Purchase Agreement is hereby amended and restated to read in
its entirety as follows:

	 	 	“2.71 “Settlement Period” means each calendar month; provided that (a) following an Event of
Termination, WFBC may select the length of any Settlement Period which commences on or after
the date on which such Event of Termination occurs; and (b) any Settlement Period which
commences before an Event of Termination and would otherwise terminate after the date of
such Event of Termination occurs shall end on the date such Event of Termination occurs.”

 

 

     4. Section 2.86 of the Account Purchase Agreement is hereby amended and restated to read in
its entirety as follows:

	 	 	“2.86 “WFBC Discount” means, for any Settlement Period, the product of (a) the sum of (i)
LIBOR in effect as of the first day of such Settlement Period plus (ii) 135 basis points,
multiplied by (b) the quotient of (i) the number of days in such Settlement Period divided
by (ii) 360.”

     5. No Other Changes. Except as explicitly amended by this Amendment, all of the terms
and conditions of the Account Purchase Agreement shall remain in full force and effect and shall
apply to any purchase thereunder.

     6. Amendment Fee. The Customer shall pay WFBC on the first Settlement Date after
March 31, 2011, a fully earned, non-refundable fee in the amount of $80,000 in consideration of
WFBC’s execution and delivery of this Amendment.

     7. Conditions Precedent. This Amendment shall be effective when WFBC shall have
received an executed original hereof.

     8. Representations and Warranties. The Customer hereby represents and warrants to
WFBC as follows:

          (a) The Customer has all requisite power and authority to execute this Amendment and any other
agreements or instruments required hereunder and to perform all of its obligations hereunder and
thereunder, and this Amendment and all such other agreements and instruments have been duly
executed and delivered by the Customer and constitute the legal, valid and binding obligation of
the Customer, enforceable in accordance with their terms.

          (b) The execution, delivery and performance by the Customer of this Amendment and any other
agreements or instruments required hereunder have been duly authorized by all necessary corporate
action and do not (i) require any authorization, consent or approval by any governmental
department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate
any provision of any law, rule or regulation or of any order, writ, injunction or decree presently
in effect, having applicability to the Customer, or the articles of incorporation or by-laws of the
Customer, or (iii) result in a breach of or constitute a default under any agreement, lease or
instrument to which the Customer is a party or by which it or its properties may be bound or
affected.

          (c) All of the representations and warranties contained in Article 6 of the Account Purchase
Agreement are correct on and as of the date hereof as though made on and as of such date, except to
the extent that such representations and warranties relate solely to an earlier date.

     9. References. All references in the Account Purchase Agreement to “this Agreement”
shall be deemed to refer to the Account Purchase Agreement as amended hereby; and any and all
references in the Related Documents to the Account Purchase Agreement shall be deemed to refer to
the Account Purchase Agreement as amended hereby.

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     10. No Waiver. The execution of this Amendment and the acceptance of all other
agreements and instruments related hereto shall not be deemed to be a waiver of any Event of
Termination under the Account Purchase Agreement or a waiver of any breach, default or event of
default under any Related Document or other document held by WFBC, whether or not known to WFBC and
whether or not existing on the date of this Amendment.

     11. Costs and Expenses. The Customer hereby reaffirms its agreement under the Account
Purchase Agreement to pay or reimburse WFBC on demand for all costs and expenses incurred by WFBC
in connection with the Account Purchase Agreement and the Related Documents, including without
limitation all reasonable fees and disbursements of legal counsel. Without limiting the generality
of the foregoing, the Customer specifically agrees to pay the fee required under Paragraph 6 of
this Amendment and all fees and disbursements of counsel to WFBC for the services performed by such
counsel in connection with the preparation of this Amendment and the documents and instruments
incidental hereto.

     12. Choice of Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of New York without giving effect to its conflicts of laws provisions,
except with respect to (a) Section 5-1401 of the New York General Obligations Law; and (b) the
choice of laws provisions of the Uniform Commercial Code as adopted in New York.

     13. WAIVER OF JURY TRIAL. EACH OF THE CUSTOMER AND WFBC HEREBY IRREVOCABLY WAIVES ANY
RIGHT TO TRIAL BY JURY IN ANY ACTION AT LAW OR IN EQUITY OR IN ANY OTHER PROCEEDING BASED ON OR
PERTAINING TO THIS AMENDMENT.

     14. Miscellaneous. This Amendment may be executed in counterparts and each
counterpart shall constitute one and the same original. Manually executed counterparts of the
signature pages of this Amendment may be delivered by the parties electronically so long as
transmitted pages are reproducible on paper medium upon receipt. Each party is duly authorized to
print any executed signature page so received and attach it to this Amendment, whereupon this
Amendment shall be deemed to have been duly executed and delivered by the transmitting party and
the paper copy of this Amendment assembled by the recipient with such signature page attached shall
be deemed an original for all purposes, absent manifest error or bad faith.

[This space intentionally left blank.]

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

	 	 	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 	MARTIN MARIETTA MATERIALS, INC.	 	 
	 
	 	 	 	 
	By: /s/ Martin E. Tracy
 

       Name: Martin E. Tracy 

       Its: Authorized Signatory

	 	By: /s/ Anne H. Lloyd
 

       Name: Anne H. Lloyd 

       Its: Chief Financial Officer
	 	 

Signature Page to Second Amendment to Account Purchase Agreementexv10w21

EXHIBIT 10.21

ASSET PURCHASE AGREEMENT

     This states the Agreement made this 31st day of March, 2011, among AMERICAN LEARNING
CORPORATION, a New York business corporation with its principal office located at One Jericho
Plaza, Jericho, New York 11753 (“ALC”), INTERACTIVE GROUP THERAPY CONSULTANTS, INC., a New York
business corporation with its principal office located at One Jericho Plaza, Jericho, New York
11753 (“ITG” or “Seller”) (collectively, ALC and ITG shall be referred to herein as “Selling
Parties”), and LIBERTY RESOURCES POST, LLC, a New York limited liability company, with its
principal office located at 1045 James Street, Syracuse, New York 13203 (“Purchaser”) and JOHN
TORRENS (“Torrens”), an individual residing at 6368 East Seneca Turnpike, Jamesville, NY 13078.
Purchaser, ALC, ITG, and Torrens may hereinafter be sometimes referred to individually as “Party”
and together as the “Parties.”

RECITALS

     WHEREAS, ITG is a wholly-owned subsidiary of ALC and is engaged in the business of providing
early intervention and early education services for children from birth to five years of age across
New York State (the “Business”); and

     WHEREAS, the Business is operated in New York City and Long Island (the “Downstate Region”) as
well as in the remainder of New York State (the “Upstate Region”), which includes offices in
Buffalo, Rochester, and Syracuse; and

     WHEREAS, the Parties (other than Torrens) are parties (among others) in an action commenced by
the Selling Parties in the Supreme Court of New York, County of Nassau, index number 1175-11, for
damages and other relief (the “Litigation”);

     WHEREAS, the Purchaser desires to discontinue the Litigation and to acquire the Business of
the Upstate Region as a complete going business by acquiring certain assets of Seller upon the
terms stated in this Agreement; and

     WHEREAS, the Selling Parties desire to discontinue the Litigation and to sell certain assets
of Seller upon the terms stated in this Agreement; and

     WHEREAS, Torrens desires to acquire all of the Selling Parties’ right, title and interest in
and to any non-disclosure, non-solicitation, and non-competition covenants granted by Torrens to
the Selling Parties; and

     WHEREAS, the Selling Parties desire to sell to Torrens all of their right, title and interest
in and to any non-disclosure, non-solicitation, and non-competition covenants granted by Torrens to
the Selling Parties.

     NOW, THEREFORE, the Parties agree as follows:

ARTICLE 1

ASSET PURCHASE

     1.1 Assets Sold. Seller hereby sells to Purchaser, and Purchaser hereby purchases
from Seller, all assets of Seller used in the Business in the Upstate Region (“Purchased Assets”),
other than the Excluded Assets (as that term is hereinafter defined), including without limitation
all of the following assets:

               (a) Those certain contractual rights of the Seller as set forth on Schedule 1.1 hereto
(“Assigned Contracts”);

               (b) All supplies and inventory located at or properly allocated to the offices of the Business
in the Upstate Region; and

 

 

               (c) All fixed assets, including without limitation, furniture, fixtures, testing instruments
(including all testing instruments in the Syracuse office), leasehold improvements used in the
Upstate Region including equipment and supplies.

          “Excluded Assets” shall mean all such other assets not included in the Purchased Assets,
including cash and cash equivalents of Seller, accounts receivable, and any real estate leases not
assumed by the Purchaser (which shall include, without limitation, the Syracuse office lease and
copier lease, and any leases associated with the Downstate Region of the Business), all furniture
and fixtures in the Syracuse office, computers, software, databases, servers, all minutes books of
the Selling Parties, and the fixed assets, supplies and inventory located in the Downstate Region
of the Business.

          In addition to the Purchased Assets, Seller hereby sells to Torrens, and Torrens hereby
purchases from Seller, all non-disclosure, non-solicitation and non-compete covenants granted to
the Selling Parties by Torrens (whether by contract or common law) (the “Covenants”).

     1.2. Liabilities Assumed.

          (a) On the terms and subject to the conditions set forth in this Agreement, Purchaser hereby
assumes and agrees to pay, perform or discharge when due all of Seller’s obligations under the
Assigned Contracts, if any, which arise from and after the Closing Date, and only such liabilities
of Seller (the “Assumed Liabilities”). The assumption by Purchaser of any Assumed Liability of
Seller shall include only payment and performance obligations thereunder which accrue or arise
after the Closing Date; in no event shall Purchaser assume or be deemed to assume any liability of
any nature (whether known, unknown, absolute, accrued, contingent or otherwise) relating to the
performance under any such Assumed Liability which accrued prior to the Closing Date.

          (b) Except for the Assumed Liabilities, Seller will transfer the Purchased Assets to the
Purchaser and the Covenants to Torrens free and clear of all claims, liens, mortgages, security
interests, encumbrances, charges, or any other restrictions. Other than the Assumed Liabilities,
neither Purchaser nor Torrens will assume and Seller will indemnify, defend, and hold the Purchaser
and Torrens harmless against any indebtedness, obligations, or liabilities of Seller. Neither
Purchaser nor Torrens will assume any contract, liability, obligation, commitment, or agreement not
specifically identified and accepted by Purchaser before the Closing, whether or not known,
contingent, or accrued.

     1.3 Purchase Price; Allocation; Payment.

          (a) As consideration for the transfer of the Purchased Assets to Purchaser and Seller’s other
covenants, Purchaser hereby pays to Seller a total purchase price of $650,000.00 (“Purchase
Price”). The Purchase Price is being paid as follows:

               (i) $200,000.00 is being paid at Closing by wire transfer or certified check (“Down
Payment”);

               (ii) The remaining Purchase Price ($450,000.00) shall paid in thirty equal monthly
installments of principal plus interest at the prime rate of interest as published in the Wall
Street Journal at Closing, adjusted annually. The obligations of the Purchaser shall be evidenced
by a promissory note (“Note”), the form of which is attached hereto as Exhibit “A”, and shall be
secured by the grant of a security interest in the Purchaser’s accounts receivable pursuant to the
terms of a Security Agreement (the “Security Agreement”) in the form attached hereto as Exhibit
“B”.

          (b) As consideration for the transfer of the Covenants to Torrens and Seller’s other
covenants, Torrens hereby pays to Seller a total purchase price of $100,000.00 (“Torrens Purchase
Price”). The Torrens Purchase Price is being paid in full at the Closing by wire transfer or
certified check.

          (c) The Purchase Price shall be allocated among the Purchased Assets in accordance with the
Certificate of Allocation set forth hereto as Exhibit “C” (“Certificate of Allocation”).

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          (d) Purchaser may, as one of Purchaser’s remedies in the event of any breach of this Agreement
by the Selling Parties, withhold sums payable to Seller pursuant to this Agreement to the extent of
any claim asserted by Purchaser and offset against the amounts due under those agreements any
amounts Seller is entitled to under this Agreement. Any sums so withheld shall operate as a
discharge, to the extent of the amount withheld, of Purchaser’s payment obligations to Seller under
this Agreement if Seller is found to be liable for such amounts by a court of competent
jurisdiction. Purchaser shall have the right to recover directly from Seller the amount of any
claims. The remedies provided in this paragraph are cumulative and shall not prevent the assertion
by Purchaser of any other rights or the seeking of any other remedies against Seller.

     1.4 Prorated Items.

          (a) Assigned Contracts. All amounts due and payable and all liabilities and
obligations relating to the Assigned Contracts shall be prorated as of Closing. All Assigned
Contracts shall be brought current as of Closing by Seller.

          (b) Syracuse Office Lease. Seller agrees that it will use its best efforts to
negotiate an early termination of the real estate lease for Seller’s Syracuse office.
Notwithstanding that the Syracuse office lease is an Excluded Asset and is not an Assumed
Liability, Purchaser agrees to pay to Seller an amount equal to the lesser of (1) one half of an
early termination settlement amount, or (2) an amount not to exceed $2,300.00 per month, which is
equal to one half of the monthly base rent for the remainder of the term of the existing lease
agreement (but in no event for a period in excess of two years from the Closing). Purchaser’s
payments hereunder shall be payable to Seller and shall be due no earlier than (1) five days after
receipt from Seller of evidence of its payment of an early termination settlement, or (2) five days
prior to the due date for each monthly rental payment. All amounts due by Purchaser pursuant to
this paragraph 1.4(b) shall be secured by the accounts receivable of Purchaser and pursuant to the
terms of the Security Agreement set forth at Exhibit B.

          (c) SEDCAR Deferred Revenue. Seller has on its balance sheet a deferred revenue
account reflecting Federal allocations for special education under Sections 611 and 619 of the
Individuals with Disabilities Education Act, referred to as SEDCAR funding. The current grant year
for such funding covers the period from July 1, 2010 to June 30, 2011. As of March 31, 2011, the
Seller has a deferred revenue balance reflecting SEDCAR funding that has not yet been earned in the
amount of $61,192.45 (“Pro-Rata Portion”). Invoices for the anticipated funding have been billed
by the Seller. Purchaser shall be credited with one half of the Pro-Rata Portion at Closing
against the Purchase Price, with the Pro-Rata Portion being applied to reduce the Down Payment.
Purchaser shall be entitled to the remaining Pro-Rata Portion of SEDCAR funding related to the
post-Closing period, April 1, 2011 to June 30, 2011, upon Purchaser’s or Sellers’, as the case may
be, completion of appropriate SEDCAR reporting and receipt of such related receivable balances from
the respective school districts.

     1.5 Accounts Receivable Collection. Any account receivable of Seller received or
collected by the Purchaser shall be remitted to Seller within 5 business days after receipt and any
account receivable of the Purchaser received or collected by Seller or a representative thereof
shall be remitted to the Purchaser within 5 business days. The parties will act in good faith to
allocate and adjust payments of Seller’s accounts receivable and Purchaser’s accounts receivable as
of the Closing Date. The recipient shall send such payments in the actual form received.

     1.6 Discontinuance of the Litigation. In consideration of the Purchase Price, at the
Closing, Seller shall provide Purchaser with a fully executed Stipulation of Discontinuance with
Prejudice to be filed immediately after the Closing to terminate the Litigation, and Seller shall
further provide Purchaser with a General Release of all claims occurring prior to the Closing, in
the form attached hereto at Exhibit “D”. At the Closing, Seller shall also provide Purchaser with
the General Release of John Torrens, releasing Mr. Torrens for all claims arising from any acts or
omissions or other obligations occurring prior to the Closing. A copy of the Torrens General
Release is attached hereto at Exhibit“E”.

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ARTICLE 2

CLOSING

     2.1 Place and Date of Closing. The consummation of the transactions contemplated by
this Agreement (the “Closing”) shall take place by the exchange of counterpart signature pages by
fax or email and the mailing, by overnight courier, of original signature pages of the Selling
Parties to the offices of Green & Seifter, Attorneys, PLLC and of the Purchaser and Torrens to the
offices of Wilk Auslander LLP on March 31, 2011, or at any other place, time, and date specified by
either Purchaser or Seller upon five business days’ notice to the other, (the “Closing Date”). The
Closing shall be deemed to be effective as of 12:01 a.m. on the Closing Date.

     2.2 Deliveries at Closing.

          (a) Purchaser and Torren’s Deliveries.

     At the Closing, Purchaser shall execute and/or deliver or cause to be executed and/or
delivered:

               (1) the Down Payment;

               (2) certified copies of the resolutions of the Member and Manager of Purchaser and its
members, reasonably acceptable to Seller, authorizing the consummation of the transactions
contemplated by this Agreement approving the transaction;

               (3) the Note and Security Agreement;

               (4) other instruments of assumption of the Assumed Liabilities pursuant to the terms of an
Assignment and Assumption Agreement (the “Assignment and Assumption Agreement”) in the form
attached hereto as Exhibit “H”; and

               (5) any and all other agreements, certificates, instruments, and other documents required of
Purchaser under this Agreement.

     At the Closing, Torrens shall deliever the Torrens Purchase Price.

          (b) Seller’s Deliveries. At the Closing, Seller shall execute and/or deliver or cause
to be executed and/or delivered:

               (1) a Bill of Sale for the Purchased Assets in the form attached hereto as Exhibit
“F”;

               (2) Estoppel Certificates and Consents to Assignment for the real estate leases in Rochester
and Buffalo, in the form attached hereto as Exhibit “G”;

               (3) any other consents to assignment and other instruments of conveyance, acceptable to
Purchaser, that shall be sufficient to transfer title to the Purchased Assets to Purchaser,
including the Assignment and Assumption Agreement;

               (4) the assignment of all of the non-disclosure, non-competition and non-solicitation
covenants granted by Torrens to Seller, ALC and their affiliates, including, without limitation,
pursuant to Torren’s Employment Agreement, the Stock Purchase Agreement among Torrens, Kyle Palin
Torrens, Carlena Palin Torrens, and American Claims Evaluation, Inc., and all covenants implied
under common law, if any, pursuant to the terms of an Assignment Agreement in the form attached
hereto as Exhibit “I”;

               (5) a fully executed Stipulation of Discontinue with Prejudice, dismissing the Litigation
against all parties subject thereto;

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               (6) a fully executed General Release of the Purchaser and of John Torrens in the forms
attached hereto as Exhibits “D” and “E”;

               (7) certified copies of resolutions of each of the Selling Parties’ Board of Directors;

               (8) copies of all documents evidencing other necessary corporate or other action and
governmental approvals, if any, with respect to this Agreement and the transactions contemplated by
this Agreement that Purchaser reasonably requests;

               (9) all records and other documents included in the Purchased Assets; and

               (10) any and all other agreements, certificates, instruments, and other documents required of
Seller under this Agreement.

          (c) Further Actions. Purchaser and the Selling Parties shall take all further actions
and execute and deliver any additional agreements, certificates, instruments, and other documents
on or after the Closing as shall be reasonably necessary to effectuate the transactions
contemplated by this Agreement.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES 

OF SELLING PARTIES

     The Selling Parties, jointly and severally, represent and warrant to Purchaser as follows:

     3.1 Seller’s Organization and Good Standing. ALC and ITG are each corporations duly
organized, validly existing, and in good standing under the laws of the State of New York. Seller
has all requisite corporate power and authority to own, lease, and operate the properties now owned
or leased by Seller and to carry on the Business as presently conducted. There are no outstanding
subscriptions, options, rights, warrants, calls, or other agreements or commitments obligating
Seller to sell or issue any shares of its capital stock or any securities convertible into shares
of its capital stock, nor are there any voting trusts or any other agreements or understandings
with respect to the voting of Seller’s capital stock.

     3.2 Enforceability. Each of ALC and ITG, respectively, has full capacity, power, and
authority to enter into this Agreement and the other documents contemplated by this Agreement,
collectively referred to herein as the “Transaction Documents”, and to carry out the transactions
contemplated by the Transaction Documents, and each of the Transaction Documents is binding upon
each of ALC and ITG to the extent set forth in the Transaction Documents, and is enforceable
against each of ALC and ITG in accordance with the terms of the Transaction Documents.

     3.3 No Conflict with Other Instruments or Proceedings. The execution and delivery of
the Transaction Documents and the consummation of the transactions contemplated by the Transaction
Documents will not (a) result in the breach of any of the terms or conditions of, or constitute a
default under, ALC or ITG’s certificate of incorporation, by-laws, or any contract, agreement,
lease, commitment, indenture, mortgage, pledge, note, bond, license, or other instrument or
obligation to which Seller is now a party or by which Seller may be bound or affected, (b) result
in the imposition of any lien or encumbrance on any of the Purchased Assets; (c) give rise to any
right of first refusal or similar right to any third party with respect to any interest in Seller
or in any of the Purchased Assets; or (d) violate any law, rule, or regulation of any
administrative agency or governmental body or any order, writ, injunction, or decree of any court,
administrative agency, or governmental body. All consents, approvals, or authorizations of, or
declarations, filings, or registrations with, any third parties or governmental or regulatory
authorities required of ITG or ALC in connection with the execution, delivery, and performance of
this Agreement and the consummation of the transactions contemplated by this Agreement will be
obtained or made, as applicable, by ITG or ALC before the Closing Date.

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     3.4 Property. Seller has good and marketable title to all of the Purchased Assets,
subject to no security interest, mortgage, pledge, lien, encumbrance, charge, obligation,
assignment, leasing, or other restriction. All personal property included in the Purchased Assets
will be in the possession of Seller on the Closing Date.

     3.5 Accuracy of Statements. No representation or warranty made by ALC or ITG in this
Agreement, or any information, statement, certificate, or schedule furnished, or to be furnished,
to Purchaser pursuant to this Agreement, or in connection with the transactions contemplated by
this Agreement, contains or will contain any untrue statement of a material fact or omits or will
omit to state a material fact necessary to make the statements not misleading.

ARTICLE 4

PURCHASER’S REPRESENTATIONS AND WARRANTIES

     Purchaser represents and warrants to Seller as follows:

     4.1 Purchaser’s Organization and Good Standing. Purchaser is a limited liability
company duly organized, validly existing, and in good standing under the laws of the State of New
York.

     4.2 Enforceability. Purchaser has full capacity, power, and authority to enter into
the Transaction Documents and to carry out the transactions contemplated by the Transaction
Documents, and each of the Transaction Documents is binding upon Purchaser and is enforceable
against Purchaser in accordance with the terms of the Transaction Documents.

     4.3 No Conflict with Other Instruments or Proceedings. The execution and delivery of
the Transaction Documents and the consummation of the transactions contemplated by the Transaction
Documents will not (a) result in the breach of any of the terms or conditions of, or constitute a
default under, Purchaser’s Articles of Organization, Operating Agreement, or any contract,
agreement, lease, commitment, indenture, mortgage, pledge, note, bond, license, or other instrument
or obligation to which Purchaser is now a party or by which Purchaser may be bound or affected or
(b) violate any law, rule, or regulation of any administrative agency or governmental body or any
order, writ, injunction, or decree of any court, administrative agency, or governmental body. All
consents, approvals, or authorizations of, or declarations, filings, or registrations with, any
third parties or governmental or regulatory authorities required of Purchaser in connection with
the execution, delivery, and performance of this Agreement and the consummation of the transactions
contemplated by this Agreement will be obtained or made, as applicable, by Purchaser before the
Closing Date.

     4.4 Accuracy of Statements. No representation or warranty made by Purchaser in the
Transaction Documents, or any information, statement, certificate, or schedule furnished, or to be
furnished, to Seller pursuant to the Transaction Documents, or in connection with the transactions
contemplated by the Transaction Documents, contains or will contain any untrue statement of a
material fact or omits or will omit to state a material fact necessary to make the statements not
misleading.

ARTICLE 5

COVENANTS

     5.1 Employees. Purchaser will be free, without obligation, to interview, seek
employment applications from, and employ, on terms determined solely by the Purchaser, any or all
employees of the Business of the Upstate Region. Purchaser agrees that for the period commencing
with the Closing Date and terminating on a date that is thirty months following the Closing Date,
neither Purchaser nor its affiliates shall solicit for employment any of the Seller’s employees in
the Downstate Region. Seller and Seller will assist the Purchaser in all reasonable respects in
connection with the Purchaser’s efforts. All liabilities and obligations arising out of Seller’s
employment of employees and arising out of the termination of such employees’ employment by the
Seller shall remain the sole liability and obligation of the Seller and shall be discharged by the
Seller at or prior to the Closing or as required by law.

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     5.2 Consents and Approvals. Seller will use Seller’s best efforts to obtain, as soon
as possible all consents and approvals from third parties necessary to complete the proposed
transactions, including, without limitation, estoppel certificates and consents to assignment of
the real estate leases for the Seller’s offices in Buffalo and Rochester, consent to assign the
services agreement with Gateway Inc., and consent to assign the Seller’s contract with Erie County
(or to cause Erie County to enter into a new services agreement with Purchaser).

     5.3 Confidentiality, Non-Solicitation, and Non-Compete Agreement of ITG and ALC. As
part of the transaction, ALC and ITG (collectively, the “Seller Covenantors”) hereby enter into a
Confidentiality, Non-Solicitation, and Non-Compete Agreement as follows:

               (a) Confidentiality. Seller Covenantors acknowledge that:

                    (1) Seller Covenantors have and will come to have knowledge of
confidential or proprietary
information, know-how, and trade secrets of the Seller and the Purchaser (the “Confidential
Information”), including, by way of illustration and without limiting the generality of the
foregoing, know-how and information concerning the finances and operations, customer and vendor
lists and records, names and compensation information of key employees, technology, intellectual
property, know-how, trade secrets, copyrighted, copyrightable, or other materials, literature, and
documentation, proprietary ideas, writings in various stages of research and development,
processes, methods, concepts, approaches, business policies and practices, and marketing and
pricing data, strategies, and information, and

                    (2) Disclosure of any Confidential Information would be harmful
to the Purchaser. Seller
Covenantors agree that Seller Covenantors shall not, without the prior written consent of
Purchaser, use or permit the use of any Confidential Information with respect to the Purchaser or
with respect to Seller’s Business in the Upstate Region, or disclose, publish, or otherwise
disseminate to third parties any Confidential Information with respect to the Purchaser or with
respect to Seller’s Business in the Upstate Region. Notwithstanding this paragraph, to the extent
(and only to the extent) Seller Covenantors are required to disclose Confidential Information
pursuant to the Securities Exchange Act of 1934, as amended, and regulations promulgated
thereunder, Seller Covenantors shall promptly inform Purchaser of such required disclosure.

               (b) Non-Solicitation and Non-Compete Agreement.

                    (1) Non-Solicitation. For thirty (30) months years
from the Closing Date, no Seller
Covenantor shall, directly or indirectly, or through any of its employees, agents, or
representatives, solicit business from any person or entity who had been a customer of the Seller
or the Purchaser in New York State (excepting out the five boroughs of New York City and Long
Island) at any time within the three year period prior to the Closing.

                    (2) Non-Compete Agreement. For thirty (30) months
from the Closing Date, no Seller
Covenantor shall, except as the owner of less than one percent of the issued and outstanding stock
of a publicly owned company (either directly or through ownership of shares in a mutual fund):

                         (A) individually or as a partner,
stockholder, member, officer, principal, agent, employee,
supervisor, manager, consultant, financier, guarantor, lender, co-endorser, or in any other
capacity whatsoever, directly or indirectly, own, participate in the ownership of, manage, operate,
exercise any control over, render services to, derive income from, or engage in any of the
foregoing for any business, firm, corporation, limited liability company, partnership or other
entity which operates in a business similar to or competitive with the Business in New York State
(excepting out the five boroughs of New York City and Long Island); or

                         (B) In any manner, whether directly
or indirectly, seek to persuade any employees of Purchaser
or its affiliates, their successors or assigns, to discontinue his or her employment or
relationship with Purchaser or its affiliates, their successors or assigns, to become employed or
related in any business activity similar to or competitive with the Business in New York State
(excepting out the five boroughs of New York City and Long Island) nor will he solicit or retain
any such person for such employ.

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          (c) Reasonableness. It is expressly understood and agreed that, although the parties
consider the restrictions contained herein reasonable as to protected business, duration, and
geographic area, in the event any court of competent jurisdiction deems them to be unreasonable,
then such restrictions shall apply to the broadest business, longest period, and largest territory
as may be considered reasonable by such court and this paragraph as so amended shall be enforced.

          (d) Specific Performance. The parties declare that it is impossible to measure in
money the damages that will accrue to the Purchaser by reason of a failure by Seller Covenantors to
perform any of their obligations under this Agreement. Accordingly, Seller Covenantors consent to
the issuance of any restraining order, preliminary restraining order, or injunction in connection
with any violation or any of the provisions of this paragraph. Nothing contained herein shall be
construed as a bar or waiver with respect to any right or remedy the Purchaser may have at law or
equity, including any award of monetary damages for breach of this paragraph. The parties intend
the covenants set forth in this paragraph to be enforced to the maximum extent possible. The
covenants set forth in this paragraph are in addition to and not in derogation of any rights that
the Purchaser may have at law or in equity.

     5.4 Transition of Business. The Selling Parties will do nothing to interfere with
Purchaser’s efforts to transition the employees, customers, vendors, independent contractors,
agents, and regulatory agencies of the Business as it pertains to the Upstate Region.

     5.5 Sales Tax and Bulk Sales Tax Law Compliance. Purchaser shall pay all of the sales
tax arising out of the sale of the Assets. Payment shall be made at the Closing by delivery of a
check payable to the New York State Department of Taxation and Finance. The check shall be
forwarded to the New York State Department of Taxation and Finance by Seller, together with its
Casual Sales Tax Return. In addition, the Purchaser may comply with the notification provisions of
the New York Bulk Sales tax law by giving notice, in appropriate form to New York Department of
Taxation, Sales Tax Bureau. Seller agrees that if the State claims amounts due for sales tax,
Purchaser may satisfy such liability and offset said excess against any future amounts due under
any obligation to Seller by Purchaser and/or seek immediate indemnification from Seller for the
amount.

     5.6 SEDCAR Payments. Seller hereby agrees to communicate to all school districts from
whom it receives SEDCAR Payments pursuant to the form letter attached hereto as Exhibit “K”, and
inform them that effective as of April 1, 2011 and for subsequent school years, that Purchaser or
its affiliates shall be performing the services formerly provided by the Seller, and to further
cooperate with Purchaser to ensure the smooth transition of these services. Seller further agrees
that all SEDCAR payments relating to the grant period commencing on July 1, 2011 shall be promptly
transferred to Purchaser should they be received by Seller or its affiliates.

     5.7 Publicity. Purchaser and Seller shall simultaneously make an announcement
regarding the transactions contemplated by this Agreement in a mutually agreed upon form. After
the announcement, during the period from the date of this Agreement to the Closing Date, neither
Purchaser nor Seller shall issue any press release or otherwise make any public statements or
announcement concerning this Agreement or the transactions contemplated by this Agreement without
the prior written consent of the other Party. Notwithstanding the foregoing, neither Purchaser nor
Seller shall be prevented at any time from furnishing any required information to any governmental
agency or authority or from complying with that Party’s legal obligations nor prevented from
publishing any information that is publicly available as a result.

     5.8 Further Assurances. Purchaser and Seller shall execute all documents and take all
further actions as may be reasonably required or desirable to carry out the provisions of this
Agreement and the transactions contemplated by this Agreement at or after the Closing to evidence
the consummation of the transactions contemplated pursuant to this Agreement. Upon the terms and
subject to the conditions of this Agreement, Purchaser and Seller shall take all actions and do, or
cause to be done, all other things necessary, proper, or advisable to consummate and make effective
as promptly as practicable the transactions contemplated by this Agreement and obtain in a timely
manner all necessary waivers, consents, and approvals, and to effect all necessary registrations
and filings.

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     5.9 Delivery of Property Received After Closing. After the Closing, Seller shall
promptly transfer to Purchaser, from time to time, any cash or other property received by Seller or
ALC that is associated with or relates to the Purchased Assets.

ARTICLE 6

GENERAL

     6.1 Survival of Representations, Warranties, and Covenants. All representations,
warranties, covenants, and indemnities made by any party to this Agreement shall survive the
Closing and any investigation at any time made by or on behalf of any party before or after the
Closing. No investigation by Purchaser shall in any way affect Purchaser’s right to rely on the
representations, warranties, and covenants of the Selling Parties set forth in this Agreement or
any document related to this Agreement.

     6.2 Assignment and Benefits. This Agreement shall be binding upon, inure to the
benefit of, and be enforceable by and against the respective successors and permitted assigns of
each of the Parties to this Agreement. No Party to this Agreement shall assign any of its or his
rights or obligations under this Agreement without the advance written consent of the other Parties
to this Agreement.

     6.3 Notices. All notices, requests, demands, and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given when delivered, sent by
telecopy, or sent by express delivery service with charges prepaid and receipt requested, or, if
those services are not reasonably available, mailed (postage prepaid) by certified mail with return
receipt requested:

	 	 	 
	To Purchaser at:	 	With a copy to:
	Liberty Resources POST, LLC

1045 James Street 

Syracuse, New York 13203

Attn.: Carl Coyle

	 	Green & Seifter, Attorneys, PLLC 

Attn.: Lowell A. Seifter, Esq. 

One Lincoln Center, Suite 900

110 West Fayette Street 

Syracuse, New York 13202

	 	 	 
	To Selling Parties at:	 	With a copy to:
	American Learning Corporation 

One Jericho Plaza 

Jericho, New York 11753

Attn.: Gary J. Knauer

	 	Wilk Auslander LLP 

Attn: Joel I. Frank, Esq.

675 Third Avenue 

New York, New York 10017

Any Party may change that Party’s address by prior written notice to the other Parties in
accordance with this Section 6.3.

     6.4 Expenses. Each Party to this Agreement shall pay that Party’s respective
expenses, costs, and fees (including professional fees) incurred in connection with the
negotiation, preparation, execution, and delivery of this Agreement and the consummation of the
actions contemplated by this Agreement. Notwithstanding this paragraph 6.4, in any action arising
out of the terms and conditions of this Agreement, the prevailing Party shall be entitled to
recover from the losing Party any costs and reasonable attorney’s fees incurred in connection with
such legal action.

     6.5 Entire Agreement. This Agreement, and the exhibits and schedules to this
Agreement (which are incorporated in this Agreement by reference), and the agreements referred to
in this Agreement, contain the entire agreement and understanding of the parties and supersede all
prior agreements, negotiations, arrangements, and understandings relating to the subject matter of
this Agreement.

     6.6 Amendments and Waivers. This Agreement may be amended, modified, superseded, or
canceled and any of the terms, covenants, representations, warranties, or conditions of this
Agreement may be waived only by a written instrument signed by each Party to this Agreement or, in
the case of a waiver, by or on behalf of the Party

9

 

waiving compliance. The failure of any Party at any time to require performance of any provision
in this Agreement shall not affect the right of that Party at a later time to enforce that or any
other provision. No waiver by any Party of any condition, or of any breach of any term, covenant,
representation, or warranty contained in this Agreement, in any one or more instances, shall be
deemed to be a further or continuing waiver of any condition or of any breach of any other term,
covenant, representation, or warranty.

     6.7 Severability. Except as otherwise specifically provided in this Agreement, this
Agreement shall be interpreted in all respects as if any invalid or unenforceable provision were
omitted from this Agreement. All provisions of this Agreement shall be enforced to the full extent
permitted by law.

     7.8 Headings. The headings of the sections and subsections of this Agreement have
been inserted for convenience of reference only and shall not restrict or modify any of the terms
or provisions of this Agreement.

     7.9 Governing Law. This Agreement shall be governed by, and interpreted and enforced
in accordance with, the laws of the State of New York, as applied to contracts made and to be
performed in that state, without regard to conflicts of law principles. Jurisdiction of any action
or proceeding brought to enforce this Agreement or otherwise relating to this Agreement shall be in
the State of New York, with venue in Albany County, and each Party hereby consents to the personal
jurisdiction and subject matter jurisdiction of the courts of the State of New York in any suit,
action or proceeding arising out of or related to this Agreement.

     7.10 Construction. The language used in this Agreement shall be deemed to be the
language chosen by the Parties to express their mutual intent and no rule of strict construction
shall be applied against any Party. Unless otherwise expressly provided, the words “include” and
“including” (and variations of those words) whenever used in this Agreement shall not limit the
preceding words or terms.

     7.11 Counterparts. This Agreement may be signed in counterparts, each of which shall
be deemed to be an original, and the counterparts shall together constitute one complete document.
Counterparts may be signed and delivered by a party by fax, or email, which shall be binding on
that party when faxed or emailed.

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

	 	 	 	 	 
	 	AMERICAN LEARNING CORPORATION

 	 
	 	By:  	/s/ Gary Gelman
 	 
	 	 	Name:  	Gary Gelman 	 
	 	 	Its: President and Chief Executive Officer 	 
	 
	 	INTERACTIVE THERAPY GROUP CONSULTANTS, INC.

 	 
	 	By:  	/s/ Gary Gelman
 	 
	 	 	Name:  	Gary Gelman 	 
	 	 	Its: Chairman 	 
	 
	 	LIBERTY RESOURCES POST, LLC, by its Manager

 	 
	 	By:  	/s/ Carl Coyle
 	 
	 	 	Name:  	Carl Coyle, President 	 
	 	 	 	 
	 	 	 
	 	/s/ John Torrens
 	 
	 	John Torrens 	 
	 	 	 

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