Document:

Exhibit
10.125

VCampus Corporation

Secured Short-Term
Working Capital Note

	
  February 13, 2007

  	
   

  	
  Reston, Virginia

  
	
   

  	
   

  	
  $         ,000

  

 

For value
received, the undersigned, VCAMPUS
CORPORATION, a Delaware corporation (the “Company”), with an
address of 1850 Centennial Park Drive, Suite 200, Reston, Virginia, 20191,
hereby unconditionally promises to pay to the order of [Name of Lender]or its permitted assigns (the “Holder”),
at such place as the legal holder of this Note may from time to time designate
in writing, in lawful currency of the United States of America, the principal
balance of               Dollars ($        ,000),
in immediately available funds, together with simple interest at the rate
provided below from the date hereof.  The
unpaid principal balance of this Note and all interest accruing thereon shall
be payable as follows:

1.             Interest.  Interest shall accrue on the unpaid principal
balance of this Note at a fixed rate equal to ten percent (10%) per annum over
a 365-day year.

2.             Repayment.  Unless sooner repaid as provided herein, all
interest accruing on the unpaid principal balance of this Note, together with
the entire unpaid principal balance of this Note, shall be due and payable on
the earlier of:  (a) within three (3)
days of the date the Company receives its next annual payment of at least
$500,000 in cash proceeds under that certain subcontract between the Company
and Amer Technology, Inc., which serves as the prime contractor under its
contract with the U.S. Department of Veterans’ Affairs (the “VA Contract”); or
(b) the date the Holder demands repayment on this Note at any time on or after
June 30, 2007 (the “Maturity Date”). 
Unless otherwise agreed or required by applicable law, payments will be
applied first to any unpaid collection costs, then to accrued and unpaid
interest, and then to principal.  All
unpaid principal and interest on this Note may be prepaid in whole or in part
at any time without premium or penalty.

3.             Collateral.  This Note is secured by an interest in the
Company’s right to receive payment under the VA Contract, such that the Company
shall repay the balance due hereunder within three (3) days of the date it
receives such payment.  The Company’s
obligation to repay the loan evidenced by this note is absolute and
unconditional, regardless of whether or not the VA Contract gets funded.  As back-up security for the loan, the Company
agrees that if the loan is not repaid by the Maturity Date, for any reason,
from the proceeds under the VA Contract, the Company shall undertake best
efforts to either:  (a) provide
substitute collateral to Holder of equivalent value; or (b) liquidate or make
available such assets or other collateral as may be available and necessary to
repay the loan.  The Company’s obligations
hereunder are subject to the rights of the Company’s senior secured creditors
and applicable law.

4.             Events of Default.  Each of the following shall constitute an
Event of Default under this Note:

(a) 
the failure of the Company to make any payment when due on this Note;

(b) 
the failure of the Company, in any material respect, to comply with or
to perform when due any other term, obligation, covenant or condition contained
in this Note.  If any failure, other than
a failure to pay money, is curable, it may be cured (and no Event of Default
will have occurred) if the Company after receiving written notice from the
Holder demanding cure of such failure: 
(i) cures the failure within thirty (30) days; or (ii) if the cure
requires more than thirty (30) days, immediately initiates steps sufficient to
cure the failure and thereafter continues and completes all reasonable and
neces­sary steps sufficient to produce compliance as soon as reasonably
practical;

(c)  the dissolution or termination of the Company’s
existence, the Company’s insolvency, appointment of a receiver for any part of
the Company’s property, any assignment by the Company for the benefit of
creditors, any type of creditor workout with respect to the Company, or the
commencement of any proceeding under any bankruptcy or insolvency laws by or
against the Company (which is not withdrawn or dismissed within 60 days); or

(d)  the
Company’s failure to remit an invoice to Amer Technology, Inc. for payment
under the VA Contract by March 31, 2007.

In the event this
Note is not repaid in full by June 30, 2007, then the Company shall thereafter
be obligated to issue to the Holder (in addition to the balance under the Note)
the following consideration as liquidated damages for such nonpayment:

(i)  two shares of the Company’s common stock for
every one dollar of principal that remains unpaid as of June 30, 2007
(provided, however, that the maximum aggregate market value of shares, based on
the 5-day average closing sale price prior to the issuance date, that the
Company shall be required to pay shall be $[180,000]), such shares to be issued
immediately following such date; and

(ii) an additional
one share for every five dollars of unpaid principal for every month that such
principal remains unpaid thereafter (or pro rata portion thereof for any
partial months) (subject to maximum share value cap of $[18,000] per month,
based on the same 5-day average formula described above), such shares to be
issued promptly following the end of each month.

In addition, if
this Note is not repaid in full by June 30, 2007, the Company agrees, upon the
request of the Holder, to undertake all commercially reasonable efforts to
secure such approvals from stockholders and/or other creditors or investors as
may be necessary to permit the conversion of the note into shares of common
stock based on the 5-day average of the closing sale price of the common stock
prior to the date of the Event of Default. The availability of shares for
issuance hereunder is subject to approval by the Company’s stockholders at the
upcoming annual meeting of an amendment to increase the number of authorized
shares.  The Company agrees to solicit
shareholder approval of the amendment at its annual meeting scheduled for May 25,
2007.

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5.             Attorney’s Fees.  If the indebtedness represented by this Note
or any part thereof is collected in bankruptcy, receivership or other judicial
proceedings or if this Note is placed in the hands of attorneys for collection
after default, the Company agrees to pay, in addition to the principal and
interest payable hereunder, reasonable attorneys’ fees and costs incurred by
Holder.

6.             Notices.  Any notice, other communication or payment
required or permitted hereunder shall be in writing and shall be deemed to have
been given upon receipt by the other party.

7.             Acceleration.  The Holder may declare the entire balance
under this Note to be immediately due and payable upon an Event of Default.

8.             No Dilution or Impairment.  The Company will not, by amendment of its
charter documents or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Note, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder of this
Note.

9.             Usury.  This Note is subject to the express condition
that at no time shall the Company be obligated or required to pay interest
hereunder at a rate which could subject Holder to either civil or criminal
liability as a result of being in excess of the maximum contract rate which is
permitted by law.  If, by the terms of
this Note, the Company is at any time required or obligated to pay interest at
a rate in excess of the maximum contract rate which is permitted by law, the
rate of interest under this Note shall be immediately reduced to the maximum
contract rate which is permitted by law and all interest payable hereunder
shall be computed at the maximum contract rate permitted by law, and the
portion of all prior interest payments in excess of the maximum contract rate
permitted by law shall be applied to and shall be deemed to have been payments
made for the reduction of the outstanding principal balance of this Note.

10.           Waiver of Notice of Presentment.  All parties to this Note, whether principal,
surety, guarantor or endorser, hereby (i) waive presentment, demand for
performance and notice of protest, notice of dishonor and notice of
acceleration of maturity, (ii) waive any rights which they may have to require
Holder to proceed against any other person or property, (iii) agree that
without notice to any party and without affecting any party’s liability,
Holder, at any time or times, may grant extensions of the time for payment or
other modification of this Note, and may add or release any party primarily or
secondarily liable, and (iv) agree that Holder may apply all monies made
available to it in connection with the payment of this Note either to this Note
or to any other obligation of any of the parties to Holder, as Holder may elect
from time to time.

11.           No Waiver.  The failure of Holder to exercise any right
or remedy provided hereunder or available at law shall not be a waiver or
release of such rights or remedies or the right to exercise any right or remedy
at another time.

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12.           Governing Law.  This Note shall be construed in accordance
with the laws of the Commonwealth of Virginia without regard to the conflicts
of laws provisions thereof.

13.           Origination Fee.  As an inducement for the Holder to make the
loan evidenced by this Note, the Company agrees to pay Holder’s designee
Faraway Partners, no later than June 30, 2007, an origination fee of [5% of
amount of loan] in cash.

14.           Co-Investment by Other Investors.  The Company represents and warrants that
simultaneous with the investment evidenced by this Note, Nat Kannan, the
Company’s Chief Executive Officer, and [Name of co-lender] have loaned $50,000
and $      ,000, respectively, to the Company on
substantially the same terms as the loan evidenced by this Note (and will be
entitled to receive pro rata origination fees of [5% of the amount invested],
respectively, in consideration therefor).

15.           Registration Rights.  The Company agrees to include any shares of
its common stock that become issuable to Lender under this Note in a future
registration statement on a piggyback basis.

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ISSUED as of the
date first above written.

	
  

  	
   

  	
  VCampus Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

 

[Signature page to
Secured Short-Term Working Capital Note]

 

 5EXHIBIT 10.1

FORM
OF AGREEMENT

This Agreement (this “Agreement”), dated as of
February 9, 2007, is made by and between Behringer Harvard REIT I, Inc., a
Maryland corporation (the “Company” or “Indemnitor” as the case may be), and
the person executing this Agreement (the “Director”).  Capitalized terms used herein but not
otherwise defined herein shall have the meanings ascribed to them in the
Company’s Sixth Articles of Amendment and Restatement (as amended or restated
from time to time, the “Charter”).

R E C
I T A L S

A.            The
Company operates as a real estate investment trust (a “REIT”) for federal and
state income tax purposes.

B.            The
Company, from time to time, offers shares of its common stock pursuant to the
requirements imposed by federal and the various state laws.

C.            In
connection with complying with the various state laws known as “Blue Sky” laws,
the Company is required to comply with the Statement of Policy applicable to
REITs promulgated by the North American Securities Administrators Association, Inc.
on September 29, 1993, referred to herein as the “NASAA Guidelines.”

D.            The
Charter authorizes the Company to limit the liability of, and indemnify, its
officers and Directors to the fullest extent permitted by Maryland law.

E.             The
NASAA Guidelines impose limits, greater than those imposed by Maryland law, on
a company’s power to hold its directors harmless for loss or liability suffered
by the directors or the Company.

F.             The
Company has filed a registration statement with, among others, the Securities
and Exchange Commission and the Pennsylvania Securities Commission.

G.            The
Securities and Exchange Commission has declared effective the Company’s
registration statement.

H.            The Pennsylvania Securities
Commission, as part of its review of the registration statement, has requested
that the Company amend the Charter to provide that, to the extent that the
provisions of the Maryland General Corporation Law, as amended (the “MGCL”),
conflict with the provisions set forth in the NASAA Guidelines, the NASAA Guidelines
control to the extent any provisions of the MGCL are not mandatory.

I.              The
Pennsylvania Securities Commission has also requested that the Company amend
certain provisions of its Charter regarding conflicts between the NASAA
Guidelines and the MGCL.

J.             The
Company is willing to submit the proposals to amend the Charter to its
Stockholders; provided, however, that until the time that the
amendments to the Charter are approved by the Stockholders, and if the
amendments are not approved by the Stockholders, the Directors, including the
undersigned, have entered into the agreement set forth herein, establishing
certain rights and obligations.

NOW, THEREFORE, in consideration of the mutual
covenants and conditions hereinafter contained, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

1              Agreement to Hold Harmless and Indemnification.

(a)           Subject to paragraphs (b), (c) and
(d) of this Section 1, the Company shall hold harmless and indemnify the
Director from and against any liability or loss to which the Director may
become subject or which the Director may incur by reason of his or her services
as a Director, officer, employee or agent of the Company.

(b)           The Company shall not indemnify the
Director or hold the Director harmless for any loss or liability suffered by
the Company unless:

(i)            the Directors have determined, in good faith, that
the course of conduct which caused the liability or loss was in the best interest
of the Company;

(ii)           the Director was acting on behalf of or performing
services on the part of the Company;

(iii)          the liability or loss was not the result of
negligence or misconduct on the part of the Director except that in the event
the Director is or was an Independent Director, the liability or loss shall not
have been the result of gross negligence or willful misconduct of the Director;

(iv)          the indemnification is recoverable only out of the Net
Assets of the Company and not from the Stockholders; and

(v)           if required by the Charter or applicable law, the
Directors, the special legal counsel to the Company or the Stockholders have
determined that indemnification or reimbursement is proper.

(c)           Notwithstanding anything to the contrary in paragraph
(b) above, the Company shall not indemnify the Director for liabilities or
losses arising from or out of an alleged violation of federal or state
securities laws by the Director
unless one or more of the following conditions are met:

(i)            there has been a successful
adjudication on the merits of each count involving alleged securities law
violations as to the Director;

(ii)           the claims have been dismissed with
prejudice on the merits by a court of competent jurisdiction as to the
Director; or

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(iii)          a court of competent jurisdiction
approves a settlement of the claims and finds that indemnification of the
settlement and related costs incurred by the Director should be made and the
court considering the request has been advised of the position of the Securities
and Exchange Commission and the published opinions of any state securities
regulatory authority in which securities of the Company were offered or sold as
to indemnification for violations of securities laws.

(d)           Subject to the provisions of section 1(b)-(c), the
Company shall advance amounts to the Director for legal and other expenses and
costs incurred as a result of any legal action for which indemnification is being sought only in
accordance with Sections 2-418(e)(2), (3) and (4) of the MGCL, as amended, and
only if all of the following conditions are satisfied:

(i)            the legal action relates to acts or
omissions with respect to the performance of duties or services by the Director
for or on behalf of the Company;

(ii)           the legal action is initiated by a
third party who is not a Stockholder or the legal action is initiated by a
Stockholder acting in his or her capacity as such and a court of competent
jurisdiction specifically approves the advancement; and

(iii)          the Director receiving the advances
undertakes in writing to repay the advanced funds to the Company, together with
the applicable legal rate of interest thereon, in the event that the Director
is found not to be entitled to indemnification.

(e)           The Company shall have the power to
purchase and maintain insurance or provide similar protection on behalf of the
Director against any liability or loss asserted that was incurred in any
capacity with the Company or arising out of this status; provided, however,
that the Company shall not incur the costs of any liability insurance that
insures any Person against liability or loss for which he, she or it could not
be indemnified under the Charter.

(f)            Nothing contained in this Agreement
shall constitute a waiver by the Director of any right that the Director may
have against any Person under federal or state securities laws.

2.             NASAA Guidelines. 
The Director acknowledges and agrees that the provisions of the Charter
are severable and if the Board shall determine that the MGCL conflicts with the
provisions set forth in the NASAA Guidelines, the NASAA Guidelines control to
the extent any provisions of the MGCL are not mandatory provided that any such
determination by the Board shall not affect or impair any of the remaining
provisions of the Charter or render invalid or improper any action taken or
omitted prior to such determination.  The
Company acknowledges and agrees that the Director shall not be liable for
making or failing to make such a determination.

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3.             Term.  This
Agreement shall continue until the earlier of (i) the Company obtaining
Stockholder approval of the proposed amendments to the Charter described in the
Recitals hereof, and more specifically set forth in a memorandum from the
Company’s counsel to the Pennsylvania Securities Commission, dated January 19,
2007, and approved by the board of the Pennsylvania Securities Commission at
its regularly scheduled meeting on January 23, 2007; or (ii) the Company having
a class of security that is a “covered security” as defined in the Securities
Act of 1933, 15 U.S.C. §77r (1994), as amended.

4.             Notices. 
All notices or other communications required or permitted to be given or
delivered hereunder shall be deemed to have been properly given or delivered to
the following address: (i) when delivered personally or by commercial
messenger; (ii) one business day following deposit with a recognized overnight
courier service, provided the deposit occurs prior to the deadline imposed by
the overnight courier; or (iii) when transmitted, if sent by facsimile copy, provided
confirmation of receipt is received by sender and the notice is sent by an
additional method provided hereunder, in each case above provided the notice or
other communication is addressed to the intended recipient thereof as set forth
below:

	
  Indemnitor:

  	
   

  	
  Behringer Harvard REIT I, Inc.

  
	
   

  	
   

  	
  15601 Dallas Parkway

  
	
   

  	
   

  	
  Addison, TX 75001

  
	
   

  	
   

  	
  Attn:  Gerald
  J. Reihsen, III

  
	
   

  	
   

  	
  Executive Vice President – Corporate

  
	
   

  	
   

  	
  Development & Legal

  
	
   

  	
   

  	
  Telephone:

  	
  (469) 341-0540

  
	
   

  	
   

  	
  Facsimile:

  	
  (214) 655-1610

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Director:

  	
   

  	
  To the address set forth by the Director 

  
	
   

  	
   

  	
  on the signature page hereto

  

5.             Counterparts.  This Agreement may be executed in one or more
counterparts, all or which taken together shall constitute one and the same
agreement, and shall become effective when the counterparts have been signed by
each party hereto and delivered to the other parties hereto.

6.             Governing Law. 
This Agreement shall be construed, performed and enforced in accordance
with, and governed by, the internal laws of the State of Maryland, without
giving effect to the principles of conflicts of laws thereof.

7.             Amendments. 
This Agreement may be amended or modified, and any of the terms,
covenants, representations, warranties or conditions hereof may be waived, only
by a written instrument executed by the parties hereto, or in the case of a
waiver, by the party waiving compliance; provided that until the Company has a
class of security that is a “covered security” as described in Section 3 above,
the provisions of this Agreement may not be amended except with the approval of
the Pennsylvania Securities Commission.

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8.             Headings. 
The descriptive headings in this Agreement are for reference purposes
only and shall not affect the meaning or interpretation of this Agreement.

9.             Severability. 
In the event that any part of this Agreement is declared by any court or
other judicial or administrative body to be null, void or unenforceable, said
provision shall survive to the extent it is not so declared, and all of the
other provisions of this Agreement shall remain in full force and effect.

10.           Successor and Assigns.  All references herein to the Company
hereunder shall be deemed to include all successors and assigns of the
Company.  The Director may not assign its
benefits hereunder to any third party beneficiaries or successors or assigns
without the prior written consent of the Company.

[SIGNATURES ON FOLLOWING PAGE]

 5

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

	
  

  	
  INDEMNITOR:

  
	
   

  	
   

  
	
   

  	
  Behringer Harvard REIT I,
  Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Director:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Facsimile:

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