Document:

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                                                                   EXHIBIT 10.48

                                             AMENDMENT NO. 1, dated as of July
                                    31, 2003 (this "Amendment No. 1"), to the
                                    Securities Purchase Agreement dated as of
                                    February 10, 2003 (the "Original
                                    Agreement"), among LPA HOLDING CORP., a
                                    Delaware corporation (the "Corporation"),
                                    LPA INVESTMENT LLC, a Delaware limited
                                    liability company ("LPA Investment"), and
                                    the parties signatory thereto (each, an
                                    "Other Purchaser"). Each Other Purchaser and
                                    LPA Investment are collectively referred to
                                    as the "Purchasers."

                  The Corporation and the Purchasers agree to amend the Original
Agreement, on the terms and subject to the conditions set forth herein.

                  NOW, THEREFORE, in consideration of the premises and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as set forth below.

         Section 1. Defined Terms. Unless otherwise defined herein, terms
defined in the Original Agreement are used herein as therein defined.

         Section 2. Amendment to the Original Agreement.

                  A. Section 1.4 of the Original Agreement is amended and
restated in its entirety as follows:

                  "(a)     Subject to the terms and conditions hereof, each
         Purchaser hereby commits, severally and not jointly, to purchase up to
         its respective Proportional Percentage of the Maximum Shortfall Share
         Amount (with respect to each Purchaser, such Purchaser's "Maximum Share
         Amount").

                           (i)      If a Bank Deposit Shortfall exists at any
                  time during the applicable Lookback Period, the Corporation
                  shall promptly (but in no event later than five Business Days
                  prior to the applicable Bank Deposit Settlement Date) notify
                  each Purchaser of the greatest Bank Deposit Shortfall which
                  existed during the applicable Lookback Period and the number
                  of shares of Series B Preferred Stock required to be issued by
                  the Corporation and purchased by the Purchasers on the
                  applicable Bank Deposit Settlement Date (the aggregate shares
                  of Series B Preferred Stock to be purchased on such Bank
                  Deposit Settlement Date, the "Bank Deposit Shortfall Shares").
                  On each Bank Deposit Settlement Date on which Bank Deposit
                  Shortfall Shares are required to be issued and purchased, the
                  Corporation shall issue to each Purchaser, and each Purchaser
                  shall purchase from the Corporation, such Purchaser's
                  Proportional Percentage of Bank Deposit Shortfall Shares. The
                  number

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                  of Bank Deposit Shortfall Shares to be issued by the
                  Corporation and collectively purchased by the Purchasers on a
                  particular Bank Deposit Settlement Date shall be calculated as
                  follows:

                           ((X + 500,000)/2.174) - Y

                           Where:

                           X = the greatest Bank Deposit Shortfall, if any
                               (expressed as a positive number) during the
                               most recently ended Lookback Period;

                           Y = the number of Bank Deposit Shortfall Shares,
                               Fixed Charge Shortfall Shares and Advance
                               Purchase Shares, if any, issued during the
                               applicable Lookback Period.

         If the foregoing calculation results in negative number, no Purchaser
         shall be required to purchase Shortfall Shares with respect to such
         Lookback Period.

                           (ii)     If a Fixed Charge Shortfall exists on the
                  last day of the applicable Period, the Corporation shall as
                  soon as practicable following the completion of its financial
                  statements for the applicable Period, but in no event later
                  than five Business Days prior to the applicable Fixed Charge
                  Settlement Date, notify each Purchaser of the Fixed Charge
                  Shortfall which existed during the applicable Period and the
                  number of shares of Series B Preferred Stock required to be
                  issued by the Corporation and purchased by the Purchasers on
                  the applicable Fixed Charge Settlement Date (the aggregate
                  shares of Series B Preferred Stock to be purchased on such
                  Fixed Charge Settlement Date, the "Fixed Charge Shortfall
                  Shares"). On each Fixed Charge Settlement Date on which Fixed
                  Charge Shortfall Shares are required to be issued and
                  purchased, the Corporation shall issue to each Purchaser, and
                  each Purchaser shall purchase from the Corporation, such
                  Purchaser's Proportional Percentage of Fixed Charge Shortfall
                  Shares. The number of Fixed Charge Shortfall Shares to be
                  issued by the Corporation and collectively purchased by the
                  Purchasers on a particular Fixed Charge Settlement Date shall
                  equal the quotient obtained by dividing (x) the Fixed Charge
                  Shortfall, if any, on the last day of the most recently ended
                  Period by (y) 2.174. If the foregoing calculation results in
                  negative number, no Purchaser shall be required to purchase
                  Fixed Charge Shortfall Shares with respect to such Period.

                           (iii)    If the Corporation fails to make interest or
                  principal payments (A) under the Credit Agreement or (B)
                  following the payment in full of all the obligations under the
                  Credit Agreement, the Senior Secured Notes Indenture, in each
                  case in accordance with the terms thereof (a "Payment
                  Default"), on the date of such Payment Default the Corporation
                  shall notify each Purchaser of the amount of funds necessary
                  to cure such Payment Default (the "Payment Default

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                  Amount") and the number of shares of Series B Preferred Stock
                  required to be issued by the Corporation and purchased by the
                  Purchasers on the date which is no later than five (5)
                  Business Days following the date of delivery of such
                  notification (the date of each such purchase a "Payment
                  Default Settlement Date" and the aggregate shares of Series B
                  Preferred Stock to be purchased on such date, the "Payment
                  Default Shares"). On each Payment Default Settlement Date, the
                  Corporation shall issue to each Purchaser, and each Purchaser
                  shall purchase from the Corporation, such Purchaser's
                  Proportional Percentage of Payment Default Shares. The number
                  of Payment Default Shares to be issued by the Corporation and
                  collectively purchased by the Purchasers on a particular
                  Payment Default Settlement Date shall equal the quotient
                  obtained by dividing (x) the Payment Default Amount by (y)
                  2.174.

                  (b)      Upon no less than five Business Days' prior written
         notice to the Corporation and the Purchasers (the "Advance Purchase
         Notice"), the Requisite Purchasers may from time to time require the
         Corporation to issue and sell to each Purchaser, and each Purchaser to
         purchase from the Corporation, shares of Series B Preferred Stock in
         advance of any Settlement Date (the "Advance Purchase Shares"). On the
         date set forth in the Advance Purchase Notice, the Corporation shall
         issue and sell to each Purchaser, and each Purchaser shall purchase
         from the Corporation, its Proportional Percentage of the aggregate
         Advance Purchase Shares set forth in the Advance Purchase Notice.

                  (c)      Notwithstanding anything to the contrary contained
         herein, at no time shall any Purchaser be required to purchase any
         Shortfall Shares or Advance Purchase Shares hereunder in excess of such
         Purchaser's Maximum Share Amount less the aggregate number of Shortfall
         Shares and Advance Purchase Shares, if any, previously purchased by
         such Purchaser hereunder.

                  (d)      As used in this Section 1.4, the following terms have
         the meanings below:

                  "Bank Deposit Settlement Date" means, with respect to each
         Lookback Period, the tenth Business Day following the last Business Day
         of the applicable Lookback Period."

                  "Bank Deposit Shortfall" means the deficit, if any, recorded
         on the books of the Corporation and its Subsidiaries on the last
         Business Day of each week during the applicable Lookback Period as
         reflected on the "adjusted book balance" line of the Corporation's
         consolidated thirteen-week cash flow projections. "Bank Deposit
         Shortfall" shall be calculated in accordance with the Corporation's
         historical practice.

                  "Fixed Charge Settlement Date" means, with respect to each
         Period, the date that is ten Business Days following the date that the
         Corporation is required to deliver to the Lenders the financial
         information described in Sections 5.01(a) or (b), as applicable, of the
         Credit Agreement. If the Lenders extend the deadline for delivery of
         such financial information at any time, the

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         Settlement Date for such Period shall be similarly extended for an
         equal amount of time.

                  "Fixed Charge Shortfall" means, to the extent that the
         Corporation was not in compliance with Section 6.14 of the Credit
         Agreement as of the last day of the applicable Period, the amount which
         if added to Consolidated EBITDAR for such Period would have satisfied
         the covenant set forth in Section 6.14 as of the last day of such
         Period.

                  "Lookback Period" means the four-week period commencing on
         September 21, 2003 and each consecutive four or five-week period
         thereafter recorded by the Corporation in accordance with the
         Corporation's historical practice.

                  "Period" means the Corporation's fiscal quarter ending nearest
         to March 31, 2003 and each fiscal quarter ending thereafter until May
         11, 2006.

                  "Proportional Percentage" means (a) with respect to any Other
         Purchaser, the quotient obtained by dividing (x) the number of shares
         of Series B Preferred Stock which such Other Purchaser commits to
         purchase pursuant to the terms of the Preemptive Notice executed by
         such Other Purchaser (which shall not be greater than such Other
         Purchaser's Common Stock Percentage (as defined in the Stockholders
         Agreement) as of the date hereof) by (y) the Maximum Shortfall Share
         Amount; and (b) with respect to LPA Investment 100% less the aggregate
         of the Other Purchasers' Proportional Percentages as calculated in the
         immediately preceding clause (a). In the event that a Purchaser is
         required to purchase Shortfall Shares or Advance Purchase Shares and
         such Purchaser (a "Defaulting Purchaser") fails to purchase its
         respective Proportional Percentage of such Shortfall Shares or Advance
         Purchase Shares at the applicable Closing, the Proportional Percentage
         of each other Purchaser shall be increased by the amount of such
         Defaulting Purchaser's Proportional Percentage multiplied by a fraction
         equal to (x) the amount of such other Purchasers' Proportional
         Percentage, divided by (y) the aggregate Proportionate Percentage of
         all Purchasers who are not Defaulting Purchasers.

                  "Shortfall Shares" means, collectively, Bank Deposit Shortfall
         Shares, Fixed Charge Shortfall Shares, and Payment Default Shares.

                  B. Section 1.8 of the Original Agreement is amended and
restated in its entirety as follows:

                  "The obligations of each Purchaser hereunder shall
automatically terminate without further action from any party hereto on the
earlier of (a) the date such Purchaser purchases an aggregate amount of shares
of Series B Preferred Stock hereunder equal to its Maximum Share Amount; and (b)
the date the obligations (other than contingent obligations and liabilities) of
the Corporation under (i) the Credit Agreement and (ii) the Indenture dated as
of May 11, 1998, among the Corporation and certain of its subsidiaries and PNC
Bank, National Association as trustee (as amended), are terminated."

         Section 3. References to the Original Agreement. From and after the
date hereof, all references in the Original Agreement and each of the other
Transaction Documents to the

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Original Agreement shall be deemed to be references to the Original Agreement
after giving effect to this Amendment No. 1.

         Section 4. No Other Amendments. Except as expressly set forth herein,
the Original Agreement remains in full force and effect in accordance with its
terms and nothing contained herein shall be deemed (a) to be a waiver,
amendment, modification or other change of any term, condition or provision of
the Original Agreement or any Transaction Document (or a consent to any such
waiver, amendment, modification or other change); (b) to be a consent to any
transaction; or (c) to prejudice any right or rights which the Purchasers or the
Corporation may have under the Original Agreement and/or any Transaction
Document.

         Section 5. Headings. The headings used herein are for convenience of
reference only and shall not affect the construction of, nor shall they be taken
into consideration in interpreting, this Amendment No. 1.

         Section 6. Counterparts. This Amendment No. 1 may be executed in one or
more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. Facsimile execution and
delivery of this Amendment No. 1 is legal, valid and binding for all purposes.

         Section 7. Applicable Law. THIS AMENDMENT NO. 1 SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE
(WHETHER OF THE STATE OF NEW YORK, OR ANY OTHER JURISDICTION) THAT WOULD CAUSE
THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED. IN
FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL
CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AMENDMENT NO. 1, EVEN IF
UNDER SUCH JURISDICTION'S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE
SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

                            [Signature Pages Follow]

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                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 1 to the Securities Purchase Agreement to be duly executed and
delivered as of the day and year first above written.

                           LPA HOLDING CORP.

                           By: /s/ Michael F. Czlonka
                               -------------------------------------------------
                               Name: Michael F. Czlonka
                               Title: Senior Vice President & Chief
                                      Operating Officer

                           LPA INVESTMENT LLC

                           By: /s/ Stephen P Murray
                               -------------------------------------------------
                               Name: Stephen P. Murray
                               Title:

                           /s/ Joetta D. Camp
                           -----------------------------------------------------
                           Joetta D. Camp

                           /s/ Rebecca L. Perry
                           -----------------------------------------------------
                           Rebecca L. Perry

                           /s/ Kathryn J. Shubert
                           -----------------------------------------------------
                           Kathryn J. Shubert<PAGE>

                                                                   EXHIBIT 10.49

                             LA PETITE ACADEMY, INC.
                            SUPPORT CENTER BONUS PLAN

THE PLAN

The Support Center Bonus Plan ("Plan") has been proposed by management and
adopted by the Board to reflect the Company's desire to reward the officers and
select employees of the Company, who make its success possible. Although the
intention of the Plan is to pay bonuses, the Plan is discretionary in nature.
The Company shall have the unfettered right to pay, or not to pay bonuses, and
to exercise its judgment and discretion in calculating EBITDA under the Plan.

EFFECTIVE DATE

The La Petite Academy, Inc. ("Company") Support Center Bonus Plan ("Plan") shall
be effective as of June 29, 2003.

ELIGIBILITY

The CEO of the Company may designate certain management positions in the Support
Center as bonus eligible under the Plan. Designations are subject to
modification from time to time by the CEO in his or her discretion. Incumbents
in designated positions as of the end of the Company's fiscal year are eligible
to participate in the Plan and will be notified of their eligibility by the
Company's Vice President, People. Participants must remain actively employed in
a bonus eligible position as of the Bonus Payment Date in order to be eligible
to receive a bonus under the Plan.

PLAN DESIGN

The Plan is based upon annual bonus periods corresponding to the Company's
fiscal year, which is the 52/53 week period ending on the Saturday closest to
June 30. Bonus payments, if any, for a given bonus period will be calculated
based upon three factors:

          (1)  the Company's budgeted goal for consolidated earnings before
               interest, taxes, depreciation and amortization ("EBITDA") for a
               fiscal year ("EBITDA Goal")

          (2)  the Company's actual EBITDA results for the fiscal year ("EBITDA
               Results")

          (3)  an individual bonus target for each Plan participant based upon a
               preset percentage of his or her annual base salary for the fiscal
               year ("Individual Bonus Targets").

THE EBITDA GOAL

The Company shall establish a budget at or around the beginning of its fiscal
year, which includes its EBITDA Goal for the fiscal year. The Company shall then
notify the Plan participants of the EBITDA Goal. The Company may revise or amend
its EBITDA Goal from time to time, in which case Plan participants will be
updated. The EBITDA Goal in effect on the last day of the Company's fiscal year
will be utilized for the purpose of determining bonuses under the Plan.

EBITDA RESULTS

The Company shall calculate its EBITDA Results for a particular fiscal year
reasonably soon after the close of the fiscal year and notify the Plan
participants of them. In the event the calculated EBITDA Results are later
determined by the Company to be incorrect, the Company reserves the right under
the Plan to recalculate its EBITDA Results and to adjust accordingly bonus
payments under the Plan.

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INDIVIDUAL BONUS TARGETS

The Company shall set a discretionary Individual Bonus Target for each eligible
Plan participant, based upon a percentage of the Plan participant's annual base
salary for the fiscal year. Each eligible Plan participant will be advised by
the Company of his or her Individual Bonus Target near the beginning of the
fiscal year.

BONUS CALCULATIONS

Bonus payments shall be paid under the Plan for a given fiscal year in the event
the Company's EBITDA Results for that year are 90% or more of its EBITDA Budget.
Bonuses shall range from 50%-200% of the Individual Bonus Targets depending upon
how favorably the Company's EBITDA Results compare to its EBITDA Budget.

The threshold of acceptable performance under the Plan is passed if and when the
Company's EBITDA Results for a fiscal year hit 90% of its EBITDA Goal. This
triggers bonus payments of 50% of the Individual Bonus Targets to Plan
participants.

Satisfactory performance for the bonus period is realized if and when the
Company's EBITDA Results for a fiscal year are 100% of its EBITDA Goal for that
year. This generates bonus payments of 100% of the Individual Bonus Targets to
Plan participants.

The Plan also contemplates a stretch goal that management believes can be
obtained through superior performance. Should the Company's EBITDA Results for a
fiscal year reach 110% of its EBITDA Goal for that year, then Plan participants
shall receive maximum bonus payments of 200% of their Individual Bonus Targets.

Where the Company's EBITDA Results relative to its EBITDA Goal fall
incrementally between 90%, 100% and 110%, they will be interpolated.

PLAN ADMINISTRATION

1.   The Vice President, People, shall be the Plan Administrator and have full
     authority to terminate or modify the Plan at any time without notice to
     Plan participants.

2.   The Plan Administrator shall be authorized to interpret and administer the
     Plan and shall have full discretion to exercise reasonable judgment in
     doing so, including, but not limited to the following:

     _    determine eligibility under the Plan and calculate bonus payouts in
          accordance with the provisions of the Plan;

     -    cancel any bonus amount otherwise payable under the Plan for conduct
          deemed detrimental to the Company;

     -    disqualify from participation under the Plan any participant placed on
          disciplinary status, or whose performance does not meet expectations,
          or who has received a Corrective Action during the Plan year; and,

     -    arrange for bonus payments to be made by the Company to Plan
          participants within 60 days of the publication of the Company's
          financial statements for a given fiscal year (the "Bonus Payment
          Date").

3.   The acts, interpretations and determinations of the Plan Administrator
     shall be final and binding upon the participants without review.

4.   The EBITDA Budget anticipates and includes Support Center bonus payments.
     Therefore, should EBITDA Results exceed EBITDA Budget, they become self
     funded and must be added to the EBITDA Budget for the purpose of
     calculating bonuses under the Plan.

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5.   Individual Bonus Targets will be prorated for Plan participants who are
     promoted (from a non-eligible position to an eligible position) or hired
     into an eligible participant position during the first 11 periods of the
     Company's fiscal year. Individuals hired or promoted into otherwise
     bonus-eligible positions after period 11 of the Company's fiscal year are
     not eligible for a bonus under the Plan until the next fiscal year.

6.   Any participant who terminates his/her employment during the Plan year,
     either voluntarily or involuntary due to cause will not be eligible for a
     bonus payment for the Plan year. Participants who are involuntarily
     terminated other than "for cause" will be eligible for a prorated bonus
     amount based upon the portion of the year during which they were actively
     employed as long as all other requirements of the Plan are satisfied.
     Without limitation, "for Cause" shall include: a) violation of the
     Company's Code of Conduct; b) action by the Plan participant involving
     willful malfeasance in connection with their employment having a material
     adverse effect on the company; c) continuing refusal by the Plan
     participant to perform the duties ordinarily performed in their role after
     a written demand for substantial performance is delivered to them; or d)
     conviction of any felony (or any misdemeanor involving the property or
     assets of the Company) under the laws of any State or the United States.

7.   Eligible participants who retire prior to the end of a Plan year will be
     eligible for a prorated bonus amount based upon the portion of the year
     during which they were actively employed.

8.   In the event of an eligible participant's disability or death, any bonus
     amount earned will be prorated based on the length of active employment in
     the Plan year.

9.   No officer or employee of the Company shall have any right or interest
     under the Plan unless and until he/she has been advised in writing by the
     Plan Administrator that they are eligible to participate in the Plan and
     that all requirements under the Plan relating to a bonus payment to them
     have been satisfied. No Plan participant shall have any right or interest
     under the Plan beyond the actual bonus amount paid to him or her by the
     Company.

10.  Neither the Plan Administrator, nor any other officer, director, employee
     or representative of the Company shall have any liability to any person,
     firm or corporation based on or arising out of the Plan.

11.  Any payment under this Plan shall be made in compliance with applicable
     law.

12.  All inquiries regarding the Plan should be directed to the Plan
     Administrator.

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