Document:

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                                                                   EXHIBIT 10.12

                            CAPELLA EDUCATION COMPANY
                          EMPLOYEE STOCK PURCHASE PLAN

         1.       Purpose and Scope of Plan. The purpose of this employee stock
purchase plan (the "Plan") is to provide the employees of Capella Education
Company (the "Company") and its subsidiaries with an opportunity to acquire a
proprietary interest in the Company through the purchase of its common stock
and, thus, to develop a stronger incentive to work for the continued success of
the Company. The Plan is intended to be an "employee stock purchase plan" within
the meaning of Section 423(b) of the Internal Revenue Code of 1986, as amended,
and shall be interpreted and administered in a manner consistent with such
intent.

         2.       Definitions.

                  2.1.     The terms defined in this section are used (and
         capitalized) elsewhere in this Plan:

                  (a) "Affiliate" means any corporation that is a "parent
                  corporation" or "subsidiary corporation" of the Company, as
                  defined in Sections 424(e) and 424(f) of the Code or any
                  successor provision, and whose participation in the Plan has
                  been approved by the Board of Directors.

                  (b)  "Board of Directors" means the Board of Directors of
                  the Company.

                  (c)  "Code" means the Internal Revenue Code of 1986, as
                  amended from time to time.

                  (d) "Committee" means two or more Non-Employee Directors
                  designated by the Board of Directors to administer the Plan
                  under Section 13.

                  (e) "Common Stock" means the common stock, par value $.10 per
                  share (as such par value may be adjusted from time to time),
                  of the Company.

                  (f) "Company" means Capella Education Company, a Minnesota
                  corporation.

                  (g) "Compensation" means the gross cash compensation
                  (including wage, overtime, salary, commission, but excluding
                  bonus earnings) paid by the Company or any Affiliate to a
                  Participant in accordance with the terms of employment.

                  (h) "Eligible Employee" means any employee of the Company or
                  an Affiliate who has been employed for at least 90 days
                  prior to the start of a Purchase Period and whose customary
                  employment is at least 20 hours per week; provided, however,
                  that "Eligible Employee" shall not include any person who
                  would be

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                    deemed, for purposes of Section 423(b)(3) of the Code, to
                    own stock possessing 5% or more of the total combined voting
                    power or value of all classes of stock of the Company.

                    (i) "Exchange Act" means the Securities Exchange Act of
                    1934, as amended from time to time.

                    (j) "Fair Market Value" of a share of Common Stock as of any
                    date means, if the Company's Common Stock is listed on a
                    national securities exchange or traded in the national
                    market system, the closing price for such Common Stock on
                    such exchange or market on said date, or, if no sale has
                    been made on such exchange or market on said date, on the
                    last preceding day on which any sale shall have been made.
                    If such determination of Fair Market Value is not consistent
                    with the then current regulations of the Secretary of the
                    Treasury applicable to plans intended to qualify as an
                    "employee stock purchase plan" within the meaning of Section
                    423(b) of the Code, however, Fair Market Value shall be
                    determined in accordance with such regulations. The
                    determination of Fair Market Value shall be subject to
                    adjustment as provided in Section 14.

                    (k) "Non-Employee Director" means a member of the Board of
                    Directors who is considered a non-employee director within
                    the meaning of Exchange Act Rule 16b-3 or any successor
                    definition.

                    (l) "Participant" means an Eligible Employee who has elected
                    to participate in the Plan in the manner set forth in
                    Section 4.

                    (m) "Plan" means this Capella Education Company Employee
                    Stock Purchase Plan, as amended from time to time.

                    (n) "Purchase Period" means, except as otherwise determined
                    by the Committee, a semi-annual period commencing January 1
                    and ending June 30, or commencing July 1 and ending December
                    31.

                    (o) "Recordkeeping Account" means the account maintained in
                    the books and records of the Company recording the amount
                    withheld from each Participant through payroll deductions
                    made under the Plan.

         3.       Scope of the Plan. Shares of Common Stock may be sold to
Eligible Employees pursuant to this Plan as hereinafter provided, but not more
than 450,000 shares of Common Stock (subject to adjustment as provided in
Section 14) shall be sold to Eligible Employees pursuant to this Plan. All sales
of Common Stock pursuant to this Plan shall be subject to the same terms,
conditions, rights and privileges. The shares of Common Stock sold to Eligible
Employees pursuant to this Plan may be shares acquired by purchase on the open
market or in privately negotiated transactions, by direct issuance from the
Company (whether newly issued or treasury shares) or by any combination thereof.

                                      -2-

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         4.       Eligibility and Participation. To be eligible to participate
in the Plan for a given Purchase Period, an employee must be an Eligible
Employee on the first day of such Purchase Period. An Eligible Employee may
elect to participate in the Plan by filing an enrollment form with the Company
before the first day of such Purchase Period that authorizes regular payroll
deductions from Compensation beginning with the first payday in such Purchase
Period and continuing until the Eligible Employee withdraws from the Plan,
modifies his or her authorization, or ceases to be an Eligible Employee, as
hereinafter provided.

         5.       Amount of Common Stock Each Eligible Employee May Purchase.

                  5.1. Subject to the provisions of this Plan, each Eligible
         Employee shall be offered the right to purchase on the last day of the
         Purchase Period the number of shares of Common Stock (including
         fractional shares) that can be purchased at the price specified in
         Section 5.2 with the entire credit balance in the Participant's
         Recordkeeping Account; provided, however, that the Fair Market Value
         (determined on the first day of any Purchase Period) of shares of
         Common Stock that may be purchased by a Participant during such
         Purchase Period shall not exceed the excess, if any, of (i) $25,000 (or
         such lesser amount designated by the Committee) over (ii) the Fair
         Market Value (determined on the first day of the relevant Purchase
         Period) of shares of Common Stock previously acquired by the
         Participant in any prior Purchase Period during such calendar year.
         Notwithstanding the foregoing, no Eligible Employee shall be granted an
         option to acquire shares of Common Stock under this Plan which permits
         the Eligible Employee's rights to purchase shares of Common Stock under
         this Plan and all other "employee stock purchase plans" within the
         meaning of Section 423(b) of the Code maintained by the Company and the
         Affiliates to accrue at a rate which exceeds $25,000 of Fair Market
         Value (determined at the time such option is granted) for each calendar
         year in which such option is outstanding at any time. If the purchases
         by all Participants would otherwise cause the aggregate number of
         shares of Common Stock to be sold under the Plan to exceed the number
         specified in Section 3, however, each Participant shall be allocated a
         ratable portion of the maximum number of shares of Common Stock which
         may be sold.

                  5.2. The purchase price of each share of Common Stock sold
         pursuant to this Plan shall be established from time to time by the
         Committee, but shall be no less than the lesser of (a) or (b) below:

                    (a) 85% of the Fair Market Value of such share on the first
                        day of the Purchase Period; or

                    (b) 85% of the Fair Market Value of such share on the last
                        day of the Purchase Period.

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         6.       Method of Participation.

                  6.1. The Company shall give notice to each Eligible Employee
         of the opportunity to purchase shares of Common Stock pursuant to this
         Plan and the terms and conditions for such offering. Such notice is
         subject to revision by the Company at any time prior to the date of
         purchase of such shares. The Company contemplates that for tax purposes
         the first day of a Purchase Period will be the date of the offering of
         such shares.

                  6.2. Each Eligible Employee who desires to participate in the
         Plan for a Purchase Period shall signify his or her election to do so
         by delivering an executed election on a form developed by the
         Committee. An Eligible Employee may elect to have any whole percent of
         Compensation withheld, but not exceeding 10% per pay period. An
         election to participate in the Plan and to authorize payroll deductions
         as described herein must be made before the first day of the Purchase
         Period to which it relates and shall remain in effect unless and until
         such Participant withdraws from the Plan, modifies his or her
         authorization, or ceases to be an Eligible Employee, as hereinafter
         provided.

                  6.3. Any Eligible Employee who does not make a timely election
         as provided in Section 6.2, shall be deemed to have elected not to
         participate in the Plan. Such election shall be irrevocable for such
         Purchase Period.

         7.       Recordkeeping Account.

                  7.1. The Company shall maintain a Recordkeeping Account for
         each Participant. Payroll deductions pursuant to Section 6 shall be
         credited to such Recordkeeping Accounts on each payday.

                  7.2. No interest shall be credited to a Participant's
         Recordkeeping Account.

                  7.3. The Recordkeeping Account is established solely for
         accounting purposes, and all amounts credited to the Recordkeeping
         Account shall remain part of the general assets of the Company.

                  7.4. A Participant may not make any separate cash payment into
         the Recordkeeping Account.

         8.       Right to Adjust Participation or to Withdraw.

                  8.1. A Participant may, at any time during a Purchase Period,
         direct the Company to adjust the amount withheld from his or her future
         Compensation, subject to the limitation in Section 6.2. Upon any such
         action, future payroll deductions with respect to such Participant
         shall be adjusted in accordance with the Participant's direction.

                                      -4-
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                  8.2. Any Participant who stops payroll deductions may not
         thereafter resume payroll deductions during such Purchase Period.

                  8.3. At any time before the end of a Purchase Period, any
         Participant may withdraw from the Plan. In such event, all future
         payroll deductions shall cease and the entire credit balance in the
         Participant's Recordkeeping Account will be paid to the Participant,
         without interest, in cash within 15 days. A Participant who withdraws
         from the Plan will not be eligible to reenter the Plan until the next
         succeeding Purchase Period.

                  8.4. Notification of a Participant's election to increase,
         decrease, or terminate deductions, or to withdraw from the Plan, shall
         be made by filing an appropriate form with the Company. Notification to
         increase or decrease deductions will take effect as soon as
         administratively feasible following such notification.

         9.       Termination of Employment.  If the employment of a Participant
     terminates for any reason, including death, disability, or retirement, the
     entire balance in the Participant's Recordkeeping Account shall be refunded
     in cash within 15 days.

         10.      Purchase of Shares.

                  10.1. As of the last day of each Purchase Period, the entire
         credit balance in each Participant's Recordkeeping Account shall be
         used to purchase shares (including fractional shares) of Common Stock
         (subject to the limitations of Section 5) unless the Participant has
         filed an appropriate form with the Company in advance of that date
         (which elects to receive the entire credit balance in cash). Any amount
         in a Participant's Recordkeeping Account that is not used to purchase
         shares pursuant to this Section 10.1 shall be refunded to the
         Participant, without interest, in cash within 15 days after the end of
         the Purchase Period.

                  10.2. Shares of Common Stock acquired by each Participant
         shall be held in a general securities brokerage account maintained for
         the benefit of all Participants with a registered securities
         broker/dealer selected by the Company (the "Agent"). The Agent shall
         maintain individual subaccounts for each Participant in such general
         account to which shall be allocated such Participant's shares of Common
         Stock (including fractional shares to four decimal places).

                  10.3. Prior to the last day of each Purchase Period, the
         Company shall determine whether some or all of the shares of Common
         Stock to be purchased as of the last day of such Purchase Period will
         be purchased by the Agent for the accounts of Participants on the open
         market or in privately negotiated transactions. If some or all of such
         shares are to be so purchased by the Agent, the Company shall advise
         the Agent of the number of shares to be so purchased and shall provide
         to the Agent such funds, in addition to the funds available from
         Participants' Recordkeeping Accounts, as may be necessary to permit the
         Agent to so purchase such number of shares (including all brokerage
         fees and expenses).

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                  10.4. Each Participant shall be entitled to vote all shares
         held for the benefit of such Participant in the general securities
         brokerage account maintained by the Agent.

                  10.5. Certificates for the number of whole shares of Common
         Stock, determined as aforesaid, purchased by each Participant shall be
         issued and delivered to him or her, registered in the form directed by
         the Participant, only upon the request of the Participant or his or her
         representative. Any such request shall be made by filing an appropriate
         form with the Company. No certificates for fractional shares will be
         issued. Instead, Participants will receive a cash distribution
         representing any fractional shares.

         11.       Rights as a Stockholder. A Participant shall not be entitled
to any of the rights or privileges of a stockholder of the Company with respect
to shares of Common Stock under the Plan, including the right to receive any
dividends which may be declared by the Company, until (i) he or she actually has
paid the purchase price for such shares and (ii) either the shares have been
credited to the general securities brokerage account maintained by the Agent for
the Participant's benefit or certificates have been issued to the Participant,
both as provided in Section 10.

         12.       Rights Not Transferable. A Participant's rights under this
Plan are exercisable only by the Participant during his or her lifetime, and may
not be sold, pledged, assigned or transferred in any manner other than by will
or the laws of descent and distribution. Any attempt to sell, pledge, assign or
transfer the same shall be null and void and without effect. The amounts
credited to a Recordkeeping Account may not be assigned, transferred, pledged or
hypothecated in any way, and any attempted assignment, transfer, pledge,
hypothecation or other disposition of such amounts will be null and void and
without effect.

         13.       Administration of the Plan. This Plan shall be administered
by the Committee, which is authorized to make such uniform rules as may be
necessary to carry out its provisions. Subject to the terms of this Plan, the
Committee shall determine the term of each Purchase Period and the manner of
determining the purchase price of the shares of Common Stock to be sold during
such Purchase Period. The Committee shall also determine any other questions
arising in the administration, interpretation and application of this Plan, and
all such determinations shall be conclusive and binding on all parties.

         14.       Adjustment upon Changes in Capitalization. In the event of
any change in the Common Stock by reason of stock dividends, split-ups,
corporate separations, recapitalizations, mergers, consolidations, combinations,
exchanges of shares and the like, the aggregate number and class of shares
available under this Plan and the number, class and purchase price of shares
available but not yet purchased under this Plan, shall be adjusted appropriately
by the Committee.

         15.       Registration of Certificates.  Stock certificates to be
issued and delivered upon the request of the Participant or his or her
representative, as provided in Section 10.5, shall be registered in the name of
the Participant, or jointly, as joint tenants with the right of survivorship,

                                      -6-
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in the name of the Participant and another person, as the Participant or his or
her representative may direct on an appropriate form filed with the Company.

         16.       Amendment of Plan. The Board of Directors may at any time
amend this Plan in any respect which shall not adversely affect the rights of
Participants pursuant to shares previously acquired under the Plan, except that,
without stockholder approval on the same basis as required by Section 19.1, no
amendment shall be made (i) to increase the number of shares to be reserved
under this Plan, (ii) to decrease the minimum purchase price, (iii) to withdraw
the administration of this Plan from the Committee, or (iv) to change the
definition of employees eligible to participate in the Plan.

         17.       Effective Date of Plan. This Plan shall be effective upon
approval by the stockholders of the Company. All rights of Participants in any
offering hereunder shall terminate at the earlier of (i) the day that
Participants become entitled to purchase a number of shares of Common Stock
equal to or greater than the number of shares remaining available for purchase
or (ii) at any time, at the discretion of the Board of Directors, after 30 days'
notice has been given to all Participants. Upon termination or suspension of
this Plan, shares of Common Stock shall be purchased for Participants in
accordance with Section 10.1, and cash, if any, remaining in the Participants'
Recordkeeping Accounts shall be refunded to them, as if the Plan were terminated
at the end of a Purchase Period.

         18.       Governmental Regulations and Listing. All rights granted or
to be granted to Eligible Employees under this Plan are expressly subject to all
applicable laws and regulations and to the approval of all governmental
authorities required in connection with the authorization, issuance, sale or
transfer of the shares of Common Stock reserved for this Plan, including,
without limitation, there being a current registration statement of the Company
under the Securities Act of 1933, as amended, covering the shares of Common
Stock purchasable on the last day of the Purchase Period applicable to such
shares, and if such a registration statement shall not then be effective, the
term of such Purchase Period shall be extended until the first business day
after the effective date of such a registration statement, or post-effective
amendment thereto. If applicable, all such rights hereunder are also similarly
subject to effectiveness of an appropriate listing application to a national
securities exchange or a national market system, covering the shares of Common
Stock under the Plan upon official notice of issuance.

         19.      Miscellaneous.

                  19.1. This Plan shall not be deemed to constitute a contract
         of employment between the Company or any Affiliate and any Participant,
         nor shall it interfere with the right of the Company or any Affiliate
         to terminate any Participant and treat him or her without regard to the
         effect which such treatment might have upon him or her under this Plan.

                  19.2. Wherever appropriate as used herein, the masculine
         gender may be read as the feminine gender, the feminine gender may be
         read as the masculine gender, the singular may be read as the plural
         and the plural may be read as the singular.

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                  19.3.       The Plan, and all agreements hereunder, shall be
         construed in accordance with and governed by the laws of the State of
         Minnesota.

                  19.4.       Delivery of shares of Common Stock or of cash
         pursuant to the Plan shall be subject to any required withholding
         taxes. A person entitled to receive shares of Common Stock may, as a
         condition precedent to receiving such shares, be required to pay the
         Company a cash amount equal to the amount of any required withholdings.

                                       -8-<PAGE>
                                                                   EXHIBIT 10.13

                            CAPELLA EDUCATION COMPANY
                              ANNUAL INCENTIVE PLAN
                          MANAGEMENT EMPLOYEES -- 2005
                               UPDATED APRIL, 2005

PLAN OBJECTIVE

To recognize and reward eligible management employees for the achievement of
company financial goals.

PLAN SUMMARY
o        The plan is based upon company performance components, revenue and
         profit as compared to plan, for eligible participants as follows:

          -    70% of the incentive opportunity is based on 2005 total company
               performance, measured by achievement of revenue and profit to
               plan.

          -    30% of the incentive opportunity is based on achievement of the
               total company revenue and profit achievement in Q3 and Q4,
               cumulatively, compared to the Q3/Q4 plan.

o        You have the opportunity to earn from 0% -- 170% of your target
         incentive amount. The financial performance and payout matrices will be
         reviewed periodically as to progress during the year.

o        Your incentive earnings will be paid within two and a half months after
         the end of the plan year based on year-end company financial
         achievement (plan funding).

NOTE: The remaining pages and exhibits provide further explanation regarding
plan design, payout criteria, and administration.

SEE EXHIBIT 1 FOR SPECIFIC INFORMATION, INCLUDING DEFINITIONS, TERMS AND
CONDITIONS, AND PAYOUT CRITERIA.

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                                                                   EXHIBIT 10.13

ELIGIBILITY CRITERIA

Select management-level employees who meet the Eligibility Criteria (see
Definition of Eligibility Criteria) are eligible for plan participation.
Criteria the plan administrator will consider when selecting eligible employees
for participation include scope and level of responsibility, organizational
impact, internal equity and external competitiveness.
Incentive awards for employees who work less than full-time will be prorated
accordingly.

PLAN ADMINISTRATOR

The Compensation Committee of the Board of Directors of the Company will
administer the plan. The Committee may delegate to the Chief Executive Officer
and the Vice President of Human Resources the authority to determine incentive
awards under the plan for eligible employees who are not executive officers of
the Company. Awards granted pursuant to such delegated authority shall be made
consistent with the criteria established by the Committee and shall be subject
to any other restrictions placed on the delegation by the Committee. Any
incentive award under the plan to the Company's Chief Executive Officer will be
approved and administered by the Executive Committee of the Board of Directors.

To the full extent permitted by law, (i) no member of the Committee or other
plan adminstrator shall be liable for any action or determination taken or made
in good faith with respect to the plan or any award made under the plan, and
(ii) the members of the Committee and the other plan administrators shall be
entitled to indemnification by the Company with regard to such actions.

SIZE OF AWARD OPPORTUNITY

Incentive potential for plan participants is expressed as a percentage of base
compensation as of December 31st of the plan year (see Definition section for
Base Compensation). At target level performance, the size of the incentive award
opportunity is based upon your position as determined by the plan administrator.

PAYOUT CRITERIA -- COMPANY FINANCIAL RESULTS

TOTAL YEAR REVENUE AND PROFIT

     o    70% of your targeted incentive potential is based on total year,
          year-end company financial results, combining revenue and profit
          against the plan.

     o    At the beginning of the year, an annual financial target will be
          established at the Company level, approved by the Board of Directors.
          The Chief Executive Officer or designate will communicate this
          financial target to you. Incentive potential will be based on the
          level of Company financial performance within a specified range.

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                                                                   EXHIBIT 10.13

     o    All participants, unless otherwise communicated to you, will have a
          financial target that reflects overall Company financial results.

     o    If the Company exceeds the target financial level on the full year
          performance, you will be eligible to receive a greater than target
          level incentive award for this portion of the plan.

     o    This portion of the plan pays out for a range of financial performance
          with an upward potential of 140% OF your target incentive award
          opportunity. The total plan pays out for financial results in a range
          of 0% to 170% (Please see the financial matrices for the specific
          payout schedule).

Q3 AND Q4 REVENUE AND PROFIT

     o    30% of your targeted incentive potential is based on Q3 and Q4
          cumulative results for revenue and profit. 0-30% is the incentive
          potential for this factor. The maximum target level for this component
          of the plan is 30%.

QUALIFICATION OF AWARD PAYMENT

The plan administrator reserves the right to withhold incentive payment in the
event an individual fails to perform his or her day-to-day job in a satisfactory
manner after the Company has provided reasonable notice of such failure.

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                                                                   EXHIBIT 10.13

                                                                       EXHIBIT 1

                            CAPELLA EDUCATION COMPANY

                            MANAGEMENT INCENTIVE PLAN

I. DEFINITIONS OF TERMS

         The following terms as used in the plan have meaning as described
below:

         COMPANY -- Capella Education Company.

         BASE COMPENSATION -- total base salary wages for the plan year. (Note:
         excludes any incentive compensation payment(s), lump sump merit
         increases and taxable fringes). Base salary wages will be reduced for
         any leave of absence, paid or unpaid, beyond 90 days.

         ELIGIBILITY CRITERIA -- Individuals need to be regular status, work a
         minimum of half time to be eligible for plan participation (average of
         40 hours per pay period), and be considered a management level employee
         (functional leader or above). Incentive awards for employees who work
         less than full-time will be prorated according to his/her total annual
         base salary wages.

         FINANCIAL OBJECTIVE -- the level of company performance against any
         financial measure approved by the Committee to define operating
         performance. The Committee may amend the goals to reflect material
         adjustment in or changes to the Company's policies; to reflect
         material company changes such as mergers or acquisitions; and to
         reflect such other events having a material impact on goals.

         PLAN YEAR -- the fiscal year of the Company.

         PAYOUT -- the actual amount to be paid to a participant based upon
         achievement of Company financial objectives.

II. PLAN ADMINISTRATION

         NEW HIRES -- new hires must start by October 1st to qualify. For
         individuals hired by October 1st of the plan year, eligibility begins
         on the first date of employment. Individual incentive awards will be
         prorated from the date of hire based on an individual's year-to-date
         total annual wages.

         PROMOTIONS -- individuals must be promoted into an eligible management
         level position by October 1st to be eligible for participation in that
         plan year. Note: if an individual is promoted October 1st or after of
         the plan year it will be at the

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                                                                   EXHIBIT 10.13

         Committee's discretion to determine the percentage of incentive payout
         that an employee will receive at year-end.

         TERMINATION OF EMPLOYMENT -- in the event any eligible participant
         ceases to be an employee during any year in which he/she is
         participating in the plan, he/she will not be eligible to receive any
         incentive compensation for such year unless otherwise provided for in
         the Executive Severance Plan. Individuals need to be employed at the
         time of award payment to be eligible for any incentive payments unless
         otherwise provided for in the Executive Severance Plan. Incentive
         awards to individuals who are subject to the Executive Severance Plan
         will be determined in accordance with the plan, as adjusted in
         accordance with the Executive Severance Plan, and all payouts will be
         made in accordance with the Executive Severance Plan. Employees who
         become disabled or retire during the year will be eligible to receive a
         prorated portion of the incentive payment, if earned.

         RIGHT TO CONTINUE EMPLOYMENT -- nothing contained in the plan shall be
         construed to confer upon any employee the right to continue in the
         employment of, or the Company's right to terminate his/her employment
         at any time.

         TAX WITHHOLDING - The Company shall have the right to withhold from
         cash payments under the plan to a participant or other person an amount
         sufficient to cover any required withholding taxes.

         UNFUNDED PLAN - The plan shall be unfunded and the Company shall not be
         required to segregate any assets that may at any time be represented by
         awards under the plan.

         PLAN AMENDMENT, MODIFICATION, OR TERMINATION - from time to time the
         Committee may amend the plan as it believes appropriate and/or may
         terminate the plan, provided that no such amendment or termination will
         affect the right of any participant to receive incentive compensation
         in accordance with the terms of the plan for the portion of any year up
         to the date of the amendment or termination. Typically, any such
         modification would be made on an annual basis.

         GOVERNING LAW - To the extent that federal laws do not otherwise
         control, the plan and all determinations made and actions taken
         pursuant to the plan shall be governed by the laws of Minnesota and
         construed accordingly.

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