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Document

Exhibit 10.2

AMENDMENT NO. 1 TO
ASSET PURCHASE AND SALE AGREEMENT

THIS AMENDMENT NO. 1 TO ASSET PURCHASE AND SALE AGREEMENT (this “Amendment”), dated as of December 1, 2020 (the “Amendment Effective Date”), is by and among Zovio Inc, a Delaware corporation (“Seller Parent”) and Ashford University, LLC, a California limited liability company (“Seller”, and together with Seller Parent, the “Seller Parties”), on one hand, and the Arizona Board of Regents, a body corporate, for and on behalf of The University of Arizona (“DigiCat”), and The University of Arizona Global Campus, an Arizona non-profit corporation (“Buyer”, and together with DigiCat, the “Buyer Parties”), on the other hand. “Party” refers, as the context provides, to any of Seller Parent, Seller, DigiCat, or Buyer; and “Parties” refers to Seller Parent, Seller, DigiCat, and Buyer collectively.  This Amendment amends that certain Asset Purchase and Sale Agreement, dated August 1, 2020, by and among the Parties (the “Original Agreement”).  Capitalized terms used herein and not defined have the meanings given them in the Original Agreement.
RECITALS
A.        Pursuant to Section 11.7 of the Original Agreement, each Party desires to execute and deliver this Amendment to reflect the matters set forth herein.  
AGREEMENTS
NOW, THEREFORE, in consideration of the foregoing, and the mutual covenants and agreements herein set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1.    Consideration. Section 2.1 of the Original Agreement is amended in its entirety to read as follows:
“    2.1    Consideration. In consideration of the transfer of the Institutional Assets, at the Closing, (a) Buyer shall pay to Seller (or at the direction of Seller, to Seller Parent) the sum of One Dollar ($1.00) in cash and shall assume the Assumed Liabilities, and (b) Buyer and Seller Parent shall enter into the other Transaction Agreements.”

2.         Closing.  Section 2.2 of the Original Agreement is amended in its entirety to read as follows:
“          2.2       Closing.  Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this Agreement (the “Closing”) shall take place remotely by exchange of documents and signatures (or their electronic counterparts) on December 1, 2020 (the “Closing Date”).  Notwithstanding the actual time the deliveries of the Parties hereto are made on or in anticipation of the Closing Date, the Parties hereto agree that the Closing shall be effective and deemed for all purposes to have occurred as of 12:01 a.m., Mountain Standard Time, on the Closing Date.  In no event shall the Closing be deemed a waiver, termination or expiration of any 

Exhibit 10.2

Party’s rights or obligations under this Agreement, unless otherwise expressly set forth in this Agreement.”
3.     Seller Parties’ Closing Deliveries. Section 2.3(a) of the Original Agreement is amended in its entirety to read as follows:
“    (a)    the Closing Payment by wire transfer of immediately available funds to an account designated in writing by Buyer or other mutually agreed upon reasonable means;”

4.      Organization and Qualification.  The second sentence of Section 4.1(a) of the Original Agreement is amended in its entirety to read as follows:
“Buyer’s articles of incorporation and bylaws provide that (i) Buyer shall have members, (ii) The University of Arizona Foundation, a non-profit corporation duly organized, validly existing and in good standing under the laws of the State of Arizona (the “Member”) is Buyer’s sole member, and (iii) the Member is a “component unit” of DigiCat as such term is defined in Governmental Accounting Standards Board (GASB) Statement No. 14, The Financial Reporting Entity.”
5.     Scope of Surety Bonds Cash Collateral.  Section 1.1(o) of the Original Agreement is amended in its entirety to read as follows:
“          (o)        the surety bonds, and the underlying cash collateral (the “Surety Bonds Cash Collateral”), required by state Educational Agencies in connection with Buyer’s operation of the University as of and following the Closing, as listed on Section 1.1.(o) of the Disclosure Schedule;”
6.     Replenishment of Terminated Bonds Cash Collateral. A new Section 5.19 is hereby added to the Original Agreement, such Section 5.19 to read as follows:
“          5.19     Replenishment of Surety Bond Cash Collateral.  The Parties understand that Seller historically has maintained surety bonds required by state Educational Agencies in the States of Kentucky and Maryland that will no longer be required in connection with Buyer’s operation of the University as of and following the Closing (the “Terminated Bonds”) and, accordingly, are not included among the surety bonds identified on Section 1.1(o) of the Disclosure Schedule.  The Parties hereby agree that the underlying cash collateral on the Terminated Bonds will be released and, upon such release, returned to Seller Parent.  In connection with the foregoing, Seller Parent agrees that if, following its receipt of the cash collateral underlying any of the Terminated Bonds and prior to the first anniversary of the Closing, it is determined that a surety bond is, in fact, required to be posted by Buyer in connection with its operation of the University in either Kentucky or Maryland, then Seller Parent will take the necessary steps to provide the cash collateral necessary to support such surety bond in an amount up to the amount of the cash collateral previously returned to Seller Parent.  Seller Parent’s obligations to provide any cash collateral as set forth in this Section 5.19 shall terminate and be of no further force or effect following the first anniversary of the Closing Date.”

Exhibit 10.2

7.         ED Pre-Acquisition Review.  Section 7.1(d) of the Original Agreement is deleted in its entirety.  The definitions of PPPA and TPPPA are also deleted.
8.         HSR Act Filings.  Section 3.3(a) of the Original Agreement is amended to delete “or (iii) such filings as may be required under the HSR Act” and “or” is inserted before “(ii)”.  Section 4.3(a) of the Original Agreement is amended to delete “or (iii) such filings as may be required under the HSR Act” and “or” is inserted before “(ii)”.  Sections 5.5(a) and 5.5(b) of the Original Agreement are amended to delete each and every reference to the HSR Act.  Section 7.1(e) of the Original Agreement is deleted in its entirety.  Section 11.4 of the Original Agreement is amended to delete “and all filing and other similar fees payable in connection with the filings or submissions under the HSR Act”.  The definition of HSR Act is also deleted.
9.        Miscellaneous.  For the avoidance of doubt, references in the Original Agreement, including Section 11, to the “Agreement” shall be deemed a reference to the Original Agreement as amended by this Amendment. 
10.         Counterparts.  This Amendment may be executed in counterparts, and any party hereto may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. 
11.     No Other Amendments.  Except as otherwise specifically amended in this Amendment, the Original Agreement shall remain in full force and effect. 
[Signature Pages Follow.]

Exhibit 10.2

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Amendment Effective Date.

“SELLER PARTIES”

                                                                                    ZOVIO INC

                                                                                    By:        /s/ Andrew S. Clark  
                                                                                    Name: Andrew S. Clark
                                                                                    Title:   Founder, President and CEO

                                                                                    ASHFORD UNIVERSITY, LLC

                                                                                    By: Zovio Inc, as sole member

                                                                                    By:        /s/ Andrew S. Clark  
                                                                                    Name: Andrew S. Clark
                                    Title:   Founder, President and CEO

Exhibit 10.2

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Amendment Effective Date.

“DIGICAT”

ARIZONA BOARD OF REGENTS, for and on behalf of THE UNIVERSITY OF ARIZONA

                                                                                    By:        /s/ Robert C. Robbins 
                                                                                    Name:  Robert C. Robbins
                                                                                    Title:   President

                                                                                    “BUYER”

THE UNIVERSITY OF ARIZONA GLOBAL CAMPUS

                                                                                    By:         /s/ Paul Pastorek
                                                                                    Name:  Paul Pastorek
Title:   Interim Chief Executive OfficerEX-10.10

 Exhibit 10.10 

November 18, 2020 
 CONFIDENTIAL 

David Baszucki 
 Re: Confirmatory Employment Letter 

Dear David: 
 This letter agreement (the
“Agreement”) is entered into between David Baszucki (“you”) and Roblox Corporation (“Roblox” or the “Company”) effective as of November 18, 2020 (the “Effective
Date”), to confirm the terms and conditions of your employment with the Company as of the Effective Date. This Agreement supersedes and replaces any and all employment terms, compensation, or benefits you may have had or to which you may
have been entitled prior to the Effective Date. 
 1. Title; Position. Your position will continue to be our Founder, President, Chief
Executive Officer and Chair, and you will continue to report to the Company’s Board of Directors. This is a full-time position. While you render services to the Company, you agree that you will not engage in any other employment, consulting, or
other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this Agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would
prohibit you from performing your duties for the Company. 
 2. Cash Compensation. Your current annual base salary is $500,000, payable in
accordance with the Company’s standard payroll schedule. 
 3. Employee Benefits. As a regular employee of the Company, you will continue
to be eligible to participate in a number of Company-sponsored benefits. In addition, you will continue to be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. The Company reserves the
right to modify, amend, suspend, or terminate the benefit plans, programs, and policies it offers to its employees at any time. 
 4. Equity
Awards. You will be eligible to receive awards of stock options, restricted stock units, or other equity awards pursuant to any plans or arrangements the Company may have in effect from time to time. The Company’s Board of Directors or its
Compensation Committee will determine in its discretion whether you will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time.

 5. Severance. You will be eligible to enter into a Change in Control Severance Agreement (the “Severance Agreement”)
applicable to you based on your position within the Company. The Severance Agreement will specify the severance payments and benefits you may become entitled to receive in connection with certain qualifying terminations of your employment with the
Company. These protections will supersede all other severance payments and benefits to which you otherwise may be entitled, or may become entitled in the future, under any plan, program, or policy that the Company may have in effect from time to
time. For purposes of clarification, any severance benefits or arrangements that may have applied to you before the Effective Date no longer will apply and you will have no rights or entitlements under any such plans, programs, agreements, or
arrangements. 

  
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 6. Proprietary Information. Like all Company employees, you were required, as a condition of
your employment with the Company, to sign the Company’s standard At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement (the “Confidential Information Agreement”) and your acceptance of
this Agreement confirms that the terms of the Confidential Information Agreement you previously signed with the Company still apply. The Company respects the right of every employer to protect its confidential and proprietary information. You
therefore agree to continue to abide by the Company’s strict policy that prohibits any employee from using, disclosing, or bringing with them from any prior employer any confidential information, trade secrets, proprietary materials, or
processes of such former employers. You hereby represent that you have returned all property and confidential information belonging to any prior employers. 

7. Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will continue to be
“at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this Agreement. This is
the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation, and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at
will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

8. Withholding Taxes. All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding and
payroll taxes and other deductions required by law. 
 9. Protected Activity Not Prohibited. Nothing in this Agreement or in any
other agreement between you and the Company, as applicable, will in any way limit or prohibit you from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” means filing a
charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by, any state, federal, or local governmental agency or commission, including the U.S. Securities
and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (the “Government Agencies”). You understand that in connection with such
Protected Activity, you are permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, you agree to take all reasonable
precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Confidential Information Agreement to any parties other than the Government Agencies. You further understand
that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications. Any language in the Confidential Information Agreement regarding your right to engage in Protected Activity that
conflicts with, or is contrary to, this paragraph is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, you are notified that an individual will not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of
reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit
for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing
the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 

  
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 10. Interpretation, Amendment, and Enforcement. This Agreement along with the Confidential
Information Agreement and the Severance Agreement constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations, or understandings
(whether written, oral, or implied) between you and the Company. This Agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this Agreement and
the resolution of any disputes as to the meaning, effect, performance, or validity of this Agreement or arising out of, related to, or in any way connected with, this Agreement, your employment with the Company, or any other relationship between you
and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in
California in connection with any Dispute or any claim related to any Dispute. 
 To confirm the current terms and conditions of your employment, please
sign and date in the spaces indicated and return this Agreement to the Company. 
  

			
	Sincerely,
	
	Roblox Corporation
		
	By:	 	/s/ Mark Reinstra
		 	Mark Reinstra
		 	General Counsel

 I have read and understood this Agreement and hereby acknowledge, accept and agree to the terms as set
forth herein and further acknowledge that no other commitments were made to me as part of my employment except as specifically set forth herein. 
  

					
	 Date: November 18, 2020
	 	 /s/ David Baszucki

		 		 	 Signature

  
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