Document:

Exhibit
10.33

EMPLOYMENT
AGREEMENT

This Employment Agreement (“Agreement”)
is entered into as of May 8, 2006, between Datamark Inc., a Delaware corporation
(the “Company”), and Donald L. Bailey (“Employee”).

WITNESSETH:

WHEREAS, the Company is primarily engaged in the
business of providing integrated enrollment marketing services to
post-secondary educational institutions; and

WHEREAS, the Company wishes to avail itself of the
services of Employee for the management of the Company’s business being
acquired, and Employee wishes to accept such employment on the terms and
conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual promises of
the parties and for other good and valuable consideration, the parties agree as
follows:

1.  Employment. Subject to the terms and
conditions of this Agreement, the Company agrees to employ Employee in the
position of Chief Operating Officer and Employee accepts such employment. The
term of this Agreement shall continue until termination in accordance with
Section 4 of this Agreement, or until either the Company provides the Employee,
or the Employee provides the Company, with written notice to the contrary.

During the period during
which Employee is employed by the Company (the “Employment Period”), Employee
shall render such services to the Company and its Affiliates as the Company may
from time to time direct. Employee shall devote his best efforts and
substantially all of his business time and attention to the business of the
Company and its Affiliates (except (i) as otherwise specifically permitted
herein, (ii) for vacation periods and reasonable periods of illness or other incapacity,
(iii) for up to 5% of his business time which may be devoted to outside
charitable or civic activities and investments and other business activities
that do not compete with the business and operation of the Company or its
Affiliates) and shall faithfully and diligently carry out such duties and have
such responsibilities as are customary among persons employed in substantially
similar capacities for similar companies. Employee shall report to the Chief
Executive Officer of the Company and Employee shall faithfully and diligently
comply with all of his reasonable and lawful directives.  For purposes of this Agreement, the term “Affiliate”
means any corporation, limited partnership, limited liability company or other
entity which controls, is controlled by or is under common control  with the Company, including without
limitation eCollege.com, a Delaware corporation (“eCollege”).

2. Compensation.

(a)  During the Employment Period, the Company will
pay Employee a base salary of $225,000 per year (pro rated for any partial
year), or such higher amount as the Compensation Committee of eCollege’s Board
of Directors (the “Compensation Committee”) may in its sole discretion
establish from time to time (“Base Salary’). Base Salary will be payable in
accordance with the Company’s regular payroll practices.

(b) In addition, Employee
shall be eligible to receive an annual cash bonus (“Annual Bonus”) based upon
Employee’s performance and the financial performance of the Company and
eCollege.  Such Annual Bonus shall be
determined and paid in accordance with eCollege’s bonus plan as approved by the
Compensation Committee in its sole discretion. Employee’s Annual Bonus
opportunity for 2006 is 50% of Base Salary (pro rated for the partial year).

(c) In addition, Employee will
receive as a starting bonus Share Rights representing shares of common stock of
eCollege with an aggregate fair value equal to $50,000. Such Share Rights will
be granted effective as of the Start Date, will vest in twelve equal monthly
installments beginning on June 8, 2006 and ending on May 8, 2007 and will be issued
pursuant to eCollege’s standard Share Rights Award agreement..

(d) In addition, Employee
will receive Stock Appreciation Rights representing 90,000 shares of eCollege
common stock. Such Stock Appreciation Rights will be granted effective as of
the Start Date and will be issued pursuant to eCollege’s standard form of Stock
Appreciation Rights Agreement.

3. Benefits.  In addition to the compensation described in
Section 2 above, Employee shall be entitled during the Employment Period to the
following benefits:

(a) such health insurance and other benefits as are available from time
to time to the Company’s salaried employees generally;

(b) vacation time, sick leave, personal time and/or paid time off in
accordance with the Company’s policies as in effect from time to time;

(c) reimbursement, upon submission of documentation in accordance with
the Company’s regular expense policies, for reasonable business expenses incurred
on the Company’s behalf by Employee;

(d) participation in any savings plan, 401(k) plan, profit sharing
plan, pension plan or Employee Stock Purchase Plan as is available from time to
time to the Company’s salaried employees generally; and

(e) opportunity to participate in all other employee benefit programs
from time to time in effect for salaried employees of the Company generally
(subject to any contribution therefor generally required of such employees and
except to the extent such programs are in a category of benefit otherwise
provided to the Employee).

4. Termination. 

a)              At-Will
Employment.  Employee agrees and
acknowledges that, just as he has the right to terminate his employment with
the Company at any time for any reason, the Company has the same right, and may
terminate his employment with the Company at any time for any reason.

b)    Severance.  In the event that the Company terminates
Employee other than for Cause (as defined in Paragraph 4)c) below), the Company
shall provide Employee with severance pay equal to six (6) months of Employee’s
Base Salary paid on the Company’s normal payroll dates (“Severance”), provided that the Employee
executes a severance agreement waiving any claims against the Company and in
which the Company waives any claims against the Employee.

c)
Immediate Termination. 
The employment of Employee by the Company may be terminated immediately
in the sole discretion of the either the CEO 
or the Board of Directors of the Company upon the occurrence of any one
of the following events (such occurrence being referred to herein as “Cause”):

i)                 After Employee
receives written notice of conduct which is in violation of policies,
standards, and regulations of the Company as established from time to time and
after the prescribed period of time to correct the conduct has expired, the
Employee willfully and continuously fails or refuses to comply with the
policies, standards, and regulations of the Company;

ii)              Employee engages in
fraud, dishonesty, or any other act of material misconduct in the performance
of Employee’s duties on behalf of the Company; or

iii)           Employee
fails to perform any material provision of this Agreement to be performed by
Employee, provided however, that if such breach can be cured, the Employee will
receive reasonable, written notice of breach and opportunity to cure such
breach.

5. Confidentiality.
Employee acknowledges that during the course of his performance of services for
the Company he will acquire certain confidential information pertaining to the
Company and its Affiliates, including, but not limited to, investment plans or
strategies, trade secrets, customer lists, customer, vendor or consultant contracts
and the details thereof, pricing policies, operational methodology, marketing
and merchandising plans or strategies, business acquisition plans, personnel
acquisition plans, and all other information pertaining to the business of the
Company or any Affiliate that is not publicly available (collectively, the “Confidential
Information’); provided, however, that the term “Confidential lnformation”
shall not include (a) any information which is or becomes publicly available
otherwise than through breach of this Agreement (b) any information which is or
becomes known or available to Employee on a nonconfidential basis and not in
contravention of applicable law from a source which is entitled to disclose
such information to Employee or (c) any information, techniques, know-how or
strategy which Employee can reasonably demonstrate was known to Employee prior
to his commencing work at the Company. Employee shall not, during his employment
with the Company, directly or indirectly disclose to any person, except to the
Company or its officers and agents or as reasonably required in connection with
his duties on behalf of the Company or as required by law or by court order, or
use, except on behalf of the Company, any Confidential Information acquired by
Employee during his employment. Employee shall not, at any time after his
employment with the Company has ended, directly or indirectly disclose to any
person, any Confidential lnformation nor use the Confidential Information for
any purpose whatsoever except as required by law or by court order. Upon
termination of Employee’s employment with the Company for any reason or at any
time during employment upon the Company’s 

request, Employee shall
immediately return to the Company all documents and materials (including
software) constituting or relating directly or indirectly to the Confidential
Information. Employee acknowledges that all such documents and materials are
and shall remain the property of the Company.

6. Inventions and Patents.
All inventions, innovations or improvements relating to the Company’s business
or method of conducting business (including new contributions, improvements,
ideas and discoveries, whether patentable or not) conceived or made by Employee
during his employment with the Company belong and are hereby assigned to the
Company. Employee will promptly disclose such inventions, innovations or
improvements to the CEO and perform all actions reasonably requested by the CEO
or the Board of Directors of the Company to establish and confirm such
ownership (including execution of written assignments).

7.  Other Businesses. During the Employment
Period, Employee shall not during regular business hours, directly or
indirectly, become engaged in, render services for, or permit his name to be
used in connection with, or counsel or consult with, any business other than
the business of the Company and its Affiliates, except as explicitly permitted
herein or as reasonably required in connection with his duties on behalf of the
Company.

8. Noncompetition.

(a) During Employee’s
employment with the Company, Employee shall not directly or indirectly
interfere with the relationship between the Company or any Affiliate and any
employee (except in furtherance of Employee’s duties hereunder). For a period
of one year after termination of Employee’s employment with the Company for any
reason, Employee shall not, on behalf of himself or any other person, directly
or indirectly solicit employment from, offer employment to or employ any person
who (i) is then currently an employee of the Company or any Affiliate or (ii)
during the then preceding 180 days resigns without good reason his or her
employment with the Company or any Affiliate without the Company’s or such Affiliate’s
consent, and Employee shall not otherwise interfere, directly or indirectly,
with the relationship between the Company or any Affiliate and any employee.
Notwithstanding the foregoing, it shall not be a violation of this Agreement
for Employee following the six month anniversary of the termination of his
employment to make a general advertisement or to hire a former employee responding
to such advertisement or who initiates contact with the Employee.

(b) During Employee’s
employment with the Company, and for a period of one year thereafter, Employee
shall not (except in furtherance of his duties on behalf of the Company), directly
or indirectly interfere with the relationship between the Company or any Affiliate
and any customer, distributor, vendor or supplier of the Company or any Affiliate.
Notwithstanding the foregoing, it shall not be a violation of this provision if
Employee becomes an employee of an institution of higher learning and exercises
independent judgment whether that institution uses the Company for its services.

(c) During Employee’s
employment with the Company, and for a period of one year thereafter, Employee
shall not (except in furtherance of his duties on behalf of the Company), directly
or indirectly own, control, manage, operate, be employed by, consult with, participate
or engage in or otherwise have an interest in, any entity, business or
enterprise (regardless of form) which is engaged in the business of providing
enrollment, 

admissions, retention or
other marketing services (via direct mail, interactive or other media)  to institutions of higher education or is
otherwise competitive to any business conducted or planned to be conducted by the
Company or any Affiliate in any geographic area in which the Company or any Affiliate
conducts or plans to conduct such business. Notwithstanding the foregoing
covenant, it shall not be deemed a violation of such covenant if after
termination of his employment with the Company, Employee is employed by, owns a
direct or indirect interest in, or assists in founding, a school or other
educational organization, whether or not such school or educational organization
is a current or potential customer of the Company and whether or not such
school or educational organization uses any direct mail, interactive or other
marketing techniques, strategies or forms of advertising, or any other services
provided by the Company or its Affiliates.

(d) The periods of time during
which Employee is prohibited from engaging in such business practices pursuant
to this Section 8 shall be extended by any length of time during which Employee
is in breach of any such covenants.

(e) Employee acknowledges
that the restrictive covenants contained within this Section 8 are essential
elements of this Agreement, and that, but for the agreement of Employee to comply
with such covenants, the Company would not have entered into this Agreement.
Employee further acknowledges that the enforcement by the Company of the provisions
contained herein will cause no undue hardship to Employee.

(f) Nothing contained in
this Agreement shall be deemed to prevent or limit the right of Employee to own
capital stock or other securities of any corporation which are publicly owned
or regularly traded in the over-the-counter market or on any securities
exchange or any entity the stock or other securities of which are owned by
Employee on the date of execution of this Agreement; provided, however, such investment
does not exceed, directly or indirectly, 3% of the issuer’s outstanding
securities of that class.

(g) Employee further acknowledges
and agrees that any breach of these obligations and covenants would cause
immediate and irreparable harm to the Company and its business for which
monetary damages and other legal remedies could not adequately compensate.

(h) Employee expressly acknowledges
and agrees that the covenants and agreements set forth in this Section 8 are
reasonable in all respects, and necessary in order to protect, maintain and
preserve the value and goodwill of the Company, as well as the proprietary and
other legitimate business interests of the Company.

9. Equitable Relief.
In the event of a breach or threatened breach by the Employee of any of the
provisions of Sections 5,6 ,7 or 8 of this Agreement, the Employee hereby
consents and agrees that the Company shall be entitled to prejudgment
injunctive relief or similar equitable relief restraining the Employee from
committing or continuing any such breach or threatened breach or granting
specific performance of any act required to be performed by the Employee under
any of such provisions, without the necessity of showing any actual damage or that
money damages would not afford an adequate remedy and without the necessity of
posting any bond or other security. Nothing herein shall be construed as
prohibiting the Company from pursuing any other remedies at law 

or in equity which it may
have as a result of any breach or threatened breach by the Employee of any of
such provisions.

I0. Employee’s
Representations and Warranties.  Employee represents and warrants to the Company
that there is no employment contract or any other contractual obligation to
which Employee is subject, which prevents Employee from entering into this
Agreement or from performing fully Employee’s duties under this Agreement.

11. General Provisions.

(a) Notices. Any notice
provided for in this Agreement must be in writing and must be either personally
delivered, or mailed by first class mail (postage prepaid and return receipt
requested) or sent by reputable overnight courier service, to the recipient at the
return address below indicated.

To the Company:

2305 President’s Drive

Salt Lake City, UT 84120

Attn: Chief Executive Officer

To Employee:

At Employee’s last known residence
address, as listed with the Company

Or to such address or to the
attention of such other person as the recipient party shall have specified by
prior written notice to the sending party. Any notice under this Agreement will
be deemed to have been given when so delivered or sent or if mailed, five days
after so mailed.

(b) Severability. Whenever
possible, each provision of this Agreement will be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision in such jurisdiction or
any jurisdiction, or the legality or enforceability of such provision in any
other jurisdiction, but this Agreement will be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein except that any court having jurisdiction shall
have the power to reduce the duration, area or scope of such invalid, illegal
or unenforceable provision and, in its reduced form, it shall be enforceable.

(c) Complete Agreement. This
Agreement embodies the complete agreement and understanding between the parties
and supersedes any prior understandings, agreements or representations by or
between the parties, written or oral, which may have related to the subject matter
hereof.

(d) Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of and be enforceable
by Employee and the Company, except that Employee may not assign any of his
rights or obligations under this Agreement. The Company may assign its rights under
this Agreement, as security, to any lender to the Company, and in the event of
a sale of substantially all of the stock of the Company, or 

consolidation or merger of
the Company into another corporation or entity or the sale of a substantial
portion of the operating assets of the Company to another corporation, entity
or Person the Company may assign its rights and obligations under this Agreement
to its successor-in-interest, in which event such successor-in-interest shall
be deemed to have acquired all rights and assumed all obligations of the
Company hereunder.

(e) Choice of Law. All
questions concerning the construction, validity and Interpretation of this
Agreement and the exhibits hereto will be governed by and construed in
accordance with the laws of the State of Utah, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of
Utah or any other jurisdiction) that would cause the application of the laws of
any jurisdiction other than the State of Utah.

(f) Return of Property.
Employee agrees that in the event his employment is terminated for any reason, voluntarily
or involuntarily, he will immediately return all materials in his possession belonging
to the Company and any of its Affiliates or the Company’s and Affiliate’s
customers to the Company and its Affiliates. Materials that must be returned
include, but are not limited to, display equipment, supplies, equipment,
checks, cash and credit cards.

g) Binding Arbitration.
Except with respect to the provisions contained in 5, 6, 7 and  8 herein, which shall not be subject to
binding arbitration, the Company and Employee agree that all disputes, controversies
or claims that may arise between them, including, without limitation, any
dispute, controversy or claim as to the interpretation or enforcement of any of
the provisions of this Agreement, shall be submitted to binding arbitration in
Salt Lake City, Utah in accordance with the rules of the American Arbitration
Association and judgment upon the award rendered by the arbitrator(s) may be
entered in any court having jurisdiction.

(h) Amendments and Waivers.
Any provision of this Agreement may be amended or waived only with the prior
written consent of Employee and the Company.

(i) Survival. No termination
of Employee’s employment by either or both parties shall reduce or terminate
the covenants and agreements herein which are expressly intended to survive
termination of employment.

(k) Interpretation. Captions
and headings used herein are for convenience only, do not constitute a part of
this Agreement, and shall not be considered in construing this Agreement.
Unless the context otherwise requires, all article, section or subsection cross
references are to articles, sections or subsections within this Agreement. As
used herein, the term “person” shall include an individual, corporation, partnership,
venture, proprietorship, trust, benefit plan or other entity or enterprise.

(l) Counterparts. This
Agreement may be executed in counterparts, each of which individually shall be
deemed an original but all of which collectively shall constitute the same
instrument.

IN WITNESS WHEREOF, the parties have caused this Agreement to be
duly executed and delivered as of the date and year first above written.

	
  

  	
  DATAMARK, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas L. Dearden

  
	
   

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Donald L. Bailey

  
	
   

  	
  Donald L. BaileyExhibit 10.34

EMPLOYMENT AGREEMENT

DATE:                                    August 8, 2006

PARTIES:                              eCollege.com,
a Delaware corporation (the “Company”)

 (“Employee”)                       James V.
Allen, a resident of Colorado

WHEREAS, the
Company is engaged in the business of providing outsourced value-added
information services to the post-secondary education industry; and

WHEREAS, Employee is currently
employed by the Company as Vice President and Managing Director of Software and
Technology; and

WHEREAS, the Company desires to
employ and retain the unique experience, abilities, and services of Employee as
Chief Technology Officer, in the
Company’s office in Denver, Colorado.

NOW THEREFORE, in
consideration of the promises, mutual covenants and agreements contained
herein, and other good and valuable consideration, the sufficiency of which is
hereby acknowledged by the parties, the parties agree as follows:

1)              EMPLOYMENT

a)              Term.  The term of this Employment Agreement (the “Agreement”) shall commence on Date first written above.  The term of this Agreement shall continue
until termination in accordance with Section 5 of this Agreement, and the
provisions of Section 5 b) shall survive termination.

b)             Duties.  Company shall employ Employee as Chief Technology Officer.  
Employee accepts employment with the Company on the terms and conditions
set forth in this Agreement, and agrees to devote his full time and attention
to the performance of his duties under this Agreement.  The duties of Employee are as set forth in
Schedule A attached hereto.  Employee
shall perform such specific duties and shall exercise such specific authority
as may be assigned to Employee from time to time by the President and COO of
the Company or the CEO of the Company. 
In performing such duties, Employee shall report to and be subject to
the direction and control of the CEO. 
Employee further agrees that in all aspects of such employment, Employee
shall comply with the policies, standards, and regulations of the Company
established from time to time, and shall perform his duties faithfully,
intelligently, to the best of his ability, and in the best interest of the
Company.  The devotion of reasonable
periods of time by Employee for personal purposes or charitable activities
shall not be deemed a breach of this Agreement, provided that such purposes or
activities do not materially interfere with the services required to be
rendered to or on behalf of the Company; however, any outside business
activities that are not first submitted in writing to the COO of the Company,
and approved in writing by the COO shall be deemed a breach of this Agreement.

2)              COVENANT NOT
TO COMPETE; NON-SOLICITATION; CONFIDENTIALITY

a)              Noncompetition.
  During the term of this Agreement and for a
period of six (6) months after the termination of this Agreement, Employee
shall not, within the United States, directly or indirectly, (1) own (as a
proprietor, partner, stockholder, or otherwise) an interest of five percent
(5%) or more in, or (2) participate (as an officer, director, or in any other
capacity) in the management, operation, or control of, or (3) perform services
as or act in the capacity of an employee, independent contractor, consultant,
or agent of any enterprise engaged, directly or indirectly, in the business of
providing online education, online training, or technology, software or other
services that support online education or training or in competition with any
other business conducted by the Company except with the prior written consent
of the CEO of the Company. As used in this Section
2, the term “Company” refers to eCollege.com and its subsidiaries and
affiliates. Employee expressly agrees that this noncompete provision
is necessary to protect the Company’s trade secrets, and is further justified
by virtue of the fact that Employee is a member of the Company’s executive
staff.  Employee further acknowledges and
agrees that the restrictions set forth in this Agreement are reasonable.

b)             Non-Solicitation.
  During the term of this Agreement and for a
period of twelve (12) months after the termination of this Agreement, Employee
shall not, directly or indirectly, contact, solicit or direct any person, firm,
or corporation to contact or solicit, any of the Company’s customers,
prospective customers, or business brokers for the purpose of selling or attempting
to sell, any products and/or services that are the same as or similar to the
products and services provided by the Company to its customers during the term
hereof.  In addition, the Employee will
not disclose the identity of any such business brokers, customers, or
prospective customers, or any part thereof, to any person, firm, corporation,
association, or other entity for any reason or purpose whatsoever; and solicit
or accept if offered to him, with or without solicitation, on his own behalf or
on behalf of any other person, the services of any person who is an employee of
the Company, nor solicit any of the Company’s employees to terminate employment
with the Company, nor agree to hire any employee of the Company into employment
with himself or any company, individual or other entity.

c)              Confidentiality.  Employee acknowledges and agrees that all
product specifications, product planning information, lists of the Company’s
customers and suppliers, financial information, and other Company data related
to its business (“Confidential Information”)
are valuable assets of the Company. 
Except for information that is a matter of public record, Employee shall
not, during the term of this Agreement or after the termination of employment
with the Company, disclose any Confidential Information to any person or use
any Confidential Information for the benefit of Employee or any other person,
except with the prior written consent of the Company.

d)             Ideas, Inventions.  The Employee recognizes and agrees that all
ideas, inventions, enhancements, plans, writings, and other developments or
improvements (the “Inventions”)
conceived by the Employee, alone or with others, during the term of his
employment, whether or not during working hours, that are within the scope of the
Company’s business operations or that relate to any of the Company’s work or
projects, are the sole and exclusive property of the Company.  The Employee further agrees that (1) he
will promptly disclose all Inventions to the Company and hereby assigns to the
Company all present and future rights he has or may have in those Inventions,
including without limitation those relating to patent, copyright, trademark or
trade secrets; and (2) all of the Inventions eligible under the copyright laws
are “work made for hire.”  At the 

 2
 

request of and without
charge to the Company, the Employee will do all things deemed by the Company to
be reasonably necessary to perfect title to the Inventions in the Company and
to assist in obtaining for the Company such patents, copyrights or other
protection as may be provided under law and desired by the Company, including
but not limited to executing and signing any and all relevant applications,
assignments or other instruments.  Notwithstanding
the foregoing, the Company hereby notifies the Employee that the provisions of
this Section 2)c) shall not apply to any Inventions for which no equipment,
supplies, facility or trade secret information of the Company was used and
which were developed entirely on the Employee’s own time, unless (1) the
Invention relates (i) to the business of the Company, or (ii) to
actual or demonstrably anticipated research or development of the Company, or
(2) the Invention results from any work performed by the Employee for the Company.

e)              Nondisparagement.  During the term of this Agreement and for a
period of two years following the voluntary or involuntary termination of this
Agreement, the Employee shall not make any statements concerning the Company
that would tend to diminish the esteem, respect, good will, or confidence in
which the Company is held by members of the community in which the Company, or
its officers, directors and employees, conduct their business affairs or that
would provoke adverse or derogatory feelings or opinions in such members of
those communities as to the Company.

f)                Return of
Documents.  Employee acknowledges and
agrees that all originals and copies of records, reports, documents, lists,
plans, drawings, memoranda, notes, and other documentation related to the
business of the Company or containing any Confidential Information shall be the
sole and exclusive property of the Company, and shall be returned to the
Company upon the termination of employment with the Company or upon the written
request of the Company.

g)             Injunction.  Employee agrees that it would be difficult to
measure damage to the Company from any breach by Employee of Section 2)a),
2)b), 2)c), 2)d) or  2)e) and that
monetary damages would be an inadequate remedy for any such breach.  Accordingly, Employee agrees that if Employee
shall breach or take steps preliminary to breaching Section 2)a), 2)b), 2)c),
2)d) or 2)e), the Company shall be entitled, in addition to all other remedies
it may have at law or in equity, to an injunction or other appropriate orders to
restrain any such breach, without showing or proving any actual damage
sustained by the Company.

h)             Injunction.  No Release.  Employee agrees that the termination of
employment with the Company or the expiration of the term of this Agreement
shall not release Employee from any obligations under Section 2)a), 2)b), 2)c),
2)d), 2)e) 2)f) or 2)g).

i)                 Enforceability;
Severability of Covenants.  For purposes of Sections 2)a) and 2)b)
above,  the covenants in such sections
shall be construed as separate and distinct covenants.  In the event a court of competent
jurisdiction finds any of such covenants to be so overbroad as to be
unenforceable, it is the intent of the parties that such covenant be reduced in
scope by the court, but only to the extent deemed necessary by the court to
render the covenant reasonable and enforceable, keeping in mind that it is the
intent of the parties to give the Company the broadest lawful protection.  If the court declines to reduce the scope of
a covenant it finds unenforceable, such unenforceable covenant shall be deemed
eliminated and shall not affect the enforceability of any other covenant
contained in this Section.

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3)              COMPENSATION

a)              Base
Compensation; Bonus Compensation.  In
consideration of all services to be rendered by Employee to the Company, the
Company shall pay to Employee compensation as described in Schedule A of this
Agreement.

b)             Other Benefits.  Employee has been provided with a brochure of
the Company’s general benefits.  Employee
agrees and acknowledges that the benefits provided by the Company may be
changed or amended from time to time, and at any time, at the sole discretion
of the Company.

4)              COMPANY
POLICIES

a)              General Policy
Descriptions.  Employee has been
provided with a description of several policies, standards and regulations of
the Company including a description of the Personal Days Policy, Travel Policy,
and Expense Reimbursement Policy.

b)             Abide by All
Policies Established by the Company. 
Employee agrees to abide by all policies, standards and regulations of
the Company.

c)              Changes to
Company Policies.  Employee agrees
and acknowledges that the Company’s policies may be created, eliminated,
changed or amended from time to time, and at any time, at the sole discretion
of the Company.

5)              TERMINATION

a)              At-Will
Employment.  Employee agrees and
acknowledges that, just as he has the right to terminate his employment with
the Company at any time for any reason, the Company has the same right, and may
terminate his employment with the Company at any time for any reason.

b)             Severance.  In the event of the
involuntary termination of Employee by the Company, which termination is not
termination for cause as set forth in Paragraph 5)c) below, the Company shall
provide Employee with severance pay equal to six (6) months of Employee’s base
salary paid on the Company’s normal payroll dates (“Severance”), plus/less any positive/negative accrued vacation
days, provided that the Employee executes a severance agreement waiving any
claims against the Company and in which the Company waives claims against the
Employee.

c)              Immediate
Termination.  The employment of
Employee by the Company may be terminated immediately in the sole discretion of
the either the CEO, Chairman of the Board, President or the Board of Directors
of the Company upon the occurrence of any one of the following events:

i)                 After Employee
receives written notice of conduct which is in violation of policies,
standards, and regulations of the Company as established from time to time and
after the prescribed period of time to correct the conduct has expired, the
Employee willfully and continuously fails or refuses to comply with the
policies, standards, and regulations of the Company;

 4
 

ii)              Employee engages in
fraud, dishonesty, or any other act of material misconduct in the performance
of Employee’s duties on behalf of the Company;

iii)           Employee fails to
perform any material provision of this Agreement to be performed by Employee,
provided however, that if such breach can be cured, the Employee will receive
reasonable, written notice of breach and opportunity to cure such breach; or

iv)          Employee violates one or
more of the rules identified on Schedule B.

6)              FACILITIES
AND PERSONNEL

a)              Workspace and
Supplies.  Employee shall be provided
a workspace at the Company’s Denver offices. The Company shall provide all such
facilities, supplies, and services as the Company determines are reasonably
required for the performance of Employee’s duties under this Agreement.

7)              REPRESENTATIONS,
WARRANTIES AND COVENANTS OF EMPLOYEE

a)              No Other
Employment Agreements.  Employee
represents and warrants to the Company that there is no employment contract or
any other contractual obligation to which Employee is subject, which prevents
Employee from entering into this Agreement or from performing fully Employee’s
duties under this Agreement.

b)             No Violation of
Prior Agreements.  Employee
represents, warrants and covenants that Employee shall not, in the course of
employment with the Company, use or provide any information, intellectual property,
or other materials in violation of any prior contractual obligation.

8)              MISCELLANEOUS
PROVISIONS

a)              Binding Effect.  This Agreement shall be binding on and inure
to the benefit of the parties and their heirs, personal representatives,
successors, and assigns.

b)             Notices.  Any notice, election, waiver, consent,
acceptance or other communication required or permitted to be given under this
Agreement shall be in writing and shall be hand delivered, transmitted via fax,
by e-mail or sent via nationally recognized third party delivery (such as
Federal Express or UPS) for next day delivery, addressed to the parties as
follows:

If to Company:

eCollege.com

Attn:  President

4900 South Monaco, Suite 200

Denver, Colorado 80231

Fax: 1-303-873-7449

If to Employee:

At the address contained
in the Company’s personnel records.

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Any
notice or other communication shall be deemed to be given at the date the
notice is hand delivered to the individual, the date the notice is sent via
fax, or the date following the date of deposit with any nationally recognized
third party delivery (such as Federal Express or UPS) for next day delivery to
the addressee.  The addresses to which
notices or other communications shall be sent may be changed from time to time
by giving written notice to the other party as provided in this Paragraph.

c)              Amendments.  This Agreement may be amended only by an
instrument in writing executed by all the parties.

d)             Entire Agreement.  This Agreement (including the schedules) sets
forth the entire understanding of the parties with respect to the subject
matter of this Agreement and supersedes any and all prior understandings and
agreements, whether written or oral, between the parties with respect to such
subject matter, including without limitation the Employment Agreement dated
September 1, 1997 and all amendments thereto. Employee understands that no
individual is authorized to add, modify or vary the terms of this Agreement
except in writing by the CEO of the Company.

e)              Counterparts.  This Agreement may be executed by the parties
in separate counterparts, each of which when executed and delivered shall be an
original, but all of which together shall constitute one and the same
instrument.  Fax signatures shall have
the same effect as an original signature.

f)                Severability.  If any provision of this Agreement shall be
invalid or unenforceable in any respect for any reason, the validity and
enforceability of any such provision in any other respect and of the remaining
provisions of this Agreement shall not be in any way impaired

g)             Waiver.  A provision of this Agreement may be waived
only by a written instrument executed by the party waiving compliance.  No waiver of any provision of this Agreement
shall constitute a waiver of any other provision, whether or not similar, nor
shall any waiver constitute a continuing waiver.  Failure to enforce any provision of this
Agreement shall not operate as a waiver of such provision or any other
provision.

h)             Further Assurances.  From time to time, each of the parties shall
execute, acknowledge, and deliver any instruments or documents necessary to
carry out the purposes of this Agreement.

i)                 No Third-Party
Beneficiaries.  Nothing in this
Agreement, express or implied, is intended to confer on any person, other than
the parties to this Agreement, any right or remedy of any nature whatsoever.

j)                 Expenses.  Except as otherwise provided herein, each
party shall bear its own expenses in connection with this Agreement and the
transactions contemplated by this Agreement.

k)              Exhibits.  The exhibits and schedules referenced in this
Agreement are a part of this Agreement as if fully set forth in this Agreement.

l)                 Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the United States of America and the
State of Colorado.

m)           Arbitration.

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i)                 Except for any
claim to unemployment compensation or workers’ compensation, any dispute, claim
or controversy concerning the terms and conditions of this Agreement, any
claimed breach thereof, or any aspect of Employee’s employment with the
Company, shall be resolved by arbitration in accordance with the National Rules
for the Resolution of Employment Disputes of the American Arbitration
Association, as modified in this Agreement, and judgment upon the award
rendered by the arbitrator(s) may be entered in any court having competent
jurisdiction.

ii)              The arbitrator shall
be selected by the mutual agreement of the parties.  If the amount in dispute exceeds $250,000,
the parties shall select, by mutual agreement, a panel of three arbitrators,
rather than one arbitrator, to resolve the dispute.

iii)           The arbitration shall
be conducted in Denver, Colorado. Reasonable discovery shall be permitted as
determined by the arbitrator or arbitrators. 
The Company shall pay the costs of the arbitrator or arbitrators for any
arbitration under this Agreement.  Each
party shall otherwise pay his, her or its own costs and attorneys fees, except
as otherwise provided by law.

iv)          Except as otherwise
provided herein, this arbitration procedure is the exclusive remedy for any
contractual, non-contractual or statutory claim of any kind, including claims
arising under federal, state and local statutory law, including, but not
limited to, the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 621
et seq.; Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq.;
the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.; the Employee
Retirement Income Security Act, 29 U.S.C. § 1001 et seq.; the Colorado Anti-Discrimination
Act of 1957, C.R.S. § 24-34-401 et seq.; and common law or equitable claims
alleging breach of contract, defamation, fraud, outrageous conduct, promissory
estoppel, violation of public policy, wrongful discharge, or any other tort,
contract or equitable theory. However, this arbitration procedure is not
intended to preclude the filing of a charge with the EEOC, NLRB or other
administrative agency by Employee at any time, and, to the extent that Employee
is required to exhaust administrative remedies before obtaining legal relief,
Employee can and must exhaust administrative remedies prior to pursuing
arbitration under this Agreement.

v)             By signing this
Agreement, Employee voluntarily, knowingly and intelligently waives any right
Employee may otherwise have to seek remedies in court, including the right to a
jury trial.

vi)          To the extent any
provision of this paragraph shall be invalid or unenforceable, it shall be
considered deleted from this Agreement and the remainder of this paragraph
shall remain in full force and effect.

 7
 

n)             Survival Beyond
Termination.  All provisions that by
their terms survive termination or expiration and all rights and obligations
under those provisions shall survive any voluntary or involuntary termination
or expiration of this Agreement in accordance with the respective terms of such
provisions.

	
  

  	
  eCollege.com

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  OAKLEIGH
  THORNE

  
	
   

  	
   

  	
  Oakleigh Thorne,
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ JAMES V. ALLEN

  
	
   

  	
  James V. Allen,
  Individually

  

 

 8
 

SCHEDULE A

COMPENSATION AND DUTIES

1)              SALARY.  Employee’s current salary is $185,000, payable on the Company’s
normal payroll dates. Employee’s
target bonus, pursuant to the eCollege Bonus Plan and subject to the discretion
of the Board of Directors, is 30% of annual salary or $55,500.

2)              SALARY ADJUSTMENT.  Employee’s compensation may be increased, as
determined by the Compensation Committee in its sole discretion.

3)              BONUS/OTHER
COMPENSATION.  Employee bonus
compensation, whether in cash, Company stock, or other consideration, may be
provided to Employee as determined from time to time by the Compensation
Committee or the CEO of the Company; the Company has no requirement to provide
Employee with bonus compensation of any type.

4)              STOCK OPTIONS.  Employee has previously received stock
options, restricted share rights and Stock Appreciation Rights. Subject to the
approval of the Compensation Committee, as promptly as is practicable following
execution of this Agreement, Employee shall receive 80,000 additional Stock Appreciation
Rights on such terms as the Compensation Committee shall approve, which terms
shall be more fully described in the Stock Appreciation Rights Agreement.

5)              JOB
DESCRIPTION.  As Chief Technology Officer, Employee is responsible for long
range direction of product research and development.  Employee’s general duties include:

a)              Directs the research
and development effort leading to new or improved products

b)             Determines the
criteria for screening new product ideas for potential and practicality

c)              Directs overall
product development plan

d)             Directs personnel
activities

e)              Directs company’s
quality management program

f)                Articulates and
presents company’s strategic technology direction to key stakeholders

5)              OTHER DUTIES.  Employee’s duties may vary from time to time
as determined by the CEO or the COO of the Company.

Employee acknowledges that he has
read and fully understands all terms set forth in this Schedule A.

	
  

  	
  /s/ JAMES V.
  ALLEN

  
	
   

  	
  James V. Allen

  

 

 9
 

SCHEDULE B

All
employees must abide by the following rules of the Company:

1)              HONESTY.  Employees shall conduct their affairs with
honesty and integrity and shall not engage in fraud, dishonesty or any act of
material misconduct.

2)              SIGNING
AGREEMENTS.  Employees shall
not sign any document or agreement that creates a legally binding obligation on
the Company.

3)              WRITTEN
AGREEMENT.  All employees of
the Company and all independent contractors of the Company must have a signed,
written agreement with the Company prior to performing work for the Company.

Any
violation of the above rules may result in disciplinary action, including
termination of any employee found to have violated one or more of the above
rules.

 

 10

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