Document:

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                                                                EXHIBIT 10.3

                        SECOND AMENDMENT TO AGREEMENT FOR
                          PURCHASE AND SALE OF PROPERTY

      THIS SECOND AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE OF PROPERTY
(hereinafter referred to as the "Amendment"), dated as of January 15, 2004
(hereinafter referred to as the "Effective Date"), is by and between PRESIDENT
BROADWATER HOTEL, L.L.C., a Mississippi limited liability company, successor
to BH Acquisition Corporation (hereinafter referred to as "Seller"), and SITE
REALTY, INC., a California corporation (hereinafter referred to as "Buyer").

      WHEREAS, Seller and Buyer desire to amend that certain Agreement for
Sale and Purchase of Real Estate and Personal Property, dated June 24, 2003,
as amended by that certain Amendment to Agreement for Purchase and Sale of
Property, dated as of October 27, 2003 (hereinafter collectively referred to
as the "Agreement") in order to extend the outside date for Closing as
provided herein.

      NOW, THEREFORE, in consideration of the foregoing premises, and other
valuable consideration, the receipt and sufficiency of which is acknowledged,
Seller and Buyer agree as follows:

      1.  Notwithstanding anything in the Agreement to the contrary, the
earnest money deposit of One Hundred Thousand Dollars ($100,000.00) shall be
immediately released to Seller, shall be irrevocable, non-refundable and shall
be credited against the Purchase Price at Closing, if Closing occurs.  The
parties hereby instruct the Escrowee to release the earnest money deposit of
One Hundred Thousand Dollars ($100,000.00) to Seller at the following address:
President Broadwater Hotel, L.L.C., 2110 Beach Boulevard, Biloxi, Mississippi
39531, Attn: Craig Adams.

      2.  Notwithstanding anything in the Agreement to the contrary, the Date
of Closing shall be on or before March 16, 2004.  The Document Delivery Date
shall be March 9, 2004.  If Buyer fails to deliver Buyer's Deliveries by the
Document Delivery Date or fails close on or before March 16, 2004, the
Agreement shall be automatically terminated and Buyer shall have no further
remedies, except as otherwise provided herein.

      3.  Notwithstanding anything in the Agreement to the contrary, if the
Property is destroyed prior to the Date of Closing, Seller shall pay Buyer up
to One Hundred Thousand Dollars ($100,000.00) of Seller's insurance proceeds
for such destruction, so long as such insurance proceeds are at least Five
Million Dollars ($5,000,000).

      4.  Except as otherwise modified herein, the terms and conditions of the
Agreement shall remain in full force and effect and are hereby reaffirmed by
the parties.

      5.  This Amendment may be executed in any number of counterparts, each
of which shall be deemed an original and all of which together shall
constitute one and the same instrument.  Each party need not sign the same
counterpart of this Amendment in order for the same to be fully executed.  The
facsimile transmission of executed counterparts of this Amendment shall have
the same binding effect as the hand-delivery of originally signed
counterparts.

<PAGE>
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      IN WITNESS WHEREOF, the Seller and Buyer have caused this Second
Amendment to the Agreement for Sale and Purchase of Property to be executed by
its proper officers as of the day first above written.

SELLER:

PRESIDENT BROADWATER HOTEL, L.L.C.

By: /s/ John S. Aylsworth
    ------------------------
Printed Name: John S. Aylsworth
Title: President

BUYER:

SITE REALTY, INC.

By: /s/ Michael D. Mayer
    -----------------------
Printed Name: Michael D. Mayer
Title: PresExhibit
10.11

 

	
   

  	
   

  	
  

  

 

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (the “Agreement”) is entered into as of
January 1, 2003 (the “Effective Date”) between Click2learn, Inc., a Delaware
corporation with its principal offices located at 110-110th Avenue N.E.,
Bellevue, Washington 98004-5840, (the “Company”) and Gary Millrood
(“Employee”).

 

In consideration of the promises and the terms and conditions set forth
in this Agreement, the parties agree as follows:

 

1.             Position

 

During the term of this Agreement, Company will employ Employee and
Employee will serve as Senior Vice President, North American Sales.  Employee will be based out of his home in
Portola Valley, California, until moving permanently to the Seattle-Bellevue,
WA area in the summer of 2003.

 

2.             Duties

 

Employee will have such duties as are commensurate with the position of
Senior Vice President, North American Sales at Click2learn, Inc.  Employee will comply with and be bound by
Company’s operating policies, procedures, and practices from time to time in
effect during Employee’s employment. 
Employee hereby represents and warrants that he is free to enter into
and fully perform this Agreement and the agreements referred to herein without
breach of any agreement or contract to which he is a party or by which he is
bound.

 

3.             Exclusive
Service

 

Employee will devote his full professional time and efforts exclusively
to this employment and apply all his skill and experience to the performance of
his duties and advancing the Company’s interests in accordance with Employee’s
experience and skills.  In addition,
Employee will not engage in any consulting activity or other potentially
conflicting activity except with the prior written approval of Company, or at
the direction of Company, and Employee will otherwise do nothing incompatible
with the performance of his duties hereunder.

 

4.             Term
of Agreement

 

This Agreement will commence on the Effective Date and will continue
until the earlier of 12 months after the Effective Date or termination of
Employees employment pursuant to Section 7 hereof.  This Agreement will automatically renew for additional periods of
12 months each unless the parties mutually agree not to renew this Agreement.  Either party will provide the other party
with any requests for changes to this Agreement for any renewal term at least
60 days prior to the renewal date unless otherwise agreed.

 

1

 

5.             Compensation
and Benefits

 

(a)           Base
Salary.  The Company agrees to pay
Employee an initial base salary of $175,000 per year, Employee’s salary will be
payable as earned in accordance with Company’s customary payroll practice,
which currently is to pay salary on a bi-weekly basis.

 

(b)           Additional
Benefits.  Employee will be eligible
to participate in Company’s employee benefit plans of general application,
including without limitation the Company’s 401(k) Plan and those plans covering
life, health, disability and dental insurance in accordance with the rules
established for individual participation in any such plan and applicable
law.  Employee will receive such other
benefits, including health club membership, vacation, holidays and sick leave,
as the Company generally provides to its employees holding similar positions as
that of Employee.

 

(c)           Commission
Plan.  Employee will be eligible to
receive commissions on sales revenue from sales generated by the North American
Sales organization in accordance with mutually agreed upon compensation plans.  Employee’s target commission at 100% of
target revenue is $125,000 per year. 
Quotas, commission rates, payment terms and other details of the
commission plans will be set forth in a written plan signed by the Company’
CEO, CFO and Employee.   Commissions
equal to the first 3 months of the Commission Plan at 100%, or roughly
equivalent to $10,416.66 per month, will be paid in equal installments at the
end of each month during the first quarter of employment.

 

(d)           Business
Expenses.  The Company will
reimburse Employee for all reasonable and necessary expenses incurred by
Employee in connection with the Company’s business, provided that such expenses
are deductible to the Company, are in accordance with the Company’s applicable
policy and are property documented and accounted for in accordance with the requirements
of the Internal Revenue Service.

 

(e)           Stock
Options.    Effective as of the date
of this Agreement Employee shall be granted, under the Company’s 1998 Equity
Incentive  Plan (the “Plan”),  an option to purchase 100,000 shares of
Common Stock at the fair market value as determined in accordance with the
Plan.   Such options shall become
exercisable (“vest”) over four years with 25% of such shares vesting at the end
of one year and 1/36 of the remaining shares vesting on the same day of each
month for the remaining three years.

 

(f)            Relocation
Expenses.   The Company will
reimburse Employee for the reasonable and necessary expenses incurred by
Employee in moving himself and his family from the Portola Valley, California
area to the Bellevue, Washington area. 
Such expenses include actual move costs.  Reimbursement is dependent upon Employee’s submission of receipts
for applicable moving expenses and all expenses must be incurred within one
year of the Effective Date.  Employee
will reimburse Company 100% of the relocation expenses paid in the event of
Employee’s Voluntary Termination within one year from the Effective Date.  Employee agrees that Company may deduct any
repayment due from Employee’s unpaid salary, commissions, outstanding expense
reports and/or any other form of compensation or reimbursement due to you, to
the extent allowed by law, in addition to any other form of lawful recovery
remedy the Company may have.  

 

2

 

6.             Proprietary
Rights and Insider Trading

 

Employee hereby agrees that concurrently with the
execution of this Agreement, Employee will execute Click2learn’s standard form
of Employee Invention, Confidentiality, Non-raiding and Noncompetition
Agreement (the “Invention Agreement”). 
Employee agrees that, as an executive officer of the Company within the
meaning of Section 16 of the Securities Act of 1933, as amended, he will comply
in all respects with the Company’s Insider Trading Policies and Procedures for
Section 16 Individuals and all applicable laws and regulations relating to
ownership of and trading in the Company’s securities and use and disclosure of
material non-public information.

 

7.             Termination

 

(a)           Events
of Termination.    Employee’s
employment with the Company shall terminate upon any one of the following:

 

(i)            the
determination of the CEO made in good faith to terminate the Employee for
“cause” as defined under Section 7(b) below (“Termination for Cause”); or

 

(ii)           the
effective date of a written notice sent to Employee stating that the Company is
terminating his employment, without cause, which notice can be given by the
Company at any time after the Effective Date at the Company’s sole discretion,
for any reason or for no reason (“Termination Without Cause”); or

 

(iii)          the effective date of a written notice sent
to the Company from Employee stating that Employee is electing to terminate his
employment with the Company (“Voluntary Termination”).

 

(b)           “Cause”
Defined. For purposes of this Agreement,
“cause” for Employee’s termination will exist at any time after the happening
of one or more of the following events:

 

(i)            a
failure or refusal to comply in any material respect with the reasonable
policies, standards or regulations of the Company;

 

(ii)           a
good faith determination by the Company’s 
CEO that Employee’s performance is unsatisfactory after reasonable
notice of the ways in which performance is unsatisfactory and a reasonable
opportunity to correct any such deficiencies;

 

(iii)          a failure or refusal in any material respect
to perform his duties determined by the Company in accordance with this
Agreement or the customary duties of Employee’s employment (except for any
failure due to ill health or disability);

 

(iv)          unprofessional,
unethical or fraudulent conduct or conduct that materially discredits the
Company or is materially detrimental to the reputation, character or standing
of the Company;

 

(v)           dishonest
conduct or a deliberate attempt to do an injury to the Company;

 

3

 

(vi)          Employee’s
material breach of a term of this Agreement, the Company’s Insider Trading
Policy and Procedures or the Invention Agreement, including, without
limitation, Employee’s unauthorized disclosure or theft of the Company’s
proprietary information;

 

(vii)         an unlawful or criminal act which would
reflect badly on the Company in the Company’s reasonable judgment which shall
include any violation of applicable laws and regulations relating to ownership
of and trading in the Company’s securities and use and disclosure of material
non-public information; or

 

(viii)        Employee’s death.

 

(c)           Change
of Control Severance Plan.  Employee
shall be entitled to participate in the change of control severance plan
adopted by the Company’s Compensation Committee for executives generally;
provided, however, that if this Agreement would provide Employee greater
benefits than any such change of control severance plan in the event of
Employee’s Termination Without Cause, then Employee shall be provided with the benefits
of this Agreement.

 

8.             Effect
of Termination

 

(a)           Termination
for Cause or Voluntary Termination.  
In the event of any termination of Employee’s employment pursuant to
Sections 7(a)(i) or 7(a)(iii), the Company shall pay Employee the compensation
and benefits otherwise payable to Employee under Section 5 through the date of
termination (including commission payments earned through the date of
termination).  Employee’s rights under
the Company’s benefit plans of general application shall be determined under
the provisions of those plans.

 

(b)           Termination
Without Cause.   In the event of any
termination of Employee’s employment pursuant to Section 7(a)(ii) or Section
7(a)(iii) during the Term of this Agreement:

 

(i)            the
Company shall pay Employee the compensation and benefits otherwise payable to
Employee under Section 5 through the date of termination (including commission
payments earned through the date of termination);

 

(ii)           provided that Employee has signed a mutually
acceptable form of Separation Agreement and General Release, for a period
ending 3 months following the date of termination, the Company shall continue
to pay Employee his base salary under Section 5(a) above at Employee’s then
current salary, less applicable withholding taxes, payable on the Company’s
normal payroll dates during that period; provided, however, that at any time
during such period the Company may elect to pay such base salary, less
applicable withholding taxes, or the then unpaid portion thereof, in a single
lump sum payment;

 

(iii)          Employee’s rights under the Company’s benefit plans of
general application shall be determined under the provisions of those plans.

 

 

4

 

9.             Miscellaneous

 

(a)           Arbitration.  Employee and the Company shall submit to
mandatory binding arbitration in Seattle, Washington  any controversy or claim arising out of, or relating to, this
Agreement or any breach hereof, provided, however, that Employee and the Company
retain their right to and shall not be prohibited, limited or in any other way
restricted from, seeking or obtaining equitable relief from a court having
jurisdiction over the parties.  Such
arbitration shall be conducted in accordance with the commercial arbitration
rules of the American Arbitration Association in effect at that time, and
judgment upon the determination or award rendered by the arbitrator may be
entered in any court having jurisdiction thereof.  The parties shall mutually agree on the arbitrator to decide any
such controversy or claim and if the parties cannot agree on the selection of
an arbitrator then they shall each select an arbitrator and those two
arbitrators shall agree on a third arbitrator who will decide any such
controversy or claim.

 

(b)           Severability.  If any provision of this Agreement shall be
found by any arbitrator or court of competent jurisdiction to be invalid or
unenforceable, then the parties hereby waive such provision to the extent that
it is found to be invalid or unenforceable and to the extent that to do so
would not deprive one of the parties of the substantial benefit of its
bargain.  Such provision shall, to the
extent allowable by law and the preceding sentence, be modified by such
arbitrator or court so that it becomes enforceable and, as modified, shall be
enforced as any other provision hereof, all the other provisions continuing in
full force and effect.

 

(c)           Remedies.  The Company and Employee acknowledge that
the service to be provided by Employee is of special, unique, unusual,
extraordinary and intellectual character, which gives it peculiar value the
loss of which cannot be reasonably or adequately compensated in damages in an
action at law.  Accordingly, Employee
hereby consents and agrees that for any breach or violation by Employee of any of
the provisions of this Agreement including, without limitation, Section 3, a
restraining order an/or injunction may be issued against Employee, in addition
to any other rights and remedies the Company may have, at law or equity,
including without limitation the recovery of money damages.

 

(d)           No
Waiver.  The failure by either party
at any time to require performance or compliance by the other of any of its
obligations or agreements shall in no way affect the right to require such
performance or compliance at any time thereafter.  The waiver by either party of a breach of any provision hereof
shall not be taken or held to be a waiver of any preceding or succeeding beach
of such provision or as a waiver of the provision itself.  No waiver of any kind shall be effective or
binding, unless it is in writing and is signed by the party against whom such
waiver is sought to be enforced.

 

(e)           Assignment.  This Agreement and all rights hereunder are
personal to Employee and may not be transferred or assigned by Employee at any
time.  The Company may assign its
rights, together with its obligations hereunder, to any parent, subsidiary,
affiliate or successor, or in connection with the sale, transfer, or other
disposition of all or substantially all of its business and assets,
provided, however, that any such assignee assumes the Company’s obligations
hereunder.

 

(f)            Withholding.  All sums payable to Employee hereunder shall
be reduced by all federal, state, local and other withholding and similar taxes
and payments required by applicable law.

 

(g)           Entire
Agreement.  This Agreement, the
offer letter from the Company dated November 26, 2002 and the Invention
Agreement constitute the entire and only agreement between the parties relating
to employment of Employee with the Company, and this Agreement and the
Invention

 

5

 

Agreement supersede and cancel any and all previous contracts,
arrangements or understandings with respect thereto.

 

(h)           Amendment.     This Agreement may be amended, modified,
superseded, canceled, renewed or extended only by an agreement in writing
executed by both parties hereto.

 

(i)            Notices.       All notices and other communications
required or permitted under this Agreement shall be in writing and hand delivered,
sent by fax, sent by certified first class mail, postage prepaid, or sent by
nationally recognized express courier service. 
Such notices and other communications shall be effective upon receipt if
hand delivered or sent by fax, five days after mailing if sent by U.S. mail,
and one day after dispatch if sent by express courier, to the following
addresses, or such other addresses as any party shall notify the other parties:

 

	
  If to the Company:

  	
   

  	
  110-110th Avenue N.E., Suite 700

  
	
   

  	
   

  	
  Bellevue, WA 98004-5840

  
	
  Fax:

  	
   

  	
  425-637-1508

  
	
  Attention:

  	
   

  	
  President and CEO

  
	
  If to Employee:

  	
   

  	
  At the address on the records of the Company

  

 

(j)            Binding
Nature.  This Agreement shall be
binding upon, and inure to the benefit of, the successors and personal
representatives of the respective parties hereto.

 

(k)           Governing
Law.  This Agreement and the rights
and obligations of the parties hereto shall be construed in accordance with the
laws of the state in which Employee is based, without giving effect to the
principles of conflict of laws; provided, however, that if Employee is
relocated to another jurisdiction then the laws of such jurisdiction shall
apply, and in the event of any claim made following termination, the laws of
the jurisdiction where Employee was based on the date of termination shall
apply.

 

IN WITNESS WHEREOF the Company and Employee have
executed this Agreement as of the date first above written.

 

 

	
  “COMPANY”

  	
  “EMPLOYEE”

  
	
   

  	
   

  
	
  CLICK2LEARN, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Kevin M. Oakes

  	
   

  	
  /s/ Gary Millrood

  	
   

  
	
   

  	
  Gary Millrood

  
	
  Name

  	
  Kevin M. Oakes

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
   

  
							

 

6

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