Document:

EX-10.3

Exhibit 10.3

VOTING AND SUPPORT AGREEMENT

     This Voting and Support Agreement (“Agreement”) is made and entered into as of June
20, 2009, by and among Cambium Holdings, Inc., a Delaware corporation (“Parent”), and the
undersigned stockholder (the “Stockholder”) of Voyager Learning Company, a Delaware
corporation (the “Company”). Certain capitalized terms used in this Agreement are defined
in Section 8 hereof and certain other capitalized terms used in this Agreement that are not
defined herein shall have the meaning given to such terms in the Merger Agreement (as defined
below).

RECITALS

     WHEREAS, Stockholder is the holder of record or the “beneficial owner” (within the meaning of
Rule 13d-3 under the Exchange Act) of certain common stock of the Company;

     WHEREAS, concurrently with the execution and delivery of this Agreement, Parent, Vowel
Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of Parent
(“Purchaser”), VSS-Cambium Holdings II Corp., a Delaware corporation (“Cambium Holdings
II”), Consonant Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of
Parent (“Cambium Merger Sub”), Vowel Representative, LLC, a Delaware limited liability
company (the “Stockholders’ Representative”), and the Company are entering into an
Agreement and Plan of Mergers (the “Merger Agreement”) which provides, upon the terms and
subject to the conditions set forth therein, for the merger of Purchaser with and into the Company
(the “Voyager Merger”) and the merger of Cambium Merger Sub with and into Cambium Holdings
II (the “Cambium Merger”, and together with the Voyager Merger, the “Mergers”); and

     WHEREAS, as a condition and inducement to Parent’s willingness to enter into the Merger
Agreement, the Stockholder has agreed to execute, deliver and perform this Agreement.

AGREEMENT

     NOW, THEREFORE, the parties to this Agreement, intending to be legally bound, agree, (except
that, if more than one Stockholder executes this agreement, each Stockholder agrees, severally and
not jointly) as follows:

     Section 1. Agreement to Vote Shares. During the Term, at any meeting of the
stockholders of the Company (or of the holders of any class of stock of the Company’s capital
stock) called with respect to any of the following, and at every adjournment or postponement
thereof and in any action by written consent of the stockholders of the Company in lieu of a
meeting, with respect to any of the following, the Stockholder shall vote or consent with respect
to the Subject Securities: (a) in favor of adoption of the Merger Agreement and approval of the
Voyager Merger and the other actions contemplated by the Merger Agreement (the “Merger
Proposals”), (b) against any Vowel Alternative Proposal or Vowel Superior Proposal and (c)
against any other action, agreement or proposal that could reasonably be expected to result in any
of the conditions to the consummation of the Voyager Merger under the Merger Agreement not being
fulfilled or which could reasonably be expected to otherwise impede, interfere with, delay,
postpone or materially adversely affect the Voyager Merger or the other transactions contemplated
by the Merger Agreement. The Subject Securities shall be deemed present for

 

 

purposes of a quorum at any meeting of the stockholders of Voyager at which the Voyager Merger
is voted upon.

     Section 2. Irrevocable Proxy. Concurrently with the execution of this Agreement, the
Stockholder agrees to execute and deliver to Parent a proxy, which is coupled with an interest and
shall be irrevocable to the fullest extent permitted by law, with respect to the shares referred to
therein in the form attached hereto as Exhibit A (the “Proxy”), which Proxy shall
remain in full force and effect during the Term and will automatically be revoked upon expiration
of the Term.

     Section 3. Stockholder Covenants.

          (a) Restriction on Transfer of Subject Securities. Except pursuant to the terms of the Merger
Agreement or otherwise provided in Section 3(c) of this Agreement, during the Term, the
Stockholder shall not, directly or indirectly, cause or permit any Transfer of any of the Subject
Securities to be effected. Any Transfer of any Subject Securities in violation of this Section
3 shall be void and have no force or effect.

          (b) Restriction on Transfer of Voting Rights of Subject Securities. During the Term, except
as provided in this Agreement the Stockholder shall not: (i) grant any proxy or power of attorney
or enter into a voting agreement or similar arrangement with respect to the Subject Securities
except to the extent such proxy, power of attorney, voting agreement or similar arrangement is in
favor of Parent or its designee or (ii) deposit any of the Subject Securities into a voting trust.

          (c) Permitted Transfers of Subject Securities. Section 3(a) shall not prohibit a
Transfer of Subject Securities by the Stockholder (i) to any member of the Stockholder’s immediate
family, or to a trust, partnership or other entity formed for the benefit of the Stockholder or
any member of the Stockholder’s immediate family, (ii) upon the death of the Stockholder or (iii)
to an Affiliate of the Stockholder; provided, however, that a Transfer referred to
in this sentence shall be permitted only if, as a precondition to such Transfer, the transferee (x)
agrees in a writing to be bound by the terms of this Agreement by executing and delivering to
Parent the Joinder attached as Exhibit B hereto and (y) if prior to the Effective Time,
delivers a Proxy in the form attached hereto as Exhibit A to Parent. The term
“Stockholder” shall include and also refer to any Person to whom Subject Securities are
Transferred.

          (d) Inconsistent Agreements. The Stockholder agrees, during the Term, that it shall not enter
into any agreement, proxy, voting trust or other arrangement or understanding with any other Person
that would violate or prohibit the performance of, this Agreement.

          (e) No-Solicitation. During the Term, the Stockholder agrees not to, nor to permit any
investment banker, financial adviser, attorney, accountant or other representative of the
Stockholder to, directly or indirectly, engage in any activity which would be prohibited by Section
5.3(a) of the Merger Agreement if engaged in by the Company.

     Section 4. Representations, Warranties and Covenants of Stockholder. The Stockholder
hereby represents, warrants and covenants to Parent and Purchaser as follows:

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          (a) Due Authorization, Etc. The Stockholder has legal capacity, power and authority to enter
into this Agreement and the Proxy. This Agreement has been, and each Proxy when delivered will have
been, duly and validly executed and delivered by the Stockholder and constitute valid and binding
agreements or instruments of the Stockholder enforceable in accordance with their terms, except as
the same may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws now
or hereafter in effect relating to creditors’ rights generally and subject to general principles of
equity.

          (b) No Conflict. The execution and delivery of this Agreement and each Proxy by the
Stockholder do not, and the performance of this Agreement and the Proxy by the Stockholder will not
conflict with, violate or result in a breach of or constitute (with or without notice or the
passage of time) a default (or give rise to any third party right of termination, cancellation,
material modification or acceleration) under (i) the organizational documents of the Stockholder,
if any, (ii) any law, rule, regulation, order, decree or judgment applicable to the Stockholder or
the Subject Securities held by the Stockholder, or (iii) any contract, indenture, guarantee, lease,
mortgage, license or other agreement, instrument, obligation or undertaking of any kind to which
Stockholder is a party or by which the Stockholder or any of its properties or assets are bound.
Except pursuant to this Agreement or otherwise in favor of Parent, the Stockholder has not, and
shall not, grant any proxy with respect to the Subject Securities.

          (c) Title to Securities. As of the date of this Agreement: (i) the Stockholder Owns (and has
the sole right to vote and dispose of) all of the shares of Company Common Stock indicated on
Schedule I hereto; (ii) the Stockholder Owns the options and the other rights to acquire
shares of Company Common Stock that are exercisable for the number of shares of Company Common
Stock indicated on Schedule I hereto, and (iii) the Stockholder does not directly or
indirectly Own any capital stock or other securities of the Company, or any option, warrant or
other right to acquire (by purchase, conversion or otherwise) any capital stock or other securities
of the Company, other than the stock and options, warrants and other rights set forth on
Schedule I hereto. Except as permitted by this Agreement the Subject Securities are now
and, at all times during the Term, the Subject Securities will be, held by the Stockholder or by a
nominee or custodian for the benefit of the Stockholder, free and clear of all mortgages, claims,
charges, liens, security interests, pledges or options, proxies, voting trusts or agreements,
understandings or arrangements or any other rights whatsoever.

          (d) Reliance by Parent and Purchaser. The Stockholder understands and acknowledges that Parent
and Purchaser are entering into the Merger Agreement in reliance upon the Stockholder’s execution,
delivery and performance of this Agreement.

          (e) Stop Transfer. The Stockholder hereby agrees and covenants that it will not request that
the Company register the Transfer of any certificate or uncertificated interest representing any of
the Subject Securities unless such Transfer is made in compliance with this Agreement. The
Stockholder hereby acknowledges and agrees that the Company may instruct its transfer agent to
prohibit any Transfer during the Term of any certificate or uncertificated interests representing
any of the Subject Securities Owned by the Stockholder except to the extent permitted by this
Agreement.

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     Section 5. Waiver of Appraisal Rights. The Stockholder hereby knowingly, voluntarily
and intentionally waives, and agrees not to exercise or assert, any rights of appraisal from the
Voyager Merger and the transactions contemplated by the Merger Agreement that the Stockholder may
have.

     Section 6. Further Assurances. From time to time and without additional consideration,
the Stockholder shall (at Parent’s sole expense and without requiring the Stockholder to undertake
any additional liability or obligation or make any representation or warranty to any Person)
execute and deliver, or cause to be executed and delivered, such additional confirmatory transfers,
assignments, endorsements, proxies, consents and other instruments, and shall (at Parent’s sole
expense) take such further actions (subject to the limitations in this Section 6), as Parent may
reasonably request in writing for the purpose of carrying out and furthering the intent of this
Agreement.

     Section 7. Appointment of Stockholders’ Representative.

          (a) Appointment. The Stockholder irrevocably makes, constitutes and appoints the
Stockholders’ Representative as its agent, attorney-in-fact and representative and authorizes and
empowers it to fulfill the role of the Stockholders’ Representative as set forth in the Merger
Agreement, which appointment shall be irrevocable and coupled with an interest. The Stockholder
acknowledges and agrees that the member and/or manager of the Stockholders’ Representative may be
removed, replaced and/or substituted at any time or from time to time after the date hereof without
any consent or approval by, any party hereto, subject only to the requisite approval of the Vowel
Stockholders.

          (b) Authority. The Stockholder hereby irrevocably grants the Stockholders’ Representative
full power and authority on its behalf to take the actions after the Closing Date set forth
immediately below:

               (i) to enforce (1) any Post-Closing Obligations of Parent, Cambium Holdings II or their
respective Subsidiaries pursuant to the Merger Agreement and (2) any obligations under the Escrow
Agreement, the Contingent Value Right Agreement, the Security Agreement, the VSS Limited Guarantee,
or any other Transaction Documents to the extent such other Transaction Documents expressly provide
rights or benefits to the Stockholders’ Representative or to the Stockholder or any other Vowel
Stockholder after the Closing;

               (ii) to negotiate and compromise, on behalf of the Stockholder, any dispute that may arise
under, and to exercise or refrain from exercising any remedies available under, the agreements and
obligations contemplated in Section 7(b)(i), and to execute, on behalf of the Stockholder,
any settlement agreement, release or other document with respect to such dispute or remedy;

               (iii) to engage attorneys, accountants and agents at the expense of and on behalf of the
Stockholder and the other Vowel Stockholders;

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               (iv) to give and receive notice or other communications on behalf of the Stockholder;

               (v) to receive all or any portion of amounts in the Escrow Account to fund: (1) the payment of
reasonable costs and expenses (including without limitation any insurance contemplated by clause
(iv)(2)) of the Stockholders’ Representative incurred in connection with the performance of its
duties or the taking of any action contemplated in this Section 7(d); and (2) the purchase of any
insurance or similar products that are reasonably necessary to provide indemnification to the
Stockholders’ Representative as contemplated in Section 7(d); and/or (3) any reasonable
compensation payable to the Stockholders’ Representative for performing its services in accordance
with this Agreement and any applicable Transaction Document; and

               (vi) To take any and all other actions incidental to, or as are otherwise necessary or
appropriate to, carry out the duties of the Stockholders’ Representative contemplated in this
Agreement or the Merger Agreement, or of the secured party as contemplated by the Security
Agreement.

Notwithstanding the foregoing, the Stockholders’ Representative shall have no authority to enforce
the rights of any employee or other Person in such Person’s capacity as a beneficiary of any of the
plans or amounts set forth in Schedule 5.24 to the Merger Agreement.

          (c) Reliance. The Stockholder irrevocably agrees that:

               (i) in all matters in which action by the Stockholders’ Representative is required or
permitted, the Stockholders’ Representative is authorized to act on behalf of the Stockholder,
notwithstanding any dispute or disagreement among the Stockholder and any other Vowel Stockholder
or between the Stockholder, any other Vowel Stockholder and the Stockholders’ Representative, and
Parent and its Subsidiaries, and the VSS Funds, shall be entitled to rely on any and all action
taken by the Stockholders’ Representative under this Agreement or the Merger Agreement without any
liability to, or obligation to inquire of, the Stockholder or any of the other Vowel Stockholders,
notwithstanding any knowledge on the part of Parent or Cambium Holdings II of any such dispute or
disagreement;

               (ii) any notice to the Stockholders’ Representative must be given to the Stockholders’
Representative in the manner provided in Section 9.3 of the Merger Agreement, and such notice shall
be deemed to be notice to the Stockholder for the purposes of this Agreement;

               (iii) the power and authority of the Stockholders’ Representative, as described in this
Agreement, shall continue in force until all rights of the Vowel Stockholders under the agreements
contemplated in Section 7(b)(i) shall have terminated, expired or been fully performed; and

               (iv) a majority in interest of the Vowel Stockholders shall have the right, exercisable from
time to time upon written notice delivered to the Stockholders’

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Representative and Holdco, as applicable: (1) to remove the Stockholders’ Representative, with
or without cause, and (2) to appoint a Stockholders’ Representative to fill a vacancy caused by the
resignation or removal of the Stockholders’ Representative.

          (d) Indemnification. The Stockholder shall severally indemnify the Stockholders’
Representative and each of its members or managers against any Liabilities of any kind or nature
whatsoever (except such as result from willful misconduct by such person) that the Stockholders’
Representative may suffer or incur in connection with any action or omission of such member as a
member of the Stockholders’ Representative. The Liabilities contemplated in this Section
7(d) shall be satisfied exclusively out of the Escrow Account, net of any insurance proceeds
actually received by the Stockholders’ Representative (after taking into account any deductibles,
retention amounts and/or any costs or expenses incurred in obtaining such insurance proceeds). The
Stockholder acknowledges and agrees that the Stockholders’ Representative shall not be liable to
the Stockholder or any other Vowel Stockholder for any Liabilities (except such Liabilities as
result from the Stockholders’ Representative’s gross negligence or willful misconduct) with respect
to any action or omission taken or omitted to be taken by the Stockholders’ Representative pursuant
to this Section 7.

     Section 8. Certain Definitions. For purposes of this Agreement,

          (a) “Affiliate” has the meaning assigned thereto in Rule 12b-2 under the Exchange Act.

          (b) “Company Common Stock” means the common stock, par value $0.001 per share, of the Company.

          (c) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (d) The Stockholder shall be deemed to “Own” or to have acquired “Ownership” of a security if
the Stockholder, at the time of determination, is the record owner of such security, or is the
“beneficial owner” of such security within the meaning of Rule 13d-3 under the Exchange Act.

          (e) “Person” means any (i) individual, (ii) corporation, limited liability company,
partnership or other entity or (iii) Governmental Authority.

          (f) “Subject Securities” means: (i) all securities of the Company (including all Company
Common Stock and all options, warrants and other rights to acquire Company Common Stock) Owned by
the Stockholder as of the date of this Agreement, whether vested or unvested; and (ii) all
additional securities of the Company (including all additional Company Common Stock and all
additional options, warrants and other rights to acquire Company Common Stock), whether vested or
unvested, of which the Stockholder acquires Ownership (regardless of the method by which
Stockholders acquire Ownership) during the Term and (iii) any security of the Company issued with
respect to the securities set forth in clauses (i) or (ii) as a result of any stock dividend,
split-up, recapitalization, combination, exchange of stock or the like.

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          (g) “Term” shall mean from the date hereof until the earlier to occur of (i) the Effective
Time, (ii) the termination of the Merger Agreement in accordance with its terms, or (iii) the
termination of this Agreement upon mutual written agreement of the parties hereto.

          (h) A Person shall be deemed to have effected a “Transfer” of a security if such Person
directly or indirectly: (i) sells, pledges, assigns, encumbers, transfers or disposes of (including
by gift, merger or operation of law), or grants an option, contract or other arrangement or
understanding with respect to such security or any interest in such security to any Person other
than Parent; (ii) enters into an agreement or commit to do any of the foregoing; (iii) enters into
a hedging transaction or other transaction which is designed to or which reasonably could be
expected to lead to or result in a sale or disposition of the Subject Securities; (iv) establishes
a “put equivalent position” within the meaning of Rule 16a-1(h) under the Exchange Act or (v)
commits, agrees or offers to do any of the foregoing.

     Section 9. Miscellaneous.

          (a) Assignment; Binding Effect. Except as provided herein, neither this Agreement nor any of
the interests or obligations hereunder may be assigned or delegated by the Stockholder, and any
attempted or purported assignment or delegation of any of such interests or obligations shall be
void. Subject to the preceding sentence, this Agreement shall be binding upon the Stockholder and
the Stockholder’s heirs, estate, executors and personal representatives and the Stockholder’s
successors and assigns. This Agreement shall inure to the benefit of Parent and its successors and
assigns. Without limiting any of the restrictions set forth in Section 3(a) or elsewhere in
this Agreement, this Agreement shall be binding upon any Person to whom any Subject Securities
Owned by the Stockholder are transferred. Nothing in this Agreement is intended to confer on any
Person (other than Parent and its successors and assigns) any rights or remedies of any nature.

          (b) Disclosure. The Stockholder hereby agrees to permit Parent to publish and disclose in the
Proxy Statement/Prospectus, and any press release or other disclosure document which Parent
reasonably determine to be necessary or desirable in connection with the Mergers and any
transactions related thereto, the Stockholder’s identity and ownership of the Subject Shares and
the nature of the Stockholder’s commitments, arrangements and understandings under this Agreement.

          (c) Specific Performance. The parties agree that irreparable damage would occur in the event
that any of the provisions of this Agreement or any Proxy were not performed in accordance with its
specific terms or were otherwise breached and in the event of any breach or threatened breach by
the Stockholder of any covenant or obligation contained in this Agreement or in any Proxy, Parent
shall be entitled (in addition to any other remedy that may be available to it, including monetary
damages but strictly as limited herein), without the posting of any bond and without proof of
actual damages, to seek (x) a decree or order of specific performance to enforce the observance and
performance of such covenant or obligation, and (y) an injunction restraining such breach or
threatened breach.

          (d) Limitation on Damages. Notwithstanding anything to the contrary contained herein, under
no circumstances shall the aggregate liability for money damages of all

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the Vowel Stockholders party to Voting and Support Agreements of even date herewith exceed (i)
the lesser of (A) the value of the Subject Securities held by such Vowel Stockholders and (B)
$4,500,000 for any material and willful breaches of representations and warranties made herein or
for failure to perform material covenants or obligations to be performed pursuant to the terms
hereof, or (ii) $625,000 for the payment of any reasonable and documented out-of-pocket costs and
expenses (including reasonable and documented legal fees and expenses) in connection with any
action, including the filing of any lawsuit or legal action, taken to collect payment or force
specific performance by such Vowel Stockholders, and any such liability shall be apportioned on a
several basis.

          (e) Amendment; Waiver; Remedies Cumulative. Any provision of this Agreement may be amended if,
and only if, such amendment is in writing and signed by each of the parties hereto. No failure on
the part of Parent or Purchaser to exercise any power, right, privilege or remedy under this
Agreement, and no delay on the part of Parent or Purchaser in exercising any power, right,
privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege
or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall
preclude any other or further exercise thereof or of any other power, right, privilege or remedy
subject, however, to the limitations of Section 9(d) and subject to the further limitation that
neither Parent nor Purchaser shall be entitled to monetary damages if the Mergers shall have
occurred. Neither Parent nor Purchaser shall be deemed to have waived any claim available to Parent
or Purchaser, as the case may be, arising out of this Agreement, or any power, right, privilege or
remedy of Parent under this Agreement, unless the waiver of such claim, power, right, privilege or
remedy is expressly set forth in a written instrument duly executed and delivered on behalf of
Parent or Purchaser, as the case may be; and any such waiver shall not be applicable or have any
effect except in the specific instance in which it is given. All rights and remedies existing under
this Agreement are cumulative to, and not exclusive to, and not exclusive of, any rights or
remedies otherwise available.

          (f) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights
and obligations of the parties hereto shall be governed, construed and interpreted in accordance
with the laws of the State of Delaware without giving effect to principles of conflicts or choice
of law.

          (g) Counterparts. This Agreement may be executed in two or more counterparts (including by
facsimile), each of which shall be deemed an original and all of which together shall constitute
one instrument.

          (h) Entire Agreement. This Agreement and any Proxy delivered in connection with this Agreement
constitute the entire agreement between the parties with respect to the subject matter hereof and
supersede all prior agreements, representations and understandings (both written and oral) between
the parties with respect thereto. No addition to or modification of any provision of this Agreement
shall be binding upon any party unless made in writing and signed by the party against whom
enforcement is sought.

          (i) Notices. Any notice required or permitted by this Agreement shall be in writing and shall
be deemed sufficient upon receipt, when delivered personally or by courier, overnight delivery
service or confirmed facsimile, or two (2) business days after being deposited

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in the regular mail as certified or registered mail (airmail if sent internationally) with
postage prepaid, if such notice is addressed to the party to be notified at such party’s address or
facsimile number as set forth beneath such party’s signature hereto, or as subsequently modified by
written notice.

          (j) Severability. In the event that any provision of this Agreement or the application
thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or
unenforceable, the remainder of this Agreement will continue in full force and effect and the
application of such provision to other Persons or circumstances will be interpreted so as
reasonably to effect the intent of the parties hereto. The parties hereto further agree to replace
such void or unenforceable provision of this Agreement with a valid and enforceable provision that
will achieve, to the extent possible, the economic, business and other purposes of such void or
unenforceable provision.

          (k) Waiver of Jury Trial. EACH OF PARENT AND THE STOCKHOLDER HEREBY IRREVOCABLY WAIVE AND
COVENANT THAT IT WILL NOT ASSERT THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENT OR ACTION RELATED
HERETO OR THERETO.

          (l) No Limitation on Actions of Stockholder as Director. Notwithstanding anything in this
Agreement to the contrary, if the Stockholder or any of its representatives is a member of the
board of directors of the Company, nothing in this Agreement is intended or shall be construed to
require the Stockholder or such representative to take any action, or limit any action the
Stockholder or such representative may take, to the extent that doing so would be inconsistent with
the Stockholder’s or such representative’s fiduciary duties as a director of the Company.
Notwithstanding anything in this Agreement to the contrary, the Stockholder makes no agreement or
understanding herein in any capacity other than in the Stockholder’s capacity as Owner of the
Subject Securities.

          (m) Descriptive Heading. The descriptive headings used herein are for reference purposes only
and will not affect in any way the meaning or interpretation of this Agreement.

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The parties have caused this Agreement to be duly executed on the date first above written.

	 	 	 	 	 
	 	PARENT:

CAMBIUM HOLDINGS, INC.

 	 
	 	By:  	
 	 
	 	 	Name: 	Scott J. Troeller 	 
	 	 	Title: 	President 	 
	 

Address for notices:

c/o Veronis Suhler Stevenson LLC

350 Park Avenue

New York, NY 10022

Attn: Scott J. Troeller

Facsimile:

[SIGNATURE PAGE TO VOTING AND SUPPORT AGREEMENT]

 

	 	 	 	 	 
	 	STOCKHOLDER:

 	 
	 	By
 	 	 	 
	 	 	 
	 	 	 
	 	 	By:  	
 	 
	 	 	 	Its: 	 
	 	 	 
	 	Address for notices: 	 
	 

 

SCHEDULE I

	 	 	 
	Shares of Company Common 

Stock Owned
	 	Number of Shares of

Company Common Stock

Issuable upon exercise of

Options and Other Rights
	 
	 	 
	 	 	 
	 	 	 
	 	 	 

 

EXHIBIT A

IRREVOCABLE PROXY

     The undersigned stockholder (the “Stockholder”) of Voyager Learning Company, a
Delaware corporation (the “Company”), hereby irrevocably appoints each of Scott J. Troeller
and Eric Van Ert (collectively, the Proxyholders), as the sole and exclusive attorneys and proxies
of the undersigned, with full power of substitution and resubstitution, to vote and exercise all
voting and related rights expressly provided herein and to act by written consent in lieu of any
meeting (to the full extent that the undersigned is entitled to do so) with respect to (i) the
outstanding capital stock of the Company owned of record by the Stockholder as of the date of this
Proxy, which shares are specified on the final page of this Proxy, and (ii) any and all other
capital stock of the Company which the Stockholder may acquire on or after the date hereof. The
capital stock of the Company referred to in clauses “(i)” and “(ii)” of the immediately preceding
sentence are collectively referred to as the “Shares”. Upon the undersigned’s execution of
this Proxy, any and all prior proxies given by the undersigned with respect to any of the Shares
are hereby revoked and the undersigned agrees not to grant any subsequent proxies with respect to
the Shares until such time as this Proxy is terminated in accordance with its terms.

This Proxy is irrevocable, is coupled with an interest and is granted pursuant to that certain
Voting and Support Agreement of even date herewith (the “Voting and Support Agreement”), by
and between Cambium Holdings, Inc., a Delaware corporation (“Parent”) and the Stockholder,
and is granted in consideration of Parent entering into that certain Agreement and Plan of Mergers,
of even date herewith, by and among the Company, Parent, Vowel Acquisition Corp., a Delaware
corporation and wholly-owned subsidiary of Parent, VSS-Cambium Holdings II Corp., a Delaware
corporation and Consonant Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of
Parent (the “Merger Agreement”). As used herein, the term “Termination Date” means
the earlier to occur of (i) the Effective Time, (ii) the termination of the Merger Agreement in
accordance with its terms, and (iii) the termination of the Voting and Support Agreement upon
mutual written agreement of the parties thereto. Unless otherwise provided, other capitalized terms
used but not defined in this Agreement shall have the meaning given to such terms in the Merger
Agreement.

Each of the Proxyholders named above is hereby authorized and empowered by the undersigned, at any
time on or before the Termination Date, to act as the undersigned’s attorney and proxy to act by
written consent or vote the Shares, without regard to any instructions, written or otherwise, that
may be given by the undersigned with respect to such vote or consent, at every annual, special or
adjourned meeting of the stockholders of the Company or pursuant to any action by written consent
in lieu of a meeting: (a) in favor of adoption of the Merger Proposals (as defined in the Voting
and Support Agreement), (b) against any Vowel Alternative Proposal or Vowel Superior Proposal and
(c) against any other action, agreement or proposal that could reasonably be expected to result in
any of the conditions to the consummation of the Voyager Merger under the Merger Agreement not
being fulfilled or which could reasonably be expected to otherwise impede, interfere with, delay,
postpone or materially adversely affect the Voyager Merger or the other transactions contemplated
by the Merger Agreement. The Proxyholders may not exercise this Proxy on any other matter not
referred to in this Proxy, and the Stockholder may vote the Shares on all other such matters.

 

This Proxy shall be binding upon the heirs, estate, executors, personal representatives, successors
and assigns of the Stockholder (including any transferee of any of the Shares).

Dated: June ___, 2009

	 	 	 	 	 
	 	 	 
	 	 	
 	 
	 	 	(Signature of Stockholder) 	 
	 	 	 	 
	 
	 	 	 
	 	 	
 	 
	 	 	(Print Name of Stockholder) 	 
	 	 	 	 
	 
	 	Number of common stock of the

Company owned of record as of the date

of this Proxy:
	 
	 	  	 

 

EXHIBIT B

JOINDER TO VOTING AND SUPPORT AGREEMENT

Pursuant to Section 3.3(c) of that certain Voting and Support Agreement dated as of June [
• ], 2009 (the “Voting Agreement”) by and among Cambium Holdings, Inc. and                     
(the “Transferring Stockholder”), upon execution and delivery this joinder agreement to
Parent and its acceptance thereof by Parent, the undersigned hereby agrees and acknowledges that
the undersigned is a “Stockholder” as defined in the Voting Agreement, and hereby agrees with
respect to itself and its Subject Securities to be bound by the terms and conditions and subject to
the obligations of, the Voting Agreement as a “Stockholder” thereunder, and agrees to execute and
deliver a Proxy in the form attached as Exhibit A to the Voting Agreement. The undersigned further
certifies that the representations and warranties made by the Stockholder in Section 4 of
the Voting Agreement are true, correct and complete as if made by the undersigned on the date
hereof.

     Executed,
in counterpart, as of the ___ day of                     , 2009

	 	 	 	 	 
	 	 	 
	Signature: 	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	Address for notices: 	 	 
	 
	 	 	 
	Subject Securities: 	
 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

ACCEPTED & ACKNOWLEDGED:

	 	 	 	 	 
	CAMBIUM HOLDINGS, INC.

 	 	 
	By:  	
 	 	 
	 	Name:  	 	 	 
	 	Title:EX-10.4

Exhibit 10.4

VOTING AND SUPPORT AGREEMENT

     This Voting and Support Agreement (“Agreement”) is made and entered into as of June
20, 2009, by and between Voyager Learning Company, a Delaware corporation (the “Company”),
and VSS-Cambium Holdings III, LLC, a Delaware limited liability company (“Holdings III”).
Certain capitalized terms used in this Agreement are defined in Section 7 hereof and
certain other capitalized terms used in this Agreement that are not defined herein shall have the
meaning given to such terms in the Merger Agreement (as defined below).

RECITALS

     WHEREAS, Holdings III is the holder of record or the “beneficial owner” (within the meaning of
Rule 13d-3 under the Exchange Act) of (i) all of the membership interests in VSS-Cambium Holdings
III Acquisition, LLC, a Delaware limited liability company (“Acquisition LLC”) and (ii) all
outstanding capital stock of VSS-Cambium Holdings II Corp., a Delaware corporation (“Cambium
Holdings II”);

     WHEREAS, concurrently with the execution and delivery of this Agreement, Cambium Holdings,
Inc., a Delaware corporation (“Parent”), Vowel Acquisition Corp., a Delaware corporation
and a wholly-owned subsidiary of Parent (“Purchaser”), the Company, Cambium Holdings II,
Consonant Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of Parent
(“Consonant Merger Sub”), and Vowel Representative, LLC, a Delaware limited liability
company, are entering into an Agreement and Plan of Mergers (the “Merger Agreement”) which
provides, upon the terms and subject to the conditions set forth therein, for the merger of
Purchaser with and into the Company (the “Voyager Merger”) and the merger of Consonant
Merger Sub with and into Cambium Holdings II (the “Cambium Merger”) and together with the
Voyager Merger, the “Mergers”);

     WHEREAS, pursuant to the Merger Agreement and the Holdings III Merger Agreement attached as
Exhibit A-1 to the Merger Agreement, prior to the Effective Time, VSS-Cambium Holdings, LLC, a
Delaware limited liability company (“VSS-Cambium LLC”) will merge with and into Acquisition
LLC with VSS-Cambium LLC as the surviving entity (the “Holdings III Merger”);

     WHEREAS, following the Holdings III Merger and prior to the Effective Time, VSS-Cambium LLC
and Cambium Holdings II will be wholly owned subsidiaries of Holdings III, and pursuant to the
Contribution Agreement, dated as of the date hereof, between Holdings III and Cambium Holdings II
in the form attached as Exhibit A-2 to the Merger Agreement (the “Holdings III Contribution
Agreement”), Holdings III will contribute all of the outstanding membership interest in
VSS-Cambium LLC to Cambium Holdings II (the “Cambium Reorganization”); and

     WHEREAS, as a condition and inducement to the Company’s willingness to enter into the Merger
Agreement, Holdings III has agreed to execute, deliver and perform this Agreement.

 

 

AGREEMENT

     NOW, THEREFORE, the parties to this Agreement, intending to be legally bound, agree as
follows:

     Section 1. Agreements to Vote.

          (a) Agreement to Vote LLC Interests. During the Term, at any meeting of the members
of Acquisition LLC (or of the holders of any class of membership interests of Acquisition LLC)
called with respect to any of the following, and at every adjournment or postponement thereof and
in any action by written consent of the members of Acquisition LLC in lieu of a meeting, with
respect to any of the following, Holdings III shall vote or consent with respect to the Subject
Acquisition Securities: (a) in favor of adoption of the Holdings III Merger Agreement and approval
of the Holdings III Merger and the other actions contemplated by the Holdings III Merger Agreement
(the “Holdings III Merger Proposals”), (b) against any action, agreement or proposal that
could reasonably be expected to impede, interfere with, delay, postpone or materially adversely
affect the Holdings III Merger or the other transactions contemplated by the Holdings III Merger
Agreement, and (c) against any action, agreement or proposal that could reasonably be expected to
impede, interfere with, delay, postpone or materially adversely affect the Cambium Reorganization.
The Subject Acquisition Securities shall be deemed present for purposes of a quorum at any meeting
of the members of Acquisition LLC at which the Holdings III Merger is voted upon.

          (b) Agreement to Vote Shares. During the Term, at any meeting of the stockholders of
Cambium Holdings II (or of the holders of any class of stock of Cambium Holdings II’s capital
stock) called with respect to any of the following, and at every adjournment or postponement
thereof and in any action by written consent of the stockholders of Cambium Holdings II in lieu of
a meeting, with respect to any of the following, Holdings III shall vote or consent with respect to
the Subject Cambium Holdings II Securities: (a) in favor of adoption of the Merger Agreement and
approval of the Cambium Merger and the other actions contemplated by the Merger Agreement (the
“Cambium Merger Proposals”), (b) against any action, agreement or proposal that could
reasonably be expected to result in any of the conditions to the consummation of the Cambium Merger
under the Merger Agreement not being fulfilled or which could reasonably be expected to otherwise
impede, interfere with, delay, postpone or materially adversely affect the Cambium Merger or the
other transactions contemplated by the Merger Agreement. The Subject Cambium Securities shall be
deemed present for purposes of a quorum at any meeting of the stockholders of Cambium Holdings II
at which the Cambium Merger is voted upon.

     Section 2. Irrevocable Proxies.

          (a) Membership Proxy. Concurrently with the execution of this Agreement, Holdings III
agrees to execute and deliver to the Company a proxy, which is coupled with an interest and shall
be irrevocable to the fullest extent permitted by law, with respect to the membership interests
referred to therein in the form attached hereto as Exhibit A (the “Membership
Proxy”), which Membership Proxy shall remain in full force and effect during the Term and will
automatically be revoked upon expiration of the Term.

          
-2-

 

          (b) Cambium Holdings II Proxy. Concurrently with the execution of this Agreement,
Holdings III agrees to execute and deliver to the Company a proxy, which is coupled with an
interest and shall be irrevocable to the fullest extent permitted by law, with respect to the
shares referred to therein in the form attached hereto as Exhibit B (the “Cambium
Holdings II Proxy”, and together with the Membership Proxy, the “Proxies”), which
Cambium Holdings II Proxy shall remain in full force and effect during the Term and will
automatically be revoked upon expiration of the Term.

     Section 3. Covenants.

          (a) Restriction on Transfer of Subject Securities. Except pursuant to the terms of the Merger
Agreement, the Holdings III Merger Agreement and the Holdings III Contribution Agreement, during
the Term, Holdings III shall not, directly or indirectly, cause or permit any Transfer of any of
the Subject Securities to be effected. Any Transfer of any Subject Securities in violation of this
Section 3 shall be void and have no force or effect.

          (b) Restriction on Transfer of Voting Rights of Subject Securities. During the Term, except as
provided in this Agreement Holdings III shall not: (i) grant any proxy or power of attorney or
enter into a voting agreement or similar arrangement with respect to the Subject Securities except
to the extent such proxy, power of attorney, voting agreement or similar arrangement is in favor of
the Company or its designee or (ii) deposit any of the Subject Securities into a voting trust.

          (c) Inconsistent Agreements. Holdings III agrees, during the Term, that it shall not enter
into any agreement, proxy, voting trust or other arrangement or understanding with any other Person
that would violate or prohibit the performance of this Agreement.

     Section 4. Representations, Warranties and Covenants. Holdings III hereby represents,
warrants and covenants to the Company as follows:

          (a) Due Authorization, Etc. Holdings III has legal capacity, power and authority to enter into
this Agreement and the Proxies. This Agreement has been, and each Proxy when delivered will have
been, duly and validly executed and delivered by Holdings III and constitute valid and binding
agreements or instruments of Holdings III enforceable in accordance with their terms, except as the
same may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws now or
hereafter in effect relating to creditors’ rights generally and subject to general principles of
equity.

          (b) No Conflict. The execution and delivery of this Agreement and each Proxy by Holdings III
do not, and the performance of this Agreement and each Proxy by Holdings III will not conflict
with, violate or result in a breach of or constitute (with or without notice or the passage of
time) a default (or give rise to any third party right of termination, cancellation, material
modification or acceleration) under (i) the organizational documents of Holdings III, if any, (ii)
any law, rule, regulation, order, decree or judgment applicable to Holdings III or the Subject
Securities held by Holdings III, or (iii) any contract, indenture, guarantee, lease, mortgage,
license or other agreement, instrument, obligation or undertaking of any kind to which Holdings III
is a party or by which Holdings III or any of its properties or

-3-

 

assets are bound. Except pursuant to this Agreement or otherwise in favor of the Company,
Holdings III has not, and shall not, grant any proxy with respect to the Subject Securities.

          (c) Title to Securities. As of the date of this Agreement: (i) Holdings III Owns all of the
shares of Cambium Holdings II Common Stock indicated on Schedule I hereto; (ii) Holdings
III Owns the LLC Interest indicated on Schedule I hereto; and (iii) Holdings III does not
directly or indirectly Own any capital stock, membership interests or other securities of
Acquisition LLC or Cambium Holdings II, or any option, warrant or right to acquire (by purchase,
conversion or otherwise) any capital stock, membership interests or other securities of Acquisition
LLC or Cambium Holdings II other than those indicated on Schedule I hereto. Except as
permitted by this Agreement, the Holdings III Merger and the Holdings III Contribution, the Subject
Securities are now and, at all times during the Term, the Subject Securities will be, held by
Holdings III or by a nominee or custodian for the benefit of Holdings III, free and clear of all
mortgages, claims, charges, liens, security interests, pledges or options, proxies, voting trusts
or agreements, understandings or arrangements or any other rights whatsoever.

          (d) Reliance by the Company. Holdings III understands and acknowledges that the Company is
entering into the Merger Agreement in reliance upon Holdings III’s execution, delivery and
performance of this Agreement.

          (e) Stop Transfer. Holdings III hereby agrees and covenants that it will not request that
Acquisition LLC or Cambium Holdings II register the Transfer of any certificate or uncertificated
interest representing any of the Subject Securities unless such Transfer is made in compliance with
this Agreement or in connection with the Holdings III Merger Agreement or the Holdings III
Contribution Agreement, as the case may be. Holdings III hereby acknowledges and agrees that
Acquisition LLC or Cambium Holdings II may instruct their respective transfer agent to prohibit any
Transfer during the Term of any certificate or uncertificated interests representing any of the
Subject Securities Owned by Holdings III except to the extent permitted by this Agreement or
necessary to effect the Holdings III Merger Agreement or the Holdings III Contribution Agreement.

          (f) Holdings III Contribution Agreement. Simultaneously with the execution and delivery of
this Agreement Holdings III and Cambium Holdings II have entered into the Holdings III Contribution
Agreement in the form attached as Exhibit A-2 to the Merger Agreement.

     Section 5. Waiver of Appraisal Rights. Holdings III hereby agrees not to exercise or
assert, any rights of appraisal from the Cambium Merger and the transactions contemplated by the
Merger Agreement that Holdings III may have.

     Section 6. Further Assurances. From time to time and without additional consideration,
Holdings III shall (at the Company’s sole expense and without requiring Holdings III to undertake
any additional liability or obligation or make any representation or warranty to any Person)
execute and deliver, or cause to be executed and delivered, such additional confirmatory transfers,
assignments, endorsements, proxies, consents and other instruments, and shall (at the Company’s
sole expense) take such further actions (subject to the limitations in this

-4-

 

Section 6), as the Company may reasonably request in writing for the purpose of
carrying out and furthering the intent of this Agreement.

     Section 7. Certain Definitions. For purposes of this Agreement,

          (a) “Affiliate” has the meaning assigned thereto in Rule 12b-2 under the Exchange Act.

          (b) “Cambium Holdings II Common Stock” means the common stock, par value of $0.001 per share,
of Cambium Holdings II.

          (c) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (d) Holdings III shall be deemed to “Own” or to have acquired “Ownership” of a security if
Holdings III, at the time of determination, is the record owner of such security, or is the
“beneficial owner” of such security within the meaning of Rule 13d-3 under the Exchange Act.

          (e) “LLC Interests” means the membership interests of Acquisition LLC.

          (f) “Person” means any (i) individual, (ii) corporation, limited liability company,
partnership or other entity or (iii) Governmental Authority.

          (g) “Subject Acquisition Securities” means: (i) all securities of Acquisition LLC (including
all LLC Interests and all rights to acquire LLC Interests) Owned by Holdings III as of the date of
this Agreement, whether vested or unvested; and (ii) all additional securities of Acquisition LLC
(including all additional LLC Interests and all additional rights to acquire LLC Interests),
whether vested or unvested, of which Holdings III acquires Ownership (regardless of the method by
which Holdings III acquires Ownership) during the Term and (iii) any security of Acquisition LLC
issued with respect to the securities set forth in clauses (i) or (ii) as a result of any dividend,
split-up, recapitalization, combination, exchange of interests or the like.

          (h) “Subject Cambium Holdings II Securities” means: (i) all securities of Cambium Holdings II
(including all Cambium Holdings II Common Stock and all rights to acquire Cambium Holdings II
Common Stock) Owned by Holdings III as of the date of this Agreement, whether vested or unvested;
and (ii) all additional securities of Cambium Holdings II (including all additional Cambium
Holdings II Common Stock and all additional rights to acquire Cambium Holdings II Common Stock),
whether vested or unvested, of which Holdings III acquires Ownership (regardless of the method by
which Holdings III acquires Ownership) during the Term and (iii) any security of Cambium Holdings
II issued with respect to the securities set forth in clauses (i) or (ii) as a result of any
dividend, split-up, recapitalization, combination, exchange of interests or the like.

          (i) “Subject Securities” means the Subject Acquisition Securities and the Subject Cambium
Holdings II Securities.

-5-

 

          (j) “Term” shall mean from the date hereof until the earlier to occur of (i) the Effective
Time, (ii) the termination of the Merger Agreement in accordance with its terms, or (iii) the
termination of this Agreement upon mutual written agreement of the parties hereto.

          (k) A Person shall be deemed to have effected a “Transfer” of a security if such Person
directly or indirectly: (i) sells, pledges, assigns, encumbers, transfers or disposes of (including
by gift, merger or operation of law), or grants an option, contract or other arrangement or
understanding with respect to such security or any interest in such security to any Person other
than Parent; (ii) enters into an agreement or commit to do any of the foregoing; (iii) enters into
a hedging transaction or other transaction which is designed to or which reasonably could be
expected to lead to or result in a sale or disposition of the Subject Securities; (iv) establishes
a “put equivalent position” within the meaning of Rule 16a-1(h) under the Exchange Act or (v)
commits, agrees or offers to do any of the foregoing.

     Section 8. Miscellaneous.

          (a) Assignment; Binding Effect. Except as provided herein, neither this Agreement nor any of
the interests or obligations hereunder may be assigned or delegated by Holdings III, and any
attempted or purported assignment or delegation of any of such interests or obligations shall be
void. Subject to the preceding sentence, this Agreement shall be binding upon Holdings III and
Holdings III’s heirs, estate, executors and personal representatives and Holdings III’s successors
and assigns. This Agreement shall inure to the benefit of the Company and its successors and
assigns. Without limiting any of the restrictions set forth in Section 3(a) or elsewhere
in this Agreement, this Agreement shall be binding upon any Person to whom any Subject Securities
Owned by Holdings III are transferred. Nothing in this Agreement is intended to confer on any
Person (other than the Company and its successors and assigns) any rights or remedies of any
nature.

          (b) Disclosure. Holdings III hereby agrees to permit the Company to publish and disclose in
the Proxy Statement/Prospectus, and any press release or other disclosure document which the
Company reasonably determined to be necessary or desirable in connection with the Mergers and any
transactions related thereto, Holdings III’s identity and ownership of the Subject Securities and
the nature of Holdings III’s commitments, arrangements and understandings under this Agreement.

          (c) Specific Performance. The parties agree that irreparable damage would occur in the event
that any provisions of this Agreement (excluding the provisions of Section 1(a) and
Section 2(a) and the Membership Proxy) or the Cambium Holdings II Proxy were not performed
in accordance with its specific terms or were otherwise breached and in the event of any breach or
threatened breach by Holdings III of any covenant or obligation contained in any provisions of this
Agreement (excluding the provisions of Section 1(a) and Section 2(a) and the
Membership Proxy) or in the Cambium Holdings II Proxy, the Company shall be entitled (in addition
to any other remedy that may be available to it, including monetary damages but strictly as limited
herein), without the posting of any bond and without proof of actual damages, to seek (x) a decree
or order of specific performance to enforce the observance and performance of such covenant or
obligation contained in this Agreement (excluding the provisions of Section 1(a) and
Section 2(a) and the Membership Proxy) or in the Cambium Holdings II Proxy, solely to the

-6-

 

extent set forth in this Agreement (excluding the provisions of Section 1(a) and
Section 2(a) and the Membership Proxy) and the Cambium Holdings II Proxy, and (y) an
injunction restraining such breach or threatened breach of this Agreement (excluding the provisions
of Section 1(a) and Section 2(a) and the Membership Proxy) and the Cambium Holdings
II Proxy. For avoidance of doubt, the Company’s right to seek specific performance or an
injunction under this Section 8(c) shall exclude the right to seek specific performance or
an injunction of the obligations contained in Section 1(a), Section 2(a) or the
Membership Proxy and nothing set forth in this Agreement shall give the Company the right to seek
specific performance or any injunction to enforce any other Transaction Document.

          (d) Limitation on Damages. Notwithstanding anything to the contrary contained herein, under
no circumstances shall the aggregate liability for money damages of Holdings III under this
Agreement exceed (i) $4,500,000 for any material and willful breaches of representations and
warranties made herein or for failure to perform material covenants or obligations to be performed
pursuant to the terms hereof, or (ii) $625,000 for the payment of any reasonable and documented
out-of-pocket costs and expenses (including reasonable and documented legal fees and expenses) in
connection with any action, including the filing of any lawsuit or legal action, taken to collect
payment or force specific performance by Holdings III pursuant to Section 8(c) of this
Agreement.

          (e) Amendment; Waiver; Remedies Cumulative. Any provision of this Agreement may be amended if,
and only if, such amendment is in writing and signed by each of the parties hereto. No failure on
the part of the Company to exercise any power, right, privilege or remedy under this Agreement, and
no delay on the part of the Company in exercising any power, right, privilege or remedy under this
Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or
partial exercise of any such power, right, privilege or remedy shall preclude any other or further
exercise thereof or of any other power, right, privilege or remedy subject, however, to the
limitations of Section 8(c) and subject to the further limitation that the Company shall
not be entitled to monetary damages if the Mergers shall have occurred. The Company shall not be
deemed to have waived any claim available to the Company, as the case may be, arising out of this
Agreement, or any power, right, privilege or remedy of the Company under this Agreement, unless the
waiver of such claim, power, right, privilege or remedy is expressly set forth in a written
instrument duly executed and delivered on behalf of the Company, as the case may be; and any such
waiver shall not be applicable or have any effect except in the specific instance in which it is
given. All rights and remedies existing under this Agreement are cumulative to, and not exclusive
to, and not exclusive of, any rights or remedies otherwise available.

          (f) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights
and obligations of the parties hereto shall be governed, construed and interpreted in accordance
with the laws of the State of Delaware without giving effect to principles of conflicts or choice
of law.

          (g) Counterparts. This Agreement may be executed in two or more counterparts (including by
facsimile), each of which shall be deemed an original and all of which together shall constitute
one instrument.

-7-

 

          (h) Entire Agreement. This Agreement and any Proxy delivered in connection with this Agreement
constitute the entire agreement between the parties with respect to the subject matter hereof and
supersede all prior agreements, representations and understandings (both written and oral) between
the parties with respect thereto. No addition to or modification of any provision of this
Agreement shall be binding upon any party unless made in writing and signed by the party against
whom enforcement is sought.

          (i) Notices. Any notice required or permitted by this Agreement shall be in writing and shall
be deemed sufficient upon receipt, when delivered personally or by courier, overnight delivery
service or confirmed facsimile, or two (2) business days after being deposited in the regular mail
as certified or registered mail (airmail if sent internationally) with postage prepaid, if such
notice is addressed to the party to be notified at such party’s address or facsimile number as set
forth beneath such party’s signature hereto, or as subsequently modified by written notice.

          (j) Severability. In the event that any provision of this Agreement or the application
thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or
unenforceable, the remainder of this Agreement will continue in full force and effect and the
application of such provision to other Persons or circumstances will be interpreted so as
reasonably to effect the intent of the parties hereto. The parties hereto further agree to replace
such void or unenforceable provision of this Agreement with a valid and enforceable provision that
will achieve, to the extent possible, the economic, business and other purposes of such void or
unenforceable provision.

          (k) Waiver of Jury Trial. EACH OF THE COMPANY AND HOLDINGS III HEREBY IRREVOCABLY WAIVE AND
COVENANT THAT IT WILL NOT ASSERT THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENT OR ACTION RELATED
HERETO OR THERETO.

          (l) Descriptive Heading. The descriptive headings used herein are for reference purposes only
and will not affect in any way the meaning or interpretation of this Agreement.

-8-

 

The parties have caused this Agreement to be duly executed on the date first above written.

	 	 	 	 	 
	 	THE COMPANY:

VOYAGER LEARNING COMPANY

 	 
	 	By:  	/s/ Richard Surratt
 	 
	 	 	Name:  	Richard Surratt 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

Address for notices:

206 E. Washington, Suite B

Ann Arbor, MI 48104

Attn: General Counsel

Facsimile: (734) 663-5692

[SIGNATURE PAGE TO VOTING AND SUPPORT AGREEMENT]

 

 

	 	 	 	 	 
	 	VSS-CAMBIUM HOLDINGS III, LLC

 	 
	 	By:  	/s/ Scott J. Troeller
 	 
	 	 	Name:  	Scott J. Troeller 	 
	 	 	Title  	President 	 
	 

Address for notices:

c/o Veronis Suhler Stevenson LLC

350 Park Avenue

New York, New York 10022

 

 

SCHEDULE I

	 	 	 
	
LLC Interests Owned
	 	Number of LLC Interests

Issuable upon exercise of

Options and Other Rights

	100%	 	None.

	 	 	 
	 
	 	 
	Shares of Cambium Holdings II 

Common Stock Owned

	 	Number of Shares of Cambium

Holdings II Common Stock

Issuable upon exercise of

Options and Other Rights

	1,000 shares	 	None

	 	 	 
	 
	 	 

 

 

EXHIBIT A

IRREVOCABLE PROXY

     VSS-Cambium Holdings III, LLC, a Delaware limited liability company (“Holdings III”),
hereby irrevocably appoints each of Richard Surratt and Todd Buchardt (collectively, the
“Proxyholders”), as the sole and exclusive attorneys and proxies of the undersigned, with
full power of substitution and resubstitution, to vote and exercise all voting and related rights
expressly provided herein and to act by written consent in lieu of any meeting (to the full extent
that the undersigned is entitled to do so) with respect to (i) the outstanding membership interests
of VSS-Cambium Holdings III Acquisition, LLC, a Delaware limited liability company
(“Acquisition LLC”), owned of record by Holdings III as of the date of this Proxy, which
interests are specified on the final page of this Proxy, and (ii) any and all other membership
interests of Acquisition LLC which Holdings III may acquire on or after the date hereof. The
membership interests of the Company referred to in clauses “(i)” and “(ii)” of the immediately
preceding sentence are collectively referred to as the “LLC Interests”. Upon Holdings
III’s execution of this Proxy, any and all prior proxies given by Holdings III with respect to any
of the LLC Interests are hereby revoked and Holdings III agrees not to grant any subsequent proxies
with respect to the LLC Interests until such time as this Proxy is terminated in accordance with
its terms.

This Proxy is irrevocable, is coupled with an interest and is granted pursuant to that certain
Voting and Support Agreement of even date herewith (the “Voting and Support Agreement”), by
and between Voyager Learning Company, a Delaware corporation (the “Company”) and Holdings
III, and is granted in consideration of the Company entering into that certain Agreement and Plan
of Mergers, of even date herewith, by and among the Company, Cambium Holdings, Inc., a Delaware
corporation (“Parent”), Vowel Acquisition Corp., a Delaware corporation and wholly-owned
subsidiary of Parent, VSS-Cambium Holdings II Corp., a Delaware corporation, Consonant Acquisition
Corp., a Delaware corporation and wholly-owned subsidiary of Parent, and Vowel Representative, LLC,
a Delaware limited liability company (the “Merger Agreement”). As used herein, the term
“Termination Date” means the earlier to occur of (i) the effective time of the Holdings III
Merger, (ii) the termination of the Holdings III Merger Agreement in accordance with its terms, and
(iii) the termination of the Voting and Support Agreement upon mutual written agreement of the
parties thereto. Unless otherwise provided, other capitalized terms used but not defined in this
Agreement shall have the meaning given to such terms in the Voting and Support Agreement.

Each of the Proxyholders named above is hereby authorized and empowered by Holdings III, at any
time on or before the Termination Date, to act as Holdings III’s attorney and proxy to act by
written consent or vote the LLC Interests, without regard to any instructions, written or
otherwise, that may be given by Holdings III with respect to such vote or consent, at every annual,
special or adjourned meeting of the members of Acquisition LLC or pursuant to any action by written
consent in lieu of a meeting: (a) in favor of adoption of the Holdings III Merger Proposals, (b)
against any other action, agreement or proposal that could reasonably be expected to impede,
interfere with, delay, postpone or materially adversely affect the Holdings III Merger or the other
transactions contemplated by the Holdings III Merger Agreement, and (c) against any action,
agreement or proposal that could reasonably be expected to impede, interfere with,

 

 

delay, postpone or materially adversely affect the Cambium Holdings II Reorganization. The
Proxyholders may not exercise this Proxy on any other matter not referred to in this Proxy, and
Holdings III may vote the LLC Interests on all other such matters.

This Proxy shall be binding upon the heirs, estate, executors, personal representatives, successors
and assigns of Holdings III (including any transferee of any of the LLC Interests).

Dated: June ___, 2009

	 	 	 	 	 
	 	VSS-Cambium Holdings III, LLC, a 

Delaware limited liability company

 	 
	 	 	 	 
	 	 	Name:  	Scott J. Troeller 	 
	 	 	Title:  	President 	 
	 
	 	Membership interests of Acquisition LLC
owned of record as of the date of this
Proxy:

100% of membership interests

 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

	 	 	 	 	 

EXHIBIT B

IRREVOCABLE PROXY

     VSS-Cambium Holdings III, LLC, a Delaware limited liability company (“Holdings III”)
hereby irrevocably appoints each of Richard Surratt and Todd Buchardt (collectively, the
“Proxyholders”), as the sole and exclusive attorneys and proxies of the undersigned, with
full power of substitution and resubstitution, to vote and exercise all voting and related rights
expressly provided herein and to act by written consent in lieu of any meeting (to the full extent
that the undersigned is entitled to do so) with respect to (i) the outstanding shares of
VSS-Cambium Holdings II Corp., a Delaware corporation (“Cambium Holdings II”), owned of
record by Holdings III as of the date of this Proxy, which interests are specified on the final
page of this Proxy, and (ii) any and all other capital stock of Cambium Holdings II which Holdings
III may acquire on or after the date hereof. The capital stock of Cambium Holdings II referred to
in clauses “(i)” and “(ii)” of the immediately preceding sentence are collectively referred to as
the “Cambium Holdings II Stock”. Upon Holdings III’s execution of this Proxy, any and all
prior proxies given by Holdings III with respect to any of the Cambium Holdings II Stock are hereby
revoked and Holdings III agrees not to grant any subsequent proxies with respect to the Cambium
Holdings II Stock until such time as this Proxy is terminated in accordance with its terms.

This Proxy is irrevocable, is coupled with an interest and is granted pursuant to that certain
Voting and Support Agreements of even date herewith (the “Voting and Support Agreement”),
by and between Voyager Learning Company, a Delaware corporation (the “Company”) and
Holdings III, and is granted in consideration of the Company entering into that certain Agreement
and Plan of Mergers, dated of even date herewith, by and among the Company, Cambium Holdings, Inc.,
a Delaware corporation (“Parent”), Vowel Acquisition Corp., a Delaware corporation and
wholly-owned subsidiary of Parent, Cambium Holdings II, Consonant Acquisition Corp., a Delaware
corporation and wholly-owned subsidiary of Parent, and Vowel Representative, LLC, a Delaware
limited liability company (the “Merger Agreement”). As used herein, the term
“Termination Date” means the earlier to occur of (i) the Effective Time, (ii) the
termination of the Merger Agreement in accordance with its terms, and (iii) the termination of the
Voting and Support Agreement upon mutual written agreement of the parties thereto. Unless
otherwise provided, other capitalized terms used but not defined in this Agreement shall have the
meaning given to such terms in the Merger Agreement.

Each of the Proxyholders named above is hereby authorized and empowered by Holdings III, at any
time on or before the Termination Date, to act as Holdings III’s attorney and proxy to act by
written consent or vote the Cambium Holdings II Stock, without regard to any instructions, written
or otherwise, that may be given by Holdings III with respect to such vote or consent, at every
annual, special or adjourned meeting of the members of Cambium Holdings II or pursuant to any
action by written consent in lieu of a meeting: (a) in favor of adoption of the Cambium Merger
Proposals (as defined in the Voting and Support Agreements), and (b) against any action, agreement
or proposal that could reasonably be expected to result in any of the conditions to the
consummation of the Cambium Merger under the Merger Agreement not being fulfilled or which could
reasonably be expected to otherwise impede, interfere with, delay, postpone or materially adversely
affect the Cambium Merger or the other transactions contemplated by the Merger

 

 

Agreement. The Proxyholders may not exercise this Proxy on any other matter not referred to in
this Proxy, and Holdings III may vote the Cambium Holdings II Stock on all other such matters.

This Proxy shall be binding upon the heirs, estate, executors, personal representatives, successors
and assigns of Holdings III (including any transferee of any of the Cambium Holdings II Stock).

Dated: June ___, 2009

	 	 	 	 	 
	 	VSS-Cambium Holdings III, LLC, a 

Delaware limited liability company

 	 
	 	 	 	 
	 	 	Name:  	Scott J. Troeller 	 
	 	 	Title:  	President 	 
	 
	 	Number of shares of Cambium Holdings
II owned of record as of the date of this
Proxy:

1,000 shares of common stock

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