Amendment to Section 2(b). Section 2.B. of the Agreement is hereby amended in its entirety to read as follows:
Amendment to Section 2(b). The second sentence of Section 2(b) of the Agreement is hereby amended by deleting such sentence in its entirety and replacing it with the following: Company shall deliver to Executive, following approval by the Committee and within forty-five (45) days after the applicable Incentive Compensation Calculation Date (in the case of Fiscal 2013, September 25, 2013), a statement (the “Incentive Compensation Statement”) setting forth the New Book Value and Incentive Compensation Amount with respect to such Incentive Compensation Calculation Date (in the case of Fiscal 2013, with respect to both the First Fiscal 2013 Period and the Second Fiscal 2013 Period) and showing its calculations in reasonable detail.
Amendment to Section 2(b). The second sentence of Section 2(b) of the Agreement is hereby amended to read as follows: Commencing in 2021, Executive’s target bonus under the Company’s annual bonus plan shall be fifty percent (50%) of Executive’s base salary.
Amendment to Section 2(b). Section 2(b) of the Agreement is deleted in its entirety and replaced with the following text: “INTENTIONALLY OMITTED”
Amendment to Section 2(b). Effective as of the Effective Date of this Amendment, Section 2(b) of the Agreement shall be amended and restated as follows:
Amendment to Section 2(b). The third paragraph of Section 2(b) of the Employment Agreement is hereby and replaced in its entirety as follows: “The Employee will report to the Company’s Chief Executive Officer (“CEO”), and shall perform such duties consistent with his position as President of the Company and President of the Parent and as may reasonably be assigned to him by the CEO and/or the Board of Directors of the Company and/or of the Parent (the “Board”).”
Amendment to Section 2(b). The last sentence of Section 2(b) is hereby amended and restated in its entirety as follows: Notwithstanding the foregoing, the Corporation shall not be liable for Organization and Offering Expenses to the extent that Organization and Offering Expenses, together with all prior Organization and Offering Expenses, exceed 2.0% of the aggregate gross proceeds from the offering of the Corporation’s securities (the “Reimbursable O&O Expenses”).
Amendment to Section 2(b). The first three sentences of Section 2(b) of the Agreement are hereby deleted and replaced with the following: “The 2013-2015 Time-Vested Restricted Shares shall vest, and the Repurchase Option with respect to such vested 2013-2015 Time-Vested Restricted Shares shall lapse, in three equal installments on each of the first three anniversaries of the 2013-2015 Reference Date, subject to the continued employment of the Grantee with the Company through the applicable anniversary. For the purposes of this Agreement, the “2013-2015 Reference Date” shall be January 20, 2012. In addition, if (i) the Grantee’s employment with the Company shall be terminated by the Company without Cause (as defined in the LTIP) or (ii) a Change in Control (as defined below) shall occur, then any unvested 2013-2015 Time-Vested Restricted Shares shall become fully vested, and the Repurchase Option with respect thereto shall lapse, as of the date of such termination or the date of the consummation of such Change in Control, as the case may be. The 2013-2015 Time-Vested Restricted Shares, to the extent unvested, may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent and distribution.”
Amendment to Section 2(b). (b) is hereby amended and supplemented by adding the following sentence at the end thereof: “Immediately following the issuance of the Note on the Closing Date, the Buyer shall cause Knowledge Universe Learning Corp., a Delaware corporation (“KULC”), to purchase the Note from the Seller for $25,000,000 in cash.”
Amendment to Section 2(b). 1(b). Effective on and after the First Amendment Effective Date, the date "November 27, 2000" in Section 2B.1(b) of the Agreement hereby is amended and restated to read "March 30, 2001."
