CANCELLATION AGREEMENT
Exhibit 99.1
To: Voyager Learning Company Compensation Committee of the Board of Directors (the “Committee”)
I hereby acknowledge and agree that, as of the date of this Agreement, the Multi-Year Stock Option Grant dated February 4, 2004, whether or not vested, will be cancelled with no consideration due to me. As of the date of this Agreement, I will cease to have any rights with respect to such award other than the right to receive a tax gross-up payment for golden parachute excise taxes. This tax-grossup payment for golden parachute excise tax right shall survive the termination of the Multi-Year Stock Option Grant dated February 4, 2004.
I understand that the Committee previously approved and agreed to accept my cancellation of such Multi-Year Stock Option Grant and the other above-referenced options and stock appreciation rights.
Date: April 9, 2009
| /s/ Xxx Xxxxxxxx | ||
| Xxx Xxxxxxxx |
Acknowledged on behalf of Voyager Learning Company this 9th day of April, 2009.
/s/ Xxxxxxx
Xxxxxxx
Xxxxxxx
Xxxxxxx
President and Chief Executive Officer
