EMPLOYMENT AGREEMENT WITH JOHN T. SOUTH, III July 14, 2003Employment Agreement • November 24th, 2006 • AID Restaurant, Inc. • Services-educational services • Pennsylvania
The parties to this Employment Agreement (this “Agreement”) are Education Management Corporation, a Pennsylvania corporation (the “Company”) and John T. South, III (the “Executive”). The Executive is presently the Chancellor of South University, Inc., a Georgia corporation. The Company, South University, Inc., Higher Education Services, Inc. and the Executive have entered into a Stock Purchase Agreement pursuant to which the Company shall purchase all of the issued and outstanding shares of capital stock of South University, Inc. and Higher Education Services, Inc., subject to the fulfillment of certain terms and conditions (the “Purchase Agreement”). The parties wish to provide for the continued employment of the Executive as Chancellor of South University, Inc. and as an executive officer of the Company from and after the date of the closing of the Company’s acquisition of South University, Inc. and Higher Education Services, Inc. pursuant to the Purchase Agreement (the “Effective Da
