First Amendment to Employment
Agreement
THIS FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is
entered into as of March 16, 2007, by and between Study Island LLC
(the “Company”) and Timothy McEwen (the
“Executive”). The Company and the Executive are
collectively referred to herein as the “Parties” and
individually as a “Party.”
WHEREAS, the
Parties have entered into that certain Employment Agreement dated
January 28, 2007 (the “Employment Agreement”),
whereby the Company engaged the services of the Executive, and the
Executive confirmed his desire to be employed by the Company;
and
WHEREAS, the
Parties desire to amend the Employment Agreement.
NOW, THEREFORE, in
consideration of the premises and mutual promises herein made, the
Parties agree as follows:
1. Unless
otherwise defined in this Amendment, all capitalized terms used
herein shall have the meanings ascribed to such terms in the
Employment Agreement.
2. Section 7.4
of the Employment Agreement shall be deleted in its entirety and
shall be replaced with the following:
“Payment Schedule: All payments of base salary under this
Section 7 (including wages for services performed prior
to the Termination Date) shall be paid in accordance with the
Company’s normal payroll practices and any bonus amounts due
under this Section 7 shall be paid promptly following
the Company’s receipt of its audited financial statements for
the year during which the Termination Date occurs, or in no event
later than June 30 of the calendar year following the year in
which the bonus was earned.”
3. All
references in the Employment Agreement to “this Employment
Agreement” and any other references of similar import shall
hereafter refer to the Employment Agreement as amended by this
Amendment.
4. This
Amendment may be executed in any number of counterparts (including
facsimile counterparts), each of which counterparts, when so
executed and delivered, shall be deemed to be an original and all
of which counterparts, taken together, will constitute one and the
same instrument.
5. Except as
set forth in this First Amendment, the terms and provisions of the
Employment Agreement (a) are hereby ratified and confirmed,
and (b) shall be and remain in full force and
effect.
[The next page is the signature
page.]
