Exhibit 10.25
AMENDMENT NO. 1 TO EMPLOYMENT
AGREEMENT
THIS AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT (the “Amendment”) is entered into
as of April 26, 2005 (the “Amendment Date”) by and
between John Reeves (the “Executive”), and Collegiate
Funding Services, Inc., a corporation organized and existing under
the laws of the State of Delaware (the
“Company”).
WHEREAS, Executive is currently
employed as Executive Vice President of Government Relations of the
Company pursuant to an employment agreement dated July 9,
2004, between Executive and the Company (the “Employment
Agreement”); and
WHEREAS, at the request of the
Board of Directors of the Company, Executive has also been serving
as Acting Chief Operating Officer of the Company; and
WHEREAS, in recognition of
Executive’s contributions to the success and accomplishments
of the Company and to provide additional incentive for the
Executive’s continued contributions and accomplishments, the
Company wishes amend the terms of the Employment Agreement as set
forth herein; and
WHEREAS, the Company and
Executive agree to enter into such amendment on the terms set forth
herein.
NOW, THEREFORE, in consideration
of the mutual covenants and obligations contained herein, and
intending to be legally bound, the parties, subject to the terms
and conditions set forth herein, agree as follows:
Definitions.
Capitalized terms not defined herein
shall have the meaning set forth in the Employment
Agreement.
Section 1(a) of the
Employment Agreement is amended and restated in its entirety to
read as follows:
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(a)
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Executive hereby agrees to be
employed by the Company as Executive Vice President and Chief
Operating Officer of the Company, and Company hereby agrees to
employ Executive in such capacity. To the extent required by law,
Executive’s employment under this Agreement shall be
maintained through the primary subsidiary of the Company,
Collegiate Funding Services, L.L.C. (“CFS”), or another
wholly owned subsidiary of the Company used to employ
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