0001193125-11-144287.txt : 20110518 0001193125-11-144287.hdr.sgml : 20110518 20110518170401 ACCESSION NUMBER: 0001193125-11-144287 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20110518 DATE AS OF CHANGE: 20110518 GROUP MEMBERS: ET HOLDINGS, L.L.C. GROUP MEMBERS: HAMPSTEAD ASSOCIATES, L.L.C. GROUP MEMBERS: KNOWLEDGE UNIVERSE EDUCATION LLC GROUP MEMBERS: KNOWLEDGE UNIVERSE LLC GROUP MEMBERS: LOWELL J. MILKEN GROUP MEMBERS: MICHAEL R. MILKEN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NOBEL LEARNING COMMUNITIES INC CENTRAL INDEX KEY: 0000721237 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 222465204 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45470 FILM NUMBER: 11855501 BUSINESS ADDRESS: STREET 1: 1615 W CHESTER PIKE STREET 2: STE 200 CITY: WEST CHESTER STATE: PA ZIP: 19382-6223 BUSINESS PHONE: 484-947-2000 MAIL ADDRESS: STREET 1: 1615 W CHESTER PIKE STREET 2: STE 200 CITY: WEST CHESTER STATE: PA ZIP: 19382-6223 FORMER COMPANY: FORMER CONFORMED NAME: NOBEL EDUCATION DYNAMICS INC DATE OF NAME CHANGE: 19931222 FORMER COMPANY: FORMER CONFORMED NAME: ROCKING HORSE CHILD CARE CENTERS OF AMERICA INC /DE/ DATE OF NAME CHANGE: 19931222 FORMER COMPANY: FORMER CONFORMED NAME: PETRIE CORP DATE OF NAME CHANGE: 19851031 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Blesbok LLC CENTRAL INDEX KEY: 0001358289 IRS NUMBER: 200179544 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1250 FOURTH STREET STREET 2: SUITE 550 CITY: SANTA MONICA STATE: CA ZIP: 90401 BUSINESS PHONE: 310-570-4900 MAIL ADDRESS: STREET 1: 1250 FOURTH STREET STREET 2: SUITE 550 CITY: SANTA MONICA STATE: CA ZIP: 90401 SC 13D/A 1 dsc13da.htm SCHEDULE 13D AMENDMENT NO. 19 Schedule 13D Amendment No. 19

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 19)

 

 

 

Nobel Learning Communities, Inc.

(Name of Issuer)

 

 

 

Common Stock, $0.001 par value per share

(Title of Class of Securities)

 

654889104

(CUSIP Number)

 

    Mark A. Stegemoeller

Latham & Watkins LLP

355 South Grand Avenue

Los Angeles, California 90071

(213) 485-1234

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

May 17, 2011

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is subject of this Schedule 13D, and is filing this statement because of Rule 13d-1(b)(3) or (4), check the following box:  ¨.

 

 

 


 

CUSIP No. 654889104

 

     

 

Page 2 of 8

 

 

SCHEDULE 13D

 

  1   

NAME OF REPORTING PERSON

 

Knowledge Universe Education LLC

    
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

 

    
  3  

SEC USE ONLY

 

    
  4  

SOURCE OF FUNDS

 

    OO

    
  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)

 

   ¨
  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    Delaware

    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH REPORTING PERSON WITH

     7    

SOLE VOTING POWER

 

    0 shares

    
     8   

SHARED VOTING POWER

 

    0 shares

    
     9   

SOLE DISPOSITIVE POWER

 

    0 shares

    
   10   

SHARED DISPOSITIVE POWER

 

    0 shares

    

11

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    0 shares

    

12

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES

 

   ¨

13

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    0.0%

    

14

 

TYPE OF REPORTING PERSON

 

    OO

    

 


 

CUSIP No. 654889104

 

     

 

Page 3 of 8

 

 

  1   

NAME OF REPORTING PERSON

 

Knowledge Universe LLC

    
  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ¨        (b)  ¨

 

    
  3  

SEC USE ONLY

 

    
  4  

SOURCE OF FUNDS

 

    OO

    
  5  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)

 

   ¨
  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

    California

    

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY EACH REPORTING PERSON WITH

     7    

SOLE VOTING POWER

 

    0 shares

    
     8   

SHARED VOTING POWER

 

    3,857,171 shares (1)

    
     9   

SOLE DISPOSITIVE POWER

 

    0 shares

    
   10   

SHARED DISPOSITIVE POWER

 

    3,857,171 shares (1)

    

11

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

    3,857,171 shares (1)

    

12

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES

 

   ¨

13

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

    36.3% (2)

    

14

 

TYPE OF REPORTING PERSON

 

    OO

    

(1) The reporting person above is also the beneficial owner of 1,063,830 shares of Series D Convertible Preferred Stock which are not convertible into Common Stock.

(2) Based on 10,614,585 shares outstanding as of May 4, 2011, as reported in the Company’s Quarterly Report on Form 10-Q filed with the Commission on May 12, 2011.


This Amendment No. 19 to the Schedule 13D (“Amendment No. 19”) relating to Nobel Learning Communities, Inc., a Delaware corporation (the “Company”), is being filed on behalf of the undersigned to amend the Schedule 13D filed with the Securities and Exchange Commission (the “Commission”) on January 14, 1998, as amended (as amended, the “Schedule 13D”).

Capitalized terms used and not defined herein have the same meaning as in the Schedule 13D. Except as specifically provided herein, this Amendment No. 19 does not modify any of the information previously reported on the Schedule 13D.

 

Item 2. Identity and Background.

Item 2 is hereby amended and supplemented in relevant part as follows:

Knowledge Universe Education LLC (“KUE LLC”), a Delaware limited liability company, was formerly known as Knowledge Learning Corporation, a Delaware corporation, and was converted from a Delaware corporation into a Delaware limited liability company.

Knowledge Universe LLC, a California limited liability company, was formerly known as Ridgeview Associates, LLC.

The Board of Directors of KUE LLC consists of Elanna Yalow, Adam Cohn, Ralph Finerman and Stanley E. Maron. The executive officers of KUE LLC are: Adrian Downes, Executive Vice President and Chief Financial Officer, and Elizabeth Large, Executive Vice President and General Counsel. The address of the principal business and principal office of KUE LLC and each of its executive officers named above is 650 NE Holladay Street, Suite 1400, Portland, OR 97232.

During the last five years, none of the KUE Entities (as defined in Amendment No. 17 to this Schedule 13D) or any of the executive officers or directors of KUE LLC has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors), nor has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceedings is or was subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.

 

Item 4. Purpose of the Transaction.

Item 4 is hereby amended and supplemented in relevant part as follows:

On May 17, 2011, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Academic Acquisition Corp. (“Parent”) and Academic Merger Sub, Inc. (“Merger Sub”), providing for the merger of Merger Sub with and into the Company (the “Merger”). Concurrently with the execution of the Merger Agreement, Blesbok LLC (“Blesbok”) entered into a Voting Agreement, dated as of May 17, 2011 (the “Voting Agreement”), with Parent, pursuant to which, among other things, Blesbok agreed to vote its shares of Common Stock of the Company (the “Shares”) in favor of adoption and approval of the Merger Agreement. The information contained in Item 6 and the Voting Agreement, a copy of which is filed herewith as Exhibit 2, are incorporated herein by reference.

 

Page 4 of 8


Upon consummation of the Merger, the Reporting Persons will cease to beneficially own any securities of the Company. There can be no assurance that the Merger Agreement will be adopted and approved or that the Merger or any other transactions contemplated by the Merger Agreement will occur.

Although the foregoing reflects activities presently contemplated by the Reporting Persons with respect to the Company, the foregoing is subject to change at any time. Except as set forth above, the Reporting Persons do not have any present plans or intentions which would result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

 

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 is hereby amended and supplemented in relevant part as follows:

Concurrently with the execution of the Merger Agreement, Parent and Blesbok entered into the Voting Agreement. Pursuant to the Voting Agreement, Blesbok agreed, among other things, prior to the Expiration Date (as defined in the Voting Agreement), at any meeting of the stockholders of the Company or any adjournment or postponement thereof with respect to the Merger, the Merger Agreement or any Takeover Proposal (as defined in the Voting Agreement) (a) to appear at such meeting, and (b) to vote (or cause to be voted) the Shares in favor of adoption and approval of the Merger Agreement and against any Takeover Proposal. Pursuant to the Voting Agreement, until the Expiration Date, Blesbok also (i) agreed, subject to certain exceptions, that it would not, directly or indirectly sell, assign, transfer, tender or otherwise dispose of any Shares, (ii) granted Parent an irrevocable proxy with respect to the Shares, to vote the Shares solely with respect to the matters described above, (iii) agreed that it would not (A) solicit, initiate or knowingly encourage, or take other action to facilitate, any inquiries, or make any proposal that constitutes, or may reasonably be likely to lead to, any Takeover Proposal, (B) participate in any discussions or negotiations regarding, or that may reasonably be likely to lead to, any Takeover Proposal, (C) enter into any agreement with respect to a Takeover Proposal, (D) solicit proxies, become a “participant” in a “solicitation” or take any action to facilitate a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) with respect to any Takeover Proposal, (E) initiate a stockholders’ vote or action by consent of the Company’s stockholders with respect to any Takeover Proposal, or (F) become a member of a “group” (as such term is used in Rule 13d-5(b)(1) of the Exchange Act) with respect to any voting securities of the Company that takes any action in support of any Takeover Proposal, and (iv) waived, and agreed not to exercise or assert, any appraisal rights under Section 262 of the Delaware General Corporation Law in connection with the Merger. A copy of the Voting Agreement is filed herewith as Exhibit 2, and is incorporated herein by reference.

Also in connection with the Merger Agreement, Blesbok and the Company entered into a Letter Agreement pursuant to which, among other things, the Company agreed that without the prior written consent of Blesbok, it would not to amend, modify, or waive any provision of the Merger Agreement (or amend or modify the Certificate of Designation, Preferences and Rights of the Series D Preferred Stock) in a manner that would decrease the amount of Series D Merger Consideration (as defined in the Letter Agreement) or otherwise adversely affect the treatment of the Series D Preferred Stock in the Merger. The Company also agreed to afford Blesbok with certain rights in connection with the Company’s proxy statement

 

Page 5 of 8


to be filed in connection with the Merger and to take certain actions in connection with the certificates representing the Shares. A copy of the Letter Agreement is filed herewith as Exhibit 3, and is incorporated herein by reference.

 

Item 7. Material Exhibits to be Filed.

 

Exhibit 1:   Joint Filing Agreement, dated as of September 22, 2008 (incorporated by reference to Exhibit 1 to Amendment No. 17 to Schedule 13D filed by the Reporting Persons on September 22, 2008)
Exhibit 2:   Voting Agreement, dated as of May 17, 2011, between Parent and Blesbok
Exhibit 3:   Letter Agreement, dated as of May 17, 2011, between the Company and Blesbok

[Signature Page Follows]

 

Page 6 of 8


SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this Statement is true, complete and correct.

 

Date: May 18, 2011  

KNOWLEDGE UNIVERSE EDUCATION LLC,

a Delaware limited liability company

 

/s/ David S. Kyman

By: David S. Kyman

Its: Assistant Corporate Secretary

Date: May 18, 2011  

ET HOLDINGS, L.L.C.,

a Delaware limited liability company

 

/s/ Stanley E. Maron

By: Stanley E. Maron

Its: Secretary

Date: May 18, 2011  

HAMPSTEAD ASSOCIATES, L.L.C.,

a Delaware limited liability company

 

/s/ Stanley E. Maron

By: Stanley E. Maron

Its: Secretary

Date: May 18, 2011  

BLESBOK LLC,

a Delaware limited liability company

 

/s/ Stanley E. Maron

By: Stanley E. Maron

Its: Secretary

Date: May 18, 2011  

KNOWLEDGE UNIVERSE LLC,

a California limited liability company

 

/s/ Stanley E. Maron

By: Stanley E. Maron

Its: Secretary

Date: May 18, 2011  

 

/s/ Michael R. Milken

Michael R. Milken,

an individual

Date: May 18, 2011  

 

/s/ Lowell J. Milken

Lowell J. Milken,

an individual

 

Page 7 of 8


Exhibit Index

 

Exhibit 1:    Joint Filing Agreement, dated as of September 22, 2008 (incorporated by reference to Exhibit 1 to Amendment No. 17 to Schedule 13D filed by the Reporting Persons on September 22, 2008)
Exhibit 2:    Voting Agreement, dated as of May 17, 2011, between Parent and Blesbok
Exhibit 3:    Letter Agreement, dated as of May 17, 2011, between the Company and Blesbok

 

Page 8 of 8

EX-2 2 dex2.htm VOTING AGREEMENT Voting Agreement

Exhibit 2

EXECUTION COPY

VOTING AGREEMENT

THIS VOTING AGREEMENT (“Agreement”), dated as of May 17, 2011, is made by and between Academic Acquisition Corp., a Delaware corporation (“Parent”), and the undersigned holder (the “Stockholder”) of shares of common stock, par value $0.001 per share (the Common Stock”), and Series D Convertible Preferred Stock, par value $0.001 per share (the “Preferred Stock”), of Nobel Learning Communities, Inc., a Delaware corporation (the “Company”).

WHEREAS, Parent, Academic Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), and the Company have entered into an Agreement and Plan of Merger, dated as of even date herewith (as such agreement may be subsequently amended or modified (with the consent of the Stockholder, to the extent required by this Agreement), the “Merger Agreement”), providing for the merger of Merger Sub with and into the Company (the “Merger”);

WHEREAS, the Stockholder beneficially owns (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and has sole voting power with respect to the number of shares of Common Stock and Preferred Stock indicated opposite the Stockholder’s name on Schedule 1 attached hereto (together with any New Shares (defined in Section 3 below), the “Shares”);

WHEREAS, as an inducement and a condition to the willingness of Parent and Merger Sub to enter into the Merger Agreement, and in consideration of the substantial expenses incurred and to be incurred by them in connection therewith, the Stockholder has agreed to enter into and perform this Agreement; and

WHEREAS, all capitalized terms used in this Agreement without definition herein shall have the meanings ascribed to them in the Merger Agreement.

NOW, THEREFORE, in consideration of, and as a condition to, Parent entering into the Merger Agreement and proceeding with the transactions contemplated thereby, and in consideration of the expenses incurred and to be incurred by Parent in connection therewith, the Stockholder and Parent agree as follows:

1. Agreement to Vote Shares. The Stockholder agrees that, prior to the Expiration Date (as defined in Section 2 below), at any meeting of the stockholders of the Company or any adjournment or postponement thereof with respect to the Merger, the Merger Agreement or any Takeover Proposal, the Stockholder shall:

(a) appear at such meeting or otherwise cause the Shares to be counted as present thereat for purposes of calculating a quorum; and

(b) from and after the date hereof until the Expiration Date, vote (or cause to be voted) all of the Shares that such Stockholder shall be entitled to so vote: (i) in favor of adoption and approval of the Merger Agreement and all other matters contemplated by the Merger Agreement as to which stockholders of the Company are called upon to vote in favor of to the extent that any such matters are necessary for the consummation of the


Merger and the other transactions contemplated by the Merger Agreement in accordance with its terms; and (ii) against any Takeover Proposal, or any agreement, transaction or other matter that is intended to, or would reasonably be expected to, impede, interfere with, delay, postpone, discourage or materially and adversely affect the consummation of the Merger and all other material transactions contemplated by the Merger Agreement. The Stockholder shall not take or commit or agree to take any action inconsistent with the foregoing.

Except as set forth in this Section 1, the Stockholder shall not be restricted from voting in favor of, against or abstaining with respect to any matter presented to the stockholders of the Company. In addition, nothing in this Agreement shall give Parent, Merger Sub or any of its respective officers or designees the right to vote any Shares in connection with the election of directors.

2. Expiration Date; Termination. As used in this Agreement, the term “Expiration Date” shall mean the earliest to occur of (a) the Effective Time, (b) such date and time as the Merger Agreement shall be terminated pursuant to Article VII thereof, (c) upon mutual written agreement of the parties to terminate this Agreement or (d) at the election of the Stockholder, 120 days after the date hereof, unless, on such date, either (i) the Education and Childcare Approvals have not been obtained (other than due to the failure of Parent or Company to comply with their respective obligations under Section 5.03 of the Merger Agreement), or (ii) the Stockholders’ Meeting has not been held due to SEC review of the Proxy Statement and delays resulting therefrom (other than delays caused by the failure of the Company or Parent to comply with their respective obligations under Section 5.01(a) of the Merger Agreement), in either of which cases, the elective Expiration Date under this clause (d) shall be extended to 180 days after the date hereof. The Stockholder shall also have the right to terminate this Agreement at any time by written notice to Parent if any of the terms of the Merger Agreement are amended, modified or waived without the written consent of Stockholder if such amendment, modification or waiver (A) creates any additional condition to the obligation of Parent and Merger Sub to consummate, or otherwise materially delays, the Merger, (B) changes the consideration payable with respect to the Shares pursuant to the Merger Agreement in a manner adverse to the Stockholder (for the avoidance of doubt, a decrease in the amount, or any material delay in the receipt, of such consideration or a change in form of such consideration to anything other than cash shall be considered adverse to the Stockholder), (C) extends the End Date under the Merger Agreement, or (D) otherwise adversely affects the Stockholder in its capacity as a stockholder of the Company. Upon termination or expiration of this Agreement for any reason (including upon the Expiration Date), no party shall have any further obligations or liabilities under this Agreement; provided, however, such termination or expiration shall not relieve any party from liabilities or damages arising out of the willful and material breach by such party of any of its representations, warranties, covenants or other agreements contained in this Agreement.

3. Additional Purchases. The Stockholder agrees that any shares of capital stock of the Company that the Stockholder or its Subsidiaries or controlled or controlling Affiliates (or any controlled Affiliate of any controlling Affiliate) purchases or with respect to which the Stockholder or its Subsidiaries or controlled or controlling Affiliates (or any controlled Affiliate of any controlling Affiliate) otherwise acquires beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) after the execution of this Agreement and prior to the Expiration Date

 

2


(“New Shares”), shall be subject to the terms and conditions of this Agreement to the same extent as if they constituted Shares as of the date hereof and the representation and warranties in Section 5 below shall be true and correct as of the date that beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of such New Shares is acquired. The Stockholder agrees to promptly notify Parent in writing of the acquisition and number of any New Shares. For the avoidance of doubt, for purposes of this Agreement, (i) the Company shall not be considered a controlled or controlling Affiliate of the Stockholder and (ii) those persons who are identified in the Stockholder’s Schedule 13D filed on July 18, 2008, as amended, as having, or who are identified as possibly being deemed to have, beneficial ownership of the Shares held by the Stockholder, or as being in common control with the Stockholder, shall be considered to be “controlling Affiliates” of the Stockholder.

4. Agreement to Retain Shares. From and after the date hereof until the Expiration Date, except as expressly permitted by this Agreement, the Stockholder shall not, directly or indirectly: (a) sell, assign, transfer, tender, or otherwise dispose of (including, without limitation, by the creation of a Lien (as defined in Section 5(c) below)) any Shares, (b) deposit any Shares into a voting trust or enter into a voting agreement or similar arrangement with respect to such Shares or grant any proxy or power of attorney with respect thereto, (c) enter into any contract, option, commitment or other arrangement or understanding with respect to the direct or indirect sale, transfer, assignment or other disposition of (including, without limitation, by the creation of a Lien (as defined in Section 5(c) below)) any Shares, or (d) take any action that would make any representation or warranty of the Stockholder contained herein untrue or incorrect or have the effect of preventing or disabling the Stockholder from performing the Stockholder’s obligations under this Agreement. Notwithstanding the foregoing, the Stockholder may make transfers (i) to its members or its controlled or controlling Affiliates or to controlled or controlling Affiliates of such members, in each case if but only if the transferee agrees in writing, prior to and as a condition to such transfer, (x) to be bound by the terms and conditions of this Agreement to the same extent as if it were the “Stockholder” hereunder (including without limitation, by making all of the representations and warranties of the Stockholder hereunder as of the date of such transfer), and (y) that Blesbok LLC shall serve as such transferee’s irrevocable representative, agent and attorney-in-fact for all purposes under the Agreement, with Blesbok LLC having the power and authority to take such actions on behalf of each such transferee as Blesbok LLC, in its sole judgment, may deem to be appropriate on all matters related to or arising from the Agreement (and (A) Blesbok LLC shall agree to serve in such capacity and (B) such power of attorney appointing Blesbok LLC as irrevocable attorney-in-fact shall be coupled with an interest and the death or incapacity of any transferee shall not terminate or diminish the authority and agency of Blesbok LLC in its capacity as such attorney-in-fact), (ii) to one or more charitable organizations qualifying under Section 501(c)(iii) of the Internal Revenue Code of 1986, as amended, free and clear of any obligations hereunder; provided, however, that the aggregate of all such transfers under this clause (ii) shall not exceed 150,000 Shares, and (iii) as Parent may otherwise agree in writing in its sole and absolute discretion. The Stockholder shall provide Parent with prompt written notice of any proposed transfer under this Section 4.

 

3


5. Representations and Warranties of the Stockholder. The Stockholder hereby represents and warrants to Parent as follows:

(a) the Stockholder has the full power and authority to execute and deliver this Agreement and to perform the Stockholder’s obligations hereunder;

(b) this Agreement (assuming this Agreement constitutes a valid and binding agreement of Parent) has been duly executed and delivered by or on behalf of the Stockholder and constitutes a valid and binding agreement with respect to the Stockholder, enforceable against the Stockholder in accordance with its terms, except as enforcement may be limited by general principles of equity whether applied in a court of law or a court of equity and by bankruptcy, insolvency and similar laws affecting creditors’ rights and remedies generally;

(c) the Stockholder beneficially owns the number of Shares indicated opposite such Stockholder’s name on Schedule 1, free and clear of any liens, claims, charges or other encumbrances or restrictions of any kind whatsoever (“Liens”), and has sole or otherwise unrestricted, voting power with respect to such Shares, and none of the Shares are subject to any voting trust or other agreement, arrangement, or restriction with respect to the voting of the Shares, except as contemplated by this Agreement;

(d) the execution and delivery of this Agreement by the Stockholder does not, and the performance by the Stockholder of its obligations hereunder and the compliance by the Stockholder with any provisions hereof will not, violate or conflict with, result in a material breach of or constitute a default (or an event that with notice or lapse of time or both would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on any Shares pursuant to, any agreement, instrument, note, bond, mortgage, contract, lease, license, permit or other obligation or any order, arbitration award, judgment or decree to which the Stockholder is a party or by which the Stockholder is bound, or any law, statute, rule or regulation to which the Stockholder is subject or, in the event that the Stockholder is a corporation, partnership, trust or other entity, any bylaw or other organizational document of the Stockholder; and

(e) the execution and delivery of this Agreement by the Stockholder does not, and the performance of this Agreement by the Stockholder does not and will not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental or regulatory authority by the Stockholder, except for applicable requirements, if any, of the Exchange Act, and except where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications, would not prevent or delay the performance by the Stockholder of his, her or its obligations under this Agreement in any material respect.

6. Irrevocable Proxy. Subject to the last sentence of this Section 6, by execution and delivery of this Agreement, the Stockholder does hereby appoint Parent, with full power of substitution and resubstitution, as the Stockholder’s true and lawful attorney and irrevocable proxy, to the fullest extent of the Stockholder’s rights with respect to the Shares, to vote each of the Shares solely with respect to the matters set forth in Section 1 hereof. The Stockholder intends this proxy to be irrevocable and coupled with an interest hereunder until the Expiration Date, at which time this irrevocable proxy shall automatically terminate. Notwithstanding

 

4


anything to the contrary provided herein, this proxy shall be effective only if the Stockholder (A) fails to appear or otherwise fails to cause the Shares to be counted as present for purposes of calculating a quorum at a meeting of stockholders duly called for the purposes set forth in Section 1, or (B) fails to vote the Shares in accordance with Section 1, in each case at least forty-eight (48) hours prior to the date of the applicable stockholders’ meeting. The Stockholder hereby revokes any proxies previously granted by the Stockholder with respect to the Shares, and represents to Parent that none of such previously-granted proxies are irrevocable.

7. No Solicitation. From and after the date hereof until the Expiration Date, Stockholder shall not, nor shall it permit any of its Subsidiaries or controlled or controlling Affiliates (or any controlled Affiliate of any controlling Affiliate) to, nor shall it authorize any officer, director, member or representative of, Stockholder or any of its Subsidiaries or controlled or controlling Affiliates (or any controlled Affiliate of any controlling Affiliate) to, (a) solicit, initiate or knowingly encourage (including by way of furnishing non-public information or other assistance), or take other action to facilitate, any inquiries, or make any proposal that constitutes, or may reasonably be likely to lead to, any Takeover Proposal (other than the Merger Agreement), (b) participate in any discussions or negotiations regarding, or that may reasonably be likely to lead to, any Takeover Proposal (other than the Merger Agreement), (c) enter into any agreement with respect to a Takeover Proposal (other than the Merger Agreement), (d) solicit proxies, become a “participant” in a “solicitation” or take any action to facilitate a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) with respect to any Takeover Proposal (other than the Merger Agreement), (e) initiate a stockholders’ vote or action by consent of the Company’s stockholders with respect to any Takeover Proposal (other than the Merger Agreement), or (f) become a member of a “group” (as such term is used in Rule 13d-5(b)(1) of the Exchange Act) with respect to any voting securities of the Company that takes any action in support of any Takeover Proposal (other than the Merger Agreement).

8. Waiver of Appraisal Rights. The Stockholder hereby waives, and agrees not to exercise or assert, any appraisal rights under Section 262 of the DGCL in connection with the Merger.

9. No Limitation on Discretion as Fiduciary. Notwithstanding anything herein to the contrary, the covenants and agreements set forth herein shall not prevent the Stockholder, any of its Affiliates, or any of their respective officers, directors, employees or representatives, (a) if the Stockholder, any of its Affiliates or any of their respective officers, directors, employees or representatives is serving on the Board of Directors of the Company, from exercising his, her or its duties and obligations as a director of the Company or otherwise taking any action, subject to the applicable provisions of the Merger Agreement, while acting in such capacity as a director of the Company, or (b) if the Stockholder, any of its Affiliates, or any of their respective officers, directors, employees or representatives is serving as a trustee or fiduciary of any ERISA plan or trust, from exercising his, her or its duties and obligations as a trustee or fiduciary of such ERISA plan or trust.

10. Specific Enforcement. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof or was otherwise breached and that money damages or other legal remedies would not be an adequate remedy for any such damages. It is accordingly agreed that the parties shall

 

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be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, in any state or federal court in any competent jurisdiction, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of any bond with respect to any such remedy are hereby waived.

11. Further Assurances. The Stockholder shall, from time to time, execute and deliver, or cause to be executed and delivered, such additional or further consents, documents and other instruments as Parent may reasonably request for the purpose of effectively carrying out the transactions contemplated by this Agreement. Parent represents and warrants to the Stockholder that the voting agreements between Parent and other stockholders of the Company entered into in connection with the Merger are not materially more favorable to such stockholders than the terms of this Agreement.

12. Notice. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or sent by overnight courier (providing proof of delivery) to Parent in accordance with Section 8.02 of the Merger Agreement and to each Stockholder at its address set forth on Schedule 1 attached hereto (or at such other address for a party as shall be specified by like notice). The Stockholder shall be required to give Parent prompt (and in any event within forty-eight hours) written notice of any breaches of any representation, warranty, covenant or agreement of the Stockholder set forth in Sections 3, 4 or 5 of this Agreement.

13. Severability. If any term or other provision of this Agreement is determined to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.

14. Binding Effect and Assignment. All of the covenants and agreements contained in this Agreement shall be binding upon, and inure to the benefit of, the respective parties and their permitted successors, assigns, heirs, executors, administrators and other legal representatives, as the case may be. This Agreement may not be assigned by any party hereto without the prior written consent of the other party hereto; provided, however, that, notwithstanding the foregoing, Parent may assign its rights and obligations under this Agreement to any Subsidiary wholly owned by it.

15. No Waivers. No waivers of any breach of this Agreement extended by Parent to the Stockholder shall be construed as a waiver of any rights or remedies of Parent with respect to any other stockholder of the Company who has executed an agreement substantially in the form of this Agreement with respect to Shares held or subsequently held by such stockholder or with respect to any subsequent breach of the Stockholder or any other such stockholder of the

 

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Company. No waiver of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by any such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.

16. Governing Law; Jurisdiction and Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to its rules of conflict of laws. The parties hereto hereby irrevocably and unconditionally consent to and submit to the exclusive jurisdiction of the courts of the State of Delaware and of the United States of America located in such state (the “Delaware Courts”) for any litigation arising out of or relating to this Agreement and the transactions contemplated hereby (and agree not to commence any litigation relating thereto except in such courts), waive any objection to the laying of venue of any such litigation in the Delaware Courts and agree not to plead or claim in any Delaware Court that such litigation brought therein has been brought in any inconvenient forum.

17. Waiver of Jury Trial. The parties hereto hereby waive any right to trial by jury with respect to any action or proceeding related to or arising out of this Agreement, any document executed in connection herewith and the matters contemplated hereby and thereby.

18. No Agreement Until Executed. Irrespective of negotiations among the parties or the exchanging of drafts of this Agreement, this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties hereto unless and until (a) the Board of Directors of the Company has approved, for purposes of any applicable anti-takeover laws and regulations, and any applicable provision of the Company’s certificate of incorporation and bylaws, and for purposes of its Rights Agreement, the transactions contemplated by the Merger Agreement and this Agreement, (b) the Merger Agreement is executed by all parties thereto, and (c) this Agreement is executed by all parties hereto.

19. Entire Agreement; Amendment. This Agreement supersedes all prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof and contains the entire agreement among the parties with respect to the subject matter hereof. This Agreement may not be amended, supplemented or modified, and no provisions hereof may be modified or waived, except by an instrument in writing signed by each party hereto.

20. Expenses. On or promptly following the Closing Date, Parent shall reimburse the Stockholder for the out-of-pocket expenses incurred by Stockholder in connection with the negotiation, execution and delivery of this Agreement and review and consideration of the Merger Agreement by the Stockholder, including but not limited to attorneys’ fees and expenses relating to the foregoing (collectively, “Expenses”); provided, however, that Parent shall not be required to reimburse the Stockholder for Expenses exceeding an aggregate of $50,000. For the avoidance of doubt, Parent shall have no reimbursement obligation under this Section 20 unless and until the Closing shall have occurred.

21. Effect of Headings. The section headings herein are for convenience only and shall not affect the construction of interpretation of this Agreement.

 

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22. Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile or other electronic transmission), each of which will be deemed an original but all of which together shall constitute one and the same instrument.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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EXECUTED as of the date first above written.

 

BLESBOK LLC
By:  

/s/ Stanley E. Maron

Name:  

Stanley E. Maron

Title:  

Secretary

ACADEMIC ACQUISITION CORP.
By:  

/s/ Carter Harned

Name:  

Carter Harned

Title:  

Executive Vice President, Treasurer

 

and Secretary

[Signature Page to Voting Agreement]


SCHEDULE 1

 

                    Stockholder Address   

Shares

1250 Fourth Street, Suite 550

Santa Monica, CA 90401

  

3,857,171 Common Stock

1,063,830 Series D Preferred Stock

EX-3 3 dex3.htm LETTER AGREEMENT Letter Agreement

Exhibit 3

BLESBOK LLC

1250 FOURTH STREET, SUITE 550

SANTA MONICA, CA 90401

May 17, 2011

Nobel Learning Communities Inc.

1615 W. Chester Pike, Suite 200

Westchester, PA 19382-6223

Gentlemen,

In connection with that certain Agreement and Plan of Merger dated as of May 17, 2011 among Academic Acquisition Corp. (“Parent”), Academic Merger Sub, Inc. (“Merger Sub”) and Nobel Learning Communities, Inc. (“Company”) (the “Merger Agreement”) the undersigned (“Stockholder”) would like to memorialize its agreement with the Company as to certain matters as set forth below. Capitalized terms not otherwise defined shall have the meanings provided in the Merger Agreement.

 

1. Without the prior written consent of the Stockholder, Company agrees not to amend, modify, or waive any provision of the Merger Agreement (or amend or modify the Certificate of Designation, Preferences and Rights of the Series D Preferred Stock) in a manner that would decrease the amount of Series D Merger Consideration or otherwise adversely affect the treatment of the Series D Preferred Stock in the Merger.

 

2. In connection with the preparation of the Proxy Statement as contemplated by the Merger Agreement, the Company will afford the Stockholder and its counsel with the reasonable and timely opportunity to review and comment on drafts that are circulated to Parent for review, or such other drafts as Company may choose, or any draft that is proposed to be filed with the SEC. The Company agrees to consider the comments provided by the Stockholder in good faith and not to unreasonably reject any suggestions. Stockholder acknowledges that notwithstanding the right granted in the preceding sentences to review and comment on any such draft materials, the Company is not required to accept any proposed changes or otherwise obtain the approval of Stockholder with respect thereto.

 

3. Stockholder has advised the Company that one or more of the stock certificates evidencing its ownership of the Company’s Common Stock has been lost. Company agrees that so long as Stockholder has executed its customary lost certificate indemnity agreement ( a copy of which has been provided to Stockholder previously) it will not require that any bond be posted in order to issue a replacement certificate. Company further agrees to provide the transfer agent with such customary certificates, or indemnities as may be required in connection with the foregoing.


BLESBOK LLC
By  

/s/ Stanley E. Maron

Its  

Secretary

 

Accepted and Agreed to:
NOBEL LEARNING COMMUNITIES, INC.
By  

/s/ George H. Bernstein

Its  

President and Chief Executive Officer