SECOND AMENDMENT to the SERVICE LEVEL AGREEMENT

Contract Categories: Business Operations - Services Agreements
EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm
EXHIBIT 10.1
 
SECOND AMENDMENT to the SERVICE LEVEL AGREEMENT


This Amendment (“Amendment”) is made this 14th day of November, 2012, by and between Globe University, Inc. and Minnesota School of Business, Inc., Minnesota corporations (collectively “GU/MSB”), and Broadview Institute, Inc. a Minnesota corporation (“Purchaser”).

RECITALS

WHEREAS GU/MSB and Purchaser are parties to that certain Service Level Agreement dated June 30, 2008 (as amended, modified, restated or extended from time to time, the “Agreement”); and

WHEREAS the parties wish to enter into this Amendment to amend certain provisions of the Agreement, subject to the terms and conditions set forth herein;

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, the parties agree as follows:

 
1.
Effective Date.  The effective date of this Amendment will be October 1, 2012.

 
2.
Attachments.  The Schedule of Related Fees shall be replaced in its entirety with the Revised Schedule of Related Fees attached hereto.

 
3.
Affirmation.  Except as expressly amended hereby, the Agreement shall continue in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized representatives on the day and year first above written.
 
 
GLOBE UNIVERSITY, INC.
MINNESOTA SCHOOL OF BUSINESS, INC.
  
       
 
By:
/s/ Kenneth J. McCarthy  
  Name:  Kenneth J. McCarthy  
  Title: Chief Financial Officer  
       
 
 
BROADVIEW INSTITUTE, INC.
  
       
 
By:
/s/ Jeffrey D. Myhre  
  Name:  Jeffrey D. Myhre  
  Title: Chief Executive Officer  
       
 
 
 
 
 
Attachments

 
1.
Revised Schedule of Related Fees
 
Service Level Agreement
                  
2nd Amendment
                  
Revised Schedule of Related Fees
                  
                   
   
Services Supplied By:
    
Annual Fees
  
               
Paid by
  
   
Broadview
    
GU/MSB
    
Broadview
  
Facilities & Infrastructure:
                  
                   
∞   Buildings
     X           $ -  
                       
∞   Furniture and Equipment
     X             -  
                       
∞   Information Technology
             X       180,000  
                         
                         
Departments / Functions:
                        
                         
∞  Executive Leadership
     X       X       40,000  
                         
∞  Finance / Financial Aid
     X       X       90,000  
                         
∞  Corporate Operations
     X       X       30,000  
                         
∞  Human Resources/Training
             X       20,000  
                         
∞  Academic & Student Relations
     X       X       65,000  
                         
∞  Corporate Marketing/Admissions
             X       90,000  
                         
∞  Information Technology
     X       X       75,000  
                         
∞  Other
     X       X       10,000  
                         
                         
TOTAL PER YEAR
                   $ 600,000  
                         
TOTAL PER MONTH
                   $ 50,000