Option Agreement

EX-10.15 5 k70283exv10w15.txt OPTION AGREEMENT EXHIBIT 10.15 JACOBSON PARTNERS 595 Madison Avenue Suite 3100 New York, New York 10022-1907 -- TEL ###-###-#### FAX: (212) 758-4567 September 5, 2001 Mr. Leonard C. Tylka One Glen Court Monmouth Junction, NJ 08852 Dear Len: I am pleased to inform you that effective September 1, 2001, you shall receive 20,000 additional Childtime Learning Center's, Inc. stock options in consideration of the services you have rendered to Childtime Learning Centers over the past eight months. These options will have an exercise price of $11 per share, shall vest on September 1, 2002, and will expire on September 1, 2006. These options will vest immediately in the event a change in control of the ownership of the Company occurs prior to September 1, 2002. Sincerely, /s/ George A. Kellner George A. Kellner cc: Al Novas James J. Morgan Denise Pollicella