Oral Agreement Description Between Dr. David C. Collins and Learning Tree International Inc.
Dr. David C. Collins and Learning Tree International Inc. have an oral agreement under which Dr. Collins will serve as Chairman of the Board, receiving an annual compensation of one dollar. He is expected to dedicate about 25% of his time to this role, focusing on special projects and managing a $200,000 charitable budget with oversight from the Board's Nominating and Governance Committee. Previously, Dr. Collins was the company's full-time CEO.
EXHIBIT 10.17
WRITTEN DESCRIPTION OF ORAL AGREEMENT BETWEEN DR. DAVID C. COLLINS AND
LEARNING TREE INTERNATIONAL INC.
As announced in the Company’s Form 8-K filed on September 27, 2005, Dr. David C. Collins will remain as Chairman of the Board with an annual compensation of one dollar per year.
The Chairman is expected to spend approximately 25% of his time on his duties, which include special projects and overseeing (with the concurrence of the Nominating and Governance Committee of the Company’s Board of Directors) a charitable budget for Learning Tree of $200,000. Prior to October 2005, the Chairman was employed on a full time basis as the Chief Executive Officer of Learning Tree.
