FIRST AMENDMENT to the SERVICE LEVEL AGREEMENT
Exhibit 99.1
FIRST AMENDMENT to the SERVICE LEVEL AGREEMENT
This Amendment (“Amendment”) is made this 12th day of November 2009, 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 (the “Agreement”); and
WHEREAS the parties with to amend the Agreement;
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 January 1, 2010. | ||
| 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/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | |||
| Name: | ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | |||
| Title: | Chief Financial Officer | |||
| BROADVIEW INSTITUTE, INC. |
||||
| By: | /s/ ▇▇▇▇ ▇▇▇▇▇ | |||
| Name: | ▇▇▇▇ ▇▇▇▇▇ | |||
| Title: | Chief Executive Officer | |||
Attachments
1. Revised Schedule of Related Fees
Revised Schedule of Related Fees
| Annual Fees | ||||||||
| Services Supplied By: | Paid by | |||||||
| Broadview | GU/MSB | Broadview | ||||||
Facilities & Infrastructure: |
— | |||||||
∞ Buildings |
X | $ | ||||||
∞ Furniture and Equipment |
X | — | ||||||
∞ Information Technology |
X | 78,838 | ||||||
Departments / Functions: |
||||||||
∞ Executive Leadership |
X | X | 44,640 | |||||
∞ Finance / Financial Aid |
X | X | 139,618 | |||||
∞ Corporate Operations |
X | X | 54,799 | |||||
∞ Human Resources/Training |
X | 52,712 | ||||||
∞ Academic & Student Relations |
X | 200,635 | ||||||
∞ Corporate Marketing |
X | 106,789 | ||||||
∞ Government Relations |
X | 39,263 | ||||||
∞ Information Technology |
X | X | 105,710 | |||||
∞ Compliance |
X | 20,727 | ||||||
∞ On-Line Education |
X | X | 56,832 | |||||
TOTAL PER YEAR |
$ | 900,563 | ||||||
TOTAL PER MONTH |
$ | 75,047 | ||||||