ALLONGE TO PROMISSORY NOTE This instrument is an Allonge to Promissory Note, entered into as of the 13th day of February, 2002, by and between the undersigned, Benno C. Schmidt, Jr. (the "Maker"), and EDISON SCHOOLS INC. (successor to THE EDISON PROJECT L.P.), a Delaware corporation (the "Lender"). WITNESSETH: Reference is hereby made to that certain promissory note dated June 5, 1992 executed by the Maker in favor of the Lender in the original principal amount of $1,600,000, as amended by those certain Letter Agreements dated March 15, 1995, May 1, 1996, March 1, 1997 and December 15, 1997 and that certain Allonge to Promissory Note dated as of October 5, 1999 (the "Note"). NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Maker and the Lender hereby agree as follows: 1. The Note is hereby amended to provide that the Loan evidenced by the Note and any interest accrued thereon shall be due and payable on the first to occur of (i) June 15, 2002 or (ii) the date on which Maker's employment by Lender is terminated. 2. Except as amended herein, the Note shall remain in full force and effect. IN WITNESS WHEREOF, the Maker and the Lender have caused this instrument to be duly executed as of this 13th day of February, 2002. /s/ Benno C. Schmidt, Jr ---------------------------- Benno C. Schmidt, Jr. EDISON SCHOOLS INC. By: /s/ H. Christopher Whittle --------------------------------- H. Christopher Whittle President and Chief Executive Officer ALLONGE TO PROMISSORY NOTE This instrument is an Allonge to Promissory Note, entered into as of the 13th day of February, 2002, by and between the undersigned, Benno C. Schmidt, Jr. (the "Maker"), and EDISON SCHOOLS INC. (successor to THE EDISON PROJECT L.P.), a Delaware corporation (the "Lender"). WITNESSETH: Reference is hereby made to that certain promissory note dated January 23, 1996 executed by the Maker in favor of the Lender in the original principal amount of $200,000, as amended by those certain Letter Agreements dated March 1, 1997 and December 15, 1997 and that certain Allonge to Promissory Note dated as of October 5, 1999 (the "Note"). NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Maker and the Lender hereby agree as follows: 1. The Note is hereby amended to provide that the Loan evidenced by the Note and any interest accrued thereon shall be due and payable on the first to occur of (i) June 15, 2002 or (ii) the date on which Maker's employment by Lender is terminated. 2. Except as amended herein, the Note shall remain in full force and effect. IN WITNESS WHEREOF, the Maker and the Lender have caused this instrument to be duly executed as of this 13th day of February, 2002. /s/ Benno C. Schmidt, Jr ---------------------------- Benno C. Schmidt, Jr. EDISON SCHOOLS INC. By: /s/ H. Christopher Whittle --------------------------------- H. Christopher Whittle President and Chief Executive Officer
Promissory Note - Edison Schools Inc. and Benno C. Schmidt Jr.
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