ThisSTUDENTCONTRACT(hereinafterreferredtoastheContract)ismadeon... InBelgrade,Serbia,between,ontheonehand, ..

(hereinafterreferredtoastheStudent) andontheotherhand FLAG International, LLC, 315 Severn Avenue, Annapolis, USA, represented by Peter Roberts, (hereinafterreferredtoastheFlag). BACKGROUND a) According to the Memorandum of Understanding (hereinafter referred to as the MEMORANDUM)betweenTexasA&MUniversityCommerce(hereinafterreferredtoasTAMU C) and the Economics Faculty, University of Belgrade (hereinafter referred to as EKOF), participantsobservedthatagrowingeconomyinSerbiaandthecountry'spreparationstoenter the European Union have caused a significant demand for US accredited business education. BusinessprofessionalsfromSerbiahaverecognizedthevalueofaMaster'sdegreeinBusiness Administration (MBA). The participants in this project are committed to ensuring these educationalopportunitiesareavailableinSerbiaandtheregion. Participants in this project enter into the MEMORANDUM for the common goal of improving opportunities for higher education in the field of business via Belgrade Graduate Business Programs(hereinafterreferredtoasBGBP).EKOFandTAMUCwilloffertheMBAdegreeand executiveeducationcoursesjointly. b) AccordingtoarticleV2ofMEMORANDUM,TAMUChasengagedFLAGInternationaltoserveas its "Local Agent." In this role, FLAG is responsible for the academic, operational, and financial management of the BGBP, on behalf of the TAMUC. FLAG will work closely with EKOF's designated Point of Contact to coordinate BGBP's promotions, events, administration and classes. BGBPMBAPROGRAM a) MBAcourseprovidedviaBGBP,accordingtocontentandmethodology,isthesameastheMBA programorganizedbyTAMUCatitshomeuniversity. b) BGBP MBA course is implemented as a socalled "double degree program. After successfully completing the course, students receive two degrees: Master of Business Administration providedbyTAMUCandMasterofManagementprovidedbyEKOF. c) Bothdiplomasarecertificateofsuccessfulcompletionofthemasterprogram,accreditedwith therelevantauthoritiesandassociations. BelgradeGraduateBusinessSchoolSTUDENTCONTRACT 1

 NOWTHERFORETHEPARTIESHEREBYAGREEASFOLLOWS: Article1 A. Purposesand Asacompanywhichiscommittedtoprovisionofqualityhigheducation Objectives inbusinessadministrationinSerbiaandtheregion,FLAGfacilitatesBGBP anditsMBAprogram,throughtheacademic,operational,andfinancial management, all in accordance with the abovementioned MEMORANDUM Article2 STUDENT desirous to attend modern, high quality, complete and internationallyrecognizededucationinordertoobtainMaster'sdegree inBusinessAdministration

B. Subject of the Contract

Article3 ThisContractstipulatesalltherightsandresponsibilitiesoftheFLAGon onesideandtheSTUDENTontheother; Article4 FLAG and the STUDENT enter into this Contract based on and in accordancewithabovementionedMEMORANDUM;

C. ContractPeriod

Article5 Parties to the Contract are in accordance with claim that the STUDENT hasenrolledinthe20112012academicyearandinCohort1ofBGBP's MBAprogram; Article6 ValidityofthecontractendswhentheStudentgraduatesorceasestobe a student of MBA studies provided via BGBP, otherwise in accordance with the Law, rules of Universities who are participating in the MEMORANDUMandotheracts;

D. Rightsand Responsibilities

Article7 FLAG is responsible for providing all necessary studying conditions in accordancewiththeMEMORANDUMpertainingtothecurricularandco curricularactivitiesandallnecessaryaccreditationattachedthereinsuch ascreditsanddegreesasprescribedbyLaw; Article8 FLAG undertakes to provide its duties with the highest standards of professionalandethicalcompetenceandintegrity; Article9 FLAGisentitledtoreceiveallnecessarypaymentsintheformoffeesas prescribedbythisContractinaccordancewithLaw; BelgradeGraduateBusinessSchoolSTUDENTCONTRACT 2

Article10 FLAGagreestoprovideallnecessaryfundsfortheStudenttocomplete his/herpursuedstudiesincaseofcessationofoperations; Article11 The STUDENT has rights and responsibility to attend all classes, exams and other curricular and cocurricular activities in accordance to rules andregulationsofuniversities; Article12 TheSTUDENThastheresponsibilitytopaytuitionfees; Article13 If the results of the STUDENT are not in accordance to the Studying Rules,He/SheisboundtoparticipateintheBGBPMBAcostsincurredfor the continuation of his studies in accordance with the Rules of the universities and relevant authorities. The Student agrees to accept necessary changes in the curriculum and the courses passed in accordancewiththeLaw,universitiesRulesandotheracts; Article14 RightsanddutiesoftheSTUDENTmaybeputonholdontheStudents requestinthecasesprescribedbytheUniversitieswhoareparticipating intheMEMORANDUMandotheracts;

E. Payment

Article15 TheSTUDENTagreestopaytuitionfeesaccordingtothepaymentplan attachedtothiscontractasAnnexA,whichisaninseparablepartofthis contract,andtheStudentagreesthathe/sheissubjecttotheannexof thiscontract; Article16 The Tuition fees, prescribed in Article 12, include lectures, exams and other curricular activities in order to provide a comfortable student learningexperience,allinaccordancewithUniversitiesrules; Article17 Thefeesdonotinclude:textbooksandstationeries;noranyexcursionor travel; nor accommodation, meal, transport, or any other costs related totheBGBPMBAprogramasprescribedintheArticle7ofthisContract; Article18 TheSTUDENTagreestopayinthestipulatedfeeintothespecifiedbank accountasisdescribedinAnnexBofthiscontract; Article19 TheSTUDENTmaynotregisterforacourseorenrollinthenextsemester prior to the full payment of his/her dues. The STUDENT shall not be BelgradeGraduateBusinessSchoolSTUDENTCONTRACT 3

entitledtoenterexamsifthefeesarenotpaidinfull; Article20 Should the STUDENT be late in paying his/her duties, FLAG will issue a written warning. If the Student does not pay his/her duties after the writtenwarning,theFLAGmayrescindthisContract.Shouldthecontract berescindedinthismanner,FLAGwillwithholdthefullamountpaidby theStudentuntilthatmoment.IncasetheStudentleavestheBGBPMBA courseforanyreason,he/sheissubjecttopay5%ofthetotalfee.;

F. Transitional andFinal Provisions

Article21 Any dispute arising out of this Contract, which cannot be amicably settledbetweentheparties,shallbereferredtoadjudicationtorelevant courtinBelgrade; Article22 This contract enters into force on the day of being signed by both parties; Article23 AnyamendmentsshouldberegulatedbyrevisingAnnexofthiscontract;

Thefollowingdocumentsattachedheretoshallbedeemedtoforman integralpartofthisdocument: AnnexA:TuitionPaymentPlan; AnnexB:SampleofStudentInvoice; Article24 Thiscontracthasbeenmadein3(three)equallybindingcopies,oneto theSTUDENTandtwotoFLAG; IN WITNESS WHEREOF, THE PARTIES HERETO HAVE CASUED THIS CONTRACT TO BE SIGNED IN THEIR RESPECTIVENAMESASOFTHEDATEFIRSTABOVEMENTIONED; FORFLAGINTERNATIONAL,LLC FORTHESTUDENT ____________________________________ ____________________________________ BelgradeGraduateBusinessSchoolSTUDENTCONTRACT 4