Item 1.01. Entry into a Material Definitive Agreement

On May 21, 2009, SkillSoft Corporation (the "Company"), a wholly-owned subsidiary of SkillSoft Public Limited Company, entered into an Amendment (the "Amendment") to the Lease, dated as of June 9, 2004, as amended (the "Lease"), between the Company and Hewlett Packard Company. The Amendment was entered into between the Company and John J. Flatley D/B/A John J. Flatley Company as successor in interest to Hewlett Packard Company.

Pursuant to the Amendment, the Company extended the term of the Lease (which was to expire in June 2009) through June 30, 2014. The Amendment provides that the annual base rent from July 1, 2009 through June 30, 2010 will be $303,485. During the following four successive 12-month periods, the annual base rent will increase to $314,323, $325,162, $346,840 and $357,678, respectively. The Amendment also provides the Company with an option to extend the Lease for an additional term of five years at a fixed rent equal to the then current market rent and otherwise on the same terms and conditions of the Lease, provided the Company is not in default under the Lease and has not subleased the premises or assigned the lease.

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