Exhibit 10.1




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TABLE OF CONTENTS
 PageARTICLE I.
EFFECTIVENESS; DEFINITIONSSection 1.1.
    
    Effectiveness
    
    
    1Section 1.2.
    
    Definitions
    
    
    1Section 1.3.
    
    Other Interpretive Provisions
    
    
    5ARTICLE II.
REPRESENTATIONS AND WARRANTIESSection 2.1.
    
    Existence; Authority; Enforceability
    
    
    6Section 2.2.
    
    Absence of Conflicts
    
    
    6Section 2.3.
    
    Consents
    
    
    6ARTICLE III.
GOVERNANCESection 3.1.
    
    Board of Directors
    
    
    6Section 3.2.
    
    Committees
    
    
    9ARTICLE IV.
TRANSFERS OF SHARESSection 4.1.
    
    Limitations on Transfer
    
    
    10Section 4.2.
    
    Transfer to Permitted Transferees
    
    
    12Section 4.3.
    
    Tag Along Rights
    
    
    12Section 4.4.
    
    Drag Along Rights
    
    
    13Section 4.5.
    
    Rights and Obligations of Transferees
    
    
    15Section 4.6.
    
    Additional Transfer Restrictions
    
    
    16Section 4.7.
    
    Termination of Transfer Restrictions
    
    
    16ARTICLE V.
GENERAL PROVISIONSSection 5.1.
    
    Waiver by Shareholders
    
    
    16Section 5.2.
    
    Assignment; Benefit
    
    
    17Section 5.3.
    
    Freedom to Pursue Opportunities
    
    
    17Section 5.4.
    
    Termination
    
    
    17Section 5.5.
    
    Subsequent Acquisition of Shares
    
    
    17Section 5.6.
    
    Severability
    
    
    17Section 5.7.
    
    Entire Agreement
    
    
    17Section 5.8.
    
    Amendment
    
    
    18Section 5.9.
    
    Waiver
    
    
    18Section 5.10.
    
    Counterparts
    
    
    18




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PageSection 5.11.
    
    Notices
    
    
    19Section 5.12.
    
    Governing Law
    
    
    19Section 5.13.
    
    Jurisdiction
    
    
    19Section 5.14.
    
    Waiver of Jury Trial
    
    
    20Section 5.15.
    
    Specific Performance
    
    
    20Section 5.16.
    
    Marketing Materials
    
    
    20Section 5.17.
    
    Notice of Events
    
    
    20Section 5.18.
    
    No Third Party Beneficiaries
    
    
    20
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Agreement Shareholders Company
 RECITALS
 IPO
  October 2006
Agreement
     Effectiveness
 Definitions
 Affected Shareholder
 Affiliate
 1




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Affiliated Officer
 Agreement
 Board of Directors
 Breaching Drag-Along Shareholder
 Breaching Shareholder
 Business Day
 Code
 Company
 Company Shares
 Cure Period
 Drag-Along Buyer
 Drag-Along Election
 Drag-Along Notice
 Drag-Along Proxy Holder
 2




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Drag-Along Sale
 Drag-Along Shareholders
 Escrow Agent
 Exchange Act
 Governing Documents
 GS PEP Funds
 GSCP Parties
 Initial Post-IPO Share Ownership
 IPO
 Leeds IV
 Leeds Parties
 Nasdaq
 Necessary Action
 3




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October 2006 Agreement
 Permitted Transferee
 Person
 Proposed Transfer
 Proposed Transferee
 Providence Co-Investors
 Providence Parties
 Proxy Holder
 Qualifying Shareholder
 Required Shareholders
 4




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Registration Rights Agreement
 Registration Statement
 SEC
 Securities Act
 Selling Shareholders
 Shareholders
 Sponsor Director
 Sponsor Party
 Tagging Shareholder
 Transfer Transferred Transferee Transferability
 Other Interpretive Provisions
  hereof herein hereunder
 5




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including including without
limitation
      Existence; Authority; Enforceability
 Absence of Conflicts
 Consents
   Board of Directors
  6




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provided
 provided further,
  provided, further
 provided, further,
    7




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Breaching
Shareholder Cure Period
 8




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Proxy Holder
  Committees
 Information; Duties
 9




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provided provided further
 provided however
   Limitations on Transfer
     provided however provided, however,
 10




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provided however provided, however, provided however
    11




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Transfer to Permitted Transferees provided
 Tag Along Rights
 Proposed Transfer Transferring Shareholder Proposed Transferee Tagging
Shareholder
 12




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provided, however, pro rata
 Drag Along Rights
 Selling Shareholders Drag-Along Sale
 13




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Drag-Along Buyer Drag-Along Notice Drag-Along Shareholders Drag-Along Election
 provided,
however, pro rata
   14




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Breaching Drag-Along Shareholder Drag-Along Proxy
Holder
 Escrow Agent
 Rights and Obligations of Transferees
   15




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Additional Transfer Restrictions
    Termination of Transfer Restrictions
   Waiver by Shareholders
 16




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Assignment; Benefit
 Freedom to Pursue Opportunities Sponsor Party
 Termination
 Subsequent Acquisition of Shares
 Severability
 Entire Agreement
 17




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Amendment Required Shareholder provided Affected Shareholder
 Waiver
 Counterparts
 18




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Notices Annex A
 Education Management Corporation
210 Sixth Avenue
Pittsburgh, Pennsylvania 15222
Attention: Chief Executive Officer
Telephone: (412) 562-0900
Telecopy: (412) 562-0598with a copy (which shall not constitute notice) to:K&L Gates LLP
535 Smithfield Street
Pittsburgh, Pennsylvania 15222
Attention: Robert P. Zinn, Esq.
Telephone: (412) 355-6500
Telecopy: (412) 355-6501
Email: Robert.Zinn@klgates.com
 Governing Law
 Jurisdiction
 19




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Waiver of Jury Trial
 Specific Performance
 Marketing Materials
 Notice of Events
 No Third Party Beneficiaries
 20




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21




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EDUCATION MANAGEMENT CORPORATIONBy:

/s/
J. Devitt KramerName:
    J. Devitt KramerTitle:
    SVP, General Counsel and SecretaryGS CAPITAL PARTNERS V FUND, L.P.By:
    GSCP V Advisors, L.L.C.,its general partnerBy:
    /s/ John E. BowmanName:
    John E. BowmanTitle:
    Managing DirectorGS CAPITAL PARTNERS V OFFSHORE FUND,
L.P.By:
    GSCP V Offshore Advisors, L.L.C.,its general partnerBy:
    /s/ John E. BowmanName:
    John E. BowmanTitle:
    Managing DirectorGS CAPITAL PARTNERS V GmbH & Co. KGBy:
    Goldman, Sachs Management GP GmbH,its general partnerBy:
    /s/ John E. BowmanName:
    John E. BowmanTitle:
    Managing Director




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GS CAPITAL PARTNERS V INSTITUTIONAL, L.P.By:
    GS Advisors V, L.L.C.,its general partnerBy:
    /s/ John E. BowmanName:
    John E. BowmanTitle:
    Managing DirectorPROVIDENCE EQUITY PARTNERS V L.P.By:
    Providence Equity Partners GP V L.P.,its general partnerBy:
    Providence Equity Partners V LLC,its general partnerBy:
    /s/ Paul J. SalemName:
    Paul J. SalemTitle:PROVIDENCE EQUITY PARTNERS V-A L.P.By:
    Providence Equity Partners GP V L.P.,its general partnerBy:
    Providence Equity Partners V LLC,its general partnerBy:
    /s/ Paul J. SalemName:
    Paul J. SalemTitle:PROVIDENCE EQUITY PARTNERS IV L.P.By:
    Providence Equity GP IV LP,its general partnerBy:
    Providence Equity Partners IV L.L.C.,its general partnerBy:
    /s/ Paul J. SalemName:
    Paul J. SalemTitle:




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PROVIDENCE EQUITY OPERATING PARTNERS
IV L.P.By:
    Providence Equity GP IV LP,its general partnerBy:
    Providence Equity Partners IV L.L.C.,its general partnerBy:
    /s/ Paul J. SalemName:
    Paul J. SalemTitle:PEP EDMC L.L.C.By:

/s/
Paul J. SalemName:
    Paul J. SalemTitle:




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LEEDS EQUITY PARTNERS IV, L.P.By:
    Leeds Equity Associates IV, L.L.C.,its general partnerBy:
    /s/ Jeffrey T. LeedsName:
    Jeffrey T. LeedsTitle:
    Managing MemberLEEDS EQUITY PARTNERS IV CO-INVESTMENT FUND A, L.P.By:
    Leeds Equity Associates IV, L.L.C.,its general partnerBy:
    /s/ Jeffrey T. LeedsName:
    Jeffrey T. LeedsTitle:
    Managing MemberLEEDS EQUITY PARTNERS IV CO-INVESTMENT FUND B, L.P.By:
    Leeds Equity Associates IV, L.L.C.,its general partnerBy:
    /s/ Jeffrey T. LeedsName:
    Jeffrey T. LeedsTitle:
    Managing Member




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GS PRIVATE EQUITY PARTNERS 2000, L.P.By:
    GS PEP 2000 Advisors, L.L.C.,its general partnerBy:
    GSAM Gen-Par, L.L.C.,its Managing MemberBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentGS PRIVATE EQUITY PARTNERS 2000 
OFFSHORE HOLDINGS, L.P.By:
    GS PEP 2000 Offshore Holdings Advisors, Inc.,its general partnerBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentGS PRIVATE EQUITY PARTNERS 2000  DIRECT 
INVESTMENT FUND, L.P.By:
    GS PEP 2000 Direct Investment Advisors, L.L.C.,its general partnerBy:
    GSAM Gen-Par, L.L.C.,its Managing MemberBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice President




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GS PRIVATE EQUITY PARTNERS 2002, L.P.By:
    GS PEP 2002 Advisors, L.L.C.,its general partnerBy:
    GSAM Gen-Par, L.L.C.,its Managing MemberBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentGS PRIVATE EQUITY PARTNERS 2002 
OFFSHORE HOLDINGS, L.P.By:
    GS PEP 2002 Offshore Holdings Advisors, Inc.,its general partnerBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentGS PRIVATE EQUITY PARTNERS 2002  DIRECT 
INVESTMENT FUND, L.P.By:
    GS PEP 2002 Direct Investment Advisors, L.L.C.,its general partnerBy:
    GSAM Gen-Par, L.L.C.,its Managing MemberBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice President




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GS PRIVATE EQUITY PARTNERS 2002
EMPLOYEE FUND, L.P.By:
    GS PEP 2002 Employee Funds GP, L.L.C.,its general partnerBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentGOLDMAN SACHS PRIVATE EQUITY PARTNERS 
2004, L.P.By:
    Goldman Sachs PEP 2004 Advisors, L.L.C.,its general partnerBy:
    GSAM Gen-Par, L.L.C.,its Managing MemberBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentGOLDMAN SACHS PRIVATE EQUITY PARTNERS
2004 OFFSHORE HOLDINGS, L.P.By:
    Goldman Sachs PEP 2004 Offshore Holdings Advisors,
Inc., its general partnerBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice President




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GOLDMAN SACHS PRIVATE EQUITY PARTNERS
2004  DIRECT INVESTMENT FUND, L.P.By:
    Goldman Sachs PEP 2004 Direct Investment Advisors,
L.L.C., its general partnerBy:
    GSAM Gen-Par, L.L.C.,its Managing MemberBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentGOLDMAN SACHS PRIVATE EQUITY PARTNERS
2004 EMPLOYEE FUND, L.P.By:
    Goldman Sachs PEP 2004 Employee Funds GP,L.L.C., its general partnerBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentMULTI-STRATEGY HOLDINGS, L.P.By:
    Multi-Strategy Holdings Offshore Advisors, Inc.,its general partnerBy:
    /s/ Ryan BoucherName:
    Ryan BoucherTitle:
    Vice PresidentGOLDMAN SACHS EDMC INVESTORS, L.P.By:
    GS EDMC Advisors, L.L.C., its general partnerBy:
    /s/ John E. BowmanName:
    John E. BowmanTitle:
    Vice President




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GSCP V EDMC HOLDINGS, L.P.By:
    GSCP V EDMC GP, L.L.C., its general partnerBy:
    /s/ John E. BowmanName:
    John E. BowmanTitle:
    Vice PresidentFISHER LYNCH CO-INVESTMENT PARTNERSHIP, L.P.By:
    Fisher Lynch GP, L.P., its general partnerBy:
    FLC G.P., Inc., its general partnerBy:
    /s/ Brett FisherName:
    Brett FisherTitle:
    Authorized OfficerONTARIO TEACHERS PENSION PLAN BOARDBy:
    /s/ Chris FerraraName:
    Chris FerraraTitle:
    Portfolio ManagerGENERAL ELECTRIC PENSION TRUSTBy:
    GE Asset Management Incorporated, its Investment ManagerBy:
    /s/ Patrick J. McNeelaName:
    Patrick J. McNeelaTitle:
    Chief Investment Officer & Senior Managing
Member




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ALPINVEST PARTNERS CS INVESTMENTS 2006 C.V.By:
    AlpInvest Partners 2006 B.V., its general partnerBy:
    AlpInvest Partners N.V., its managing directorBy:
    /s/ E.M.J ThyssenName:
    E.M.J ThyssenTitle:
    Managing PartnerBy:
    /s/ P.F.P. de van der SchuerenName:
    P.F.P. de van der SchuerenTitle:
    Chief Legal OfficerALPINVEST PARTNERS LATER STAGE CO-INVESTMENTS CUSTODIAN
IIA B.V., (as custodian for ALPINVEST PARTNERS LATER
STAGE CO-INVESTMENTS IIA C.V.)By:
    AlpInvest Partners N.V., its managing directorBy:
    /s/ E.M.J ThyssenName:
    E.M.J ThyssenTitle:
    Managing PartnerBy:
    /s/ P.F.P. de van der SchuerenName:
    P.F.P. de van der SchuerenTitle:
    Chief Legal Officer




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CITIGROUP CAPITAL PARTNERS II EMPLOYEE MASTER FUND, L.P.By:
    Citigroup Private Equity LP, its general partnerBy:
    /s/ Jason MentName:
    Jason MentTitle:
    SecretaryCITIGROUP CAPITAL PARTNERS II ONSHORE, L.P.By:
    Citigroup Private Equity LP, its general partnerBy:
    /s/ Jason MentName:
    Jason MentTitle  SecretaryCITIGROUP CAPITAL PARTNERS II CAYMAN HOLDINGS, L.P.By:
    Citigroup Private Equity LP, its general partnerBy:
    /s/ Jason MentName:
    Jason MentTitle  Secretary
    CITIGROUP CAPITAL PARTNERS II
2006 CITIGROUP INVESTMENT,
L.P.
    
By:
    Citigroup Private Equity LP, its general partnerBy:
    /s/ Jason MentName:
    Jason MentTitle  Secretary