Document:

EX-10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of November 19, 2004, by and
between Corinthian Colleges, Inc., a Delaware corporation (the “Company”), and Jack D. Massimino
(“Employee”).

WITNESSETH:

WHEREAS, the Company and Employee desire to enter into this Agreement to assure the Company of the
continuing and exclusive service of Employee and to set forth the terms and conditions of
Employee’s employment with the Company.

AGREEMENT:

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties
agree as follows:

	 	1.	 	TERM. The Company agrees to employ Employee and Employee hereby accepts such employment, in
accordance with the terms of this Agreement, commencing on the date of this Agreement (the
“Effective Date”) and continuing for a period of two (2) years hereafter (the “Term”), subject
to earlier termination under Section 5 or extension of such term as described in the next
sentence. Unless either party has given advanced written notice to the other party that the
Term shall not be extended (or further extended, as the case may be), then (1) upon the first
anniversary of the Effective Date the Term shall automatically be extended by an additional
year (such that the Term shall be scheduled to terminate on the third anniversary of the
Effective Date), and (2) upon the second and each successive anniversary of the Effective Date
the Term shall automatically be extended by an additional year; provided, however,
that in no event shall the Term exceed a period of five (5) years. Provision of notice that
this Agreement shall not be extended or further extended, as the case may be, shall not
constitute breach of this Agreement or entitle the Employee to any benefits described in
Section 5.

	 	2.	 	SERVICES AND EXCLUSIVITY OF SERVICES. During the Term of this Agreement, Employee shall
devote Employee’s full business time, energy and ability exclusively to the business, affairs
and interests of the Company and matters related thereto, shall use Employee’s best efforts
and abilities to promote the Company’s interests and shall perform the services contemplated
by this Agreement in accordance with policies established by and under the direction of the
Board of Directors of the Company (the “Board”).

Employee shall not, directly or indirectly, during the term of this Agreement render services to
any other person or firm for compensation or engage in any activity competitive with or adverse
to the Company’s business. Employee may serve as a director or in any other capacity of any
business enterprise or any nonprofit or governmental entity or trade association, provided in
each case that such service is approved by the Board. Notwithstanding the foregoing, Employee
may make and manage personal business investments of Employee’s choice and serve in any capacity
with any civic, educational or charitable organization (other than as a director of such
organization, approval for which may be sought under the immediately preceding sentence of this
Section 2) without seeking the approval of the Board, provided that such activities and services
do not interfere or conflict with the performance of the duties hereunder or create any conflict
of interest with such duties.

	 	3.	 	DUTIES AND RESPONSIBILITIES. Employee shall serve as President and Chief Executive Officer of
the Company for the Term of this Agreement. In the performance of Employee’s duties, Employee
shall report directly to the Board of the Company and shall be subject to the direction of the
Board and to such limits on Employee’s authority as the Board may from time to time impose.
During the term of this Agreement, Employee shall be based at the Company’s principal
executive offices in Orange County, California. Employee agrees to observe and comply with the
rules and regulations of the Company and agrees to carry out and perform orders, directions
and policies of the Company and its Board as they may be, from time to time, stated either
orally or in writing. The Company agrees that the duties which may be assigned to Employee
shall be usual and customary duties of the office(s) or position(s) to which Employee may from
time to time be appointed or elected and shall not be inconsistent with the provisions of the
charter documents of the Company or applicable law. Employee shall have such corporate power
and authority as shall reasonably be required to enable Employee to perform the duties
required in any office that may be held.

4. COMPENSATION.

(a) Base Compensation. During the term of this Agreement, the Company agrees to pay Employee a
base salary at the annual rate of not less than $600,000, payable in accordance with the
Company’s practices in effect from time to time (the “Base Salary”).

(b) Additional Benefits. Employee shall also be entitled to all rights and benefits for which
Employee is otherwise eligible under any bonus plan, incentive agreement (including stock
options and/or other awards granted pursuant to the Company’s 2003 Performance Award Plan),
participation or extra compensation plan, pension plan, profit-sharing plan, life, medical,
dental, disability, or insurance plan (including, except as otherwise prohibited therein, the
Company’s Employee Stock Purchase Plan) or policy or other plan or benefit that the Company may
provide for Employee or (provided Employee is eligible to participate therein) for Peer
Employees (defined as all employees who have the title of Executive Vice President of the
Company or above, other than the founders of the Company) or for employees of the Company
generally, as from time to time in effect, during the term of this Agreement (collectively, all
of the above shall be referred to as the “Additional Benefits”).

(c) Periodic Review. The Compensation Committee of the Board shall review Employee’s Base
Salary and Additional Benefits then being paid to Employee not less frequently than every twelve
months. Following such review, the Company may in its discretion increase (but shall not be
required to increase) the Base Salary or any other benefits, but may not decrease the Base
Salary during the time Employee serves as President and Chief Executive Officer; provided,
however, that if the Company undertakes any generalized salary reductions of employees of the
Company, the Company may reduce Employee’s Base Salary by a percentage equal to the percentage
base salary reductions effected for all other Peer Employees of the Company.

(d) Perquisites. Employee shall be entitled to not less than three weeks paid vacation each
twelve-month period (or such larger amount of paid vacation as is generally granted to employees
of the Company based on time of service with the Company), which shall accrue on a pro rata
basis from the Effective Date of this Agreement. Vacation time will continue to accrue so long
as Employee’s total accrued vacation does not exceed two times (2x) the then-current rate of
annual vacation accrual of the Employee (the “Vacation Accrual Cap”). Should Employee’s accrued
vacation time reach the Vacation Accrual Cap, Employee will cease to accrue additional vacation
until Employee’s accrued vacation time falls below the Vacation Accrual Cap. Except with
respect to the rate of vacation accrual set forth above, all vacation time shall be subject to
the plans, policies, programs and practices as in effect generally with respect to other Peer
Employees of the Company.

	 	5.	 	TERMINATION. This Agreement and all obligations hereunder (except the obligations contained
in Sections 8, 9, 10 and 11 (Confidential Information, Non-Competition, Non Solicitation of
Employees and Indemnity) which shall survive any termination hereunder) shall terminate upon
the earliest to occur of any of the following:

(a) Voluntary Termination. Subject to Section 5(e) below, the voluntary termination by Employee
or retirement from the Company in accordance with the normal retirement policies of the Company.

(b) Death or Disability of Employee. Employee’s employment shall be terminated upon the death or
Disability (as defined below) of Employee. In such instance, except as set forth below, all
obligations hereunder to Employee (or Employee’s heirs or legal representatives) shall cease,
other than for payment of the sum of (A) Employee’s Base Salary through the date of termination
to the extent not theretofore paid, (B) any bonus or other cash compensation agreement for the
pro rata amount earned through the date of termination, (C) compensation previously deferred by
Employee (together with any accrued interest or earnings thereon), and (D) any accrued vacation
pay, in each case to the extent not theretofore paid (the sum of the amounts described in
clauses (A), (B), (C) and (D) shall be hereinafter referred to as the “Accrued Obligations”),
which shall be paid to Employee or Employee’s estate or beneficiary, as applicable, in a lump
sum in cash within 30 days after the date of termination or any earlier time required by
applicable law. For the purposes of this Agreement, Disability shall mean the absence of
Employee performing Employee’s duties with the Company on a full-time basis for a period of six
months, as a result of incapacity due to mental or physical illness which is determined to be
total and permanent by a physician selected by the Company or its insurers and acceptable to
Employee or Employee’s legal representative (such agreement as to acceptability not to be
withheld unreasonably). The termination of this Agreement due to the death or Disability of
Employee shall have no effect on the rights and obligations of Employee (or his personal
representative or beneficiary, as the case may be) with respect to stock options or other rights
granted under the Company’s 2003 Performance Award Plan, as amended, or the Company’s Employee
Stock Purchase Plan, all of which rights and obligations shall be governed solely and
exclusively by the applicable terms and conditions of such plans and the agreements issued
thereunder.

(c) Cause. The Company may terminate Employee’s employment and all of Employee’s rights to
receive Base Salary and any Additional Benefits hereunder for Cause. For purposes of this
Agreement, the term “Cause” shall be defined as any of the following; provided, however, that
the Company must determine the presence of such Cause in good faith:

(i) Willful misconduct by Employee which materially and demonstrably injures the Company,
including (1) Employee’s material breach of any material duties and responsibilities under
this Agreement (other than as a result of incapacity due to Employee’s Disability), (2)
Employee’s commission of a material act of fraud upon the Company or (3) Employee’s
immoderate use of alcoholic beverages or narcotics or other substance abuse;

(ii) Employee willfully engaging in conduct specifically prohibited by the Company’s written
policies, including, without limitation, unlawful harassment of any other Company employee.

(iii) Employee’s conviction by, or entry of a plea of guilty or nolo contendere in, a court
of competent and final jurisdiction for a felony or any crime which materially adversely
affects the Company and/or its reputation in the community and which involves moral
turpitude or is punishable by imprisonment in the jurisdiction involved.

For purposes of this Section 5, no act or failure to act on the part of Employee shall be
considered “willful” unless done, or omitted to be done, by Employee in bad faith and
without reasonable belief by Employee that such action or omission was in the best interest
of the Company. Notwithstanding the foregoing, Employee shall not be terminated for Cause
pursuant to clauses (i), (ii) and (iii) of this Section 5(c) unless and until Employee has
received notice of a proposed termination for Cause and Employee has had an opportunity to
be heard before at least a majority of members of the Board.

(d) Without Cause. Notwithstanding any other provision of this Section 5, the Company shall
have the right to terminate Employee’s employment with the Company without Cause at any time,
but in the event of such termination without Cause, Employee shall be entitled to receive a lump
sum payment equal to the following: (A) one times (1x) the value of Employee’s Base Salary
provided under this Agreement for the most recent twelve (12) month period prior to the date of
such termination, plus (B) one times (1x) the average annual bonus paid or payable under any
bonus plan or agreement between the Company and the Employee for the most recent two (2) full
fiscal years (determined by annualizing the bonus paid or payable with respect to any partial
fiscal year) (the “Lump Sum Payment”). Such Lump Sum Payment to Employee shall be paid to
Employee within 30 days of the date of such termination.

(e) Good Reason. Employee’s employment may be terminated at any time by Employee for Good
Reason. Regardless of whether a resignation occurs prior to, coincident with or after a “Change
in Control,” Good Reason” shall mean any one or more of the following:

(i) The material failure by the Company to fulfil its obligations under this Agreement, to
the extent not remedied in a reasonable period of time after the receipt of written notice
by the Employee specifying the material failure by the Company. Any reduction or attempted
reduction by the Company (to the extent such reduction is not made equally to all employees
of a substantially equal level or position) in Employee’s Base Salary as in effect on the
date hereof or as the same may be increased from time-to-time or the taking of any action by
the Company that would substantially diminish the aggregate value of Employee’s
compensation, including any bonus, incentive or other compensation awards, retirement
benefits and other fringe benefits from the levels in effect prior to the date hereof is
deemed material.

(ii) the reassignment of Employee to a position that is not an executive officer level
position or the assignment of duties to Employee that are not consistent with such position.

(iii) The Company’s requiring Employee to be based at any office or location which increases
the distance from Employee’s home to the office or location by more than 30 miles from the
distance in effect at the Effective Date of this Agreement, unless the Company’s corporate
headquarters moves to another location and all Peer Employees (including the Employee) are
required to report to such new location.

If Employee terminates his or her employment with the Company for Good Reason, then Employee
shall be entitled to receive a Lump Sum Payment equal to that paid to Employee under Section
5(d) hereof.

	 	6.	 	BUSINESS EXPENSES. During the Term of this Agreement, to the extent that such expenditures
satisfy the criteria under the Internal Revenue Code for deductibility by the Company (whether
or not fully deductible by the Company) for federal income tax purposes as ordinary and
necessary business expenses, the Company shall reimburse Employee promptly for reasonable
business expenditures, including travel, entertainment, parking, business meetings, and
professional dues, made and substantiated in accordance with the reasonable policies,
practices and procedures established from time to time by the Company generally with respect
to other Peer Employees and incurred in the pursuit and furtherance of the Company’s business
and good will.

	 	7.	 	CHANGE IN CONTROL. If, (A) “In Anticipation Of,” as defined below, or within twelve (12)
months after a “Change in Control” of the Company (or any successor), as defined below, the
Company involuntarily terminates Employee’s employment without Cause, or (B) within twelve
(12) month after receiving notice (which notice may be oral) of a Change in Control, the
Employee voluntarily elects to retire from full-time service to the Company, then Employee
shall receive a lump sum payment equal to two times (2x) the amount that would be required to
be paid to Employee as a Lump Sum Payment under Section 5(d) upon Employee’s termination other
than for Cause (hereinafter the “Change in Control Payment”). If Employee voluntarily resigns
following a Change in Control, the Employee may continue to render, on a non-exclusive basis,
such consulting and advisory services to the Company as Employee may in his sole discretion
accept; provided, however, that any such consulting and advisory services and the
conditions under which they shall be performed shall be fully in keeping with the position or
positions Employee held under this Agreement.

In the event that any economic benefit, payment or distribution by the Company to or for the
benefit of Employee, whether paid, payable, distributed or distributable, pursuant to this
Section 7 or otherwise In Anticipation Of or following a Change in Control, including, if
applicable, the vesting of Employee’s stock options (hereinafter, the “Total Payments”), would
result in all or a portion of such Total Payments being subject to excise tax under Section 4999
of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties with
respect to such excise tax (such excise tax and any applicable interest and penalties,
collectively referred to in this Agreement as the “Excise Tax”), then the Employee’s Total
Payments (including the Change in Control Payment) shall be either (A) the full payment or (B)
such lesser amount that would result in no portion of the Total Payment being subject to Excise
Tax, whichever of the foregoing amounts, taking into account the applicable Federal, state, and
local employment taxes, income taxes, and the Excise Tax, results in the receipt by Employee, on
an after-tax basis, of the greatest amount of Total Payments notwithstanding that all or some
portion of the Total Payments may be taxable under Section 4999 of the Code. All determinations
required to be made under this Section 7(a) shall be made by the Company’s regular outside
independent public accounting firm immediately prior to the event triggering the payments that
are subject to the Excise Tax, which firm must be reasonably acceptable to Employee (the
“Accounting Firm”). The Company shall cause the Accounting Firm to provide detailed supporting
calculations of its determinations to the Company and Employee. Notice must be given to the
Accounting Firm within twenty (20) business days after an event entitling Employee to a Change
in Control Payment under this Agreement. All fees and expenses of the Accounting Firm shall be
borne solely by the Company. The Accounting Firm’s determinations must be made with substantial
authority (within the meaning of Section 6662 of the Code). For the purposes of all
calculations under Sections 4999 and 280G of the Code and the application of this Section 7,
Company and Employee hereby elect and agree to make all determination as to present value using
120 percent of the applicable Federal rate (determined under Section 1274(d) of the Code)
compounded monthly, as in effect on the date such calculation is made. The Company agrees to
reimburse Employee (on an after-tax basis) for his reasonable legal and other professional
expenses of pursuing any reasonable contest, claim or cause of action (including any claim of
tax refund) on his own behalf that may arise (notwithstanding the application of the foregoing
provisions of this Section 7) as a result of (i) the Internal Revenue Service seeking to impose
an Excise Tax on Employee or (ii) the Company (or any successor) withholding or seeking to
withhold any portion of the Change in Control Payment or any Excise Tax from any payment or
benefit to Employee without Employee’s consent. Unless Employee shall have given prior written
notice to the Company to effectuate a reduction in the Total Payments in a manner other than as
set forth below, if such a reduction is required, the Company shall reduce or eliminate the
Total Payments by first reducing or eliminating the Change in Control Payment, then by reducing
or eliminating any accelerated vesting of stock options, then by reducing or eliminating any
other remaining Total Payments.

Definition of “Change in Control”: For purposes of this Section 7, a “Change in Control” means,
and shall be deemed to have taken place, if (1) any person or entity or group of affiliated
persons or entities, including a group which is deemed a “person” by Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), after the date hereof is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 40% or more of the combined voting power
of the Company’s then outstanding securities; (2) during any period of two consecutive years,
individuals who at the beginning of such period constitute the Board cease for any reason to
constitute at least a majority thereof, unless the election, or the nomination for election by
the Company’s stockholders, of each new Board member was approved by a vote of at least
three-fourths (3/4) of the Board members then still in office who were Board members at the
beginning of such period; (3) any reorganization, consolidation, merger or similar transaction
involving the Company in which the Company is not the continuing or surviving corporation or
pursuant to which the Company’s securities would be converted into cash, securities or other
property (other than a merger of the Company in which the holders of the Company’s voting
securities immediately prior to the merger have more than 50% of the combined voting power of
the securities of the corporation or other entity resulting from or surviving such merger,
calculated on a fully-diluted basis in accordance with generally accepted accounting principles
after giving effect to such merger, immediately after such merger); or (4) any sale, lease,
exchange or other transfer (in one transaction or a series of related transactions) of all, or
substantially all, of the assets of the Company.

Definition of “In Anticipation Of”: For purposes of this Section 7, the involuntary termination
by the Company of the Employee’s employment (including by way of the Company giving written
notice to the Employee pursuant to Section 1 that the Company intends to permit the Agreement to
expire without automatic extension after the next succeeding Expiration Date) shall be deemed to
have been “In Anticipation Of” a Change in Control if such termination (A) was at the request of
an unrelated third party who has taken steps reasonably calculated to effect a Change in
Control, or (B) otherwise arose in connection with a Change in Control.

	 	8.	 	CONFIDENTIAL INFORMATION. Employee acknowledges that the nature of Employee’s engagement by
the Company is such that Employee shall have access to information of a confidential and/or
trade secret nature which has great value to the Company and which constitutes a substantial
basis and foundation upon which the business of the Company is based. Such information
includes financial, manufacturing and marketing data, techniques, processes, formulas,
developmental or experimental work, work in process, methods, trade secrets (including,
without limitation, customer lists and lists of customer sources), or any other secret or
confidential information relating to the products, services, customers, sales or business
affairs of the Company (the “Confidential Information”). Employee shall keep all such
Confidential Information in confidence during the term of this Agreement and at any time
thereafter and shall not disclose any of such Confidential Information to any other person,
except to the extent such disclosure is (i) necessary to the performance of this Agreement and
in furtherance of the Company’s best interests, (ii) required by applicable law, (iii)
lawfully obtainable from other sources, or (iv) authorized by the Company. Upon termination
of Employee’s employment with the Company, Employee shall deliver to the Company, or certify
to the Company of the destruction of, all documents, records, notebooks, work papers, and all
similar material containing any of the foregoing information, whether prepared by Employee,
the Company or anyone else.

	 	9.	 	NON-COMPETITION. In order to protect the Confidential Information, Employee agrees that
during the term of Employee’s employment, and for a period of one (1) year thereafter,
Employee shall not, directly or indirectly, whether as an owner, partner, shareholder, agent,
employee, creditor, or otherwise, promote, participate or engage in any activity or other
business competitive with the Company’s business in any jurisdiction in which the Company
operates at the time of such termination if such activity or other business involves any use
by the Employee of any of the Confidential Information.

	 	10.	 	NONINTERFERENCE WITH EMPLOYEES. In order to protect the Confidential Information, Employee
agrees that during the term hereof and for a period of one (1) year thereafter, Employee will
not, directly or indirectly, solicit any employee of the Company to leave such employment.

	 	11.	 	INDEMNITY. In addition to any other separate agreement with the Company concerning
indemnification, to the fullest extent permitted by applicable law and the bylaws of the
Company, as from time to time in effect, the Company shall indemnify Employee and hold
Employee harmless for any acts or decisions made in good faith while performing services for
the Company, and the Company shall use its best efforts to obtain coverage for Employee
(provided the same may be obtained at reasonable cost) under any liability insurance policy or
policies now in force or hereafter obtained during the term of this Agreement that cover other
officers of the Company having comparable or lesser status and responsibility. To the same
extent, the Company will pay and, subject to any legal limitations, advance all expenses,
including reasonable attorneys’ fees and costs of court approved settlements, actually and
necessarily incurred by Employee in connection with the defense of any action, suit or
proceeding and in connection with any appeal thereon, which has been brought against Employee
by reason of Employee’s service as an officer or agent of the Company.

	 	12.	 	REMEDIES. The parties hereto agree that the services to be rendered by Employee pursuant to
this Agreement, and the rights and privileges granted to the Company pursuant to this
Agreement, are of a special, unique, extraordinary and intellectual character, which gives
them a peculiar value, the loss of which cannot be reasonably or adequately compensated in
damages in any action at law, and that a breach by Employee of any of the terms of this
Agreement will cause the Company great and irreparable injury and damage. Employee hereby
expressly agrees that the Company shall be entitled to the remedies of injunction, specific
performance and other equitable relief to prevent a breach of this Agreement by Employee. This
Section 12 shall not be construed as a waiver of any other rights or remedies which the
Company may have for damages or otherwise.

	 	13.	 	SEVERABILITY. If any provision of this Agreement is held to be unenforceable for any reason,
it shall be adjusted rather than voided, if possible, to achieve the intent of the parties to
the extent possible. In any event, all other provisions of this Agreement shall be deemed
valid and enforceable to the extent possible.

	 	14.	 	SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns and any such successor or assignee shall be deemed
substituted for the Company under the terms of this Agreement for all purposes. As used
herein, “successor” and “assignee” shall include any person, firm, corporation or other
business entity which at any time, whether by purchase, merger or otherwise, directly or
indirectly acquires the stock of the Company or to which the Company assigns this Agreement by
operation of law or otherwise. The obligations and duties of Employee hereunder are personal
and otherwise not assignable. Employee’s obligations and representations under this Agreement
will survive the termination of Employee’s employment, regardless of the manner of such
termination.

	 	15.	 	NOTICES. Any notice or other communication provided for in this Agreement shall be in
writing and sent if to the Company to its principal executive office at:

Corinthian Colleges, Inc.

6 Hutton Centre Drive, Suite 400

Santa Ana, California 92627

Phone: (714) 427-3000; Facsimile: (714) 427-3013

Attention: General Counsel

or at such other address as the Company may from time to time in writing designate, and if to
Employee at such address as Employee may from time to time in writing designate (or, if not so
designated, at the last address for such Employee on the employment records of the Company).
Each such notice or other communication shall be effective (i) if given by telecommunication,
when transmitted to the applicable number so specified in (or pursuant to) this Section 15 and a
verification of receipt is received, (ii) if given by mail, three days after such communication
is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if
given by any other means, when actually delivered at such address.

	 	16.	 	ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties relating to
the subject matter hereof and supersedes any prior agreements, undertakings, commitments and
practices relating to Employee’s employment by the Company.

	 	17.	 	AMENDMENTS. No amendment or modification of the terms of this Agreement shall be valid
unless made in writing and duly executed by both parties.

	 	18.	 	WAIVER. No failure on the part of any party to exercise or delay in exercising any right
hereunder shall be deemed a waiver thereof or of any other right, nor shall any single or
partial exercise preclude any further or other exercise of such right or any other right.

	 	19.	 	GOVERNING LAW. This Agreement, and the legal relations between the parties, shall be
governed by and construed in accordance with the laws of the State of California without
regard to conflicts of law doctrines and any court action arising out of this Agreement shall
be brought in any court of competent jurisdiction within the State of California, County of
Orange.

	 	20.	 	WAIVER OF JURY TRIAL. THE COMPANY AND EMPLOYEE HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS
AGREEMENT, THE EMPLOYMENT RELATIONSHIP BETWEEN THEM OR ANY DEALINGS BETWEEN THEM RELATING TO
THE SUBJECT MATTER OF THIS AGREEMENT OR SUCH RELATIONSHIP. The scope of this waiver is
intended to be all-encompassing of any and all disputes that may be filed in any court or that
relate to the subject matter of this Agreement, including without limitation, contract claims,
tort claims, breach of duty claims, wrongful termination claims, claims for discharge in
violation of public policy, claims of discrimination and all other common law and statutory
claims, to the maximum extent permitted by law. The Company and Employee each acknowledge
that this waiver is a material inducement to enter into this Agreement, that each has already
relied on the waiver in entering into this Agreement, and that each will continue to rely on
the waiver in their related future dealings. THE COMPANY AND EMPLOYEE FURTHER WARRANT AND
REPRESENT THAT EACH HAS HAD AN OPPORTUNITY TO REVIEW THIS WAIVER WITH ITS LEGAL COUNSEL, AND
THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING SUCH OPPORTUNITY TO
CONSULT WITH LEGAL COUNSEL. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT MODIFICATIONS TO OR
EXTENSIONS OF THIS AGREEMENT. In the event of arbitration or litigation, this Agreement may be
filed as a written consent to arbitration or to a trial by the court.

	 	21.	 	ARBITRATION. As a material inducement to enter into this Agreement, Employee and the Company
each hereby agree that any “Claims” or “Controversies” (as defined below) arising out of or in
respect to this Agreement (or its validity, interpretation or enforcement), or Employee’s
employment or termination, that Employee may have against the Company or it officers,
directors, employees, or agents, in their capacity as such, or that the Company may have
against Employee, shall be resolved solely through binding arbitration. EMPLOYEE AND THE
COMPANY EACH HEREBY ACKNOWLEDGE THAT THIS AGREEMENT TO ARBITRATE MEANS THAT EMPLOYEE AND THE
COMPANY ARE RELINQUISHING HIS/HER/ITS RIGHTS TO EITHER A JURY TRIAL OR COURT TRIAL FOR THE
RESOLUTION OF ANY CLAIMS THAT EMPLOYEE AND THE COMPANY MAY HAVE AGAINST THE OTHER.

The Terms “Claims” or “Controversies” arising out of this Agreement or Employee’s employment or
termination means and includes all claims for breach of this Agreement, harassment and/or
discrimination (including sexual harassment and harassment or discrimination based on race,
color, religion, age, sex, sexual orientation, ancestry, national origin, marital status,
military service, pregnancy, physical or mental disability, medical condition or any other
protected class or condition), breach of any contract or covenant (express or implied), tort
claims, wrongful termination, whistle-blowing and all other claims relating to this Agreement or
Employee’s employment or termination, except that claims covered by the Workers’ Compensation
Act and claims for unemployment benefits are not covered by this agreement to arbitrate. All
Claims or Controversies shall be submitted to a single neutral arbitrator. The arbitration shall
take place in Orange County, California, unless otherwise mutually agreed. The arbitrator shall
be mutually agreed-upon by Employee and the Company. If Employee and the Company cannot agree
upon an arbitrator, the selection process shall be governed by the employment arbitration rules
and procedures of the American Arbitration Association (“AAA”). Regardless of the arbitrator
chosen, the arbitration proceedings shall be governed by the then current AAA procedural rules,
except that if a contrary rule exists: (1) all monetary or provisional remedies available under
applicable state or federal statutory law or common law will remain available to both parties,
(2) except as mutually agreed upon by the parties, there will be no limitation on discovery
beyond that which exists in cases litigated in Orange County Superior Court and (3) the
California Rules of Evidence shall apply to the arbitration hearing.

In connection with any arbitration proceeding commenced hereby, the prevailing party shall be
entitled to reimbursement of its reasonable attorney’s fees and costs, including arbitrator
fees. This agreement to arbitrate and arbitration procedure is intended to be the exclusive
method of resolving all Claims or Controversies as described above between

Employee and the Company and judgment upon the award rendered by the arbitrator hereunder may be
entered in any court having jurisdiction thereof.

	 	22.	 	WITHHOLDING. All compensation payable hereunder, including salary and other benefits, shall
be subject to applicable taxes, withholding and other required, normal or elected employee
deductions.

	 	23.	 	COUNTERPARTS. This Agreement and any amendment hereto may be executed in one or more
counterparts. All of such counterparts shall constitute one and the same agreement and shall
become effective when a copy signed by each party has been delivered to the other party.

1

	 	24.	 	HEADINGS. Section and other headings contained in this Agreement are for convenience of
reference only and shall not affect in any way the meaning or interpretation of this
Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written

CORINTHIAN COLLEGES, INC.

By: /s/ Dennis L. Devereux

	 	 	 	Name: Dennis L. Devereux

Its: Executive Vice President, Administrative Services

EMPLOYEE

/s/ Jack D. Massimino

JACK D. MASSIMINO

2EX-10.2

CORINTHIAN COLLEGES, INC.

2004 NEW-HIRE AWARD PLAN

1. The Plan.

	 	1.1	 	Purpose. The purpose of this Plan is to promote the success of the Company by
providing equity incentives to attract, motivate, and retain key personnel. Capitalized terms
used herein are defined in Section 7.

1.2 Administration and Authorization; Power and Procedure.

	 	1.2.1	 	The Administrator. This Plan shall be administered by and all Awards
under this Plan shall be authorized by the Administrator. The “Administrator” means
the Board or one or more committees appointed by the Board or another committee (within
its delegated authority) to administer all or certain aspects of this Plan. Any such
committee shall be comprised solely of one or more directors of the Corporation or such
number of directors as may be required under applicable law. A committee may delegate
some or all of its authority to another committee so constituted. The Board or a
committee comprised solely of directors of the Corporation may also delegate, to the
extent permitted by Section 157(c) of the Delaware General Corporation Law and any
other applicable law, to one or more officers of the Corporation, its powers under this
Plan (a) to designate the officers and employees of the Company who will receive grants
of rights or options to purchase shares of Common Stock, and (b) to determine the
number of rights or options to be received by them, pursuant to a resolution that
specifies the total number of rights or options that may be granted under the
delegation, provided that no officer may be delegated the power to designate himself or
herself as a recipient of such options or rights. The Board may delegate different
levels of authority to different committees with administrative and grant authority
under this Plan. Unless otherwise provided in the Bylaws of the Corporation or the
applicable charter of any Administrator: (a) a majority of the members of the acting
Administrator shall constitute a quorum, and (b) the vote of a majority of the members
present assuming the presence of a quorum or the unanimous written consent of the
members of the Administrator shall constitute action by the acting Administrator.

Award grants, and transactions in or involving awards, intended to be exempt under
Rule 16b-3 under the Exchange Act, must be duly and timely authorized by the Board
or a committee consisting solely of two or more “non-employee directors” of the
Corporation (as this requirement is applied under Rule 16b-3 promulgated under the
Exchange Act). To the extent required by any applicable listing agency, this Plan
shall be administered by a committee composed entirely of independent directors of
the Corporation (within the meaning of the applicable listing agency).

	 	1.2.2	 	Plan Awards; Interpretation; Powers of Administrator. Subject to the
express provisions of this Plan and any express limitations on the delegated authority
of an Administrator, the Administrator will have the authority to:

	 	(a)	 	determine eligibility and, from the group of Eligible
Employees, select the particular Eligible Employees who will receive Awards
under this Plan;

	 	(b)	 	grant Awards to Eligible Employees, determine the price at
which securities will be offered or awarded and the amount of securities to be
offered or awarded to any of such persons, determine the other specific terms
and conditions of such Awards consistent with the express limits of this Plan,
and establish the installments (if any) in which such Awards will become
exercisable or will vest (which may include, without limitation, performance
and/or time-based schedules), or determine that no delayed exercisability or
vesting is required, establish any applicable performance targets, and
establish the events of termination or reversion of such Awards;

	 	(c)	 	approve the forms of Award Agreements (which need not be
identical either as to type of Award or among Participants);

	 	(d)	 	construe and interpret this Plan and any agreements defining
the rights and obligations of the Company and Participants under this Plan,
further define the terms used in this Plan, and prescribe, amend and rescind
rules and regulations relating to the administration of this Plan or the Awards
granted under this Plan;

	 	(e)	 	cancel, modify, or waive the Corporation’s rights with respect
to, or modify, discontinue, suspend, or terminate any or all outstanding Awards
held by Eligible Employees, subject to any required consent under Section 6.6;

	 	(f)	 	accelerate or extend the exercisability or extend the term of
any or all such outstanding Awards within the maximum ten-year term of Awards
under Section 1.6 in such circumstances as the Administrator may deem
appropriate (including, without limitation, in connection with a termination of
employment or services or other events of a personal nature);

	 	(g)	 	determine the date of grant of an award, which may be a
designated date after but not before the date of the Administrator’s action
(unless otherwise designated by the Administrator, the date of grant of an
award shall be the date upon which the Administrator took the action granting
an award);

	 	(h)	 	determine whether, and the extent to which, adjustments are
required pursuant to Section 6.3 hereof and authorize the termination,
conversion, substitution or succession of awards upon the occurrence of an
event of the type described in Section 6.3;

	 	(i)	 	acquire or settle (subject to Sections 6.3 and 6.6) rights
under awards in cash, stock of equivalent value, or other consideration; and

	 	(j)	 	determine Fair Market Value for Plan purposes and make all
other determinations and take such other action as contemplated by this Plan or
as may be necessary or advisable for the administration of this Plan and the
effectuation of its purposes.

	 	1.2.3	 	Binding Determinations. Any action taken by, or inaction of, the
Corporation, any Subsidiary, or the Administrator relating or pursuant to this Plan and
within its authority hereunder or under applicable law shall be within the absolute
discretion of that entity or body and shall be conclusive and binding upon all persons.
Neither the Board nor any Board committee, nor any member thereof or person acting at
the direction thereof, shall be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with this Plan (or any
Award made under this Plan), and all such persons shall be entitled to indemnification
and reimbursement by the Company in respect of any claim, loss, damage or expense
(including, without limitation, attorneys’ fees) arising or resulting therefrom to the
fullest extent permitted by law and/or under any directors and officers liability
insurance coverage that may be in effect from time to time.

	 	1.2.4	 	Reliance on Experts. In making any determination or in taking or not
taking any action under this Plan, the Administrator or the Board, as the case may be,
may obtain and may rely upon the advice of experts, including employees of and
professional advisors to the Corporation. No director, officer or agent of the Company
will be liable for any such action or determination taken or made or omitted in good
faith.

	 	1.2.5	 	Delegation. The Administrator may delegate ministerial,
non-discretionary functions to individuals who are officers or employees of the
Company.

	 	1.3	 	Participation. Discretionary Awards may be granted by the Administrator only to
those persons that the Administrator determines to be Eligible Employees. Subject to the
express provisions of this Plan, the Administrator will determine the Eligible Employees to
whom Awards will be granted, the number of shares subject to each Award, and the price (if
any) to be paid for the shares or the Award. Each Award granted under this Plan shall be made
only as an inducement material to the Participant’s entering into employment with the
Company and only if the Participant was not previously an employee or director
of the Company (or following a bona fide period of non-employment).

1.4 Shares Available for Awards; Share Limits.

	 	1.4.1	 	Shares Available. Subject to the provisions of Section 6.3, the
capital stock that may be delivered under this Plan will be shares of the Corporation’s
authorized but unissued Common Stock and any shares of its Common Stock held as
treasury shares. The shares may be delivered for any lawful consideration.

	 	1.4.2	 	Share Limits. The maximum number of shares of Common Stock that may
be delivered pursuant to Awards granted to Eligible Employees under this Plan (the
“Share Limit”) is equal to 1,000,000 shares. The Share Limit is subject to adjustment
as contemplated by Section 1.4.3 and Section 6.3.

	 	1.4.3	 	Awards Settled in Cash, Reissue of Awards and Shares. To the extent
that an Award is settled in cash or a form other than shares of Common Stock, the
 shares that would have been delivered had there been no such cash or other settlement
shall not be counted against the shares available for issuance under this Plan. In the
event that shares are delivered in respect of a dividend equivalent, Stock Appreciation
Right, or other Award, only the actual number of shares delivered with respect to the
Award shall be counted against the share limits of this Plan. Shares that are subject
to or underlie Awards which expire or for any reason are cancelled or terminated, are
forfeited, fail to vest, or for any other reason are not paid or delivered under this
Plan shall again be available for subsequent Awards under this Plan. Shares that are
exchanged by a Participant or withheld by the Corporation as full or partial payment in
connection with any Award under this Plan, as well as any shares exchanged by a
Participant or withheld by the Company to satisfy the tax withholding obligations
related to any award under this Plan, shall be available for subsequent awards under
this Plan.

	 	1.4.4	 	Reservation of Shares. The Corporation shall at all times reserve a
number of shares of Common Stock sufficient to cover the Corporation’s obligations and
contingent obligations to deliver shares with respect to Awards then outstanding under
this Plan (exclusive of any dividend equivalent obligations to the extent the
Corporation has the right to settle such rights in cash).

	 	1.5	 	Grant of Awards. Subject to the express provisions of this Plan, the Administrator
will determine the number of shares of Common Stock subject to each Award, the price (if any)
to be paid for the shares or the Award and, in the case of performance share awards, in
addition to matters addressed in Section 1.2.2, the specific objectives, goals and performance
criteria that further define the terms of the performance share award. Each Award will be
evidenced by an Award Agreement signed by the Corporation and, if required by the
Administrator, by the Participant.

	 	1.6	 	Award Period. Any Option, SAR, warrant or similar right shall expire and any other
Award shall either vest or be forfeited not more than 10 years after the date of grant;
provided, however, that any payment of cash or delivery of stock pursuant to an Award may be
delayed until a future date if specifically authorized by the Administrator in writing.

1.7 Limitations on Exercise and Vesting of Awards.

	 	1.7.1	 	Provisions for Exercise. An Award will be exercisable or will vest at
the time or times provided by the Administrator in the applicable Award Agreement, and
once exercisable an Award will remain exercisable until the expiration or earlier
termination of the Award.

	 	1.7.2	 	Procedure. Any exercisable Award will be deemed to be exercised when
the Corporation receives written notice of such exercise from the Participant together
with any required payment made in accordance with Section 1.9.

	 	1.7.3	 	Fractional Shares/Minimum Issue. Fractional share interests will be
disregarded, but may be accumulated. The Administrator, however, may determine in the
case of Eligible Employees that cash, other securities, or other property will be paid
or transferred in lieu of any fractional share interests. No fewer than
100* shares may be purchased on exercise of any Award at one time
unless the number purchased is the total number at the time available for purchase
under the Award.

1.8 No Transferability; Limited Exception to Transfer Restrictions.

	 	1.8.1	 	Limit On Exercise and Transfer. Unless otherwise expressly provided
in (or pursuant to) this Section 1.8, by applicable law and by the Award Agreement, as
the same may be amended, (i) all Awards are non-transferable and will not be subject in
any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance
or charge; Awards will be exercised only by the Participant; and (ii) amounts payable
or shares issuable pursuant to an Award will be delivered only to (or for the account
of) the Participant.

	 	1.8.2	 	Exceptions. The Administrator may permit Awards to be exercised by
and paid to certain persons or entities related to the Participant, including but not
limited to members of the Participant’s immediate family, trusts or other entities
controlled by or whose beneficiaries or beneficial owners are the Participant and/or
members of the Participant’s immediate family, pursuant to such conditions and
procedures, including limitations on subsequent transfers, as the Administrator may
establish. Any permitted transfer shall be subject to the condition that the
Administrator receive evidence satisfactory to it that the transfer (a) is being made
for essentially donative, estate and/or tax planning purposes on a gratuitous or
donative basis and without consideration (other than nominal consideration or in
exchange for an interest in a qualified transferee), and (b) will not compromise the
Corporation’s ability to register shares issuable under this Plan on Form S-8 under the
Securities Act. Notwithstanding the foregoing or anything in Section 1.8.3, Restricted
Stock Awards shall be subject to any and all additional transfer restrictions under the
Code to the extent necessary to maintain the intended tax consequences of such awards.

	 	1.8.3	 	Further Exceptions to Limits On Transfer. The exercise and transfer
restrictions in Section 1.8.1 will not apply to:

(a) transfers to the Corporation,

	 	(b)	 	the designation of a beneficiary to receive benefits if the
Participant dies or, if the Participant has died, transfers to or exercises by
the Participant’s Beneficiary, or, in the absence of a validly designated
Beneficiary, transfers by will or the laws of descent and distribution,

	 	(c)	 	transfers to a family member (or former family member) pursuant
to a domestic relations order if approved or ratified by the Administrator,

	 	(d)	 	if the Participant has suffered a disability, permitted
transfers or exercises on behalf of the Participant by the Participant’s legal
representative, or

	 	(e)	 	the authorization by the Administrator of “cashless exercise”
procedures with third parties who provide financing for the purpose of (or who
otherwise facilitate) the exercise of Awards consistent with applicable laws
and the express authorization of the Administrator.

	 	1.9	 	Consideration for Common Stock or Awards. The purchase price for any Award granted
under this Plan or the Common Stock to be delivered pursuant to an Award, as applicable, may
be paid by means of any lawful consideration as determined by the Administrator, including,
without limitation, one or a combination of the following methods:

	 	•	 	services rendered by the recipient of such Award;

	 	•	 	cash, check payable to the order of the Corporation, or
electronic funds transfer;

	 	•	 	notice and third party payment in such manner as may be
authorized by the Administrator;

	 	•	 	the delivery of previously owned shares of Common Stock;

	 	•	 	by a reduction in the number of shares otherwise deliverable
pursuant to the Award; or

	 	•	 	subject to such procedures as the Administrator may adopt,
pursuant to a “cashless exercise” with a third party who provides financing for
the purposes of (or who otherwise facilitates) the purchase or exercise of
awards.

In no event, however, shall any shares newly-issued by the Corporation be issued for less
than the minimum lawful consideration for such shares or for consideration other than
consideration permitted by applicable state law. In the event that the Administrator allows
a Participant to exercise an Award by delivering shares of Common Stock previously owned by
such Participant and unless otherwise expressly provided by the Administrator, any shares
delivered which were initially acquired by the Participant from the Corporation (upon
exercise of an Option or otherwise) must have been owned by the Participant at least six
months as of the date of delivery. Shares of Common Stock used to satisfy the exercise
price of an Option shall be valued at their Fair Market Value on the date of exercise. The
Corporation will not be obligated to deliver any shares unless and until it receives full
payment of the exercise or purchase price therefor and any related withholding obligations
under Section 6.5 and any other conditions to exercise or purchase have been satisfied.
Unless otherwise expressly provided in the applicable Award Agreement, the Administrator may
at any time eliminate or limit a participant’s ability to pay the purchase or exercise price
of any Award or shares by any method other than cash payment to the Corporation.

2. Options.

	 	2.1	 	Grants. One or more Options may be granted under this Section 2 to any Eligible
Employee.

2.2 Option Price.

	 	2.2.1	 	Pricing Limits. The purchase price per share of the Common Stock
covered by each Option will be determined by the Administrator at the time of the grant
of the Award. In no case shall the purchase price per share of the Common Stock
covered by an Option be less than the par value of such a share.

	 	2.2.2	 	Payment Provisions. The purchase price of any shares purchased on
exercise of an Option granted under this Section 2 will be paid in full at the time of
each purchase in one or a combination of the methods set forth in Section 1.9, as
permitted or required by the Administrator.

3. Stock Appreciation Rights (Including Limited Stock Appreciation Rights).

	 	3.1	 	Grants. The Administrator may grant to any Eligible Employee Stock Appreciation
Rights either concurrently with the grant of another Award or in respect of an outstanding
Award, in whole or in part, or independently of any other Award.

3.2 Exercise of Stock Appreciation Rights.

	 	3.2.1	 	Exercisability. Unless the Award Agreement or the Administrator
otherwise provides, a Stock Appreciation Right related to another Award will be
exercisable at such time or times, and to the extent, that the related Award will be
exercisable.

	 	3.2.2	 	Stand-Alone SARs. A Stock Appreciation Right granted independently of
any other Award will be exercisable pursuant to the terms of the Award Agreement but in
no event earlier than six months after the Award Date, except in the case of death or
Total Disability.

	 	3.2.3	 	Proportionate Reduction If an SAR extends to less than all the shares
covered by the related Award and if a portion of the related Award is thereafter
exercised, the number of shares subject to the unexercised SAR shall be reduced only if
and to the extent that the remaining number of shares covered by such related Award is
less than the remaining number of shares subject to such SAR.

3.3 Payment.

	 	3.3.1	 	Amount. Unless the Administrator otherwise provides, upon exercise of
a Stock Appreciation Right and the attendant surrender of an exercisable portion of any
related Award, the Participant will be entitled to receive, subject to Section 6.5,
payment of an amount determined by multiplying:

	 	(a)	 	the difference (which shall not be less than zero) obtained by
subtracting the Base Price of the Stock Appreciation Right from the Fair Market
Value of a share of Common Stock on the date of exercise of the Stock
Appreciation Right, by

	 	(b)	 	the number of shares with respect to which the Stock
Appreciation Right has been exercised.

The “Base Price” of a Stock Appreciation Right will be determined by the
Administrator at the time of the Award.

	 	3.3.2	 	Form of Payment. The Administrator, in its sole discretion, will
determine the form in which payment will be made of the amount determined under Section
3.3.1 above, either solely in cash, solely in shares of Common Stock (valued at Fair
Market Value on the date of exercise of the Stock Appreciation Right), or partly in
such shares and partly in cash, but the Administrator will have determined that such
exercise and payment are consistent with applicable law. If the Administrator permits
the Participant to elect to receive cash or shares (or a combination thereof) on such
exercise, any such election will be subject to such conditions as the Administrator may
impose.

	 	3.4	 	Limited Stock Appreciation Rights. The Administrator may grant to any Eligible
Employee Stock Appreciation Rights exercisable only upon or in respect of a change in control
or any other specified event (“Limited SARs”) and such Limited SARs may relate to or operate
in tandem or combination with, or substitution for, Options, other SARs or other Awards (or
any combination thereof), and may be payable in cash or shares based on the spread between the
base price of the SAR and a price based upon or equal to the Fair Market Value of the Common
Stock during a specified period or at a specified time within a specified period before, after
or including the date of such event.

4. Restricted Stock and Stock Unit Awards.

	 	4.1	 	Grants. Subject to any applicable limitations under Delaware law and to such rules
and procedures as the Administrator may establish from time to time:

	 	4.1.1	 	Restricted Stock. The Administrator may grant one or more Restricted
Stock Awards to any Eligible Employee. Each Restricted Stock Award Agreement will
specify the number of shares of Common Stock to be issued to the Participant, the date
of such issuance, the consideration for such shares (but not less than the minimum
lawful consideration under applicable state law) to be paid by the Participant, the
extent (if any) to which and the time (if ever) at which the Participant will be
entitled to dividends, voting and other rights in respect of the shares prior to
vesting, and the restrictions (which may be based on performance criteria, passage of
time or other factors or any combination thereof) imposed on such shares and the
conditions of release or lapse of such restrictions. Such restrictions will not lapse
earlier than six months after the Award Date, except to the extent the Administrator
may otherwise provide. Stock certificates evidencing shares of Restricted Stock
pending the lapse of the restrictions (“Restricted Shares”) will bear a legend making
appropriate reference to the restrictions imposed hereunder and will be held by the
Corporation or by a third party designated by the Administrator until the restrictions
on such shares have lapsed and the shares have vested in accordance with the provisions
of the Award and Section 1.7. Upon issuance of the Restricted Stock Award, the
Participant may be required to provide such further assurances and documents as the
Administrator may require to enforce the restrictions.

	 	4.1.2	 	Stock Units. The Administrator may authorize and grant to any
Eligible Employee a Stock Unit Award, or the crediting of Stock Units for services
rendered or to be rendered or in lieu of other compensation, consistent with other
applicable terms of this Plan, may permit an Eligible Employee to irrevocably elect to
defer by means of Stock Units or receive in Stock Units all or a portion of any Award
hereunder, or may grant Stock Units in lieu of, in exchange for, in respect of, or in
addition to any other compensation or Award under this Plan. The specific terms,
conditions, and provisions relating to each Stock Unit grant or election, including the
applicable vesting and payout provisions of the Stock Units and the form of payment to
be made at or following the vesting thereof, shall be set forth in or pursuant to the
applicable Award Agreement or and any relevant Company deferred compensation plan.

4.2 Restrictions.

	 	4.2.1	 	Pre-Vesting Restraints. Except as provided in Sections 4.1 and 1.8,
restricted shares comprising any Restricted Stock Award may not be sold, assigned,
transferred, pledged or otherwise disposed of or encumbered, either voluntarily or
involuntarily, until the restrictions on such shares have lapsed and the shares have
become vested.

	 	4.2.2	 	Dividend and Voting Rights. Unless otherwise provided in the
applicable Award Agreement, a Participant receiving a Restricted Stock Award will be
entitled to cash dividend and voting rights for all shares issued even though they are
not vested, but such rights will terminate immediately as to any Restricted Shares
which cease to be eligible for vesting.

	 	4.2.3	 	Cash Payments. If the Participant has paid or received cash
(including any dividends) in connection with the Restricted Stock Award, the Award
Agreement will specify whether and to what extent such cash will be returned (with or
without an earnings factor) as to any restricted shares that cease to be eligible for
vesting.

	 	4.3	 	Return to the Corporation. Unless the Administrator otherwise expressly provides,
Restricted Shares or Stock Units that remain subject to vesting conditions at the time of
termination of employment will not vest and will be returned to the Corporation or cancelled,
as the case may be, in such manner and on such terms as the Administrator provides.

5. Performance Share Awards and Stock Bonuses.

	 	5.1	 	Grants of Performance Share Awards. The Administrator may grant Performance Share
Awards to Eligible Employees based upon such factors as the Administrator deems relevant in
light of the specific type and terms of the award. An Award Agreement will specify the
maximum number of shares of Common Stock (if any) subject to the Performance Share Award, the
consideration (but not less than the minimum lawful consideration) to be paid for any such
 shares as may be issuable to the Participant, the duration of the Award and the conditions
upon which delivery of any shares or cash to the Participant will be based. The amount of
cash or shares or other property that may be deliverable pursuant to such Award will be based
upon the degree of attainment over a specified period of not more than 10 years (a
“performance cycle”) as may be established by the Administrator of such measure(s) of the
performance of the Company (or any part thereof) or the Participant as may be established by
the Administrator. The Administrator may provide for full or partial credit, prior to
completion of such performance cycle or the attainment of the performance achievement
specified in the Award, in the event of the Participant’s death, Retirement, or Total
Disability, a Change in Control Event or in such other circumstances as the Administrator
(consistent with Section 6.10.3(b), if applicable) may determine.

	 	5.2	 	Grants of Stock Bonuses. The Administrator may grant a Stock Bonus to any Eligible
Employee to reward exceptional or special services, contributions or achievements in the
manner and on such terms and conditions (including any restrictions on such shares) as
determined from time to time by the Administrator. The number of shares so awarded will be
determined by the Administrator. The Award may be granted independently or in lieu of a cash
bonus.

	 	5.3	 	Deferred Payments. The Administrator may authorize for the benefit of any Eligible
Employee the deferral of any payment of cash or shares that may become due or of cash
otherwise payable under this Plan, and provide for accredited benefits thereon (such as the
payment or crediting of interest or other earnings on the deferral amounts, or the payment or
crediting of dividend equivalents where the deferred amounts are denominated in shares), at
the election or at the request of such Participant, subject to the other terms of this Plan.
Such deferral will be subject to such further conditions, restrictions or requirements as the
Administrator may impose, subject to any then vested rights of Participants.

5.4 Cash Bonus Awards.

	 	5.4.1	 	Performance Goals. The Administrator may establish a program of
annual incentive awards that are payable in cash to Eligible Employees based upon the
extent to which performance goals are met during the performance period. The
performance goals may depend upon the performance of the Company on a consolidated,
subsidiary division basis with reference to any one or combination of the performance
criteria as established by the Administrator. In addition, the award may depend upon
the Eligible Employee’s individual performance.

	 	5.4.2	 	Payment in Restricted Stock. In lieu of cash payment of an Award, the
Administrator may require or allow all or a portion of the Award to be paid in the form
of stock, Restricted Stock, an Option or other Award.

6. Other Provisions.

6.1 Rights of Eligible Employees, Participants and Beneficiaries.

	 	6.1.1	 	Employment Status. Status as an Eligible Employee will not be
construed as a commitment that any Award will be made under this Plan to an Eligible
Employee or to Eligible Employees generally.

	 	6.1.2	 	No Employment Contract. Nothing contained in this Plan (or in any
other documents related to this Plan or to any Award) will confer upon any Eligible
Employee or other Participant any right to continue in the employ or other service of
the Company or constitute any contract or agreement of employment or other service, nor
will interfere in any way with the right of the Company to otherwise change such
person’s compensation or other benefits or to terminate the employment or other service
of such person, with or without cause. Nothing in this Section 6.1.2, however, is
intended to adversely affect any express independent right of such person under a
separate employment or service contract other than an Award Agreement.

	 	6.1.3	 	Plan Not Funded. Awards payable under this Plan will be payable in
 shares or from the general assets of the Corporation, and (except for any reservation
of shares by the Corporation pursuant to Section as provided in Section 1.4.4) no
special or separate reserve, fund or deposit will be made to assure payment of such
Awards. No Participant, Beneficiary or other person will have any right, title or
interest in any fund or in any specific asset (including shares of Common Stock, except
as expressly otherwise provided) of the Company by reason of any Award hereunder.
Neither the provisions of this Plan (or of any related documents), nor the creation or
adoption of this Plan, nor any action taken pursuant to the provisions of this Plan
will create, or be construed to create, a trust of any kind or a fiduciary relationship
between the Company and any Participant, Beneficiary or other person. To the extent
that a Participant, Beneficiary or other person acquires a right to receive payment
pursuant to any Award hereunder, such right will be no greater than the right of any
unsecured general creditor of the Company.

	 	6.1.4	 	Charter Documents. The Certificate of Incorporation and By-Laws of
the Corporation, as either of them may be amended from time to time, may provide for
additional restrictions and limitations with respect to the Common Stock (including
additional restrictions and limitations on the transfer of shares). To the extent that
these restrictions and limitations are greater than those set forth in this Plan or any
Award Agreement, such restrictions and limitations shall apply to any shares of Common
Stock acquired pursuant to the exercise of Awards and are incorporated herein by
reference.

	 	6.2	 	Effects of Termination of Employment; Termination of Subsidiary Status; Discretionary
Provisions.

	 	6.2.1	 	Options — Resignation or Dismissal. Unless otherwise provided in the
Award Agreement and subject to earlier termination pursuant to or as contemplated by
Section 1.6 or 6.3, if the Participant’s employment by (or other service specified in
the Award Agreement to) the Company terminates for any reason (the date of such
termination being referred to as the “Severance Date”) other than due to the
Participant’s Retirement, Total Disability or death, or a termination by the
Corporation or a Subsidiary “for cause” (as determined in the sole discretion of the
Administrator, unless a written employment agreement by and between the Participant and
the Corporation or a Subsidiary defines such term for purposes of the Participant’s
employment and such agreement is in effect at the time of grant of the Award), the
Participant will have until the date which is three months after the Participant’s
Severance Date to exercise an Option to the extent that it is vested on the
Severance Date. In the case of a termination by the Corporation or a Subsidiary “for
cause” (as determined in the sole discretion of the Administrator, unless a written
employment agreement by and between the Participant and the Corporation or a Subsidiary
defines such term for purposes of the Participant’s employment and such agreement is in
effect at the time of grant of the Award), the Option will terminate on the
Participant’s Severance Date (whether or not vested and/or exercisable). In all cases,
the Option, to the extent not vested on the Participant’s Severance Date, will
terminate on that date.

	 	6.2.2	 	Options — Death or Disability. Unless otherwise provided in the Award
Agreement and subject to earlier termination pursuant to or as contemplated by Section
1.6 or 6.3, if the Participant’s employment by (or specified service to) the Company
terminates as a result of the Participant’s Total Disability or death, or the
Participant suffers a Total Disability or dies within 30 days after a termination
described in Section 6.2.1, the Participant, the Participant’s Personal Representative
or the Participant’s Beneficiary, as the case may be, will have until the date which is
twelve months after the Participant’s Severance Date to exercise an Option to the
extent that it is vested on the Participant’s Severance Date. The Option, to
the extent not vested on the Participant’s Severance Date, will terminate on
that date.

	 	6.2.3	 	Options — Retirement. Unless otherwise provided in the Award
Agreement and subject to earlier termination pursuant to or as contemplated by Section
1.6 or 6.3, if the Participant’s employment by (or specified service to) the Company
terminates as a result of the Participant’s Retirement, the Participant, the
Participant’s Personal Representative or the Participant’s Beneficiary, as the case may
be, will have until the date which is twelve months after the Participant’s Severance
Date to exercise an Option to the extent that it is vested on the Participant’s
Severance Date. The Option, to the extent not vested on the Participant’s
Severance Date, will terminate on that date.

	 	6.2.4	 	Certain SARs. Any SAR granted concurrently or in tandem with an
Option will have the same post-termination provisions and exercisability periods as the
Option to which it relates, unless the Administrator otherwise provides.

	 	6.2.5	 	Other Awards. The Administrator will establish in respect of each
other Award granted hereunder the Participant’s rights and benefits (if any) if the
Participant’s employment is terminated and in so doing may make distinctions based upon
the cause of termination and the nature of the Award.

	 	6.2.6	 	Administrator Discretion. Notwithstanding the foregoing provisions of
this Section 6.2, in the event of, or in anticipation of, a termination of employment
with the Company for any reason, other than discharge for cause, the Administrator may
increase the portion of the Participant’s Award available to the Participant, or
Participant’s Beneficiary or Personal Representative, as the case may be, or, subject
to the provisions of Section 1.6 and 6.3, extend the exercisability period upon such
terms as the Administrator determines and expressly sets forth in or by amendment to
the Award Agreement. If the Participant is not an employee or director of the Company
and provides other services to the Company, the Administrator shall be the sole judge
for purposes of this Plan (unless a contract or the Award otherwise provides) of
whether the Participant continues to render services to the Company and the date, if
any, upon which such services shall be deemed to have terminated.

	 	6.2.7	 	Events Not Deemed Terminations of Service. Unless Company policy or
the Administrator otherwise provides, the employment relationship shall not be
considered terminated in the case of (a) sick leave, (b) military leave, or (c) any
other leave of absence authorized by the Company or the Administrator; provided that
unless reemployment upon the expiration of such leave is guaranteed by contract or law,
such leave is for a period of not more than 90 days. In the case of any employee of
the Company on an approved leave of absence, continued vesting of the Award while on
leave from the employ of the Company may be suspended until the employee returns to
service, unless the Administrator otherwise provides or applicable law otherwise
requires. In no event shall an Award be exercised after the expiration of the term set
forth in the Award Agreement.

	 	6.2.8	 	Effect of Change of Subsidiary Status. For purposes of this Plan and
any Award, if an entity ceases to be a Subsidiary of the Corporation a termination of
employment or service shall be deemed to have occurred with respect to each Eligible
Employee in respect of such Subsidiary who does not continue as an Eligible Employee in
respect of another entity within the Company after giving effect to the Subsidiary’s
change in status.

6.3 Adjustments; Acceleration.

	 	6.3.1	 	Adjustments. The following provisions will apply if any extraordinary
dividend or other extraordinary distribution occurs in respect of the Common Stock
(whether in the form of cash, Common Stock, other securities, or other property), or
any reclassification, recapitalization, stock split (including a stock split in the
form of a stock dividend), reverse stock split, reorganization, merger, combination,
consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock
or other securities of the Corporation, or any similar, unusual or extraordinary
corporate transaction (or event in respect of the Common Stock) or a sale of
substantially all the assets of the Corporation as an entirety occurs. The
Administrator will, in such manner and to such extent (if any) as it deems appropriate
and equitable

	 	(a)	 	proportionately adjust any or all of (i) the number and type of
 shares of Common Stock (or other securities) that thereafter may be made the
subject of Awards (including the specific maxima and numbers of shares set
forth elsewhere in this Plan), (ii) the number, amount and type of shares of
Common Stock (or other securities or property) subject to any or all
outstanding Awards, (iii) the grant, purchase, or exercise price of any or all
outstanding Awards, (iv) the securities, cash or other property deliverable
upon exercise of any outstanding Awards, or (v) the performance standards
appropriate to any outstanding Awards, or

	 	(b)	 	in the case of an extraordinary dividend or other distribution,
recapitalization, reclassification, merger, reorganization, consolidation,
combination, sale of assets, split up, exchange, or spin off, make provision
for a cash payment or for the substitution or exchange of any or all
outstanding Awards or the cash, securities or property deliverable to the
holder of any or all outstanding Awards based upon the distribution or
consideration payable to holders of the Common Stock upon or in respect of such
event.

The Administrator may adopt such valuation methodologies for outstanding Awards as
it deems reasonable in the event of a cash or property settlement and, in the case
of Options, Stock Appreciation Rights or similar rights, but without limitation on
other methodologies, may base such settlement solely upon the excess if any of the
per share amount payable upon or in respect of such event over the exercise or base
price of the Award.

In any of such events, the Administrator may take such action prior to such event to
the extent that the Administrator deems the action necessary to permit the
participant to realize the benefits intended to be conveyed with respect to the
underlying shares in the same manner as is or will be available to stockholders
generally. In the case of any stock split or reverse stock split, if no action is
taken by the Administrator, the proportionate adjustments contemplated by clause (a)
above shall nevertheless be made.

	 	6.3.2	 	Automatic Acceleration of Awards. Upon a dissolution of the
Corporation or other event described in Section 6.3 that the Corporation does not
survive (or does not survive as a public company in respect of its Common Stock), then
each then outstanding Option and Stock Appreciation Right shall become fully vested,
all shares of Restricted Stock then outstanding shall fully vest free of restrictions,
and each other Award granted under this Plan that is then outstanding shall become
payable to the holder of such Award; provided that such acceleration provision shall
not apply, unless otherwise expressly provided by the Administrator, with respect to
any Award to the extent that the Administrator has made a provision for the
substitution, assumption, exchange or other continuation or settlement of the Award, or
the Award would otherwise continue in accordance with its terms, in the circumstances.

	 	6.3.3	 	Possible Acceleration of Awards. Without limiting Section 6.3.2, in
the event of a Change in Control Event, the Administrator may, in its discretion,
provide that any outstanding Option or Stock Appreciation Right shall become fully
vested, that any share of Restricted Stock then outstanding shall fully vest free of
restrictions, and that any other Award granted under this Plan that is then outstanding
shall be payable to the holder of such Award. The Administrator may take such action
with respect to all Awards then outstanding or only with respect to certain specific
Awards identified by the Administrator in the circumstances.

	 	6.3.4	 	Early Termination of Awards. Any Award that has been accelerated as
required or contemplated by Section 6.3.2 or 6.3.3 (or would have been so accelerated
but for Section 6.3.5 or 6.3.7) shall terminate upon the related event referred to in
Section 6.3.2 or 6.3.3, as applicable, subject to any provision that has been expressly
made by the Administrator, through a plan of reorganization or otherwise, for the
survival, substitution, assumption, exchange or other continuation or settlement of
such Award and provided that, in the case of Options and Stock Appreciation Rights that
will not survive, be substituted for, assumed, exchanged, or otherwise continued or
settled in the transaction, the holder of such Award shall be given reasonable advance
notice of the impending termination and a reasonable opportunity to exercise his or her
outstanding Options and Stock Appreciation Rights in accordance with their terms before
the termination of such Awards (except that in no case shall more than ten days’ notice
of accelerated vesting and the impending termination be required and any acceleration
may be made contingent upon the actual occurrence of the event).

	 	6.3.5	 	Other Acceleration Rules. Any acceleration of awards pursuant to this
Section 6.3 shall comply with applicable legal requirements and, if necessary to
accomplish the purposes of the acceleration or if the circumstances require, may be
deemed by the Administrator to occur a limited period of time not greater than 30 days
before the event. Without limiting the generality of the foregoing, the Administrator
may deem an acceleration to occur immediately prior to the applicable event and/or
reinstate the original terms of an award if an event giving rise to an acceleration
does not occur. The Administrator may override the provisions of Section 6.3.2, 6.3.3,
6.3.4 and/or 6.3.7 by express provision in the Award Agreement and may accord any
Eligible Employee a right to refuse any acceleration, whether pursuant to the Award
Agreement or otherwise, in such circumstances as the Administrator may approve.

	 	6.3.6	 	Possible Rescission of Acceleration. If the vesting of an Award has
been accelerated expressly in anticipation of an event or upon stockholder approval of
an event and the Administrator later determines that the event will not occur, the
Administrator may rescind the effect of the acceleration as to any then outstanding and
unexercised or otherwise unvested Awards.

	 	6.3.7	 	Golden Parachute Limitations. Notwithstanding anything else contained
in this Section 6.3 to the contrary, in no event shall an Award be accelerated under
this Plan to an extent or in a manner which would not be fully deductible by the
Company for federal income tax purposes because of Section 280G of the Code, nor shall
any payment hereunder be accelerated to the extent any portion of such accelerated
payment would not be deductible by the Company because of Section 280G of the Code. If
a Participant would be entitled to benefits or payments hereunder and under any other
plan or program that would constitute “parachute payments” as defined in Section 280G
of the Code, then the Participant may by written notice to the Company designate the
order in which such parachute payments will be reduced or modified so that the Company
is not denied federal income tax deductions for any “parachute payments” because of
Section 280G of the Code. Notwithstanding the foregoing, if a Participant is a party
to an employment or other agreement with the Company, or is a participant in a
severance program sponsored by the Company, that contains express provisions regarding
Section 280G and/or Section 4999 of the Code (or any similar successor provision), the
Section 280G and/or Section 4999 provisions of such employment or other agreement or
plan, as applicable, shall control as to any Awards held by the Participant (for
example, and without limitation, a Participant may be a party to an employment
agreement with the Company that provides for a “gross-up” as opposed to a “cut-back” in
the event that the Section 280G thresholds are reached or exceeded in connection with a
change in control and, in such event, the Section 280G and/or Section 4999 provisions
of such employment agreement shall control as to any Awards held by the Participant).

	 	6.4	 	Compliance with Laws. This Plan, the granting and vesting of Awards under this Plan,
the offer, issuance and delivery of shares of Common Stock, and/or the payment of money under
this Plan or under Awards are subject to compliance with all applicable federal and state
laws, rules and regulations (including but not limited to state and federal securities law)
and to such approvals by any listing, regulatory or governmental authority as may, in the
opinion of counsel for the Company, be necessary or advisable in connection therewith. The
person acquiring any securities under this Plan will, if requested by the Company, provide
such assurances and representations to the Company as the Administrator may deem necessary or
desirable to assure compliance with all applicable legal and accounting requirements.

	 	6.5	 	Tax Withholding. Upon any exercise, vesting, or payment of any Award, the Company
shall have the right at its option to:

	 	(a)	 	require the Participant (or the Participant’s Personal Representative or
Beneficiary, as the case may be) to pay or provide for payment of at least the minimum
amount of any taxes which the Company may be required to withhold with respect to such
award event or payment; or

	 	(b)	 	deduct from any amount otherwise payable in cash to the Participant (or the
Participant’s Personal Representative or Beneficiary, as the case may be) the minimum
amount of any taxes which the Company may be required to withhold with respect to such
cash payment.

In any case where a tax is required to be withheld in connection with the delivery of shares
of Common Stock under this Plan, the Administrator may in its sole discretion (subject to
Section 6.4) grant (either at the time of the Award or thereafter) to the Participant the
right to elect, pursuant to such rules and subject to such conditions as the Administrator
may establish, to have the Corporation reduce the number of shares to be delivered by (or
otherwise reacquire) the appropriate number of shares, valued in a consistent manner at
their Fair Market Value or at the sales price in accordance with authorized procedures for
cashless exercises, necessary to satisfy the minimum applicable withholding obligation on
exercise, vesting or payment. In no event shall the shares withheld exceed the minimum
whole number of shares required for tax withholding under applicable law.

6.6 Plan Amendment, Termination and Suspension.

	 	6.6.1	 	Board Authorization. The Board may, at any time, terminate or, from
time to time, amend, modify or suspend this Plan, in whole or in part. No Awards may
be granted during any suspension of this Plan or after termination of this Plan, but
the Administrator will retain jurisdiction as to Awards then outstanding in accordance
with the terms of this Plan.

	 	6.6.2	 	Amendments to Awards. Without limiting any other express authority of
the Administrator under but subject to the express limits of this Plan, the
Administrator by agreement or resolution may waive conditions of or limitations on
Awards to Eligible Employees that the Administrator in the prior exercise of its
discretion has imposed, without the consent of a Participant, and may make other
changes to the terms and conditions of Awards that do not affect in any manner
materially adverse to the Participant, the Participant’s rights and benefits under an
Award.

	 	6.6.3	 	Limitations on Amendments to Plan and Awards. No amendment,
suspension or termination of this Plan or change of or affecting any outstanding Award
will, without written consent of the Participant, affect in any manner materially
adverse to the Participant any rights or benefits of the Participant or obligations of
the Corporation under any Award granted under this Plan prior to the effective date of
such change. Changes, settlements and other actions contemplated by Section 6.3 will
not be deemed to constitute changes or amendments for purposes of this Section 6.6.

	 	6.7	 	Privileges of Stock Ownership. Except as otherwise expressly authorized by the
Administrator or this Plan, a Participant will not be entitled to any privilege of stock
ownership as to any shares of Common Stock not actually delivered to and held of record by the
Participant. No adjustment will be made for dividends or other rights as a stockholder for
which a record date is prior to such date of delivery.

	 	6.8	 	Effective Date of the Plan. This Plan is effective upon its approval by the Board
(the “Effective Date”).

	 	6.9	 	Term of the Plan. Unless earlier terminated by the Board, this Plan will terminate
at the close of business on the day before the tenth anniversary of the Effective Date (the
“Termination Date”) and no Awards may be granted under this Plan after that date. Unless
otherwise expressly provided in this Plan or in an applicable Award Agreement, any Award
granted prior to the termination date may extend beyond such date, and all authority of the
Administrator with respect to Awards hereunder, including the authority to amend an Award,
will continue during any suspension of this Plan and in respect of Awards outstanding on the
termination date.

6.10 Governing Law/Construction/Severability.

	 	6.10.1	 	Choice of Law. This Plan, the Awards, all documents evidencing Awards and
all other related documents will be governed by, and construed in accordance with, the
laws of the state of Delaware.

	 	6.10.2	 	Severability. If a court of competent jurisdiction holds any provision
invalid and unenforceable, the remaining provisions of this Plan will continue in
effect.

	 	6.10.3	 	Plan Construction. It is the intent of the Corporation that the Awards and
transactions permitted by Awards be interpreted in a manner that, in the case of
Participants who are or may be subject to Section 16 of the Exchange Act, qualify, to
the maximum extent compatible with the express terms of the Award, for exemption from
matching liability under Rule 16b-3 promulgated under the Exchange Act.
Notwithstanding the foregoing, the Corporation shall have no liability to any
Participant or other person for Section 16 consequences of Awards or events under
Awards if an Award or event does not so qualify.

	 	6.11	 	Captions. Captions and headings are given to the sections and subsections of this
Plan solely as a convenience to facilitate reference. Such headings will not be deemed in any
way material or relevant to the construction or interpretation of this Plan or any provision
thereof.

	 	6.12	 	Non-Exclusivity of Plan. Nothing in this Plan will limit or be deemed to limit the
authority of the Board or the Administrator to grant awards or authorize any other
compensation, with or without reference to the Common Stock, under any other plan or
authority.

	 	6.13	 	No Corporate Action Restriction. The existence of this Plan, the Award Agreements
and the Awards granted hereunder shall not limit, affect or restrict in any way the right or
power of the Board or the stockholders of the Corporation to make or authorize: (a) any
adjustment, recapitalization, reorganization or other change in the capital structure or
business of the Corporation or any subsidiary, (b) any merger, amalgamation, consolidation or
change in the ownership of the Corporation or any subsidiary, (c) any issue of bonds,
debentures, capital, preferred or prior preference stock ahead of or affecting the capital
stock (or the rights thereof) of the Corporation or any subsidiary, (d) any dissolution or
liquidation of the Corporation or any subsidiary, (e) any sale or transfer of all or any part
of the assets or business of the Corporation or any subsidiary, or (f) any other corporate act
or proceeding by the Corporation or any subsidiary. No Participant, Beneficiary or any other
person shall have any claim under any Award or Award Agreement against any member of the Board
or the Administrator, or the Corporation or any employees, officers or agents of the
Corporation or any subsidiary, as a result of any such action.

	 	6.14	 	Other Company Benefit and Compensation Programs. Payments and other benefits
received by a Participant under an Award made pursuant to this Plan shall not be deemed a part
of a Participant’s compensation for purposes of the determination of benefits under any other
employee welfare or benefit plans or arrangements, if any, provided by the Corporation or any
subsidiary, except where the Administrator expressly otherwise provides or authorizes in
writing. Awards under this Plan may be made in addition to, in combination with, as
alternatives to or in payment of grants, awards or commitments under any other plans or
arrangements of the Company or its subsidiaries.

7. Definitions.

“Award” means an award of any Option, Stock Appreciation Right, Restricted Stock, Stock Bonus,
Stock Unit, performance share award, dividend equivalent or deferred payment right or other right
or security that would constitute a “derivative security” under Rule 16a-1(c) of the Exchange Act,
or any combination thereof, whether alternative or cumulative, authorized by and granted under this
Plan.

“Award Agreement” means any writing setting forth the terms of an Award that has been authorized by
the Administrator.

“Award Date” means the date upon which the Administrator took the action granting an Award or such
later date as the Administrator designates as the Award Date at the time of the Award.

“Beneficiary” means the person, persons, trust or trusts designated by a Participant, or, in the
absence of a designation, entitled by will or the laws of descent and distribution, to receive the
benefits specified in the Award Agreement and under this Plan if the Participant dies, and means
the Participant’s executor or administrator if no other Beneficiary is designated and able to act
under the circumstances.

“Board” means the Board of Directors of the Corporation.

“Change in Control Event” means any of the following:

	 	(a)	 	The acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of
either (1) the then-outstanding shares of common stock of the Corporation (the
“Outstanding Company Common Stock”) or (2) the combined voting power of the
then-outstanding voting securities of the Corporation entitled to vote generally in the
election of directors of the Corporation (the “Outstanding Company Voting Securities”);
provided, however, that, for purposes of this definition, the following acquisitions
shall not constitute a Change in Control Event; (A) any acquisition directly from the
Corporation, (B) any acquisition by the Corporation, (C) any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Corporation or
any affiliate of the Corporation or a successor, or (D) any acquisition by any entity
pursuant to a transaction that complies with clauses (c)(1), (2) and (3) below;

	 	(b)	 	Individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director of the Corporation subsequent to the
Effective Date whose election, or nomination for election by the Corporation’s
stockholders, was approved by a vote of at least three-fourths of the directors of the
Corporation then comprising the Incumbent Board (including for these purposes, the new
members whose election or nomination was so approved, without counting the member and
his predecessor twice) shall be considered as though such individual were a member of
the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of directors of the Corporation or other actual
or threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board;

	 	(c)	 	Consummation of a reorganization, merger, statutory share exchange or
consolidation or similar corporate transaction involving the Corporation or any of its
Subsidiaries, a sale or other disposition of all or substantially all of the assets of
the Corporation, or the acquisition of assets or stock of another entity by the
Corporation or any of its Subsidiaries (each, a “Business Combination”), in each case
unless, following such Business Combination, (1) all or substantially all of the
individuals and entities that were the beneficial owners of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock and the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the entity resulting from such Business Combination
(including, without limitation, an entity that, as a result of such transaction, owns
the Corporation or all or substantially all of the Corporation’s assets directly or
through one or more subsidiaries (a “Parent”)) in substantially the same proportions as
their ownership immediately prior to such Business Combination of the Outstanding
Company Common Stock and the Outstanding Company Voting Securities, as the case may be,
(2) no Person (excluding any entity resulting from such Business Combination or a
Parent or any employee benefit plan (or related trust) of the Corporation or such
entity resulting from such Business Combination or Parent) beneficially owns, directly
or indirectly, 30% or more of, respectively, the then-outstanding shares of common
stock of the entity resulting from such Business Combination or the combined voting
power of the then-outstanding voting securities of such entity, except to the extent
that the ownership in excess of 30% existed prior to the Business Combination, and (3)
at least a majority of the members of the board of directors or trustees of the entity
resulting from such Business Combination or a Parent were members of the Incumbent
Board at the time of the execution of the initial agreement or of the action of the
Board providing for such Business Combination; or

	 	(d)	 	Approval by the stockholders of the Corporation of a complete liquidation or
dissolution of the Corporation other than in the context of a transaction that does not
constitute a Change in Control Event under clause (c) above.

“Code” means the Internal Revenue Code of 1986, as amended from time to time.

“Commission” means the Securities and Exchange Commission.

“Common Stock” means the Common Stock of the Corporation and such other securities or property as
may become the subject of Awards, or become subject to Awards, pursuant to an adjustment made under
Section 6.3 of this Plan.

“Company” means, collectively, the Corporation and its Subsidiaries.

“Corporation” means Corinthian Colleges, Inc., a Delaware corporation, and its successors.

“Eligible Employee” means an employee of the Company.

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

“Fair Market Value” on any date means (a) if the stock is listed or admitted to trade on a national
securities exchange, the closing price of the stock on the Composite Tape, as published in the
Western Edition of The Wall Street Journal, of the principal national securities exchange on which
the stock is so listed or admitted to trade, on such date, or, if there is no trading of the stock
on such date, then the closing price of the stock as quoted on such Composite Tape on the next
preceding date on which there was trading in such shares; (b) if the stock is not listed or
admitted to trade on a national securities exchange, the last/closing price for the stock on such
date, as furnished by the National Association of Securities Dealers, Inc. (“NASD”) through the
NASDAQ National Market Reporting System or a similar organization if the NASD is no longer
reporting such information; (c) if the stock is not listed or admitted to trade on a national
securities exchange and is not reported on the National Market Reporting System, the mean between
the bid and asked price for the stock on such date, as furnished by the NASD or a similar
organization; or (d) if the stock is not listed or admitted to trade on a national securities
exchange, is not reported on the National Market Reporting System and if bid and asked prices for
the stock are not furnished by the NASD or a similar organization, the value as established by the
Administrator at such time for purposes of this Plan. Any determination as to fair market value
made pursuant to this Plan shall be determined without regard to any restriction other than a
restriction which, by its terms, will never lapse, and shall be conclusive and binding on all
persons. The Administrator may, however, provide with respect to one or more Awards that the Fair
Market Value shall equal the last closing price of a share of Common Stock as reported on the
composite tape for securities listed on a national securities exchange or as furnished by the NASD
and available on the date in question or the average of the high and low prices of a share of
Common Stock as reported on the composite tape for securities listed on a national securities
exchange or as furnished by the NASD for the date in question or the most recent trading day. The
Administrator also may adopt a different methodology for determining Fair Market Value with respect
to one or more Awards if a different methodology is necessary or advisable to secure any intended
favorable tax, legal or other treatment for the particular Award(s) (for example, and without
limitation, the Administrator may provide that Fair Market Value for purposes of one or more Awards
will be based on an average of closing prices (or the average of high and low daily trading prices)
for a specified period preceding the relevant date).

“Option” means an option to purchase Common Stock granted under this Plan. Any Option granted
hereunder shall not be intended to qualify as an “incentive stock option” within the meaning of
Section 422 of the Code.

“Participant” means an Eligible Employee who has been granted an Award under this Plan.

“Performance Share Award” means an Award of a right to receive shares of Common Stock under Section
5.1 the issuance or payment of which is contingent upon, among other conditions, the attainment of
performance objectives specified by the Administrator.

“Personal Representative” means the person or persons who, upon the disability or incompetence of a
Participant, has acquired on behalf of the Participant, by legal proceeding or otherwise, the power
to exercise the rights or receive benefits under this Plan by virtue of having become the legal
representative of the Participant.

“Plan” means this Corinthian Colleges, Inc. 2004 New-Hire Award Plan, as it may hereafter be
amended from time to time.

“QDRO” means a qualified domestic relations order.

“Restricted Shares” or “Restricted Stock” means shares of Common Stock awarded to a Participant
under this Plan, subject to payment of such consideration, if any, and such conditions on vesting
(which may include, among others, the passage of time, specified performance objectives or other
factors) and such transfer and other restrictions as are established in or pursuant to this Plan
and the related Award Agreement, for so long as such shares remain unvested under the terms of the
applicable Award Agreement.

“Retirement” means retirement with the consent of the Company or, from active service as an
employee or officer of the Company on or after attaining (a) age 55 with ten or more years of
employment with the Company, or (b) age 65.

“Rule 16b-3” means Rule 16b-3 as promulgated by the Commission pursuant to the Exchange Act, as
amended from time to time.

“Section 16 Person” means a person subject to Section 16(a) of the Exchange Act.

“Securities Act” means the Securities Act of 1933, as amended from time to time.

“Stock Appreciation Right” or “SAR” means a right authorized under this Plan to receive a number of
shares of Common Stock or an amount of cash, or a combination of shares and cash, the aggregate
amount or value of which is determined by reference to a change in the Fair Market Value of the
Common Stock.

“Stock Bonus” means an Award of shares of Common Stock granted under this Plan for no consideration
other than past services and without restriction other than such transfer or other restrictions as
the Administrator may deem advisable to assure compliance with law.

“Stock Unit” means a bookkeeping entry which serves as a unit of measurement relative to a share of
Common Stock for purposes of determining the payment, in Common Stock or cash, of an Award,
including a deferred benefit or right under this Plan. Stock Units are not outstanding shares and
do not entitle a Participant to any dividend, voting or other rights in respect of any Common Stock
represented thereby or acquirable thereunder. Stock Units, may, however, by express provision in
the applicable Award Agreement, entitle a Participant to dividend equivalent rights, as determined
by the Administrator.

“Subsidiary” means any corporation or other entity a majority of whose outstanding voting stock or
voting power is beneficially owned directly or indirectly by the Corporation.

“Total Disability” means a “total and permanent disability” within the meaning of Section
22(e)(3) of the Code and such other disabilities, infirmities, afflictions, or conditions as the
Administrator may include.

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