Document:

Form of Non-Qualified Stock Option Grant Agreement

 Exhibit 10.2 
 CAREER EDUCATION CORPORATION 
 2008 INCENTIVE COMPENSATION PLAN 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 This STOCK OPTION AGREEMENT (this “Agreement”), dated [                    ], by and between Career Education
Corporation, a Delaware corporation (the “Company”), and [                    ] (the “Grantee”). 

In accordance with Section 6 of the Career Education Corporation 2008 Incentive Compensation Plan (the “Plan”) and subject to
the terms of the Plan and this Agreement, the Company hereby grants to the Grantee an option to purchase shares of common stock, par value $0.01 per share, of the Company (“Shares”) on the terms and conditions as set forth below
(“Option”). The Option granted hereby is not intended to constitute an Incentive Stock Option, within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). All capitalized
terms used, but otherwise not defined herein, shall have the meanings set forth in the Plan. 
 To evidence the Option and to set forth its
terms, the Company and the Grantee agree as follows: 
 1. Grant. The Committee hereby grants this Option to the Grantee on
[                    ] (the “Grant Date”) for the purchase from the Company of all or any part of an aggregate of
             Shares (subject to adjustment as provided in Section 4.2 of the Plan. 
 2. Option Price. The purchase price of this Option shall be equal to $             per Share (the “Option Price”) (subject to
adjustment as provided in Section 4.2 of the Plan). The Option Price is equal to 100% of the Fair Market Value of one Share of Common Stock on the Grant Date, as calculated under the Plan. 
 3. Term and Vesting of the Option. The Option Term shall expire on the tenth anniversary of the Grant Date, and, except as otherwise provided
herein, vested Shares subject to this Option may be exercised either upon or following the applicable vesting dates (set forth in the table below), as long as such exercise occurs prior to the expiration of this Option as provided in this Agreement
and the Plan. The applicable vesting dates for the Shares subject to this Option are as follows: 
  

			
	 Vesting Date
	 	 Percentage of Option Shares
 Vested

		 	
		 	
		 	
		 	

 Notwithstanding the foregoing provisions of this Paragraph 3, and except as otherwise determined by the
Committee, as provided in the Plan or as provided herein, any portion of this Option which is not vested (or otherwise not exercisable) at the time of the Grantee’s Termination of Service with the Company and its Subsidiaries shall not become
exercisable after such termination and shall be immediately cancelled and forfeited to the Company. 
 4. Exercisability. In the event
the Grantee incurs a Termination of Service for any reason, the Grantee will have such rights with respect to this Option as are provided for in the Plan. 
 5. Exercise of Option. On or after the date any portion of the Option becomes exercisable, but prior to the expiration of the Option in accordance with Paragraphs 3 and 4 above, the portion of the Option that
has become exercisable may be exercised in whole or in part by the Grantee (or, pursuant to Paragraph 6 hereof, by his or her permitted successor) upon delivery of the following to the Company: 
 (a) a written notice of exercise which identifies this Agreement and states the number of whole Shares then being purchased; and 
 (b) any combination of cash (or by certified or personal check or wire transfer payable to the Company), and/or (i) with the approval of the
Committee, Shares or Shares of Restricted Stock then owned by the Grantee in an amount having a combined Fair Market Value on the exercise date equal to the aggregate Option Price of the Shares then being purchased, or (ii) unless otherwise
prohibited by law for either the Company or the Grantee, an irrevocable authorization of a third party to sell Shares acquired upon the exercise of the Option and promptly remit to the Company a sufficient portion of the sale proceeds to pay the
entire Option Price and any tax withholdings resulting from such exercise. 
 Notwithstanding the foregoing, the Grantee (or any permitted
successor) shall take whatever additional actions, including, without limitation, the furnishing of an opinion of counsel, and execute whatever additional documents the Company may, in its sole discretion, deem necessary or advisable in order to
carry out or effect one or more of the obligations or restrictions imposed by the Plan, this Agreement or applicable law. 
 No Shares shall
be issued upon exercise of the Option until full payment has been made. Upon satisfaction of the conditions and requirements of this Paragraph 5 and the Plan, the Company shall deliver to the Grantee (or his or her permitted successor) a certificate
or certificates for the number of Shares in respect of which the Option shall have been exercised. Upon exercise of the Option (or a portion thereof), the Company shall have a reasonable time to issue the Common Stock for which the Option has been
exercised, and the Grantee shall not be treated as a stockholder for any purposes whatsoever prior to such issuance. No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date such Common Stock is
recorded as issued and transferred in the Company’s official stockholder records, except as otherwise provided in the Plan or this Agreement. 
  

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 6. Limitation Upon Transfer. This Option and all rights granted hereunder shall not (a) be
transferred by the Grantee, other than by will, by the laws of descent and distribution, or to a Permitted Transferee; (b) be otherwise assigned, pledged or hypothecated in any way; and (c) be subject to execution, attachment or similar
process. Any attempt to transfer this Option, other than by will or by the laws of descent and distribution or to a Permitted Transferee, or to assign, pledge or hypothecate or otherwise dispose of this Option or of any rights granted hereunder
contrary to the provisions hereof, or upon the levy of any attachment or similar process upon this Option or such rights, shall be void and unenforceable against the Company or any Subsidiary; provided, however, that the Grantee may designate a
Beneficiary to receive benefits in the event of the Grantee’s death. This Option shall be exercised during the Grantee’s lifetime only by the Grantee, the Grantee’s guardian, the Grantee’s legal representative or a Permitted
Transferee. 
 7. Change in Control. Upon a Change in Control, the Grantee will have such rights with respect to this Option as are
provided for in the Plan. 
 8. Effect of Amendment of Plan. No discontinuation, modification, or amendment of the Plan may, without
the written consent of the Grantee, adversely affect the rights of the Grantee under this Option, except as otherwise provided under the Plan. 
 This Agreement may be amended as provided under the Plan, but no such amendment shall adversely affect the Grantee’s rights under the Agreement without the Grantee’s written consent, unless otherwise permitted by the Plan.

 9. No Limitation on Rights of the Company. The grant of this Option shall not in any way affect the right or power of the Company
to make adjustments, reclassifications, or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. 
 10. Rights as a Stockholder. The Grantee shall have the rights of a stockholder with respect to the Shares subject to this Option only upon
becoming the holder of record of such Shares. 
 11. Compliance with Applicable Law. Notwithstanding anything herein to the contrary,
the Company shall not be obligated to cause to be issued or delivered any certificates for Shares pursuant to the exercise of this Option, unless and until the Company is advised by its counsel that the issuance and delivery of such certificates is
in compliance with all applicable laws, regulations of governmental authority, and the requirements of any exchange upon which Shares are traded. The Company may require, as a condition of the issuance and delivery of such certificates and in order
to ensure compliance with such laws, regulations and requirements, that the Grantee make such covenants, agreements, and representations as the Company, in its sole discretion, considers necessary or desirable. 
 12. No Obligation to Exercise Option. The granting of this Option shall impose no obligation upon the Grantee to exercise this Option. 

 

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 13. Agreement Not a Contract of Employment or Other Relationship. This Agreement is not a contract
of employment, and the terms of employment of the Grantee or other relationship of the Grantee with the Company or its Subsidiaries shall not be affected in any way by this Agreement except as specifically provided herein. The execution of this
Agreement shall not be construed as conferring any legal rights upon the Grantee for a continuation of an employment or other relationship with the Company or its Subsidiaries, nor shall it interfere with the right of the Company or its Subsidiaries
to discharge the Grantee and to treat him or her without regard to the effect that such treatment might have upon him or her as a Grantee. 
 14. Withholding. If the Company is obligated to withhold an amount on account of any tax imposed as a result of the exercise of this Option, the Grantee shall be required to pay such amount to the Company, or make arrangements
satisfactory to the Committee regarding the payment of such amount, as provided in Section 17 of the Plan. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company shall, to the extent
permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee. The Grantee acknowledges and agrees that he or she is responsible for the tax consequences associated with the grant and exercise of this
Option. 
 15. Notices. Any communication or notice required or permitted to be given hereunder shall be in writing, and, if to the
Company, to its principal place of business, attention: Secretary, and, if to the Grantee, to the address appearing on the records of the Company. Such communication or notice shall be delivered personally or sent by certified, registered, or
express mail, postage prepaid, return receipt requested, or by a reputable overnight delivery service. Any such notice shall be deemed given when received by the intended recipient. 
 16. Governing Law. Except to the extent preempted by federal law, this Agreement shall be construed and enforced in accordance with, and governed
by, the laws of the State of Delaware without regard to the principles thereof relating to the conflicts of laws. 
 17. Receipt of
Plan. The Grantee acknowledges receipt of a copy of the Plan, and represents that the Grantee is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all the terms and provisions of this Agreement and of the
Plan. The Option is granted pursuant to the terms of the Plan, the terms of which are incorporated herein by reference, and the Option shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the
Plan and this Agreement, and its interpretation and determination shall be conclusive and binding upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. 
 18. Other Terms and Conditions. The foregoing does not modify or amend any terms of the Plan. To the extent any provisions of the Agreement are
inconsistent or in conflict with any terms or provisions of the Plan, the Plan shall govern. 
 IN WITNESS WHEREOF, this Agreement has been
duly executed as of                     . 
  

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	Career Education Corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Grantee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 5Form of Restricted Stock Agreement

 Exhibit 10.3 
 

 
 Career Education Corporation 
 2008 Incentive Compensation Plan 
 Cover Page to Restricted Stock Agreement 
 (The Restricted Stock Agreement is attached hereto) 
 Pursuant and subject to the Career Education Corporation 2008 Incentive Compensation Plan (the “Plan”) and the attached Restricted Stock Agreement, the Committee has awarded the Grantee named below shares of restricted
common stock of Career Education Corporation (“Restricted Stock”) as follows: 
 Name of Grantee:
[                                        ]

 Grant Date:
[                                        ]

  

					
	 ̈	 	Total Number of Shares of Restricted Stock Granted:	 	[            ]
			
	 ̈	 	Percentage of Granted Shares which are	 	 
	 	 	Time Based Only Vesting (“Time Vesting Stock”):	 	[            ]
			
	 ̈	 	Percentage of Granted Shares which are	 	 
	 	 	Performance and Time Based Vesting	 	 
	 	 	(“Performance Vesting Stock”):	 	[            ]

 By executing below, the Grantee hereby acknowledges, (1) receipt of a true copy of the Restricted Stock
Agreement; (2) that the Grantee has read the Restricted Stock Agreement and the Plan carefully, and fully understands their contents; (3) that the Grantee accepts the award of Shares; and (4) the Grantee agrees to be bound by the
terms and conditions of the Restricted Stock Agreement and the Plan. 
 IN WITNESS WHEREOF, as of the Grant Date the Company and the Grantee hereby agree to
be bound by the terms and conditions of the Restricted Stock Agreement and the Plan. 
  

									
	CAREER EDUCATION CORPORATION	 	 	 	GRANTEE
					
	By:	 	 /s/ Gary E. McCullough
	 		 	By:	 	  

		 	Gary E. McCullough	 		 		 	    [                                  
                          ]
		 	President & Chief Executive Officer	 		 		 	

 Please complete your address and then sign and return your signed original of this cover page to the Restricted
Stock Agreement within 30 days using the enclosed self-addressed envelope to Natalie Desormeau at CEC corporate. Please retain a copy of this signed cover page; the remainder of the Restricted Stock Agreement is for your records and does not need to
be returned. 

 CAREER EDUCATION CORPORATION 
 2008 INCENTIVE COMPENSATION PLAN 
 RESTRICTED STOCK AGREEMENT

 In accordance with and subject to the terms of the Career Education Corporation 2008 Incentive Compensation Plan (the
“Plan”) and this Agreement, the Committee granted to the person named as grantee (the “Grantee”) on the cover page attached to this Restricted Stock Agreement (the “Cover Page”) an award of shares
of Restricted Stock of the Career Education Corporation (the “Company”) (the Cover Page and this Restricted Stock Agreement hereinafter referred to as the “Agreement”). 
 To evidence such award and to set forth its terms, the Company and the Grantee agree as follows. All capitalized terms not otherwise defined in the
Agreement shall have the meaning set forth in the Plan. 
 1. Grant of Restricted Stock. Subject to and upon the terms and conditions set forth in this
Agreement and the Plan, the Committee granted to the Grantee the number of shares of Restricted Stock set forth on the Cover Page (the “Shares”), effective as of the grant date set forth on the Cover Page (the “Grant
Date”), and the Grantee hereby accepts the grant of the Shares on a restricted basis, as set forth herein. 
 2. Limitations on
Transferability. At any time prior to vesting in accordance with Paragraph 3 or 4, the Shares, or any interest therein, cannot be directly or indirectly transferred, sold, assigned, pledged, hypothecated, encumbered or otherwise disposed.

 3. Dates of Vesting. Subject to the provisions of Paragraphs 4 and 5 of this Agreement, the Shares shall cease to be restricted and shall become
non-forfeitable (thereafter being referred to as “Unrestricted Stock”) as follows: 
 (a) the portion of the Shares
designated as “Time Vesting Stock” on the Cover Page shall become Unrestricted Stock as of the third anniversary of the Grant Date; and 
 (b) provided that the performance criteria specified on Exhibit A hereto have been satisfied, the portion of the Shares designated as “Performance Vesting Stock” on the Cover Page shall become Unrestricted
Stock as of the third anniversary of the Grant Date, but only to the extent and in the proportion that such performance criteria have been satisfied. 
 Notwithstanding the foregoing, and subject to Paragraphs 4 and 5 below, in the event that the Grantee incurs a Termination of Service prior to the third anniversary of the Grant Date, the Shares shall be immediately
forfeited to the Company.
 Any shares of Performance Vesting Stock that do not become Unrestricted Stock on the third anniversary of the
Grant Date as a result of a failure to fully satisfy the applicable performance criteria shall be forfeited to the Company. The Committee shall have full discretion and authority to determine whether and to what extent such performance criteria have
been satisfied, and the determination of the Committee shall be final and binding on the Grantee, the Company and all other interested persons. 
  

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 4. Termination of Service. Subject to Paragraph 5 below, the provisions of this Paragraph 4 shall apply in the
event the Grantee incurs a Termination of Service at any time prior to the date on which the Restricted Stock shall become Unrestricted Stock as set forth in Paragraph 3: 
 (a) If prior to the third anniversary of the Grant Date, the Grantee incurs a Termination of Service because of his or her death or Disability, the Shares shall become Unrestricted Stock, and the Grantee shall
immediately own the Shares free of all restrictions otherwise imposed by this Agreement. 
 (b) If, prior to the third anniversary of the
Grant Date, the Grantee incurs a Termination of Service for any reason other than his or her death or Disability, then the Shares that have not previously become Unrestricted Stock shall be immediately forfeited to the Company. 
 5. Change in Control. Upon a Change in Control, the Grantee will have such rights with respect to the Shares as are provided for in the Plan. 
 6. Stock Certificates and Escrow. The certificates for the Shares shall be held in escrow by the Company until, and to the extent, such Shares shall become
Unrestricted Stock. The Shares and the related certificates, together with any assets or securities held in escrow hereunder, shall either be (a) surrendered to the Company for cancellation to the extent such Shares are forfeited by the Grantee
pursuant to the terms of the Plan or this Agreement or (b) released to the Grantee to the extent such Shares become Unrestricted Stock pursuant to Paragraph 3, 4 or 5 above. 
 7. Liability of Company. The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and transfer of any Shares
pursuant to this Agreement shall relieve the Company of any liability with respect to the non-issuance or transfer of the Shares as to which such approval shall not have been obtained. However, the Company shall use its best efforts to obtain all
such approvals. 
 8. Adjustment in Restricted Stock. The Committee may make or provide for such adjustments as provided for in Section 4.2 of
the Plan. 
 9. Plan Amendment. No discontinuation, modification, or amendment of the Plan may, without the written consent of the Grantee, adversely
affect the rights of the Grantee under this Agreement, except as otherwise provided under the Plan. This Agreement may be amended as provided under the Plan, but no such amendment shall adversely affect the Grantee’s rights under the Agreement
without the Grantee’s written consent, unless otherwise permitted by the Plan. 
 10. Stockholder Rights. The Grantee shall be entitled to
receive any dividends that become payable on or after the Grant Date with respect to the Shares; provided, however, that no dividends shall be payable (a) with respect to the Shares on account of record dates occurring prior to
the Grant Date, and (b) with respect to forfeited Shares on account of record dates occurring on or after the date of such forfeiture. The Grantee shall be entitled to vote the Shares on or after the Grant Date to the same extent as would have
been 

  

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applicable to the Grantee if the Shares had then been Unrestricted Shares; provided, however, that the Grantee shall not be entitled to vote
(a) the Shares on account of record dates occurring prior to the Grant Date, and (b) with respect to forfeited Shares on account of record dates occurring on or after the date of such forfeiture. 
 11. Employment Rights. This Agreement is not a contract of employment, and the terms of employment of the Grantee or other relationship of the Grantee with the
Company shall not be affected in any way by this Agreement except as specifically provided herein. The execution of this Agreement shall not be construed as conferring any legal rights upon the Grantee for a continuation of an employment or other
relationship with the Company, nor shall it interfere with the right of the Company to discharge the Grantee and to treat him or her without regard to the effect which such treatment might have upon him or her as a Grantee. 
 12. Disclosure Rights. Except as required by applicable law, the Company (or any of its affiliates) shall not have any duty or obligation to disclose
affirmatively to a record or beneficial holder of Common Stock, Restricted Stock or Unrestricted Stock, and such holder shall have no right to be advised of, any material information regarding the Company at any time prior to, upon or in connection
with receipt of the Shares. 
 13. Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed by and enforced
in accordance with the laws of the State of Delaware (other than its laws respecting choice of law). 
 14. Compliance with Laws and Regulations.
Notwithstanding anything herein to the contrary, the Company shall not be obligated to cause to be issued or delivered any certificates for Shares, unless and until the Company is advised by its counsel that the issuance and delivery of such
certificates is in compliance with all applicable laws, regulations of governmental authority, and the requirements of any exchange upon which the Common Stock is traded. The Company may require, as a condition of the issuance and delivery of such
certificates and in order to ensure compliance with such laws, regulations, and requirements, that the Grantees make such covenants, agreements, and representations as the Company, in its sole discretion, considers necessary or desirable.

 15. Successors and Assigns. Except as otherwise expressly set forth in this Agreement, the provisions of this Agreement shall inure to the benefit
of, and be binding upon, the succeeding administrators, heirs and legal representatives of the Grantee and the successors and assigns of the Company. 
 16.
No Limitation on Rights of the Company. This Agreement shall not in any way affect the right of the Company to adjust, reclassify, reorganize or otherwise make changes in its capital or business structure, or to merge, consolidate, dissolve,
liquidate, sell or transfer all or any part of its business or assets. 
 17. Notices. Any communication or notice required or permitted to be given
hereunder shall be in writing, and, if to the Company, to its principal place of business, attention: Secretary, and, if to the Grantee, to the address appearing on the records of the Company. 

  

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Such communication or notice shall be delivered personally or sent by certified, registered, or express mail, postage prepaid, return receipt requested, or
by a reputable overnight delivery service. Any such notice shall be deemed given when received by the intended recipient. Notwithstanding the foregoing, any notice required or permitted hereunder from the Company to the Grantee may be made by
electronic means, including by electronic mail to the Company-maintained electronic mailbox of the Grantee, and the Grantee hereby consents to receive such notice by electronic delivery. To the extent permitted in an electronically delivered notice
described in the previous sentence, the Grantee shall be permitted to respond to such notice or communication by way of a responsive electronic communication, including by electronic mail. 
 18. Construction. Notwithstanding any other provision of this Agreement, this Agreement is made and the Shares are granted pursuant to the Plan and are in
all respects limited by and subject to the express provisions of the Plan, as amended from time to time. To the extent any provision of this Agreement is inconsistent or in conflict with any term or provision of the Plan, the Plan shall govern. The
interpretation and construction by the Committee of the Plan, this Agreement and any such rules and regulations adopted by the Committee for purposes of administering the Plan, shall be final and binding upon the Grantee and all other persons.

 19. Entire Agreement. This Agreement, together with the Plan, constitute the entire obligation of the parties hereto with respect to the
subject matter hereof and shall supersede any prior expressions of intent or understanding with respect to this transaction. 
  

	20.	Amendment. Any amendment to this Agreement shall be in writing and signed by the Company and the Grantee. 

 21. Waiver; Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision hereof shall not affect its
right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time.  
 22. Counterparts. This Agreement may be signed in two counterparts, each of which shall be an original, but both of which shall constitute but one and the
same instrument.  
 23. Headings. The headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement. 
 24. Severability. If any provision of this Agreement shall for any reason be held to be
invalid or unenforceable, such invalidity or unenforceability shall not effect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable provision were omitted.  
 25. Tax Consequences. The Grantee acknowledges and agrees that the Grantee is responsible for all taxes and tax consequences with respect to the grant of the
Shares or the lapse of restrictions otherwise imposed by this Agreement. The Grantee further acknowledges that it is the Grantee’s responsibility to obtain any advice that the Grantee deems necessary or appropriate with respect to any and all
tax matters that may exist as a result of the grant of the Shares or the lapse of restrictions otherwise imposed by this Agreement. 

  

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Notwithstanding any other provision of this Agreement, the Shares, together with any other assets or securities held in escrow hereunder, shall not be
released to the Grantee unless, as provided in Section 17 of the Plan, the Grantee shall have paid to the Company, or made arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind
required by law to be withheld with respect to the grant of the Shares or the lapse of restrictions otherwise imposed by this Agreement. 
 26. Receipt of
Plan. The Grantee acknowledges receipt of a copy of the Plan, and represents that the Grantee is familiar with the terms and provisions thereof, and hereby accepts the Shares subject to all the terms and provisions of this Agreement and of the
Plan. The Shares are granted pursuant to the terms of the Plan, the terms of which are incorporated herein by reference, and the Shares shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the
Plan and this Agreement, and its interpretation and determination shall be conclusive and binding upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. 
 IN WITNESS WHEREOF, the parties hereto have acknowledged their rights and obligations under this Agreement as of the Grant Date, by signing the Cover
Page. 
  

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 Exhibit A 
 Performance Criteria

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