Document:

Exhibit 10.2

TERMINATION
AND CONSULTING AGREEMENT

This TERMINATION
AND CONSULTING AGREEMENT (this “Agreement”) is
entered into this 21st day of August, 2007 between CAREER EDUCATION
CORPORATION, a Delaware corporation (“CEC”) and CEC
EMPLOYEE GROUP, LLC (“Employee Group”,
and, together with CEC, the “Company”) on
the one hand, and PATRICK K. PESCH, an individual resident of the State of
Illinois (the “Employee”), on the other hand.

The parties have
determined that it will be mutually beneficial for the Employee, currently the
Chief Financial Officer of the Company, to transition to a consulting
arrangement with the Company. In preparation for this transition, the Employee
has resigned from the Company’s board of directors and this Agreement sets
forth the terms and conditions of Employee’s continued service as an employee
and Chief Financial Officer of the Company, termination of service as an
employee and Chief Financial Officer of the Company and subsequent consultancy
with the Company, including the Employee’s release of claims against the
Company upon termination of employment as set forth herein. In consideration of
the promises contained herein, the Company and the Employee do hereby covenant
and agree as follows:

Section 1.           Termination of Employment.

1.1           Termination. The Employee’s employment with the
Company will cease effective at the close of business on the “Employment Termination Date,” which means the earliest of
(a) the sixtieth day following the date on which the Employee’s successor as
Chief Financial Officer commences employment with the Company (the “Expected End Date”) (b) December 31, 2007, (c) the date on
which the Company terminates the Employee’s employment with the Company by
reason of Death or Disability or with Cause pursuant to section 8, and (d) the
date on which the Employee terminates his employment with the Company pursuant
to section 8.  The Employee hereby
confirms that effective as of the close of business on the date prior to the
date on which the Employee’s successor as Chief Financial Officer commences
employment with the Company, he will no longer hold any positions as an officer
or director of the Company, or any of its respective parents, subsidiaries and
Affiliates (as defined below) at any level, and he agrees to promptly execute
such documents and take such actions as may be necessary or requested by the
Company to evidence the foregoing.

CEC and the Employee hereby acknowledge that
they remain bound by all of the terms of that certain indemnification agreement
between them executed by Employee in January, 1998, the terms of which survive
termination of employment and which the parties agree are enforceable and
remain in full force and effect pursuant to the terms of section 16 thereof.

1.2           Salary, Benefits and Expense Reimbursement
Prior to Termination. The Employee hereby acknowledges that from the date hereof until
the Employment Termination

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Date (the “Employment
Period”) he will remain continuously employed by the Company on an
at-will basis.  During the Employment
Period, Employee will continue to (a) earn an annual salary of $440,000 (paid
in substantially equal installments according to the normal payroll practices
of the Company), and (b) be eligible to participate in the benefit plans
generally available to executive employees of the Company pursuant to the
written terms of such benefit plans. The Company agrees to reimburse the
Employee, in accordance with the Company’s regular expense reimbursement
processes, for any expenses incurred by the Employee through the Employment
Termination Date and are consistent with the Company’s expense policy and
practice.

1.3           Benefits and Expense Reimbursement
Following the Employment Termination Date. The Employee hereby acknowledges that, after the
Employment Termination Date, he will no longer be entitled to participate in
any employee benefit plan sponsored or maintained by the Company, except
for (a) continuation coverage that may be elected under group health plans
maintained by the Company, which coverage is intended to satisfy the
requirements of Sections 601 through 608 of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), and
(b) any benefit provided under the provisions of a pension plan (as defined in
Section 3(2) of ERISA) which is accrued and vested as of the Employment
Termination Date, any such benefit to be paid in accordance with the written
terms of such pension plan.  In the event that Employee elects to
continue the benefit coverage described in clause (a) of the
preceding sentence, the following benefit coverage shall be continued for
the twelve (12) month period following the Employment Termination Date, upon
the same terms and conditions as such coverage (if any) is provided
to other actively employed key executives of the Company (including Employee’s
cost of coverage) generally during such 12-month period: (i) medical
plan including vision (normal); (ii) medical plan (execu-care) and (iii)
dental; provided, that the Employee does not become eligible
to receive similar benefits from a subsequent employer.   After
the Employment Termination Date, the Employee will no longer be authorized to
incur any expenses, obligations or liabilities on behalf of the Company, except
as permitted by section 4.

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Section 2.           Payments. In consideration of the Employee’s
execution of and compliance with this Agreement, and subject to (a) the
Employee’s valid execution and delivery of a general release in the form
attached hereto as Exhibit A (the “General Release”)
on the later of the Employment Termination Date or the 21st day after the
Employee’s receipt of this Agreement and the General Release, (b) the
expiration of the revocation period described in paragraph 3 of the General
Release with no revocation by the Employee, and (c) the terms of section 8, the
Company shall, in the time frames set forth below, pay to the Employee the
amounts set forth in sections 2.1 and 2.2. 
Such amounts shall be paid by check, mailed to the Employee’s last known
address according to the Company’s payroll records or upon the Employee’s
request by direct deposit to the Employee’s bank account.  The parties agree that the monies set forth
in this section 2 constitute additional consideration, above and beyond
anything to which the Employee is already entitled, in exchange for the Employee’s
execution of and compliance with this Agreement and the General Release
pursuant to their terms.

2.1           $440,000, paid in a lump sum on the
date that is six months after the Employment Termination Date.  This amount is equal to the Employee’s
current annual base salary.

2.2           An amount equal to the product of
(a) a fraction (i) the numerator of which is the number of days in the period
between January 1, 2007 and the Employment Termination Date, inclusive, and
(ii) the denominator of which is 365, and (b) the bonus, if any, that would
have been payable to the Employee had he remained an employee of the Company on
December 31, 2007 under the CEC Executive Bonus Plan. The amount described in
the preceding sentence shall be determined and paid in accordance with the
Company’s regular practice with respect to determining annual bonus payments; provided,
that the amount, if any, payable pursuant to this section 2.2 shall be paid to
the Employee no later than March 15, 2008.

Section 3.           Consultancy.

3.1           General. Commencing on the first day after
the Employment Termination Date and ending on June 30, 2008 or an earlier date
pursuant to section 8 (the “Consulting Period”),
the Employee shall make himself available to provide consulting services to the
Company (in such capacity, the Employee is sometimes referred to herein as the “Consultant”). The consulting services to be provided by the
Consultant shall be as requested by the Chief Executive Officer or Chief
Financial Officer  of the Company, and may include,
but shall not be limited to, assistance in preparation for quarterly earnings
announcements and other contacts with shareholders and analysts, and the
provision of accounting and financial expertise. The scheduling of the time
that the Consultant shall provide such services will be mutually agreeable to
the parties; provided, that the Consultant shall not be required to
provide services in excess of thirty-two (32) hours in any calendar month,
unless the parties mutually agree that hours in excess of thirty-two (32) are
necessary. The Consultant shall perform such services at such locations as are
mutually agreeable to him and the Company. Should the Consultant perform
services for more than thirty-two (32) hours in any given month, the Company
shall compensate the Consultant for such additional hours at the rate of $250
per additional hour.

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3.2           Payment. In consideration for the provision
of such consulting services, the Company shall pay to the Consultant a
consulting fee of $8,000 per month during the Consulting Period, paid
semimonthly and pro rated for any partial month during the Consulting Period.
In addition, consistent with the provisions of the Company’s 1998 Employee
Incentive Compensation Plan (the “Plan”) allowing grants of stock
options to consultants, and pursuant to determinations made by the Compensation
Committee of the Board of Directors of the Company, the Employee’s existing
stock options awards and restricted stock awards will continue to vest during
the Consulting Period and be exercisable (as applicable), in accordance with
their terms as if the Consulting Period were a continuation of employment and
termination of employment does not occur until the end of the Consulting Period
(and, to the extent not vested at or prior to the end of the Consulting Period,
shall terminate and be forfeited at the end of the Consulting Period). For
avoidance of doubt, any period for exercise of stock option awards following
the Consulting Period shall be as provided for under the Plan and Option
Agreements applicable to such awards.

3.3           Status of Consultancy. The parties hereby agree and
acknowledge that the Consultant shall at no time during the Consulting Period
be an employee, representative, or agent of the Company or any of its
subsidiaries. During the Consulting Period, the Consultant shall be an
independent contractor and the Company shall exercise no immediate control over
the Consultant or the manner in which he performs his services under this
Agreement. The Consultant may not bind or sign any documents on behalf of the
Company or any of its subsidiaries. The Consultant shall be responsible for
payment of all taxes for remuneration received under section 3, including
federal and state income tax, Social Security tax, Unemployment Insurance tax,
and any other taxes as required under applicable law and regulations.

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Section 4.           Cooperation with Litigation. From and
after the Employment Termination Date and with respect to matters as to which
he obtained knowledge during either his employment with the Company or during
the Consulting Period, the Employee agrees to cooperate fully, at the Company’s
reasonable request, with the Company and any of its officers, directors,
attorneys or employees (a) in connection with the defense or prosecution of any
and all charges, complaints, claims, liabilities, obligations, promises,
agreements, demands and causes of action of any nature whatsoever, which are
asserted by any person or entity (including the Company) concerning or related
to any matter that arises out of or concerns events or occurrences during the
Employee’s employment with the Company or the consultancy described in section
3, and (b) concerning requests for information about the business of the
Company or the Employee’s involvement and participation therein (including as
Consultant). The Employee shall provide such cooperation consistent with his
other obligations and on reasonable notice and such cooperation is not intended
to be unreasonably burdensome nor to interfere with the Employee’s ability to
transition into other personal or professional endeavors. To the extent such
cooperation occurs during the Consulting Period, such cooperation shall be
provided as part of the consulting services rendered pursuant to section 3 and
to the extent such cooperation does not exceed the thirty-two (32) hour per
calendar month limit set forth in section 3.1, shall not entitle the Employee
to any additional compensation. To the extent such cooperation occurs after the
termination of the Consulting Period, or to the extent that such cooperation
(together with ordinary consulting services provided hereunder) occurs during
the Consulting Period but exceeds the thirty-two (32) hour per calendar month
limit set forth in section 3.1, and in each case (i) is rendered at the written
request of the Company and (ii) does not include testimony given pursuant to a
lawfully issued and valid subpoena or notice of deposition (as opposed to
preparation for testimony with employees of the Company or counsel to the
Company), the Employee shall be entitled to compensation at a rate of $250 per
hour.  The Employee shall be entitled to
reimbursement, upon receipt by the Company of suitable documentation, for
reasonable and necessary travel and other expenses not reimbursed or
reimbursable by a third party that he may incur at the specific request of the
Company and as approved in advance by the Company in accordance with its
policies and procedures established from time to time in connection with the
Employee’s cooperation obligations under this section 4. Nothing in this
section should be construed as suggesting or implying that the Employee should
testify in any way other than truthfully or provide anything other than
accurate, truthful information.

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The Employee has been individually named, along with CEC, as a
defendant in certain litigation brought by or on behalf of CEC shareholders,
including specifically: (A) In re Career Education
Corporation Securities Litigation, No. 03 C 8884 (N.D. Ill.)  (formerly known as Taubenfeld
v. Career Education Corporation, et al.) and those actions
consolidated within that action; (B) McSparran v. John M.
Larson, et al., No. 04 C 0041 (N.D. Ill.) (consolidated with Ulrich v. John M. Larson, et al., 04 C 4778 (N.D. Ill.));
(C) Xiao-Qiong Huang v. John M. Larson, et al.,
04 CH 10579 (Cook County, Illinois); (D) David Nicholas, Sr. v.
Robert E. Dowdell, et al., C.A. No. 819-N (Del. Ch.); or (E) In re: Career Education Corporation Derivative Litigation,
C.A. No. 1398-N (Del. Ch.) (consolidated cases originally filed as Romero v. Robert E. Dowdell, et al. and consolidated with Neel v. Robert E. Dowdell, et al., C.A. No. 2151-N (Del.
Ch.)) (together “the Shareholder Litigation”). The Employee has retained
counsel at the law firm of Jones Day to represent him in the Shareholder
Litigation separate and apart from counsel representing CEC, and CEC has paid
for the Employee’s reasonable attorneys’ fees and costs in defending the
Shareholder Litigation (the “Costs”). 
Subject to the terms of this Agreement and the indemnification agreement
between the Employee and CEC dated as of January 1998 (and referred to in
section 1.1 above), including specifically CEC’s right to reimbursement of the
Costs from the Employee under certain circumstances set forth therein and
pursuant to Delaware law, CEC shall continue to pay reasonable Costs associated
with representation of the Employee by Jones Day until the Shareholder
Litigation (or any settlement(s) thereof) and any appeals are concluded, even
if the Costs are incurred after termination of the Consulting Period.

Section 5.           Non-Competition; Non-Solicitation;
Non-Disparagement and Confidential Information.

5.1           Non-Competition. During the period commencing on
the date hereof and continuing through December 31, 2008, the Employee shall
not own or engage in, either directly or indirectly, as an officer, manager,
employee, independent contractor, consultant, director, partner, sole
proprietor, stockholder, or in any other capacity, any business operating any
post-secondary, private trade or vocational schools, that offers classes,
courses or instruction in or is otherwise engaged in any curriculum or field of
study offered by any of the schools operated by the Company (the “Schools”) or any other curriculum or field of study that the
Company has expressed an interest in offering, during the Employee’s employment
by the Company, whether through the Schools or through a potential acquisition
(the “Competitive Activities”).  The Employee hereby acknowledges that the
Company intends to promote the Schools on an international basis and that the
geographical scope of this Agreement is intended to encompass all Competitive
Activities engaged in anywhere in the United States, its possessions and
territories and any other country where the Company and its subsidiaries are
promoting the Schools on the Employment Termination Date. Nothing herein shall
prevent the Employee from owning less than two percent (2%) of the capital
stock of a company whose stock is publicly traded and that is engaged in
Competitive Activities.

5.2           Non-Solicitation. During the period from the date
hereof through December 31, 2008, the Employee shall not, directly or
indirectly, individually or on behalf of

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any Person (as defined below) solicit, aid or
induce (a) any then-current employee of the Company or its Affiliates to leave
the Company or its Affiliates in order to accept employment with or render
services for the Employee or such Person, or (b) any student, customer, client,
vendor, lender, supplier or sales representative of the Company or its
Affiliates or similar persons engaged in business with the Company or its
Affiliates to discontinue the relationship or reduce the amount of business
done with the Company or its Affiliates. “Person” means
any individual, a partnership, a corporation, an association, a limited
liability company, a joint stock company, a trust, a joint venture, an
unincorporated organization, a governmental entity, or any department, agency
or political subdivision thereof, or an accrediting body. “Affiliate”
means: (i) with respect to any natural Person, any individual related by blood
or marriage to such Person; and (ii) with respect to any other Person, any
Person controlling, controlled by or under common control with such Person.

5.3           Non-Disparagement. The Employee shall not disparage
the Company or its Affiliates to third parties in any manner likely to be
harmful to the Company or its Affiliates, their business reputation, or the
personal or business reputation of its directors, shareholders and/or employees.
Notwithstanding the preceding sentence, the Employee shall respond accurately
and fully to any question, inquiry, or request for information when required by
legal process, or when appropriately posed by a governmental entity. CEC agrees
that its executive officers and directors shall not disparage the Employee to
third parties in any manner likely to be harmful to Employee’s personal or
business reputation. Notwithstanding the preceding sentence, CEC and its
directors, executive officers and employees shall respond accurately and fully
to any question, inquiry, or request for information when required by legal
process, or when appropriately posed by a governmental entity.

5.4           Confidential Information. The Employee acknowledges and
agrees that throughout and as an incident to his employment by the Company, he
has been and will be in possession of and exposed to Confidential Information
(as defined herein) relating to the Company, its Affiliates and each School,
and will continue to be in possession of and exposed to such Confidential
Information until the end of the Consulting Period. For purposes hereof, “Confidential Information” shall mean all proprietary or
confidential information concerning the business, finances, financial
statements, curricula, properties and operations of the Company, its Affiliates
and each School, including, without limitation, all student and prospective
student and supplier lists, know-how, trade secrets, business and marketing
plans, techniques, forecasts, projections, budgets, unpublished financial
statements, price lists, costs, computer programs, source and object codes,
algorithms, data, and other original works of authorship, along with all
information received from third parties and held in confidence by the Company,
its Affiliates and each School (including, without limitation, personnel files
and student records). At all times after the date hereof, the Employee will
hold the Confidential Information in the strictest confidence and will not
disclose or make use of (directly or indirectly) the Confidential Information
or any portion thereof to or on behalf of himself or any third party except (a)
as required in the performance of his duties as an employee of or consultant to
the Company, (b) as required by the order of any court or similar tribunal or
any other governmental body or agency of appropriate jurisdiction; provided,
that the Employee shall, to the extent practicable, give the Company prior
written notice of any such disclosure and shall cooperate with the Company in
obtaining a

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protective order or such similar protection
as the Company may deem appropriate to preserve the confidential nature of such
information. The foregoing obligations to maintain the Confidential Information
shall not apply to any Confidential Information that is, or without any action
by the Employee becomes, generally available to the public. Within five
business days following the end of the Consulting Period, the Employee shall
return to the Company all physical embodiments of the Confidential Information
(regardless of form or medium, and including without limitation any
electronically stored embodiments of any Confidential Information) that are or
have been at any time from the date hereof through the end of the Consulting
Period, in the possession of or under the control of the Employee, and shall
not retain any originals or copies of any such embodiments.

5.5           Acknowledgements. The Employee fully understands the
nature and burdens of this section 5. 
The Employee acknowledges that the provisions of this section 5 are
fair, reasonable, and not excessively broad, that they are necessary to protect
important and legitimate business interests of the Company, its Affiliates and
each School, and that in light of the Employee’s education, experience, and
capabilities, he can honor all parts of this section 5 without being prevented
from earning a fully adequate livelihood for the Employee and his dependents
from now throughout any period during which his activities are restricted
hereunder.

5.6           Scope of Restriction. The parties have attempted to
limit the scope of the covenants set forth in this section 5 to the extent
necessary to give the Company the benefit of its bargain with respect to the
other provisions of this Agreement. The parties agree that if the scope and
duration of any such covenant would, but for this provision, be deemed by a
court of competent authority to be unreasonable or otherwise unenforceable,
such court may modify such covenants to the extent that such court determines to
be necessary in order to grant enforcement thereof as so modified.

5.7           Remedies. The parties recognize that the
Company will suffer irreparable injury in the event of any breach or threatened
or anticipated breach of the terms of this section 5 by the Employee, and that
the remedy at law for any such actual breach or threatened or anticipated
breach will be inadequate. Accordingly, in the event of any breach or
threatened or anticipated breach of the terms of this section 5 by the Employee
and/or any Persons acting for or in concert with him, the Company shall be
entitled, in addition to any other remedies and damages available and without
proof of monetary or immediate damage, to seek and obtain from any court of
competent jurisdiction a decree of specific performance and a temporary and
permanent injunction, without bond or other security, enjoining and restricting
the breach or threatened or anticipated breach.

5.8           Common Law of Torts or Trade Secrets. The parties agree that nothing in
this Agreement shall be construed to limit or negate the common law of torts or
trade secrets where it provides the Company with broader protection than that
provided herein.

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Section 6.           Return of Property. The Employee
represents, warrants and covenants that he has returned to the Company (or will
return to the Company on or before the Employee Termination Date) all Company
property in his possession or control, including, without limitation, all
telephones, keys, access cards, security badges, credit cards, phone cards, equipment,
computer hardware (including but not limited to all computers, Blackberry
devices, and personal data assistants), all contents of all such hardware, all
passwords and codes needed to obtain access to or operate all or part of any
such hardware, all electronic storage devices (including but not limited to all
hard drives, disk drives, diskettes, CDs, CD-ROMs, DVDs, and DVD-ROMs), all
contents of all such electronic storage devices, all passwords and codes needed
to obtain access to or use all or part of any such electronic storage device,
all computer software and programs, financial information, accounting records,
computer printouts, manuals, data, materials, papers, books, files, documents,
records, policies, student information and lists, customer information and
lists, marketing information, specifications and plans, data base information
and lists, mailing lists, and notes, including but not limited to any property
describing or containing any Confidential Information, and agrees that he will
not retain any cop­ies, dupli­cates, reproductions or excerpts thereof in any
form whatsoever. Notwithstanding the foregoing, the Employee shall be permitted
to retain or obtain such property as the Company determines appropriate during
the Consulting Period for purposes of carrying out his responsibilities as set
forth in section 3, provided that the Employee shall return all such
retained property at the end of the Consulting Period, concurrently with the
return of all physical embodiments of any Confidential Information in
accordance with section 5.4

Section 7.           Employee’s Review of Agreement. The
Employee acknowledges that he has carefully read this Agreement and the General
Release, that he fully understands all of their terms and conditions, and that
he has been advised by the Company to have this Agreement and the General
Release reviewed by legal counsel of his choice and has in fact done so. The
Employee is signing this Agreement voluntarily and with full knowledge of its
significance and acknowledges that he has not relied upon any representation or
statement, written or oral, not set forth in this Agreement. The Employee
further understands that he has until September 11, 2007 (twenty-one (21) days
from the original date of presentment of this Agreement) to consider whether or
not to execute this Agreement, although he may elect to sign it sooner.

Section 8.           Early Termination.

8.1           Prior to Expected End Date. Notwithstanding any other part of
this Agreement, either party may terminate the Employee’s employment with the
Company prior to the Expected End Date by providing notice to the other party.
Such notice shall include the date of termination (which date shall be not
earlier than ten business days after the notice is given unless the termination
is for reason of Death or Disability, in which case the termination shall be
effective immediately upon notice). The effect of such termination on the
provisions of this Agreement shall vary based on the reason for termination as
follows:

(a)       Termination by the Company other
than for Cause, Death or Disability. If prior to the Expected End Date the Company
terminates the Employee’s

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employment other than for Cause (defined
below): (i) this Agreement shall remain in effect except that the Employee
shall not be required to perform services for the Company as an employee after
the Employment Termination Date; (ii) the Company shall continue to be
obligated to pay the Employee’s salary (and, to the extent permitted under the
terms of the Company’s benefit plans, 
continue providing the Employee with benefits) as set forth in section
1.2 through the Expected End Date; (iii) the Employee shall be required to
perform consulting services as set forth in section 3 beginning upon such
termination, but the Company shall not be required to pay to the Employee the
consulting fee set forth in section 3.2 until the Expected End Date, whereupon
it shall be required to pay such consulting fee until the end of the Consulting
Period; (iv) the Company shall remain obligated to make the severance payments
described in section 2 in accordance with that section (if the Employee
complies with his obligation to deliver and not revoke the General Release as
set forth in section 2 and in the General Release); and (v) the Employee shall
remain bound by sections 4, 5 and 6.

(b)       Termination by the Employee or by
the Company for Cause, Death or Disability. If prior to the Expected End Date the Employee
terminates his employment with the Company or the Company terminates the
Employee’s employment with the Company for Cause, the Company shall be released
from all of its obligations under sections 2 and 3. If the Company terminated
the Employee’s employment prior to the Expected End Date due to Disability, the
Employee shall comply with section 4 to the extent practicable, shall comply
with section 5.4 but shall otherwise be released from his obligations under
section 5, and shall comply with section 6. If the Employee’s employment under
this Agreement is terminated prior to the Expected End Date by Death, the
Company shall pay or cause to be paid, the amounts payable under sections 2.1
and 2.2 within thirty (30) days of the date of death, to such person or persons
as Employee shall have designated for that purpose in a notice filed with the
Company, or, if no such person shall have been so designated, to his estate.
Any amounts payable under sections 2.1 and 2.2 shall be in addition to any
payments or benefits that Employee’s widow, beneficiaries or estate may be
entitled to receive pursuant to any pension plan, profit sharing plan, any
employee benefit plan, equity incentive plan or life insurance policy
maintained by the Company. Notwithstanding the foregoing, no amounts or
benefits shall be payable under the Company’s severance plan.

8.2           Termination of Service as Consultant. The Employee’s service as the
Consultant pursuant to section 3 shall terminate prior to June 30, 2008 upon
the Death or Disability of the Consultant or if the Employee notifies the
Company that he no longer wishes to perform the duties required of him as the
Consultant. Upon such termination, the Consultant shall no longer be obligated
to perform the consulting services set forth in section 3, the Company shall
not be required to pay the consulting fee set forth in section 3.2, and the
Consulting Period shall end as of the date of such termination (and no awards
shall continue to vest thereafter). 
Notwithstanding the foregoing, in the event the Consultant terminates
the Consulting Period pursuant to this section 8.2, the Employee shall
nonetheless comply with section 4, to the extent practicable.

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8.3           Certain Definitions.

(a)       “Cause” means
(i) commission of any material act of fraud by the Employee with respect to
which there is an admission of guilt or a conviction or final, civil judgment
that cannot be appealed; (ii) misappropriation of funds or embezzlement by the
Employee with respect to which there is an admission of guilt or a conviction;
(iii) the Employee’s conviction on any felony criminal charges (excluding
vehicular crimes unless a prison term of thirty days or more is actually
imposed); (iv) willful misconduct or malfeasance in the performance of the
Employee’s duties in any material respect; (v) any willful misrepresentation or
willful series of misrepresentations made by the Employee to the Company or its
board of directors in connection with the performance of his duties that is,
individually or in the aggregate, material; (vi) any material breach by the
Employee of this Agreement.

(b)       “Death” means
the death of the Employee.

(c)       “Disability”
means, by reason of physical or mental illness or accident, the Employee’s
substantial inability to perform his duties as an employee or as the Consultant
for a period of more than thirty days, with or without reasonable accommodation.
The determination of such inability shall be made by a physician reasonably
selected by the CEO and consented to by the Employee, whose consent shall not
be unreasonably withheld, whose determination shall be binding on the parties.

Section 9.           General Provisions.

9.1           No Admission of Liability. The parties agree that nothing
contained in this Agreement shall constitute or be treated as an admission of
liability, wrongdoing or violation of law whatsoever by any party to this
Agreement or any of the persons to be released from liability under the General
Release.

9.2           Confidentiality of Negotiations,
Etc. The
Employee agrees to keep confidential the negotiations leading to this
Agreement, as well as the terms hereof, except as may be required to obtain
legal or tax advice or to enforce any right or obligation hereunder, in which
case the Employee shall require his consultants and advisors to maintain the
confidentiality of such negotiations and terms; provided, that the
Employee may disclose the terms of section 5 for the sole purpose of ensuring
that he and all other persons comply with them. The Employee acknowledges that
he has no interest in employment with the Company and further acknowledges that
the Company has not made any express or implied representation to him that he
will be entitled to be reemployed by Company in the future.

9.3           Waiver of Jury Trial. Each party hereto hereby waives
its respective rights to a jury trial of any claim or cause of action based
upon or arising out of this Agreement (including the General Release), any
dealings between them relating to the subject matter of this transaction and
the employment and/or consulting relationship between them. Each party hereto
also waives any bond or surety or security upon such bond that might, but for
this waiver, be

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required of the other party. The scope of
this waiver is intended to be all-encompassing of any and all disputes that may
be filed in any court and that relate to the subject matter of this Agreement,
including without limitation, contract claims, tort claims, breach of duty
claims, and all other common law and statutory claims. Each party hereto
acknowledges that this waiver is a material inducement to enter into this
Agreement, which 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. Each party hereto further warrants and represents that each
has reviewed this waiver with its legal counsel, and that each knowingly and
voluntarily waives its or his jury trial rights following consultation with
legal counsel.

9.4           Consent to Jurisdiction and Venue. With respect to any action or
proceeding arising out of or relating to this Agreement, the General Release,
or the Employee’s employment by or consulting to the Company, the parties
irrevocably consent to the jurisdiction of the state courts in Cook County,
Illinois or the federal court in Chicago, Illinois, agree that personal
jurisdiction and venue is proper and convenient in such courts, and agree not
to bring or pursue such an action or proceeding in any other court.

9.5           Governing Law. All issues and questions
concerning the construction, validity, enforcement and interpretation of this
Agreement and the General Release will be governed by and construed in
accordance with the laws of the State of Illinois, without giving effect to any
choice of law or conflict of law rules or provisions (whether of Illinois or
any other jurisdiction) that would cause the laws of any other jurisdiction other
than the State of Illinois to apply.

9.6           Severability. The provisions of this Agreement
shall be deemed severable and the invalidity, illegality or unenforceability of
any provision shall not affect or impair the validity, legality or
enforceability of the other provisions hereof. Moreover, if any one or more of
the provisions of this Agreement shall be held to be excessively broad as to
duration, activity or subject, such provision shall be construed by limiting
and reducing them so as to be enforceable to the maximum extent allowed by
applicable law.

9.7           Section 409A. It is intended that any income or
payments to the Employee provided pursuant to this Agreement will not be
subject to the additional tax, penalties and interest (a “Section 409A
Tax”) under Section 409A of the Internal Revenue Code of 1986, as
amended (“Section 409A”). The provisions of this
Agreement will be interpreted and construed in favor of complying with any
applicable requirements of Section 409A necessary in order to avoid the imposition
of a Section 409A Tax. The Company and the Employee agree to amend (including
retroactively) the Agreement in order to comply with Section 409A, including to
avoid the imposition of, or reduce the amount of, any Section 409A Tax. The
Employee shall reasonably cooperate to provide full effect to this provision
and the consent to any amendment described in the preceding sentence shall not
be unreasonably withheld.

 12
 

9.8           Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be deemed to be an original and
all of which shall constitute one and the same instrument.

9.9           Withholding. Notwithstanding any other
provision of this Agreement, the Company may withhold from amounts payable
under this Agreement all federal, state, local and foreign taxes that are
required to be withheld by applicable laws or regulations.

9.10         Notices. For purposes of this Agreement,
all notices, requests, demands and other communications under this Agreement
shall be in writing and shall be deemed to have been given (a) when delivered
personally, or (b) if sent by a reputable overnight courier service, on the
date delivery is shown as made in such service’s tracking system, and shall be
addressed as follows:

	
  If to the Company:

  	
   

  	
  Career Education Corporation

  
	
   

  	
   

  	
  2895 Greenspoint Parkway

  
	
   

  	
   

  	
  Suite 600

  
	
   

  	
   

  	
  Hoffman Estates, Illinois 60169

  
	
   

  	
   

  	
  Attention: General Counsel

  
	
   

  	
   

  	
   

  
	
  With copies to:

  	
   

  	
  Katten Muchin Rosenman LLP

  
	
   

  	
   

  	
  525 W. Monroe Street

  
	
   

  	
   

  	
  Chicago, IL 60661

  
	
   

  	
   

  	
  Attention: Lawrence D. Levin

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Skadden, Arps, Slate, Meagher & Flom LLP

  
	
   

  	
   

  	
  333 W. Wacker Drive

  
	
   

  	
   

  	
  Chicago, IL 60606

  
	
   

  	
   

  	
  Attention: Peter C. Krupp

  
	
   

  	
   

  	
   

  
	
  If to the
  Employee:

  	
   

  	
  To the address set forth in the Company’s records

  
	
   

  	
   

  	
   

  
	
  With copies to:

  	
   

  	
  Morrissey & Robinson

  
	
   

  	
   

  	
  One Oakbrook Terrace, Suite 802

  
	
   

  	
   

  	
  Oakbrook Terrace, Illinois 60181

  
	
   

  	
   

  	
  Attention: Walter W. Morrissey

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Wildman Harrold

  
	
   

  	
   

  	
  225 W. Wacker Drive

  
	
   

  	
   

  	
  Suite 3000

  
	
   

  	
   

  	
  Chicago, IL 
  60606

  
	
   

  	
   

  	
  Attention: 
  James A. Christman

  

 

or to such other address
as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon
receipt.

 13
 

9.11         Entire Agreement. This Agreement sets forth the
entire agreement of the parties hereto in respect of the subject matter
contained herein and supersedes all prior agreements, promises, covenants,
arrangements, communications, representations or warranties, whether oral or
written, between the parties hereto with respect to such subject matter. No
provision of this Agreement may be modified or discharged unless such
modification or discharge is authorized and agreed to in writing, signed by the
Employee and the Company.

IN WITNESS WHEREOF,  the parties hereto have entered into this Agreement
as of the date first written above.

	
  CAREER EDUCATION CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Gary E.
  McCullough

  	
   

  	
   

  	
   

  
	
  Name: Gary E.
  McCullough

  	
   

  	
   

  
	
  Title: President
  and Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CEC
  EMPLOYEE GROUP, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Gary E.
  McCullough

  	
   

  	
   

  	
   

  
	
  Name: Gary E.
  McCullough

  	
   

  	
   

  
	
  Title:
  Authorized Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  PATRICK
  K. PESCH

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Patrick K.
  Pesch

  	
   

  	
   

  	
   

  
	
  Patrick K. Pesch

  	
   

  	
   

  

 

 14

Exhibit A

Form of General
Release

GENERAL
RELEASE

This GENERAL RELEASE (“Release”) is made and entered into by and between PATRICK K.
PESCH, an individual on his own behalf and on behalf of his agents, executors,
attorneys, administrators, heirs and assigns (collectively, the “Employee”) and CAREER EDUCATION CORPORATION, a Delaware
corporation (“CEC”), and CEC Employee Group,
LLC (“Employee Group”) a wholly owned
subsidiary of CEC, on the other hand. Capitalized terms used and not defined
herein shall have the meaning given such terms in that certain Termination and
Consulting Agreement dated August 21, 2007 (the “Agreement”)
between the Employee and the Company.

Section 2 of the
Agreement requires that the Employee, in exchange for the right to receive the payments
from the Company described in section 2 thereof, execute and deliver this
Release on the Employment Termination Date. Therefore, in consideration of the
promises contained in the Agreement, the Employee hereby agrees with the
Company as follows:

1.
Except for the obligations of the Company specifically set forth in (i)
sections 2 and 3 of the Agreement and (ii) paragraph 3 of this Release, and in
exchange for the right to receive the payments described in section 2 of the
Agreement, the Employee voluntarily, knowingly and willingly waives, release
and forever discharges all known or unknown claims or causes of action against
the Company, its parents, subsidiaries, Affiliates and predecessors and each of
their assigns, successors, predecessors, officers, present and former
directors, employees, trustees, attorneys, insurers, stockholders and agents
(collectively “Releasees”), from and against any
and all claims, charges, damages, lawsuits, actions, causes of action and
liabilities whatsoever, whether known or unknown, absolute or contingent,
accrued or unaccrued, which against them the Employee or his agents, executors,
attorneys, administrators, heirs or assigns ever had, now have, or may
hereafter claim to have against any of the Releasees by reason of any matter,
cause or thing whatsoever arising on or before the date the Employee signs this
Release, whether or not previously asserted before any state or federal court
or before any state or federal agency or governmental entity, except as may not
otherwise be released by law. This Release also includes, but is not limited
to, any rights or claims relating in any way to the Employee’s employment
relationship with the Company or the termination thereof, or arising under any
statute or regulation, including without limitation:

(a)                                  any
and all claims arising under the Age Discrimination in Employment Act, Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal
Pay Act, the Americans with Disabilities Act, the Family and Medical Leave Act,
the Civil Rights Act of 1866 (42 U.S.C. § 1981), the Employee Retirement
Income Security Act (ERISA), the National Labor Relations Act, the Illinois
Human Rights Act, the Illinois Wage Payment and Collection Act, the Equal Pay
Law for Illinois, and/or any other federal, state, county, or local employment
law or regulation (including but not limited to claims of employment
discrimination based on race, color, creed, sex, national origin, religion,
age, ancestry, veteran 

 15
 

status, pregnancy, disability, marital status, sexual
orientation, gender identity, familial status, whistleblower status,
retaliation and/or attainment of benefit plan rights);

(b)                                 any
and all claims arising out of any other federal, state, or local statute, law,
constitution, ordinance or regulation;

(c)                                  any
and all claims that the Company has violated its personnel policies,
procedures, handbooks, any covenant of good faith and fair dealing, or any
express or implied contract of any kind;

(d)                                 any
and all claims alleging a violation of public policy, statutory or common law,
including but not limited to claims for personal injury; invasion of privacy;
retaliatory discharge; negligent hiring, retention or supervision; defamation;
intentional or negligent infliction of emotional distress or mental anguish;
intentional interference with contract; negligence; detrimental reliance; loss
of consortium to you or any member of your family; or promissory estoppel;

(e)                                  any
and all claims that the Company is in any way obligated for any reason to pay
damages, expenses, litigation costs (including attorneys’ fees), back pay,
front pay, disability or other benefits (other than accrued, vested benefits),
compensatory damages, punitive damages, and/or interest; and/or

(f)                                    any
and all claims to employment, reemployment, reinstatement, or seniority with
the Company.

The Employee represents that he has not
commenced or joined in any claim, charge, action or proceeding whatsoever
against the Company or any of the other Releasees, arising out of or relating
to any of the matters set forth in this Release. The Employee further agrees
that he will not be entitled to any personal recovery in, and shall not
commence or join, any action or proceeding whatsoever against the Company or
any of the Releasees for any of the matters set forth in this Release. The
Employee acknowledges that other than as set forth in paragraph 2 below, the
Company’s obligations under the Agreement are in lieu of and in full
satisfaction of any and all amounts that might otherwise be payable to him or
for his benefit under any contract, agreement, plan, policy, program, practice
or otherwise, past or present, of the Company.

The Employee further acknowledges that, other
than the Company’s obligations under this Agreement, following the Employment
Termination Date, the Company shall have no further obligations to him, and
that he shall have no right to any other payments or benefits from the Company
with respect to his employment with the Company or the termination thereof.

2. The provisions of paragraph 1 of this
Release shall not be construed to affect (i) the Employee’s eligibility to
receive continuation coverage in the Company’s medical plan(s) following the
Employment Termination Date pursuant to the Sections 601 through 608 of 

 16
 

ERISA, provided that he timely elects such
coverage, (ii) the Employee’s rights to benefits under the Company’s 401(k)
plan to the extent that he is vested therein as of the Employment Termination
Date, (iii) the Employee’s rights to indemnification under the Company’s
certificate of incorporation or bylaws of the Company or the existing
Indemnification Agreement between the Employee and the Company, (iv) rights to
workers compensation, disability insurance benefits and life insurance benefits
(to the extent such benefits, by their terms, may be available after the
Employment Termination Date), (v) rights to vested benefits under the Company’s
deferred compensation plan, and (vi) claims to enforce the Agreement. In
addition, the provisions of paragraph 1 shall not apply to: (a) any claim that
by law cannot be released; (b) any claim based on the allegations contained in
any of the following lawsuits (the “Lawsuits”): (A)
In re Career Education Corporation Securities
Litigation, No. 03 C 8884 (N.D. Ill.) (formerly known as Taubenfeld v. Career Education Corporation, et al.) or any
action consolidated within that action; (B) McSparran v. John M.
Larson, et al., No. 04 C 0041 (N.D. Ill.) (consolidated with Ulrich v. John M. Larson, et al., 04 C 4778 (N.D. Ill.));
(C) Xiao-Qiong Huang v. John M. Larson, et al.,
04 CH 10579 (Cook County, Illinois); (D) David Nicholas, Sr. v.
Robert E. Dowdell, et al., C.A. No. 819-N (Del. Ch.); or (E) In re: Career Education Corporation Derivative Litigation,
C.A. No. 1398-N (Del. Ch.) (consolidated cases originally filed as Romero v. Robert E. Dowdell, et al. and consolidated with Neel v. Robert E. Dowdell, et al., C.A. No. 2151-N (Del.
Ch.)); (c) any claim based on any false communications regarding the Lawsuits about the
Employee by the Company and/or its Affiliates to third parties, including
governmental agencies or the plaintiffs in the Lawsuits and their attorneys;
(d) any claim arising out of any lawsuit (other than the Lawsuits) that a third
party files against the Company and/or its Affiliates and the Employee prior to
the execution of this Release by the Employee; and (e) any claim based on any
investigation of the Company and/or its Affiliates by any governmental or
regulatory agency known to the Company as of August 21, 2007 or the settlement
or attempted settlement by the Company and/or its Affiliates of such
investigation.

3.             The Employee shall have a period of
seven days after he signs this Release to revoke it.  To do so, the Employee must sign and send a
written notice of his decision to revoke this Release, addressed as described
in section 9.10 of the Agreement, and that notice must be received by the
Company at that address no later than the eighth day after the Employee signed
this Release.  The Employee understands
that absent any such revocation, this Release shall become irrevocable and
effective immediately upon the expiration of such seven-day time period. The
Employee further understands that if he revokes this Release, the Company will
not be required to pay or provide to him any of the payments and benefits
described in the Agreement, including but not limited to that described in
section 2 thereof.

4.             The Employee acknowledges that he
has carefully read this Release, that he fully understands all of its terms and
conditions, and that he has been advised by the Company to have this Release
reviewed by legal counsel of his choice and has in fact done so. The Employee
is signing this Release voluntarily and with full knowledge of its
significance, and acknowledges that in doing so he has not relied upon any
representation or statement, written or oral, not set forth in this Release or
the Agreement. The Employee acknowledges that he has had the opportunity to
take up to twenty-one days from the original date of presentment of this
Release to consider whether or not to execute it, and that although he may
elect to execute it sooner, he cannot do so earlier than the Employment
Termination Date.

 17
 

PATRICK
K. PESCH

	
   

  	
   

  
	
  Patrick K. Pesch

  
	
   

  
	
  DATED: 

  	
   

  	
   

  
	
   

  
	
   

  
	
  CAREER
  EDUCATION CORPORATION

  
	
   

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  
	
  DATED: 

  	
   

  	
   

  
	
   

  
	
   

  
	
  CEC
  EMPLOYEE GROUP, LLC

  
	
   

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  
	
  DATED: 

  	
   

  	
   

  
				

 

 18Exhibit
10.1

EMPLOYMENT AGREEMENT

THIS AGREEMENT (the “Agreement”),
made and entered into by and between Immucor, Inc., a Georgia corporation with
its executive offices at 3130 Gateway Drive, Norcross, Georgia 30071 (herein
referred to as “Employer” or the “Company”), and Patrick D. Waddy (herein referred to as “Employee”).

WITNESSETH

WHEREAS, Employee is currently the Chief Financial
Officer of the Company, and the parties hereto desire to enter into an
agreement for Employee to be employed by the Company in a different capacity on
the terms and conditions hereinafter stated, effective with the employment of a
new Chief Financial Officer.

NOW, THEREFORE, in consideration of the premises and
the mutual covenants and agreements herein contained, the parties hereby agree
as follows:

1.                                       Relationship Established

On the Effective Date
Employer will employ Employee as its Vice President of
International Finance to perform the services and duties normally
and customarily associated with Employee’s position including but not limited
to assisting the Company’s Chief Financial Officer (the “CFO”)
in overseeing the Company’s financial reporting process, internal accounting
systems, financial controls, internal controls over financial reporting and the
annual audit of the Company’s financial statements by the independent auditors,
all as related to the Company’s operations outside the United States.  Employee will report directly to the CFO and
will perform such other duties as may from time to time be reasonably assigned by
the CFO or the Company’s Chief Executive Officer.  Employee hereby agrees to perform such
services and duties in such capacity.

2.                                       Extent of Services

(a)                                  Employee shall be required to work for the
Company 40 weeks a year on a schedule to be mutually determined by the Company
and Employee.  During those 40 weeks
Employee shall devote substantially all his business time, attention, skill and
efforts to the performance of his duties hereunder, and shall use his best efforts
to promote the success of the Company’s business.

(b)                                 Employee may be required to work up to 18
weeks a year outside of Canada as required by the Company.  Except for that time spent out of Canada,
Employee will work in Halifax, NS, Canada, either at the Company’s offices or
from home, as reasonably required to perform his duties hereunder.

3.                                       Term of Employment

Employee’s employment
hereunder shall commence on the effective date of the employment of a new Chief
Financial Officer to replace Employee (such date being hereinafter called the “Effective Date”) and shall continue for a period of one (1)
year after the Effective Date, unless sooner terminated by the first to occur
of the following:

(a)                                  The death or complete disability of Employee.
“Complete disability,” as used
herein, shall mean the inability of Employee, due to illness, accident or any
other physical or 

mental incapacity, to perform the services provided
for hereunder for an extended period of time as reasonably determined by the
Company.

(b)                                 The termination of Employee by Employer for
Cause.  Employee’s termination shall be “for Cause” if due to any of the following:

(i)                                     Employee’s dishonesty,

(ii)                                  An act of defalcation committed by Employee,

(iii)                               Employee’s continuing inability or refusal to
perform reasonable duties assigned to him hereunder (unless such refusal occurs
following the occurrence of a Change of Control, as defined herein), or

(iv)                              Employee’s moral turpitude.

Disability because of
illness or accident or any other physical or mental disability shall not
constitute a basis for termination for Cause.

(c)                                  The termination of Employee by Employer
without Cause.

(d)                                 At Employee’s request and with the express
prior written consent of Employer.

(e)                                  At Employee’s election upon 120 days notice
(or such lesser notice as Employer may accept), without the express prior
written consent of Employer.

If not sooner terminated
under the provisions of Sections 3(a) through 3(e) above, the term of Employee’s
employment hereunder shall automatically renew for an additional period of one
(1) year at the end of the term of this Agreement, or any extension thereof,
unless either the Employer or Employee gives at least 60 days prior notice to
the other of non-renewal of this Agreement.

4.                                       Compensation

(a)                                  Subject to the provisions of Section 4(e),
Employer will pay to Employee as base compensation for the services to be
performed by him hereunder the base compensation specified on Schedule A
attached hereto.  Schedule A may
be amended from time to time upon the parties’ revision and re-execution
thereof, whereupon the amended Schedule A shall be attached hereto;
provided, however, the amended Schedule A shall be effective upon such
re-execution, whether or not it is attached hereto.

(b)                                 Employee may be entitled to additional bonus
compensation as may be determined by the Board from time to time, any such
determination to be final, binding and conclusive on Employee and all other
persons.

(c)                                  In the event Employee’s employment shall
terminate under Section 3(c) hereof (termination without Cause), Employee shall
be paid an amount equal to the Average Annual Compensation payable to Employee
under Schedule A for the remainder of the term of this Agreement in
accordance with the payment schedule set forth on Schedule A, to be paid
over the remainder of the term of this Agreement following termination.

(d)                                 For purposes of this Section, “Average Annual Compensation” shall mean
Employee’s annual base compensation payable to Employee under Schedule A
in accordance with the payment schedule set forth on Schedule A,
together with his Average Bonus. “Average
Bonus” shall mean the average of the bonuses paid to Employee over
the last two (2) 

 2
 

years in which Employee was eligible to receive a
bonus.

(e)                                  At the end of the term of this Agreement, as
it may be extended as provided above, or in the event Employee’s employment
terminates under Section 3(a), 3(b), 3(d) or 3(e) hereof, all of Employer’s
obligations to Employee hereunder will cease automatically and Employee shall
only be entitled to compensation accrued through the date of termination.

5.                                       Expenses

Employee shall be entitled
to receive reimbursement for, or payment directly by Employer of, all
reasonable expenses incurred by Employee at the request of the Employer in the
performance of his duties under this Agreement, provided that Employee accounts
therefor in writing and that such expenses are ordinary and necessary business
expenses of the Employer within the meaning of Section 162 of the Internal
Revenue Code of 1986, as amended.

6.                                       Insurance and Other Fringe Benefits

Employer will provide
Employee with health insurance, dental insurance, long-term disability
insurance and other fringe benefits in the form and in dollar amounts
substantially equivalent to the benefits provided to its other managers resident
in Canada (except that Employee will not be entitled to any paid vacation due
to his obligation to work only 40 weeks a year).

7.                                       Termination of Employment Upon Sale or Change
of Control; Severance

(a)                                  Notwithstanding anything to the contrary
contained in this Agreement, either Employer or Employee may terminate Employee’s
employment hereunder if any of the following events occur (a “Change of Control”):

(i)                                     Sale of Employer’s Assets.  The
sale of all or substantially all of the Company’s assets to a single purchaser
or group of associated purchasers, whether in a single transaction or a series
of related transactions.

(ii)                                  Sale of Employer’s Shares.  The
sale, exchange, or other disposition, in one transaction, or in a series of
related transactions, of twenty percent (20%) or more of the Company’s
outstanding shares of capital stock.

(iii)                               Merger or Consolidation.  The
merger or consolidation of the Company in a transaction or series of
transactions in which the Company’s shareholders receive or retain less than
fifty percent (50%) of the outstanding voting shares of the new or surviving
corporation.

(iv)                              Other Changes in Control.  The
occurrence of any change in control of the Company within the meaning of
federal securities law.

(b)                                 If, within sixty (60) days after a Change of
Control, Employee voluntarily terminates his employment with the Employer, or
if within two (2) years after a Change of Control Employer terminates Employee’s
employment (whether for Cause or without Cause), then Employer shall pay
Employee (instead of the amount specified in Section 4(c)) an amount equal to
two (2) times Employee’s Average Annual Compensation (as defined below), to be
paid in a single payment at the time of termination. In consideration of such
payment and his employment hereunder through the date of such termination,
Employee agrees to remain bound by the provisions of this Agreement which
specifically relate to periods, activities or obligations upon or subsequent to
the termination of Employee’s 

 3
 

employment.

(c)                                  For purposes of this Section, “Average Annual Compensation” shall mean
Employee’s annual base compensation payable to Employee under Schedule A
plus his Average Bonus.  “Average Bonus” shall mean the average of
the bonuses paid to Employee over the last two years in which Employee was
eligible to receive a bonus.

(d)                                 Upon a Change of Control, (i) the
restrictions on any and all outstanding incentive awards granted to Employee
(including, without limitation, restricted stock and granted performance shares
or units) under any incentive plan or arrangement shall lapse and such
incentive award shall become 100% vested, and (ii) any and all stock options
and stock appreciation rights issued to Employee shall become immediately
exercisable and shall become 100% vested.

(e)                                  If, within sixty (60) days after a Change of
Control, either Employee voluntarily terminates his employment with Employer or
Employer terminates Employee’s employment other than for Cause, then Employer
shall pay to Employee an outplacement assistance benefit for the purpose of
assisting Employee with counseling, travel and other expenses related to
finding new employment.  Such amount
shall be paid in cash in the amount specified on Schedule A attached
hereto.  Schedule A may be amended
from time to time upon the parties’ revision and re-execution thereof whereupon
the amended Schedule A shall be attached hereto; provided, however, the
amended Schedule A shall be effective upon such re-execution, whether or
not it is attached hereto.

8.                                       Prohibited Practices

During the term of Employee’s
employment hereunder, and for a period of two (2) years after such employment
is terminated for any reason, in consideration of the compensation being paid
to Employee hereunder, Employee shall not:

(a)                                  solicit business from anyone who is or
becomes an active or prospective customer of Employer or its affiliates and
with whom Employee directly or indirectly had dealt with or had material
contact during the term of his employment under this Agreement or any previous
agreement with the Company, if the purpose of the solicitation is to induce
such active or prospective customer to purchase products from another company
that are substantially similar to the Company’s products; and

(b)                                 solicit for employment or hire any employee
of Employer or its affiliates that Employee had contact with during his term of
employment under this Agreement.

9.                                       Non-Disclosure

(a)                                  Protection of Trade Secrets. 
Employee acknowledges that during the course of his employment, Employee
will have significant access to, and involvement with, the Company’s Trade
Secrets and Confidential Information. 
Employee agrees to maintain in strict confidence and, except as
necessary to perform his duties for the Company, Employee agrees not to use or
disclose any Trade Secrets of the Company during or after his employment.  Employee agrees that the provisions of this
subsection shall be deemed sufficient to protect Trade Secrets of third parties
provided to the Company under an obligation of secrecy. As provided by Georgia
statutes, “Trade Secret” shall
mean any information (including, without limitation, technical or nontechnical
data, a formula, a pattern, a compilation, a program, a device, a method, a
technique, a drawing, a process, financial data, financial plans, product
plans, or a list of actual or potential customers) that: (i) derives economic
value, actual or potential, from not being generally known to, 

 4
 

and not being readily ascertainable by proper means
by, other persons who can obtain economic value from its disclosure or use; and
(ii) is the subject of efforts that are reasonable under the circumstances to
maintain its secrecy.

(b)                                 Protection of Other Confidential
Information.  In addition, Employee agrees to maintain in
strict confidence and, except as necessary to perform his duties for the
Company, not to use or disclose any Confidential Information of the Company
during his employment and for a period of twelve (12) months following
termination of Employee’s employment.  “Confidential Information” shall mean any
internal, non-public information (other than Trade Secrets already addressed
above) concerning (without limitation) the Company’s financial position and
results of operations (including revenues, assets, net income, etc.); annual and
long-range business plans; product or service plans; marketing plans and
methods; training, educational and administrative manuals; supplier information
and purchase histories; customers or clients; personnel and salary information;
and employee lists. Employee agrees that the provisions of this subsection
shall be deemed sufficient to protect Confidential Information of third parties
provided to the Company under an obligation of secrecy.

(c)                                  Rights to Work Product. 
Except as expressly provided in this Agreement, the Company alone shall
be entitled to all benefits, profits and results arising from or incidental to
Employee’s performance of his job duties to the Company.  To the greatest extent possible, any work
product, property, data, invention, “know-how”, documentation or information or
materials prepared, conceived, discovered, developed or created by Employee in
connection with performing his employment responsibilities during Employee’s
employment with the Company shall be deemed to be “work made for hire” as
defined in the Copyright Act, 17 U.S.C.A. § 101 et seq., as amended, and owned
exclusively and perpetually by the Company. 
Employee hereby unconditionally and irrevocably transfers and assigns to
the Company all intellectual property or other rights, title and interest
Employee may currently have (or in the future may have) by operation of law or
otherwise in or to any work product. 
Employee agrees to execute and deliver to the Company any transfers, assignments,
documents or other instruments which the Company may deem necessary or
appropriate to vest complete and perpetual title and ownership of any work
product and all associated rights exclusively in the Company.  The Company shall have the right to adapt,
change, revise, delete from, add to and/or rearrange the work product or any
part thereof written or created by Employee, and to combine the same with other
works to any extent, and to change or substitute the title thereof, and in this
connection Employee hereby waives the “moral rights” of authors, as that term
is commonly understood throughout the world, including, without limitation, any
similar rights or principles of law which Employee may now or later have by
virtue of the law of any locality, state, nation, treaty, convention or other
source. Unless otherwise specifically agreed, Employee shall not be entitled to
any additional compensation, beyond his salary, for any exercise by the Company
of its rights set forth in the immediately preceding sentence.

(d)                                 Return of Materials.  Employee
shall surrender to the Company, promptly upon its request and in any event upon
termination of Employee’s employment, all media, documents, notebooks, computer
programs, handbooks, data files, models, samples, price lists, drawings,
customer lists, prospect data, or other material of any nature whatsoever (in
tangible or electronic form) in Employee’s possession or control, including all
copies thereof, relating to the Company, its business, or its customers. Upon
the request of the Company, employee shall certify in writing compliance with
the foregoing requirement.

 5
 

10.                                 Severability

It is the intention of the
parties that if any of the restrictions or covenants contained herein is held
to cover a geographic area or to be for a length of time or to apply to
business activities which is not permitted by applicable law, or in any way
construed to be too broad or to any extent invalid, such provision shall not be
construed to be null, void and of no effect, but to the extent such provision
would be valid or enforceable under applicable law, a court of competent
jurisdiction shall construe and interpret or reform this Section to provide for
a covenant having the maximum enforceable geographic area, time period and any
other provisions (not greater than those contained herein) as shall be valid
and as shall be valid and enforceable under such applicable law.

If any provision contained
in this Section shall for any reason be held invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not
affect any other provisions of this Section, but this Section shall be
construed as if such invalid, illegal or unenforceable provision had never been
contained herein.

11.                                 Waiver of Provisions

Failure of either party to
insist, in one or more instances, on performance by the other in strict
accordance with the terms and conditions of this Agreement shall not be deemed
a waiver or relinquishment of any right granted hereunder or of the future
performance of any such term or condition or of any other term or condition of
this Agreement, unless such waiver’s contained in a writing signed by the party
against whom the waiver or relinquishment is sought to be enforced.

12.                                 Notices

Any notice or other
communication to a party required or permitted hereunder shall be in a writing
and shall be deemed sufficiently given when received by the party (regardless
of the method of delivery), or if sent by registered or certified mail, postage
and fees prepaid, addressed to the party as follows, on earliest of the date of
receipt or the fifth business day after mailing:

	
  

  	
   

  	
  (a) If to Employer:

  	
   

  	
  3130 Gateway Drive

  
	
   

  	
   

  	
   

  	
   

  	
  Norcross, GA 30071

  
	
   

  	
   

  	
   

  	
   

  	
  Attn: CEO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) If to Employee:

  	
   

  	
  to the address stated on the signature page;

  

 

or in each case to such
other address as the party may time to time designate in writing to the other
party.

13.                                 Governing Law

This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State
of Georgia.

14.                                 Enforcement

In the event of any breach
or threatened breach by Employee of any covenant contained in Sections 8 or 9
hereof, the resulting injuries to the Company would be difficult or impossible
to estimate accurately, even though irreparable injury or damages would
certainly result.  Accordingly, an award
of legal damages, if without other relief, would be inadequate to protect the
Company.  Employee, therefore, agrees
that in the event of any such breach, the Company 

 6
 

shall be entitled to seek
from a court of competent jurisdiction an injunction to restrain the breach or
anticipated breach of any such covenant, and to obtain any other available
legal, equitable, statutory, or contractual relief. Should the Company have
cause to seek such relief, no bond shall be required from the Company, and
Employee shall pay all attorney’s fees and court costs which the Company may
incur to the extent the Company prevails in its enforcement action.

15.                                 Entire Agreement

This Agreement contains the
sole and entire agreement between the parties and supersedes all prior
discussions and agreements between the parties with respect to the matters
addressed herein.  In particular, on the
Effective Date this Agreement will replace Employee’s employment agreement with
the Company dated October 13, 1998.

16.                                 Modification and Amendment

Neither this Agreement nor
any Schedule attached hereto shall not be modified or amended except by an
instrument in writing signed by the parties hereto.

17.                                 Parties Benefited

This Agreement shall insure
to the benefit of, and be binding upon, Employee, his heirs, executors and
administrators, and Employer, its subsidiaries, affiliates, and successors.

The parties hereto have executed and delivered this Agreement on the
date noted below.

	
  IMMUCOR, INC.

  	
   

  	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Gioacchino De Chirico

  	
   

  	
   

  	
  /s/ Patrick D. Waddy

  
	
   

  	
  Gioacchino De Chirico

  	
   

  	
   

  	
  Patrick D. Waddy

  
	
   

  	
  President and Chief Executive Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  1223 Cromwell Rd.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Halifax N.S.  B3h 4L1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:  August 16,
  2007

  	
   

  	
   

  	
  Date:  August 16,
  2007

  

 

 

 

 7

 

SCHEDULE A

EMPLOYMENT AGREEMENT BY AND BETWEEN IMMUCOR, INC. AND PATRICK D. WADDY (the “Agreement”)

Base compensation:            $278,200
a year payable in 26 installments every two weeks.

Outplacement Assistance Benefit:    $15,000.00.

This Schedule will become effective on the Effective Date, as defined
in the Agreement.

	
  IMMUCOR, INC.

  	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Gioacchino De Chirico

  	
   

  	
  /s/ Patrick D. Waddy

  
	
   

  	
  Gioacchino De Chirico

  	
   

  	
  Patrick D. Waddy

  
	
   

  	
  President and Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:  August 16, 2007

  	
   

  	
  Date:  August 16, 2007

  

 

 A-1

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