Document:

Form of Purchase Agreement - Non-US Exchange

 EXHIBIT 10.4 
 SECURITIES PURCHASE AGREEMENT 
 TO PURCHASE 
 CONVERTIBLE NOTES 
 AND

 COMMON STOCK PURCHASE WARRANTS 
  
  
 SYNTHETIC BLOOD INTERNATIONAL,
INC. 
  
  
 The securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons (other
than distributors) unless the securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of the Securities Act of 1933 is available. 
 The Securities and any other rights pursuant to this Agreement cannot be sold, transferred, assigned, or otherwise disposed of for value, except in
compliance with applicable federal and state securities laws. 
 The Securities have not been approved or disapproved by the
Commission or any state or other regulatory authority, nor has the Commission or any state or other regulatory authority passed on the accuracy or adequacy of any offering information provided. Any representation to the contrary is a criminal
offense. 
  
  
 Subject to the terms and conditions set forth herein, this SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of January
__, 2008, by and between SYNTHETIC BLOOD INTERNATIONAL, INC., a New Jersey corporation (the “Company”), and the undersigned investor (the “Investor”), shall constitute the irrevocable offer of the
undersigned to purchase securities of the Company. 
 The Investor presently holds certain promissory notes issued by the Company in the
aggregate amount indicated on the signature page hereto, including any principal and accrued but unpaid interest (the “Existing Indebtedness”). On the terms and subject to the conditions set forth in this Agreement, the Company wishes to
sell to the Investor, in exchange for the cancellation of the Existing Indebtedness, (A) one or more Convertible Notes in the form attached hereto as Exhibit A (the “Note” or “Notes”) and
(B) one or more Warrants in the form attached hereto as Exhibit B (each, a “Warrant” and, collectively, the “Warrants”). The shares of Common Stock into which the Notes are convertible are
referred to herein as the “Conversion Shares” and the shares of Common Stock into which the Warrants are exercisable are referred to herein as the “Warrant Shares”. The Notes, the Conversion Shares,
the Warrants and the Warrant Shares are collectively referred to herein as the “Securities”. 
 The Notes are being
issued at a 55% original issue discount, meaning that the principal face amount of the Notes issued to Investor will be discounted by 55% to equal the amount of the Existing Indebtedness being canceled. The Notes will be convertible into Common
Stock to receive the number of shares equal to the Principal Amount divided by the Conversion Price (initially $0.247 per share of Common Stock). The Principal Amount and the Purchase Price are set forth on the signature page of this Agreement.

 The Warrants issued to Investor will be exercisable at any time for a period of five years from issuance,
subject to the terms and conditions set forth in the Warrants. The Warrants entitle the Investor to purchase a number of Warrant Shares equal to one-half the number of shares issuable upon conversion of the Notes purchased (without regard to any
restrictions on such conversion), at an exercise price initially equal to the Conversion Price, or $0.247 per each Warrant Share (the “Warrant Exercise Price”). 
 In consideration of the mutual promises made herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Investor hereby agree as follows: 
 1. PURCHASE AND SALE OF NOTES AND WARRANTS. 
 1.1 Subscription and Closing. Upon the terms and subject to the satisfaction or waiver of the conditions set forth herein, the Company agrees to
sell and the Investor agrees to purchase 
  

	 	(i)	a Note with a principal amount equal to the Principal Amount set forth on the signature page to this Agreement, such Note being convertible into shares of Common Stock at the
Conversion Price, and 

  

	 	(ii)	a Warrant entitling the Investor to purchase shares of Common Stock at the Warrant Exercise Price, exercisable to purchase one-half the number of shares of Common Stock that the
Note is convertible into at the Conversion Price. 

 The date on which the closing of such purchase and sale occurs (the
“Closing”) is hereinafter referred to as the “Closing Date”. The Closing will be deemed to occur when (A) this Agreement and the other Transaction Documents (as defined below) have been executed
and delivered by the Company and the Investor, (B) each of the conditions to the Closing described herein has been satisfied or waived as specified therein and (C) full payment of the Investor’s Purchase Price (as defined below)
payable with respect to the Note and Warrant has been made to the Company by the Investor tendering to the Company the original instruments evidencing the Existing Indebtedness and canceling the Existing Indebtedness in an amount equal to the
Purchase Price, which includes all principal and accrued but unpaid interest attributable to the Existing Indebtedness. 
 1.2 Certain
Definitions. When used herein, the following terms shall have the respective meanings indicated: 
 “Affiliate” means, as to any Person (the “subject Person”), any other Person (a) that directly or indirectly through one or more intermediaries controls or is controlled by, or is under
direct or indirect common control with, the subject Person, (b) that directly or indirectly beneficially owns or holds ten percent (10%) or more of any class of voting equity of the subject Person, or (c) ten percent (10%) or
more of the voting equity of which is directly or indirectly beneficially owned or held by the subject 

 
Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, through representation on such Person’s board of directors or other management committee or group, by contract or otherwise. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which the New York Stock Exchange is
closed or on which banks in the State of California are required or authorized by law to be closed. 
 “Closing” is defined in Section 1.1. 
 “Closing Date” is
defined in Section 1.1. 
 “Commission” means the United States Securities and Exchange
Commission. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company.

 “Conversion Price” has the meaning specified in the Notes and shall initially be $0.247 per share
of Common Stock. 
 “Execution Date” means the date of this Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended (or any successor act), and the rules and
regulations thereunder (or respective successors thereto). 
 “Governmental Authority” means any
nation or government, any state, provincial or political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including without limitation any stock
exchange, securities market or self-regulatory organization. 
 “Governmental Requirement” means any
law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction, franchise, license or other directive or requirement of any federal, state, county, municipal, parish, provincial or other Governmental Authority or any
department, commission, board, court, agency or any other instrumentality of any of them. 
 “FINRA”
means the Financial Industry Regulatory Authority. 
 “Original Issue Discount Percentage” shall mean
55%, representing the sum of 11% per annum multiplied by five years. 

 “Person” means any individual, corporation, trust, association,
company, partnership, joint venture, limited liability company, joint stock company, Governmental Authority or other entity. 
 “Principal Amount” means the principal face amount of the Notes to be issued to Investor, which amount will be equal to the Purchase Price divided by the difference between 100% and the Original Issue Discount
Percentage (55%), or 45%. By way of example, if the Purchase Price is $100, then the Principal Amount is equal to $100 divided by 0.45 ($222.22). 
 “Purchase Price” means, with respect to a Note and Warrant purchased at a Closing, the aggregate principal and accrued interest of the Existing Indebtedness. 
 “Rule 144” means Rule 144 under the Securities Act or any successor provision. 
 “Securities” has the meaning specified in the preamble to this Agreement. 
 “Transaction Documents” means, collectively, this Agreement, the Notes and Warrants, and all other agreements,
documents and other instruments executed and delivered by or on behalf of the Company or the Investor at the Closing. 
 1.3 Other
Definitional Provisions. All definitions contained in this Agreement are equally applicable to the singular and plural forms of the terms defined. The words “hereof”, “herein” and “hereunder” and words of similar
import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 2. REPRESENTATIONS AND
WARRANTIES OF THE INVESTOR. 
 The Investor hereby represents and warrants to the Company that, as of the Execution Date: 

2.1 Authorization; Enforceability. This Agreement constitutes, and upon execution and delivery thereof, each other Transaction Document to
which the Investor is a party will constitute, the Investor’s valid and legally binding obligation, enforceable in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
or other similar laws of general application relating to or affecting the enforcement of creditors’ rights generally and (ii) general principles of equity. The Investor further understands and acknowledges that this Agreement is and shall
be irrevocable except that the Investor shall have no obligations hereunder in the event that this Agreement is for any reason rejected by the Company. 
 2.2 Investor Status. The Investor represents and warrants as follows: 
 (a) Investor is not a U.S.
Person and Investor was not formed for the purpose of investing in the Securities, which have not been registered under the 1933 Act in reliance upon Regulation S, by or for the benefit of a U.S. person. 

 (b) At the time the buy order was originated, Investor was outside the United States. 
 (c) No offer to sell or purchase the Securities was made in the United States. 
 (d) Investor has not engaged in nor will engage in any “Directed Selling Efforts,” i.e., any activity undertaken for the purpose of, or that
could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Securities being purchased by the Investor. 
 (e) Investor is purchasing the Securities for its own account and for investment purposes and not with the view towards distribution or for the account of a U.S. Person. 
 (f) All subsequent offers and sales of the Securities shall be made in compliance with Regulation S and/or pursuant to registration of the Securities
under the 1933 Act or pursuant to an exemption from registration under the 1933 Act. Unless registered for sale under the 1933 Act, the Securities will not be resold to U.S. Persons or within the United States until after the end of a one year
restricted period (or such shorter period as may be hereafter stated in Regulation S) commencing on the date of closing of the purchase of the Securities and otherwise in compliance with Rule 904 of Regulation S. 
 (g) The Securities are being offered and sold to Investor in reliance on Regulation S and the Company is relying upon the truth and accuracy of
Investor’s representations and warranties in order to justify such reliance in connection with the sale of the Securities to Investor. 
 (h) Investor has received and reviewed the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2006, quarterly reports on Form 10-Q for the interim periods ended July 31, 2006, and October 2006, and
current reports on Form 8-K dated October 10, 2006 and August 30, 2006 as filed with the Securities and Exchange Commission, and has had an opportunity to ask questions of and receive information from the Company and its executive officers
and has availed itself of such opportunity to the fullest extent desired by Investor. 
 2. 3 Investment Considerations. The Investor
is acquiring the Securities solely for Investor’s own account and not with a present view to the public resale or distribution of all or any part thereof, except pursuant to sales that are registered under, or exempt from the registration
requirements of, the Securities Act and/or sales registered under the Securities Act. The Investor can bear the economic risk of a total loss of its investment in the Securities and has such knowledge and experience in business and financial matters
so as to enable it to understand the risks of and form an investment decision with respect to its investment in the Securities. 

 2.4 Information. The Company has, prior to the Execution Date, provided the Investor with
information regarding the business, operations and financial condition of the Company (including the Company’s annual report on Form 10-K for the year ended April 30, 2007, as filed with the Commission, and each report filed by the Company
with the Commission since said annual report was filed) and has, prior to the Execution Date, granted to the Investor the opportunity to ask questions of and receive answers from representatives of the Company, its officers, directors, employees and
agents concerning the Company and materials relating to the terms and conditions of the purchase and sale of the Notes and Warrants hereunder, in order for the Investor to make an informed decision with respect to its investment in the Notes and
Warrants. Neither such information nor any other investigation conducted by the Investor or any of its representatives shall modify, amend or otherwise affect the Investor’s right to rely on the Company’s representations and warranties
contained in this Agreement. 
 2.5 Limitations on Disposition. The Investor acknowledges that none of the Securities have been and
are not being registered under the Securities Act and may not be transferred or resold without registration under the Securities Act or unless pursuant to an exemption therefrom. The Investor agrees that neither it nor any Person acting on its
behalf or at its direction will engage in any transactions in securities of the Company prior to the time that the transactions contemplated by this Agreement are publicly disclosed. 
 2.6 Legend. The Investor is aware that any transfer of the Securities is restricted by federal and state securities laws. The Investor understands
that the certificates representing any of the Securities may bear at issuance a restrictive legend in substantially the following form: 
 “The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state, and may not be offered or sold unless a
registration statement under the Securities Act and applicable state securities laws shall have become effective with regard thereto, or an exemption from registration under the Securities Act and applicable state securities laws is available in
connection with such offer or sale.” 
 Notwithstanding the foregoing, it is agreed that, as long as (A) the resale or transfer (including without
limitation a pledge) of any of the Securities is registered pursuant to an effective registration statement, (B) such Securities have been sold pursuant to Rule 144, subject to receipt by the Company of customary documentation reasonably
acceptable to the Company in connection therewith, or (C) such Securities are eligible for resale under Rule 144(k) or any successor provision, such Securities shall be issued without any legend or other restrictive language and, with respect
to Securities upon which such legend is stamped, the Company shall issue new certificates without such legend to the holder upon request. 
 2.7 Reliance on Exemptions. The Investor understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and
that the Company is relying upon the truth and accuracy of the representations and warranties of the Investor set forth in this Section 2 in order to determine the availability of such exemptions and the eligibility of the Investor to
acquire the Securities. 

 2.8 Non-Affiliate Status; Common Stock Ownership. The Investor is not an Affiliate of the Company.
The Investor’s investment in Notes and Warrants is not for the purpose of acquiring, directly or indirectly, control of, and it has no intent to acquire or exercise control of, the Company or to influence the decisions or policies of the Board
of Directors. 
 2.9 Fees. The Investor is not obligated to pay any compensation or other fee, cost or related expenditure to any
underwriter, broker, agent or other representative in connection with the transactions contemplated hereby. 
 2.10 No Governmental
Review. The Investor understands that no United States federal or state agency or any other Governmental Authority has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the
Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities. 
 3. REPRESENTATIONS AND WARRANTIES OF THE
COMPANY. The Company hereby represents and warrants to the Investor, and agrees with the Investor that, as of the Execution Date: 
 3.1 Organization, Good Standing and Qualification. The Company is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization and has all requisite power and authority
to carry on its business as now conducted. 
 3.2 Authorization; Consents. The Company has the requisite corporate power and authority
to enter into and perform its obligations under this Agreement. The Company has the requisite corporate power and authority to issue and sell the Notes and the Warrants to the Investor in accordance with the terms hereof and thereof, to issue the
Conversion Shares upon conversion of the Notes and to issue the Warrant Shares upon exercise of the Warrants; provided, however, that the Company does not have a sufficient number of authorized shares of Common Stock to effect all such conversions
and exercises so the Company must amend its articles of incorporation to increase the number of authorized shares of Common Stock by such amount as is necessary to reserve for issuance the maximum aggregate number of Conversion Shares and Warrant
Shares then issued or potentially issuable in the future upon the exercise of the conversion rights under the Notes and exercise rights under the Warrants. All corporate action on the part of the Company by its officers, directors and stockholders
necessary for the authorization, execution and delivery of, and the performance by the Company of its obligations under, the Transaction Documents has been taken, and no further consent or authorization of the Company, its Board of Directors,
stockholders, any Governmental Authority or organization (other than amendment of the Company’s Articles of Incorporation to increase the number of authorized shares of Common Stock as noted above), or any other person or entity is required
(pursuant to any rule of FINRA or otherwise). 
 3.3 Enforcement. On execution and delivery by the Company, this Agreement has been
and, at or prior to Closing, each other Transaction Document to be delivered at Closing will be, duly executed and delivered by the Company. On execution and delivery by the Company, each Transaction Document constitutes the valid and legally
binding obligation of the Company, enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or other similar laws of general application relating to
or affecting the enforcement of creditors’ rights generally, (ii) general principles of equity, and (iii) amendment of the Company’s Articles of Incorporation to increase the number of authorized shares of Common 

 
Stock by such amount as is necessary to reserve for issuance the maximum aggregate number of Conversion Shares and Warrant Shares then issued or potentially
issuable in the future upon the exercise of the conversion rights under the Notes and exercise rights under the Warrants. 
 3.4 No
Conflict. The (i) execution, delivery and performance of this Agreement and the other Transaction Documents and (ii) consummation of the transactions contemplated hereby and thereby (including without limitation, the issuance of the
Notes and the Warrants and the reservation for issuance and issuance of the Conversion Shares and the Warrant Shares) will not result in any violation of any provisions of the Company’s Articles of Incorporation, Bylaws or any other governing
document or in a default under any provision of any instrument or contract to which it is a party, or in violation of any provision of any Governmental Requirement that, in either such case, has not had or would not reasonably be expected to have a
material adverse effect. 
 3.5 Fees. The Company is not obligated to pay any brokers, finders or financial advisory fees or
commissions to any underwriter, broker, agent or other representative in connection with the transactions contemplated hereby. The Company will indemnify and hold harmless the Investor from and against any claim by any person or entity alleging that
the Investor is obligated to pay any such compensation, fee, cost or related expenditure in connection with the transactions contemplated hereby. 
 4.
COVENANTS OF THE COMPANY AND THE INVESTOR. 
 4.1 Limitations on Disposition. The Investor shall not sell, transfer,
assign or dispose of any Securities, unless: 
 (a) there is then in effect an effective registration statement under the
Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 
 (b) the Investor has notified the Company in writing of any such disposition, has received the Company’s written consent (which consent will not be unreasonably withheld) to such disposition and furnished the Company with an opinion of
counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such Securities under the Securities Act; provided, however, that no such consent or opinion of counsel will be required (A) if the
sale, transfer or assignment is made to an Affiliate of the Investor, (B) if the sale, transfer or assignment is made pursuant to Rule 144 and the Investor provides the Company with evidence reasonably satisfactory to the Company that the
proposed transaction satisfies the requirements of Rule 144 or (C) in connection with a bona fide pledge or hypothecation of any Securities under a margin arrangement with a broker-dealer or other financial institution or the sale of any
such Securities by such broker-dealer or other financial institution following the Investor’s default under such margin arrangement. 

 4.2 Indemnification of Company. Investor agrees to indemnify and hold Company harmless from any
loss, damage, liability or expense, including reasonable attorneys’ fees and other legal expenses, to which Company may become subject arising out of or relating to any act or omission of Investor or any person connected, affiliated or
associated with Investor which is or is alleged to be a violation of the Securities Act, the Exchange Act or rules promulgated under the securities statutes (including Regulation D) or any other domestic or foreign statutes, laws or regulations or
arising from Investor’s or such person’s alleged negligence or willful misconduct. Investor will indemnify and hold Company harmless from any loss, which Company may sustain as a result of errors made by Investor. 
 4.3 Amendment of Articles of Incorporation. Prior to September 30, 2008, the Company shall take all action required by law to submit to the
shareholders of the Company a proposal to amend the Company’s Articles of Incorporation to increase the number of authorized shares of Common Stock by such amount as is necessary to reserve for issuance the maximum aggregate number of
Conversion Shares and Warrant Shares then issued or potentially issuable in the future upon the exercise of the conversion rights under the Notes and exercise rights under the Warrants. 
 4.4 Registration. The Company shall file a registration statement with the Commission under the Securities Act for the purpose of registering on
or before January 9, 2009, resale of the Conversion Shares and Warrant Shares, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until the Conversion Shares and Warrant Shares
covered by such registration statement have been sold or may be sold without restriction pursuant to Rule 144 as determined by the counsel to the Company pursuant to a written opinion letter to such effect. The Company shall not be obligated to file
a registration statement with respect to any Conversion Shares or Warrant Shares that have been sold or may be sold without restriction pursuant to Rule 144 as determined by the counsel to the Company pursuant to a written opinion letter to such
effect. If: (i) a registration statement is not effective with respect to any Conversion Shares or Warrant Shares the Company is obligated to register for resale on or before the date specified above; or (ii) after the effective date a
registration statement ceases for any reason to remain continuously effective for all Conversion Shares and Warrant Shares for which it is required to be effective, or the Holders are not permitted to utilize the prospectus therein to resell such
shares for 20 consecutive trading days, but no more than an aggregate of 40 trading days during any 12-month period (which need not be consecutive trading days) (any such failure or breach being referred to as an “Event”, and for
purposes of clause (i) the date on which such Event occurs, or for purposes of clause (ii) the date on which such 20 or 40 trading day period, as applicable, is exceeded being referred to as “Event Date”), then within 10
days following each such Event Date and within 10 days following each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such monthly anniversary date) until the applicable Event is cured, the Company
shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty, equal to 1.0% of the aggregate market value on the Event Date of the Conversion Shares or Warrant Shares that are not so registered or cannot be sold under an
effective registration statement. The holder of the Securities shall provide to the Company in writing all information reasonably required by the Company to comply with its disclosure obligations in the registration statement imposed by the
Securities Act and the regulations promulgated thereunder. The failure of the holder of any of the Securities for any reason to provide such information at least five Business Days prior to the filing of the registration statement covering the
Conversion Shares or Warrant Shares shall effect a termination of any obligation of the Company to file any registration statement pertaining to the Securities and the Company shall have no liability to such holder with respect to the liquidated
damages stated above. 

 4.5 Issuance of Securities. The Company will deliver or cause to be delivered to the Investor upon
receipt of this Agreement and the subscription payment certificates and instruments representing the Securities in the name of Investor. All certificates and instruments shall bear appropriate restrictive legends to the effect that no transfer of
the Securities may be made except in compliance with the provisions of Regulation S. The Company and Investor agree that the Company’s transfer agent is hereby directed and authorized to refuse to register any transfer of the Securities that is
not made in accordance with the provisions of Regulation S. 
 5. MISCELLANEOUS. 
 5.1 Survival; Severability. The representations, warranties, covenants and indemnities made by the parties herein and in the other Transaction
Documents shall survive the Closing notwithstanding any due diligence investigation made by or on behalf of the party seeking to rely thereon. In the event that any provision of this Agreement becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that in such case the parties shall negotiate in good faith to replace such provision with a new provision
which is not illegal, unenforceable or void, as long as such new provision does not materially change the economic benefits of this Agreement to the parties. 
 5.2 Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement. The Investor may assign the Investor’s rights and obligations hereunder, in connection with any private sale or transfer of the Notes or Warrants in accordance with the terms hereof, as long as, as a
condition precedent to such transfer, the transferee executes an acknowledgment agreeing to be bound by the applicable provisions of this Agreement, in which case the term “Investor” shall be deemed to refer to such transferee as though
such transferee were an original signatory hereto. The Company may not assign its rights or obligations under this Agreement. 
 5.3
Governing Law; Jurisdiction. This Agreement shall be governed by and construed under the laws of the State of California applicable to contracts made and to be performed entirely within the State of California. Each party hereby irrevocably
submits to the non-exclusive jurisdiction of the state and federal courts in California for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it
under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 5.4 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, and all of which together shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile transmission. 
 5.5 Headings. The headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement. 
 5.6 Notices. Any notice, demand or request required or permitted to be given by the Company or the Investor pursuant to
the terms of this Agreement shall be in writing and shall be deemed delivered (i) when delivered personally or by verifiable facsimile transmission, unless such delivery is made on a day that is not a Business Day, in which case such delivery
will be deemed to be made on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to an overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or
registered mail, return receipt requested, postage prepaid), addressed as follows: 
 If to the Company: 
 3189 Airway Avenue, Building C 
 Costa Mesa,
California 92626 
 Attn: Robert J. Larsen 
 and
if to the Investor, to such address for the Investor as shall appear on the signature page hereof, or as shall be designated by the Investor in writing to the Company in accordance with this Section 5.6. 
 5.7 Expenses. The Company and the Investor shall bear their own costs and expenses in connection with the negotiation, execution, delivery and
performance of this Agreement or the other Transaction Documents. 
 5.8 Entire Agreement; Amendments. This Agreement and the other
Transaction Documents constitute the entire agreement between the parties with regard to the subject matter hereof and thereof, superseding all prior agreements or understandings, whether written or oral, between or among the parties. Except as
expressly provided herein, neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Investor, and no provision hereof may be waived other than by a written instrument signed by
the party against whom enforcement of any such waiver is sought. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 [Signature Page to Follow] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first-above written.

  

	
	
	 
	(Signature of Investor)
	
	 
	(Print Name of Investor)
	
	Address:
	
	 
	
	 
	
	 

  

					
			
	Amount of Existing Indebtedness:	 	$	 	 
			
	Principal Amount of Notes to be Issued:	 	$	 	 

  

			
	Accepted by
	SYNTHETIC BLOOD INTERNATIONAL, INC.
		
	By:	 	 
		 	Robert J. Larsen, PresidentEX-10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is amended and restated as of March 17, 2008, by and
between Corinthian Colleges, Inc., a Delaware corporation (the “Company”), and [     ]
[INSERT NAME OF EMPLOYEE] (“Employee”).

WITNESSETH:

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

AGREEMENT:

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

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

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

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

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

	4.	 	COMPENSATION.

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

	 	(b)	 	Additional Benefits. Employee shall also be entitled to all rights and
benefits for which Employee is otherwise eligible under any bonus plan, Target Bonus
(defined below) arrangement, incentive agreement (including stock options and/or other
awards granted pursuant to the Company’s 1998 Performance Award Plan, the Company’s
2003 Performance Award Plan and the Company’s 2004 New Hire Plan and any successor
plans (hereinafter the “Equity Award Plans”)), participation or extra compensation
plan, pension plan, profit-sharing plan, life, medical, dental, disability, or
insurance plan (including, except as otherwise prohibited therein, the Company’s
Employee Stock Purchase Plan) or policy or other plan or benefit that the Company may
provide for Employee or (provided Employee is eligible to participate therein) for
Peer Employees (defined as all employees who have the title of Vice President of the
Company or above, other than the founders of the Company) or for employees of the
Company generally, as from time to time in effect, during the term of this Agreement
(collectively, all of the above shall be referred to as the “Additional Benefits”).
In addition to the Base Salary, Employee shall be eligible to earn, for each fiscal
year of Company, a target annual incentive bonus equal to [100%] [75%] [INSERT TARGET
BONUS] of his Base Salary (“Target Bonus”), which bonus shall be based on achieving
targeted performance goals as determined by Compensation Committee.

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

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

	5.	 	TERMINATION. This Agreement and all obligations hereunder (except the obligations contained
in Sections 8, 9, 10, 11, 12 and 13 (Trade Secrets/Confidential Information, Agreement Not to
Disclose, Property of Company, Unfair Competition, Solicitation of Employees, and Indemnity)
which shall survive any termination hereunder) shall terminate upon the earliest to occur of
any of the following:

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

	 	(b)	 	Death or Disability of Employee. Employee’s employment shall be terminated
upon the death or Disability (as defined below) of Employee. In such instance, except
as set forth below, all obligations hereunder to Employee (or Employee’s heirs or
legal representatives) shall cease, other than for payment of the sum of (A)
Employee’s Base Salary through the date of termination to the extent not theretofore
paid, (B) pro rata portion of the Target Bonus calculated as of the date of
termination and any other amount earned through the date of termination pursuant to
another cash compensation agreement; and (C) any accrued vacation pay, in each case to
the extent not theretofore paid (the sum of the amounts described in clauses (A), (B),
and (C) shall be hereinafter referred to as the “Accrued Obligations”), which shall be
paid to Employee or Employee’s estate or beneficiary, as applicable, in a lump sum in
cash within 30 days after the date of termination or any earlier time required by
applicable law. Notwithstanding the foregoing, if Employee is determined by the
Company to be a specified employee (as defined in Section 409A(a)(2)(B) of the
Internal Revenue Code of 1986, as amended (the “Code”) and determined pursuant to
related Treasury Regulations or other guidance promulgated thereunder) and if required
under Section 409A of the Code, the Accrued Obligations shall be paid on the first day
of the seventh month following the termination of employment. For the purposes of
this Agreement, Disability shall mean that Employee is either (1) unable to engage in
any substantial gainful activity by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, or (2) by reason of any medically
determinable physical or mental impairment that can be expected to result in death or
can be expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than three months under an
accident and health plan covering employees of the Company. For purposes of this
Agreement, Employee shall be deemed Disabled if determined to be totally disabled by
the Social Security Administration. Employee shall also be deemed Disabled if
determined to be disabled in accordance with the applicable disability insurance
program of the Company, provided that the definition of “disability” applied under
such disability insurance program complies with the requirements of this Section. The
termination of this Agreement due to the death or Disability of Employee shall have no
effect on the rights and obligations of Employee (or his personal representative or
beneficiary, as the case may be) with respect to stock options or other rights granted
under the Company’s Equity Award Plans, as amended, or the Company’s Employee Stock
Purchase Plan, or any subsequent employee benefit or equity compensation plan adopted
by the Company, all of which rights and obligations shall be governed solely and
exclusively by the applicable terms and conditions of such plans and the agreements
issued thereunder.

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

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

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

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

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

	 	(d)	 	Without Cause. Notwithstanding any other provision of this Section 5, the
Company shall have the right to terminate Employee’s employment with the Company
without Cause at any time, but in the event of such termination without Cause and
subject to the satisfaction of the condition in Section 5.7(f), Employee shall be
entitled to receive a lump sum payment equal to [1.75] [two] times the value of
Employee’s Base Salary in effect as of the date of such termination (hereinafter such
amount shall be referred to as the “Lump Sum Payment”). Such Lump Sum Payment to
Employee shall be paid to Employee within 60 days of the date of such termination.
Notwithstanding the foregoing, if Employee is determined by the Company to be a
specified employee (as defined in Section 409A(a)(2)(B) of the Code and determined
pursuant to related Treasury Regulations or other guidance promulgated thereunder) and
if required under Section 409A of the Code, the Lump Sum Payment shall be paid on the
first day of the seventh month following the termination of employment.

	 	(e)	 	Good Reason. Employee may terminate his employment with the Company for Good
Reason within two years following the initial existence of Good Reason. In the event
that Employee fails to terminate his employment within such period but Employee’s
employment under this Agreement in fact terminates at the initiation of Employee, such
termination shall be deemed a termination by Employee without Good Reason. Regardless
of whether a resignation occurs prior to, coincident with or after a “Change in
Control,” “Good Reason” shall mean any one or more of the following:

	 	(i)	 	An involuntary material diminution in Employee’s Base Salary.

	 	(ii)	 	An involuntary material diminution in Employee’s authority,
duties, or responsibilities.

	 	(iii)	 	An involuntary material diminution in the authority, duties,
or responsibilities of the supervisor to whom Employee is required to report.

	 	(iv)	 	An involuntary material diminution in the budget over which
Employee retains authority.

	 	(v)	 	A 100 mile or greater change in the geographic location at
which Employee must perform his services.

	 	(vi)	 	Any other action or inaction that constitutes a material
breach of the Agreement.

Employee must give the Company written notice which shall identify with reasonable
specificity the grounds for Good Reason within 90 days of the initial existence of
Good Reason, upon the notice of which the Company shall have 30 days to cure the
alleged grounds for Good Reason contained in the notice. In the event Employee
fails to notify the Company of the existence of Good Reason within such 90 day
period but Employee’s employment under this Agreement in fact terminates at the
initiation of Employee, such termination shall be deemed a termination by Employee
without Good Reason. If Employee terminates his employment with the Company for
Good Reason, then subject to the satisfaction of the condition in Section 5.7(f),
Employee shall be entitled to receive a Lump Sum Payment equal to that which would
be paid to Employee under Section 5(d) hereof within 60 days following the
termination of employment. Notwithstanding the foregoing, if Employee is
determined by the Company to be a specified employee (as defined in Section
409A(a)(2)(B) of the Code and determined pursuant to related Treasury Regulations
or other guidance promulgated thereunder) and if required under Section 409A of the
Code, the Lump Sum Payment shall be paid on the first day of the seventh month
following the termination of employment.

	 	(f)	 	As a condition to earning and receiving any payment by Employee under Section
5(d), 5(e) or 7(a), Employee must sign a release of claims arising from Employee’s
employment, and the termination thereof, in a form provided by the Company within
seven days following the date on which the Company delivers to the Employee such
release or such other time, as determined by the Company, and such release not having
been revoked by Employee pursuant to any revocation rights afforded by applicable law.
If Employee does not execute the general release within such period or revokes such
release, Employee will not be entitled to any payment under Section 5(d), 5(e) or
7(a).

	 	(g)	 	Employee agrees that the payments and benefits contemplated by this Section 5
shall constitute the exclusive and sole remedy for any termination of his employment
and Employee covenants and agrees not to assert or pursue any other remedies, at law
or in equity, with respect to any termination of employment.

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

	7.	 	CHANGE IN CONTROL.

	 	(a)	 	If, (A) “In Anticipation Of,” as defined below, or within 24 months after a
“Change in Control” of the Company (or any successor), as defined below, the Company
involuntarily terminates Employee’s employment without Cause, or (B) within 24 months
after a Change in Control, Employee terminates his employment for Good Reason, then
subject to the satisfaction of the condition in Section 5.7(f), Employee shall receive
a lump sum payment equal to two times (2x) the amount that would be required to be
paid to Employee as a Lump Sum Payment under Section 5(d) upon Employee’s termination
other than for Cause (hereinafter the “Change in Control Payment”) within 60 days
following the termination of employment. Notwithstanding the foregoing, if Employee
is determined by the Company to be a specified employee (as defined in Section
409A(a)(2)(B) of the Code and determined pursuant to related Treasury Regulations or
other guidance promulgated thereunder) and if required under Section 409A of the Code,
the Change in Control Payment shall be paid on the first day of the seventh month
following the termination of employment.

	 	(b)	 	In the event that any economic benefit, payment or distribution by the
Company to or for the benefit of Employee, whether paid, payable, distributed or
distributable, pursuant to this Section 7 or otherwise In Anticipation Of or following
a Change in Control, including, if applicable, the vesting of Employee’s stock options
(hereinafter, the “Total Payments”), would result in all or a portion of such Total
Payments being subject to excise tax under Section 4999 of the Code, or any interest
or penalties with respect to such excise tax (such excise tax and any applicable
interest and penalties, collectively referred to in this Agreement as the “Excise
Tax”), then Employee shall be entitled to receive an additional payment (the “Gross-Up
Payment”) in an amount such that, after payment by Employee of all taxes (and any
interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with respect
thereto) and Excise Tax imposed upon the Gross-Up Payment, but excluding any income
taxes and penalties imposed pursuant to Section 409A of the Code, Employee retains an
amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total
Payments. Notwithstanding the foregoing, if it shall be determined that Employee is
entitled to the Gross-Up Payment, but that the Parachute Value of the Total Payments
does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be made
to Employee and Employee’s Total Payments (including the Change in Control Payment)
shall be either (A) the full payment or (B) such lesser amount that would result in no
portion of the Total Payment being subject to Excise Tax, whichever of the foregoing
amounts, taking into account the applicable Federal, state, and local employment
taxes, income taxes, and the Excise Tax, results in the receipt by Employee, on an
after-tax basis, of the greatest amount of Total Payments notwithstanding that all or
some portion of the Total Payments may be taxable under Section 4999 of the Code.

	 	(c)	 	All determinations required to be made under this Section 7 shall be made by
the Company’s regular outside independent public accounting firm immediately prior to
the event triggering the payments that are subject to the Excise Tax, which firm must
be reasonably acceptable to Employee (the “Accounting Firm”). The Company shall cause
the Accounting Firm to provide detailed supporting calculations of its determinations
to the Company and Employee. Notice must be given to the Accounting Firm within
twenty (20) business days after an event entitling Employee to a Change in Control
Payment under this Agreement. Any determination by the Accounting Firm shall be
binding upon the Company and Employee. All fees and expenses of the Accounting Firm
shall be borne solely by the Company.

	 	(d)	 	Any Gross-Up Payment, as determined pursuant to this Section 7, shall be paid
by the Company to Employee within 5 days of the receipt of the Accounting Firm’s
determination, but by no later than the end of Employee’s taxable year next following
Employee’s taxable year in which Employee remits the related taxes. If, at a later
date, the Internal Revenue Service assesses a deficiency against Employee on the basis
that the Excise Tax with respect to any amount paid to Employee is greater than that
which was determined at the time such amounts were paid, the Company shall pay to
Employee an additional Gross-up Payment with respect to such Excise Tax by the end of
Employee’s taxable year next following Employee’s taxable year in which the taxes that
are the subject of the audit or litigation are remitted to the taxing authority. Upon
notice by Employee of any audit or other proceeding that may result in a liability to
the Company under this Section, Employee shall promptly notify the Company of such
audit or other proceeding and the Company may, at its option, but solely with respect
to the item or items that relate to such potential liability, choose to assume the
defense of such audit or other proceeding at its own cost, provided that (i) Employee
shall cooperate with the Company in such defense and (ii) the Company will not settle
such audit or other proceeding without the consent of Employee (such consent not to be
unreasonably withheld). Unless Employee shall have given prior written notice to the
Company to effectuate a reduction in the Total Payments in a manner other than as set
forth below, if such a reduction is required, the Company shall reduce or eliminate
the Total Payments by first reducing or eliminating the Change in Control Payment,
then by reducing or eliminating any accelerated vesting of stock options, then by
reducing or eliminating any other remaining Total Payments.

	 	(e)	 	Definitions. The following terms shall have the following meanings for
purposes of this Section 7.

	 	(i)	 	“In Anticipation Of”: For purposes of this Section 7, the
involuntary termination by the Company of Employee’s employment shall be
deemed to have been “In Anticipation Of” a Change in Control if such
termination (A) was at the request of an unrelated third party who has taken
steps reasonably calculated to effect a Change in Control, or (B) otherwise
arose in connection with a Change in Control.

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

	 	(iii)	 	“Parachute Value” of a payment shall mean the present value
as of the date of the change of control for purposes of Section 280G of the
Code of the portion of such payment that constitutes a “parachute payment”
under Section 280G(b)(2), as determined by the Accounting Firm for purposes of
determining whether and to what extent the Excise Tax will apply to such
payment.

	 	(iv)	 	The “Safe Harbor Amount” means 2.99 times Employee’s “base
amount,” within the meaning of Section 280G(b)(3) of the Code.

	8.	 	TRADE SECRETS/CONFIDENTIAL INFORMATION. Employee recognizes that the Employee shall be
employed in a sensitive position that involves a relationship of trust and confidence. During
the course of the Employee’s employment or hiring, the Employee may receive, develop,
otherwise acquire, have access to or become acquainted with trade secrets or other
confidential and sensitive information relating to the business of the Company. In this
regard, the Employee understands and hereby agrees that the term “trade secrets” shall
include, but not be limited to, customer lists, potential customer lists, all information
stored in the company database such as notes, proposals, historical sales, pricing strategies,
price quotes to customers or potential customers, customer contracts, all devices, methods,
techniques, compilations, processes, job specifications, product specifications, work and
product samples, future plans, costs, financial information and data, training materials and
information, customer files, pricing structure, pricing lists, job lists, job order
information, software data, computer disks, vendor suppliers’ lists and contact persons,
market analysis, marketing plans, cost and pricing information, labor rates and piece-work
prices, the names, contact information, buying habits or practices of any of the Company’s
customers and potential customers, know-how, vendors, suppliers, or employees, written
business records, business files, computer data, business operating forms, documents,
specifications, plans, and compilations of information concerning the business, customers, or
employees of the Company. If it is at any time determined that any of the information or
materials identified above are, in whole or in part, not entitled to protection as trade
secrets, the Employee agrees that they shall nevertheless be considered and treated as
confidential information that is protected under this Agreement, in the same manner as trade
secrets, to the maximum extent permitted by law.

	9.	 	AGREEMENT NOT TO DISCLOSE. Employee shall not, at any time during the term of this Agreement
or after its termination, disclose to others, either directly or indirectly, or take or use
for the Employee’s own purposes or the purposes of others, either directly or indirectly, any
trade secret or any confidential information, knowledge, data or know-how of the Company. The
Employee understands and acknowledges that these restrictions shall also apply to trade
secrets, confidential information, knowledge, data or know-how conceived, originated,
discovered or developed by the Employee within the scope of the Employee’s employment or
hiring.

	10.	 	PROPERTY OF COMPANY. All trade secrets and confidential information, whether prepared by the
Employee or otherwise coming into the Employee’s possession or control, shall remain the
exclusive property of the Company. Upon the termination of the Employee’s employment or
whenever required by the Company, the Employee shall immediately deliver to the Company all
property and materials in the Employee’s possession or under the Employee’s control belonging
to the Company, including, but not limited to, all trade secrets and confidential information
of the Company and any documents or materials that describe or refer to such trade secrets
and/or confidential information.

	11.	 	UNFAIR COMPETITION. Employee acknowledges that the information listed in Section 8 above, as
well as other information regarding the Company’s customers and business, is confidential and
constitutes trade secret, commercially sensitive, and proprietary information. While employed
by the Company, and following separation of employment from the Company, Employee will not,
directly or indirectly, use this or any other trade secret information to solicit any of the
Company’s customers or use the Company’s trade secret information to negotiate with any of the
Company’s customers, or to disrupt, damage, impair, or interfere with the Company’s business.
Subject to the limitations noted herein, the Employee is not, however, restricted from being
employed by or engaged in any type of business following the termination of the Employee’s
employment relationship with the Company.

	12.	 	SOLICITATION OF EMPLOYEES. Employee agrees that while employed by the Company, and as a
result of the Employee’s position with the Company, the Employee will acquire specialized
knowledge regarding the Company’s employees. Therefore, Employee agrees that for a period of
one (1) year after Employee’s separation of employment from the Company, Employee will not,
directly or indirectly, solicit any person who is engaged as a regular, temporary,
introductory, full time or part time employee, agent, or independent contractor by the Company
to terminate his or her employment or engagement with the Company for any reason. Employee
agrees to an additional one (1) year nonsolicitation period if the Employee’s separation of
employment from the Company occurs following a Change in Control.

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

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

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

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

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

Corinthian Colleges, Inc.

6 Hutton Centre Drive, Suite 400

Santa Ana, California 92627

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

Attention: General Counsel

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

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

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

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

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

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

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

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

In connection with any arbitration proceeding commenced hereby, the prevailing party shall
be entitled to reimbursement of its reasonable attorney’s fees and costs, including
arbitrator fees. This agreement to arbitrate and arbitration procedure is intended to be
the exclusive method of resolving all Claims or Controversies as described above between
Employee and the Company and judgment upon the award rendered by the arbitrator hereunder
may be entered in any court having jurisdiction thereof.

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

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

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

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

CORINTHIAN COLLEGES, INC.

	 	 	 
	By:

	 	

	
 
	 	 
	Name:

Its:

	 	Jack Massimino

Chief Executive Officer

EMPLOYEE

[Employee’s Name]

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