Document:

Form of Option Extension Agreement

 Exhibit 10.3 
 OPTION EXTENSION AGREEMENT 
 THIS OPTION EXTENSION AGREEMENT (the
“Agreement”) dated as of February 20, 2009, is between Career Education Corporation, a Delaware corporation (the “Company”), and Gregory L. Jackson, a non-employee director of the Company (the
“Participant”). Capitalized terms used but not defined herein shall have meaning given to such terms in the Career Education Corporation 2008 Incentive Compensation Plan (the “Plan”). 
 WHEREAS, the Participant holds Options issued under the Plan; and 
 WHEREAS, the Company and the Participant desire to amend all Options held by the Participant under the Plan to provide that, to the extent vested, such Options shall remain outstanding and exercisable following
the Participant’s Termination of Service until the earlier of (a) the third anniversary of such Termination of Service, and (b) the end of the Term; in either case, that if the Committee determines that Cause exists at the time of
such Termination of Service, then no such extension shall occur. 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants hereinafter set forth and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree, as follows: 
 1. Post-Termination Option Exercise Extension. Effective as of the date hereof, notwithstanding anything in the Plan or any Award Agreement to the contrary, following the Participant’s Termination of
Service for any reason other than Cause, any Option which is vested at the time of such Termination of Service shall remain exercisable (in accordance with the requirements of the Plan), until the earlier of (a) the third anniversary of such
Termination of Service, and (b) the end of the Term. This Section 1 shall amend any term to the contrary contained in the Plan and any Award Agreement of the Participant under the Plan outstanding on the date hereof. To the extent the
Committee determines that Cause exists at the time of such Termination of Service, the terms of the Plan and the applicable Award Agreements of the Participant shall be effectuated without regard to the amendment made by this Section 1.

 2. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Illinois (other than
its laws respecting choice of law). 
 3. Entire Agreement. This Agreement constitutes the entire obligation of the parties hereto with respect to the
subject matter hereof and shall supersede any prior expressions of intent or understanding with respect to this matter. 
 4. Amendment. Any amendment
to this Agreement shall be in writing and signed by the Company and the Participant. 
 5. Waiver; Cumulative Rights. The failure or delay of either
party to require performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative
and may be exercised in part or in whole from time to time. 

 6. Counterparts. This Agreement may be signed in two counterparts, each of which shall be an original, but both of
which shall constitute but one and the same instrument. 
 7. Headings. The headings contained in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement. 
 8. Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon each successor and assign of the Company. All obligations imposed on the Participant or a Representative, and all rights granted to the Company hereunder, shall be binding upon the Participant’s or the Representative’s heirs,
legal representatives and successors. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and the Participant has hereunto set his or her hand, all as of the day and year first above written. 
  

			
	CAREER EDUCATION CORPORATION
		
	By:	 	  

		 	Gary E. McCullough
		 	President and Chief Executive Officer
	
	PARTICIPANT:
		
	By:	 	  

		 	Gregory L. Jackson

  

 2Form of Option and Restricted Stock Amendment

 Exhibit 10.4 
 OPTION AND RESTRICTED STOCK AMENDMENT AGREEMENT 
 THIS OPTION AND RESTRICTED STOCK AMENDMENT
AGREEMENT (the “Agreement”) dated as of February 20, 2009, is between Career Education Corporation, a Delaware corporation (the “Company”), and
                        , an employee of the Company (the “Participant”). Capitalized terms used but not defined
herein shall have meaning given to such terms in the Career Education Corporation 1998 Employee Incentive Compensation Plan (the “Plan”). 
 WHEREAS, the Participant holds Options and Restricted Stock issued under the Plan; 
 WHEREAS,
the Company and the Participant desire to amend all Award Agreements relating to Options and shares of Restricted Stock held by the Participant under the Plan to provide that, upon the Participant’s Termination of Employment by the Company
without Cause (as defined in the Plan), all such Options shall become fully exercisable, and such shares of Restricted Stock shall become fully vested; and 
 WHEREAS, the Company and the Participant desire to amend all Award Agreements relating to Options and Restricted Stock held by the Participant under the Plan to increase the threshold upon which a Change in
Control is deemed to occur from twenty percent (20%) to thirty-five percent (35%). 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants hereinafter set forth and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree, as follows: 
 1. Vesting. Effective as of the date hereof, notwithstanding anything in the Plan or any Award Agreement to the contrary, following the Participant’s
involuntary Termination of Employment by the Company without Cause all Options held by the Participant under the Plan shall become one hundred percent (100%) exercisable pursuant to, and subject to, the terms of the Plan and the applicable
Award Agreement, and shares of Restricted Stock held by the Participant under the Plan shall become fully vested. This Section 1 shall amend any term to the contrary contained in the Plan and any Award Agreement of the Participant under the
Plan outstanding on the date hereof. To the extent the Participant incurs a voluntary Termination of Employment, or a Termination of Employment by reason of death, Disability, Retirement or for Cause, the terms of the Plan and the applicable Award
Agreements of the Participant shall be effectuated without regard to the amendment made by this Section 1. 
 2. Change in Control.
Notwithstanding anything in the Plan or any Award Agreement to the contrary, the phrase “twenty percent (20%)” in clause (a) of the definition of “Change in Control” set forth in Section 12.2 of the Plan shall, with
respect to any Options or Restricted Stock issued to the Participant under the Plan, be deemed to read “thirty-five percent (35%)”. This Section 2 shall amend any term to the contrary contained in any Award Agreement of the
Participant under the Plan. 

 3. Acknowledgement. The parties hereto hereby acknowledge that one of the Company’s stockholders has
recently reported in a filing with the Securities and Exchange Commission that it is the beneficial owner of stock representing approximately eighteen percent (18%) of the voting power of the Company’s outstanding securities.

 4. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Illinois (other than
its laws respecting choice of law). 
 5. Entire Agreement. This Agreement constitutes the entire obligation of the parties hereto with respect to the
subject matter hereof and shall supersede any prior expressions of intent or understanding with respect to this matter. 
 6. Amendment. Any amendment
to this Agreement shall be in writing and signed by the Company and the Participant. 
 7. Waiver; Cumulative Rights. The failure or delay of either
party to require performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative
and may be exercised in part or in whole from time to time. 
 8. Counterparts. This Agreement may be signed in two counterparts, each of which shall
be an original, but both of which shall constitute but one and the same instrument. 
 9. Headings. The headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 10. Successors and Assigns. This Agreement shall
inure to the benefit of and be binding upon each successor and assign of the Company. All obligations imposed on the Participant or a Representative, and all rights granted to the Company hereunder, shall be binding upon the Participant’s or
the Representative’s heirs, legal representatives and successors. 
 [Signature Page Follows] 
  

 2 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto
duly authorized, and the Participant has hereunto set his or her hand, all as of the day and year first above written. 
  

			
	CAREER EDUCATION CORPORATION
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	PARTICIPANT:
		
	By:	 	  

  

 3Form of Restricted Stock Amendment Agreement

 Exhibit 10.5 
 RESTRICTED STOCK AMENDMENT AGREEMENT 
 THIS RESTRICTED STOCK AMENDMENT AGREEMENT (the
“Agreement”) dated as of February 20, 2009, is between Career Education Corporation, a Delaware corporation (the “Company”), and Gary E. McCullough, an employee of the Company (the
“Participant”). Capitalized terms used but not defined herein shall have meaning given to such terms in that certain Restricted Stock Agreement dated March 7, 2007 between the Company and the Participant (the “Award
Agreement”), which Award Agreement addresses the Participant’s Restricted Stock Signing Bonus Grant. 
 WHEREAS, the
Company and the Participant desire to amend the Award Agreement to increase the threshold upon which a Change in Control occurs from twenty percent (20%) to thirty-five percent (35%). 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth and for other good and valuable consideration,
receipt of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree, as follows: 
 1. Amendment of “Change in Control”
Definition. Effective as of the date hereof, the phrase “twenty percent (20%)” in clause (a) of the definition of “Change in Control” set forth in Exhibit A to the Award Agreement is hereby amended to read
“thirty-five percent (35%)”. 
 2. Acknowledgement. The parties hereto hereby acknowledge that one of the Company’s
stockholders has recently reported in a filing with the Securities and Exchange Commission that it is the beneficial owner of stock representing approximately eighteen percent (18%) of the voting power of the Company’s
outstanding securities. 
 3. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State
of Illinois (other than its laws respecting choice of law). 
 4. Entire Agreement. This Agreement constitutes the entire obligation of the parties
hereto with respect to the subject matter hereof and shall supersede any prior expressions of intent or understanding with respect to this matter. 
 5.
Amendment. Any amendment to this Agreement shall be in writing and signed by the Company and the Participant. 
 6. Waiver; Cumulative Rights.
The failure or delay of either party to require performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each and every
right hereunder is cumulative and may be exercised in part or in whole from time to time. 
 7. Counterparts. This Agreement may be signed in two
counterparts, each of which shall be an original, but both of which shall constitute but one and the same instrument. 

 8. Headings. The headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement. 
 9. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon each
successor and assign of the Company. All obligations imposed on the Participant or a Representative, and all rights granted to the Company hereunder, shall be binding upon the Participant’s or the Representative’s heirs, legal
representatives and successors. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly
authorized, and the Participant has hereunto set his hand, all as of the day and year first above written. 
  

			
	CAREER EDUCATION CORPORATION
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	PARTICIPANT:
		
	By:	 	  

		 	Gary E. McCullough

  

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