Document:

Exhibit 10.41

 

THIRD AMENDMENT OF ESI 401(k) PLAN

 

This Third Amendment of the ESI 401(k) Plan is adopted by ITT
Educational Services, Inc.

 

Background

 

A.                                   Effective
May 15, 1998, ITT Educational Services, Inc. (“Employer”) amended and completed
restated the ESI 401(k) Plan (“Plan”).

 

B.                                     The
Plan has been amended by the First Amendment and a Second Amendment.

 

C.                                     The
Employer wishes to amend the Plan further.

 

Amendment

 

THEREFORE, the Plan is amended as follows:

 

1.                                       Effective
March 19, 2004, Sections 5.3(a) and (b) are amended to read as follows:

 

(a)                                  Company contributions
under Section 5.1 shall be made in cash.

 

(b)                                 Company contributions
made in cash shall be invested in accordance with Section 7.2.

 

2.                                       Effective
March 19, 2004, Section 7.2 is amended to read as follows:

 

7.2                               Investment
of Contributions.  Contributions
under the Plan made by or on behalf of a Member (or an Employee who made a
Rollover Contribution prior to meeting the eligibility requirements for
membership), including Matching Company Contributions made on behalf of a
Member, shall be invested, in multiples of 1%, in any one or more of the Funds
as designated by the Member (or Employee) pursuant to rules and procedures
established by the Committee, except that, effective March 19, 2004, new
contributions shall not be invested in the ESI Stock Fund.

 

3.                                       Effective
March 19, 2004, Section 7.4 is amended to read as follows:

 

7.4                               Redistribution
of Accounts Among the Funds.  A
Member or Deferred Member (or Beneficiary in the event of the death of a Member
or Deferred Member) may elect at any time to reallocate on any Valuation Date
all or part, in multiples of 1%, of his or her Pre-Tax Investment Account and
Matching Contribution Account and, if applicable, his or her Retirement
Contribution Account, After-Tax Investment Account, Rollover Account, and ESOP
Account, among the Funds, other than the ESI Stock Fund.  An Employee who has made a Rollover
Contribution prior to meeting the eligibility requirements for membership may
elect at any time to reallocate on any Valuation Date 

 

 

all or part, in multiples of 1%, of his or her Rollover Account among
the Funds, other than the ESI Stock Fund. 
A Member, Deferred Member, Beneficiary, or Employee may cause all or
part of his or her Accounts that are invested in the ESI Stock Fund to be
transferred to another Fund, but he or she may not cause any part of any
Account to be transferred into the ESI Stock Fund on or after March 19,
2004.  Reallocations made pursuant to
this Section shall be made in accordance with the administrative
procedures and within the time limits prescribed by the Committee and shall be
effective as soon as practicable thereafter.

 

5.                                       Effective
March 19, 2004, Section 7.5 is deleted.

 

6.                                       Effective
March 19, 2004, Section 7.8 is amended to read as follows:

 

7.8                               Responsibility
for Investments.  Each Member,
Deferred Member, or Employee (or Beneficiary in the event of the death of a
Member, Deferred Member, or Employee) is solely responsible for the selection
of his or her investment options made pursuant to Section 7.2, 7.3, or
7.4.  The Trustee, the Committee, the
Company, and the officers, supervisors, and other employees of the Company are
not empowered to advise a Member, or Deferred Member as to the manner in which
his or her Accounts shall be invested. 
The fact that a Fund is available to Members or Deferred Members (or
Employees who have made a Rollover Contribution prior to meeting the
eligibility requirements for membership) for investment under the Plan shall
not be construed as a recommendation for investment in the Fund.

 

This Third Amendment of the ESI 401(k) Plan is executed on behalf of
ITT Educational Services, Inc. by its duly authorized officer this 19th
day of March, 2004.

 

	
   

  	
  ITT Educational Services, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Nina F. Esbin

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Nina F. Esbin

  	
   

  
	
   

  	
  Printed

  
	
   

  	
   

  
	
   

  	
   

  	
  Senior Vice President, Human Resources

  	
   

  
	
   

  	
  Title

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Jenny Yonce

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Jenny Yonce

  	
   

  	
   

  
	
  Printed

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MGR, Benefits & HRIS

  	
   

  	
   

  
	
  TitleExhibit 10.42

 

SECOND AMENDMENT TO THE
1999 OUTSIDE DIRECTORS STOCK OPTION PLAN

 

WHEREAS, the Board of Directors of ITT Educational Services, Inc. (the
“Company”) adopted the 1999 Outside Directors Stock Option Plan (the “Plan”) on
July 28, 1999; and

 

WHEREAS, the Board of Directors now desires to amend the Plan in a
respect that does not require shareholder approval.

 

NOW, THEREFORE, the Plan is hereby amended as follows:

 

1.                                       Subsection 6(f)
of the Plan is hereby amended to read as follows:

 

(f)                                    An Option shall not
be exercisable unless the person exercising the Option has been, at all times
during the period beginning with the date of grant of the Option and ending on
the date of such exercise, in continuous service on the Board, except that:

 

(i)                                     if any Grantee of
an Option shall die or become permanently disabled or shall retire with the
consent of the Board, holding an Option that has not expired and has not been
fully exercised, he or his executor, administrators, heirs, or distributees, as
the case may be, may, at any time within the longer of (I) one year after the
date of such event or (II) one-half of the number of full months the Grantee
served on the Board up to 120 (but in no event after the Option has expired
under the provisions of subparagraph 6(d) above), exercise the Option with
respect to any shares as to which the Grantee could have exercised the Option
at the time of his death, disability, or retirement; or

 

(ii)                                  if a Grantee shall
cease to serve as a director of the Company for any reason other than those set
forth in 6(f)(i) above, while holding an Option that has not expired and has
not been fully exercised, the Grantee, at any time within three months of the
date he ceased to be such an Eligible Director (but in no event after the Option
has expired under the provisions of subparagraph 6(d) above), may exercise
the Option with respect to any shares of Common Stock as to 

 

 

which he could have exercised the Option on the date he ceased to be
such an Eligible Director.

 

2.                                       This
Second Amendment to the Plan shall become effective upon its adoption by the
Board of Directors of the Company.

 

Adopted
by the Board of Directors of ITT Educational

Services, Inc. on April 20, 2004Exhibit
10.1

 

Amendment
No. 1 to the Blyth, Inc.

2003
Long-Term Incentive Plan

 

1.     Section 4(c) of the Blyth, Inc. 2003 Long-Term Incentive Plan
(the “Plan”) is hereby amended and restated as follows:

 

“Subject to adjustment as provided in Section 4(d), the number of
Shares that may be issued pursuant to Options intended to qualify as Incentive
Stock Options shall be 3,373,526.”

 

2.     The last sentence of Section 8(a) of the Plan is hereby amended
and restated as follows:

 

“Except with respect to
Restricted Stock awarded in lieu of bonuses or other similar awards,
Restricted Stock Awards granted to Employees shall vest over a minimum period
of three years from the date of grant.”

 

3.     Section 11(a) of the Plan is hereby amended and restated as
follows:

 

“(a)  ELIGIBILITY; GRANTS.  Each Director who is elected to office for
the first time after March 1, 1994 shall automatically be a Participant.
Options will be granted in the following manner: (1) each Director who is elected
to office for the first time after January 31, 2002 and before the date of the
annual stockholders’ meeting to be held in June 2004 shall automatically be
granted an Option to acquire 10,000 Shares under the Plan, effective as of the
date of such election; and (2) with respect to the annual meeting of the
Company’s stockholders to be held in June, 2003, each Director shall, on the
date of such annual meeting, automatically be granted an Option to acquire
5,000 Shares under the Plan provided, that such Director (A) has been in office
for at least six months at the time of such annual meeting and (B) will remain
in office following such annual meeting.”

 

4.     Section 11 of the Plan is hereby amended by adding the following
subsection (f) to the end thereof:

 

“(f)  GRANTS.  With respect to each annual meeting of the
Company’s stockholders to be held on or after June 2004, the Board shall
determine the amount, type and combination of Awards, if any, to be granted to
each Director on the date of such annual meeting, which may consist of any type
and/or any combination of Awards authorized under the Plan, provided, that the
maximum number of Shares (subject to adjustment under Section 4(d)) that may be
subject to an Award (1) shall be 5,000 with respect to an initial grant to a
new Director and (2) 2,500 with respect to an annual grant to a continuing
director.”

 

5.     This Amendment shall be effective as of the date of the annual
meeting of the Company’s stockholders to be held in June 2004, subject to the
approval of the majority of the Company’s stockholders.

 

6.     Except as specifically provided herein, the Plan shall remain in
full force and effect.

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