Document:

EXHIBIT 4.1

                                Rim Holdings Inc.
                         7579 E. Main Street, Suite 600
                              Scottsdale, AZ 85251

                                 April ___, 2004

Rim Holdings Consultants

     The  Company's  Board of  Directors  has decided to make  available  to you
shares of the Company's Common Stock, $.001 par value, upon conversion of all or
some of the  Company's  debt or  payables  to you.  The price per share shall be
negotiated between you and the Company.

     To  participate  in this  program,  please  call  the  Company's  Chairman,
Christina M. Strauch,  to set a price per share,  and execute in the space below
after indicating the amount of debt you wish to convert.

                                            RIM HOLDINGS INC.

                                            By:  /s/ Christina M. Strauch
                                                 -------------------------------
                                                 Christina M. Strauch, Chairman

---------------------       ------------------------------
   Amount of Debt           Consultant Signature

---------------------       ------------------------------
        Date                Name of Consultant
                            (Please Print)Exhibit 10.40

 

SIXTH AMENDMENT

OF ESI PENSION PLAN

 

This Sixth Amendment of ESI Pension Plan (the “Plan”) is adopted by
ITT Educational Services, Inc. (the “Employer”).

 

Background

 

A.                                   The
Employer originally established the Plan effective June 9, 1998.

 

B.                                     The
Plan has been amended by a First, Second, Third, Fourth and Fifth Amendment.

 

C.                                     The
Employer now wishes to amend the Plan further.

 

Amendment

 

1.                                       Effective
June 9, 1998, Section 4.02 is amended to read as follows:

 

Section 4.02.  Actuarial Valuations.  The Employer or the Committee will designate
an actuary for the Plan.  The actuary
will periodically (at least annually)  perform
an actuarial valuation of the Plan and Trust and will certify to the Employer
or the Committee in writing the results of each valuation.  Each actuarial valuation will include a
valuation of the assets and liabilities of the Plan.  The actuary will apply all gains and forfeitures arising in the
operation of the Plan to reduce the Employer’s contributions, all in accordance
with the actuarial methods, factors, and assumptions then employed by the
actuary in accordance with the Plan and ERISA. 
The actuarial valuation used for computing Plan costs for minimum
funding for a year will be the same valuation used for the purpose of the
top-heavy determination under Section 13.02 for the year.

 

2.                                       Effective
January 1, 2004, Paragraph 7.01(b)(4) is amended to read as follows:

 

(4)                                  A Member’s election
of  a lump sum cash payment in lieu of a
Qualified Joint and Survivor Annuity or Life Annuity must be made in writing,
be received by the Committee during the Applicable Election Period and, if
applicable, state the specific nonspouse Beneficiary (including any class of
Beneficiaries or contingent Beneficiaries) who is to receive the lump sum cash
payment in the event of the Member’s death, and the particular optional form of

 

 

benefit.  If the Member is
married, his Spouse must consent in writing to his election.  The Spouse’s consent must be irrevocable,
must be made and received by the Committee during the Applicable Election
Period, must acknowledge the effect of the consent and election, and must be
witnessed by a notary public or Plan representative.  If the Member establishes to the satisfaction of the Committee
that the Spouse’s consent cannot be obtained because there is no Spouse or the
Spouse cannot be located, the Spouse’s consent will be deemed to have been
given.  If a Member is legally separated
from his Spouse or has been abandoned by his Spouse within the meaning of local
law, and the Member has a court order to that effect, the Spouse’s consent will
not be required unless a Qualified Domestic Relations Order provides
otherwise.  Any consent will be valid
only with respect to the Spouse who signs the consent or, in the event of a
deemed consent, the designated Spouse. 
If a Member’s Spouse is legally incompetent to give consent, the
Spouse’s legal guardian (even if the guardian is the Member) may give consent.  A Member may revoke a prior election at any
time, and any number of times, prior to the commencement of his benefits.

 

3.                                       Effective
January 1, 2004, Subsection 7.03(b) is amended to read as follows:

 

(b)                                 If the present value
of the balance of the Member’s Cash Balance Account exceeds $5,000 on the date
his benefits are payable, which is as soon as administratively feasible after
his Separation from Service occurs, then, subject to Section 7.16, a
benefit equal to the present value of his Cash Balance Account will be paid as
follows:

 

(1)                                  If the Member is
married on his Annuity Starting Date, his benefit will be paid to him in the
form of a Qualified Joint and Survivor Annuity beginning on the first day of
the month coinciding with or next following the date on which he reaches age
62, unless he waives this form of benefit and elects a lump sum cash payment in
accordance with Paragraph 3.  A Member
may elect to have payment of his benefit begin as of the first day of any month
occurring on or after the Member reaches age 55, and on or before the
Member’s Required Beginning Date.

 

(2)                                  If the Member is not
married on his Annuity Starting Date, a benefit equal to the present value of
his Cash Balance Account will be paid to him in the form of a Life Annuity
beginning on the first day of the month coinciding with or next following the
date on which he reaches age 62, unless he waives this form of payment and
elects a lump sum cash payment.  A
Member may elect to have payment of his benefit begin as of the first day of
any month occurring on or after the Member reaches age 55, and on or
before the Member’s Required Beginning Date.

 

 

(3)                                  A Member may waive
the Qualified Joint and Survivor Annuity or the Life Annuity, whichever is
applicable, and elect to receive his benefit in a single lump sum cash payment
paid as of the last day of any month occurring on or after the Member reaches
age 55 and on or before the Member’s Required Beginning Date.  A Member’s election of an optional form of
benefit must comply with the requirements of Section 7.01(b)(4).

 

4.                                       Effective
January 1, 2004, Paragraph 7.04(b)(1) is amended to read as follows:

 

(1)                                  If the Member is
married on his death, a benefit equal to the present value of his Cash Balance
Account will be paid to his Spouse in the form of a Qualified Preretirement
Survivor Annuity beginning as soon as administratively feasible after the date
on which the Member would have reached age 62 (or the date of the Member’s
death if he died after reaching age 62), unless (A) the Member waives this
form of benefit and elects an optional form of benefit in accordance with
Paragraph (3), (B) the Member does not waive this form of benefit
but, after the Member’s death, the Spouse elects to receive, in lieu of this
form of benefit, a single lump sum cash payment as of the first day of any month
the Spouse designates (subject to Section 7.09), or (C) the Member
does not waive this form of benefit but, after the Member’s death, the Spouse
elects to begin payment of the Qualified Preretirement Survivor Annuity as soon
as administratively feasible after the Member’s death.  If the Member dies after attaining the
earliest retirement age under the Plan, the Spouse’s benefit may not be less
than the benefit that would be payable to the Spouse if the Member had retired
with an immediate qualified joint and survivor annuity on the day before the
Member’s death.  If the Member dies on
or before the earliest retirement age, the benefit may not be less than the
benefit that would be payable to the Spouse if the Member had separated from
service at the earlier of actual separation or death, survived until the
earliest retirement age, retired at that time with an immediate qualified joint
and survivor annuity, and died the day after.

 

5.                                       Effective
January 1, 2004, Paragraph 7.04(b)(3) is amended to read as follows:

 

(3)                                  A Member may waive
the Qualified Preretirement Survivor Annuity and elect to have any death
benefit paid to his Beneficiary in a single lump sum cash payment as soon as
administratively feasible after his death. 
A Member’s election of the lump sum benefit must be made in writing, be
received by the Committee during the Applicable Election Period and, if
applicable, state the specific nonspouse Beneficiary (including any class of
Beneficiaries or 

 

 

contingent Beneficiaries), and his Spouse must consent in writing to
his election.  The Spouse’s consent must
be irrevocable, must be received by the Committee during the Application
Election Period, must acknowledge the effect of the consent and the election,
and must be witnessed by a Plan representative or notary public.  If the Member establishes to the
satisfaction of the Committee that the Spouse’s consent cannot be obtained
because there is no Spouse or the Spouse cannot be located, the Spouse’s
consent will be deemed to have been given. 
If a Member is legally separated from his Spouse or has been abandoned
by his Spouse within the meaning of local law and the Member has a court order
to that effect, the Spouse’s consent will not be required unless a Qualified
Domestic Relations Order provides otherwise. 
Any consent will be valid only with respect to the Spouse who signs the
consent, or in the event of a deemed consent, the designated Spouse.  If a Member’s Spouse is legally incompetent
to give consent, the Spouse’s legal guardian (even if the guardian is the
Member) may give consent.  A Member may
revoke a prior election at any time, and any number of times, prior to his
death.

 

6.                                       Effective
June 9, 1998, Paragraph 11.02(a)(1) is amended to read as follows:

 

(1)                                  If the benefit begins
at or after the Member attains age 62 but before the Member’s Social Security
Retirement Age, the Dollar Limit will be reduced by, in the case of a Member
whose Social Security Retirement Age is 65, 5/9 of 1 percent for each month by
which the benefit commences before the month in which the Member attains age 65
or, in the case of a Member whose Social Security Retirement Age is greater
than 65, 5/9 of 1 percent for each of the first 36 months and 5/12 of 1 percent
for each of the additional months (up to 24) by which the benefit commences
before the month in which the Member attains Social Security Retirement
Age.  If the benefit begins before age
62, the benefit must be limited to the actuarial equivalent of the Member’s
limitation for benefits commencing at age 62 with the reduced dollar limitation
for such benefits further reduced for each month by which the benefit commences
before the month in which the Member attains age 62.  If the benefit begins before age 62, the benefit may not
exceed the lesser of the equivalent amount computed using the interest rate and
mortality table (or tabular factor) used in the Plan for actuarial equivalence
for early retirement benefits, and the amount computed using 5% interest
and the applicable mortality table (to the extent that the mortality decrement
is used prior to age 62), regardless of whether the benefit is subject to
Code paragraph 417(e)(3).

 

 

This Sixth Amendment of ESI Pension Plan is executed this 26 day of
February, 2004.

 

 

	
   

  	
   

  	
  ITT EDUCATIONAL
  SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Nina F. Esbin

  	
   

  
	
   

  	
   

  	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Nina F. Esbin

  	
   

  
	
   

  	
   

  	
   

  	
  (Printed)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Sr. VP, Human Resources

  	
   

  
	
   

  	
   

  	
   

  	
  (Title)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Jenny Yonce

  	
   

  	
   

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jenny Yonce

  	
   

  	
   

  	
   

  	
   

  
	
  (Printed)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MGR, Benefits & HRIS

  	
   

  	
   

  	
   

  	
   

  
	
  (Title)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]