Document:

Exhibit 10.2

 

ADDENDUM TO THE CAMPUSCARE® MAINTENANCE AND SUPPORT

AGREEMENT BETWEEN

CAMPUS MANAGEMENT CORP. AND

BRIDGEPOINT EDUCATION, INC.

 

Purpose of Addendum: Amend Provisions

 

This Addendum to CampusCare Software Support Agreement (this “Addendum”) is made and entered into as of the date of last signature set forth below, by and between Campus Management Corp. (“CMC”) and Bridgepoint Education, Inc. (“Customer”). CMC and Customer are referred to in this Addendum as the “Parties,” and each, a “Party.”

 

WHEREAS, CMC and Customer have entered into that certain CampusCare Software Support Agreement dated February 15, 2005, as the same has been amended to date pursuant to certain addenda thereto (as amended, the “Agreement”);

 

WHEREAS, CMC have amended the Software License Agreement between the Parties to provide for license of CMC’s software for [***] ASRs;

 

WHEREAS, CMC and Customer now desire to amend the Agreement as set forth herein; and

 

WHEREAS, CMC and Customer are entering into this Amendment pursuant to Section 12.7 of the Agreement.

 

NOW THEREFORE, in consideration of the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, CMC and Customer, intending to be legally bound, agree as follows:

 

1.                                       Capitalized terms used in this Addendum without definition shall have the meanings ascribed to such terms in the Agreement.

 

2.                                       The second sentence of Section 1.9 is deleted in its entirety and replaced with the following:

 

“Thereafter, the Term shall renew as provided on the updated Exhibit B executed by both parties from time to time, unless and until terminated pursuant to Section 8 hereof.”

 

3.                                       Section 3.6 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“3.6  Additional Services, such as training, are available for an additional fee. Limited keys are included in accordance with the descriptions and rates set forth in Exhibits A and B, as applicable. These keys are intended for use with courses offered by the Learning Center (with training credits) or, if so elected, for professional services (with services credits). Unused keys will expire at the calendar year end and cannot be carried forward.

 

The conversion rates of the keys are:

 

·                  10 keys = 1 services credit (1 hour of service)

 

·                  1 key = 1 training credit

 

Customer may elect to use 50% of its keys for professional services credits pursuant to the Professional Services Agreement between the Parties. In this case, one half of such keys (25% of total keys) must be used by June 30th of the applicable calendar year, and the remainder must be used by the end of the calendar year. Use of the converted keys is subject to availability of professional services resources for mutually agreeable projects and must be scheduled in advance. An election to use keys for professional services credits for the then current CampusCare calendar year must be made by December 31 prior to the beginning of a

 

[***]                   Confidential portions of this document have been redacted and filed separately with the Commission.

 

1

 

new CampusCare calendar year. Once keys are converted, the services and/or training must take place prior to December 31 of the applicable calendar year or the credits will automatically expire.”

 

4.                                       The following Sections are hereby added to the Agreement:

 

5.                                       “5.9  Customer shall not be charged incremental CampusCare Support fees for increases in Record Count for the CampusVue products listed on Exhibit B; all CampusCare fees shall be based on [***] ASRs.

 

5.10  Customer shall promptly pay, indemnify and hold CMC harmless from all sales, use, gross receipts, GST, value-added, personal property or other tax or levy (including interest and penalties) imposed on the services and deliverables provided under any agreements, other than taxes on the net income or profits of CMC. Subject to any applicable laws, the foregoing shall not apply to the extent Customer is formed as a not for profit organization and promptly provides CMC an applicable tax exempt certificate. All prices quoted are net of taxes.

 

5.11  Customer acknowledges and agrees that any delinquent payment owed to CMC, under this or any other agreement, may result in suspension of CampusCare and other services until all outstanding amounts due are paid in full. Notwithstanding the foregoing, CMC shall not suspend services for delinquent payment until the Customer has been provided with written notice of such delinquency and a period of fifteen (15) days from Customer’s receipt of such notice during which to cure such delinquency.”

 

6.                                       The following Section 7.4 is hereby added to the Agreement:

 

“7.4  Customer acknowledges and agrees that its use of consultants or service providers who are not certified and/or authorized by CMC in advance will void CMC’s service warranties in the Agreement, and that any services and costs incurred by CMC to support or correct uncertified or unauthorized third party work will be billed and paid by Customer at CMC’s then current rates.”

 

7.                                       The following Section 9.4 is hereby added to the Agreement:

 

“9.4  PRIVACY PROTECTION: Customer shall not send personally identifiable information (“PII”) to CMC, except by secure transfer as specified by CMC. Notwithstanding the foregoing, any PII in CMC’s possession which is provided by Customer to CMC shall be treated as Confidential Information by CMC in accordance with Section 9.2 of this Agreement.”

 

8.                                       Except as expressly amended hereby, the Agreement shall continue, unamended and in full force and effect.

 

[Signatures appear on following page.]

 

[***]                   Confidential portions of this document have been redacted and filed separately with the Commission.

 

2

 

ACCEPTED AND AGREED by the undersigned duly authorized representatives of the Parties as of the date(s) set forth below their signatures.

 

	
BRIDGEPOINT EDUCATION, INC.
    	
 
    	
CAMPUS MANAGEMENT CORP.
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   DANIEL J. DEVINE
    	
 
    	
By:
    	
/s/   ANDERS NESSEN
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Print:
    	
Daniel   J. Devine
    	
 
    	
Print:
    	
Anders   Nessen
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
CFO
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
2-10-11
    	
 
    	
Date:
    	
2/10/2011
    

 

3

 

CAMPUSCARE® MAINTENANCE AND SUPPORT AGREEMENT

 

EXHIBIT B

 

RATE SCHEDULE AND TRAINING KEYS FOR CAMPUSCARE PREMIUM SERVICES

 

This document replaces Exhibit B attached to the CampusCare Maintenance and Support Agreement (the “CampusCare Agreement”), between Campus Management Corp. and Customer dated 02/15/2005.

 

	
Customer:
    	
Bridgepoint Education, Inc.
    
	
 
    	
 
    
	
Record Count:
    	
[***] ASRs, [***] CRM Users
    

 

Please choose a support plan by checking the appropriate box below.

 

	
 
    	
 
    	
2011
    	
 
    	
2012
    	
 
    	
2013
    	
 
    
	
Products:
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
CampusVue Student 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
CampusVue Portal 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
CampusLink Web Services eLead 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
CampusLink Web Services Communicator 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
CampusLink Web Services AppCreator 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
CampusLink Web Services eLearning 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
Talisma CRM 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
Annual Renewal Fees 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
Less Discount for CampusVue   Student for 2011 
    	
 
    	
$
    	
[***]
    	
 
    	
—
    	
 
    	
—
    	
 
    
	
Less Discount for CampusVue   Portal for 2011 
    	
 
    	
$
    	
[***]
    	
 
    	
—
    	
 
    	
—
    	
 
    
	
Total Renewal Fees Due 
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    	
$
    	
[***]
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Insight   2011 Passes: [***]
    	
 
    	
Insight   2012 Passes: [***]
    	
 
    	
Insight   2013 Passes: [***]
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Keys:   [***]
    	
 
    	
Keys:   [***]
    	
 
    	
Keys:   [***]
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
1-Year Term through
   December 31, 2011
    	
 
    	
3-Year Term through December 31, 2013
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
o One Annual
   Payment of
   $[***]
    	
 
    	
o One Annual   Payment of $[***] and
   Two Annual Payments of $[***]
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
x Four   Quarterly
   Payments of
   $[***]
   (Requires ACH)
    	
 
    	
o Four   Quarterly Payments of $[***] and
   Eight Quarterly Payments of $[***]
   (Requires ACH)
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
o Twelve   Monthly
   Payments of
   $[***]
   (Requires ACH)
    	
 
    	
o Twelve Monthly   Payments of $[***] and
   Twenty-Four Monthly Payments of $[***]
   (Requires ACH)
    	
 
    
																

 

Initial payment as indicated above is due and payable simultaneously upon execution.

 

[***]             Confidential portions of this document have been redacted and filed separately with the Commission.

 

1

 

Support covers production environments and excludes services and support to update and maintain testing and development environments and support of integrations. Any incremental services will be billed to Customer on a T&M basis and may be contracted for separately, as Additional Services as provided in the Agreement.

 

The annual CampusCare fee set forth above includes CMC’s provision of Releases to Talisma® CRM, but installation and implementation services in connection with the Releases are expressly not included as part of the annual fee, notwithstanding anything to the contrary in the Agreement and Exhibits thereto.

 

Premium Support features off-hour system upgrades and free emergency support, plus [***] passes to each of CampusInsight 2011, Insight 2012 and Insight 2013.

 

CampusCare Premium is not available for CampusLink Web Services.

 

	
BRIDGEPOINT EDUCATION, INC.
    	
 
    	
CAMPUS MANAGEMENT CORP.
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   DANIEL J. DEVINE
    	
 
    	
By:
    	
/s/   ANDERS NESSEN
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Print:
    	
Daniel   J. Devine
    	
 
    	
Print:
    	
Anders   Nessen
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
CFO
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
2-10-11
    	
 
    	
Date:
    	
2/10/2011
    

 

2Exhibit 10.3

 

BRIDGEPOINT EDUCATION, INC.

 

2009 STOCK INCENTIVE PLAN

 

NONSTATUTORY STOCK OPTION AGREEMENT

 

Bridgepoint Education, Inc., a Delaware corporation (the “Company”), hereby grants an Option to purchase shares of its Common Stock (the “Shares”) to the Optionee named below. The terms and conditions of the Option are set forth in this cover sheet, in the attachment and in the Bridgepoint Education, Inc. 2009 Stock Incentive Plan (the “Plan”).

 

Date of Option Grant:

 

Name of Optionee:

 

Number of Shares Covered by Option:

 

Exercise Price per Share:

 

Fair Market Value of a Share on Date of Option Grant:

 

Expiration Date:

 

Vesting Calculation Date:

 

Vesting Schedule:

 

Subject to all the terms of the attached Agreement, your right to purchase Shares under this Option shall vest as to one-fourth (1/4) of the total number of Shares covered by this Option, as shown above, on the one-year anniversary of the Vesting Calculation Date. Thereafter, the number of Shares which you may purchase under this Option shall vest as to: (i) an additional 2% of the Shares underlying this Option on each monthly anniversary of the Vesting Calculation Date over the subsequent 33-month period following such one-year anniversary of the Vesting Calculation Date, and (ii) an additional 3% of the Shares underlying this Option on each of the 46th, 47th and 48th monthly anniversaries of the Vesting Calculation Date. If Optionee is still rendering Service upon the consummation of a Change of Control, 50% of the unvested portion of this Option shall become vested. The remaining unvested portion of the Option shall continue to vest pursuant to its original vesting schedule but at 50% of the original rate of vesting over such vesting period.

 

In all cases, the resulting aggregate number of vested Shares will be rounded down to the nearest whole number. Except as may be provided above, no Shares will vest after Optionee’s Service has terminated for any reason.

 

[ONLINE ACCEPTANCE IS REQUIRED IN ORDER TO PARTICIPATE]

 

1

 

BRIDGEPOINT EDUCATION, INC.

2009 STOCK INCENTIVE PLAN

 

NONSTATUTORY STOCK OPTION AGREEMENT

 

	
The Plan and Other Agreements
    	
 
    	
The   text of the Plan is incorporated in this Agreement by reference. Certain   capitalized terms used in this Agreement are defined in the Plan.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
This   Agreement and the Plan constitute the entire understanding between you and   the Company regarding this Option. Any prior agreements, commitments or   negotiations concerning this Option are superseded.
    
	
 
    	
 
    	
 
    
	
Nonstatutory Stock Option
    	
 
    	
This   Option is not intended to be an Incentive Stock Option under section 422   of the Code and will be interpreted accordingly.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
This   Option is not intended to be deferred compensation under section 409A of   the Code and will be interpreted accordingly.
    
	
 
    	
 
    	
 
    
	
Vesting
    	
 
    	
This   Option is only exercisable before it expires and then only with respect to   the vested portion of the Option. This Option will vest according to the   Vesting Schedule on the attached cover sheet.
    
	
 
    	
 
    	
 
    
	
Term
    	
 
    	
Your   Option will expire in any event at the close of business at Company   headquarters on the Expiration Date, as shown on the cover sheet. Your Option   will expire earlier if your Service terminates, as described below.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
If   the Expiration Date specified in the attached cover sheet falls on a day on   which the New York Stock Exchange (“NYSE”) is open for trading, then you must   exercise your Option before 3:45 P.M. New York time on the Expiration   Date.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
If   the Expiration Date specified in the attached cover sheet falls on any day on   which the New York Stock Exchange (“NYSE”) is not open for trading, then you   must exercise your Option before 3:45 P.M. New York time on the last   NYSE business day immediately prior to the Expiration Date.
    
	
 
    	
 
    	
 
    
	
Termination—General
    	
 
    	
If   your Service terminates for any reason (except in the case of death or   Disability), other than for Cause, then your Option will expire at the close   of business at Company headquarters on the date that is ninety (90) days   after your termination date.
    
	
 
    	
 
    	
 
    
	
Termination for Cause
    	
 
    	
If   your Service is terminated for Cause or if you commit an act(s) of Cause   while this Option is outstanding, as determined by the Committee in its sole   discretion, then you shall immediately forfeit all rights to your Option and   the Option shall immediately expire.
    
	
 
    	
 
    	
 
    
	
Death or Disability
    	
 
    	
If   your Service terminates because of your death or Disability, then your Option   will expire at the close of business at Company headquarters on the date   twelve (12) months after the date of your death or Disability. During   that twelve (12) month period, your estate or heirs may exercise the   vested portion of your Option.
    

 

2

 

	
Leaves of Absence
    	
 
    	
For   purposes of this Option, your Service does not terminate when you go on a bona fide leave of absence that was   approved by the Company in writing, if the terms of the leave provide for   continued Service crediting, or when continued Service crediting is required   by applicable law. Your Service terminates in any event when the approved   leave ends unless you immediately return to active work.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The   Company determines which leaves count for this purpose, and when your Service   terminates for all purposes under the Plan.
    
	
 
    	
 
    	
 
    
	
Notice of Exercise
    	
 
    	
When   you wish to exercise this Option, you must notify the Company by filing a   “Notice of Exercise” form at the address given on the form. Your notice must   specify how many Shares you wish to purchase. Your notice must also specify   how your Shares should be registered (in your name only or in your and your   spouse’s names as community property or as joint tenants with right of   survivorship). The notice will be effective when it is received by the   Company.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
If   someone else wants to exercise this Option after your death, that person must   prove to the Company’s satisfaction that he or she is entitled to do so.
    
	
 
    	
 
    	
 
    
	
Form of Payment
    	
 
    	
When   you submit your notice of exercise, you must include payment of the Exercise   Price for the Shares you are purchasing. Payment may be made in one (or a   combination) of the following forms:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                       Cash, your   personal check, a cashier’s check or a money order.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                       Shares which   have already been owned by you for more than six (6) months and which   are surrendered to the Company. The Fair Market Value of the Shares,   determined as of the effective date of the Option exercise, will be applied   to the Exercise Price.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                       To the extent   a public market for the Shares exists as determined by the Company, by   Cashless Exercise through delivery (on a form prescribed by the Company) of   an irrevocable direction to a securities broker to sell Shares and to deliver   all or part of the sale proceeds to the Company in payment of the aggregate   Exercise Price.
    
	
 
    	
 
    	
 
    
	
Withholding Taxes
    	
 
    	
You   will be solely responsible for payment of any and all applicable taxes   associated with this Option.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
You   will not be allowed to exercise this Option unless you make acceptable   arrangements to pay any withholding or other taxes that may be due as a   result of the Option exercise or sale of Shares acquired under this Option.
    

 

3

 

	
Restrictions on Exercise and Resale
    	
 
    	
By   signing this Agreement, you agree not to (i) exercise this Option   (“Exercise Prohibition”), or (ii) sell, transfer, dispose of, pledge,   hypothecate, make any short sale of, or otherwise effect a similar   transaction of any Shares acquired under this Option (each a “Sale   Prohibition”) at a time when applicable laws, regulations or Company or underwriter   trading policies prohibit the exercise or disposition of Shares. The Company   shall have the right to designate one or more periods of time, each of which   generally will not exceed one hundred eighty (180) days in length   (provided however, that such period may be extended in connection with the   Company’s release (or announcement of release) of earnings results or other   material news or events), and to impose an Exercise Prohibition and/or Sale   Prohibition, if the Company determines (in its sole discretion) that such   limitation(s) is needed in connection with a public offering of Shares   or to comply with an underwriter’s request or trading policy, or could in any   way facilitate a lessening of any restriction on transfer pursuant to the   Securities Act or any state securities laws with respect to any issuance of   securities by the Company, facilitate the registration or qualification of   any securities by the Company under the Securities Act or any state   securities laws, or facilitate the perfection of any exemption from the   registration or qualification requirements of the Securities Act or any   applicable state securities laws for the issuance or transfer of any   securities. The Company may issue stop/transfer instructions and/or   appropriately legend any stock certificates issued pursuant to this Option in   order to ensure compliance with the foregoing. Any such Exercise Prohibition   shall not alter the vesting schedule set forth in this Agreement other than   to limit the periods during which this Option shall be exercisable.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
If   the sale of Shares under the Plan is not registered under the Securities Act,   but an exemption is available which requires an investment or other   representation, you shall represent and agree at the time of exercise that   the Shares being acquired upon exercise of this Option are being acquired for   investment, and not with a view to the sale or distribution thereof, and   shall make such other representations as are deemed necessary or appropriate   by the Company and its counsel.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
You   may also be required, as a condition of exercise of this Option, to enter   into any Company stockholder agreement or other agreements that are   applicable to stockholders.
    
	
 
    	
 
    	
 
    
	
Transfer of Option
    	
 
    	
Prior   to your death, only you may exercise this Option. You cannot transfer,   assign, alienate, pledge, attach, sell, or encumber this Option. If you   attempt to do any of these things, this Option will immediately become   invalid. You may, however, dispose of this Option in your will or it may be   transferred by the laws of descent and distribution. Regardless of any   marital property settlement agreement, the Company is not obligated to honor   a notice of exercise from your spouse, nor is the Company obligated to   recognize your spouse’s interest in your Option in any other way.
    
	
 
    	
 
    	
 
    
	
Retention Rights
    	
 
    	
Your   Option or this Agreement does not give you the right to be retained by the   Company (or any Parent or any Subsidiaries or Affiliates) in any capacity.   The Company (or any Parent and any Subsidiaries or Affiliates) reserves the   right to terminate your Service at any time and for any reason.
    

 

4

 

	
 
    	
 
    	
This   Option and the Shares subject to the Option are not intended to constitute or   replace any pension rights or compensation and are not to be considered   compensation of a continuing or recurring nature, or part of Optionee’s   normal or expected compensation, and in no way represent any portion of   Optionee’s salary, compensation or other remuneration for any purpose,   including but not limited to, calculating any severance, resignation,   termination, redundancy, dismissal, end of service payments, bonuses,   long-service awards, pension or retirement benefits or similar payments.
    
	
 
    	
 
    	
 
    
	
Stockholder Rights
    	
 
    	
You,   or your estate or heirs, have no rights as a stockholder of the Company until   a certificate for your Option’s Shares has been issued. No adjustments are   made for dividends or other rights if the applicable record date occurs   before your stock certificate is issued, except as described in the Plan.
    
	
 
    	
 
    	
 
    
	
Adjustments
    	
 
    	
In   the event of a stock split, a stock dividend or a similar change in the   Company stock, the number of Shares covered by this Option (rounded down to   the nearest whole number) and the Exercise Price per Share may be adjusted pursuant   to the Plan. Your Option shall be subject to the terms of the agreement of   merger, liquidation or reorganization in the event the Company is subject to   such corporate activity.
    
	
 
    	
 
    	
 
    
	
Additional Conditions to Issuance of Shares
    	
 
    	
If   at any time the Company will determine, in its discretion, that the listing,   registration or qualification of the Shares upon any securities exchange or   under any state or federal law, or the consent or approval of any   governmental regulatory authority is necessary or desirable as a condition to   the issuance of Shares to you (or your estate), such issuance will not occur   unless and until such listing, registration, qualification, consent or   approval will have been effected or obtained free of any conditions not   acceptable to the Company. The Company will make all reasonable efforts to   meet the requirements of any such state or federal law or securities exchange   and to obtain any such consent or approval of any such governmental   authority. In addition, if at any time the Company determines, in its sole   and absolute discretion, that any rule, regulation or other applicable law,   including specifically any incentive compensation regulations issued by the   U.S. Department of Education, would require the Company to prohibit you from continuing   to hold your Option and/or prohibit the exercise of your Option, the Company   shall have right, exercised in its sole and absolute discretion, to cause   such Option to be cancelled and forfeited without any payment of any   additional consideration to you with respect to such cancellation and/or   forfeiture.
    
	
 
    	
 
    	
 
    
	
Applicable Law
    	
 
    	
This   Agreement will be interpreted and enforced under the laws of the State of   Delaware.
    
	
 
    	
 
    	
 
    
	
Voluntary Participant
    	
 
    	
Optionee   acknowledges that Optionee is voluntarily participating in the Plan.
    

 

5

 

	
No Rights to Future Awards
    	
 
    	
Optionee’s   rights, if any, in respect of or in connection with this Option or any other   Award are derived solely from the discretionary decision of the Company to   permit Optionee to participate in the Plan and to benefit from a   discretionary Award. By accepting this Option, Optionee expressly   acknowledges that there is no obligation on the part of the Company to   continue the Plan and/or grant any additional Awards to Optionee or benefits   in lieu of Options or any other Awards even if Options have been granted   repeatedly in the past. All decisions with respect to future Option grants,   if any, will be at the sole discretion of the Committee.
    
	
 
    	
 
    	
 
    
	
Future Value
    	
 
    	
The   future value of the underlying Shares is unknown and cannot be predicted with   certainty. If the underlying Shares do not increase in value after the Date   of Option Grant, the Option will have little or no value. If Optionee   exercises the Option and obtains Shares, the value of the Shares acquired   upon exercise may increase or decrease in value, even below the Exercise   Price.
    
	
 
    	
 
    	
 
    
	
No Advice Regarding Grant
    	
 
    	
The   Company has not provided any tax, legal or financial advice, nor has the   Company made any recommendations regarding Optionee’s participation in the   Plan, or Optionee’s acquisition or sale of the underlying Shares. Optionee is   hereby advised to consult with Optionee’s own personal tax, legal and   financial advisors regarding Optionee’s participation in the Plan before   taking any action related to the Plan.
    

 

By indicating your acceptance of this Agreement, you agree to all of the terms and conditions described above, and in the Plan and Plan prospectus

 

6

 

BRIDGEPOINT EDUCATION, INC.

NOTICE OF EXERCISE OF NONSTATUTORY STOCK OPTION BY OPTIONEE

 

Bridgepoint Education, Inc.

13500 Evening Creek Drive North, Suite 600

San Diego, CA 92128

Attention: Secretary

 

 

	
Re:
    	
Exercise of Nonstatutory Stock Option to Purchase Shares   of Company Stock
    
	
 
    	
 
    	
 
    
	
 
    	
[PRINT NAME OF OPTIONEE]
    	
 
    

 

 

Pursuant to the Nonstatutory Stock Option Agreement dated                          between Bridgepoint Education, Inc., a Delaware corporation, (the “Company”) and me, made pursuant to the 2009 Stock Incentive Plan (the “Plan”), I hereby request to purchase                           shares (whole number only) of common stock of the Company (the “Shares”), at the exercise price of                 per Share. I am hereby making full payment of the aggregate exercise price by one or more of the following forms of payment in accordance with the whole number percentages that I have provided below. I further understand and agree that I will timely satisfy any and all applicable tax withholding obligations as a condition of this Option exercise.

 

 

	
Percentage 
   of Payment
    	
 
    	
Form of Payment As Provided In the Nonstatutory Stock Option Agreement
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
%
    	
Cash/My Personal Check/Cashier’s Check/Money Order   (payable to “Bridgepoint Education, Inc.”)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
100%
    	
%
    	
Surrender of Vested Shares (Valued At Their Fair Market   Value) Owned 
   By Me For More Than Six (6) Months
    

 

 

 

	
Check one:
    	
o
    	
The Shares certificate is to be issued and registered in my name   only.
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
The Shares certificate is to be issued and registered in my name and   my spouse’s name.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
[PRINT SPOUSE’S NAME, IF CHECKING SECOND BOX]
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Check one (if checked second box above):
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o Community   Property or o Joint   Tenants With Right of Survivorship
    

 

I acknowledge that I have received, understand and continue to be bound by all of the terms and conditions set forth in the Plan and in the Nonstatutory Stock Option Agreement.

 

 

	
Dated:
    	
 
    	
 
    

 

 

	
 
    	
 
    	
 
    
	
(Optionee’s Signature)
    	
 
    	
(Spouse’s Signature)**
    

 

	
 
    	
 
    	
**Spouse   must sign this Notice of Exercise if listed above.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
(Full Address)
    	
 
    	
(Full Address)
    

 

*THIS NOTICE OF EXERCISE MAY BE REVISED BY THE COMPANY AT ANY TIME WITHOUT NOTICE.

 

7

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