Document:

Second Amendment to the 1998 Non-Employee Directors' Stock Option Plan

 Exhibit 10.5 
 SECOND AMENDMENT TO THE 
 CAREER EDUCATION CORPORATION 
 1998 NON-EMPLOYEE DIRECTORS’ STOCK OPTION PLAN 
 WHEREAS, Career Education Corporation (the “Company”) has established and maintains the Career Education Corporation 1998 Non-Employee Directors’ Stock Option Plan (the “Plan”), effective as of
January 28, 1998, as amended from time to time; 
 WHEREAS, Section 6.1 of the Plan reserves to the Board (unless otherwise stated in this
Amendment, capitalized terms used herein shall have the meaning ascribed to such terms in the Plan) the right to amend the Plan, except to the extent any such amendment would impair the rights of a Participant in the Plan, in which case, the consent
of the Participant is required; 
 WHEREAS, the Board desires to amend the Plan to delete Sections 6.3(b)(3) and 6.3(c) of the Plan as it may relate
to all awards outstanding thereunder; and 
 WHEREAS, the Board has determined that because, upon the occurrence of a Change in Control, application
of Sections 6.3(b)(3) and 6.3(c) of the Plan is at the discretion of the Committee, an amendment to delete such sections does not impair the rights of Participants and, therefore, consent of Participants is not required. 
 NOW, THEREFORE, BE IT RESOLVED, that, pursuant to the power and authority reserved to the Board by Section 6.1 of the Plan, the Plan be and hereby is amended
in the following manner: 
  

	I.	Effective as of December 18, 2008, Section 6.3 of the Plan is amended in its entirety to read as follows: 

  

	 	6.3	Special Provisions Regarding a Change in Control. Notwithstanding any other provision of the Plan to the contrary, unless otherwise provided in an Option Agreement, in the
event of a Change in Control: 

  

	 	(a)	Any Stock Options outstanding as of the date of such Change in Control and not then exercisable shall become fully exercisable to the full extent of the original grant;

  

	 	(b)	The Committee shall have full discretion, notwithstanding anything herein or in an Option Agreement to the contrary, to do any or all of the following with respect to an outstanding
Stock Option: 

  

	 	(1)	To cause any Stock Option to be cancelled, provided notice of at least fifteen (15) days thereof is provided before the date of cancellation; 

	 	(2)	To provide that the securities of another entity be substituted hereunder for the Common Stock and to make equitable adjustment with respect thereto; 

  

	 	(3)	[RESERVED]. 

  

	 	(4)	To require the assumption of the obligation of the Company under the Plan subject to appropriate adjustment; and 

  

	 	(5)	To take any other action the Committee determines to take. 

  

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

 IN WITNESS WHEREOF, the Company has caused this amendment to be executed effective as of December 18, 2008. 
  

			
	 CAREER EDUCATION CORPORATION

		
	 By:
	 	  

	 Name:
	 	  

	 Its:First Amendment effective January 1, 2009 to Corporation Severance Plan

 Exhibit 10.16 
 CAREER EDUCATION CORPORATION 
 SEVERANCE PLAN FOR EXECUTIVE LEVEL EMPLOYEES 
 PLAN DOCUMENT AND SUMMARY PLAN DESCRIPTION 
 [TIER THREE PLAN DOCUMENT] 
 (Effective as of February 1, 2008) 
 FIRST AMENDMENT 
 Career Education
Corporation has implemented the Severance Plan for Executive Level Employees (the “Plan”) and now wishes to amend the Plan for compliance with Section 409A of the Internal Revenue Code. This First Amendment is effective as of
January 1, 2009. 
  

	1.	Section I.F is amended to read as follows: 

  

	 	“F.	Offer of Another Position. 

 If an Employee
is terminated after having refused another position with the Company or a related entity (or, in the event of any type of corporate transaction, with a purchaser or other acquiring entity, or a related entity of the Company, purchaser, or acquiring
entity), such termination shall not be considered involuntary, and such employee shall not be eligible to receive a benefit under the Plan; provided, however, that the Plan Administrator, in its sole discretion, may treat such termination as
involuntary if such position, if accepted, would have resulted in a material negative change in the employee’s service relationship as compared with the situation in effect immediately prior to such termination, or is at a location sufficiently
distant from the location of the employee’s current position as would require relocation of such employee’s residence.” 
  

	2.	Section II.B.1 is amended to read as follows: 

  

	 	“1.	Severance benefits based on weeks of Pay will be paid in a lump sum following termination of employment, subject to Section II.E below. Payment of severance benefits shall be made
on or as soon as administratively practicable after the date the employee signs and returns the release required under Section I.G. above and any revocation period with respect to such release has expired. The Company will make reasonable efforts to
pay such benefits before March 15th of the year following the year in which an Eligible Employee’s termination occurs, subject to the employee’s timely execution, delivery and non-revocation of the required release.”

	3.	A new Section II.E. is added to read as follows: 

  

	 	“E.	Section 409A. 

 This Plan is intended to
provide benefits that are exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted in accordance with this intent. Notwithstanding the preceding sentence to
the contrary, if and only to the extent this Plan or any benefit payable under this Plan is determined to be subject to Section 409A of the Code, then the following provisions shall apply: 
  

	 	1.	All references to an Eligible Employee’s “termination of employment” or “date of termination” and variations thereof shall refer to the employee’s
separation from service or date of separation from service, as the case may be, within the meaning of and in accordance with the default terms of Section 1.409A-1(h) of the U.S. Treasury Regulations. 

  

	 	2.	If the Eligible Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code (as determined under the guidelines the Company has
adopted for this purpose or, in the absence of such guidelines, in accordance with the default terms of Section 1.409A-1(i) of the U.S. Treasury Regulations), payment of the lump-sum severance benefit under Section II.B.1 shall be paid as
follows: 

 An amount up to the “Limitation Amount” shall be paid as provided in Section II.B.1. The “Limitation
Amount” is two times the lesser of (A) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year including the date of termination, or ( B) the sum of the Eligible
Employee’s annualized compensation based upon the annual rate of pay for services provided to the Company for the calendar year preceding the calendar year during which the Eligible Employee’s date of termination occurs (adjusted for any
increase during that year that was expected to continue indefinitely if the Eligible Employee had not had a termination of employment). 
 If
the lump-sum severance benefit is greater than the Limitation Amount, within fifteen (15) days following the end of the six-month period beginning on the first day following the Eligible Employee’s date of termination, a lump sum amount
shall be paid equal to the portion of the lump-sum severance benefit in excess of the Limitation Amount. 
  

	 	3.	If the Eligible Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code (as determined under the guidelines the Company has
adopted for this purpose or, in the absence of such guidelines, in accordance with the default terms of Section 1.409A-1(i) of the U.S. Treasury Regulations), payment of the bonus payments under Section II.B.2 shall be paid at the later of
(A) the end of the six-month period beginning on the first day following the Eligible Employee’s date of termination with payment within fifteen (15) days following the end of the period, or (B) the date provided under Section
II.B.2. 

	 	4.	The COBRA insurance premium payments shall be paid in accordance with U.S. Treasury Regulations Section 1.409A-3(i)(1)(iv). 

 * * * * 
 IN WITNESS WHEREOF, Career
Education Corporation has caused this First Amendment to be executed this          day of December, 2008. 
  

			
	CAREER EDUCATION CORPORATION
		
	By:	 	  

		 	Signature
		
	Name:	 	  

	Title:First Amendment to Employment Agreement

 Exhibit 10.22 
 FIRST AMENDMENT TO 
 EMPLOYMENT AGREEMENT 
 THIS AMENDMENT (the “Amendment”), effective as of December 29, 2008 (the “Effective Date”), amends that certain
Employment Agreement dated as of March 5, 2007 (the “Agreement”), by and among Career Education Corporation, a Delaware corporation (the “Company”), CEC Employee Group, LLC (“Employee Group”)
and Gary E. McCullough (the “Executive”). 
 RECITALS 
 WHEREAS, the Company, Employee Group and the Executive desire to amend the Agreement in order to ensure that the Agreement complies with
Section 409A of the Internal Revenue Code of 1986, as amended; and 
 WHEREAS, Section 6.10 of the Agreement permits the
amendment of the Agreement with the written consent of the parties to the Agreement. 
 NOW, THEREFORE, in consideration of the
foregoing premises, the terms and conditions hereinafter set forth, the mutual benefits to be gained by the performance thereof, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged and
accepted, the parties hereto agree as follows: 
 AMENDMENT TO AGREEMENT 
  

	1.	Section 2.2.1 is amended by replacing the last sentence thereof with the following: 

 Subject to and in accordance with Section 6.15, any Cash Bonus payable hereunder shall be payable, if at all, no later than March 15 of the calendar year following the calendar year which contains the last
day of the fiscal year with respect to which the Cash Bonus is earned, and, subject to the preceding payment timing limitation, shall be made as soon as practicable after the date of the delivery of the audited financial statements for the
applicable fiscal year. 
  

	2.	Section 2.3(a) is amended by adding the following to the end thereof: 

 In addition, with respect any reimbursements required to be provided to Executive pursuant to the preceding item (3): (i) the provision of such reimbursements during one calendar year shall not affect the
reimbursements made available in a different calendar year, (ii) such reimbursements shall not be subject to liquidation or exchange for other benefits, and (c) any reimbursement shall be paid as soon as administratively feasible (or in
accordance with the timing prescribed under the applicable Company policy) after the applicable expense is incurred but no later than the last day of the calendar year following the calendar year in which the applicable expense was incurred.

	3.	Section 2.4(d)(5) is amended by adding the following to the end thereof: 

 Any cash payment related to the Company’s retirement plan contribution required to be made pursuant to this Section 2.4(d)(5) shall be paid in a lump sum as soon as administratively feasible after the Date
of Termination but no later than March 15 of the calendar year following the Executive’s Date of Termination. In addition, with respect any benefit required to be provided to Executive pursuant to this Section 2.4(d)(5): (i) the
provision of such benefit during one calendar year shall not affect the benefit made available in a different calendar year, (ii) such benefit shall not be subject to liquidation or exchange for other benefits, and (c) any reimbursement
related to any such benefit shall be paid as soon as administratively feasible after the applicable expense is incurred but no later than the last day of the calendar year following the calendar year in which the applicable expense was incurred.

  

	4.	Section 3.1 is amended by inserting the following parenthetical before the period at the end thereof: 

 (so long as such termination is also a “separation from service” (as defined in Treas. Reg. Section 1.409A-1(h)) with the Company)

  

	5.	Section 3.11 of the Agreement is amended by adding the following: 

 With respect to any reimbursements required to be provided to Executive pursuant to this Section: (i) the provision of such reimbursements during one calendar year shall not affect the reimbursements made
available in a different calendar year, (ii) such reimbursements shall not be subject to liquidation or exchange for other benefits, and (c) any reimbursement shall be paid as soon as administratively feasible after the applicable expense
is incurred but no later than the last day of the calendar year following the calendar year in which the applicable expense was incurred. 
  

	6.	Section 6.13 of the Agreement is amended by adding the following: 

 With respect to any reimbursements required to be provided to Executive pursuant to this Section: (i) the provision of such reimbursements during one calendar year shall not affect the reimbursements made
available in a different calendar year, (ii) such reimbursements shall not be subject to liquidation or exchange for other benefits, and (c) any reimbursement shall be paid as soon as administratively feasible after the date Executive is
successful in asserting such rights but no later than the last day of the calendar year following the calendar year in which the applicable expense was incurred (or such later date as permitted under Section 409A). 
  

	7.	Section 6.15 is amended by adding the following to the end thereof: 

 For purposes of complying with the Treas. Reg. Section 1.409A-3(i)(1)(v), any Section 409A Gross-Up Payment shall be paid to the Executive as soon as 

 
administratively feasible after the Section 409A Tax is incurred but no later than the end of the calendar year following the calendar year in which
Executive remits (or is deemed to remit) the related taxes to the relevant taxing authority. 
  

	8.	Section 3 of Exhibit G to the Agreement is amended by adding “within five (5) business days after such determination made by the Executive Accounting Firm” to
the end of the second sentence thereof. 

  

	9.	Section 6 of Exhibit G to the Agreement is amended by inserting the following after “forgiven”: 

 (provided that such forgiveness shall be made no later the end of the calendar year following the calendar year in which Executive remits (or is deemed to
remit) the related taxes to the relevant taxing authority) 
  

	10.	Exhibit G to the Agreement is amended by adding a new Section 7 thereto which reads: 

 For purposes of complying with the Treas. Reg. Section 1.409A-3(i)(1)(v), any Gross-Up Payment (and Underpayment) shall be paid to the Executive in accordance with the timing described in Section 2 (or in
the case of an Underpayment, Section 3) but no later than the end of the calendar year following the calendar year in which Executive remits (or is deemed to remit) the related taxes to the relevant taxing authority. 
  

	11.	In all other respects, this Agreement shall remain in full force and effect. 

 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Company and Employee Group have caused this Amendment to be duly executed
by a duly authorized officer thereof, and the Executive has hereunto set his hand, all as of the day and year first above written. 
  

					
	 CAREER EDUCATION CORPORATION
	    	EXECUTIVE
			
	By:	 	  
	    	  

	Name:	 	  
	    	Gary E. McCullough
	Its:	 	  
	    	
		
	 CEC EMPLOYEE GROUP, LLC
	    	
			
	By:	 	  
	    	
	Name:	 	  
	    	
	Its:

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