Document:

Exhibit
10.13

Confidential
Treatment Requested

Redacted
sections marked by brackets [*   *] have been omitted pursuant
to

a request for confidential treatment and have been filed separately with the

Commission.

February 7, 2006

Stephen C. Herndon

Senior Vice President

Global Government Group

600 Peachtree Street NE

Atlanta, GA 30308

Dear Stephen:

This
letter details the agreement between EPIQ Systems and Bank of America to extend
our marketing arrangement for Chapter 7 bankruptcy products and services, and
unless otherwise indicated, the terms of this letter will become effective as
of the date hereof.

1.               Modification of Previous
Agreements. This letter modifies
and amends the Agreement for Computerized Trustee Case Management System dated
November 22, 1993 (the “1993 Agreement”) and all other agreements between the
parties in writing, with respect to the subject matter hereof, including but
not limited to this letter and those letters dated October 2, 2003, December 5,
2003, and March 29, 2004, (collectively, with the 1993 Agreement, the “Letter
Agreement”). If a provision of this letter conflicts or is inconsistent with
any provision of any other component of the Letter Agreement, then the terms of
this letter will be controlling. Except as modified by this letter, the terms
of the 1993 Agreement and the Letter Agreements will continue in full force and
effect and will constitute our entire agreement and supersede any other prior
agreements (oral or written).  Terms
with initial capital letters shall have the meanings as defined in this
Agreement. The terms “party” and “parties” shall refer to EPIQ Systems and Bank
of America.

2.               Clients.

A.           Bank of America reaffirms it will continue to
accept new joint bankruptcy trustee clients
into the EPIQ Systems & Bank of America marketing arrangement as described
in Section 1 and agrees to make its products and services available to those
bankruptcy trustee clients that execute the appropriate service agreements with
EPIQ Systems and Bank of America, and such client shall be deemed to be a joint
client (the “Joint Clients”); provided, however, that Bank of America, based on
its reasonable business judgment, shall have the right to reject a business
relationship with any such bankruptcy trustee client.

B.             Each party will determine its own level of sales
and marketing resources and its efforts with respect to marketing and servicing
Joint Clients; provided, however, that each party will coordinate and cooperate
with the other party in good faith with respect to Joint Client calls.

C.             In client-facing contexts, both parties agree to
refer to one another as a marketing ally and will not refer to one another as a
vendor, customer, supplier or sub-contractor.

3.               Non-Exclusive Relationship.

A.           As of the effective date of this letter, the
marketing arrangement between EPIQ Systems and Bank of America will continue on
a non-exclusive basis for all products and services offered by either party.
The marketing arrangement is not a vendor/supplier agreement, and neither party
is a customer/vendor of the other.  Both
parties may independently or jointly market their services to their respective
bankruptcy trustee clients or other potential clients for the purpose of
engaging in the Chapter 7 Trustee business.

B.             EPIQ Systems and Bank of America will be entitled
to engage other banks or software providers, respectively, to provide the same
services to its clients as provided by the other party under the Letter
Agreement.

C.             [*Redacted pursuant to a request for confidential
treatment and filed separately with the Commission.*]

4.               Products and Services. EPIQ Systems and Bank of America agree to provide
Joint Clients with products and services in accordance with the Letter
Agreement and in compliance with the United States Trustee Chapter 7 Handbook
and the United States Bankruptcy Code. 
Each party will work in good faith to make its products and services
competitive in the marketplace and to maintain the quality of its products and
services on an on-going basis.

5.               Fees.  Bank
of America agrees to compensate EPIQ Systems for the deposit portfolio
maintained at Bank of America and the Joint Client relationships according to
the Fee Schedules attached hereto as Exhibit A and Exhibit B, as may be amended
from time to time as permitted herein. 
Modifications to the Fee Schedules may be requested by either party and
require the prior written consent of both parties.  All fees will be paid only by Bank of America
to EPIQ Systems directly.  No fee payable
hereunder will be passed on or through to a Joint Client or any other third
party.

6.               Joint Clients.  Until this marketing arrangement
between EPIQ Systems and Bank of America is terminated after following the
procedure outlined in Section 9, the parties agree that each Joint Client has
the right to remain a client of each of EPIQ Systems and Bank of America and to
utilize each party’s respective products and services in accordance with the
Letter Agreement.  Notwithstanding
Section 3 above, Bank of America will not, and its Affiliates will not, directly
or indirectly support with its products or services a Joint Client through any
other arrangement with another third-party technology provider for a period of
time which is eighteen (18) months following the completion of EPIQ Systems’
most recent financial investment in hardware or on-site training for the
benefit of such Joint Client.

7.               Industry Conventions.  Both
parties shall remain in full compliance with U.S. Trustee and bankruptcy court
regulations pertaining to customer relationships, products and services.  If regulatory changes alter the industry
environment in a fashion that materially affects one or both parties, then the
parties shall work in good faith to negotiate an appropriate modification, if
any is warranted, to this marketing relationship.

8.               Shared Costs.  If the
parties mutually agree to cooperatively convene Joint Client entertainment,
holiday dinners or other industry events, then the parties will share these
costs equally and will promptly reimburse one another for actual out of pocket
expenses (not to include charges for travel, lodging or meals incurred by their
own personnel).  Neither party will be
required to convene or pay for any such event, unless it so agrees in advance.

 2
 

9.              Termination.

A.           Termination. 
The Letter Agreement will
remain in effect unless terminated in accordance with the provisions of this
Letter Agreement. Either party may initiate termination by providing written
notice to the other party of such party’s intent to terminate the Letter
Agreement, as amended (“Preliminary Termination Notice”); provided, however
that neither party shall initiate termination prior to October 1, 2006.  This termination provision only relates to
the Chapter 7 bankruptcy product of the parties, and will have no effect on any
other products, business or development that Bank of America and EPIQ Systems
may be promoting or conducting together. 
The duration of the termination process will be three (3) years
following receipt of the Preliminary Termination Notice (the “Disengagement Period”)
and will be divided into the following three phases.

[*Redacted pursuant to a request for confidential
treatment and filed separately with the Commission.*]

B.             Dissemination of Information.  During the Disengagement Period, both parties will
cooperate in the dissemination of information regarding their relationship and
will cooperate with reasonable requests of the other party regarding public
statements, communications with Joint Clients and regulatory bodies, meetings
with interested parties, routine audit confirmations and due diligence
inquiries and other appropriate matters.

C.             Products, Services and Quality.  During the Disengagement Period, (i) both parties
shall continue to offer all their respective products and services, in
accordance with this Letter Agreement, and (ii) Joint Clients may continue
using the combined products and services of both parties.  During the Intent to Terminate Period, the
Transition Planning Period and the Wind-up Period, both parties will continue
to accept and support new Joint Clients in accordance with the Letter Agreement
and Section 9Aiii, above.

D.            Applicability of all Terms and Conditions.  During the
entirety of the Disengagement Period, all terms of the Letter Agreement, as
amended, will remain in full force and effect

E.              Fees.  During the Disengagement Period and any
extension thereof, Bank of America will continue to pay directly to EPIQ
Systems all fees, according to the Fee Schedule in effect at the time of
receipt of a Conclusive Termination Notice by a party.

F.              Termination for Cause.  Notwithstanding the provisions of
this section 9, a party may initiate termination of the Letter Agreement upon
Cause Notice (defined below) to the other party if, in the good faith
determination of the terminating party, the other party:

i.                  breaches a
material term or condition of the Letter Agreement; or

ii.               terminates,
liquidates or dissolves its business, disposes of a substantial portion of its
assets or experiences a material adverse change, if such event renders it unable
to perform its obligations hereunder.

G.             “Cause Notice”
hereunder shall be the following:  (I)
the terminating party shall send notice (the “Initial Notice”) stating the
basis for the breach as set forth in i or ii above, giving a 60 day right to
cure.  (II) if the breach is not cured in
60 days, the terminating party shall then give notice (the “Second Notice”) of
its intent to terminate in 60 days. 
(III) 60 days following the Second Notice, the Letter Agreement may be
terminated by the terminating party, immediately.

10.       Intellectual Property Rights of
EPIQ Systems.  EPIQ Systems will retain exclusive ownership
of, and all right and title, interest in and to, all its Intellectual Property
and Bank

 3
 

of
America will have no ownership of or right, title or interest in or to any of
EPIQ Systems’ Intellectual Property. “Intellectual Property” will mean
any and all tangible and intangible domestic and foreign intellectual property
of every kind and nature and however designated (including, without limitation,
patents, inventions, know-how, trade secrets, copyrights and copyrightable
works, and trademarks), whether arising by operation of law, contract license,
or otherwise and including, for the avoidance of doubt, software (including,
without limitation, source code, object code, data, databases and
documentation), design materials, data and object models.  Both parties confirm that the TCMS software,
TCMS Web software, all updates, modifications and enhancements thereto, and all
copies of the foregoing are proprietary to EPIQ Systems and title remains with
EPIQ Systems.  All applicable rights to
patents, copyrights, trademarks and trade secrets in the TCMS software and TCMS
Web software, remain with EPIQ Systems.

11.         Extraordinary Services.  If Bank of
America and EPIQ Systems agree that EPIQ Systems will provide services outside
the ordinary course of its business, to Bank of America or a Joint Client, a
supplementary fee payable by Bank of America to EPIQ Systems will be negotiated
in good faith by the parties [*Redacted pursuant to a request for confidential
treatment and filed separately with the Commission *].

12.         Severability.  In the event that any of the provisions or
portion thereof of this letter are held by a court of competent jurisdiction to
be unenforceable, invalid, or illegal, such provision shall be severed from
this letter, and the remaining valid, enforceable, and legal provisions of this
letter shall remain in full force. In lieu of such unenforceable, invalid, or
illegal provision, there shall be added a clause or provision as similar in
terms to such unenforceable, invalid, or illegal term or provision to make it
enforceable, valid and legal.

13.         Assignment.  Either
party may assign its rights or obligations under the Letter Agreement without
the consent of the other party upon change in control of that party’s assets or
stock; provided that such assignee shall agree, in writing, prior to such
assignment, to be bound by the terms and conditions hereof. Assignment for any
other reason requires the written consent of the other party, which may be
granted or withheld at that party’s sole discretion.

14.         Dispute Resolution.

A.                In the event of any dispute under or relating to
this letter, the 1993 Agreement, and the Letter Agreements, including any claim
based on or arising from an alleged tort, the parties agree that such dispute
will first be submitted to mediation and then, should mediation fail, to
binding and final arbitration, pursuant to the provisions of the Federal
Arbitration Act, 9 U.S.C. Sec. 1 et seq. (“FAA”) under the Commercial
Arbitration Rules of the American Arbitration Association. The parties agree
that any such mediation or arbitration will be conducted in Chicago, Illinois.
The institution and maintenance of an action for judicial relief or pursuit of
a provisional or ancillary remedy will not constitute a waiver of the right of
any party to submit the controversy or claim to mediation and/or arbitration if
the other party contests such action for judicial relief. This provision does
not foreclose any action in aid of arbitration or for injunctive relief
in any federal court sitting in Chicago,
Illinois having jurisdiction thereof (which court also will have exclusive
jurisdiction over any litigation instituted under this section). Any
controversy concerning whether an issue can be arbitrated will be determined by
the arbitrator(s). The mediator(s) and/or arbitrator(s) will give effect to
statutes of limitation in determining any claim or controversy. The parties
agree that the arbitrator(s) will have the broadest powers permitted under law
to award such damages and/or injunctive relief. The parties agree that each
will share equally in the estimated reasonable fees and costs of the mediation
and/or arbitration procedure, subject to the power of the arbitrator(s) to
apportion such fees and costs as he, she or they deem appropriate. The parties
agree that the arbitrator(s) may, in his, her, or their discretion, award
attorney fees to the prevailing party. The parties agree that submission of any
such dispute to arbitration is a condition precedent for invoking the
jurisdiction of any court over the subject matter of their dispute, except for suits for

 4
 

injunctive
relief and suits in aid of arbitration. Judgment on the award rendered by
the arbitrator(s) may be entered in any federal court sitting in Illinois
having jurisdiction thereof. The parties
waive any claim that such court does not have personal jurisdiction over them
or is an inconvenient forum. The prevailing party in connection with any
dispute involving a court proceeding will be entitled to collect its costs,
expenses, and reasonable attorney fees from the other party.

B.                  The mediation and arbitration and all proceedings,
discovery and any mediation or arbitration award are confidential. Neither the
parties nor the mediator(s) nor the arbitrator(s) will disclose any information
obtained during the course of the mediation or arbitration to any person or
entity who is not a party to the mediation or arbitration unless permitted by
law. Attendance at the mediation or arbitration will be limited to the parties
and those called as witnesses, if any. Witnesses will be sequestered, unless
the parties agree otherwise.

C.             The parties acknowledge that each has had the
opportunity to consult with counsel of choice before signing this
Agreement, and, to the extent permitted by law, each hereby knowingly and
voluntarily, without coercion, WAIVES ALL
RIGHTS TO TRIAL BY JURY of all disputes between them and instead agrees
to resolve any such disputes by means of this alternate dispute
resolution.  Notwithstanding the
foregoing sentence, any such disputes brought in California state courts shall
be determined by judicial reference in accordance with California Code of Civil
Procedure Section 638.

D.            This Section 14 will not be construed to prevent a
party from instituting, and a party is authorized to institute, litigation
solely and exclusively (i) to toll the expiration of any applicable limitations
period; (ii) to preserve a superior position with respect to other creditors;
(iii) to seek immediate injunctive relief with respect to an infringement or
alleged infringement of such party’s
intellectual property rights or confidentiality rights under this Agreement; or
(iv) to enforce an arbitration award under this section. Subject to the
foregoing, this section will provide the exclusive procedure for resolving
disputes under this Agreement.

E.              Each party will continue performing its obligations
under this Agreement while any dispute submitted to arbitration or
litigation under this section is being resolved until such obligations are terminated by the expiration or
termination of this Agreement or by a final and binding arbitration award,
order, or judgment to the contrary under this section.

15.         Governing Law.  This letter
agreement will be governed by, and construed and enforced in accordance with,
the laws of the State of Illinois, without regard to conflicts of laws
principles.

16.         Third Party Beneficiary.  Nothing
herein, with regard to any agreements, duties or obligations of the parties
shall confer on any Joint Client, any rights or privileges as a third party
beneficiary hereof.

17.         Limitation of Liability.  Neither
party shall be liable to the other for any special, indirect, incidental,
consequential, punitive or exemplary damages, including, but not limited to,
lost profits, even if such party alleged to be liable has knowledge of the
possibility of such damages, provided, however, that the limitations set forth
in this Section shall not apply to or in any way limit the indemnity
obligations of a party under the Letter Agreement.

	
  Sincerely,

  
	
   

  
	
  /s/   Elizabeth M. Braham

  	
   

  
	
   

  
	
  Elizabeth M. Braham

  

 

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Our signatures below will indicate
our acceptance of the terms of this letter, including the Exhibits hereto.

	
  EPIQ SYSTEMS, INC.

  	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
  By:

  	
     /s/   Elizabeth M.
  Braham

  	
   

  	
   

  	
  By:

  	
     /s/   Stephen C.
  Herndon

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Elizabeth M.
  Braham

  	
   

  	
  Stephen C. Herndon

  
	
  Its: Executive
  Vice President & CFO

  	
   

  	
  Its:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
  Treasury Management Sales Exec

  
	
   

  	
   

  	
   

  	
  Global Treasury Management

  
	
   

  	
   

  	
   

  	
  Global Government Group

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: February
  7, 2006

  	
   

  	
  Date: February 7, 2006

  
								

 

 6
 

EXHIBIT A

Fees For February 1, 2006 through September 30, 2006

[*Redacted pursuant to a request for confidential treatment and filed
separately with the Commission.*]

 7
 

EXHIBIT B

Fees Effective October 1, 2006 and thereafter

1.               [*Redacted pursuant to a request for confidential
treatment and filed separately with the Commission.*]

 8Exhibit
10.1

EXECUTIVE BONUS PLAN

MASTER PLAN DOCUMENT

2007

Plan Purpose

Career
Education Corporation (“CEC”) has introduced the Executive Bonus Plan, as
specified in this Master Plan Document (the “Plan”), to:  (1) develop a high quality organization by
attracting, retaining and rewarding “Participants” (as defined below), and  (2) reward those employees who exceed CEC’s
performance goals.

Effective
Date

This Plan is effective
for all bonuses calculated for payment or otherwise earned hereunder during the
Plan term, which begins on January 1, 2007 and ends on December 31, 2007.  This Plan will remain in effect for the
entire term as the governing plan until explicitly amended, replaced by another
plan, or terminated.   

Eligibility

All designated CEC
executives who are full-time and active are eligible to participate in the Plan
(each a “Participant”).  

All Participants must be
employed by CEC at the end of the calendar year (December 31) in order to
receive an award.  Annual awards are
based on actual earnings and may be prorated based on the period of time
a Participant is in an eligible position/role. 

Bonus pools for
Participants who are Group level employees (“Group Senior Management”) will be
based on Group EBITA as well as CEC EBIT as described in Bonus Pool
Funding.  The Bonus pool for other CEC
Corporate Participants (“Corporate Executives”) will be based on CEC EBIT
performance only.

Payout
Elements

1.               EBIT - defined as
earnings before interest income and expense, federal and state income taxes and
gains or losses on the sale of securities and fixed or capital assets involving
the sale of a business unit and before other extraordinary gains and
losses.  

2.               EBITA - defined as
earnings before interest income and expense, federal and state income taxes,
amortization expense, and gains or losses on the sale of securities and fixed
or capital assets involving the sale of a business unit and before other
extraordinary gains and losses.  For
eligible Participants of this Plan, EBITA is calculated and paid annually based
on the Group’s actual financial performance relative to EBITA target (both in
actual dollars and as a percentage of revenue).

3.               Individual
performance relative to performance goals as established at time of hire or at
the beginning of the Plan year and adjusted as necessary during the Plan year.

Bonus
Pool Funding

The target bonus
pool is based on the following factors:

1.               The sum of all
Participants’ target bonus percentages times (x) eligible salaries.

2.               CEC’s performance
relative to targeted EBIT.

3.               Number of
Participants in the bonus pool.

Bonus
Pool Funding – Group Senior Management

The target bonus
pool is based on the following factors:

1.               The sum of all
Participants’ target bonus percentages times (x) eligible salaries.

2.               Twenty-five percent
(25%) of the bonus pool will be funded based on individual performance.

3.               Of the remaining
seventy-five percent (75%), 

a.               Forty percent  (40%) of the bonus pool will be funded based
on CEC’s performance relative to targeted EBIT.

b.              Sixty percent (60%)
of the bonus pool will be funded based on the Group’s colleges’ and schools’
performance relative to targeted EBITA (both in actual dollars and as a
percentage of revenue).

Bonus
Pool Funding – Corporate Executives

Individual Performance

Twenty-five percent (25%)
of the pool created will be funded based on Career Education Corporation (CEC)
achieving at least 80% of its targeted EBIT. 
If CEC does not meet 80% or greater of its EBIT target, the pool will
not be funded and individual bonuses will not be paid.   

Corporate Profitability
Portion

Seventy-five percent
(75%) of the pool created will be funded based on Career Education Corporation
(CEC) achieving its targeted EBIT or EBIT and EBITA for CEC Group and
Divisional Senior Management.  Career
Education Corporation (CEC) must meet a threshold of 90% of its EBIT target in
order to fund this portion of the bonus pool as follows:

	
  EBIT Target

  Achievement

  	
   

  	
  % Pool

  Funding

  	
   

  
	
  <90%

  	
   

  	
  0

  	
  %

  
	
  90%-94.9%

  	
   

  	
  50

  	
  %

  
	
  95%-99.9%

  	
   

  	
  75

  	
  %

  
	
  100%

  	
   

  	
  100

  	
  %

  

 

The bonus Plan is
self-funded so that any and all accruals to fund the bonus Plan will be
included in CEC’s financial results, EBIT or EBITA.

Award
Payout – Group Senior Management – 75%

For Group Senior
Management, up to 60% of a Participant’s bonus target will be awarded based on
the respective Group’s performance relative to the Group’s colleges and schools
achieving at least 90% of the Group’s targeted EBITA.  The remaining 40% of such Participant’s bonus
target will be awarded based on CEC achieving 90% of its targeted EBIT. 

If CEC does not achieve
at least 90% of its EBIT target, that portion of the Group bonus pool which is
based on Group EBITA will still be funded and awarded to Group Senior
Management based on the colleges and schools meeting or exceeding 90% of
targeted EBITA. The Corporate Bonus Plan is self-funded which means that any
and all accruals to fund the bonus plan will be included in the Group financial
results (EBITA) when calculating whether or not bonuses will be awarded. 

Award
Payout – Corporate Profitability Portion – 75%

Up to 75% of a
Participant’s bonus target will be awarded based on CEC achieving at least 90%
of its targeted EBIT as outlined in the table above. 

Award
Payout – Individual Performance Portion – 25%

Up to twenty-five percent
(25%) of a Participant’s bonus target will be awarded based on achievement of
individual performance goals established either at the time of hire or at the
beginning of the bonus plan year.  If the
Participant’s performance is rated “Meets Expectations” or better as documented
in his/her annual performance appraisal form, then the Participant would
receive 25% of his/her target bonus percentage so long as the Plan has been
fully funded as described above.  A bonus
payment may be lowered if either an individual has a performance rating of less
than “Meets Expectations” or he/she failed to meet his/her individual
performance objectives outlined during the bonus period.

Bonus awards are
calculated and paid as soon as practicable after the final audited numbers are
released following the close of the previous CEC fiscal year.  Unless a timely election is made pursuant to,
and subject to the terms and conditions of the Career Education Inc. Deferred
Compensation Plan, annual earned bonus awards will be paid by the 15th day of the third month of the year following
the close of the year for which the bonus is paid.

No Participant’s total
award under this Plan, including any Over-Achievement award, may exceed 200% of
that Participant’s target bonus percentage. 

Over-Achievement
Bonus

Funding

The Over-Achievement
Bonus Pool is funded by calculating 20% of the total company’s EBIT, after
extraordinary items, in excess of budget. 
This Pool is shared with members of the Corporate Bonus Plan.

Note:  Funding of an Over-Achievement Bonus Pool
cannot reduce the post Over-Achievement Net Income margin to less than the
targeted Net Income margin.  

Over-Achievement
Bonus Award

The Over-Achievement
Bonus award will be determined and paid after the final audited numbers are
released following the close of the previous CEC fiscal year.  If an Over-Achievement Bonus Pool is funded,
25% of the Pool will be allocated to the Chief Executive Officer for him or her
to distribute on a

discretionary basis.  The remaining 75% will be distributed to Plan
Participants based upon their earned bonus payouts for the same year.  Individual Over-Achievement awards are discretionary
based on individual performance and contribution to the success of the
operation.

General
Administrative Provisions

1.               This Plan
supersedes all prior bonus or incentive compensation plans applicable to
Participants.  The provisions of any
prior commission, bonus or incentive compensation plans not specifically
addressed in this Plan shall no longer operate nor be considered part of the
Plan. 

2.               Participants must
be actively employed at the end of the calendar year to receive any portion of
the bonus award based on earnings.  If a
Participant was not employed in the position for the full year, the annual
bonus award will be prorated accordingly, based on full months worked in the
position.  

Transfers:  If at any time during
the plan year a Participant transfers to any other CEC entity, he/she will
receive a prorated bonus amount (if earned) for the time he/she was employed at
each entity.  

3.               Participants
in this Plan may not participate in any other CEC commission or bonus plan
unless approved in writing by the President/CEO and the EVP/Chief Financial Officer.

4.               Bonus
awards that are not earned nor paid to Participants who have terminated from
CEC for any reason will be retained by CEC.

5.               Career Education
Corporation reserves the sole and exclusive right to interpret, reinterpret,
amend, modify, extend, adjust, change, revise or terminate the Plan, in whole
or in part, at any time.  This right
includes, but is not limited to, any and all decisions regarding salaries,
bonus eligibility, performance measurement targets, EBIT, EBITA or Goal/MBO
attainment, areas of responsibility or any other Bonus-related classifications
and determinations, or any other matter affecting the Participant’s
employment.  Career Education Corporation
likewise reserves the right to adjust performance measurement targets for any
or all Participants during the year if, in Career Education Corporation’s sole
discretion, significant changes occur with regard to the industry, Career
Education Corporation’s assessment of the industry, or Career Education
Corporation’s position within the industry. 
Career Education Corporation further reserves the right to adjust
performance measurement determinations, including decisions regarding the
attainment of such targets or levels by any Participant and the corresponding
right to adjust or offset bonuses paid or payable and the applicable dollar
amount based on such determinations.  All
such interpretations, reinterpretations, amendments, modifications, extensions,
adjustments, changes, revisions and/or terminations to the Plan shall be
binding on all Participants.  Notification of any such changes to the Plan
may be made in writing or by electronic mail to the affected Participants.  In all such matters of administration of the
Plan, the President/CEO, the EVP/Chief Financial Officer and the Sr. VP of
Human Resources (or their designees) shall have final responsibility and
authority.  All decisions of the
President/CEO, the EVP/Chief Financial Officer and the Sr. VP of Human
Resources  in interpreting this
Plan shall be final and binding.  

6.               If a Participant
disagrees with the calculation of Bonus payments or any other decision by
Career Education Corporation hereunder, the Participant may appeal the decision
by submitting an explanation, in writing or by email, to the Participant’s
assigned manager and the CEC Sr. VP of Human Resources.  All such appeals must be submitted within
90 days of the original Career Education Corporation decision forming the
basis of the appeal or the Bonus payment or non-payment.  Within a reasonable period of time, not to
exceed forty-five (45) days following the submission of the appeal, the manager
and the CEC Sr. VP of Human Resources will issue a decision regarding the
appeal.  

7.               Earned Bonuses are
paid to Participants who are still employed by Career Education Corporation as
of December 31 of the plan year.

8.               Taxes and all
applicable deductions will be withheld from all Bonus payments in accordance
with applicable laws.

9.               If any of the
provisions of this Plan shall be determined to be invalid or unenforceable,
such invalidity or unenforceability shall not render the entire Plan invalid or
unenforceable  In such event, the
provisions of the Plan so affected shall be modified and/or restricted only to
the extent necessary to bring them within legal requirements, and the remainder
of the Plan and the affected/modified provisions shall be construed and
enforced accordingly.

10.         The
terms and conditions of this Plan constitute the complete and exclusive
statement of the understanding between Career Education Corporation and each
Participant, which supersedes and excludes all prior or contemporaneous
proposals, understandings, agreements or representations, oral or written,
between Career Education Corporation and each Participant with respect to the
subject matter hereof.  

11.         For all Participants
employed by Career Education Corporation, the terms and conditions of this Plan
shall be governed by Illinois law, excluding its choice of law principles and
the choice of law principles of any other jurisdiction. Any dispute, claim or
controversy arising out of or relating to this Plan or the breach, termination,
enforcement, interpretation or validity thereof, including the determination of
the scope or applicability of this Plan to arbitrate, shall be settled by
arbitration in Chicago, Illinois, in accordance with the rules of the American
Arbitration Association, and judgment on the award rendered in such arbitration
may be entered in any court having jurisdiction. The arbitration shall be
conducted before a single arbitrator selected by Career Education Corporation
and the Participant.  If Career Education
Corporation and the Participant cannot agree on the appointment of an
arbitrator, one shall be appointed by Career Education Corporation and one by
the Participant, and a third appointed by the other two arbitrators. The
arbitrator(s) shall have the power to determine any and all such claims, to
issue any and all appropriate relief, including but not limited to injunctive
relief (temporary and/or permanent) and to award attorney’s fees and costs to
the prevailing party in its discretion. 

12.         Career Education
Corporation may, at its sole discretion, suspend, defer or cancel bonus
payments if it determines conditions exist which in whole, or for selected
participant groups, would violate any governmental regulation or any ethical
considerations, including but not limited to policies and procedures required
by the federal Sarbanes-Oxley Act.  

13.         Nothing in this Plan is
intended to create an employment agreement with any Participant.  By participating in this Plan, the
Participant agrees that his or her employment remains “at-will” and that the
Participant or Career Education Corporation may terminate the employment
relationship at any time for any reason, with or without notice.

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