Document:

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                                                                   EXHIBIT 10.42

                                 AMENDMENT NO. 1
                                       TO
                            CAPELLA EDUCATION COMPANY
                            2005 STOCK INCENTIVE PLAN

         This Amendment No. 1 is effective as of September 29, 2006 with respect
to the 2005 Stock Incentive Plan (the "Plan") of Capella Education Company (the
"Company").

         The Board of Directors of the Company recommended and the stockholders
of the Company approved on September 29, 2006 an amendment to Section 4(a) of
the Plan to increase the aggregate number of Shares available for distribution
under the Plan from 1,613,000 to 3,013,000.

         All defined terms not otherwise defined herein shall have the meaning
set forth in the Plan.

         The Plan is hereby amended as follows:

         1.      Section 4(a) of the Plan is amended by deleting "1,613,000" and
inserting in lieu thereof "3,013,000".

         Except as amended hereby, the Plan is unchanged and remains in full
force and effect.<PAGE>

                                                                   EXHIBIT 10.43

                            CAPELLA EDUCATION COMPANY
                         SENIOR EXECUTIVE SEVERANCE PLAN

                        (AS EFFECTIVE SEPTEMBER 11, 2006)

I.       INTRODUCTION

         Capella Education Company ("CEC") has established the Capella Education
         Company Senior Executive Severance Plan (the "Plan") to provide
         severance pay and other benefits to eligible employees of CEC and its
         subsidiaries whose employment terminates under certain covered
         circumstances. CEC, in its complete and sole discretion, will determine
         who is an eligible employee, the requirements to receive severance
         benefits, and the amount of any benefits.

         The Plan is effective for eligible employees who terminate on or after
         September 11, 2006. Prior to that date, severance benefits for certain
         eligible employees were provided under the Capella Education Company
         Executive Severance Plan. This Plan supersedes and replaces any policy,
         plan or practice that may have existed in the past regarding the
         payment of severance benefits to eligible employees, with the exception
         of the Capella Education Company Executive Severance Plan. However, any
         individual written employment contract or agreement between CEC (or a
         subsidiary) and an eligible employee that specifically provides for the
         payment of severance benefits remains in force, as detailed below.

         This document is both the "Plan document" and the "Summary Plan
         Description" for the Plan.

         Any reference in this Plan to "Capella" includes CEC and its
         subsidiaries.

II.      ELIGIBILITY

         Only those employees who have been designated in writing by CEC's Chief
         Executive Officer ("CEO") as eligible to participate in the Plan are
         eligible to become participants in the Plan. However, any employee who
         was designated as a Level 2 Participant under the Capella Education
         Company Executive Severance Plan as of the effective date of this Plan
         shall automatically become a Participant in this Plan on such date.

         The terms of the written designation by the CEO, not the employee's job
         title or classification for other purposes, determine whether an
         employee is eligible for benefits under the Plan. The written
         designation for a particular employee may be changed from time to time
         at the discretion of the CEO.

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         However, the Plan is intended to cover only employees who are in a
         select group of management or highly compensated employees within the
         meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1); and,
         accordingly, if any interpretation is issued by the Department of Labor
         that would exclude any employee from satisfying that requirement, such
         employee immediately will cease to be in a participant in this Plan and
         will instead become a participant in the Capella Education Company
         Executive Severance Plan.

         If you are designated as an eligible employee under this Plan, you must
         also complete 90 days of service with Capella, measured from your most
         recent date of hire, prior to becoming a participant in the Plan.

         You will cease to be a participant in this Plan when you cease to be
         designated by CEC as an eligible employee.

III.     SEVERANCE EVENTS

         In general, if you are an eligible participant in this Plan, and you
         comply with all provisions and requirements of the Plan, you will
         receive severance benefits if your employment with Capella is
         involuntarily terminated other than for Cause. A voluntary termination
         by you for Good Reason within 24 months following a qualified Change in
         Control is also a severance eligible event. These concepts are
         described in detail below.

         "FOR CAUSE". You will not be eligible for benefits under this Plan if
         your employment is terminated by Capella "for Cause." "Cause" means 1)
         employee's commission of a crime or other act that could materially
         damage the reputation of Capella; 2) employee's theft,
         misappropriation, or embezzlement of Capella property; 3) employee's
         falsification of records maintained by Capella; 4) employee's failure
         substantially to comply with the written policies and procedures of
         Capella as they may be published or revised from time to time (in
         writing, on the Faculty Center website, or on the Stella intranet); 5)
         employee's misconduct directed toward learners, employees, or adjunct
         faculty; or 6) employee's failure substantially to perform the material
         duties of employee's Capella employment, which failure is not cured
         within 30 days after written notice from Capella specifying the act of
         non-performance.

         "GOOD REASON". If you terminate employment with Capella voluntarily,
         you will be eligible for Plan benefits only if you terminated with Good
         Reason following a qualified Change in Control, as defined below. "Good
         Reason" means 1) the demotion or reduction of your job responsibilities
         upon a Change in Control; 2) your total targeted compensation is
         decreased by more than ten percent in a twelve month period; or 3) a
         reassignment of your principal place of work, without your consent, to
         a location more than 50 miles from your principal place of work upon a
         Change of Control. To be eligible for Plan benefits, you must terminate
         employment for Good Reason within 24 months after the date of the
         qualified Change in Control. In

                                      -2-

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         addition, you must have provided written notice to CEC of the asserted
         Good Reason not later than 30 days after the occurrence of the event on
         which Good Reason is based and at least 30 days prior to your proposed
         termination date. CEC may take action to cure your stated Good Reason
         within this 30-day period. If CEC does so, you will not be eligible for
         Plan benefits if you voluntarily terminate.

         "CHANGE IN CONTROL". For purposes of this Plan, a qualifying "Change in
         Control" of CEC shall be deemed to occur if any of the following occur:

                  (1) Any "person" (as such term is used in Section 13(d) and
         14(d) of the Securities Exchange Act of 1934 (the "Exchange Act"))
         acquires or becomes a "beneficial owner" (as defined in Rule 13d-3 or
         any successor rule under the Exchange Act), directly or indirectly, of
         securities of CEC representing the following: (i) 50% or more of the
         combined voting power of CEC's then outstanding securities entitled to
         vote generally in the election of directors ("Voting Securities") at
         any time prior to CEC selling any of its shares in a public offering
         pursuant to a registration statement filed under the Securities Act of
         1933, as amended (the "Securities Act"), or (ii) 35% or more of the
         combined voting power of CEC's then outstanding Voting Securities at
         any time after CEC sells any of its shares in a public offering
         pursuant to a registration statement filed under the Securities Act.
         Provided, however, that the following shall not constitute a Change in
         Control:

                           (A) any acquisition or beneficial ownership by CEC or
                  a subsidiary;

                           (B) any acquisition or beneficial ownership by any
                  employee benefit plan (or related trust) sponsored or
                  maintained by CEC or one or more of its subsidiaries;

                           (C) any acquisition or beneficial ownership by any
                  corporation with respect to which, immediately following such
                  acquisition, more than 50% of both the combined voting power
                  of CEC's then outstanding Voting Securities and the Shares of
                  CEC is then beneficially owned, directly or indirectly, by all
                  or substantially all of the persons who beneficially owned
                  Voting Securities and Shares of CEC immediately prior to such
                  acquisition in substantially the same proportions as their
                  ownership of such Voting Securities and Shares, as the case
                  may be, immediately prior to such acquisitions;

                           (D) any acquisition of Shares or Voting Securities in
                  CEC's initial public offering pursuant to a registration
                  statement filed under the Securities Act.

                  (2) A majority of the members of the Board of Directors of CEC
         shall not be Continuing Directors. "Continuing Directors" shall mean:
         (A) individuals who, on the date hereof, are directors of CEC, (B)
         individuals elected as directors of CEC subsequent to the date hereof
         for whose election proxies shall have been solicited by

                                       -3-

<PAGE>

         the Board of Directors of CEC or (C) any individual elected or
         appointed by the Board of Directors of CEC to fill vacancies on the
         Board of Directors of CEC caused by death or resignation (but not by
         removal) or to fill newly-created directorships;

                  (3) Approval by the stockholders of CEC of a reorganization,
         merger or consolidation of CEC or a statutory exchange of outstanding
         Voting Securities of CEC, unless, immediately following such
         reorganization, merger, consolidation or exchange, all or substantially
         all of the persons who were the beneficial owners, respectively, of
         Voting Securities and Shares of CEC immediately prior to such
         reorganization, merger, consolidation or exchange beneficially own,
         directly or indirectly, more than 50% of, respectively, the combined
         voting power of the then outstanding voting securities entitled to vote
         generally in the election of directors and the then outstanding shares
         of common stock, as the case may be, of the corporation resulting from
         such reorganization, merger, consolidation or exchange in substantially
         the same proportions as their ownership, immediately prior to such
         reorganization, merger, consolidation or exchange, of the Voting
         Securities and Shares of CEC as the case may be; or

                  (4) Approval by the stockholders of CEC of (x) a complete
         liquidation or dissolution of CEC or (y) the sale or other disposition
         of all or substantially all of the assets of CEC (in one or a series of
         transactions), other than to a corporation with respect to which,
         immediately following such sale or other disposition, more than 50% of,
         respectively, the combined voting power of the then outstanding voting
         securities of such corporation entitled to vote generally in the
         election of directors and the then outstanding shares of common stock
         of such corporation is then beneficially owned, directly or indirectly,
         by all or substantially all of the persons who were the beneficial
         owners, respectively, of the Voting Securities and Shares of CEC
         immediately prior to such sale or other disposition in substantially
         the same proportions as their ownership, immediately prior to such sale
         or other disposition, of the Voting Securities and Shares of CEC, as
         the case may be.

         At all times after CEC sells any of its shares in a public offering
         pursuant to a registration statement filed under the Securities Act,
         the references to 50% in subsections (1)(C), (3) and (4) above shall be
         changed to 65%.

         RELEASE REQUIRED. Regardless of the reason for your termination, you
         will not be eligible for Plan benefits unless you sign a release form
         after your employment with CEC or a subsidiary actually terminates. You
         may obtain a copy of the current release form at any time by contacting
         the CEC Human Resources Department. However, CEC will determine the
         contents of the release form, and may revise it from time to time as
         appropriate to deal with particular severance situations. As such, the
         release form you will be required to sign to receive benefits under the
         Plan may differ from any release form you previously received.

                                      -4-

<PAGE>

         The release will generally include provisions regarding noncompetition
         with Capella for a period of time after your employment terminates,
         confidentiality, return of Capella property and other topics, including
         a release of all claims against Capella, its employees and its
         representatives. The release may also include other topics in a given
         situation, including non-solicitation of clients and/or employees and
         compliance with CEC policies (such as code of conduct, business ethics
         and insider trading, as applicable). Severance benefits will be paid
         only after any period for rescinding the release has expired. If you
         violate the release, CEC will no longer be required to pay you any
         remaining severance benefits due to you under the Plan.

         INELIGIBILITY FOR BENEFITS.  Severance benefits will not be paid under
         this Plan in any of the following circumstances:

                           -  You are offered another position with Capella (or
                              the successor/purchasing entity) and you refuse to
                              accept that position, other than for Good Reason
                              in connection with a qualified Change in Control.
                           -  You voluntarily terminate your employment with
                              Capella (or the successor/purchasing entity),
                              other than for Good Reason in connection with a
                              qualified Change in Control.
                           -  Your termination of employment does not qualify as
                              a "separation from service" under Internal Revenue
                              Code Section 409A or any guidance issued
                              thereunder.
                           -  Your employment is terminated by Capella (or the
                              successor/purchasing entity) for Cause, whether or
                              not in connection with a Change in Control.
                           - You are placed on a temporary layoff.
                           -  Your employment terminates due to death,
                              disability, or failure to return to work for
                              Capella following a leave of absence, layoff or
                              any other period of authorized absence from
                              Capella.
                           -  You refuse to sign the release form prepared by
                              CEC, or you rescind the release before it becomes
                              final.
                           -  You are a participant in the Capella Education
                              Company Executive Severance Plan at the time of
                              your termination.
                           -  You leave Capella under any other program in which
                              management solicits and accepts voluntary
                              terminations (in which case, severance pay will be
                              determined and paid only under the other program).
                           -  You are covered by an individual written
                              employment contract or agreement with Capella at
                              the time your employment terminates that provides
                              for severance pay or other benefits upon
                              termination, except as described below.

                                      -5-

<PAGE>

IV.      PLAN BENEFITS

         A Participant who experiences a qualifying severance event under
         Section III while a Participant will be eligible to receive severance
         benefits under the Plan, including severance pay, outplacement
         assistance and continuation coverage under certain employee benefit
         plans.

         SEVERANCE PAY

         The amount and type of severance pay provided under the Plan depends on
         the severance event.

         INVOLUNTARY TERMINATION. If your employment is involuntarily terminated
         by Capella, other than for Cause or within 24 months after a qualified
         Change in Control, you will be entitled to severance pay equal to
         twelve months of your base salary.

         CHANGE IN CONTROL. If you voluntarily terminate for Good Reason
         following a Change in Control, or if you are involuntarily terminated
         other than for Cause, within 24 months after a qualified Change in
         Control, you will be entitled to severance pay equal to twenty-four
         months of your base salary. You will also be entitled to two times the
         amount of any targeted bonus for the year in which you terminate,
         without regard to performance.

         However, if the CEO as of the original effective date of this Plan
         voluntarily terminates for Good Reason following a Change in Control,
         or if he is involuntarily terminated other than for Cause, within 24
         months after a qualified Change in Control, he will be entitled to
         severance pay equal to twelve month of his base salary and 80% of the
         amount of any targeted bonus for the year in which he terminates,
         prorated to the date of termination, without regard to performance.

         YOUR "BASE SALARY." Severance pay under this Plan is calculated using
         your base salary at the time your employment terminates. Base salary
         excludes all bonuses (such as signing bonuses and incentive bonuses),
         stock options, profit sharing, benefits, taxable fringes, expenses
         allowances or reimbursements, imputed income, or any other special
         compensation.

         PAYMENT. Generally, you will receive any severance pay you are entitled
         to in bi-weekly payments, spread out over the number of months on which
         your severance amount is based. Severance payments will begin as soon
         as administratively feasible after the date the release becomes
         irrevocable.

         However, if as of the date of your termination of employment, you are a
         "specified employee", as such term is defined in Section 409A of the
         Internal Revenue Code (or the regulations thereunder) and if CEC's
         stock is publicly traded on an established securities market, then you
         will receive any severance pay under this Plan in

                                      -6-

<PAGE>

         accordance with the following rules. Your initial severance payment
         will be made as of the first bi-weekly payment date occurring on or
         after the first day of the seventh month following your separation from
         service. The initial payment will equal the amount you would have
         received under the prior paragraph from the date the release became
         irrevocable until the initial payment date. After the initial payment,
         payments will continue bi-weekly for the remainder of the number of
         months on which your severance amount is based.

         OUTPLACEMENT ASSISTANCE

         Participants eligible for benefits under this Plan will also be
         eligible for up to 12 months of outplacement assistance. Any
         outplacement assistance provided under this Plan will be paid directly
         to the outplacement agency.

         CONTINUATION COVERAGE

         Federal and state laws require CEC to offer certain departing employees
         (and where applicable, their dependents) the right to continue
         coverage, at their own expense, under our group health, dental and life
         insurance programs. For health and dental benefits, this continuation
         coverage is called COBRA. Upon termination of employment, you will
         receive information further describing how this continuation coverage
         works, its limitations, and your rights and duties to maintain
         coverage.

         If you are eligible for benefits under this Plan, CEC will pay the
         regular employer portion towards your continued coverage under CEC's
         group health, dental and basic life insurance plans for the number of
         months upon which your severance pay is based, up to a maximum of 18
         months. For example, if you are entitled to twelve months of severance
         pay, CEC will contribute to your continuation coverage for twelve
         months, subject to the limitations described below. However, if you are
         entitled to twenty-four months of severance pay, CEC will contributed
         to your continuation coverage for eighteen months, subject to the
         limitations described below. After that time, you must pay the entire
         cost of continuation coverage if you wish to continue coverage.

         To receive this continuation coverage benefit, you must elect
         continuation coverage in accordance with the documents you receive. In
         addition, you must pay the remaining portion of the cost of your
         continued coverage. If CEC changes the portion it contributes toward
         benefit coverage for active employees, it may also change its employer
         portion for purposes of continuation coverage benefits under this Plan.
         Any continuation benefit provided under this Plan will be paid directly
         to the applicable health, dental and/or basic life insurance program.
         If you are not eligible for continuation coverage at the time of
         termination or if you do not properly elect continuation coverage, you
         will not receive any payments in lieu of this subsidized continuation
         coverage.

                                      -7-

<PAGE>

         IF YOU LOSE ELIGIBILITY FOR COBRA OR OTHER CONTINUATION COVERAGE, AS
         DESCRIBED IN THE COBRA DOCUMENTS YOU WILL RECEIVE, CEC WILL STOP PAYING
         ITS PORTION OF THE PREMIUMS FOR YOUR CONTINUATION COVERAGE.

         REDUCTIONS OF SEVERANCE BENEFITS

         All severance benefits payable under this Plan will be reduced by the
         amount of any severance or similar payment required to be paid to you
         by CEC under applicable federal, state, and local laws. Cash severance
         payments are also subject to all applicable withholding, including
         state and federal income tax withholding and FICA and Medicare tax
         withholding.

         Severance pay under this Plan will be reduced (offset) by the amount of
         any payment made by CEC to you pursuant to an employment contract,
         agreement or other severance arrangement, to the extent such payment is
         called a severance payment or otherwise becomes payable due to a
         termination. If such an agreement, contract or arrangement provides for
         severance payments in excess of those provided under this Plan, no
         severance pay will be due under this Plan, however, you may still be
         eligible for other benefits under the Plan, to the extent benefits are
         not duplicative of what you are receiving under the agreement, contract
         or arrangement.

         TERMINATION OF SEVERANCE BENEFITS

         All severance benefits payable under this Plan (including severance
         pay, outplacement assistance and continuation coverage premiums) will
         be terminated if CEC determines that you have violated the
         noncompetition or confidentiality provisions contained in your release
         form.

V.       AMENDMENT AND TERMINATION OF THE PLAN

         Except as provided below, CEC reserves the right in its discretion to
         amend or terminate this Plan, or to alter, reduce, or eliminate any
         severance benefit, practice or policy hereunder, in whole or in part,
         at any time and for any reason without the consent of or notice to any
         employee or any other person having any beneficial interest in this
         Plan. Such action may be taken by the Board of Directors of CEC, by the
         Chief Executive Officer of CEC, or by any other individual or committee
         to whom such authority has been delegated by the Board of Directors.

         However, during the 24-month period following a Change in Control, the
         Plan may not be amended, terminated or otherwise altered to reduce the
         amount (or change the terms) of any severance benefit that becomes
         payable to a Participant who was a Participant in the Plan on the day
         prior to the Change in Control.

         In addition, if a Change in Control occurs within the 6-month period
         following the effective date of an amendment to terminate the Plan or
         otherwise reduce the amount

                                      -8-

<PAGE>

         (or alter the terms) of any severance benefit under the Plan, such
         amendment (or portion of such amendment) will become null and void upon
         the Change in Control. Upon the Change in Control, the Plan will
         automatically revert to the terms in effect prior to the adoption of
         said amendment.

         Notwithstanding the above limitations, the Plan may be amended at any
         time (and such amendment will be given affect) if such amendment is
         required to bring the Plan into compliance with applicable law,
         including but not limited to Section 409A of the Internal Revenue Code.

         This Plan shall terminate immediately upon CEC's filing for relief in
         bankruptcy or on such date as an order for relief in bankruptcy is
         entered against CEC. A Participant who experiences a severance event
         after such termination will not be eligible for benefits under this
         Plan.

VI.      SUBMITTING CLAIMS FOR BENEFITS

         Normally, CEC will determine an employee's eligibility and benefit
         amount on its own and without any action on the part of the terminating
         employee, other than returning the release form. The severance payments
         will begin as soon as administratively feasible after the date the
         release becomes irrevocable.

         FORMAL CLAIMS FOR BENEFITS. If you think you are entitled to benefits
         but have not been so notified by CEC, if you disagree with a decision
         made by CEC, or if you have any other complaint regarding the Plan that
         is not resolved to your satisfaction, you or your authorized
         representative may submit a written claim for benefits. The claim must
         be submitted to CEC's Human Resources Department in Minneapolis,
         Minnesota within six months after the date you terminated employment.
         Claims received after that time will not be considered.

         CEC will ordinarily respond to the claim within 90 days of the date on
         which it is received. However, if special circumstances require an
         extension of the period of time for processing a claim, the 90-day
         period can be extended for an additional 90 days by giving you written
         notice of the extension, the reason why the extension is necessary, and
         the date a decision is expected.

         CEC will give you a written notice of its decision if it denies your
         claim for benefits in whole or in part. The notice will explain the
         specific reasons for the decision, including references to the relevant
         plan provision upon which the decision is based, with a description of
         any additional material or information necessary for you to perfect
         your claim, and the procedures for appealing the decision.

         APPEALS. If you disagree with the initial claim determination, in whole
         or in part, you or your authorized representative can request that the
         decision be reviewed by filing a written request for review with CEC's
         Human Resources Department in Minneapolis,

                                      -9-

<PAGE>

         Minnesota within 60 days after receiving notice that the claim has been
         denied. You or your representative may present written statements
         describing reasons why you believe the claim denial was in error, and
         should include copies of any documents you want us to consider in
         support of your appeal. Your claim will be decided based on the
         information submitted, so you should make sure that your submission is
         complete. Upon request to CEC, you may review all documents we
         considered or relied on in deciding your claim. (You may also receive
         copies of these documents free of charge.)

         Any appeal will be reviewed and decided by person(s) other than the
         person(s) who made the determination on your original claim. Generally,
         the decision will be reviewed within 60 days after CEC receives a
         request for review. However, if special circumstances require a delay,
         the review may take up to 120 days. (If a decision cannot be made
         within the 60-day period, you will be notified of this fact in
         writing.) You will receive a written notice of the decision on the
         appeal, which will explain the reasons for the decision by making
         specific reference to the Plan provisions on which the decision is
         based.

         LIMITATIONS PERIOD. The claims procedure above is mandatory. If an
         employee has completed the entire claims procedure and still disagrees
         with the outcome of the employee's claim, the employee may commence a
         civil action under Section 502(a) of the Employee Retirement Income
         Security Act of 1974, as amended ("ERISA"). The employee must commence
         such civil action within one year of the date of the final denial, or
         the employee will waive all rights to relief under ERISA.

VII.     PLAN ADMINISTRATION

         The following information relates to the administration of the Plan and
         the determination of Plan benefits.

         NAME OF PLAN:

         Capella Education Company Senior Executive Severance Plan

         TYPE OF PLAN:

         The Plan is a "top-hat" plan -- that is, an unfunded plan maintained
         primarily for the purpose of providing deferred compensation/severance
         benefits for a select group of management or highly compensated
         employees within the meaning of ERISA Sections 201(2), 301(a)(3) and
         401(a)(1), and therefore is exempt from Parts 2, 3 and 4 of Title I of
         ERISA.

                                      -10-

<PAGE>

         PLAN ADMINISTRATOR/PLAN SPONSOR:

         CEC is the "Plan Sponsor" and "Plan Administrator" of this Plan.
         Communications to CEC regarding the Plan should be addressed to:

                  Capella Education Company
                  ATTN:  Human Resources Department
                  225 South Sixth Street, 8th Floor
                  Minneapolis, MN  55402

                  Telephone:  (612) 977-5299

         As Plan Administrator, CEC has complete discretionary authority to
         interpret the provisions of the Plan and to determine which employees
         are eligible to participate and eligible for Plan benefits, the
         requirements to receive severance benefits, and the amount of those
         benefits. CEC also has authority to correct any errors that may occur
         in the administration of the Plan, including recovering any overpayment
         of benefits from the person who received it.

         EMPLOYER IDENTIFICATION NUMBER:  41-1717955

         PLAN YEAR:  The calendar year.

         AGENT FOR SERVICE OF LEGAL PROCESS:

         Legal process regarding the Plan may be served on CEC at the address
         listed above.

         ASSIGNMENT OF BENEFITS:

         You cannot assign your benefits under this Plan to anyone else, and
         your benefits are not subject to attachment by your creditors. CEC will
         not pay Plan benefits to anyone other than you (or your estate, if you
         die after having a qualifying severance event but before receiving the
         complete severance amount payable to you up to the date of your death).

         GOVERNING LAW:

         This Plan, to the extent not preempted by ERISA or any other federal
         law shall be governed by and construed in accordance with, the laws of
         the sate of Minnesota.

         EMPLOYMENT RIGHTS:

         Establishment of the Plan shall not be construed to in any way modify
         the parties' at-will employment relationship, or to give any employee
         the right to be retained in CEC's service or to any benefits not
         specifically provided by the Plan. The right of an employer to
         terminate the employment relationship of an employee (or to accelerate
         the termination date) will not in any way be affected by the terms of
         this Plan or any release.

                                      -11-

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