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  Exhibit 10.31    
    

 
 

  BRIDGEPOINT EDUCATION, INC.
  
    EXECUTIVE SEVERANCE PLAN
  
    AND
  
    SUMMARY PLAN DESCRIPTION    
    

           

           

           

          

Plan
Effective Date: February 9, 2009 

 

 
 

  BRIDGEPOINT EDUCATION, INC. EXECUTIVE SEVERANCE PLAN
  AND
  SUMMARY PLAN DESCRIPTION    
    

        The Bridgepoint Education, Inc. Executive Severance Plan (the "Plan") provides severance benefits to certain management or
highly compensated employees ("Covered Employees") of Bridgepoint Education, Inc., a Delaware corporation. The Plan is effective for eligible employees who receive and execute a Severance
Agreement (an "Agreement") and who otherwise satisfy the conditions set forth in such Agreement and the provisions of this Plan. 

        This
Plan is designed to be an "employee welfare benefit plan," as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). This Plan
is governed by ERISA and, to the extent applicable, the laws of the State of Delaware, without reference to the conflict of law provisions thereof. 

        This
document and your Agreement constitute both the official plan document and the required summary plan description under ERISA. 

 I.    ELIGIBILITY  

        You will become a Covered Employee in the Plan only if you: (i) are selected by Bridgepoint Education, Inc. to be
eligible to participate in this Plan, (ii) receive an Agreement (the provisions of which are incorporated by reference), (iii) sign the Agreement indicating your agreement to be bound by
the terms of this Plan and (iv) return such signed Agreement to Bridgepoint Education, Inc. 

 II.    BENEFITS  

        If you are a Covered Employee, you shall be eligible for severance benefits at such times and in such amounts as may be specified in
your Agreement. 

 III.    OTHER IMPORTANT INFORMATION  

        A.    Plan Administration.    As the Plan Administrator,
Bridgepoint Education, Inc. has the full and sole discretionary authority to administer and interpret the Plan, including discretionary authority to determine eligibility for participation in
and for benefits under the Plan, to determine the amount of benefits (if any) payable per participant, and to any terms of this document. All determinations by the Plan Administrator will be final and
conclusive upon all persons and be given the maximum possible deference allowed by law. The Plan Administrator is the "named fiduciary" of the Plan for purposes of ERISA and will be subject to the
fiduciary standards of ERISA when acting in such capacity. Bridgepoint Education, Inc. may delegate in writing to any other person all or a portion of its authority or responsibility with
respect to the Plan. 

        B.    Source of Benefits.    The Plan is unfunded, and all severance benefits will be paid from the general assets of
Bridgepoint Education, Inc. or its successor. No contributions are required under the Plan. 

        C.    Claims Procedure.    If you are a Covered Employee and believe you have been incorrectly denied a benefit or are
entitled to a greater benefit than the benefit you received under the Plan, you may submit a signed, written application to the Company's head of its human resources department or the Company's
General Counsel (each a "Claims Representative"). You will be notified in writing of the approval or denial of this claim within ninety (90) days of the date that the Claims Representative
receives the claim, unless special circumstances require an extension of time for processing the claim. In the event an extension is necessary, you will be provided written notice prior to the end of
the initial ninety (90) day period indicating the special circumstances requiring the extension and the date by which the Claims Representative expects to notify you of approval or denial of
the claim. In no event will an extension extend beyond ninety (90) days after the end of the initial ninety (90) day period. If your claim is denied, the written notification will state
specific reasons for the denial, make specific reference to the Plan provision(s) on which the denial is based, and provide a description of any 

 

material
or information necessary for you to perfect the claim and why such material or information is necessary. The written notification will also provide a description of the Plan's review
procedures and the applicable time limits, including a statement of your right to bring a civil suit under section 502(a) of ERISA following denial of your claim on review. 

        You
will have sixty (60) days from receipt of the written notification of the denial of your claim to file a signed, written request for a full and fair review of the
denial by a review panel which will be a named fiduciary of the Plan for purposes of such review. This request should include the reasons you are requesting a review and may include facts supporting
your request and any other relevant comments, documents, records and other information relating to your claim. Upon request and free of charge, you will be provided with reasonable access to, and
copies of, all documents, records and other information relevant to your claim, including any document, record or other information that was relied upon in, or submitted, considered or generated in
the course of, denying your claim. A final, written determination of your eligibility for benefits shall be made within sixty (60) days of receipt of your request for review, unless special
circumstances require an extension of time for processing the claim, in which case you will be provided written notice of the reasons for the delay within the initial sixty (60) day period and
the date by which you should expect notification of approval or denial of your claim. This review will take into account all comments, documents, records and other information submitted by you
relating to your claim, whether or not submitted or considered in the initial review of your claim. In no event will an extension extend beyond sixty (60) days after the end of the initial
sixty (60) day period. If an extension is required because you fail to submit information that is necessary to decide your claim, the period for making the benefit determination on review will
be tolled from the date the notice of extension is sent to you until the date on which you respond to the request for additional information. If your claim is denied on review, the written
notification will state specific reasons for the denial, make specific reference to the Plan provision(s) on which the denial is based and state that you are entitled to receive upon request, and free
of charge, reasonable access to, and copies of, all documents, records and other information relevant to your claim, including any document, record or other information that was relied upon in, or
submitted, considered or generated in the course of, denying your claim. The written notification will also include a statement of your right to bring an action under section 502(a) of ERISA. 

        If
your claim is initially denied or is denied upon review, you are entitled to receive upon request, and free of charge, reasonable access to, and copies of, any document, record or
other information that demonstrates that (1) your claim was denied in accordance with the terms of the Plan, and (2) the provisions of the Plan have been consistently applied to
similarly situated Plan participants, if any. In pursuing any of your rights set forth in this section, your authorized representative may act on your behalf. 

        If
you do not receive notice within the time periods described above, whether on initial determination or review, you may initiate a lawsuit under Section 502(a) of ERISA. 

        D.    Prior Plans Superseded.    With the exception of any individual employment agreements that are in effect as of
the effective date of the Covered Employee's Agreement, the Plan supersedes any and all prior separation, change in control, severance and salary continuation arrangements, programs and/or similar
plans that may previously have been offered by Bridgepoint Education, Inc. (and its predecessors-in-interest) to employees eligible to participate in this Plan. 

        E.    Plan Amendment or Termination.    Bridgepoint Education, Inc. reserves the right to terminate or amend
the Plan at any time, in whole or in part, and in any manner, and for any reason. Any termination or amendment of the Plan will be effective only after one (1) year advance written notice to
Covered Employees if such amendment or termination would result in a reduction of benefits that Covered Employees would have otherwise been able to receive under the pre-amended Plan. 

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        F.    At-Will Employment.    No provision of the Plan is intended to provide you with any right to
continue as an employee with Bridgepoint Education, Inc., or in any other capacity, for any specific period of time, or otherwise affect the right of Bridgepoint Education, Inc. to
terminate the employment or service of any individual at any time for any reason, with or without cause. 

        G.    Section 409A of the Internal Revenue Code.    This Plan is intended to provide severance benefits under
ERISA. The Plan is not intended to constitute a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Internal Revenue Code ("Code"). Notwithstanding the
foregoing, in the event this Plan or any benefit paid under this Plan to a Covered Employee is deemed to be subject to Code Section 409A, each Covered Employee consents to Bridgepoint
Education, Inc.'s adoption of such conforming amendments as the Legal Department of Bridgepoint Education, Inc. deems advisable or necessary, in its sole discretion, to comply with Code
Section 409A. In addition, if upon a Covered Employee's "separation from service" within the meaning of Code Section 409A, he or she is then a "specified employee" (as defined in Code
Section 409A), then to the extent necessary to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of
"nonqualified deferred compensation" subject to Code Section 409A payable as a result of and within six (6) months following such "separation from service" under this Agreement until the
earlier of (i) the first business day of the seventh month following the Covered Employee's "separation from service," or (ii) ten (10) days after the Company receives written
notification of the Covered Employee's death. Any such delayed payments shall be made without interest. 

        H.    Indemnification.    Bridgepoint Education, Inc. agrees to indemnify its officers and employees and the
members of the Board of Directors of Bridgepoint Education, Inc. from all liabilities from their acts or omissions in connection with the administration, amendment or termination of the Plan,
to the maximum extent permitted by applicable law. 

        I.    Severability.    If any provision of the Plan is held invalid or unenforceable, its invalidity or
unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included. 

        J.    Headings.    Headings in this Plan document are for purposes of reference only and will not limit or otherwise
affect the meaning hereof. 

 IV.    STATEMENT OF ERISA RIGHTS  

        As a participant in the Plan you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants
shall be entitled to: 

        A.    Receive Information About Your Plan and Benefits  

        Examine, without charge, at the Plan Administrator's office and at other specified locations, such as work sites, all documents governing the Plan. 

        Obtain,
upon written request to the Plan Administrator, copies of documents governing the operation of the Plan. The Plan Administrator may make a reasonable charge for the copies. 

        B.    Prudent Actions by Plan Fiduciaries  

        In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The
people who operate your Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer
or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 

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        C.    Enforce Your Rights  

        If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating
to the decision without charge, and to appeal any denial, all within certain time schedules. 

        Under
ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents and do not receive it within 30 days, you may file
suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110.00 a day until you receive the materials, unless the materials
were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal
court. If you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should
pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for
example, if it finds your claim is frivolous. 

        D.    Assistance With Your Questions  

        If you have any questions about the Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under
ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor,
listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W.,
Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security
Administration. 

 
 

  ADDITIONAL PLAN INFORMATION    
    

			
	Name of Plan:	 	Bridgepoint Education, Inc. Executive Severance Plan
	
Bridgepoint Education, Inc. Sponsoring Plan:	
 	
Bridgepoint Education, Inc.

13500 Evening Creek Drive North, Suite 600

San Diego, CA 92128
	
Employer Identification Number:	
 	
59-3551629
	
Plan Number:	
 	
502
	
Plan Year:	
 	
Calendar Year
	
Plan Administrator:	
 	
Bridgepoint Education, Inc.

c/o General Counsel

13500 Evening Creek Drive North, Suite 600

San Diego, CA 92128

Telephone No. 858-668-2586
	
Agent for Service of Legal Process:	
 	
Plan Administrator, at the above address
	
Type of Plan:	
 	
Employee Welfare Benefit Plan providing for severance benefits
	
Plan Costs:	
 	
The cost of the Plan is paid by Bridgepoint Education, Inc.
	
Type of Administration:	
 	
Self-administration by the Plan Administrator

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QuickLinks

Exhibit 10.31

BRIDGEPOINT EDUCATION, INC. EXECUTIVE SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION

BRIDGEPOINT EDUCATION, INC. EXECUTIVE SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION

ADDITIONAL PLAN INFORMATIONQuickLinks
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  Exhibit 10.32    
    

 
 

  SEVERANCE AGREEMENT    
    

        THIS SEVERANCE AGREEMENT (this "Agreement"), dated as
of                                    , is made by and between
Bridgepoint Education, Inc., a
Delaware corporation (the "Company"),
and                                    ("Executive"). 

        WITNESSETH:

        WHEREAS,
Executive is an executive of the Company and has made and is expected to continue to make major contributions to the short- and long-term profitability, growth and
financial strength of the Company; 

        WHEREAS,
the Company desires to assure itself of both present and future continuity of management and desires to establish certain severance benefits for valued executives such as
Executive, and the Company has therefore previously adopted the Plan which can provide severance benefits under certain circumstances; 

        WHEREAS,
the Company desires to provide additional inducement for the Executive to continue to remain in the employ of the Company; 

        WHEREAS,
this Agreement is the Severance Agreement described in the Plan and this Agreement enumerates the Plan benefits that may be provided to Executive as referenced in
Section II of the Plan; and 

        WHEREAS,
the Compensation Committee of the Board has authorized the Company to enter into this Agreement in order for Executive to become a Covered Employee (as defined in the Plan) and
participant in the Plan as provided by the Plan. 

        NOW,
THEREFORE, the Company and Executive agree as follows: 

        1.    Certain Defined Terms.    In addition to terms defined elsewhere herein or in the Plan, the following terms have
the following meanings when used in this Agreement with initial capital letters: 

        (a)   "Base
Pay" means Executive's annual base salary rate as in effect from time to time. 

        (b)   "Board"
means the Board of Directors of the Company. 

        (c)   "Cause"
means any of the following, each as determined in the discretion of the Company's (or its successor's) Board or Chief Executive Officer: 

        (i)    Your
conviction of, or a plea of guilty or nolo contendere to, a felony or other crime (except for misdemeanors which are not materially injurious to the business or
reputation of the Company or a Company affiliate); 

        (ii)   Your
willful refusal to perform in any material respect your duties and responsibilities for the Company or a Company affiliate or your failure to comply in any
material respect with the terms of this Agreement and the Confidentiality Agreement and the polices and procedures of the Company or a Company affiliate at which you serve as an officer and/or
director; 

        (iii)  Fraud
or other illegal conduct in your performance of duties for the Company or a Company affiliate; or 

        (iv)  Any
conduct by you which is materially injurious to the Company or a Company affiliate or materially injurious to the business reputation of the Company or a Company
affiliate. 

Notwithstanding
the foregoing, Executive's employment shall not be deemed to have been terminated for "Cause" under (ii) above unless and until there shall have been delivered to the Executive
a copy 

1

 

of
a resolution duly adopted by the affirmative vote of not less than a majority of the Board then in office at a meeting of the Board called and held for such purpose, after reasonable notice to the
Executive and an opportunity for the Executive, together with the Executive's counsel (if the Executive chooses to have counsel present at such meeting), to be heard before the Board, finding that, in
the good faith opinion of the Board, the Executive had committed an act constituting "Cause" and specifying the particulars thereof in detail. Nothing herein will limit the right of the Executive or
his beneficiaries to contest the validity or propriety of any such determination. 

        (d)   "Change
of Control" means any of the following: 

        (i)    The
acquisition by any individual, entity or group (other than the Company or any employee benefit plan of the Company or Warburg Pincus & Co. and its
affiliated entities and investment funds) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of securities representing more than 50% of
the voting securities of the Company entitled to vote generally in the election of directors, determined on a fully-diluted basis ("Company Voting Securities"); provided, however, that such
acquisition shall not constitute a Change of Control hereunder if a majority of the holders of the Company Voting Securities immediately prior to such acquisition retain directly or through ownership
of one or more holding companies, immediately following such acquisition, a majority of the voting securities entitled to vote generally in the election of directors of the successor entity; 

        (ii)   The
sale, transfer or other disposition of 50% or more of the Company's assets to one or more unaffiliated individual(s), entities or groups; or 

        (iii)  When
a majority of the members of the Board shall not be "Company Directors". For purposes of this Agreement, "Company Directors" means (A) individuals who as
of the adoption date of the Plan are voting members of the Board, (B) individuals elected as directors of the Company subsequent to the adoption date of the Plan for whose election proxies
shall have been solicited by the Board, or (C) any
individual appointed to the Board to fill vacancies of the Board caused by death or resignation (but not by removal) or to fill newly created directorships. 

A
transaction shall not constitute a Change of Control if its sole purpose is to change the state of the Company's incorporation or to create a holding company that will be owned in substantially the
same proportions by the persons who held the Company's securities immediately before such transactions. In addition, an initial public offering of the Company's securities shall not constitute a
Change of Control. 

        (e)   "Code"
means the Internal Revenue Code of 1986, as amended. 

        (f)    "Disability"
means that Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can
be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 

        (g)   "Employee
Benefits" means any Company group health and dental benefit plans and basic life insurance that is provided to Executive as of the Termination Date. For
avoidance of doubt, Employee Benefits shall not include contributions made by the Company to any retirement plan, pension plan or profit sharing plan for the benefit of the Executive in connection
with amounts earned by the Executive. 

        (h)   "ERISA"
means the Employee Retirement Income Security Act of 1974, as amended. 

        (i)    "Exchange
Act" means the Securities Exchange Act of 1934, as amended. 

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        (j)    "Good
Reason" means that one or more of the following have occurred without the Executive's written consent: 

        (i)    Executive
has experienced a material diminution in Base Pay; 

        (ii)   Executive
has experienced a material diminution in his/her authority, duties, responsibilities, or reporting structure; 

        (iii)  Executive
has been notified that he/she will experience a material change in the geographic location at which he/she must perform his/her services to the Company; or 

        (iv)  The
Company has materially breached this Agreement. 

For
purposes of this Agreement, Executive may resign his/her employment from the Company for "Good Reason" within ninety (90) days after the date that any one of the events shown above in
(i) through (iv) has first occurred without Executive's written consent. Failure to terminate his/her employment within such ninety (90) day period shall mean that Executive has
forever waived his/her ability to resign for Good Reason with respect to the event in question. Executive's resignation for Good Reason will only be effective if the Company has not cured or remedied
the Good Reason event within thirty (30) days after its receipt of the written notice. Such written notice must be provided to the Company within thirty (30) days of the initial
existence of the purported Good Reason event and shall describe in detail the basis and underlying facts supporting Executive's belief that a Good Reason event has occurred. Failure to timely provide
such written notice to the Company means that Executive will be deemed to have consented to and irrevocably waived the potential Good Reason event. If the Company does timely cure or remedy the Good
Reason event, then Executive may either resign his/her employment without Good Reason or Executive may continue to remain employed subject to the terms of this Agreement. 

        (k)   "Plan"
means the Bridgepoint Education, Inc. Executive Severance Plan. 

        (l)    "Qualifying
Termination" means that Executive's employment with the Company was terminated either by (i) the Executive for Good Reason or (ii) the Company
without Cause. For avoidance of doubt, termination of employment due to death or Disability shall not constitute a Qualifying Termination. 

        (m)  "Termination
Date" means the Executive's last day of employment with the Company (and any Company subsidiary or affiliate) and where such termination of employment
constitutes a "separation from service" within the meaning of Code Section 409A. 

        2.    Termination.    If Executive sustains a Qualifying Termination, then the following subsections in this
Section 2 shall apply (with Sections 2(a) and 2(b) being subject to the effectiveness of the release of claims and covenant not to sue referenced in Section 2(e) below): 

        (a)   Executive
shall receive from the Company cash payments in the aggregate that equal one-half of Base Pay (determined as of the Termination Date). Except as
may be provided below with respect to the first payment installment, the cash payments provided by this subpart (a) shall be paid to Executive in substantially equal installments payable
bi-weekly over the six month period following the Termination Date. However, the first payment shall be made to Executive within fifteen days following the effective date of the release of
claims described in Section 2(e). The amount of this first payment will cover the period of time from the Termination Date through the end of the bi-weekly period immediately
preceding such first payment. Notwithstanding the foregoing, no payments shall be made until on or after the date of a "separation from service" within the meaning of Code Section 409A. In
addition, if Executive's Termination Date has occurred during the twenty-four (24) month period after a Change of Control, then all of Executive's outstanding unvested stock options
to acquire Company stock shall become fully vested and exercisable as of the Termination Date. However, for avoidance of doubt, after the Termination Date, Executive may not exercise any of the stock
options whose vesting is 

3

 

accelerated
under the previous sentence until on or after the effective date of the release of claims specified in Section 2(e). 

        (b)   For
the six month period commencing with the month following the month of the Termination Date, the Company shall continue to provide to Executive all Employee Benefits
which were received by, or with respect to, Executive as of the Termination Date, at the same expense to Executive as before the Termination Date subject to immediate cessation if Executive is offered
comparable employee benefits coverage in connection with new employment. Executive shall provide advance written notice to the Company informing the Company when the Executive is offered or becomes
eligible for other employee benefits in connection with new employment. In addition, if periodically requested by the Company, the Executive will provide the Company with written confirmation that
he/she has not been offered other employee benefits. 

        (c)   As
of his/her Termination Date, Executive shall also be paid for his/her accrued but unpaid salary and vacation and unreimbursed valid business expenses that were
submitted in accordance with Company policies and procedures, and shall be eligible for other vested benefits pursuant to the express terms of any employee benefit plan. 

        (d)   In
the event that it is determined that any payment or distribution of any type to or for the benefit of the Executive made by the Company, by any of its affiliates, by
any person who acquires ownership or effective control of the Company or ownership of a substantial portion of the Company's assets (within the meaning of section 280G of the Code, and the
regulations thereunder) or by any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the "Total Payments"), would
be subject to the excise tax imposed by section 4999 of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are
collectively referred to as the "Excise Tax"), then such payments or distributions shall be payable either in (x) full or (y) as to such lesser amount which would result in no portion of
such payments or distributions being subject to the Excise Tax and Executive shall receive the greater, on an after-tax basis, of (x) or (y) above. All mathematical
determinations and all determinations of whether any of the Total Payments are "parachute payments" (within the meaning of section 280G of the Code) that are required to be made under this
Section 2(d), shall be made by a nationally recognized independent audit firm not currently retained by the Company most recently prior to the Change of Control (the "Accountants"), who shall
provide their determination, together with detailed supporting calculations regarding the amount of any relevant matters, both to the Company and to the Executive within seven (7) business days
of the Executive's Termination Date, if applicable, or such earlier time as is requested by the Company. Such determination shall be made by the Accountants using reasonable good faith interpretations
of the Code. Any determination by the Accountants shall be binding upon the Company and the Executive, absent manifest error. The Company shall pay the fees and costs of the Accountants which are
incurred in connection with this Section 2(d). 

        (e)   All
payments and benefits provided under Sections 2(a) and 2(b) are conditioned on and subject to the Executive's continuing compliance with this Agreement and
the Executive's timely execution (and non-revocation and effectiveness) of a general release of claims and covenant not to sue substantially in the form attached hereto as Exhibit A
(or as may be reasonably modified by the Company in its reasonable discretion). There is no entitlement to any payments or benefits unless and until such release of claims and covenant not to sue is
effective. Such release must become effective within sixty (60) days after the Termination Date or else the Executive will be deemed to have waived all rights to any payments or benefits under
this Agreement. In addition, to the extent Executive receives severance or similar payments and/or benefits under any other Company plan, program, agreement, policy, practice, or the like, or under
the WARN Act or similar state law, the payments and benefits due to Executive under this Agreement will be correspondingly reduced on a dollar-for-dollar basis (or
vice-versa) in a manner that complies with Code Section 409A. 

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        3.    Successors and Binding Agreement.    

        (a)   The
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the
business or assets of the Company expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had
taken place. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all
or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the "Company" for
the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company. 

        (b)   This
Agreement will inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators, successors, heirs,
distributees and legatees. 

        (c)   This
Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign, transfer or delegate this Agreement or any rights
or obligations hereunder except as expressly provided in Sections 3(a) and 3(b). Without limiting the generality or effect of the foregoing, the Executive's right to receive payments hereunder
will not be assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by Executive's will or by the laws of descent and
distribution and, in the event of any attempted assignment or transfer contrary to this Section 3(c), the Company shall have no liability to pay any amount so attempted to be assigned,
transferred or delegated. 

        4.    No Retention Rights.    This Agreement is not an employment agreement and does not give the Executive the right
to be retained by the Company (or its subsidiaries or affiliates) and the Executive agrees that he/she is an employee-at-will. The Company (or its subsidiaries or affiliates)
reserves the right to terminate the Executive's service as an employee at any time and for any reason. 

        5.    Notices.    For all purposes of this Agreement, all communications, including without limitation notices,
consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile
transmission (with receipt thereof orally confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three
business days after having been sent by a nationally recognized overnight courier service such as FedEx or UPS addressed to the Company (to the attention of the General Counsel of the Company) at its
principal executive office and to the Executive at his/her principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that
notices of changes of address shall be effective only upon receipt. 

        6.    Validity.    If any provision of this Agreement or the application of any provision hereof to any person or
circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances will not be affected, and
the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the extent (and only to the extent) necessary to make it enforceable, valid or legal. 

        7.    Dispute Resolution; Governing Law.    Any dispute between the parties must be resolved pursuant to the claims
procedures and other processes articulated in the Plan. This Agreement is governed by ERISA and, to the extent applicable, the laws of the State of Delaware, without reference to the conflict of law
provisions thereof. 

        8.    Miscellaneous.    

        (a)   All
provisions of this Agreement are subject to and governed by the terms of the Plan. In the event of any conflict in terms between the Plan and this Agreement, the
terms of the Plan shall prevail and govern. 

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        (b)   No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and
the Company. Notwithstanding the preceding sentence, the Company may terminate or amend this Agreement at any time, in whole or in part, and in any manner, and for any reason provided that the
termination or amendment of this Agreement will be effective only after one (1) year advance written notice to Executive if such amendment or termination would result in a reduction of benefits
that Executive would have otherwise been able to receive under the pre-amended Agreement. 

        (c)   No
waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by
such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

        (d)   The
Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersedes any and all prior agreements of the
parties with respect to such subject matter. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party which
are not set forth expressly in this Agreement. 

        (e)   The
Company may effect any right of recoupment of equity or other compensation provided to Executive under this Plan or otherwise in accordance with Company policies
and/or applicable law (each, a "Clawback Policy"). In addition, Executive may be required to repay to the Company certain previously paid compensation, whether provided under the Plan or Agreement or
otherwise, in accordance with the Clawback Policy. 

        9.    Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall be deemed to be
an original but all of which together will constitute one and the same agreement. 

        10.    Section 409A.    This Agreement is intended to comply with the requirements of section 409A of
the Code. In the event this Agreement or any benefit paid to Executive hereunder is deemed to be subject to section 409A of the Code, Executive consents to the Company adopting such conforming
amendments as the Company deems necessary, in its reasonable discretion, to comply with section 409A of the Code. In addition, if upon Executive's "separation from service" within the meaning
of Code Section 409A, he or she is then a "specified employee" (as defined in Code Section 409A), then to the extent necessary to comply with Code Section 409A and avoid the
imposition of taxes under Code Section 409A, the Company shall defer payment of "nonqualified deferred compensation" subject to Code Section 409A payable as a result of and within six
(6) months following such "separation from service" under this Agreement until the earlier of (i) the first business day of the seventh month following the Executive's "separation from
service," or (ii) ten (10) days after the Company receives written notification of the Executive's death. Any such delayed payments shall be made without interest. 

        11.    Withholding.    All payments and benefits made under this Agreement shall be subject to reduction to reflect
any withholding taxes or other amounts required by applicable law or regulation. 

        12.    Restrictive Covenants.    Executive must fully comply with the provisions specified in this Section 12
and also with all of the Company's written policies and procedures. In addition, Executive may be required to repay to the Company certain previously paid compensation (including, without limitation,
payments and benefits provided under this Agreement) in accordance with Company policies and/or applicable law. 

        (a)    Nondisparagement.    Executive will not disparage the Company, its directors, officers, employees, affiliates,
subsidiaries, predecessors, successors or assigns in any written or oral communications to any third party. Executive further agrees that he/she will not direct anyone to make any disparaging oral or
written remarks to any third parties. 

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        (b)    Nonsolicit.    During the Executive's employment with the Company and for six (6) months after
Executive's Termination Date, the Executive shall not, directly or indirectly, either as an individual or as an employee, agent, consultant, advisor, independent contractor, general partner, officer,
director, stockholder, investor, lender, or in any other capacity whatsoever, of any person, firm, corporation or partnership: (i) solicit, induce, recruit or encourage any of the Company's
employees or consultants to terminate their relationship with the Company, or attempt to solicit, induce, recruit, encourage any of the Company's employees or consultants to terminate their
relationship with the Company, or attempt to solicit, induce, recruit, encourage or take away employees or consultants of the Company or (ii) attempt to negatively influence any of the
Company's clients or customers from purchasing Company products or services or to solicit or influence or attempt to influence any client, customer or other person either directly or indirectly, to
direct his or its purchase of products and/or services to any person, firm, corporation, institution or other entity in competition with the business of the Company or (iii) participate or
engage in the design, development, manufacture, production, marketing, sale or servicing of any product, or the provision of any service, that directly or indirectly relates to Company business as
conducted on the Termination Date. 

        (c)    Nondisclosure.    Notwithstanding any requirement that the Company may have to publicly disclose the terms of
this Agreement pursuant to applicable law or regulations, the Executive agrees to use reasonable efforts to maintain in confidence the existence of this Agreement, the contents and terms of this
Agreement, and the consideration for this Agreement (hereinafter collectively referred to as "Agreement Information"). The Executive also agrees to take every reasonable precaution to prevent
disclosure of any Agreement Information to third parties, except for disclosures required by law or absolutely necessary with respect to Executive's immediate family members or personal advisors who
shall also agree to maintain the confidentiality of the Agreement Information. 

        (d)    Confidentiality.    Executive shall not, except as required by any court or administrative agency, without the
written consent of the Board or a person authorized thereby, disclose to any person, other than an employee of the Company or a person to whom disclosure is reasonably necessary or appropriate in
connection with the performance by the Executive or his duties to the Company, any confidential information obtained by him while in the employ of the Company with respect to any of the Company's
inventions, processes, customers, methods of distribution, methods of manufacturing, attorney-client communications, pending or contemplated acquisitions, other trade secrets, or any other material
which the Company is obliged to keep confidential pursuant to any confidentiality agreement or protective order; provided, however, that confidential information shall not include any information now
known or which becomes known generally to the public (other than as a result of an unauthorized disclosure by the Executive) or any information of a type not otherwise considered confidential by a
person engaged in the same business or a business similar to that conducted by the Company. 

        (e)    Remedy for Breach.    The parties hereto agree that, in the event of breach or threatened breach of any
covenants herein, the damage or imminent damage shall be inestimable, and that therefore any remedy at law or in damages shall be inadequate. Accordingly, the parties hereto agree that the Company and
Executive shall be entitled to apply for injunctive relief in the event of any breach or threatened breach of any of such provisions by Executive or the Company, in addition to any other relief
(including damages) available to the Company or Executive under this Agreement or under law. 

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        IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written. By
signing below, Executive acknowledges that he/she (i) has received a copy of the Plan and its Summary Plan Description and understands the terms of the Plan and this Agreement, (ii) is
voluntarily entering into this Agreement and (iii) is agreeing to be bound by the terms of the Plan and this Agreement. 

					
	 
	 	 BRIDGEPOINT EDUCATION, INC.
	 

    
	 	 	 	 
	 
	 	

  By:
	 
	 	Title:	 	 
	 Executive:
	 	 	 	 
	 

    
	 	 	 	 
	 

 	 	 	 	 

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  EXHIBIT A    
    

 
 

  RELEASE OF CLAIMS AND COVENANT NOT TO SUE    
    

This
Release of Claims and Covenant Not To Sue (the "Release") is entered into by                        ("Executive"). This Release is
effective only if (i) it has been executed by the Executive
after his/her termination of employment with Bridgepoint Education, Inc. (the "Company"), (ii) such executed Release has been provided to the Company on or
before                        and
(iii) the revocation period has expired without revocation as set forth in Section 5(c) below (the "Effective Date"). The Company and the Executive are collectively referred to herein as
the Parties. 

WHEREAS,
Executive was an employee of the Company and served as the Company's                        ; 

WHEREAS,
Executive was a participant in and "Covered Employee" under the Bridgepoint Education, Inc. Executive Severance Plan (the "Plan"); 

WHEREAS,
pursuant to the Plan and the Severance Agreement executed by the Parties on                        ] (the "Severance Agreement"),
the Executive is eligible for specified severance
benefits upon the occurrence of certain events with such benefits conditioned upon, among other things, the Executive's execution and non-revocation of this Release; 

WHEREAS,
the Executive's employment was
terminated                                        
        (as defined in the Severance Agreement) on                        (the "Separation
Date"); and 

WHEREAS,
pursuant to the terms of the Plan and Severance Agreement, the Company has determined to treat the termination of Executive's employment as eligible for payment of certain separation benefits
provided in the Severance Agreement. 

NOW,
THEREFORE, the Executive agrees as follows: 

1.    Termination of Employment.    Executive acknowledges and agrees that Executive's employment with the Company terminated as of
the close of business on the Separation Date. As of the Separation Date, Executive agrees that he/she is no longer an employee of the Company and no longer holds any positions or offices with the
Company. 

2.    Separation Benefits.    In consideration for the release of claims set forth below and other obligations under this Release,
the Plan and the Severance Agreement and in satisfaction of all of the Company's obligations to Executive and further provided that (i) this Release is signed by Executive and not revoked by
Executive under Section 5(c) herein and (ii) the Executive remains in continuing compliance with all of the terms of this Release, the Plan and the Severance Agreement, the Executive is
eligible to receive the separation benefits specified in Sections 2(a) and 2(b) of the Severance Agreement (subject to the provisions of Section 2(d) of the Severance Agreement). 

3.    Integration.    This Release, the Plan, and the Severance Agreement (and any agreements referenced therein) represent the
entire agreement and understanding between the Parties as to the subject matter hereof and supersede all prior agreements whether written or oral. 

4.    Right to Advice of Counsel.    Executive acknowledges that Executive has had the opportunity to fully review this Release and,
if Executive so chooses, to consult with counsel, and is fully aware of Executive's rights and obligations under this Release. 

5.    Executive's Release of Claims.    Executive hereby expressly covenants not to sue and releases and waives any and all claims,
liabilities, demands, damages, penalties, debts, accounts, obligations, actions, grievances, and causes of action ("Claims"), whether now known or unknown, suspected or unsuspected, whether in law, in
equity or in arbitration, of any kind or nature whatsoever, which Executive has or claims to have, now or hereafter, against the Company and its divisions, facilities, 

1

 

subsidiaries
and affiliated entities, successors and assigns, or any of its or their respective past or present officers, directors, trustees, shareholders, agents, employees, attorneys, insurers,
representatives (collectively, the Releasees), including, but not limited to, any Claims arising out of or relating in any way to Executive's employment at the Company and the termination thereof.
Without limiting the foregoing, Executive hereby acknowledges and agrees that the Claims released by this Release include, but are not limited to, any and all claims which arise or could arise under
Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Federal Worker Adjustment and Retraining Notification Act (or any similar state, local or foreign law),
the Employee Retirement Income Security Act of 1974, as amended, the California Fair Employment and Housing Act, California statutory or common law, the Orders of the California Industrial Welfare
Commission regulating wages, hours, and working conditions, and federal statutory law, or any Claim for severance pay, bonus, sick leave, disability, holiday pay, vacation pay, life insurance, health
or medical insurance or any other fringe benefit. Nothing in this Release shall limit in any way Executive's right under California Workers' Compensation laws to file or pursue any workers'
compensation claim. Nothing herein shall release any rights to indemnification Executive may have in connection with Executive's actions taken in the course of his/her duties with the Company. This
release shall not apply to any claims that may not be waived as a matter of applicable law. 

        (a)   As
part of this general release, Executive expressly releases, waives and relinquishes all rights under Section 1542 of the California Civil Code which states: 

"A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED
HIS SETTLEMENT WITH THE DEBTOR." 

Executive
acknowledges that he/she may later discover facts in addition to or different from those which Executive now knows, or believes to be true, with respect to any of the subject matters of this
Release, but that it is nevertheless Executive's intention to settle and release any and all Claims released herein. 

        (b)   Executive
warrants and represents that there is not now pending any action, complaint, petition, Executive charge, grievance, or any other form of administrative, legal
or arbitral proceeding by Executive against the Company and further warrants and represents that no such proceeding of any kind shall be instituted by or on Executive's behalf based upon any and all
Claims released herein. 

        (c)   Executive
expressly acknowledges, understands and agrees that this Release includes a waiver and release of all claims which Executive has or may have under the Age
Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §621, et seq. ("ADEA"). The following terms and conditions apply to and are
part of the waiver and release of ADEA claims under this Release: 

          (i)  Executive
is advised to consult an attorney before signing this Release; 

         (ii)  Executive
is granted twenty-one (21) days after he/she is presented with this Release to decide whether or not to sign this Release; 

        (iii)  Executive
will have the right to revoke the waiver and release of claims under the ADEA within seven (7) days of signing this Release, and this Release shall
not become effective and enforceable until that revocation period has expired without such revocation; 

        (iv)  Executive
hereby acknowledges and agrees that he/she is knowingly and voluntarily waiving and releasing Executive's rights and claims in exchange for consideration
(something of value) in addition to anything of value to which he/she is already entitled; and 

2

 

         (v)  Nothing
in this Release prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does
it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law. 

6.    Labor Code Section 206.5.    Executive agrees that the Company has paid to Executive his/her salary and vacation
accrued as of the Separation Date and that these payments represent all such monies due to Executive through the Separation Date. In light of the payment by the Company of all wages due, or to become
due to Executive, California Labor Code Section 206.5 is not applicable. That section provides in pertinent part as follows: 

No employer shall require the execution of any release of any claim or right on account of wages due, or to become due, or made as an advance on wages to be earned, unless
payment of such wages has been made. 

7.    Severability.    Executive understands that whenever possible, each provision of this Release will be interpreted in such a
manner as to be effective and valid under applicable law, but if any provision of this Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Release will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

8.    No Representations.    Executive has not relied upon any representations or statements made by the Company in deciding whether
to execute this Release. 

9.    Voluntary Execution of Release.    This Release is executed voluntarily by Executive and without any duress or undue influence
and with the full intent of releasing all claims. The Executive acknowledges that: 

        (a)   He/She
has read this Release; 

        (b)   He/She
has been represented in the preparation, negotiation, and execution of this Release by legal counsel of his/her own choice or that he/she has voluntarily declined
to seek such counsel; 

        (c)   He/She
understands the terms and consequences of this Release and of the releases it contains; 

        (d)   He/She
is fully aware of the legal and binding effect of this Release. 

IN
WITNESS WHEREOF, the Executive has executed this Release as shown below. 

			
	EXECUTIVE	 	 
	    	 	 
	    	 	 
	 

 	 	Dated:

3

QuickLinks

Exhibit 10.32

SEVERANCE AGREEMENT

EXHIBIT A

RELEASE OF CLAIMS AND COVENANT NOT TO SUE

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