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  Exhibit 10.79    
    

 
    CORINTHIAN COLLEGES, INC.
  2003 PERFORMANCE AWARD PLAN
  RESTRICTED STOCK UNIT AWARD AGREEMENT    
    

 

 

			
	Employee Name:	 	 «Employee»
	
Number of Stock Units:	
 	
 «Number_of_Stock_Units»(1)
	
Vesting Schedule:	
 	
One-third of the Stock Units subject to the Award will vest on each of the first three anniversary dates of Award Date(1)
	
Award Date:	
 	
[                    , 20    ]

 

 

	(1)
	All
share and unit numbers are subject to adjustment, and the Stock Units are subject to acceleration and termination prior to vesting, as provided herein. 

 

         THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this "Agreement") is by and between CORINTHIAN
COLLEGES, INC., a Delaware corporation (the "Corporation"), and the employee named above (the "Participant"), an employee of the Corporation or one of its subsidiaries,
and is delivered under the Corinthian Colleges, Inc. 2003 Performance Award Plan (the "Plan"). 

 
 

W I T N E S S E T H    
    

        WHEREAS, the Compensation Committee of the Board of Directors has approved, and the
Corporation has granted, effective as of the Award Date, to the Participant with reference to services rendered to the Company, a restricted stock unit award under the Plan (the "Stock Unit Award" or
"Award"), upon the terms and conditions set forth herein and in the Plan. 

        NOW THEREFORE, in consideration of services rendered by the Participant and the mutual promises made herein and the mutual benefits to be
derived therefrom, the parties agree as follows: 

        1.    Defined Terms.    Capitalized terms used herein and not
otherwise defined herein shall have the meaning assigned to such terms in the Plan. 

        2.    Grant.    Subject to the terms of this Agreement and the Plan,
the Corporation grants to the Participant a Stock Unit Award with respect to an aggregate number of Stock Units set forth above. As used herein, the term "Stock Unit" means a non-voting
unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of Common Stock of the Corporation (subject to adjustment as provided in Section 9 hereof)
solely for purposes of the Award. The Stock Units shall be used solely as a device for the determination of the payment to eventually be made to the Participant if such Stock Units vest pursuant to
this Agreement. The Stock Units shall not be treated as property or as a trust fund of any kind. 

        3.    Vesting.    The Stock Units subject to the Award shall vest in
installments as set forth in the "Vesting Schedule" set forth above, subject to earlier termination or acceleration and subject to adjustment as provided herein. 

        4.    Continuance of Employment Required.    Except as otherwise
expressly provided in Section 8 below, the vesting schedule applicable to the Stock Units requires continued employment or service through each applicable vesting date as a condition to the
vesting of the applicable installment of the award and the rights and benefits under this Agreement. Employment or service for only a portion of the vesting period, even if a substantial portion, will
not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in
Section 8 below or under the Plan. 

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        5.    Dividend and Voting Rights.    

        (a)    Limitations on Rights Associated with Units.    The Participant
shall have no rights as a stockholder of the Corporation, no dividend rights (except as expressly provided in Section 5(b) hereof with respect to Dividend Equivalents) and no voting rights with
respect to the Stock Units or any shares of Common Stock underlying or issuable in respect of such Stock Units, until such shares of Common Stock are actually delivered to and held of record by the
Participant. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of delivery of such shares. 

        (b)    Dividend Equivalent Distributions.    As of any date that the
Corporation pays an ordinary cash dividend on its Common Stock, the Corporation shall credit the Participant with an amount equal to (i) the per-share cash dividend paid by the
Corporation on its Common Stock on such date, multiplied by (ii) the total number of Stock Units (with such total number adjusted pursuant to Section 6.3 of the Plan) subject to the
Award as of the related dividend payment record date. Any amount credited pursuant to the foregoing provisions of this Section 5(b) shall be payable to the Participant in cash (without
interest), subject to the same vesting, timing of payment and other terms, conditions and restrictions as the original Stock Units to which such amount relates. No crediting of dividend equivalents
shall be made pursuant to this Section 5(b) with respect to any Stock Units which, as of such record date, have either been paid pursuant to Section 7 or terminated pursuant to
Section 8. 

        6.    Restrictions on Transfer.    Prior to
the time the Stock Units are vested and paid, neither the Stock Units comprising the Award nor any other rights of the Participant under this Agreement or the Plan may be transferred, except as
expressly provided in Section 1.8 of the Plan. No specific exception to the general transfer prohibitions set forth in Section 1.8 of the Plan has been authorized by the Administrator. 

        7.    Timing and Manner of Payment with Respect to Stock Units.    On
or as soon as administratively practical following each vesting of the applicable portion of the total Award pursuant to Section 3 or Section 8 (and in all events not more than two and
one-half months after such vesting event), the Corporation shall deliver to the Participant a number of shares of Common Stock (either by delivering one or more certificates for such
shares or by entering such shares in book entry form, as determined by the Corporation in its discretion) equal to the number of Stock Units subject to this Award that vest on the applicable vesting
date, unless such Stock Units terminate prior to the given vesting date pursuant to Section 8. The Corporation's obligation to deliver shares of Common Stock or otherwise make payment with
respect to vested Stock Units is subject to the condition precedent that the Participant or other person entitled under the Plan to receive any shares with respect to the vested Stock Units deliver to
the Corporation any representations or other documents or assurances required pursuant to Section 6.4 of the Plan. The Participant shall have no further rights with respect to any Stock Units
that are paid or that terminate pursuant to Section 8. 

        8.    Effect of Termination of Employment or Change in Control.    

        (a)    Termination of Employment Generally.    Except as provided in
Section 8(c), the Participant's Stock Units shall terminate to the extent such Stock Units have not become vested prior to the first date the Participant is no longer employed by the
Corporation or one of its Subsidiaries and is not a member of the Board, regardless of the reason for such termination of employment or service, whether with or without cause, voluntarily or
involuntarily; provided, however, that if the Participant incurs a Total Disability or dies while employed by the Corporation or a Subsidiary or in service as a director of the Corporation, then if
the Stock Units subject to the Award are not then otherwise fully vested, they shall become vested upon such termination of employment. For purposes of this Agreement and notwithstanding the
definition of such term under the Plan, "Total Disability" means a "total and permanent disability" within the meaning of Section 22(e)(3) of the
Code or as otherwise determined by the Administrator. 

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        (b)    Termination of Stock Units.    If any Stock Units are
extinguished hereunder, such unvested, extinguished Stock Units shall, without payment of any consideration by the Corporation or any Subsidiary, automatically terminate and be cancelled without any
other action by the Participant, or the Participant's beneficiary, as the case may be. 

        (c)    Possible Acceleration of Stock Units.    The Stock Units are
subject to accelerated vesting pursuant to Section 6.3.2 of the Plan. In addition, notwithstanding any other provision of this Agreement or of the Plan, if a Change in Control Event (as defined
in the Plan) occurs and the Stock Units do not accelerate and become fully vested upon such event as contemplated by Section 6.3.2 of the Plan, the following provisions shall apply: 

	•
	If the Participant's employment is terminated by the Corporation or a Subsidiary for any reason other than for Cause (as
defined herein) or terminated by the Participant for Good Reason (as defined herein) and the date of such termination (the "Severance Date") is upon or
within two years following the date of the Change in Control Event, the Stock Units subject to the Award shall automatically become fully vested as of the Participant's Severance Date.  

	•
	If the Participant's employment is terminated by the Corporation or a Subsidiary for any reason other than for Cause (as
defined herein) or terminated by the Participant for Good Reason (as defined herein) and the Severance Date is within six months prior to the date of the Change in Control Event, any Stock Units
subject to the Award that were unvested and had been previously extinguished in connection with the termination of the Participant's employment pursuant to Section 8(a) above shall be
reinstated, and such unvested Stock Units shall automatically become fully vested as of the date of the Change in Control Event. 

        The
following definitions shall apply solely for purposes of this Section 8(c): 

	•
	Cause.  "Cause" means that the Participant has been convicted of a felony (other than
drunk driving), or has engaged in gross misconduct materially and demonstrably injurious to the Corporation or a Subsidiary. However, no act or failure to act, on the Participant's part shall be
considered "willful" unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that his action or omission was in the best interest of the Corporation and
its Subsidiaries.   

	•
	Good
Reason.  "Good Reason" means that, without the Participant's express written consent, the occurrence of any one or more of the following:
(a) a material reduction in the Participant's authorities, duties, or responsibilities, other than an insubstantial and inadvertent act that is remedied by the Corporation or a Subsidiary
promptly after receipt of notice thereof given by the Participant; (b) a material reduction by the Corporation or a Subsidiary in the Participant's base salary; or (c) the relocation of
the Participant's offices, as assigned to him by the Corporation or a Subsidiary, by more than fifty (50) miles; provided, however, that any such condition shall not constitute "Good Reason"
unless both (x) the Participant provides written notice to the Corporation of the condition claimed to constitute Good Reason within ninety (90) days of the initial existence of such
condition, and (y) the Corporation fails to remedy such condition within thirty (30) days of receiving such written notice thereof; and provided, further, that in all events the
termination of the Participant's employment with the Corporation and its Subsidiaries shall not be treated as a termination for "Good Reason" unless such termination occurs not more than one
(1) year following the initial existence of the condition claimed to constitute "Good Reason." 

        9.    Adjustments Upon Specified Events.    Upon the occurrence of
certain events relating to the Corporation's stock contemplated by Section 6.3.1 of the Plan (including, without limitation, an extraordinary cash dividend on such stock), the Administrator
shall make adjustments in accordance with such section in the number of Stock Units then outstanding and the number and kind of securities 

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that
may be issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which dividend equivalents are paid pursuant to Section 5(b). 

        10.    Tax Withholding.    Subject to Section 6.4 of the Plan,
upon any distribution of shares of Common Stock in respect of the Stock Units, the Corporation shall automatically reduce the number of shares to be delivered by (or otherwise reacquire) the
appropriate number of whole shares, valued at their then Fair Market Value (as determined in accordance with the Plan), to satisfy any withholding obligations of the Corporation or its Subsidiaries
with respect to such distribution of shares at the minimum applicable withholding rates. In the event that the Corporation cannot legally satisfy such withholding obligations by such reduction of
shares, or in the event of a cash payment or any other withholding event in respect of the Stock Units, the Corporation (or a Subsidiary) shall be entitled to require a cash payment by or on behalf of
the Participant and/or to deduct from other compensation payable to the
Participant any sums required by federal, state or local tax law to be withheld with respect to such distribution or payment. 

        11.    Notices.    Any notice to be given under the terms of this
Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant's last address reflected on the
Corporation's records, or at such other address as either party may hereafter designate in writing to the other. Any such notice shall be given only when received, but if the Participant is no longer
an employee of the Corporation, shall be deemed to have been duly given by the Corporation when enclosed in a properly sealed envelope addressed as aforesaid, registered or certified, and deposited
(postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. 

        12.    Plan.    The Award and all rights of the Participant under this
Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The
Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of
the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth
herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan  after the date hereof. 

        13.    No Service Commitment by Company.    Nothing contained in this
Agreement or the Plan constitutes an employment or service commitment by the Corporation or any of its Subsidiaries, affects the Participant's status as an employee at-will who is subject
to termination without cause, confers upon the Participant any right to remain employed by or in service to the Corporation or any Subsidiary, interferes in any way with the right of the Corporation
or any Subsidiary at any time to terminate such employment or service, or affects the right of the Corporation or any Subsidiary to increase or decrease the Participant's other compensation. 

        14.    Limitation on Participant's
Rights.    Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual
obligation on the part of the Corporation as to amounts payable and shall not be construed as creating a trust. The Plan, in and of itself, has no assets. The Participant shall have only the rights of
a general unsecured creditor of the Corporation with respect to amounts credited and benefits payable, if any, with respect to the Stock Units, and rights no greater than the right to receive the
Common Stock (subject to adjustments) as a general unsecured creditor with respect to Stock Units, as and when payable hereunder. 

        15.    Entire Agreement.    This Agreement and
the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and
this Agreement may be amended pursuant to Section 6.6 of the Plan. Such amendment must be in writing and signed by the Corporation. The Corporation may, 

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however,
unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be
construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. 

        17.    Governing Law.    This Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to conflict of law principles thereunder. 

        18.    Effect of this Agreement.    This
Agreement shall be assumed by, be binding upon and inure to the benefit of any successor or successors to the Corporation. 

        19.    Construction.    It is intended that
the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that
intent. 

        20.    Counterparts.    This Agreement may be
executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

        21.    Section Headings.    The section
headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof. 

        IN WITNESS WHEREOF, the parties have executed this Agreement as of the Award Date set forth above. By the Participant's execution of this
Agreement, the Participant agrees to the terms and conditions hereof and of the Plan. 

 

 

							
	 CORINTHIAN COLLEGES, INC.	 	 PARTICIPANT
	a Delaware corporation	 	 
	
 By:	
 	
 

 	
 	
    

 Signature
	
Print Name:	
 	
Stan A. Mortensen

 	
 	
    

 Address
	
Its:	
 	
EVP and General Counsel

 	
 	
    

 City, State, Zip Code

 

 5

QuickLinks

Exhibit 10.79

CORINTHIAN COLLEGES, INC. 2003 PERFORMANCE AWARD PLAN RESTRICTED STOCK UNIT AWARD AGREEMENT

W I T N E S S E T HEXHIBIT 10.3

                         COST AND EVALUATION AGREEMENT

<PAGE>

AHPharma, Inc.                                        James L. McNaughton, Ph.D.
Food Safety & Animal Health Firm                        Chief Scientific Officer
                                                  Email: McNaughton@AHPharma.com

                       POULTRY SALMONELLA VACCINE PROJECT
                          COST AND EVALUATION AGREEMENT
                      GLOBAL GREEN, Inc. and AHPharma, Inc.
                                  JULY 30, 2011

         As mentioned  in the initial  Executive  Summary,  GLOBAL  GREEN,  Inc.
Vaccine USDA/FSIS regulatory approval is required.  Generally, vaccine approvals
are relatively  easier,  less  cumbersome  and require much less  scrutiny,  and
therefore,   less  cost  than  with  either  FDA  or  EPA  regulatory   approval
requirements.

The entire project anticipated time frame includes:

     -    Final product evaluation of GLOBAL GREEN, Inc. GMP (Good Manufacturing
          Practice,  21 CFR  Part  110)  material  obtained  from  GLOBAL  GREEN
          (4-months required).
     -    Final vaccine product manufacturing (~8-12 months required).
     -    Approval  time frame,  including  regulatory  approval and  commercial
          field-testing (3 locations), we anticipate a 12-18 month time frame is
          required.
     -    Consequently,  the total  timeframe is anticipated to be 12-18 months,
          barring any  unforeseen  circumstances  that may be out of our control
          from either USDA/FSIS or the vaccine manufacturer.

         Time frame variables  include:  time required for GLOBAL GREEN, Inc. to
produce   GMP   material,   chosen   manufacturing   workload/production   space
availability,  and  regulatory  agency  responses.  Typically,  with a  vaccine,
AHPharma's  experience has been that vaccine  regulatory  agencies are extremely
responsive and  infrequently  delays the process.  AHPharma testing periods will
NOT be delayed and posed no treat to timing schedules. Anticipated time does not
include GLOBAL GREEN's time required to produce the final GMP material.

Project cost includes:

     -    Final   product   evaluation   of   GMP   material
          anticipated  cost.  A "Mock  Study" will be tested
          against  Salmonella  field strains  throughout the
          USA (at least three different locations and States
          in three different regions).                                  $ 60,000

     -    Final  Marek's  interference  study  on the  final
          product                                                         20,000

     -    Final vaccine  product  manufacturing  anticipated
          cost (i.e., working with the manufacturer).                     60,000

     -    Regulatory   approval   and   field   testing   (3
          locations) anticipated cost                                    160,000
                                                                       ---------
                TOTAL                                                  $ 300,000

--------------------------------------------------------------------------------
AHPharma, Inc.            Office Phone: 443-260-2499           Fax: 443-260-2476
            Mailing Address: P.O. Box 3467, Salisbury, Maryland 21802
       Shipping Address: 116 W. Chestnut Street, Salisbury, Maryland 21801

<PAGE>

AHPharma, Inc.                                        James L. McNaughton, Ph.D.
Food Safety & Animal Health Firm                        Chief Scientific Officer
                                                  Email: McNaughton@AHPharma.com

         Cost does not include the GLOBAL  GREEN's  cost of  development  of GMP
material,  actual  manufacturing  cost,  initial  batch-size field test material
and/or  production  cost.  GMP  guidelines  are  necessary to assure  regulatory
agencies  of the  ability to create  reproducible  products,  assure  consistent
manufacturing  practices,  maintain  appropriate  record-keeping,  ensure proper
storage, assure proper sanitation practices, etc. The vaccine manufacturing site
that is chosen must have the ability to work under the guidelines of GMP.

DISCLAIMER:  Based on historical experience,  AHPharma has attempted to evaluate
and anticipate ALL costs involved in obtaining final regulatory approval. Should
USDA require  additional data collection,  outside what is anticipated,  factors
outside the control of either GLOBAL GREEN or AHPharma arise,  additional  funds
will be required to finish the final approval  process.  Until we obtain a final
bid from the product  manufacturer,  final manufacturing  initial cost cannot be
fully  finalized  and is the cost area that may  potential  change.  Anticipated
regulatory  approval  cost is a reasonably  safe cost.  At this time,  we do not
anticipate that additional funds will be required.

AHPharma, Inc.                              GLOBAL GREEN, Inc.

---------------------------                 ---------------------------
James L. McNaughton, Ph.D.                  Mehran Ghazvini, DC, NMD, CEO
President & CEO                             CEO of Global Green, Inc.

----------------------------                ----------------------------
Date                                        Date

--------------------------------------------------------------------------------
AHPharma, Inc.             Office Phone: 443-260-2499          Fax: 443-260-2476
            Mailing Address: P.O. Box 3467, Salisbury, Maryland 21802
       Shipping Address: 116 W. Chestnut Street, Salisbury, Maryland 21801

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