Document:

Form of Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is amended and restated as of August 21,
2007, by and between Corinthian Colleges, Inc., a Delaware corporation (the “Company”), and Jack D. Massimino (“Employee”). 
 WITNESSETH: 
 WHEREAS, the Company and Employee desire to enter into this Agreement to assure the Company of the continuing and exclusive
service of Employee and to set forth the terms and conditions of Employee’s employment with the Company. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties agree as follows: 
  

	1.	TERM. The Company agrees to employ Employee and Employee hereby accepts such employment, in accordance with the terms of this Agreement, commencing on the date of the amendment and
restatement of this Agreement (the “Effective Date”) and continuing for a period of two (2) years hereafter (the “Term”), subject to earlier termination under Section 5 or extension of such term as described in the
following sentences. Unless either party has given advanced written notice to the other party that the Term shall not be extended (or further extended, as the case may be), then (1) upon the first anniversary of the Effective Date the Term
shall automatically be extended by an additional year (such that the Term shall be scheduled to terminate on the third anniversary of the Effective Date), and (2) upon the second and each successive anniversary of the Effective Date the Term
shall automatically be extended by an additional year; provided, however, that in no event shall the Term exceed a period of five (5) years. Notwithstanding the foregoing, in the event of a Change in Control, as defined below, during the
term of this Agreement, the Term of this Agreement shall in no event be less than two years and one day following the Change in Control. Provision of notice that this Agreement shall not be extended or further extended, as the case may be, shall not
constitute breach of this Agreement or entitle the Employee to any benefits described in Section 5. 

  

	2.	SERVICES AND EXCLUSIVITY OF SERVICES. During the Term of this Agreement, Employee shall devote Employee’s full business time, energy and ability exclusively to the business,
affairs and interests of the Company and matters related thereto, shall use Employee’s best efforts and abilities to promote the Company’s interests and shall perform the services contemplated by this Agreement in accordance with policies
established by and under the direction of the Board of Directors of the Company (the “Board”). 

 Employee shall not,
directly or indirectly, during the term of this Agreement render services to any other person or firm for compensation or engage in any activity competitive with or adverse to the Company’s business. Employee may serve as a director or in any
other 

 
capacity of any business enterprise or any nonprofit or governmental entity or trade association, provided in each case that such service is approved by the
Board. Notwithstanding the foregoing, Employee may make and manage personal business investments of Employee’s choice and serve in any capacity with any civic, educational or charitable organization (other than as a director of such
organization, approval for which may be sought under the immediately preceding sentence of this Section 2) without seeking the approval of the Board, provided that such activities and services do not interfere or conflict with the performance
of the duties hereunder or create any conflict of interest with such duties. 
  

	3.	DUTIES AND RESPONSIBILITIES. Employee shall serve as Chief Executive Officer of the Company for the Term of this Agreement. In the performance of Employee’s duties, Employee
shall report directly to the Board of the Company and shall be subject to the direction of the Board and to such limits on Employee’s authority as the Board may from time to time impose. During the term of this Agreement, Employee shall be
based at the Company’s principal executive offices in Orange County, California. Employee agrees to observe and comply with the rules and regulations of the Company and agrees to carry out and perform orders, directions and policies of the
Company and its Board as they may be, from time to time, stated either orally or in writing. The Company agrees that the duties which may be assigned to Employee shall be usual and customary duties of the office(s) or position(s) to which Employee
may from time to time be appointed or elected and shall not be inconsistent with the provisions of the charter documents of the Company or applicable law. Employee shall have such corporate power and authority as shall reasonably be required to
enable Employee to perform the duties required in any office that may be held. 

  

	4.	COMPENSATION. 

 (a) Base Compensation. During the term of
this Agreement, the Company agrees to pay Employee a base salary at the annual rate of not less than $800,000, payable in accordance with the Company’s practices in effect from time to time (the “Base Salary”). 
 (b) Additional Benefits. Employee shall also be entitled to all rights and benefits for which Employee is otherwise eligible under any bonus plan, Target
Bonus (defined below) arrangement, incentive agreement (including stock options and/or other awards granted pursuant to the Company’s 2003 Performance Award Plan and any successor plans), participation or extra compensation plan, pension plan,
profit-sharing plan, life, medical, dental, disability, or insurance plan (including, except as otherwise prohibited therein, the Company’s Employee Stock Purchase Plan) or policy or other plan or benefit that the Company may provide for
Employee or (provided Employee is eligible to participate therein) for Peer Employees (defined as all employees who have the title of Executive Vice President of the Company or above, other than the founders of the Company) or for employees of the
Company generally, as from time to time in effect, during the term of this Agreement (collectively, all of the above shall be referred to as the “Additional Benefits”). In addition to the Base Salary, Employee shall be eligible to earn,
for each fiscal year of Company, a target 

  

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annual incentive bonus equal to 115% of his Base Salary (“Target Bonus”), which bonus shall be based on achieving targeted performance goals as
determined by Compensation Committee. 
 (c) Periodic Review. The Compensation Committee of the Board shall review Employee’s Base Salary
and Additional Benefits then being paid to Employee not less frequently than every twelve months. Following such review, the Company may in its discretion increase (but shall not be required to increase) the Base Salary or any other benefits, but
may not decrease the Base Salary and Target Bonus during the time Employee serves as Chief Executive Officer; provided, however, that if the Company undertakes any generalized salary reductions of Peer Employees, the Company may reduce
Employee’s Base Salary and Target Bonus by a percentage equal to the percentage base salary and target bonus reductions effected for all other Peer Employees of the Company. 
 (d) Perquisites. Employee shall be entitled to not less than three weeks paid vacation each twelve-month period (or such larger amount of paid vacation as
is generally granted to employees of the Company based on time of service with the Company), which shall accrue on a pro rata basis from the Effective Date of this Agreement. Vacation time will continue to accrue so long as Employee’s total
accrued vacation does not exceed two times (2x) the then-current rate of annual vacation accrual of the Employee (the “Vacation Accrual Cap”). Should Employee’s accrued vacation time reach the Vacation Accrual Cap, Employee will
cease to accrue additional vacation until Employee’s accrued vacation time falls below the Vacation Accrual Cap. Except with respect to the rate of vacation accrual set forth above, all vacation time shall be subject to the plans, policies,
programs and practices as in effect generally with respect to other Peer Employees of the Company. 
  

	5.	TERMINATION. This Agreement and all obligations hereunder (except the obligations contained in Sections 8, 9, 10 and 11 (Confidential Information, Non-Competition, Non Solicitation
of Employees and Indemnity) which shall survive any termination hereunder) shall terminate upon the earliest to occur of any of the following: 

 (a) Voluntary Termination. Subject to Section 5(e) below, the voluntary termination by Employee or retirement from the Company in accordance with the normal retirement policies of the Company. 
 (b) Death or Disability of Employee. Employee’s employment shall be terminated upon the death or Disability (as defined below) of Employee. In such
instance, except as set forth below, all obligations hereunder to Employee (or Employee’s heirs or legal representatives) shall cease, other than for payment of the sum of (A) Employee’s Base Salary through the date of termination to
the extent not theretofore paid, (B) pro rata portion of the Target Bonus calculated as of the date of termination and any other amount earned through the date of termination pursuant to another cash compensation agreement, and (C) any
accrued vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (A), (B), and (C) shall be hereinafter referred to as the “Accrued Obligations”), which 

  

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shall be paid to Employee or Employee’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days after the date of termination or any
earlier time required by applicable law. Notwithstanding the foregoing, if Employee is determined by the Company to be a specified employee (as defined in Section 409A(a)(2)(B) of the Internal Revenue Code of 1986, as amended (the
“Code”) and determined pursuant to related Treasury Regulations or other guidance promulgated thereunder) and if required under Section 409A of the Code, the Accrued Obligations shall be paid on the first day of the seventh month
following the termination of employment. For the purposes of this Agreement, Disability shall mean that Employee is either (1) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (2) by reason of any medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. For purposes
of this Agreement, Employee shall be deemed Disabled if determined to be totally disabled by the Social Security Administration. Employee shall also be deemed Disabled if determined to be disabled in accordance with the applicable disability
insurance program of the Company, provided that the definition of “disability” applied under such disability insurance program complies with the requirements of this Section. The termination of this Agreement due to the death or Disability
of Employee shall have no effect on the rights and obligations of Employee (or his personal representative or beneficiary, as the case may be) with respect to stock options or other rights granted under the Company’s 2003 Performance Award
Plan, as amended, or the Company’s Employee Stock Purchase Plan, or any successor plans all of which rights and obligations shall be governed solely and exclusively by the applicable terms and conditions of such plans and the agreements issued
thereunder. 
 (c) Cause. The Company may terminate Employee’s employment and all of Employee’s rights to receive Base Salary and
any Additional Benefits hereunder for Cause. For purposes of this Agreement, the term “Cause” shall be defined as any of the following; provided, however, that the Company must determine the presence of such Cause in good faith:

 (i) Willful misconduct by Employee which materially and demonstrably injures the Company, including (1) Employee’s material
breach of any material duties and responsibilities under this Agreement (other than as a result of incapacity due to Employee’s Disability), (2) Employee’s commission of a material act of fraud upon the Company or
(3) Employee’s immoderate use of alcoholic beverages or narcotics or other substance abuse; 
 (ii) Employee willfully engaging in
conduct specifically prohibited by the Company’s written policies, including, without limitation, unlawful harassment of any other Company employee. 
  

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 (iii) Employee’s conviction by, or entry of a plea of guilty or nolo contendere in, a court of
competent and final jurisdiction for a felony or any crime which materially adversely affects the Company and/or its reputation in the community and which involves moral turpitude or is punishable by imprisonment in the jurisdiction involved.

 For purposes of this Section 5, no act or failure to act on the part of Employee shall be considered “willful” unless done,
or omitted to be done, by Employee in bad faith and without reasonable belief by Employee that such action or omission was in the best interest of the Company. Notwithstanding the foregoing, Employee shall not be terminated for Cause pursuant to
clauses (i), (ii) and (iii) of this Section 5(c) unless and until Employee has received notice of a proposed termination for Cause and Employee has had an opportunity to be heard before at least a majority of members of the Board.

 (d) Without Cause. Notwithstanding any other provision of this Section 5, the Company shall have the right to terminate
Employee’s employment with the Company without Cause at any time, but in the event of such termination without Cause and subject to the satisfaction of the condition in Section 5.7(f), Employee shall be entitled to receive a lump sum
payment equal to the following: (A) one times (1x) the value of Employee’s Base Salary in effect as of the date of such termination, plus (B) one times (1x) Employee’s Target Bonus in effect as of the date of such
termination (hereinafter such aggregate amount shall be referred to as the “Lump Sum Payment”). Such Lump Sum Payment to Employee shall be paid to Employee within 60 days of the date of such termination. Notwithstanding the foregoing, if
Employee is determined by the Company to be a specified employee (as defined in Section 409A(a)(2)(B) of the Code and determined pursuant to related Treasury Regulations or other guidance promulgated thereunder) and if required under
Section 409A of the Code, the Lump Sum Payment shall be paid on the first day of the seventh month following the termination of employment. 
 (e) Good Reason. Employee may terminate his employment with the Company for Good Reason within two years following the initial existence of Good Reason. In the event that Employee fails to terminate his employment within such period but
Employee’s employment under this Agreement in fact terminates at the initiation of Employee, such termination shall be deemed a termination by Employee without Good Reason. Regardless of whether a resignation occurs prior to, coincident with or
after a “Change in Control,” “Good Reason” shall mean any one or more of the following: 
 (i) An involuntary material
diminution in Employee’s Base Salary. 
 (ii) An involuntary material diminution in Employee’s authority, duties, or
responsibilities. An involuntary material diminution in Employee’s authority, duties, or responsibilities shall not have occurred if Employee agrees to cease being the Chief Executive Officer of the Company and agrees to remain on the Board.

  

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 (iii) An involuntary material diminution in the authority, duties, or responsibilities of the supervisor
to whom Employee is required to report, including a requirement that Employee report to a corporate officer or employee instead of reporting directly to the Board. 
 (iv) An involuntary material diminution in the budget over which Employee retains authority. 
 (v) A 100 mile
or greater change in the geographic location at which Employee must perform his services following a Change in Control, as defined below. Any change in the geographic location at which Employee must perform his services prior to a Change in Control
shall not be Good Reason. 
 (vi) Any other action or inaction that constitutes a material breach of the Agreement. 
 Employee must give the Company written notice which shall identify with reasonable specificity the grounds for Good Reason within 90 days of the initial
existence of Good Reason, upon the notice of which the Company shall have 30 days to cure the alleged grounds for Good Reason contained in the notice. In the event Employee fails to notify the Company of the existence of Good Reason within such 90
day period but Employee’s employment under this Agreement in fact terminates at the initiation of Employee, such termination shall be deemed a termination by Employee without Good Reason. If Employee terminates his employment with the Company
for Good Reason, then subject to the satisfaction of the condition in Section 5.7(f), Employee shall be entitled to receive a Lump Sum Payment equal to that which would be paid to Employee under Section 5(d) hereof within 60 days following
the termination of employment. Notwithstanding the foregoing, if Employee is determined by the Company to be a specified employee (as defined in Section 409A(a)(2)(B) of the Code and determined pursuant to related Treasury Regulations or other
guidance promulgated thereunder) and if required under Section 409A of the Code, the Lump Sum Payment shall be paid on the first day of the seventh month following the termination of employment. 
 (f) As a condition to earning and receiving any payment by Employee under Section 5(d), 5(e) or 7(a), Employee must sign a release of claims arising
from Employee’s employment, and the termination thereof, in a form provided by the Company within seven days following the date on which the Company delivers to the Employee such release or such other time, as determined by the Company, and
such release not having been revoked by Employee pursuant to any revocation rights afforded by applicable law. If Employee does not execute the general release within such period or revokes such release, Employee will not be entitled to any payment
under Section 5(d), 5(e) or 7(a). 
 (g) Employee agrees that the payments and benefits contemplated by this Section 5 shall
constitute the exclusive and sole remedy for any termination of his employment and Employee covenants and agrees not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment. 
  

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	6.	BUSINESS EXPENSES. During the Term of this Agreement, to the extent that such expenditures satisfy the criteria under the Internal Revenue Code for deductibility by the Company
(whether or not fully deductible by the Company) for federal income tax purposes as ordinary and necessary business expenses, the Company shall reimburse Employee promptly for reasonable business expenditures, including travel, entertainment,
parking, business meetings, and professional dues, made and substantiated in accordance with the reasonable policies, practices and procedures established from time to time by the Company generally with respect to other Peer Employees and incurred
in the pursuit and furtherance of the Company’s business and good will. 

  

	7.	CHANGE IN CONTROL. 

 (a) If, (A) “In Anticipation
Of,” as defined below, or within 24 months after a “Change in Control” of the Company (or any successor), as defined below, the Company involuntarily terminates Employee’s employment without Cause, or (B) within 24 months
after a Change in Control, Employee terminates his employment for Good Reason, then subject to the satisfaction of the condition in Section 5.7(f), Employee shall receive a lump sum payment equal to two times (2x) the amount that would be
required to be paid to Employee as a Lump Sum Payment under Section 5(d) upon Employee’s termination other than for Cause (hereinafter the “Change in Control Payment”) within 60 days following the termination of employment.
Notwithstanding the foregoing, if Employee is determined by the Company to be a specified employee (as defined in Section 409A(a)(2)(B) of the Code and determined pursuant to related Treasury Regulations or other guidance promulgated
thereunder) and if required under Section 409A of the Code, the Change in Control Payment shall be paid on the first day of the seventh month following the termination of employment. 
 (b) In the event that any economic benefit, payment or distribution by the Company to or for the benefit of Employee, whether paid, payable, distributed
or distributable, pursuant to this Section 7 or otherwise In Anticipation Of or following a Change in Control, including, if applicable, the vesting of Employee’s stock options (hereinafter, the “Total Payments”), would result in
all or a portion of such Total Payments being subject to excise tax under Section 4999 of the Code, or any interest or penalties with respect to such excise tax (such excise tax and any applicable interest and penalties, collectively referred
to in this Agreement as the “Excise Tax”), then Employee shall be entitled to receive an additional payment (the “Gross-Up Payment”) in an amount such that, after payment by Employee of all taxes (and any interest or penalties
imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, but excluding any income taxes and penalties imposed
pursuant to Section 409A of the Code, Employee retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total Payments. Notwithstanding the foregoing, if it shall be determined that Employee is entitled to the Gross-Up
Payment, but 

  

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that the Parachute Value of the Total Payments does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be made to Employee and
Employee’s Total Payments (including the Change in Control Payment) shall be either (A) the full payment or (B) such lesser amount that would result in no portion of the Total Payment being subject to Excise Tax, whichever of the
foregoing amounts, taking into account the applicable Federal, state, and local employment taxes, income taxes, and the Excise Tax, results in the receipt by Employee, on an after-tax basis, of the greatest amount of Total Payments notwithstanding
that all or some portion of the Total Payments may be taxable under Section 4999 of the Code. 
 (c) All determinations required to be
made under this Section 7 shall be made by the Company’s regular outside independent public accounting firm immediately prior to the event triggering the payments that are subject to the Excise Tax, which firm must be reasonably acceptable
to Employee (the “Accounting Firm”). The Company shall cause the Accounting Firm to provide detailed supporting calculations of its determinations to the Company and Employee. Notice must be given to the Accounting Firm within twenty
(20) business days after an event entitling Employee to a Change in Control Payment under this Agreement. Any determination by the Accounting Firm shall be binding upon the Company and Employee. All fees and expenses of the Accounting Firm
shall be borne solely by the Company. 
 (d) Any Gross-Up Payment, as determined pursuant to this Section 7, shall be paid by the Company
to Employee within 5 days of the receipt of the Accounting Firm’s determination, but by no later than the end of Employee’s taxable year next following Employee’s taxable year in which Employee remits the related taxes. If, at a later
date, the Internal Revenue Service assesses a deficiency against Employee on the basis that the Excise Tax with respect to any amount paid to Employee is greater than that which was determined at the time such amounts were paid, the Company shall
pay to Employee an additional Gross-up Payment with respect to such Excise Tax by the end of Employee’s taxable year next following Employee’s taxable year in which the taxes that are the subject of the audit or litigation are remitted to
the taxing authority. Upon notice by Employee of any audit or other proceeding that may result in a liability to the Company under this Section, Employee shall promptly notify the Company of such audit or other proceeding and the Company may, at its
option, but solely with respect to the item or items that relate to such potential liability, choose to assume the defense of such audit or other proceeding at its own cost, provided that (i) Employee shall cooperate with the Company in such
defense and (ii) the Company will not settle such audit or other proceeding without the consent of Employee (such consent not to be unreasonably withheld). Unless Employee shall have given prior written notice to the Company to effectuate a
reduction in the Total Payments in a manner other than as set forth below, if such a reduction is required, the Company shall reduce or eliminate the Total Payments by first reducing or eliminating the Change in Control Payment, then by reducing or
eliminating any accelerated vesting of stock options, then by reducing or eliminating any other remaining Total Payments. 
  

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 (e) Definitions. The following terms shall have the following meanings for purposes of this
Section 7. 
 (i) “In Anticipation Of”: For purposes of this Section 7, the involuntary termination by the Company of
Employee’s employment shall be deemed to have been “In Anticipation Of” a Change in Control if such termination (A) was at the request of an unrelated third party who has taken steps reasonably calculated to effect a Change in
Control, or (B) otherwise arose in connection with a Change in Control. 
 (ii) “Change in Control”: For purposes of this
Section 7, a “Change in Control” means, and shall be deemed to have taken place, if (1) any person or entity or group of affiliated persons or entities, including a group which is deemed a “person” by
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), after the date hereof is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing 40% or more of the combined voting power of the Company’s then outstanding securities; (2) during any period of two consecutive years, individuals who at the beginning of such period constitute the
Board cease for any reason to constitute at least a majority thereof, unless the election, or the nomination for election by the Company’s stockholders, of each new Board member was approved by a vote of at least three-fourths (3/4) of the
Board members then still in office who were Board members at the beginning of such period; (3) any reorganization, consolidation, merger or similar transaction involving the Company in which the Company is not the continuing or surviving
corporation or pursuant to which the Company’s securities would be converted into cash, securities or other property (other than a merger of the Company in which the holders of the Company’s voting securities immediately prior to the
merger have more than 50% of the combined voting power of the securities of the corporation or other entity resulting from or surviving such merger, calculated on a fully-diluted basis in accordance with generally accepted accounting principles
after giving effect to such merger, immediately after such merger); or (4) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company.

 (iii) “Parachute Value” of a payment shall mean the present value as of the date of the change of control for purposes of
Section 280G of the Code of the portion of such payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax
will apply to such payment. 
 (iv) The “Safe Harbor Amount” means 2.99 times Employee’s “base amount,” within the
meaning of Section 280G(b)(3) of the Code. 
  

	8.	 TRADE SECRETS/CONFIDENTIAL INFORMATION. Employee recognizes that the Employee shall be employed in a sensitive position that involves a relationship of trust and
confidence. During the course of the Employee’s employment or hiring, the Employee may 

  

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receive, develop, otherwise acquire, have access to or become acquainted with trade secrets or other confidential and sensitive information relating to the
business of the Company. In this regard, the Employee understands and hereby agrees that the term “trade secrets” shall include, but not be limited to, customer lists, potential customer lists, all information stored in the company
database such as notes, proposals, historical sales, pricing strategies, price quotes to customers or potential customers, customer contracts, all devices, methods, techniques, compilations, processes, job specifications, product specifications,
work and product samples, future plans, costs, financial information and data, training materials and information, customer files, pricing structure, pricing lists, job lists, job order information, software data, computer disks, vendor
suppliers’ lists and contact persons, market analysis, marketing plans, cost and pricing information, labor rates and piece-work prices, the names, contact information, buying habits or practices of any of the Company’s customers and
potential customers, know-how, vendors, suppliers, or employees, written business records, business files, computer data, business operating forms, documents, specifications, plans, and compilations of information concerning the business, customers,
or employees of the Company. If it is at any time determined that any of the information or materials identified above are, in whole or in part, not entitled to protection as trade secrets, the Employee agrees that they shall nevertheless be
considered and treated as confidential information that is protected under this Agreement, in the same manner as trade secrets, to the maximum extent permitted by law. 

  

	9.	AGREEMENT NOT TO DISCLOSE. Employee shall not, at any time during the term of this Agreement or after its termination, disclose to others, either directly or indirectly, or take or
use for the Employee’s own purposes or the purposes of others, either directly or indirectly, any trade secret or any confidential information, knowledge, data or know-how of the Company. The Employee understands and acknowledges that these
restrictions shall also apply to trade secrets, confidential information, knowledge, data or know-how conceived, originated, discovered or developed by the Employee within the scope of the Employee’s employment or hiring.

  

	10.	PROPERTY OF COMPANY. All trade secrets and confidential information, whether prepared by the Employee or otherwise coming into the Employee’s possession or control, shall
remain the exclusive property of the Company. Upon the termination of the Employee’s employment or whenever required by the Company, the Employee shall immediately deliver to the Company all property and materials in the Employee’s
possession or under the Employee’s control belonging to the Company, including, but not limited to, all trade secrets and confidential information of the Company and any documents or materials that describe or refer to such trade secrets and/or
confidential information. 

  

	11.	 UNFAIR COMPETITION. Employee acknowledges that the information listed in Section 8 above, as well as other information regarding the Company’s customers
and business, is confidential and constitutes trade secret, commercially sensitive, and proprietary information. While employed by the Company, and following separation of employment from the Company, Employee will not, directly or indirectly, use
this or any other trade secret 

  

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information to solicit any of the Company’s customers or use the Company’s trade secret information to negotiate with any of the Company’s
customers, or to disrupt, damage, impair, or interfere with the Company’s business. Subject to the limitations noted herein, the Employee is not, however, restricted from being employed by or engaged in any type of business following the
termination of the Employee’s employment relationship with the Company. 

  

	12.	SOLICITATION OF EMPLOYEES. Employee agrees that while employed by the Company, and as a result of the Employee’s position with the Company, the Employee will acquire
specialized knowledge regarding the Company’s employees. Therefore, Employee agrees that for a period of one (1) year after Employee’s separation of employment from the Company, Employee will not, directly or indirectly, solicit any
person who is engaged as a regular, temporary, introductory, full-time or part-time employee, agent, or independent contractor by the Company to terminate his or her employment or engagement with the Company for any reason. Employee agrees to an
additional one (1) year nonsolicitation period if the Employee’s separation of employment from the Company occurs following a Change in Control. 

  

	13.	INDEMNITY. In addition to any other separate agreement with the Company concerning indemnification, to the fullest extent permitted by applicable law and the bylaws of the Company,
as from time to time in effect, the Company shall indemnify Employee and hold Employee harmless for any acts or decisions made in good faith while performing services for the Company, and the Company shall use its best efforts to obtain coverage for
Employee (provided the same may be obtained at reasonable cost) under any liability insurance policy or policies now in force or hereafter obtained during the term of this Agreement that cover other officers of the Company having comparable or
lesser status and responsibility. To the same extent, the Company will pay and, subject to any legal limitations, advance all expenses, including reasonable attorneys’ fees and costs of court approved settlements, actually and necessarily
incurred by Employee in connection with the defense of any action, suit or proceeding and in connection with any appeal thereon, which has been brought against Employee by reason of Employee’s service as an officer or agent of the Company.

  

	14.	REMEDIES. The parties hereto agree that the services to be rendered by Employee pursuant to this Agreement, and the rights and privileges granted to the Company pursuant to this
Agreement, are of a special, unique, extraordinary and intellectual character, which gives them a peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in any action at law, and that a breach by Employee of any
of the terms of this Agreement will cause the Company great and irreparable injury and damage. Employee hereby expressly agrees that the Company shall be entitled to the remedies of injunction, specific performance and other equitable relief to
prevent a breach of this Agreement by Employee. This Section 12 shall not be construed as a waiver of any other rights or remedies which the Company may have for damages or otherwise. 

  

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	15.	SEVERABILITY. If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible, to achieve the intent of the
parties to the extent possible. In any event, all other provisions of this Agreement shall be deemed valid and enforceable to the extent possible. 

  

	16.	SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns and any such successor or assignee shall be
deemed substituted for the Company under the terms of this Agreement for all purposes. As used herein, “successor” and “assignee” shall include any person, firm, corporation or other business entity which at any time, whether by
purchase, merger or otherwise, directly or indirectly acquires the stock of the Company or to which the Company assigns this Agreement by operation of law or otherwise. The obligations and duties of Employee hereunder are personal and otherwise not
assignable. Employee’s obligations and representations under this Agreement will survive the termination of Employee’s employment, regardless of the manner of such termination. 

  

	17.	NOTICES. Any notice or other communication provided for in this Agreement shall be in writing and sent if to the Company to its principal executive office at:

 Corinthian Colleges, Inc. 
 6 Hutton Centre Drive, Suite 400 
 Santa Ana, California 92627 
 Phone: (714) 427-3000; Facsimile: (714) 427-3013 
 Attention: General Counsel 
 or at such other address as the Company may from time to time in writing
designate, and if to Employee at such address as Employee may from time to time in writing designate (or, if not so designated, at the last address for such Employee on the employment records of the Company). Each such notice or other communication
shall be effective (i) if given by telecommunication, when transmitted to the applicable number so specified in (or pursuant to) this Section 15 and a verification of receipt is received, (ii) if given by mail, three days after such
communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means, when actually delivered at such address. 
  

	18.	ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties relating to the subject matter hereof and supersedes any prior agreements, undertakings, commitments
and practices relating to Employee’s employment by the Company. 

  

	19.	AMENDMENTS. No amendment or modification of the terms of this Agreement shall be valid unless made in writing and duly executed by both parties. 

  

	20.	WAIVER. No failure on the part of any party to exercise or delay in exercising any right hereunder shall be deemed a waiver thereof or of any other right, nor shall any single or
partial exercise preclude any further or other exercise of such right or any other right. 

  

 -12- 

	21.	GOVERNING LAW. This Agreement, and the legal relations between the parties, shall be governed by and construed in accordance with the laws of the State of California without regard
to conflicts of law doctrines and any court action arising out of this Agreement shall be brought in any court of competent jurisdiction within the State of California, County of Orange. 

  

	22.	WAIVER OF JURY TRIAL. THE COMPANY AND EMPLOYEE HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON, ARISING OUT OF OR RELATED TO
THIS AGREEMENT, THE EMPLOYMENT RELATIONSHIP BETWEEN THEM OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR SUCH RELATIONSHIP. The scope of this waiver is intended to be all-encompassing of any and all disputes that may
be filed in any court or that relate to the subject matter of this Agreement, including without limitation, contract claims, tort claims, breach of duty claims, wrongful termination claims, claims for discharge in violation of public policy, claims
of discrimination and all other common law and statutory claims, to the maximum extent permitted by law. The Company and Employee each acknowledge that this waiver is a material inducement to enter into this Agreement, that each has already relied
on the waiver in entering into this Agreement, and that each will continue to rely on the waiver in their related future dealings. THE COMPANY AND EMPLOYEE FURTHER WARRANT AND REPRESENT THAT EACH HAS HAD AN OPPORTUNITY TO REVIEW THIS WAIVER WITH ITS
LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING SUCH OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT MODIFICATIONS TO OR EXTENSIONS OF THIS AGREEMENT. In the event of
arbitration or litigation, this Agreement may be filed as a written consent to arbitration or to a trial by the court. 

  

	23.	ARBITRATION. As a material inducement to enter into this Agreement, Employee and the Company each hereby agree that any “Claims” or “Controversies” (as defined
below) arising out of or in respect to this Agreement (or its validity, interpretation or enforcement), or Employee’s employment or termination, that Employee may have against the Company or it officers, directors, employees, or agents, in
their capacity as such, or that the Company may have against Employee, shall be resolved solely through binding arbitration. EMPLOYEE AND THE COMPANY EACH HEREBY ACKNOWLEDGE THAT THIS AGREEMENT TO ARBITRATE MEANS THAT EMPLOYEE AND THE COMPANY ARE
RELINQUISHING HIS/HER/ITS RIGHTS TO EITHER A JURY TRIAL OR COURT TRIAL FOR THE RESOLUTION OF ANY CLAIMS THAT EMPLOYEE AND THE COMPANY MAY HAVE AGAINST THE OTHER. 

 The Terms “Claims” or “Controversies” arising out of this Agreement or Employee’s employment or termination means and includes
all claims for breach of this Agreement, harassment and/or discrimination (including sexual harassment and harassment or discrimination based on race, color, religion, age, sex, sexual orientation, ancestry, national 

  

 -13- 

 
origin, marital status, military service, pregnancy, physical or mental disability, medical condition or any other protected class or condition), breach of
any contract or covenant (express or implied), tort claims, wrongful termination, whistle-blowing and all other claims relating to this Agreement or Employee’s employment or termination, except that claims covered by the Workers’
Compensation Act and claims for unemployment benefits are not covered by this agreement to arbitrate. All Claims or Controversies shall be submitted to a single neutral arbitrator. The arbitration shall take place in Orange County, California,
unless otherwise mutually agreed. The arbitrator shall be mutually agreed-upon by Employee and the Company. If Employee and the Company cannot agree upon an arbitrator, the selection process shall be governed by the employment arbitration rules and
procedures of the American Arbitration Association (“AAA”). Regardless of the arbitrator chosen, the arbitration proceedings shall be governed by the then current AAA procedural rules, except that if a contrary rule exists: (1) all
monetary or provisional remedies available under applicable state or federal statutory law or common law will remain available to both parties, (2) except as mutually agreed upon by the parties, there will be no limitation on discovery beyond
that which exists in cases litigated in Orange County Superior Court and (3) the California Rules of Evidence shall apply to the arbitration hearing. 
 In connection with any arbitration proceeding commenced hereby, the prevailing party shall be entitled to reimbursement of its reasonable attorney’s fees and costs, including arbitrator fees. This agreement to
arbitrate and arbitration procedure is intended to be the exclusive method of resolving all Claims or Controversies as described above between Employee and the Company and judgment upon the award rendered by the arbitrator hereunder may be entered
in any court having jurisdiction thereof. 
  

	24.	WITHHOLDING. All compensation payable hereunder, including salary and other benefits, shall be subject to applicable taxes, withholding and other required, normal or elected
employee deductions. 

  

	25.	COUNTERPARTS. This Agreement and any amendment hereto may be executed in one or more counterparts. All of such counterparts shall constitute one and the same agreement and shall
become effective when a copy signed by each party has been delivered to the other party. 

  

	26.	HEADINGS. Section and other headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this
Agreement. 

  

 -14- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	 CORINTHIAN COLLEGES, INC.

		
	 By:
	 	  

	 Name:
	 	 Stan A. Mortensen

	 Its:
	 	 Sr. Vice President and General Counsel

	
	 EMPLOYEE

	  

	 Jack D. Massimino

  

 -15-Form of performance-related Nonqualified Stock Option Agreement

 Exhibit 10.2 
 CORINTHIAN COLLEGES, INC. 
 2003 PERFORMANCE AWARD PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
 THIS NONQUALIFIED STOCK OPTION AGREEMENT (this “Option Agreement”) by and between CORINTHIAN COLLEGES, INC., a Delaware corporation (the “Corporation”), and Jack D. Massimino (the
“Participant”) evidences the stock option (the “Option”) granted by the Corporation to the Participant as to the number of shares of the Corporation’s Common Stock first set forth below. 
  

					
	Number of Shares of Common Stock:1	 	[Insert total number of options]	 	Award Date:     , 2007
	Exercise Price per Share:1	 	$                	 	Expiration Date:1,2     , 2014

 Vesting1,2 Up to [Insert 50% of options] shares of Common Stock subject to the Option shall vest as set forth below if certain Corporation revenue related performance
criteria are met (the “Revenue Related Shares”), and up to [Insert 50% of options] shares of Common Stock subject to the Option shall vest as set forth below if certain Corporation operating profit performance criteria are met (the
“Operating Profit Related Shares”). 
 The Participant shall not vest in any portion of the Revenue Related Shares if Net
Revenue for the Corporation’s fiscal year ending June 30, 2010 is less than $                     (the “Minimum Revenue Target”).
The Participant shall vest in 50% of the [Insert 50% of options] Revenue Related Shares if Net Revenue for the Corporation’s fiscal year ending June 30, 2010 or any prior fiscal year equals or exceeds the Minimum Revenue Target. The
Participant shall vest in all [Insert 50% of options] Revenue Related Shares if Net Revenue for the Corporation’s fiscal year ending June 30, 2010 is equal to or exceeds
$                     (the “Maximum Revenue Target”). If Net Revenue for the Corporation’s fiscal year ending June 30, 2010
exceeds the Minimum Revenue Target, but is less than Maximum Revenue Target, then the Participant shall vest in an amount of Revenue Related Shares equal to the following formula: [Insert 25% of options] Revenue Related Shares plus ([Insert 25% of
options] Revenue Related Shares multiplied by a fraction, the numerator of which is the Corporation’s Net Revenue for the fiscal year ending June 30, 2010 minus the Minimum Revenue Target, and the denominator of which is the Maximum
Revenue Target minus the Minimum Revenue Target). 
 The Participant shall not vest in any portion of the Operating Profit Related Shares if
Operating Profit for the Corporation’s fiscal year ending June 30, 2010 is less than $                     (the “Minimum Profit
Target”). The Participant shall vest in 50% of the [Insert 50% of options] Operating Profit Related Shares if Operating Profit for the Corporation’s fiscal year ending June 30, 2010 or any prior fiscal year equals or exceeds the
Minimum Profit Target. The Participant shall vest in all [Insert 50% of options] Operating Profit Related Shares if Operating Profit for the Corporation’s fiscal year ending June 30, 2010 is equal to or exceeds
$                     (the “Maximum Profit Target”). If Operating Profit for the Corporation’s fiscal year ending June 30, 2010
exceeds the Minimum Profit Target, but is less than the Maximum Profit Target, then the Participant shall vest in an amount of Operating Profit Related Shares equal to the following formula: [Insert 25% of options] Operating Profit Related Shares
plus ([Insert 25% of options] Operating Profit Related Shares multiplied by a fraction, the numerator of which is the Corporation’s Operating Profit for the fiscal year ending June 30, 2010 minus the Minimum Profit Target, and the
denominator of which is the Maximum Profit Target minus the Minimum Profit Target). 

	 1
	 Subject to adjustment under Section 6.3 of the Plan.

	 2
	 Subject to earlier termination as provided in Section 4 of the Terms.

  

 If the above targets are met, the Participant shall vest in the applicable number of Revenue Related
Shares and/or Operating Profit Related Shares on the Certification Date (defined below). Despite the foregoing, the Participant shall not vest in the number of Revenue Related Shares and/or Operating Profit Related Shares determined above unless he:
(i) is the Chief Executive Officer of the Corporation on June 30, 2009; and (ii) (A) serves as a member of the Board of the Corporation or any of its Subsidiaries on June 30, 2010; (B) dies while serving as a member of
the Board of the Corporation or any of its Subsidiaries after June 30, 2009, but prior to June 30, 2010; or (C) becomes Totally Disabled while serving as a member of the Board of the Corporation or any of its Subsidiaries after
June 30, 2009, but prior to June 30, 2010 and is in good standing with the Corporation on June 30, 2010. 
 The determination
of Net Revenue, Operating Profit, and whether performance criteria have been achieved shall be determined on the basis of the audited financial statements of the Corporation for the fiscal year ending June 30, 2010, and the Corporation’s
Compensation Committee shall certify such achievement in writing following a duly-called meeting (the “Certification Date”). The terms “Net Revenue” and “Operating Profit” are used as applied under generally accepted
accounting principles or in the Corporation’s financial reporting. 
 The Option is granted under the Corinthian Colleges, Inc. 2003
Performance Award Plan (the “Plan”) and subject to the Terms and Conditions of Management Nonqualified Stock Option (the “Terms”) attached to this Option Agreement (incorporated herein by this reference) and to the
Plan. The Option has been granted to the Participant in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Participant. Capitalized terms are defined in the Plan if not defined herein. The parties
agree to the terms of the Option set forth herein. The Participant acknowledges receipt of a copy of the Terms and the Plan. 
  

							
	“PARTICIPANT”	 	 	 	CORINTHIAN COLLEGES, INC.,
	  
	 		 	a Delaware corporation
	Signature	 		 		 	
	  
	 		 	By:	 	  

	Print Name	 		 	Name:	 	Stan A. Mortensen
		 		 	Its:	 	Sr. Vice President and General Counsel
		 		 		 	

  

 TERMS AND CONDITIONS OF MANAGEMENT NONQUALIFIED STOCK OPTION 
  

	1.	Vesting; Limits on Exercise. 

 As set forth
on the first two pages of this Option Agreement, the Option shall vest and become exercisable in the aggregate number of shares of Common Stock subject to the Option determined as set forth on such first two pages. The Option may be exercised only
to the extent the Option is vested and exercisable. 
  

	 	•	 	 Cumulative Exercisability. To the extent that the Option is vested and exercisable, the Participant has the right to exercise the Option (to the extent not
previously exercised), and such right shall continue until the expiration or earlier termination of the Option. 

  

	 	•	 	 No Fractional Shares. Fractional share interests shall be disregarded, but may be cumulated. 

  

	 	 •
	 	 Minimum Exercise. No fewer than 1001 shares of Common Stock may be purchased at any one time, unless the number purchased is the total number at the time exercisable under the Option. 

  

	 	•	 	 Nonqualified Stock Option Status. The Option is a nonqualified stock option and is not, and shall not be, an incentive stock option within the meaning of
Section 422 of the Code. 

  

	2.	Continuance of Employment/Service Required; No Employment/Service Commitment. 

 Except as expressly provided on the fist two pages of this Option Agreement and Section 4 below, the vesting provisions require continued employment
or service as a member of the Board through the vesting date as a condition to the vesting of the Option and the rights and benefits under this Option Agreement. Employment or service as a member of the Board 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 a member of the Board as
provided in Section 4 below or under the Plan. Employment or service as a member of the Board of the Corporation or any of its Subsidiaries after June 30, 2010 is not required in order to vest in the Option on the Certification Date.

 Nothing contained in this Option Agreement or the Plan constitutes an employment or Board service commitment by the Corporation or any of
its Subsidiaries, affects the Participant’s status, if he or she is an employee, as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by or in Board 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. 
  

	3.	Method of Exercise of Option. 

 The Option
shall be exercisable by the delivery to the Secretary of the Corporation (or such other person as the Committee may require pursuant to such administrative exercise procedures as the Committee may implement from time to time) of: 
  

	 	•	 	 a written notice stating the number of shares of Common Stock to be purchased pursuant to the Option or by the completion of such other administrative exercise
procedures as the Committee may require from time to time, 

  

	 	•	 	 payment in full for the Exercise Price of the shares to be purchased in cash, check or by electronic funds transfer to the Corporation, or (subject to compliance
with all applicable laws, rules, regulations and listing requirements) in shares of Common Stock already owned by the Participant, valued at their Fair Market Value on the exercise date, provided, however, that any shares initially
acquired upon exercise of a stock option or otherwise from the Corporation must have been owned by the Participant for at least six (6) months before the date of such exercise; 

  

	 	•	 	 any written statements or agreements required pursuant to Section 6.4 of the Plan; and 

  

	 	•	 	 satisfaction of the tax withholding provisions of Section 6.5 of the Plan. 

 The Committee also may, but is not required to, authorize a non-cash payment alternative by notice and third party payment in such manner as may be authorized by the Committee. 
  

	4.	Early Termination of Option; Change in Control Event. 

 4.1 General. Notwithstanding any other provision of this Option Agreement or of the Plan, the Option, to the extent not previously exercised, and all other rights hereunder, whether vested and exercisable or
not, shall terminate and become null and void prior to the Expiration Date in the event of: 
  

	 	•	 	 the termination of the Participant’s employment or services as a member of the Board as provided in Section 4.2 hereof, or 

 

	 	•	 	 the termination of the Option pursuant to Section 6.3 of the Plan. 

 4.2 Termination of Employment or Services. Subject to earlier termination on the Expiration Date of the Option or pursuant to Section 6.3 of
the Plan, if the Participant ceases to be employed by or ceases to provide services as a member of the Board to the Corporation or a Subsidiary (regardless of the reason), the following rules shall apply (as used in this agreement, the
Participant’s “Severance Date” shall mean the later of the last day that the Participant (i) is employed by the Corporation or a Subsidiary, or (ii) provides services as a member of the Board to the Corporation or a
Subsidiary): (a) the Participant will have until the date that is three years after the later of (i) the Certification Date, or (ii) Severance Date to exercise the Option (or portion thereof) to the extent it was vested on the
Certification Date (after giving effect to any acceleration thereof pursuant to Section 4.3), (b) the Option, to the extent not vested on the Certification Date (after giving effect to any acceleration thereof pursuant to
Section 4.3), shall terminate on the Certification Date, and (c) the Option, to the extent exercisable for the period specified in clause (a) above and not exercised during such period (after giving effect to the 

 
period provided for below), shall terminate at the close of business on the last day of such period. Notwithstanding the foregoing, if the last day of the
period specified in clause (a) above is during a Blackout Period (defined below), then the Option shall remain exercisable until 14 days after the first date that there is no longer in effect a Blackout Period applicable to the extent
exercisable for the period specified in clause (a) above. The Corporation has established an Insider Trading Policy (as such policy may be amended from time to time, the “Policy”) relative to trading while in possession of material,
undisclosed information. The Policy prohibits officers, directors, employees, and consultants of the Corporation and its subsidiaries from trading in securities of the Corporation during certain “Blackout Periods” as described in the
Policy. The foregoing provisions of this Section 4.2 apply notwithstanding anything to the contrary in Section 6.2.1, 6.2.2, or 6.2.3 of the Plan. 
 4.3 Possible Acceleration upon Change in Control Event. Notwithstanding any other provision of this Option Agreement or of the Plan, if a Change in Control Event (as defined in the Plan) occurs while the
Participant is employed by or serves as a member of the Board of the Corporation or any of its Subsidiaries and the Option does not accelerate and become fully vested in connection with such event as contemplated by Sections 6.3.2 and 6.3.3 of the
Plan, the Option shall automatically accelerate and become partially or fully vested in accordance with the first two pages of this Option Agreement and as set forth in this Section. For purposes of the foregoing, the performance measuring period
shall be the 12-month period ending on a calendar quarter end that immediately precedes such Change in Control Event for which the Corporation’s financial statements were filed pursuant to Section 13 or 15(d) of the Exchange Act (the
“Measuring Date”). When determining the amount of vested shares, if any, pursuant to such first two pages, (i) the Minimum Revenue Target shall be 10% Compounded Annual Growth Rate (“CAGR”) of $[Revenue Baseline] per year
(including partial years) through the Measuring Date, (ii) the Maximum Revenue Target shall be 13% CAGR of $[Revenue Baseline] per year (including partial years) through the Measuring Date, (iii) the Minimum Profit Target shall be 12.5%
CAGR of $[Profit Baseline] per year (including partial years) through the Measuring Date, and (iv) the Maximum Profit Target shall be 25% CAGR of $[Profit Baseline] per year (including partial years) through the Measuring Date. The Participant
shall not vest in the number of Revenue Related Shares and/or Operating Profit Related Shares determined above unless he is employed by or serves as a member of the Board of the Corporation or any of its Subsidiaries on June 30, 2010. Despite
the foregoing, the Participant shall not be required to be employed by or serve as a member of the Board of the Corporation or any of its Subsidiaries if such termination of employment or services (a) is by the Corporation or a Subsidiary for
any reason other than for Cause (as defined below) or by the Participant for Good Reason (as defined below), and (b) occurs in anticipation of (but in no event more than three months prior to) the date of the Change in Control Event or within
two years following the date of the Change in Control Event. Also, if the Participant dies or becomes Totally Disabled while the Participant is employed by or serves as a member of the Board of the Corporation or any of its Subsidiaries after the
Change in Control Event, but prior to June 30, 2010, the Participant shall vest in the number of Revenue Related Shares and/or Operating Profit Related Shares determined above based on the level of achievement of the performance criteria,
adjusted by a fraction, the numerator of which is the number of full months from July 1, 2007 to the date on which death or Total Disability occurs, and the denominator is 36. The following definitions shall apply solely for purposes of this
Section 4.3: 
  

	 	•	 	 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) an involuntary material diminution in Participant’s base salary; (b) an involuntary material diminution in Participant’s authority, duties, or responsibilities (an involuntary material diminution in Participant’s
authority, duties, or responsibilities shall not have occurred if Participant agrees to cease being the Chief Executive Officer of the Corporation and agrees to remain on the Board of the Corporation or any of its Subsidiaries); (c) an
involuntary material diminution in the authority, duties, or responsibilities of the supervisor to whom Participant is required to report, including a requirement that Participant report to a corporate officer or Participant instead of reporting
directly to the Board of the Corporation; (d) an involuntary material diminution in the budget over which Participant retains authority; (e) a 100 mile or greater change in the geographic location at which Participant must perform his
services following a Change in Control Event; and (f) any other action or inaction that constitutes a material breach of the Participant’s Employment Agreement. 

  

	5.	Non-Transferability. 

 The Option and any
other rights of the Participant under this Option Agreement or the Plan are nontransferable and exercisable only by the Participant, except as set forth in Section 1.8 of the Plan. 
  

	6.	Notices. 

 Any notice to be given under the
terms of this Option 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 address given beneath the Participant’s signature hereto, or at such
other address as either party may hereafter designate in writing to the other. Any such notice shall be delivered in person or shall be 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. Any such notice shall be given only when received, but if the Participant is no longer an Eligible Person, shall
be deemed to have been duly given as of the date mailed in accordance with the foregoing provisions of this Section 6. 
  

	7.	Plan. 

 The Option and all rights of the
Participant under this Option Agreement are subject to, and the Participant agrees to be bound by, all of the terms and conditions of the Plan, incorporated herein by this reference. In the event of a conflict or inconsistency between the terms and
conditions of this Option Agreement and of the Plan, the terms and conditions of the Plan shall govern. The Participant acknowledges receipt of a copy of the Plan and agrees to be bound by the terms thereof and of this Option Agreement. The
Participant acknowledges reading and understanding the Plan and this Option Agreement. Unless otherwise expressly 

 
provided in other sections of this Option Agreement, provisions of the Plan that confer discretionary authority on the Board or the Committee 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 Committee so conferred by appropriate action of the Board or the Committee
under the Plan after the date hereof. 
  

	8.	Entire Agreement. 

 This Option Agreement
(including these Terms) 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 Option 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, 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. 
  

	9.	Governing Law; Limited Rights. 

 9.1.
Delaware Law. This Option 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. 
 9.2. Limited Rights. The Participant has no rights as a stockholder of the Corporation with respect to the Option as set forth in Section 6.7
of the Plan. 
  

	10.	Effect of this Agreement. 

 Subject to the
Corporation’s right to terminate the Option pursuant to Section 6.3 of the Plan, this Option Agreement shall be assumed by, be binding upon and inure to the benefit of any successor or successors to the Corporation. 
  

	11.	Counterparts. 

 This Option 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. 
  

	12.	Section Headings. 

 The section headings of
this Option Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof. 
 (Remainder of Page
Intentionally Left Blank)

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