Document:

Exhibit 10.35

 

FIRST
AMENDMENT TO

ESI EXCESS PENSION PLAN

 

This First Amendment to ESI Excess Pension Plan (“Plan”) is adopted by
ITT Educational Services, Inc. (“ESI”).

 

A.           ESI originally established the Plan
effective June 9, 1998.

 

B.             ESI now wishes to amend the Plan as
permitted under Section 10.01 of the Plan.

 

Recitals

 

Amendment

 

Effective January 1, 2003, Article VII of the Plan is amended
as follows:

 

ARTICLE VII

BENEFIT CLAIMS PROCEDURES

 

Section 7.01.  General
Procedure.  Claims for
benefits under the Plan must be made in writing to the Committee or its
designee.  If a claim for benefits is
wholly or partially denied, the Committee or its designee will notify the
Claimant of the claim’s denial within a reasonable period of time.  The Committee or its designee is authorized
to develop more fully the Plan’s general benefit claims procedures by
establishing from time to time various rules and procedures.

 

Within
60 days after the Claimant’s receipt of written notice of the claim’s
denial, the Claimant, or his duly authorized representative, may file a written
request with the Committee requesting a full and fair review of the denial of
the Claimant’s claim for benefits.  In
connection with the Claimant’s appeal of the denial of his claim for benefits, the
Claimant may review pertinent documents in the Committee’s possession and may
submit issues and comments in writing. 
The Committee will make a decision on review promptly after receipt of
the Claimant’s request for review.  The
decision on review will be in writing and written in a manner calculated to be
understood by the Claimant, will set forth the specific reason or reasons for
the decision, and will contain a specific reference to the pertinent Plan
provisions on which the decision is based. 
If the decision on review is not furnished to the Claimant within
60 days of receipt of the request for review, the claim will be deemed
denied on review.

 

Section 7.02.  Special Procedure for Certain Disability
Claims.  If a Claimant
requests a benefit on account of disability, the Claimant is not a participant
in ESI’s long-term disability plan, and the claim for the benefit is denied,
special rules apply.  In this situation,
the Committee must notify the Claimant of the denial within 45 days after
the claim for benefits is filed.  This
time period may be extended twice by 30 days if the Committee:  (1) determines that the extension is
required due to matters beyond its control and (2) notifies the Claimant
of the circumstances requiring the extension of time and the date by which it
expects to render a decision.  If such
an extension is necessary due to the Claimant’s failure to submit the
information necessary to decide the claim, the notice of extension will
specifically describe the required information, and the Claimant will be
afforded at least 45 days from receipt of the notice within which to
provide the specific information.  If
the Claimant delivers the requested information within the time specified, any
30 day extension period will begin after the Claimant

 

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has provided that information.  If the Claimant fails to deliver the
requested information within the time specified, the Committee may decide a
claim without that information.

 

The Committee will send the Claimant a
written statement explaining in detail the reasons for the denial.  The written statement will explain the
specific reason(s) for the denial and: 
(1) identify the Plan provision(s) on which the denial is based;
(2) identify any additional material or information needed to complete the
claim and why that information is necessary; (3) describe the Plan
procedures and time limits for appealing the denial, the Claimant’s right to
obtain information about those procedures, and the right to sue in federal
court; and (4) disclose any internal rule, guidelines, protocol or similar
criterion relied on in making the adverse determination (or state that the
information will be provided free of charge upon request).

 

The Claimant will then have the right to ask
the Committee to review the denial of the claim.  This request must be made in writing to the Committee within
180 days after the claim is denied. 
The written request may be made by the Claimant or his or her authorized
representative.  The Committee will
provide a written decision to the Claimant within 45 days after the
Committee receives the Claimant’s signed, written request for review, unless
special circumstances require an additional period, up to 45 days, in
which case the Committee will notify the Claimant of the special circumstances
and the date by which the Committee expects to render its decision on
review.  If an extension is necessary
due to the Claimant’s failure to submit the information necessary to decide the
appeal, the notice of extension will specifically describe the required
information, and the Claimant will be afforded at least 45 days from
receipt of the notice to provide the specified information.  If the Claimant delivers the requested
information within the time specified, the 45 day extension of the appeal period
will begin after the Claimant has provided that information.  If the Claimant fails to deliver the
requested information within the time specified, the Committee may decide the
appeal without that information.

 

The following provisions apply to the right
of appeal:  (1) the Claimant will
have the opportunity to submit written comments, documents, or other
information in support its appeal; (2) upon request, the Claimant will
have access to all relevant documents as described by applicable U.S. Department
of Labor regulations; (3) the review will take into account all
information, whether or not presented or available at the initial
determination; (4) the initial determination will not be afforded any
deference; (5) the review will be conducted by a person different from the
person who made the initial determination and who is not the original
decisionmaker’s subordinate; (6) if the decision is made on the grounds of
a medical judgment, the Committee will consult with a health care professional
with appropriate training and experience, and the health care professional will
not be the individual who was consulted during the initial determination or
that person’s subordinate; and (7) the Committee will provide the Claimant
with the name of any medical or vocational expert who advised the Plan with
regard to the claim.

 

A notice that the request on appeal is denied
will contain the following information: 
(1) the specific reason(s) for the appeal determination; (2) a reference
to the specific Plan provision(s) on which the determination is based; (3) a
statement disclosing any internal rule, guidelines, protocol, or similar
criterion relied on in making the adverse determination (or a statement that
this information will be provided free of charge upon request); (4) a statement
describing the Claimant’s right to bring a civil suit under federal law;
(5) a statement that the Claimant is entitled to receive upon request, and
without charge, reasonable access to or copies

 

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of all documents, records or other information relevant to the
determination; and (6) the statement “You or your plan may have other voluntary
alternative dispute resolution options, such as mediation.  One way to find out what may be available is
to contact your local U.S. Department of Labor Office and your State Insurance
Regulatory Agency.” Unless a Claimant receives a notice of a claim or appeal
decision within the time limits above, the Claimant should proceed as if the
claim or appeal has been denied.

 

Section 7.03.  Exhaustion
of Remedy.  No Claimant may
institute any action or proceeding in any state or federal court of law or
equity or before any administrative tribunal or arbitrator for a claim for
benefits under the Plan until the Claimant has first exhausted the applicable
procedure set forth in this Article.

 

This First Amendment to ESI Excess Pension
Plan is executed this 1st day of May, 2003.

 

 

	
   

  	
   

  	
  ITT EDUCATIONAL SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nina F. Esbin

  
	
   

  	
   

  	
  (Signature)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Nina F. Esbin

  
	
   

  	
   

  	
  (Printed)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  V.P., Human Resources

  
	
   

  	
   

  	
  (Title)

  

 

A-7Exhibit 10.36

 

FIFTH AMENDMENT

OF ESI PENSION PLAN

 

This Fifth Amendment of ESI Pension Plan (the “Plan”) is adopted by
ITT Educational Services, Inc. (the “Employer”).

 

Background

 

A.                                   The
Employer originally established the Plan effective June 9, 1998.

 

B.                                     The
Plan has been amended by a First, Second, Third and Fourth Amendment.

 

C.                                     The
Employer now wishes to amend the Plan further.

 

Amendment

 

1.                                       Effective
January 1, 2002, Section 9.02 is amended to read as follows:

 

Section 9.02.  General Claims Procedures (Claims Not
Requiring a Determination of Disability by the Plan).  Except as provided in Section 9.03, the
following will apply to claims for benefits under the Plan.

 

(a)                                  If a claim is denied
in whole or in part, the Committee, within 90 days after receipt of the
claim, will give the claimant written notice of the denial.  If special circumstances require extension
of the 90-day response period, the Committee may extend the period for up to 90
additional days by notifying the claimant, within the original 90-day period,
of the extension, the reason for it, and when a decision can be expected.  The notice of a claim denial will state, in
a manner calculated to be understood by the claimant, the following:

 

(1)                                  the specific reason
or reasons for the denial;

 

(2)                                  specific reference to
the Plan provision or provisions on which the denial is based;

 

(3)                                  a description of any
additional material or information needed to perfect the claim, and why the
information is necessary; and

 

(4)                                  an explanation of the
appeal right and procedure described in Subsection (b).

 

(b)                                 A claimant whose claim
is denied, in whole or in part, will have the right to appeal to the Committee
for review of the denial.  The following
provisions will apply to that right of appeal:

 

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(1)                                  The request for
review must be filed with the Committee within 60 days after written
notice of denial of the claim.

 

(2)                                  The request must be
in writing signed by the claimant or his authorized representative.

 

(3)                                  The claimant will
have the right, upon request, to review records and documents in the possession
of the Committee relating to the claim.

 

(4)                                  The claimant may
submit issues, arguments, and other comments in writing to the Committee, with
any documentary evidence in support of his claim.

 

(5)                                  The decision by the
Committee will be given to the claimant in writing within 60 days after
receipt by the Committee of the claimant’s request for review.  If special circumstances require extension
of the 60-day period, the Committee may extend the 60-day period for up to 60
additional days by notifying the claimant, within the original 60-day period,
of the extension, the reason for it, and when a decision can be expected.  If the decision denies the claim, in whole
or in part, the decision will state the specific reasons for the denial,
including specific references to the Plan provision or provisions on which the
denial is based, all stated in language calculated to be understood by the
claimant.

 

2.                                       Effective
January 1, 2002, Section 9.03 is amended to read as follows:

 

Section 9.03.  Disability Claims Procedures.  These procedures will be followed with
respect to claims that require a determination of Disability under the
Plan.  The Committee will give the
claimant notice of the decision on his claim no later than 45 days after the
claim is filed.  This time period may be
extended twice by 30 days if the Committee (1) determine that the
extension is required due to matters beyond the control of the Plan and (2) notifies
the claimant of the circumstances requiring the extension of time and the date
by which the Committee expects to render a decision.  If an extension is necessary due to the claimant’s failure to
submit the information necessary to decide the claim, the notice of extension
will specifically describe the required information, and the claimant will be
afforded at least 45 days from receipt of the notice within which to
provide the specific information.  If
the claimant delivers the requested information within the time specified, any
30 day extension period will begin after the claimant has provided that
information.  If the claimant fails to
deliver the requested information within the time specified, the Committee may
decide the claim without that information.

 

(a)                                  If a claim is denied,
in whole or in part, the notice of the benefit determination under the Plan
will state the following:

 

(1)                                  the specific reason
or reasons for the denial;

 

(2)                                  specific reference to
the Plan provision or provisions on which the denial is based;

 

(3)                                  a description of any
additional material or information needed to complete the claim and why the
information is necessary;

 

A-9

 

(4)                                  a description of the
Plan procedures and time limits for appealing the determination, the claimant’s
right to obtain information about those procedures, and the right to sue in
federal court; and

 

(5)                                  disclosure of any
internal rule, guidelines, protocol or similar criterion relied on in making
the denial (or state that the information will be provided free of charge upon
request).

 

(b)                                 If a claim for
benefits based on a Disability is denied, the claimant will have 180 days from
the receipt of the Committee’s decision to appeal to the Committee for a review
of the denial.  The Committee’s decision
will be given to the claimant in writing, within 45 days after the
Committee receives the claimant’s signed, written request for review, unless
special circumstances require an additional period, up to 45 days, in
which case the Committee will notify the claimant of the special circumstances
and the date upon which the Committee expects to render its determination on
review.

 

If an extension is necessary due to the
claimant’s failure to submit the information necessary to decide the appeal,
the notice of extension will specifically describe the required information,
and the claimant will be afforded at least 45 days from receipt of the
notice to provide the specified information. 
If the claimant delivers the requested information within the time specified,
the 45 day extension of the appeal period will begin after the claimant
has provided that information.  If the
claimant fails to deliver the requested information within the time specified,
the Committee may decide the appeal without that information.  The following provisions apply to the right
of appeal:

 

(1)                                  The claimant will
have the opportunity to submit written comments, documents, or other
information in support of his appeal.

 

(2)                                  Upon request, the
claimant will have access to all relevant documents as described by applicable
U.S. Department of Labor regulations.

 

(3)                                  The review will take
into account all information, whether or not presented or available at the
initial determination.

 

(4)                                  The initial
determination will not be afforded any deference.

 

(5)                                  The review will be
conducted by a person different from the person who made the initial
determination and who is not the original decisionmaker’s subordinate.

 

(6)                                  If the decision is
made on the grounds of a medical judgment, the Committee will consult with a
health care professional with appropriate training and experience.  The health care professional will not be the
individual who was consulted during the initial determination or that person’s
subordinate.

 

(7)                                  The Committee will
provide the claimant with the name of any medical or vocational expert who
advised the Plan with regard to his claim.

 

(c)                                  A notice that the
request on appeal is denied will contain the following information:

 

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(1)                                  the specific
reason(s) for the appeal determination;

 

(2)                                  a reference to the
specific Plan provision(s) on which the determination is based;

 

(3)                                  a statement
disclosing any internal rule, guidelines, protocol or similar criterion relied
on in making the adverse determination (or a statement that the information
will be provided free of charge upon request);

 

(4)                                  a statement
describing the claimant’s right to bring a civil suit under federal law;

 

(5)                                  a statement that the
claimant is entitled to receive upon request, and without charge, reasonable
access to or copies of all documents, records or other information relevant to
the determination; and

 

(6)                                  the statement that
“You or your plan may have other voluntary alternative dispute resolution
options, such as mediation.  One way to
find out what may be available is to contact your local U.S. Department of
Labor Office and your State insurance regulatory agency.”

 

3.                                       Effective
June 2, 2003, the definition of “Eligible Employee” at Section 2.01
is amended to read as follows:

 

“Eligible Employee” means an Employee other
than (a) a federal work study student; (b) a non-resident alien;
(c) a Leased Employee; (d) an Employee who is covered by a collective
bargaining agreement that does not provide for Plan membership; (e) an
Employee accruing benefits for current service under any other qualified
defined benefit plan or qualified defined contribution plan maintained by the
Employer or a Related Employer (other than the ESI 401(k) Plan);
(f) an Employee who first completes an Hour of Service on or after
June 2, 2003; or (g) an Employee who first completes an Hour of
Service before June 2, 2003, but terminates employment with the Employer
before completing a Year of Eligibility Service or a year of Continuous Service
and returns after incurring a one-year Break in Service or a one-year Period of
Severance.

 

This Fifth Amendment of ESI Pension Plan is executed this 28th
day of May, 2003.

 

	
   

  	
  ITT EDUCATIONAL SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nina F. Esbin

  	
   

  
	
   

  	
   

  	
  (Signature)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Nina F. Esbin

  	
   

  
	
   

  	
   

  	
  (Printed)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Vice President, Human Resources

  	
   

  
	
   

  	
   

  	
  (Title)

  
	
   

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Jenny Yonce

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Jenny Yonce

  	
   

  	
   

  
	
  (Printed)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mgr, Benefits & HRIS

  	
   

  	
   

  
	
  (Title)

  	
   

  	
   

  
						

 

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