Document:

EX-10.1

[Corinthian Colleges, Inc. Letterhead]

June 30, 2005

     

     

     

Re: Amendment of Option Agreement

Dear      :

Corinthian Colleges, Inc. (the “Company”) has determined that it is advisable to accelerate
the vesting of all of its outstanding and otherwise unvested stock option grants with exercise
prices that are above the Company’s closing price on NASDAQ as of June 30, 2005. Subject to the
condition set forth below, this accelerated vesting will apply to all stock options that have been
granted to you by the Company under its 1998 Performance Award Plan, 2003 Performance Award Plan or
2004 New-Hire Award Plan (the “Plans”) with exercise prices that are above the Company’s closing
price on NASDAQ as of June 30, 2005 that are outstanding and otherwise unvested as of the date of
this letter (your “Outstanding Options”).

This accelerated vesting of your Outstanding Options is conditioned, however, on your
agreement that you will not sell, transfer, assign, pledge, or otherwise dispose of, alienate, or
encumber, either voluntarily or involuntarily, any shares that you acquire on exercising the
accelerated portion of your Outstanding Options at any time before that portion of your Outstanding
Options would have vested under the terms of the applicable Plan or award agreement (without giving
effect to this acceleration, but including any possible acceleration of vesting that would
otherwise occur following a change in control or other circumstances causing accelerated vesting as
set forth in the applicable Plan and award agreement). Except as provided below, any sale or
transfer, or purported sale or transfer, of any such shares or any interest therein prior to that
vesting date shall be null and void. This restriction on the transfer of shares will not apply to
any transfer that would have been permitted with respect to the underlying option under the terms
of the applicable Plan and option agreement—for example, a transfer upon your death or to the
Company; provided that any permitted transferee will acquire the shares subject to the same
transfer restrictions.

Example. Assume that you were granted an option on January 1, 2002 to purchase 1,000 shares
of the Company’s common stock, that the option has vested with respect to 750 shares and that the
portion of the option covering the remaining 250 shares is scheduled to vest on January 1, 2006.
Upon this letter amendment becoming effective, the unvested portion of your option (covering 250
shares) would be accelerated, and you would be entitled to exercise the entire option and purchase
1,000 shares. You would be able to sell or otherwise transfer up to 750 shares immediately after
you acquire them (subject to applicable law, insider trading restrictions and other restrictions
that would ordinarily apply to any sale of Company stock by you). However, you would not be able
sell or otherwise transfer the 250 shares subject to the accelerated portion of the option until
January 1, 2006 (except under limited circumstances such as transfers on death or to the Company or
following the acceleration of vesting that would otherwise have occurred in the applicable Plan or
award agreement – for instance, following a change in control).

If you decide to exercise the accelerated portion of your Outstanding Options prior to the
time that portion of your Outstanding Options would have otherwise vested (including accelerated
vesting set forth in the applicable Plan or award agreement), the Company will issue shares only in
certificate form evidencing the shares you acquire on exercise with the following legend and such
other legends as may be required or appropriate under applicable law:

“THE OWNERSHIP OF THIS CERTIFICATE AND THE SHARES OF STOCK EVIDENCED HEREBY AND ANY
INTEREST THEREIN ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFER UNDER AN
AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND CORINTHIAN COLLEGES, INC. A
COPY OF SUCH AGREEMENT IS ON FILE IN THE OFFICE OF THE SECRETARY OF CORINTHIAN
COLLEGES, INC.”

Additionally, you agree to redeliver the certificates to the Company to be held by the Company
until the restrictions on transfer have lapsed (i.e., until the accelerated portion of your
Outstanding Options would have otherwise vested). Promptly after the transfer restrictions on any
such shares have lapsed, the Company will deliver to you a certificate or certificates, free of the
restrictive legend described above, evidencing such shares. Upon the occurrence of a stock split,
reverse stock split, stock dividend or any other change in capitalization, reorganization, merger
or similar event affecting the Company’s common stock, the transfer restrictions set forth above
applicable to any stock that you may have acquired upon exercise of an option will continue in
effect with respect to any consideration or other securities received in respect of such stock.

By executing this letter agreement, you and the Company agree that this letter amendment
amends, and supersedes any inconsistent provisions of, the award agreements evidencing your
Outstanding Options.

Please acknowledge your agreement with the foregoing by signing the enclosed copy of this
letter agreement where indicated below and returning the executed copy to the Company, care of
[     ]. You should return the letter so that it is received by the Company no later than
June 30, 2005. If you have any questions, please call [     ] at [     ].

Sincerely,

[Name]

[Title]

Acknowledged and Agreed:

By:

[Name of Optionee]Exhibit 10.3

                    [Form of Award Letter for Stock Options]

                                                                 _________, 20__

[Insert name and address]

Dear :

     The Company's  Board of Directors  continues to support our key  Associates
through programs which provide an opportunity to share in the Company's success.
Accordingly,  I am  pleased to inform you that the  Compensation  and  Personnel
Committee  (the  "Committee")  of the  Board  of  Directors  has  exercised  its
authority  under the 2003 Stock  Incentive  Plan,  as amended and restated  (the
"Plan")  and  granted to you  non-statutory  options to  purchase  shares of the
Common Stock of Circuit City Stores, Inc. as set forth herein. These options are
not qualified for Incentive Stock Option tax treatment.

     The  Plan is  administered  by the  Committee.  The  terms  of the Plan are
incorporated  into this letter and in the case of any conflict  between the Plan
and this letter,  the terms of the Plan shall control.  Unless otherwise defined
herein, capitalized terms have the meanings given them in the Plan. Please refer
to the Plan for certain  conditions not set forth in this letter.  A copy of the
Prospectus for the Plan is attached to this  agreement.  Copies of the Plan, the
Company's  annual  report  to  shareholders  and 10-K for  Fiscal  Year 20__ are
available from ______________________________.

       No. Shares Subject to Option                ____________

       Option Price Per Share                     $[INSERT PRICE]
                                                  ---------------

       Grant Date:                                 ____________

       Expiration Date:                            ____________

     On July 1st in the  year  after  the  grant  date and on each of the  three
succeeding years, you shall become entitled to exercise  cumulatively a total of
25%, 50%, 75% and 100%, respectively, of the option shares.

     By accepting this award,  you agree that if (i) you are a senior  executive
officer  subject to the  Company's  stock  ownership  guidelines at the time you
exercise  these options and (ii) you have not yet achieved the ownership  levels
for your then current position,  then upon exercise of any stock options awarded
under  this  agreement  you will  retain  at least  fifty  percent  (50%) of the
underlying  shares remaining after  satisfaction of the option exercise cost and
applicable tax liability.

Exercise of Options

     You may purchase shares under your option grant by:

     (1)   Giving notice to the Company indicating the number of shares you have
           elected to purchase.

     (2)   Remitting  payment  of the  purchase  price  in full.  You may  remit
           payment in cash or deliver  previously  owned shares of the Company's
           stock in satisfaction of all or any part of the purchase price.

     (3)   Remitting payment to satisfy the income tax withholding  requirements
           for  non-statutory  options.  The  Company is  required  to  withhold
           Federal,  state  and  local  taxes  on the  full  amount  of the gain
           realized on your option  exercise.  As a condition to your receipt of
           your shares,  you agree that the Company may deduct from any payments
           of any  kind  otherwise  due to you from the  Company  the  aggregate
           amount  of such  taxes  required  by law to be  withheld,  or, in the
           alternative,  that you will pay to the Company,  or make arrangements
           satisfactory to the Company regarding payment of such taxes.

Termination of Options

     These options shall vest,  other than as provided above, or terminate under
the following conditions:

     (1)   By Death or Disability.  If your employment by the Company terminates
           because you die or become  disabled (in  accordance  with  disability
           eligibility  provisions of the Company's  disability  plans),  all of
           your  outstanding  options  covered  by this  agreement  will  become
           immediately  exercisable,  effective  as of the date of your death or
           disability. Then at any before the expiration date of the grant, you,
           your personal representatives, distributees, or legatees may exercise
           your options.

     (2)   By  Retirement.  If you retire from the Company,  any unvested  stock
           options  will be  forfeited.  Vested  stock  options may be exercised
           until the expiration  date.  "Retirement"  for purposes of this award
           agreement shall mean separation from employment with the Company, its
           Parent,  and/or its subsidiaries for any reason other than a leave of
           absence,  death,  disability  or cause on or after  attainment of the
           earliest of: (1) age fifty-five  (55) with ten (10) years of service,
           (2) age  sixty-two  (62) with seven (7) years of service,  or (3) age
           sixty-five (65) with five (5) years of service.

     (3)   Other Reasons - Upon termination of your employment for reasons other
           than death,  disability or  retirement,  your unvested  stock options
           will  terminate  immediately.  Vested stock options must be exercised
           within  sixty (60) days  following  the date of your  termination  of
           employment or the expiration  date, if earlier.  In addition,  if you
           change to a  part-time  status,  your  unvested  stock  options  will
           terminate immediately and your vested stock options must be exercised
           within sixty (60) days of the date of your change in status.

     (4)   Expiration - These options will expire ten years from the grant date,
           as listed above.  Notwithstanding  the provisions of paragraphs  (1),
           (2) and (3)  immediately  above,  your  options may not be  exercised
           after the expiration date.

     (5)   Change of Control:  If you are employed by the Company on a full-time
           basis on a Change of  Control of the  Company,  any  restrictions  on
           outstanding stock options as set forth in this agreement shall lapse,
           and all options shall immediately become vested and exercisable.

     If the  number of  outstanding  shares  of the  Company's  Common  Stock is
increased or decreased as a result of a subdivision or  consolidation of shares,
the payment of a stock  dividend,  stock split,  or any other similar  change in
capitalization  effected without receipt of  consideration  by the Company,  the
number of shares  with  respect to which you have  unexercised  options  and the
option price will be  appropriately  increased  or  decreased by the  Committee.
Notwithstanding  the  foregoing,  the Company shall not be required to issue any
fractional shares upon exercise of your options as a result of such adjustment.

     The options  granted under the Plan are not  transferable  by you otherwise
than by will or by the laws of  descent  and  distribution  and are  exercisable
during your lifetime only by you. You do not have any rights as a shareholder of
the Company with respect to the Shares of Company  Stock subject to this option,
until a stock  certificate  has been duly issued  following  the exercise of the
option,  as provided  herein.  Any notice to be given to you with respect to the
option granted hereunder shall be given to you or your personal  representative,
legatee or distributee,  and shall be addressed to him or her at the address set
forth above or your last known address at the time notice is sent.

     This  award  letter is the entire  agreement  between  you and the  Company
concerning the stock options awarded pursuant to this letter. If you are a party
to an  Employment  Agreement  with the Company,  you agree that in the case of a
conflict  between the Employment  Agreement and this award letter,  the terms of
this award letter shall control.

     Please indicate your  acceptance of the terms and conditions  pertaining to
the stock  options  granted  herein by signing  your name in the space  provided
below and returning one copy to:

                            [insert name and address]

     When signed by you, this letter,  together  with the Plan,  will become the
Company's  Stock  Option  Agreement  with you.  All other  terms of this  letter
notwithstanding,  unless the Company  otherwise  agrees in writing,  this letter
will not be effective as a Stock Option  Agreement if such copy is not so signed
and returned to  ___________  no later than  _________,  20__.  Such  acceptance
places no obligation or commitment on you to exercise the options.

                                                     Sincerely,

                                                     Senior Vice President
                                                     Human Resources

ACCEPTED:

Associate Signature

Printed Name

Date

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