Document:

exv10w2

Exhibit 10.2

APOLLO GROUP, INC.

September 20,
2010

Sean Martin

Apollo Group, Inc.

227 West Monroe Street

Suite 3600

Chicago, IL 60606-5059

Dear Sean:

The purpose of this letter is to clarify certain provisions in the Company’s offer letter to you
dated August 23, 2010 which was accepted by you on that date. We think it best to make these
clarifications in connection with your commencement of employment with the Company so that any
potential ambiguities in your offer letter are clarified at the time of your actual start date.

     1. Reimbursement of Housing Loss. Your offer letter provides that the
Company will reimburse you in an amount up to $290,000 for any loss you incur in
connection with the sale of your current residence in California. The amount of such
loss will be calculated at the time of the sale using the difference between the HUD
statement at the time of your original purchase of that residence and the HUD
statement at the time of the sale. As indicated in the offer letter, you must
furnish the requisite HUD statements and other applicable documentation evidencing
the loss within forty-five (45) days after the date of the sale, and the Company
will reimburse you for any resulting loss based on those statements and
documentation within ten (10) business days thereafter. You will also be entitled to
a tax gross-up on such reimbursement. The amount of the tax gross-up will be
calculated by the relocation company handling your relocation expenses and will be
based on the federal and state income tax rates attributable to the compensation
paid to you by the Company in the year in which your loss reimbursement is paid. No
other income or compensation for that year, whether attributable to yourself or your
spouse, will be taken into account for purposes of such calculation, and you will
provide such information relating to your anticipated income tax deductions for such
year as may be reasonably requested. The calculation will be made in
December of that
year, and the actual gross-up payment will be made to you at the time of such
calculation or
as soon as administratively practicable thereafter, but in no event later than
the last day of the calendar year in which you remit the taxes to which such
gross-up relates to the applicable taxing authorities.

 

 

     2. Reimbursements. In addition to the conditions set forth in the
Miscellaneous section of the offer letter, we wish to clarify that the amount of
reimbursements to which you become entitled under your offer letter in any
calendar year will not affect the amount of reimbursements to which you may
become entitled pursuant to that offer letter in any other calendar year.

Subject to the clarifications set forth above, all of the terms and provisions of your August 23,
2010 offer letter shall continue in full force and effect as stated therein.

Please indicate your agreement with the foregoing clarifications to your offer letter by signing
and dating the Acceptance fine below.

Regards

Fred Newton

Senior Vice President, Human Resources

I agree to the foregoing clarifications:

	 	 	 	 	 

	/s/ Sean Martin
 

Sean Martin

	 	 
	 	Dated: September 21, 2010exv10w3

Exhibit 10.3

APOLLO GROUP, INC.

4025 SOUTH RIVERPOINT PARKWAY

PHOENIX, AZ 85040

September 29,
2010

Mr. Charles B. Edelstein

c/o Apollo Group, Inc.

3025 South RiverPoint Parkway

Phoenix, AZ 85040

Dear Chas:

Under the terms of your existing Employment Agreement with Apollo Group, Inc. (the “Company”)
dated July 7, 2008 and subsequently amended on several separate occasions (the “Employment
Agreement”), you may become entitled to certain severance benefits should your employment with the
Company terminate under certain specified circumstances. However, in order for you to actually
receive any severance benefits under those circumstances, you must execute and deliver a general
release of all claims you may have against the Company and its affiliates.

The purpose of this letter is to resolve any potential ambiguity that might otherwise arise as to
the impact which that release requirement would have upon the commencement date of the payment of
any such severance benefits to which you may become entitled under your Employment Agreement,
whether payable in cash or equity, in the event the delayed commencement date provisions of
Section 14(b) of your Employment Agreement were not otherwise applicable at that time. As a point
of clarification in that event, each of the references in your Employment Agreement to “any
applicable revocation period” is intended to refer to the maximum applicable review/delivery and
revocation periods to which you are entitled under your Employment Agreement and applicable law
with respect to the release. That maximum aggregate period will accordingly be used to determine
the date (and taxable year) for the commencement of such severance benefits, and no such severance
benefits will be paid until that maximum aggregate review/delivery and revocation periods have
expired. In no event will you have the opportunity to determine the taxable year in which such
severance benefits will commence.

Except for the clarifications set forth in this letter, all the terms and provisions of your
Employment Agreement will continue in full force and effect.

	 	 	 

	/s/ Fred Newton
 

Fred Newton

	 	 
	 
	 	 
	Title: Executive Vice President, Human Resources
	 	 

 

 

APPROVAL

I hereby approve and accept the clarifying changes to my Employment Agreement set forth above.

	 	 	 

	/s/ Charles B. Edelstein
 

Charles B. Edelstein

	 	 
	 
	 	 
	Dated: September 28, 2010exv10w4

Exhibit 10.4

APOLLO GROUP, INC.

4025 SOUTH RIVERPOINT PARKWAY

PHOENIX, AZ 85040

November 2, 2010

Mr. Gregory W. Cappelli

c/o Apollo Group, Inc.

3025 South RiverPoint Parkway

Phoenix, AZ 85040

Dear Greg:

Under the terms of your existing Employment Agreement with Apollo Group, Inc. (the “Company”) dated
March 31, 2007 and subsequently amended on several separate occasions (the “Employment Agreement”),
you may become entitled to certain severance benefits should your employment with the Company
terminate under certain specified circumstances. However, in order for you to actually receive any
severance benefits under those circumstances, you must execute and deliver a general release of all
claims you may have against the Company and its affiliates.

The purpose of this letter is to resolve any potential ambiguity that might otherwise arise as to
the impact which that release requirement would have upon the commencement date of the payment of
any such severance benefits to which you may become entitled under your Employment Agreement,
whether payable in cash or equity, in the event the delayed commencement date provisions of Section
14(b) of your Employment Agreement were not otherwise applicable at that time. As a point of
clarification in that event, each of the references in your Employment Agreement to “any applicable
revocation period” is intended to refer to the maximum applicable review/delivery and revocation
periods to which you are entitled under your Employment Agreement and applicable law with respect
to the release. That maximum aggregate period will accordingly be used to determine the date (and
taxable year) for the commencement of such severance benefits, and no such severance benefits will
be paid until that maximum aggregate review/delivery and revocation periods have expired. In no
event will you have the opportunity to determine the taxable year in which such severance benefits
will commence.

Except for the clarifications set forth in this letter, all the terms and provisions of your
Employment Agreement will continue in full force and effect.

	 	 	 

	/s/ Fred Newton
 

Fred Newton

	 	 
	 
	Title: Executive Vice President, Human Resources
	 	 

 

 

APPROVAL

I hereby approve and accept the clarifying changes to my Employment Agreement set forth
above.

	 	 	 

	/s/ Gregory W. Cappelli
 

Gregory W. Cappelli

	 	 
	 
	 	 
	Dated: November 18, 2010exv10w5

Exhibit 10.5

APOLLO GROUP, INC.

EXECUTIVE OFFICER PERFORMANCE INCENTIVE PLAN

PLAN AMENDMENT

The Apollo Group, Inc. Executive Officer Performance Incentive Plan (the “Plan”) is hereby amended
as follows, effective as of November 23, 2010:

	 	1. Section II. A. of the Plan is hereby amended in its entirety to read as follows:

     “A. Bonuses shall be earned under the Plan on the basis of the Company’s
performance measured in terms of one or more pre-established performance objectives
to be attained over a designated performance period (the “Performance Period”). Each
applicable Performance Period under the Plan shall be established by the Plan
Administrator and may range in duration from a minimum period of three (3) months to
a maximum period of thirty-six (36) months. The initial Performance Period shall be
the twelve (12)-month period coincident with the Company’s 2008 fiscal year
beginning September 1, 2007 and ending August 31, 2008.”

	 	2. Section V. A. of the Plan is hereby amended in its entirety to read as follows:

     “A. Participants shall be eligible to earn a cash bonus under the Plan for each
Performance Period for which one or more performance objectives established by the
Plan Administrator for that Performance Period are attained. The Plan Administrator
shall, within the first ninety (90) days of each Performance Period of twelve (12)
or more months duration, within the first forty-five (45) days of each Performance
Period of less than twelve (12) months duration but six (6) months or more duration
and within the first fifteen (15) days of each Performance Period of three (3)
months duration, establish the specific performance objectives for that Performance
Period. In no event may a performance objective be established at a time when there
exists no substantial uncertainty as to its attainment.”

	 	3. Section V. B. of the Plan is hereby amended in its entirety to read as follows:

     “B. For each Performance Period, the performance objectives may be based on one
or more of the following criteria: (i) pre-tax or after-tax earnings or net income,
(ii) revenue growth, (iii) cash flow, (iv) return on assets or stockholder equity,
(v) total stockholder return, (vi) gross or net profit margin, (vii) earnings per
share, (viii) market share, (ix) earnings or operating income before interest,
taxes, depreciation, amortization and/or
charges for stock-based compensation, (x) economic value-added models, (xi)
operating income, net operating income or net operating income before or after
recorded tax expense; (xii) operating profit, net operating profit or net operating
profit before or after recorded tax expense, (xiii) operating margin, (xiv) cost
reductions, (xv) budget objectives, (xvi) measures of student academic success,
(xvii) measures of student

 

 

satisfaction at one or more of the Company’s universities or throughout the
Company’s university system as a whole, as formulated by the Plan
Administrator and validated in one or more instances through one or more
independently-conducted surveys, (xviii) measures of faculty performance at
one or more of the Company’s universities or throughout the Company’s
university system as a whole, (ixx) measures of faculty engagement at one or
more of the Company’s universities or throughout the Company’s university
system as a whole, as formulated by the Plan Administrator and validated in
one or more instances through one or more independently-conducted surveys, and
(xx) measures to enhance student protection or student service at one or more
of the Company’s universities or throughout the Company’s university system as
a whole. In addition, such performance criteria may be based upon the
attainment of specified levels of the Company’s performance under one or more
of the measures described above relative to the performance of other entities
and may also be based on the performance of any of the Company’s business
units or divisions or any subsidiary. Each applicable performance criteria may
be structured at the time of establishment to provide for appropriate
adjustment for one or more of the following items: (i) asset impairments or
write-downs; (ii) litigation verdicts, judgments or claim settlements; (iii)
the effect of changes in tax law, accounting principles or other laws,
regulations or provisions affecting reported results; (iv) accruals for
reorganization and restructuring programs; (v) any extraordinary nonrecurring
items, including those addressed in management’s discussion and analysis of
financial condition and results of operations appearing in the Company’s
annual report to stockholders for the applicable year; (vi) the operations of
any business acquired by the Company or any subsidiary or of any joint venture
in which the Company or any subsidiary participates; (vii) the divestiture of
one or more business operations or the assets of the Company or of any
subsidiary or joint venture in which the Company or any subsidiary
participates; (viii) the costs incurred in connection with such acquisitions
or divestitures; (ix) the financial results of any businesses classified as
discontinued operations for all or a portion of the applicable performance or
measurement period and (x) the payments made under the Plan or any other cash
incentive payment plan or program implemented by the Company.”

     4. Except as modified by this Plan Amendment, all the terms and provisions of the Plan
shall continue in full force and effect.

	IN WITNESS WHEREOF, Apollo Group, Inc. has caused this Plan Amendment to be executed on its behalf
by its duly-authorized officer on this 9th day of December 2010.

	 	 	 	 	 	 	 

	 	 	APOLLO GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joseph L. D’Amico
 

	 	 
	 

	 	Title:
	 	President & COO

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