SEC Contract Filing

Filing Date: 2015-11-06

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>bpi2015q310-qxexx101xrelea.htm
<DESCRIPTION>EXHIBIT 10.1
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<a name="sDFCBD32325DD8FE566AD95A7CB3819AE"></a><div><div style="line-height:138%;padding-bottom:13px;text-align:right;text-indent:624px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.1</font></div></div><br><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">RELEASE OF ALL CLAIMS AND COVENANT NOT TO SUE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">PARTIES</font><font style="font-family:inherit;font-size:12pt;">. The parties to this Release of All Claims and Covenant Not to Sue Agreement (the &#8220;Release&#8221;) are Daniel J. Devine (&#8220;Executive&#8221;) and Bridgepoint Education,&#160;Inc., a Delaware corporation, (the &#8220;Company&#8221;).</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">RECITALS</font><font style="font-family:inherit;font-size:12pt;">. This Release is made with reference to the following facts: </font></div><div style="line-height:138%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive and Company are parties to an Employment Agreement dated March&#160;9, 2009 (the &#8220;Employment Agreement&#8221;). The Employment Agreement provides that Executive must execute a general release and covenant not to sue within not later than forty-five (45)&#160;days after Executive's Termination Date (as defined in the Employment Agreement) in order for Executive to receive the severance payments and benefits described in Section 7(b) of the Employment Agreement. This Release is the general release and covenant not to sue required by Section 7(e) of the Employment Agreement. The severance payments and benefits described in Section 7(b) of the Employment Agreement serve as the consideration for this Release while the additional consideration described in Section 5, below, serve as the consideration for the Supplemental Release Agreement attached hereto as </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Attachment A</font><font style="font-family:inherit;font-size:12pt;">. For the avoidance of doubt, the severance payments and benefits described in Section 7(b) of the Employment Agreement and the additional consideration described in Section 5 shall not begin/be provided prior to the Termination Date (as defined in Section 3, below). </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">TERMINATION DATE; TRANSITION PERIOD</font><font style="font-family:inherit;font-size:12pt;">. The Company and Executive agree that it is in both the Company&#8217;s and Executive&#8217;s best interests for Executive to resign his position as the Company&#8217;s Executive Vice President and Chief Financial Officer, without any further action on Executive&#8217;s part, effective as of October 1, 2015. After October 1, 2015 and through December 31, 2015 (the &#8220;Termination Date&#8221;), Executive shall remain an &#8220;at-will&#8221; employee of the Company in the position of Special Assistant to the Company&#8217;s Chief Executive Officer and agrees to fully and diligently perform the duties assigned to him by the Chief Executive Officer. Such duties may differ from the duties currently assigned to Executive, and shall include cooperation and assistance in the transition of Executive&#8217;s responsibilities to others, including the Company&#8217;s new Chief Financial Officer. Except as otherwise provided in this Release or as set forth in an applicable employee benefit plan or equity award agreement, all of Executive&#8217;s privileges as an employee of the Company will end as of the Termination Date. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">EXECUTIVE'S PROMISES</font><font style="font-family:inherit;font-size:12pt;">. In consideration for the promises and payments described in Section 7(b) of the Employment Agreement, including without limitation the payment of Executive&#8217;s 2015 Bonus in the gross amount of $260,000, less lawfully required withholdings, to be paid over twelve (12) months following Executive&#8217;s Termination Date, along with the Additional Consideration described in Section 5 below, Executive agrees as