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<SEC-DOCUMENT>0000950123-10-032847.txt : 20100407
<SEC-HEADER>0000950123-10-032847.hdr.sgml : 20100407
<ACCEPTANCE-DATETIME>20100407164544
ACCESSION NUMBER:		0000950123-10-032847
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20100518
FILED AS OF DATE:		20100407
DATE AS OF CHANGE:		20100407
EFFECTIVENESS DATE:		20100407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grand Canyon Education, Inc.
		CENTRAL INDEX KEY:			0001434588
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				203356009
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34211
		FILM NUMBER:		10737422

	BUSINESS ADDRESS:	
		STREET 1:		3300 W. CAMELBACK ROAD
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85017
		BUSINESS PHONE:		602-639-7500

	MAIL ADDRESS:	
		STREET 1:		3300 W. CAMELBACK ROAD
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85017
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c98773def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>DEF 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 14pt; margin-top: 6pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt">Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT face="wingdings" size="2">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="wingdings" size="2">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
Grand Canyon Education, Inc.</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Registrant as Specified In Its Charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="center">
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(5)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left" valign="top">
<FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(1)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount Previously Paid:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(2)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(3)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">(4)</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
<TD width="2%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD style="font-size: 10pt"><DIV align="left">

</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c98773c9877300.gif" alt="(GRAND CANYON UNIVERSITY LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">3300 W. Camelback Road<BR>
Phoenix, Arizona 85017<BR>
(602)&nbsp;639-7500

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">April&nbsp;7, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dear Stockholder:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">You are cordially invited to attend the 2010 Annual Meeting of Stockholders (the &#147;Annual
Meeting&#148;) of Grand Canyon Education, Inc. (the &#147;Company&#148;) to be held at McKinley Hall on the campus
of Grand Canyon University at 3300 W. Camelback Road, Phoenix, Arizona 85017, commencing at 8:00
a.m., local time, on Tuesday, May&nbsp;18, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The notice of annual meeting and the proxy statement that follow describe the matters to come
before the Annual Meeting. Each holder of record of shares of the Company&#146;s common stock
(NasdaqGM: LOPE) at the close of business on March&nbsp;29, 2010 is entitled to receive notice of and to
vote at the Annual Meeting, and any adjournment or postponement of the Annual Meeting. Shares of
our common stock can be voted at the Annual Meeting only if the holder is present in person or by
valid proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We hope that you will be able to attend the Annual Meeting in person and we look forward to
seeing you. Please mark, date and sign the enclosed proxy and return it in the accompanying
envelope, or submit the enclosed proxy by telephone or through the Internet in accordance with the
instructions set forth on the enclosed proxy card, as quickly as possible, even if you plan to
attend the Annual Meeting. You may revoke the proxy and vote in person at the Annual Meeting if
you so desire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c98773c9877301.gif" alt="-s- Brian E. Mueller">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Brian E. Mueller<BR>
<I>Chief Executive Officer and Director</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">This proxy statement is dated April&nbsp;7, 2010, and is first being sent or given to stockholders on or
about April&nbsp;9, 2010.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>VOTING METHODS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accompanying proxy statement describes important issues affecting Grand Canyon Education,
Inc. If you are a stockholder of record as of the record date, you have the right to submit your
proxy through the Internet, by telephone or by mail. You also may revoke your proxy at any time
before the Annual Meeting. Please help us save time and administrative costs by submitting your
proxy through the Internet or by telephone. Each method is generally available 24 hours a day and
will ensure that your voting instructions are confirmed and posted immediately. To submit your
proxy:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BY TELEPHONE</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On a touch-tone telephone, call toll-free 1-800-690-6903, 24
hours a day, seven days a week, through 11:59&nbsp;p.m. (PT)&nbsp;on May&nbsp;17, 2010.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please have available your proxy card and the last four digits
of your Social Security Number or Tax Identification Number.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the simple instructions provided.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BY INTERNET</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Go to the web site at www.proxyvote.com, 24 hours a day, seven
days a week, through 11:59&nbsp;p.m. (PT)&nbsp;on May&nbsp;17, 2010.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please have available your proxy card and the last four digits
of your Social Security Number or Tax Identification Number and create an
electronic ballot.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the simple instructions provided.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BY MAIL (if you submit your proxy by telephone or Internet, please do not mail
your proxy card)</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mark, sign and date your proxy card.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Return it in the enclosed postage-paid envelope.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If your shares are held in an account at a brokerage firm, bank or similar organization, you
will receive our proxy statement and our 2009 annual report, which includes our audited financial
statements, from the organization holding your account and you must follow the instructions
provided by such organization to submit your proxy.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Your vote is important. Thank you for submitting your proxy.</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Notice of Annual Meeting of Stockholders<BR>
to be held on May&nbsp;18, 2010</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To our Stockholders:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The 2010 Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;) of Grand Canyon Education, Inc.
(the &#147;Company&#148;), will be held at McKinley Hall on the campus of Grand Canyon University at 3300 W.
Camelback Road, Phoenix, Arizona 85017, commencing at 8:00 a.m., local time, on Tuesday, May&nbsp;18,
2010, for the following purposes:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect a Board of Directors of eight directors, each to serve until the next
annual meeting of stockholders or until his or her successor has been duly elected and
qualified or until his or her earlier resignation or removal;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To ratify the appointment of Ernst &#038; Young LLP as our independent registered
public accounting firm for the fiscal year ending December&nbsp;31, 2010; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To transact such other business as may properly be brought before the meeting
or any adjournment or postponement thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our Board of Directors has fixed March&nbsp;29, 2010 as the record date for the determination of
stockholders entitled to notice of and to vote at the Annual Meeting or any adjournment or
postponement thereof. For 10&nbsp;days prior to the Annual Meeting, a list of stockholders entitled to
vote at the Annual Meeting will be available for inspection in the offices of Grand Canyon
Education, Inc., Office of the General Counsel, 3300 W. Camelback Road, Phoenix, Arizona 85017
between the hours of 8:30 a.m. and 5:00 p.m., local time, each weekday. Such list will also be
available at the Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Your proxy is important to ensure a quorum at the meeting. Even if you own only a few shares,
and whether or not you expect to be present, you are urgently requested to submit the enclosed
proxy by telephone or through the Internet in accordance with the instructions provided to you.</B>
<U><B>If you received a paper copy of the proxy card by mail, you may also date, sign and mail the
proxy card in the postage-paid envelope that is provided.</B></U><B> The proxy may be revoked by you at
any time prior to being exercised, and submitting your proxy by telephone or through the Internet
or returning your proxy by mail will not affect your right to vote in person if you attend the
Annual Meeting and revoke the proxy.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to
Be Held on May&nbsp;18, 2010. This proxy statement and our 2009 annual report for the year ended
December&nbsp;31, 2009, are also available at http://materials.proxyvote.com/38526M.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">By Order of the Board of Directors,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c98773c9877302.gif" alt="-s- Christopher C. Richardson">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Christopher C. Richardson<BR>
<I>Secretary</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Phoenix, Arizona<BR>
April&nbsp;7, 2010
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">GENERAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#102">Availability of Proxy Materials</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#103">Record Date and Quorum</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#104">Submission of Proxies; Revocation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">Deadlines for Stockholder Proposals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">Quorum</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">Vote Required</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">Adjournment or Postponement of Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">Expenses of Soliciting Proxies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">CORPORATE GOVERNANCE AND BOARD MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">Corporate Governance Philosophy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">Board of Directors Meetings and Attendance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Director Independence</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#114">Board Leadership Structure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#115">Committees of Our Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Code of Conduct</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">Risk Oversight</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#118">Director Nomination Process</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">Compensation Committee Interlocks and Insider Participation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">Stockholder Communications with the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#121">2009 Compensation of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#122">PROPOSAL NO. 1 ELECTION OF DIRECTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">Composition of our Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#124">Directors and Director Nominees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#125">PROPOSAL NO. 2 RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#126">Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#127">Approval of Independent Registered Public Accounting Firm Services and Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#128">AUDIT COMMITTEE REPORT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#129">EXECUTIVE OFFICERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#130">EXECUTIVE COMPENSATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#131">Compensation Discussion and Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#132">Compensation of Named Executive Officers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133">Potential Payments upon Termination or Change in Control</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#134">Compensation Committee Report</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#135">BENEFICIAL OWNERSHIP OF COMMON STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#136">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#137">Policies and Procedures for Related Party Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#138">Certain Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#139">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#140">HOUSEHOLDING OF PROXY MATERIALS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#141">ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-i-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Grand Canyon Education, Inc.<BR>
3300 West Camelback Road<BR>
Phoenix, Arizona 85017</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROXY STATEMENT</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GENERAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The enclosed proxy is being solicited by our Board of Directors for use in connection with the
Annual Meeting to be held on Tuesday, May&nbsp;18, 2010, at McKinley Hall on the Company&#146;s campus at
3300 W. Camelback Road, Phoenix, Arizona 85017, commencing at 8:00 a.m., local time, and at any
adjournment or postponement thereof.
</DIV>
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Availability of Proxy Materials</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This proxy statement, and our Board of Directors&#146; form of proxy to stockholders, was mailed or
made available to our stockholders on or about April&nbsp;7, 2010. Any stockholder of record whose
shares are registered in the stockholder&#146;s name with our transfer agent, Computershare, will
receive a printed copy of the proxy materials by mail. Any stockholder of record who holds shares
of our common stock in an account at a brokerage firm, bank or similar organization will receive a
printed copy of the proxy materials by mail from the organization holding the stockholder&#146;s
account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, we are also making our proxy materials, which include our notice of Annual
Meeting, proxy statement and 2009 annual report, available to our stockholders over the Internet at
http://materials.proxyvote.com/38526M.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Record Date and Quorum</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Only stockholders of record at the close of business on March&nbsp;29, 2010, will be entitled to
notice of and to vote at the Annual Meeting and any adjournment or postponement thereof. At the
close of business on the record date, we had 45,702,415 shares of our common stock outstanding and
entitled to vote, with each such outstanding share entitled to one vote per share on each matter to
be voted upon by stockholders. A majority of the shares outstanding on the record date, present in
person or represented by proxy, will constitute a quorum for the transaction of business at the
meeting.
</DIV>
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Submission of Proxies; Revocation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Shares represented by proxies submitted by telephone or through the Internet in accordance
with the instructions set forth in this proxy statement, or submitted on the enclosed proxy card
that are properly signed and duly returned to us, and not revoked, will be voted in the manner
specified. You may revoke your proxy at any time before it is exercised by submitting to our
Secretary a written notice of revocation, submitting a properly executed proxy bearing a later
date, voting by telephone or via the Internet at a later time (if initially able to vote in that
manner) so long as such vote or voting direction is received by the applicable date and time set
forth above for stockholders of record, or by attending the Annual Meeting and voting in person. If
you hold your shares through a bank, broker, trustee or nominee and you have instructed the bank,
broker, trustee or nominee to vote your shares, you must follow the directions received from your
bank, broker, trustee or nominee to change those instructions.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Deadlines for Stockholder Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Stockholder proposals may be included in our proxy materials for an annual meeting so long as
they are provided to us on a timely basis and satisfy certain other conditions established by the
Securities and Exchange Commission (the &#147;SEC&#148;), including specifically under Rule&nbsp;14a-8 of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). To be timely, a proposal to be
included in our proxy statement must be received at our principal executive offices, addressed to
our Secretary, not less than 120 calendar days before the date of our proxy
statement released to stockholders in connection with the previous year&#146;s annual meeting.
Accordingly, for a stockholder proposal to be included in our proxy materials for our 2011 Annual
Meeting of Stockholders, the proposal must be received at our principal executive offices,
addressed to our Secretary, not later than the close of business on December&nbsp;9, 2010. Subject to
certain exceptions, stockholder business that is not intended for inclusion in our proxy materials
may be brought before an annual meeting so long as we receive notice of the proposal as specified
by, and subject to the conditions set forth in, our bylaws, addressed to our Secretary at our
principal executive offices, not earlier than the close of business on the 120th day, nor later
than the close of business on the 90th day, prior to the first anniversary of the date of the
preceding year&#146;s annual meeting. For our 2011 Annual Meeting of Stockholders, proper notice of
business that is not intended for inclusion in our proxy statement must be received not earlier
than the close of business on January&nbsp;19, 2011, nor later than the close of business on February
18, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A stockholder&#146;s notice to our Secretary must set forth as to each matter the stockholder
proposes to bring before the meeting (i)&nbsp;a brief description of the business desired to be brought
before the meeting and the text of the proposal or business, including the text of any resolutions
proposed for consideration and, in the event that such business includes a proposal to amend the
Company&#146;s bylaws, the language of the proposed amendment, (ii)&nbsp;the name and address, as they appear
on the Company&#146;s books, of the stockholder proposing such business and the names and addresses of
the beneficial owners, if any, on whose behalf the business is being brought, (iii)&nbsp;a
representation that the stockholder is a holder of record of stock of the Company entitled to vote
at the meeting on the date of such notice and intends to appear in person or by proxy at the
meeting to propose the business specified in the notice, (iv)&nbsp;any material interest of the
stockholder and such other beneficial owner in such business, (v)&nbsp;the class and number of shares of
the Company that are owned beneficially and of record by the stockholder and such other beneficial
owner, (vi)&nbsp;a description of any agreement, arrangement or understanding (including any derivative
or short positions, profit interests, options, warrants, stock appreciation or similar rights,
hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of
the stockholder&#146;s notice by, or on behalf of, such stockholder or such beneficial owner, and (vii)
any material interest of the stockholder and such other beneficial owner, the effect or intent of
which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or
decrease the voting power of, such stockholder or such beneficial owner, with respect to shares of
stock of the Company in such business.
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Quorum</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The presence at the Annual Meeting, in person or by proxy, of the holders of a majority of the
shares of common stock outstanding on the record date will constitute a quorum for the transaction
of business at the meeting. Abstentions and broker non-votes are included in determining whether a
quorum is present. Abstentions include shares present in person but not voting and shares
represented by proxy but with respect to which the holder has abstained. Broker non-votes occur
when a nominee holding shares for a beneficial owner does not vote on a particular proposal because
the nominee does not have discretionary voting power on that item and has not received instructions
from the beneficial owner.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Vote Required</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Election of Directors</I>. The affirmative vote of a plurality of the shares of common stock
present in person or by proxy at the meeting and entitled to vote is required for the election to
the Board of Directors of each of the nominees for director. Stockholders do not have the right to
cumulate their votes in the election of directors. Votes that are withheld, abstentions, and
broker non-votes will have no effect on the outcome of the election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If you hold your shares in &#147;street name,&#148; and you do not give your bank, broker or other
holder of record specific voting instructions for your shares, your record holder can vote your
shares on routine matters, which include the ratification of our independent public accountants.
However, your record holder cannot vote your shares without your specific instructions on the
election of directors. If you hold your shares in &#147;street name,&#148; please refer to the information
forwarded by your bank, broker or other holder of record for procedures on revoking or changing
your proxy. In the absence of instructions, shares subject to such broker non-votes will not be
counted as voted or as present or represented on the proposal relating to the election of directors
and so will have no effect on the vote. <B>Please note that this year the rules regarding how brokers
may vote your shares have changed. Brokers may no longer vote your shares on the election of
directors in the absence of your specific instructions as to how to vote so we encourage you to
provide instructions to your broker regarding the voting of your shares.</B>
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Ratification of the appointment of the Independent Registered Public Accounting Firm.</I>
Approval of the proposal to ratify the audit committee&#146;s appointment of Ernst &#038; Young LLP as our
independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2010 requires
the affirmative vote of the majority of shares present in person or represented by proxy at the
Annual Meeting and entitled to vote. Broker non-votes will have no effect on the outcome of this
proposal, while abstentions will have the effect of a vote against this proposal.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Adjournment or Postponement of Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Annual Meeting may be adjourned or postponed to any other time and to any other place at
which a meeting of stockholders may be held by the chairman of the Annual Meeting or, in the
absence of such person, by any officer entitled to preside at or to act as Secretary of the Annual
Meeting, or by the holders of a majority of the shares of stock present or represented by proxy at
the meeting and entitled to vote, although less than a quorum.
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Expenses of Soliciting Proxies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We will bear the cost of soliciting proxies. In addition to solicitation by the use of mail
or via Internet, certain directors, officers and regular employees may solicit proxies by telephone
or personal interview. None of such persons will receive any additional compensation for their
services.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CORPORATE GOVERNANCE AND BOARD MATTERS</B>
</DIV>

<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Corporate Governance Philosophy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The business affairs of the Company are managed under the direction of the Board of Directors
in accordance with the Delaware General Corporation Law, as implemented by the Company&#146;s
certificate of incorporation and bylaws. The role of the Board of Directors is to effectively
govern the affairs of the Company for the benefit of its stockholders and other constituencies. The
Board strives to ensure the success and continuity of business through the selection of qualified
management. It is also responsible for ensuring that the Company&#146;s activities are conducted in a
responsible and ethical manner. The Company is committed to having sound corporate governance
principles.
</DIV>
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Board of Directors Meetings and Attendance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During our 2009 fiscal year, our Board of Directors held nine meetings and acted by written
consent three times. With respect to those nine meetings, each director attended more than 75% of
such meetings that were held during each director&#146;s time of service, and each of our directors
attended at least 75% of the aggregate number of the meetings of the board committees on which such
director serves. We do not have a formal policy regarding attendance of our directors at annual
meetings of our stockholders, but we do encourage each of our directors to attend. Six of our
seven directors attended our 2009 annual meeting.
</DIV>
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Director Independence</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our Board of Directors periodically reviews the independence of each director. During these
reviews, our Board of Directors considers transactions and relationships between each director (and
his or her immediate family and affiliates) and our Company and management to determine whether any
such transactions or relationships are inconsistent with a determination that the director was
independent. Our Board of Directors has affirmatively determined that each director other than
Brent D. Richardson, who is our Executive Chairman, Brian E. Mueller, who is our Chief Executive
Officer, and Christopher C. Richardson, who is our General Counsel, is &#147;independent,&#148; as defined by
the Marketplace Rules of the Nasdaq Stock Market. Under the Marketplace Rules, a director can be
independent only if the director does not trigger a categorical bar to independence and our Board
of Directors affirmatively determines that the director does not have a relationship which, in the
opinion of our Board of Directors, would interfere with the exercise of independent judgment by the
director in carrying out the responsibilities of a director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With respect to Messrs.&nbsp;Chad N. Heath and D. Mark Dorman, our Board of Directors considers
their roles as managing directors of Endeavour Capital IV, LLC, which is the general partner of
certain affiliated investment funds (the &#147;Endeavour Entities&#148;), and the fact that the Endeavour
Entities own a significant, although non-controlling, number of shares of our capital stock. See
&#147;Beneficial Ownership of Common Stock.&#148; The Board of Directors also considers the fact that we
were a party to an investor rights agreement with the Endeavour Entities, among others, in
connection with their ownership of our capital stock, portions of which continue in effect. See
&#147;Certain Relationships and Related Transactions &#151; Investor Rights Agreement.&#148; Finally, the Board
of Directors also considers the fact that the Endeavour Entities are parties to a proxy and voting
agreement with respect to their shares of common stock, pursuant to which the Endeavour Entities
have agreed to vote their shares of common stock as directed by Brent D. Richardson and Christopher
C. Richardson. See &#147;Certain Relationships and Related Transactions &#151; Voting Agreement.&#148; After
reviewing these relationships between and among the Company, the Richardsons, the Endeavour
Entities, and Messrs.&nbsp;Heath and Dorman, and considering that the affiliation between Messrs.&nbsp;Heath
and Dorman and the Endeavour Entities will positively align their interests with those of our
public stockholders, our Board of Directors has affirmatively determined (with Messrs.&nbsp;Heath and
Dorman abstaining) that, in its judgment, Messrs.&nbsp;Heath and Dorman meet the applicable independence
standards established by the Nasdaq Stock Market and that these relationships do not interfere with
the exercise of independent judgment by these directors.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Board Leadership Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We currently separate the roles of Chief Executive Officer and Chairman of the Board in
recognition of the differences between the two roles. The Chief Executive Officer is responsible
for setting the strategic direction for the Company and the day to day leadership and performance
of the Company, while the Chairman of the Board provides
guidance to the Chief Executive Officer and sets the agenda for Board meetings and presides
over meetings of the full Board. Currently, even though Mr.&nbsp;Richardson is an employee of the
Company, the Board believes that Mr.&nbsp;Richardson&#146;s role as Chairman ensures a greater role for the
non-management directors in the oversight of the Company and encourages greater participation of
the non-management directors in setting agendas and establishing priorities and procedures for the
work of the Board. Because Mr.&nbsp;Richardson is an employee of the Company and is therefore not
&#147;independent,&#148; our Board of Directors has appointed the Chairman of our Compensation Committee, Mr.
David J. Johnson, as &#147;lead independent director&#148; to preside at executive sessions of
&#147;non-management&#148; directors. The Board generally seeks to hold executive sessions twice a year.
</DIV>
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Committees of Our Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our Board of Directors directs the management of our business and affairs, as provided by
Delaware law, and conducts its business through meetings of the Board of Directors. Our Board of
Directors has established three standing committees: an audit committee; a compensation committee;
and a nominating and corporate governance committee. With respect to committee meetings, each
director attended more than 75% of such meetings that were held during each director&#146;s time of
service. In addition, from time to time, special committees may be established under the direction
of the Board of Directors when necessary to address specific issues. The composition of the board
committees complies with the applicable rules of the Nasdaq Stock Market and applicable law. Our
Board of Directors has adopted a written charter for each of the standing committees, which are
available in the Corporate Governance section of the Investor Relations page on our website at
<I>www.gcu.edu.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Audit Committee</I>. Our audit committee consists of Messrs.&nbsp;Jack A. Henry (chair), David J.
Johnson, and, beginning in November&nbsp;2009, Gerald J. Colangelo, each of whom our Board of Directors
has determined is &#147;independent,&#148; as defined under and required by the rules of the Nasdaq Stock
Market and the federal securities laws. Our audit committee met six times during 2009, with all
meetings occurring prior to Mr.&nbsp;Colangelo&#146;s appointment. Our audit committee is directly
responsible for, among other things, the appointment, compensation, retention, and oversight of our
independent registered public accounting firm. The oversight includes reviewing the plans and
results of the audit engagement with the firm, approving any additional professional services
provided by the firm and reviewing the independence of the firm. The committee is also responsible
for discussing the effectiveness of the internal controls over financial reporting with the firm
and relevant financial management. Our Board of Directors has determined that each of Messrs.
Henry, Johnson and Colangelo qualifies as an &#147;audit committee financial expert,&#148; as defined under
applicable federal securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Compensation Committee. </I>Our compensation committee consists of Messrs.&nbsp;David J. Johnson
(chair), Chad N. Heath, and D. Mark Dorman, each of whom the Board of Directors has determined is
&#147;independent,&#148; as defined under and required by the rules of the Nasdaq Stock Market. Our
compensation committee met five times and acted by written consent eight times during 2009. The
compensation committee is responsible for, among other things, supervising and reviewing our
affairs as they relate to the compensation and benefits of our executive officers. In carrying out
these responsibilities, the compensation committee reviews all components of executive compensation
for consistency with our compensation philosophy and with the interests of our stockholders<I>.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The compensation committee&#146;s charter allows it to delegate any matters within its authority to
individuals or subcommittees as it deems appropriate. In addition, the compensation committee has
the authority under its charter to retain outside advisors to assist it in the performance of its
duties. In the fall of 2009, the compensation committee engaged Mercer as its compensation
consultant and advisor. The compensation committee felt engagement of an outside consultant was
particularly beneficial given the significant change in the Company&#146;s operations resulting from its
initial public offering in November&nbsp;2008 and the committee&#146;s desire to have an outside advisor to:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide ongoing recommendations regarding executive compensation consistent with the
Company&#146;s business needs, pay philosophy, market trends and latest legal and regulatory
considerations;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide market data for base salary, short-term incentive and long-term incentive
decisions; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Advise the compensation committee as to best practices.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Following its engagement, Mercer conducted a review of the Company&#146;s executive compensation
program,
including an evaluation of the market positioning for total compensation and individual pay
elements, and conducted interviews with representatives of management and the compensation
committee to understand the peer group with which the Company competes for labor, capital and
customers. In addition to these considerations, Mercer considered peers based on the Company&#146;s
industry and revenue. Mercer recommended a peer group of publicly traded education companies with
median revenue near the Company&#146;s revenue, which was approved. The peer group consists of the
following companies:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Education Management Corporation;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Career Education Corporation</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DeVry, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corinthian Colleges, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ITT Educational Services, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lincoln Educational Services,
Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Strayer Education, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Universal Technical Institute, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bridgepoint Education, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>K12, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Capella Education, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Princeton Review, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Learning Tree International, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>American Public Education Co.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The compensation committee expects to utilize Mercer&#146;s peer group analyses in setting
compensation for 2010 and future years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Nominating and Corporate Governance Committee. </I>Our nominating and corporate governance
committee consists of Messrs.&nbsp;Chad N. Heath (chair)&nbsp;and D. Mark Dorman, each of whom our Board of
Directors has determined is &#147;independent,&#148; as defined under and required by the rules of the Nasdaq
Stock Market. Our nominating and corporate governance committee met four times during 2009. The
nominating and corporate governance committee is responsible for, among other things, identifying
individuals qualified to become board members; recommending to the Board of Directors nominees for
each election of directors; developing and recommending to the Board of Directors criteria for
selecting qualified director candidates; considering committee member qualifications, appointment
and removal; recommending corporate governance principles, codes of conduct and compliance
mechanisms; and providing oversight in the evaluation of the board and each committee.
</DIV>
<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Code of Conduct</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have adopted our business code of conduct, which applies to all of our employees,
directors, and consultants. The code of conduct includes particular provisions applicable to our
senior financial management, which includes our chief executive officer, chief financial officer
and principal accounting officer, and other employees performing similar functions. A copy of our
code of conduct is available on the Corporate Governance section of the Investor Relations page on
our website at <I>www.gcu.edu. </I>We intend to post on our website any amendment to, or waiver from, a
provision of our code of conduct that applies to any director or officer, including our chief
executive officer, chief financial officer and principal accounting officer, and other persons
performing similar functions, promptly following the date of such amendment or waiver.
</DIV>
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Risk Oversight</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our Board of Directors is responsible for oversight of our risk assessment and management
process. The Board has delegated to the compensation committee basic responsibility for oversight
of management&#146;s compensation risk assessment, and has delegated to the audit committee tasks
related to risk process oversight. In exercising its oversight duties, the Board receives reports
from each committee regarding the committee&#146;s considerations and actions. The audit committee&#146;s
process includes working with the Company&#146;s Chief Risk Officer and other members of the Company&#146;s
enterprise risk management team, meeting periodically with the Chief Risk Officer and other members
of management and receiving reports on enterprise risk management, including management&#146;s
assessment of risk exposures (including risks related to liquidity, credit, operations and
regulatory compliance, among others), and the processes in place to monitor and control such
exposures. The audit committee may also, from time to time, receive updates between meetings from
the Chief Risk Officer, the Chief Executive Officer, the Chief Financial Officer and other members
of management relating to risk oversight matters.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Director Nomination Process</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">When selecting nominees for appointment or election to our Board of Directors, our nominating
and corporate governance committee intends to make such selections pursuant to the following
process:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the identification of director candidates by our nominating and corporate governance
committee based upon suggestions from current directors and senior management,
recommendations by stockholders and/or use of a director search firm;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a review of the candidates&#146; qualifications by our nominating and corporate
governance committee to determine which candidates best meet our Board of Directors&#146;
required and desired criteria;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interviews of interested candidates who best meet these criteria by the chair of the
nominating and corporate governance committee, the chair of our Board of Directors,
and/or certain other directors;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the recommendation by our nominating and corporate governance committee for
inclusion in the slate of directors for the annual meeting of stockholders or for
appointment by our Board of Directors to fill a vacancy during the interval between
stockholder meetings; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>formal nomination by our Board of Directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Although our nominating and corporate governance committee will review each candidate&#146;s
qualifications to determine whether such candidate is appropriate for our Board of Directors,
candidates need not possess any minimum qualifications or specific qualities or skills. In
accordance with its charter, the nominating and corporate governance committee&#146;s review and
assessment of incumbent directors and proposed nominees includes the consideration of a candidate&#146;s
skills, business experiences, and background, which may include with respect to any particular
incumbent or proposed nominee consideration of one or more of the following criteria:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The extent of the director&#146;s/proposed nominee&#146;s educational, business, non-profit or
professional acumen and experience;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the director/proposed nominee assists in achieving a mix of Board members
that represents a diversity of background, perspective and experience;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the director/proposed nominee meets the independence requirements of the
listing standards of the Nasdaq Stock Market;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the director/proposed nominee has the business experience relevant to an
understanding of our business;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the director/proposed nominee would be considered a &#147;financial expert&#148; or
&#147;financially literate&#148; as defined in applicable listing standards or applicable law;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the director/proposed nominee, by virtue of particular technical expertise,
experience or specialized skill relevant to our current or future business, will add
specific value as a Board member; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the director/proposed nominee possesses a willingness to challenge and
stimulate management and the ability to work as part of a team in an environment of
trust.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With respect to existing members of the Board of Directors, our nominating and corporate
governance committee will reassess the qualifications of a director, including the director&#146;s
performance on our board to date, the director&#146;s current employment, the director&#146;s service on
other boards and the director&#146;s independence, prior to recommending a director for reelection to
another term. All director-nominees were recommended for election at the Annual Meeting by our
nominating and corporate governance committee, and such recommendations were formally approved by
our Board of Directors.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Stockholders who wish to recommend individuals for consideration by our nominating and
corporate governance committee to become nominees for election to our Board of Directors may do so
by submitting a written recommendation to our nominating and corporate governance committee, c/o
General Counsel, Grand Canyon Education, Inc., 3300 W. Camelback Road, Phoenix, Arizona 85017.
Submissions must be received not less than 120 calendar days in advance of the first anniversary of
the date that the Company&#146;s proxy statement was released to stockholders in connection with the
previous year&#146;s annual meeting of stockholders, except that if no annual meeting was held in the
previous year or the date of the annual meeting has been advanced by more than 30 calendar days
from the date contemplated at the time of the previous year&#146;s proxy statement, notice by the
stockholders to be timely must be received not later than the close of business on the tenth day
following the day on which public announcement of the date of such meeting is first made. For our
2011 Annual Meeting of Stockholders, stockholder nominations must be received by December&nbsp;9, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each submission must set forth: (i)&nbsp;the name and address of the stockholder who intends to
make the nomination, or the beneficial owner, if any, on whose behalf the nomination is being made
and of the person or persons to be nominated; (ii)&nbsp;a representation that the stockholder is a
holder of record of stock of the Company entitled to vote for the election of directors on the date
of such notice and intends to appear in person or by proxy at the meeting to nominate the person or
persons specified in the notice; (iii)&nbsp;a description of all arrangements or understandings between
the stockholder or such beneficial owner and each nominee and any other person or persons (naming
such person or persons) pursuant to which the nomination or nominations are to be made by the
stockholder; (iv)&nbsp;such other information regarding each nominee proposed by such stockholder as
would be required to be included in a proxy statement filed pursuant to the proxy rules of the
Securities and Exchange Commission, had the nominee been nominated, or intended to be nominated, by
the Board of Directors; (v)&nbsp;the consent of each nominee to serve as a director of the Company if so
elected; and (vi)&nbsp;the class, if applicable, and number of shares of the Company that are owned
beneficially and of record by such stockholder and such beneficial owner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">We did not receive any director nominations from stockholders for the Annual Meeting.
</DIV>
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Committee Interlocks and Insider Participation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2009, Messrs.&nbsp;Johnson, Heath and Dorman served as the members of our compensation
committee. No executive officer serves, or in the past has served, as a member of the Board of
Directors or compensation committee of any entity that has any of its executive officers serving as
a member of our Board of Directors or compensation committee.
</DIV>
<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Stockholder Communications with the Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Stockholders may communicate with any of our directors, including our lead outside director,
the chair of any of the committees of the Board of Directors, or the non-management directors as a
group by writing to them c/o Secretary, Grand Canyon Education, Inc., 3300 West Camelback Road,
Phoenix, Arizona 85017. Please specify to whom your correspondence should be directed. The
Secretary will promptly forward all correspondence to the Board of Directors or any specific
director, as indicated in the correspondence, except for junk mail, mass mailings, job inquiries,
surveys, business solicitations or advertisements, or patently offensive or otherwise inappropriate
material.
The Secretary may forward certain correspondence, such as product-related or service-related
inquiries, elsewhere within the Company for review and possible response.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-8-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>2009 Compensation of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2009, we adopted a directors&#146; compensation policy for our non-employee directors, which
utilizes annual retainers, per meeting fees, and restricted stock grants. For joining our board,
new non-employee directors receive an award of restricted stock under our 2008 Equity Incentive
Plan (the &#147;Equity Incentive Plan&#148;) valued at $20,000, which vests on the one year anniversary of
the date of grant, subject to accelerated vesting in the event of a change in control. For serving
on the Board of Directors, our non-employee directors receive an annual retainer of $60,000 in cash
or, at their election, an annual retainer consisting of $30,000 in cash and an award of restricted
stock under our Equity Incentive Plan valued at $35,000. The restricted stock grants to our
non-employee directors are made after our annual meeting of stockholders each year and vest on the
earlier of the one year anniversary of the date of grant or immediately prior to the following
year&#146;s annual meeting of stockholders, subject to acceleration in the event of a change in control.
In addition, our lead outside director receives an annual cash retainer of $33,333, each
non-employee director receives an annual cash retainer for service on a board committee of $5,000,
and each committee chair receives an additional annual cash retainer of $2,500, except for the
chair of the audit committee, whose additional annual cash retainer is $5,000. Each of the annual
retainers are payable in quarterly installments. We also pay our non-employee directors a fee of
$2,000 per meeting for each meeting of the Board of Directors attended. We reimburse all of our
directors for reasonable expenses incurred to attend our board and committee meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table provides information regarding the compensation paid to our non-employee
directors in 2009:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fees Earned or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity-Based</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid in Cash ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Awards ($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chad N. Heath</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">D. Mark Dorman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David J. Johnson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack A. Henry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald J. Colangelo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,763</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Directors who are Company employees receive no additional compensation for serving on the
Board of Directors. Compensation for Brent D. Richardson, Brian E. Mueller, and Christopher
C. Richardson is reflected in the Summary Compensation Table set forth in &#147;Executive
Compensation&#148; below.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Each of Messrs.&nbsp;Johnson and Henry received a restricted stock grant valued at approximately
$20,000 on March&nbsp;3, 2009 in respect of their appointment to our Board of Directors in
connection with the closing of our initial public offering in November&nbsp;2008. Mr.&nbsp;Colangelo
received a restricted stock grant valued at approximately $20,000 upon his appointment to our
Board of Directors on November&nbsp;10, 2009. In addition, as part of their annual retainer a
restricted stock grant was made after our annual meeting of stockholders on May&nbsp;19, 2009 to
Messrs.&nbsp;Johnson and Henry valued at approximately $35,000.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table provides a break down of the cash compensation paid to our non-employee
directors in 2009 among annual retainer, board committee chair retainer, board meeting fees and
committee meeting fees:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Board</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Chairperson &#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Retainer</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Meeting Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Meeting Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Additional Retainer</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chad N. Heath</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">D. Mark Dorman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David J. Johnson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35,833</TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,833</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack A. Henry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald J. Colangelo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,750</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The amount for Mr.&nbsp;Johnson includes the additional annual retainer of $33,333 that he receives
in his capacity as lead outside director.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-9-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPOSAL NO. 1<BR>
ELECTION OF DIRECTORS</B>
</DIV>

<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Composition of our Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our bylaws provide that our business will be managed by or under the direction of a Board of
Directors. The number of directors constituting our Board of Directors is determined from time to
time by our Board of Directors. Currently, our Board of Directors consists of eight members. Each
nominee for the position of director will be elected at the Annual Meeting to hold office until the
next annual meeting of stockholders or the director&#146;s earlier resignation or removal. Upon the
recommendation of the nominating and corporate governance committee of the Board of Directors, the
Board of Directors has nominated the eight persons named below for election as directors. Proxies
solicited by our Board of Directors will, unless otherwise directed, be voted to elect the eight
nominees named below to constitute the entire Board of Directors.
</DIV>
<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Directors and Director Nominees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All of the nominees named below are currently serving on the Board of Directors. Each nominee
has indicated a willingness to serve as a director for the ensuing year, but in case any nominee is
not a candidate at the meeting for any reason, the proxies named in the enclosed proxy form may
vote for a substitute nominee recommended by the nominating and corporate governance committee and
approved by the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The following table sets forth certain information regarding each director nominee:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee Membership</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brent D. Richardson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">47</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brian E. Mueller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Christopher C. Richardson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chad N. Heath
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation
Nominating and Corporate Governance (chair)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">D. Mark Dorman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation
Nominating and Corporate Governance</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David J. Johnson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">63</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation (chair)
Audit</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack A. Henry
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Audit (chair)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gerald J. Colangelo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">70</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Audit</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Brent D. Richardson </I>has been serving as our Executive Chairman since July&nbsp;1, 2008. Mr.
Richardson previously served as our Chief Executive Officer and as a director from 2004 to
July&nbsp;2008. From 2000 to 2004, Mr.&nbsp;Richardson served as chief executive officer of Masters Online,
LLC, a company that provided online educational programs and marketing services to several
regionally and nationally accredited universities. Prior to 2000, Mr.&nbsp;Richardson served as
director of sales and marketing and later general manager of the Educational Division of Private
Networks, a company that produced customized distance learning curricula for the healthcare and
automotive industries. Mr.&nbsp;Richardson received a Bachelor of Science degree in Finance from
Eastern Illinois University. As our former Chief Executive Officer, and with more than 20&nbsp;years of
experience in the education industry, we believe that Mr.&nbsp;Richardson brings an extensive
understanding of both our Company, in particular, and the education industry, in general, to the
Board and serves as an invaluable resource for assessing and managing risks and planning for
corporate strategy within the context of our overall corporate culture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Brian E. Mueller </I>has been serving as our Chief Executive Officer since July&nbsp;1, 2008 and as a
director since March&nbsp;2009. From 1987 to 2008, Mr.&nbsp;Mueller was employed by Apollo Group, Inc., a
for-profit, postsecondary education company and the parent company of the University of Phoenix,
serving between January&nbsp;2006 and June&nbsp;2008 as its president and a director. Mr.&nbsp;Mueller previously
served as the chief operating officer of Apollo Group from December&nbsp;2005 to January&nbsp;2006, as chief
executive officer of the University of Phoenix Online, a unit of the University of Phoenix, from
March&nbsp;2002 to November&nbsp;2005, and as chief operating officer and senior vice president of the
University of Phoenix Online from May&nbsp;1997 to March&nbsp;2002. From 1987 to May&nbsp;1997, Mr.&nbsp;Mueller held
several positions in operations management for Apollo Group. From 1983 to 1987, Mr.&nbsp;Mueller was a
professor at Concordia University. Mr.&nbsp;Mueller received a Bachelor of Arts degree in Education and
a Master of Arts in Education degree
from Concordia University. We believe that Mr.&nbsp;Mueller&#146;s past experience as a senior
operating executive of Apollo Group, the largest company in our industry, and one of the persons
directly responsible for the development and growth of online education in the United States, as
well as his day to day leadership and intimate knowledge of our business and operations, provide
the Board with both industry-wide and Company-specific experience and expertise.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-10-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Christopher C. Richardson </I>has been serving as our General Counsel since 2007 and as a director
since 2004. From 2004 to 2007, Mr.&nbsp;Richardson served as legal counsel in our Office of General
Counsel. Prior to 2004, Mr.&nbsp;Richardson served as the chief operating officer for Masters Online,
LLC, a company that provided online educational programs and marketing services to several
regionally and nationally accredited universities. Mr.&nbsp;Richardson received a Bachelor of Arts
degree in Political Science from Brigham Young University, and a Juris Doctorate from the
University of Arizona College of Law, where he graduated summa cum laude. We believe that
Mr.&nbsp;Richardson&#146;s legal career, which has been focused both on general corporate matters and on the
extensive regulatory issues associated with operating a business in the education industry, as well
as his deep knowledge of our Company, has given him the experience and knowledge to guide our Board
on a variety of legal and business matters affecting the Company, including corporate governance,
regulatory issues and other corporate and litigation matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Chad N. Heath </I>has been serving as a member of our Board of Directors since 2005. Mr.&nbsp;Heath
joined Endeavour Capital, a private equity firm based in Portland, Oregon that currently manages
over $925&nbsp;million in equity capital, in 2001 and has served as one of its managing directors since
2006. Prior to joining Endeavour Capital, Mr.&nbsp;Heath served as a principal at Charterhouse Group
International, a New York-based private equity firm focused on middle-market transactions. Prior
to Charterhouse, Mr.&nbsp;Heath worked in the investment banking division of Merrill Lynch. Mr.&nbsp;Heath
currently sits on the boards of directors of three privately held companies: Tall Oak Learning,
LLC, Barrett-Jackson Holdings, LLC (dba: Barrett-Jackson Auction Company) and Skagit Northwest
Holdings, Inc. (dba: Dri-Eaz Products). Mr.&nbsp;Heath received a Bachelor of Science in Business
Administration degree, magna cum laude, from Georgetown University. We believe that Mr.&nbsp;Heath&#146;s
financial and investment banking background, long association with the Company, and extensive
experience in investing in and serving as a director of companies in a variety of industries,
brings valuable experience and insights to the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>D.&nbsp;Mark Dorman </I>has been serving as a member of our Board of Directors since 2005. Mr.&nbsp;Dorman
joined Endeavour Capital in 1998 and has served as one of its managing directors since 2006. Prior
to joining Endeavour Capital, Mr.&nbsp;Dorman served as an investment banker at Green Manning &#038; Bunch, a
Denver-based investment banking firm focused on merger and acquisition transactions and advisory
work for middle-market clients across the western United States. He also served in the investment
banking groups of Boettcher &#038; Company and Morgan Stanley. Mr.&nbsp;Dorman currently sits on the boards
of directors of PSI Services Holding Inc. (dba: Policy Studies); Skagit Northwest Holdings, Inc.
(dba: Dri-Eaz Products); and Barrett-Jackson Holdings, LLC (dba: Barrett-Jackson Auction Company).
Mr.&nbsp;Dorman received a Bachelor of Science degree from Lewis &#038; Clark College and a Master of
Business Administration degree from Harvard Business School. We believe that Mr.&nbsp;Dorman&#146;s
financial and investment banking background, long association with the Company, and extensive
experience in investing in and serving as a director of companies in a variety of industries,
brings valuable experience and insights to the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>David J. Johnson </I>has been serving as a member of our Board of Directors since November&nbsp;2008.
From 1997 to 2006, Mr.&nbsp;Johnson served as chief executive officer and chairman of the board of
KinderCare Learning Centers, Inc., a for-profit provider of early childhood education and care
services, and from 1991 to 1996, he served as president, chief executive officer, and chairman of
the board of Red Lion Hotels Corporation, a hotel company, each of which were portfolio companies
of Kohlberg Kravis Roberts &#038; Co. Prior to that time, Mr.&nbsp;Johnson served as a general partner of
Hellman &#038; Friedman, a private equity investment firm, from 1989 to 1991, as president, chief
operating officer and director of Dillingham Holdings, a diversified company, from 1986 to 1988,
and as president and chief executive officer of Cal Gas Corporation, a principal subsidiary of
Dillingham Holdings, which was also a portfolio company of Kohlberg Kravis Roberts &#038; Co., from 1984
to 1987. Mr.&nbsp;Johnson received a Bachelor of Arts degree from the University of Oregon and a Master
of Business Administration degree from the University of Southern California. We believe that
Mr.&nbsp;Johnson&#146;s extensive experience as a chief executive officer of other companies provides a
tremendous resource to our Board and management team, particularly in the areas of operations,
finance, and corporate governance.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-11-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Jack A. Henry </I>has been serving as a member of our Board of Directors since November&nbsp;2008.
Since 2000, Mr.&nbsp;Henry has served as the managing director of Sierra Blanca Ventures, LLC, a private
investment and advisory
firm. From 1966 to 2000, Mr.&nbsp;Henry worked as a certified public accountant for Arthur
Andersen, a national accounting firm, retiring in 2000 as the managing partner of the Phoenix,
Arizona office. Mr.&nbsp;Henry currently serves on the boards of directors of White Electronic Designs
Corporation (NasdaqGM: WEDC), a provider of semiconductor packages, memory devices, and
electromechanical assemblies to the aerospace and defense industries, and IA Global, Inc. (OTCBB:
IAGI), a provider of business process outsourcing services. From 2006 to 2008, Mr.&nbsp;Henry served as
a director of Point Blank Solutions, Inc. (PBSO.PK), a manufacturer of protective body armor; from
2005 to 2008, he served on the board of directors of VistaCare, Inc. (NasdaqGM: VSTA), a provider
of hospice services that was acquired in 2008; and from 2001 to 2006, he served on the board of
directors of Vodavi Technology, Inc. (Nasdaq: VTEK), a telecommunications services provider that
was acquired in 2006. Mr.&nbsp;Henry also serves on the boards of directors of several other private
companies and as President of the Arizona Chapter of the National Association of Corporate
Directors. Mr.&nbsp;Henry received a Bachelor of Business Administration degree and a Master of
Business Administration degree from the University of Michigan. We believe that Mr.&nbsp;Henry&#146;s
extensive experience with public and financial accounting matters for corporate organizations, as
well as experience as a consultant to and director of other public companies, provide significant
insight and expertise to our Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Gerald F. Colangelo </I>has been serving as a member of our Board of Directors since October&nbsp;2009.
Mr.&nbsp;Colangelo has been instrumental in the development of Arizona&#146;s professional sports industry,
as the face of the NBA Phoenix Suns franchise since its inaugural season in 1968 and for his role
in bringing major league baseball to Phoenix in 1998. He served as the Chairman of the NBA&#146;s Board
of Governors, and served as a member of the league&#146;s Finance Committee, Long Range Planning
Committee, Expansion Committee and Competition and Rules&nbsp;Committee. He is currently Managing
Director of the USA Basketball Men&#146;s Senior National Team program, overseeing a program that
achieved the gold medal at the 2008 Beijing Olympics. Mr.&nbsp;Colangelo served as Chairman and CEO of
the 2001 World Champion Arizona Diamondbacks, going from expansion team to World Champion in just
four years. As with the NBA, Mr.&nbsp;Colangelo was involved with the governing of baseball, servicing
on the Legislative Committee and on the board of directors of the MLB Advanced Media arm of the
league. He is currently a principal partner of JDM Partners LLC, a real estate development
company. He is Chairman of the Board of the Council of Leadership Education, and a past chairman
of Collaboration for a New Century; Southwest Leadership Foundation; the National Italian American
Sports Hall of Fame and the Leadership Foundations of America. He has served on the board of
directors of the Phoenix Art Museum; Greater Phoenix Economic Council; Athletes in Action; and
Phoenix Suns Charities. He is currently Vice Chairman of the Naismith Memorial Basketball Hall of
Fame, and is Vice Chairman of the National Italian American Foundation and Young Life
International; past vice president of the Downtown Phoenix Partnership and past chairman and CEO of
the Phoenix Community Alliance. Mr.&nbsp;Colangelo graduated from the University of Illinois. We
believe that Mr.&nbsp;Colangelo&#146;s long and successful business career, including as a professional
sports team executive and owner and real estate developer, as well his extensive leadership roles
with leading athletic, charitable and other organizations throughout Arizona and the United States,
provides the Board with significant executive leadership and management experience.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other than Brent D. Richardson and Christopher C. Richardson, who are brothers, there are no
family relationships among any of our directors or executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE FOR THE ELECTION OF
EACH OF THE EIGHT NOMINEES LISTED ABOVE TO CONSTITUTE OUR BOARD OF DIRECTORS.</B>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-12-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPOSAL NO. 2<BR>
RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The firm of Ernst &#038; Young LLP (&#147;Ernst &#038; Young&#148;) has been our independent registered public
accounting firm since 2008. Our audit committee has selected Ernst &#038; Young to serve as our
independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2010. While
it is not required to do so, our audit committee is submitting the selection of that firm for
ratification in order to ascertain the view of our stockholders. In the event the stockholders
fail to ratify the selection, the adverse vote will be considered a direction to the audit
committee to consider other auditors for next year. However, because of the difficulty in making
any substitution so long after the beginning of the current year, the appointment of Ernst &#038; Young
for fiscal 2010 will stand, unless the audit committee finds other good reason for making a change.
Even if the selection is ratified, the audit committee, in its discretion, may direct the
appointment of different independent registered public accounting firm at any time during the year
if the audit committee determines that such a change would be in the Company&#146;s and its
stockholders&#146; best interests. Proxies solicited by our Board of Directors will, unless otherwise
directed, be voted to ratify the appointment of Ernst &#038; Young as our independent registered public
accounting firm for the fiscal year ending December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A representative of Ernst &#038; Young will be present at the meeting, will be afforded an
opportunity to make a statement if the representative so desires, and will be available to respond
to appropriate questions during the meeting.
</DIV>
<DIV align="left">
<A name="126"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Fees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the year ended December&nbsp;31, 2009 and 2008, Ernst &#038; Young billed us the amounts set forth
below for professional services rendered in connection with audit, audit-related, tax and other
professional services. All of the fees for audit, audit-related, tax and other services performed
by Ernst &#038; Young were pre-approved by the Audit Committee in accordance with the pre-approval
policies and procedures described below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Services Rendered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Fees<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">551,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,962,247</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">668,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,060,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In connection with our initial public offering in 2008, we engaged Ernst &#038; Young to audit our
financial statements for the years ended December&nbsp;31, 2005, 2006, and 2007. All fees for such
services were billed and paid in 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Audit Fees relate to services rendered for the audits of our annual financial statements, for
the review of quarterly financial statements, and for services that are normally provided by
the auditor in connection with statutory and regulatory filings or engagements. In 2009,
$502,504 of the Audit Fees related to audit and review services expensed in 2009, and $48,774
of the Audit Fees related to services provided in connection with our secondary public
offering completed in September&nbsp;2009, including the filing of our Registration Statement on
Form S-1. In 2008, $553,584 of the Audit Fees related to audit and review services expensed
in 2008, and $2,408,663 of the Audit Fees related to services provided in connection with our
initial public offering completed in November&nbsp;2008, including the filing of our Registration
Statement on Form S-1, the audits of our 2005, 2006, and 2007 financial statements, and the
review of quarterly financial statements during the pendency of the initial public offering.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>For 2009, Tax Fees consisted of $73,221 for tax advisory services, $8,465 for tax return
services for prior years provided in 2009, and $35,172 for assistance with IRS examinations.
For 2008, Tax Fees consisted of $20,599 for tax advisory services, $32,421 for tax return
services, and $45,327 for assistance with IRS examinations.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="left">
<A name="127"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Approval of Independent Registered Public Accounting Firm Services and Fees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The audit committee has adopted a policy regarding pre-approval of audit and non-audit
services performed by our independent registered public accounting firm. The audit committee is
responsible for pre-approving all engagements of our independent registered public accounting firm.
The policy also highlights services the audit committee will and will not approve for audit and
non-audit services. The policy requires that written documentation be provided by the independent
registered accounting firm to the audit committee for all tax services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The audit committee may, annually or from time to time, set fee levels for certain non-audit
services, as defined in the policy, or for all non-audit services. Any engagements that exceed
those fee levels must receive specific pre-approval from the audit committee. The audit committee
may delegate to the audit committee chair authority to grant pre-approvals of permissible audit and
non-audit services, provided that any pre-approvals by the chair must be reported to the full audit
committee at the next scheduled meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On a regular basis, management provides written updates to the audit committee regarding the
amount of audit and non-audit service fees incurred to date. All of the services described above
for fiscal years 2009 and 2008 were approved by our Audit Committee and Board of Directors,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE FOR THE RATIFICATION
OF THE APPOINTMENT OF ERNST &#038; YOUNG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR
THE FISCAL YEAR ENDING DECEMBER 31, 2010.</B>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="128"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AUDIT COMMITTEE REPORT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our audit committee is composed of three members, each of whom the Board has determined to be
an independent director as defined by the listing standards of the Nasdaq Stock Market. The duties
of the audit committee are summarized in this Proxy Statement under &#147;Committees of Our Board of
Directors&#148; on page 5 and are more fully described in the audit committee charter adopted by the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">One of the audit committees primary responsibilities is to assist the Board in overseeing the
Company&#146;s management and independent registered public accounting firm in regard to our financial
reporting and internal controls over financial reporting. In performing our oversight function, we
relied upon advice and information received in our discussions with management and the independent
registered public accounting firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have (a)&nbsp;reviewed and discussed our Company&#146;s audited financial statements for the fiscal
year ended December&nbsp;31, 2009, with management; (b)&nbsp;discussed with our Company&#146;s independent
registered public accounting firm the matters required to be discussed by Codification of
Statements on Auditing Standards, AU &#167; 380 regarding communication with audit committees; (c)
received the written disclosures and the letter from the independent registered public accounting
firm required by applicable requirements of the Public Company Accounting Oversight Board regarding
the independent registered public accounting firm&#146;s communications with the audit committee
concerning independence; and (d)&nbsp;discussed with the independent registered public accounting firm
its independence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Based on the review and discussions with management and our independent registered public
accounting firm referred to above, we recommended to our Board of Directors that the audited
financial statements be included in our Company&#146;s Annual Report on Form 10-K for the fiscal year
ended December&nbsp;31, 2009, for filing with the Securities and Exchange Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 70%">Audit Committee:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 70%"><I>Jack A. Henry (Chair)</I><BR><I>
David J. Johnson</I><br><I>
Gerald F. Colangelo</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="129"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXECUTIVE OFFICERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following sets forth information regarding our non-director executive officers as of the
date of this proxy statement. For information regarding Brent D. Richardson, our Executive
Chairman, Brian E. Mueller, our Chief Executive Officer and a director, and Christopher C.
Richardson, our General Counsel and a director, see &#147;Proposal No.&nbsp;1 <B>&#151; </B>Election of
Directors <B>&#151; </B>Directors and Director Nominees.&#148;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Daniel E. Bachus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dr. W. Stan Meyer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dr. Kathy Player
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grand Canyon University President</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joseph N. Mildenhall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Information Officer</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael S. Lacrosse
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Technology Officer</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Daniel E. Bachus </I>has been serving as our Chief Financial Officer since July&nbsp;1, 2008. From
January&nbsp;2007 until June&nbsp;2008, Mr.&nbsp;Bachus served as chief financial officer for Loreto Bay Company,
a real estate developer. From 2000 to 2006, Mr.&nbsp;Bachus served as the chief accounting officer and
controller of Apollo Group, Inc., a for-profit, postsecondary education company and the parent
company of the University of Phoenix. From 1992 to 2000, Mr.&nbsp;Bachus was employed by Deloitte &#038;
Touche LLP, most recently as an audit senior manager. Mr.&nbsp;Bachus received a Bachelor of Science
degree in Accountancy from the University of Arizona and a Master in Business Administration degree
from the University of Phoenix. Mr.&nbsp;Bachus is also a certified public accountant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Dr.&nbsp;W. Stan Meyer </I>has been serving as our Executive Vice President since July&nbsp;1, 2008. From
August&nbsp;2002 to June&nbsp;2008, Dr.&nbsp;Meyer was employed by Apollo Group, Inc., a for-profit, postsecondary
education company and the parent company of the University of Phoenix, serving between June&nbsp;2006 to
June&nbsp;2008 as its executive vice president of marketing and enrollment. Dr.&nbsp;Meyer previously served
as a regional vice president of the University of Phoenix Online, a unit of the University of
Phoenix, and division director of Axia College and of the School of Advanced Studies, also units of
the University of Phoenix. From 1983 to 2002, Dr.&nbsp;Meyer held several positions with the Concordia
University system, including director of operations for Concordia University&#146;s education network.
Dr.&nbsp;Meyer received a Bachelor of Arts in Communications degree from Concordia University and a
Master of Business Administration degree and a Doctor of Education in Institutional Management
degree from Pepperdine University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Dr.&nbsp;Kathy Player </I>has been serving as Grand Canyon University President since July&nbsp;31, 2008.
From 2007 to July&nbsp;2008, she served as our Provost and Chief Academic Officer. From 1998 to 2007,
Dr.&nbsp;Player served in several other leadership roles at Grand Canyon University, including most
recently as Dean of the Ken Blanchard College of Business. Dr.&nbsp;Player received a Bachelor of
Science degree in Nursing from St. Joseph&#146;s College, a Master of Business Administration degree and
a Master of Science degree in Nursing Leadership from Grand Canyon University, a Master of Science
degree in Counseling from Nova Southeastern University, and a Doctorate of Education degree in
Counseling Psychology from the University of Sarasota.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Joseph N. Mildenhall </I>has been serving as our Chief Information Officer since September
2009. From 1998 to September&nbsp;2009, Mr.&nbsp;Mildenhall was employed by Apollo Group, Inc., a
for-profit, postsecondary education company and the parent company of the University of Phoenix,
serving between June&nbsp;2006 and September&nbsp;2009 as its chief information officer. From 1998 to 2006,
Mr.&nbsp;Mildenhall directed the design, development and deployment of the University of Phoenix online
education environment and the student and faculty Internet portal supporting the rapid growth of
the online campus beginning in 1998. From 1979 to 1988, Mr.&nbsp;Mildenhall held increasingly
responsible roles in software development at J&#038;K Computer Systems, eventually becoming vice
president and co-owner. When J&#038;K Computer Systems was acquired by National Computer Systems, Mr.
Mildenhall continued in senior software development and technology leadership roles through 1998.
Mr.&nbsp;Mildenhall holds a Bachelor of Science degree in Accounting from Brigham Young University and a
Master of Business Administration from the University of Phoenix.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Michael S. Lacrosse </I>has been serving as our Chief Technology Officer since September&nbsp;2009.
From August&nbsp;2006 to August&nbsp;2009, he served as our Chief Information Officer. From February&nbsp;2001 to
August&nbsp;2006, Mr.&nbsp;Lacrosse served as chief information officer of Trax Technology, a global
transportation management firm, and 21st Century
Learning, an educational technology company which provides supplemental curricula to K-12
students, professional development opportunities for teachers and administrators, and educational
programs for parents.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="130"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXECUTIVE COMPENSATION</B>
</DIV>

<DIV align="left">
<A name="131"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Discussion and Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>The following discussion and analysis should be read in conjunction with &#147;Compensation of
Named Executive Officers&#148; and the related tables that follow.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Overview</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The purpose of this compensation discussion and analysis is to provide information about each
material element of compensation that we pay or award to, or that is earned by, our named executive
officers, who consist of our principal executive officer, our principal financial officer, and our
four other most highly compensated executive officers whose total compensation for the fiscal year
ended December&nbsp;31, 2009, was in excess of $100,000 and who were serving as executive officers at
the end of that fiscal year, all as set forth in the Summary Compensation Table set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This compensation discussion and analysis addresses and explains the compensation practices we
followed in 2009, the numerical and related information contained in the summary compensation and
related tables presented below, and actions we have taken regarding executive compensation since
the end of our 2009 fiscal year. Specifically, this compensation discussion and analysis addresses:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the objectives of our compensation program (found in the section entitled
&#147;Objectives of Compensation Programs&#148;);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>what our compensation program is designed to reward (also described in the section
entitled &#147;Objectives of Compensation Programs&#148;);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each element of compensation (set forth in the section entitled &#147;Compensation
Programs Design and Elements of Compensation&#148;);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>why each element was chosen (described with each element of compensation, including
base pay, short-term incentives and long-term incentives);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>how amounts and formulas for pay are determined (also described with each element of
compensation, including base pay, short-term incentives and long-term incentives); and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>how each compensation element and our decisions regarding that element fit into the
Company&#146;s overall compensation objectives and affect decisions regarding other elements
(described with each element of compensation).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Compensation Determinations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All of our named executive officers who appear in the Summary Compensation Table are parties
to employment agreements that have been in effect since before our initial public offering, and the
level of base salary to be paid to those officers over the term of their respective employment
agreements was determined as part of the negotiation process relating to such agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our compensation committee&#146;s charter empowers it to set all compensation, including, but not
limited to, salary, bonus, incentive compensation, equity awards, benefits and perquisites, for our
executive officers. Our compensation committee makes such determinations with respect to our
Executive Chairman and Chief Executive Officer and, for all other executives, makes such
determinations in consultation with our Executive Chairman and Chief Executive Officer. For
additional information regarding the compensation committee, please see &#147;Corporate Governance and
Board Matters &#151; Committees of Our Board of Directors &#151; Compensation Committee.&#148;
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Objectives of Compensation Programs</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We pay our executive officers based on business performance and individual performance, and,
in setting compensation levels, we take into consideration our past practices, our current and
anticipated future needs, and the relative skills and experience of each individual executive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Compensation philosophy. </I>Under our compensation philosophy, a named executive officer&#146;s total
compensation will vary based on our overall performance and the particular named executive
officer&#146;s personal performance and contribution to our overall results. This philosophy generally
applies to all of our employees, although the degree of variability and compensation at risk
increases as an employee&#146;s function and level of responsibility increases. Our overall goals in
implementing this philosophy are to attract, motivate, and retain highly qualified individuals
responsible for guiding us and creating value for our investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Compensation objectives. </I>We believe that the compensation program we follow helps us achieve
the following objectives:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Compensation should be related to performance. </I>We believe that the
performance-based portion of an individual&#146;s total compensation should increase as the
individual&#146;s business responsibilities increase. Thus, a material portion of executive
compensation is linked to our and the individual&#146;s performance, which also serves to
align the named executive officers&#146; interests with those of our investors.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Compensation should be competitive and cost effective. </I>We believe that our
compensation programs should foster an innovative, high integrity, and
performance-oriented culture that serves to attract, motivate, and retain executives
and other key employees with the appropriate skill sets to lead us through expected
future growth in a dynamic, competitive, and highly regulated environment. Accordingly,
we seek to provide compensation, in amounts and based on performance targets, necessary
to achieve these goals and which is of fair value relative to other positions at the
Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Company compensation policies. </I>During 2009, our named executive officers&#146; total in-service
compensation consisted of base salaries, cash bonuses, limited perquisites, and other benefits
generally available to all employees. With regard to these components, we adhere to the following
compensation policies:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Founders with significant equity stakes require limited cash or equity incentives.</I>
As founders of our Company, Brent D. Richardson and Christopher C. Richardson have
significant equity ownership in the Company. We believe that the Richardsons&#146; ownership
stake provides a level of motivation that would not be appreciably enhanced through
material cash bonus opportunities or the grant of further equity incentives.
Accordingly, in 2009, the Richardsons were compensated solely through base salary, a
limited bonus and limited perquisites.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Cash should be the principal component of compensation. </I>The Company&#146;s compensation
policy focuses most heavily on providing the opportunity for its named executive
officers to earn total cash compensation at levels that enable the Company to achieve
the motivation and retention goals described above, and to provide equity incentives as
a reward for superior performance rather than as a substitute for cash compensation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Base salaries should generally be the largest component of cash compensation</I>. Our
compensation programs generally reflect our view that base salaries reflect
compensation for the named executive officers to perform the essential elements of
their respective jobs, and that cash bonuses are a reward for superior company and
individual performance. In this regard, base salary should generally be the largest
component of cash compensation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Cash incentives should be linked to performance. </I>In 2009, we adopted a formal,
performance-based cash bonus plan (the &#147;Cash Incentive Plan&#148;) pursuant to which bonuses
paid to our named executive officers are based on overall company and individual
performance.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-18-<!-- /Folio -->
</DIV>

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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe our policies have helped us achieve our compensation objectives of attracting,
motivating, retaining, and rewarding our key officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Compensation Programs Design and Elements of Compensation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We choose to pay each element of compensation to further the objectives of our compensation
program, which, as noted, include the need to attract, motivate, retain, and reward key leaders
critical to our success by providing competitive total compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Elements of In-Service Compensation. </I>For our 2009 fiscal year, our executive compensation mix
included base salary, cash bonuses, limited perquisites, and other benefits generally available to
all employees. We generally determine the nature and amount of each element of compensation as
follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Base salary. </I>We typically agree upon a base salary with a named executive officer
at the time of initial employment, which may or may not be reflected in an employment
agreement. The amount of base salary agreed upon, which is not at risk, reflects our
views as to the individual executive&#146;s past experience, future potential, knowledge,
scope of anticipated responsibilities, skills, expertise, and potential to add value
through performance, as well as competitive industry salary practices. Although minimum
base salaries for each of our current named executive officers are set by their
respective employment agreements, as described below, we review executive officer
salaries annually and may increase them based on an evaluation of the Company&#146;s
performance for the year and the performance of the functional areas under an executive
officer&#146;s scope of responsibility. We also consider qualitative criteria, such as
education and experience requirements, complexity, and scope or impact of the position
compared to other executive positions internally.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bonuses. </I>We provide cash bonuses, which typically are at-risk, to recognize and
reward our named executive officers based on our success and their individual
performance in a given year. For 2009, we awarded performance-related bonuses based on
the Cash Incentive Plan we adopted at the beginning of the year. The operation of this
plan as it relates to our named executive officers is described in more detail below.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Share-based compensation</I>. Our Equity Incentive Plan had authorized 5,336,566 shares
of common stock for grants as of December&nbsp;31, 2009. Under the terms of this plan, the
number of shares authorized for grants thereunder automatically increased on January&nbsp;1,
2010 by 2.5% of the number of shares of our common stock issued and outstanding on
December&nbsp;31, 2009, to 6,478,015 shares. We did not make any grants under this plan to
our named executive officers in 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Perquisites. </I>We seek to compensate our named executive officers at levels that
eliminate the need for material perquisites and enable each individual officer to
provide for his or her own needs. Accordingly, in 2009, we provided limited perquisites
to our named executive officers. See &#147;Compensation of Executive Officers &#151; Summary
Compensation Table&#148; for additional detail.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Other. </I>We offer other employee benefits to named executive officers for the purpose
of meeting current and future health and security needs for the executives and their
families. These benefits, which we generally offer to all eligible employees, include
medical, dental, and life insurance benefits; short-term disability pay; long-term
disability insurance; flexible spending accounts for medical expense reimbursements;
and a 401(k) retirement savings plan. The 401(k) retirement savings plan is a defined
contribution plan under Section 401(a) of the Code. Employees may make pre-tax
contributions into the plan, expressed as a percentage of compensation, up to
prescribed IRS annual limits, with such contributions subject to a matching Company
contribution up to prescribed limits.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-19-<!-- /Folio -->
</DIV>

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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Elements of Post-Termination Compensation and Benefits. </I>The employment agreements of our
current named executive officers provide for post-termination salary and benefit continuation in
the event of a termination by us without Cause (as defined below) or by the executive for Good
Reason (as defined below) or in the event of any such termination within 12&nbsp;months following a
Change in Control (as defined below), and for so long as the named executive officer abides by
customary confidentiality, non-competition, and non-solicitation covenants and executes a
full release of all claims, known or unknown, that the executive may have against the Company.
We believe that the amounts of these payments and benefits and the periods of time during which
they would be provided are fair and reasonable, and we have not historically taken into account any
amounts that may be received by a named executive officer following termination when establishing
current compensation levels. The elements of post-termination compensation that were in effect
during 2009 pursuant to the written employment agreements consisted of the following:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Salary continuation. </I>Each named executive officer would continue to receive salary
payments for a period of 12&nbsp;months following any qualifying termination of employment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Benefits continuation. </I>Each named executive officer would continue to receive
Company -paid premiums for continued group health benefits under COBRA during the
12-month salary continuation period.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Partially accelerated vesting of stock options</I>. Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, and Mr.
Bachus would receive partial acceleration of the vesting of certain of their stock
options to the next vesting date immediately following the date of termination, in the
event of a termination by us without Cause or by the executive for Good Reason.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Fully accelerated vesting of stock options</I>. In the event of a termination by us
without Cause or by the executive for Good Reason within 12&nbsp;months following a Change
in Control, each named executive officer would receive full acceleration of the vesting
of their stock options.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See &#147;Potential Payments Upon Termination or Change in Control&#148; for additional detail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Impact of Performance on Compensation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2009, our compensation committee adopted the Cash Incentive Plan for our named
executive officers and other eligible senior management team members that was in effect for the
2009 fiscal year. Under the Cash Incentive Plan, a participant&#146;s bonus is based on the Company&#146;s
achievement of revenue and Adjusted EBITDA targets, as well as the participant&#146;s achievement of
individual performance goals. For purposes of the plan, Adjusted EBITDA is defined as net income
plus interest expense net of interest income, plus income tax expense, and plus depreciation and
amortization (EBITDA), as adjusted for (i)&nbsp;royalty payments incurred pursuant to an agreement with
our former owner that was terminated as of April&nbsp;15, 2008; (ii)&nbsp;share-based compensation and any
other expense related to equity compensation awards for the applicable fiscal year; (iii)&nbsp;any
extraordinary, nonrecurring items, as determined by the compensation committee; and (iv)&nbsp;all
amounts (including settlement payments, legal fees, costs and other litigation and/or settlement
expenses) expensed during the applicable fiscal year in connection with the settlement of
litigation matters. We focus on Adjusted EBITDA in connection with our Cash Incentive Plan because
we believe that it provides useful information regarding our operating performance and executive
performance as it does not give effect to items that management does not consider to be reflective
of our core operating performance. See &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations &#151; Non-GAAP Discussion&#148; in our Annual Report on Form 10-K for further
information. As such, we believe it is fair and reasonable to our executives to assess their
individual performance on the same basis as our performance is assessed by our Board of Directors
and investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Company performance</I>. Depending on a participant&#146;s management level, the financial metrics
account for between 60% and 80% of the target bonus and the specific individual performance goals
account for between 20% and 40% of the target bonus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Individual performance</I>. In reviewing individual performance, we look at an executive&#146;s
achievement of non-financial objectives that, with respect to a given participant, may include
achieving objectives related to, among other things, program development and expansion, regulatory
compliance, and enrollment growth.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-20-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Calculation of Bonuses</I>. Each named executive officer has a target bonus percentage set forth
in his or her written employment agreement, except for Messrs.&nbsp;Brent D. Richardson and Christopher
C. Richardson, whose targets are set by the compensation committee. For 2009, the target bonus
percentage for the named executive officers was as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Target Bonus as a</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage of Base Salary</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brent D. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brian E. Mueller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">W. Stan Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel E. Bachus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christopher C. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kathy Player</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For each named executive officer, the financial metrics account for 80% of the target bonus,
with the revenue target and the Adjusted EBITDA target accounting for 37.5% and 62.5% of such 80%,
respectively, and the specific individual performance goals account for 20% of the target bonus.
The actual percentage is determined on the basis of the Company&#146;s achievement of the revenue and
Adjusted EBITDA targets that the compensation committee establishes for the applicable fiscal year.
With respect to these targets, the threshold goal is set using the Company&#146;s budget for the
applicable fiscal year. For participants to earn any payout under the plan, the Company must
achieve at least of 95% of both budgeted revenue and Adjusted EBITDA. Assuming both of these
thresholds are achieved, payouts are made based on the Company&#146;s achievement of a minimum of 95% of
budgeted revenue and Adjusted EBITDA (resulting in a bonus of 50% of the target bonus allocable to
the financial metrics) and a maximum of 105% of budgeted revenue and 107% of Adjusted EBITDA
(resulting in a bonus of 150% of the target bonus allocable to the financial metrics). Performance
between minimum and maximum levels results in prorated payments to plan participants using
straight-line interpolation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Shown below is a summary of the matrix described above:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Goal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Threshold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maximum</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Revenue goal<BR>
<FONT style="white-space: nowrap">(37.5% of financial metric)</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95% of budget
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100% of budget
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">105% of budget</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Adjusted EBITDA<BR>
(62.5% of financial metric)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95% of budget
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100% of budget
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">107% of budget</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Bonus payout as a % of Target Bonus
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">150%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under the Cash Incentive Plan, the actual bonus that a named executive officer could earn
under the plan for a given fiscal year ranges from 0% to a maximum of 140% of his or her annual
target bonus (with such maximum achieved by obtaining the maximum payout for achieving the
financial metrics (80% * 150%, or 120%) and achieving the individual goals (an additional 20%). To
illustrate how the plan functions, assume that a participant&#146;s base salary for 2009 is $300,000 and
that the target bonus is 50% of base salary. Of this target bonus of $150,000, $45,000 (or 37.5%
of the 80% subject to achievement of the financial metrics) would be based upon the Company&#146;s
achievement of the revenue target, $75,000 (or 62.5% of the 80% subject to the achievement of the
financial metrics) would be based on the Company&#146;s achievement of the Adjusted EBITDA target, and
$30,000 (20%) would be based on the participant&#146;s achievement of his or her individual performance
goals. If the revenue target is achieved at the threshold level (so only 50% of the revenue
component is payable at that level), the Adjusted EBITDA target is achieved at the maximum level
(so that 150% of the Adjusted EBITDA component is payable at that level), and the specific
individual performance goals are met, the participant would be entitled to a potential bonus of
$165,000 (calculated as $22,500 plus $112,500 plus $30,000).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The plan for eligible senior management other than the named executive officers is similar to
the above, except that, for participants below the named executive officer level, the bonus is
calculated based on two six-month cycles, such that the determination of the bonus payable for each
half of the applicable year is determined on the basis of the achievement of the revenue, Adjusted
EBITDA and individual performance targets established for each such period.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-21-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>2009 Financial Goals. </I>The following table shows the Company financial goals established for
the named executive officers for 2009. These financial goals were selected based upon the Company&#146;s
budget for 2009, which the
Board of Directors believes is the appropriate level at which to set goals in order to
maximize the incentive for superior performance.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(105% of Budget for</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Threshold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Target</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Revenue/107% of Budget</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(95% of Budget)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(100% of Budget)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>for Adjusted EBITDA</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Revenue</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">249,115,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">262,227,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">275,338,359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Adjusted EBITDA</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,537,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,776,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,310,382</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Actual performance vs. compensation paid for 2009</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For 2009, the Company achieved revenue equal to 99.9% of target and Adjusted EBITDA equal to
100.5% of target, respectively. Accordingly, the named executive officers achieved incentive
bonuses equal to the following percentages of their base salaries:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Actual 2009 Bonus as a</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percentage of Base Salary</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brent D. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brian E. Mueller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">101.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">W. Stan Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel E. Bachus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christopher C. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kathy Player</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.9</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Equity Incentives</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2008, our Board of Directors and stockholders adopted the Equity Incentive Plan and
authorized and reserved a total of 4,199,937 shares of our common stock for issuance thereunder.
This reserve automatically increased on each of January&nbsp;1, 2009 and January&nbsp;1, 2010 by 2.5% of the
number of shares of common stock issued and outstanding on December&nbsp;31, 2008 and December&nbsp;31, 2009,
respectively, so that there is now authorized and reserved a total of 5,336,566 shares. The
number of shares authorized and reserved under the Equity Incentive Plan will increase on each
subsequent January 1 through 2018 by an amount equal to the smaller of (a)&nbsp;2.5% of the number of
shares of common stock issued and outstanding on the immediately preceding December&nbsp;31, or (b)&nbsp;a
lesser amount determined by our Board of Directors. Shares subject to awards that expire or are
cancelled or forfeited will again become available for issuance under the Equity Incentive Plan.
The shares available are not reduced by awards settled in cash or by shares withheld to satisfy tax
withholding obligations. Only the net number of shares issued upon the exercise of stock
appreciation rights or options exercised by means of a net exercise or by tender of previously
owned shares are deducted from the shares available under the Equity Incentive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table provides information as of December&nbsp;31, 2009, with respect to shares of
our common stock that may be issued under our existing equity compensation plans:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Equity Compensation Plan Information</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of securities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>issued upon exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>exercise price of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>remaining available for</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>outstanding options,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>outstanding options,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>future issuance under</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Plan Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>warrants and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>warrants and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>equity compensation plans</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity Compensation
Plans Approved by
Securityholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,619,517</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,717,049</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity Compensation
Plans Not Approved
by Securityholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right" style="border-bottom: 1px solid #000000">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" style="border-bottom: 1px solid #000000">None</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">3,619,517</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left"  style="border-bottom: 3px double #000000">$</TD>
    <TD align="right" style="border-bottom: 3px double #000000">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">1,717,049</TD>
    <TD nowrap> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes outstanding options to purchase shares of our common stock under our Equity
Incentive Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes shares available for future issuance under our Equity Incentive Plan.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-22-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We may grant awards under the Equity Incentive Plan to our employees, officers, directors, or
consultants, or those of any future parent or subsidiary corporation or other affiliated entity.
While we may grant incentive stock options only to employees, we may grant nonstatutory stock
options, stock appreciation rights, restricted stock purchase rights or bonuses, restricted stock
units, performance shares, performance units, and cash-based awards or other stock-based awards to
any eligible participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Only members of the Board of Directors who are not employees at the time of grant are eligible
to participate in the non-employee director awards component of the Equity Incentive Plan. The
Board of Directors, based on the recommendation of the nominating and corporate governance
committee, sets the amount and type of non-employee director awards to be awarded on a periodic,
non-discriminatory basis. Non-employee director awards may be granted in the form of nonstatutory
stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the event of a change in control, as described in the Equity Incentive Plan, the acquiring
or successor entity may assume or continue all or any awards outstanding under the Equity Incentive
Plan or substitute substantially equivalent awards. Any awards that are not assumed or continued in
connection with a change in control or are not exercised or settled prior to the change in control
will terminate effective as of the time of the change in control. In connection with a change in
control, the compensation committee may provide for the acceleration of vesting of any or all
outstanding awards upon such terms and to such extent as it determines, except that the vesting of
all non-employee director awards will automatically be accelerated in full, and the vesting of
awards held by each of our named executive officers who are parties to employment agreements will
automatically be accelerated in full upon termination other than for cause upon or within 12&nbsp;months
following such change in control. The Equity Incentive Plan also authorizes the compensation
committee, in its discretion and without the consent of any participant, to cancel each or any
outstanding award denominated in shares upon a change in control in exchange for a payment to the
participant with respect to each share subject to the cancelled award of an amount equal to the
excess of the consideration to be paid per share of common stock in the change in control
transaction over the exercise price per share, if any, under the award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our Board of Directors has approved a policy relating to the granting of stock options and
other equity-based awards. Under this policy:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all stock option grants, restricted stock awards, and other equity based awards,
which we collectively refer to as stock-based grants, must be approved by the
compensation committee;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date for determining the strike price and similar measurements for stock-based
awards will be the date of the meeting (or a date shortly after the meeting) or, in the
case of an employee, director, or consultant not yet hired, appointed, or retained,
respectively, the subsequent date of hire, appointment, or retention, as the case may
be;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we will not intentionally grant stock-based awards before the anticipated
announcement of materially favorable news or intentionally delay the grant of
stock-based awards until after the announcement of materially unfavorable news; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the compensation committee will approve stock-based grants only for persons
specifically identified at the meeting by management.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Role of the Compensation Consultant</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The compensation committee has retained Mercer as its independent executive compensation
consultant. The role of the outside compensation consultant is to assist the compensation committee
in analyzing executive pay packages and contracts and understanding the Company&#146;s financial
measures. The compensation committee has the sole authority to hire and fire outside compensation
consultants. The compensation committee&#146;s relationship with Mercer is described on page of this
Proxy Statement under &#147;Committees of Our Board of Directors &#151; Compensation Committee.&#148;
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-23-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Effect of Accounting and Tax Treatment on Compensation Decisions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Internal Revenue Code Section&nbsp;162(m) Policy</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended, imposes a $1&nbsp;million limit on
the amount that a public company may deduct for compensation paid to the company&#146;s chief executive
officer or any of the company&#146;s four other most highly compensated executive officers who are
employed as of the end of the year. This limitation does not apply to compensation that meets the
requirements under Section 162(m) for &#147;qualifying performance-based&#148; compensation (i.e.,
compensation paid only if the individual&#146;s performance meets pre-established objective goals based
on performance criteria approved by stockholders). With regard to our Equity Incentive Plan, we
currently rely on an exemption from Section 162(m) for a plan adopted prior to the time a company
becomes a public company. This transition exemption for our Equity Incentive Plan will no longer be
available to us after the date of our annual meeting that occurs after the third calendar year
following the year of our initial public offering, or if we materially modify the plan earlier.
With regard to the cash compensation we pay, in the form of both base salary and pursuant to our
Cash Incentive Plan described above, since the targeted cash compensation of each of the named
executive officers is at or well below the $1&nbsp;million threshold, the compensation committee
believes that Section 162(m) will not materially reduce the tax deductions that would be available
to us for executive compensation. Our policy is to qualify, to the extent reasonable, our named
executive officers&#146; compensation for deductibility under applicable tax laws. We reserve the right
to provide compensation which is not tax-deductible, however, if we believe the benefits of doing
so outweigh the loss of a tax deduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Internal Revenue Code Section&nbsp;409A</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;409A of the Code (&#147;Section&nbsp;409A&#148;) requires that &#147;nonqualified deferred compensation&#148;
be deferred and paid under plans or arrangements that satisfy the requirements of the statute with
respect to the timing of deferral elections, timing of payments and certain other matters. Failure
to satisfy these requirements can expose employees and other service providers to accelerated
income tax liabilities and penalty taxes and interest on their vested compensation under such
plans. Accordingly, as a general matter, it is our intention to design and administer our
compensation and benefits plans and arrangements for all of our employees and other service
providers, including our named executive officers, so that they are either exempt from, or satisfy
the requirements of, Section&nbsp;409A. With respect to our compensation and benefit plans that are
subject to Section&nbsp;409A, in accordance with Section&nbsp;409A and regulatory guidance issued by the
Internal Revenue Service, we are currently operating such plans in compliance with Section&nbsp;409A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>Accounting Standards</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Grants of stock options under the Equity Incentive Plan are recognized as compensation expense
for the fair value of equity-based compensation awards. The compensation committee considers the
accounting implications of significant compensation decisions, including in connection with
decisions that relate to the Equity Incentive Plan and equity award programs thereunder. As
accounting standards change, we may revise certain programs to appropriately align accounting
expenses of our equity awards with our overall executive compensation philosophy and objectives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Conclusion</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe that the compensation amounts paid to our named executive officers for their
service in 2009 were reasonable and appropriate and in our best interests.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-24-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Significant Events After December&nbsp;31, 2009</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The compensation committee granted stock options to the Company&#146;s named executive officers,
other than Brent D. Richardson and Christopher C. Richardson, effective February&nbsp;25, 2010. Each
option vests 20% on each of the first five anniversaries of the date of grant, and has an exercise
price of $21.10, which is equal to the closing price of our common stock on the date of grant. The
number of shares granted to each such officer is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number of Shares Subject to Option</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brian E. Mueller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">W. Stan Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel E. Bachus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kathy Player</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, in view of the importance to the Company of continuing growth in 2010 and future
years, the compensation committee has determined to adjust the relative weighting of financial
performance metrics under the Cash Incentive Plan, so that the financial metrics, which account for
80% of a named executive officer&#146;s target bonus, will be based 50% on revenue (instead of the 37.5%
in 2009) and 50% on Adjusted EBITDA (instead of the 62.5% in 2009). For 2010 and future years,
the financial metrics bonus matrix will be as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Goal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Threshold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maximum</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Revenue goal<BR>
<FONT style="white-space: nowrap">(50.0% of financial metric)</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95% of budget
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100% of budget
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">105% of budget</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Adjusted EBITDA<BR>
(50.0% of financial metric)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95% of budget
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100% of budget
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">107% of budget</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Bonus payout as a % of Target Bonus
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">150%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-25-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="132"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation of Named Executive Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Summary Compensation Table</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth the total compensation earned for services rendered by our
principal executive officer, our principal financial officer, and our four other most highly
compensated executive officers whose total compensation for the fiscal year ended December&nbsp;31, 2009
was in excess of $100,000 and who were serving as executive officers at the end of that fiscal
year. The listed individuals are referred to herein as the &#147;named executive officers.&#148;
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Incentive Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation </B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(5)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brent D. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">340,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><I>Executive Chairman</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">331,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,564</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brian E. Mueller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">508,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,028,705</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><I>Chief Executive Officer and Director</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">246,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">1,311,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">6,533,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"  valign="top">8,349,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Principal Executive Officer) (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;W. Stan Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">457,941</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><I>Executive Vice President </I>(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"  valign="top">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">147,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">2,613,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">2,836,086</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel E. Bachus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">415,161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><I>Chief Financial Officer</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,352,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,553,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Principal Financial Officer) (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christopher C. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">379,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><I>General Counsel and Director</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"  valign="top">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">323,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">357,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Kathy Player</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">420,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><I>Grand Canyon University President</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">230,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">398,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">7,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">710,889</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">152,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">53,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">5,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">210,062</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>For Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, Mr.&nbsp;Bachus and Dr.&nbsp;Player, the amounts in this column for 2008
reflect non-performance-related bonuses that were negotiated in connection with the employment
agreements we entered into with them prior to our initial public offering, as well as, for Dr.
Player only, an additional discretionary bonus of $6,250. All other amounts in this column
reflect discretionary bonuses paid prior to the time we became a public company.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The amounts shown in this column reflect the compensation costs attributable to unrestricted
stock granted to Mr.&nbsp;Mueller in 2008 recognized in fiscal year 2008. The compensation costs
are based on the grant date fair value for the shares of common stock granted. Such grant date
fair value has been calculated on the basis of the fair market value of our common stock on
the grant date. No shares of stock were granted in any year prior to 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The amounts shown in this column reflect the compensation costs attributable to the stock
options granted to the named executive officers in 2008. The compensation costs are based on
the grant date fair value of each stock option and do not take into account any estimated
forfeitures related to service-based vesting conditions, if any. Assumptions used in the
calculation of the grant date fair value of each option granted during the 2008 fiscal year
are set forth in Notes 2 and 15 to our financial statements for the fiscal year ended
December&nbsp;31, 2009 included in our 2009 Annual Report on Form&nbsp;10-K. No options were granted in
2009 or in any year prior to 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The amounts in this column reflect non-equity incentive payments earned pursuant to our Cash
Incentive Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>For Mr.&nbsp;Brent D. Richardson, the amounts in this column include the value of payments made by
us on a Company-owned vehicle used by Mr.&nbsp;Richardson and, for 2007 only, the amount of an
employee-receivable forgiven by the Company and personal tax preparation fees paid for by the
Company. For Mr.&nbsp;Mueller, the amount in this column reflects the value of tuition-free
enrollment for an additional child at Grand Canyon University (beyond the single spouse or
child tuition benefit available to all full-time Company employees). For Dr.&nbsp;Meyer, Mr.
Christopher D. Richardson, and Dr.&nbsp;Player, the amounts in this column reflect matching
payments made by the Company under our 401(k) plan. In 2009, the amounts in this column
include company paid life insurance premiums for all named executive officers.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, and Mr.&nbsp;Bachus commenced employment with us on July&nbsp;1, 2008.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-26-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>2009 Grants of Plan-Based Awards</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2009, we made no grants of awards under our Equity Incentive Plan to our named
executive officers. The following table sets forth certain information with respect to incentive
plan awards under our Cash Incentive Plan for the fiscal year ended December&nbsp;31, 2009 to each of
our named executive officers:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Estimated Future Payouts Under Non-Equity Incentive Plan Awards</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Threshold ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Target ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Maximum ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brent D. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brian E. Mueller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">W. Stan Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel E. Bachus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christopher C. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">37,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kathy Player</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,500</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>These amounts reflect the Threshold, Target and Maximum bonuses payable to our named executive
officers under our Cash Incentive Plan. All such awards have been paid, and the actual amounts paid
are set forth in the Summary Compensation Table above.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>2009 Outstanding Equity Awards at Fiscal Year-End</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table provides certain summary information concerning outstanding equity awards
held by the named executive officers as of December&nbsp;31, 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="13" style="border-bottom: 1px solid #000000"><B>Option Awards(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Market Value of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares of Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares of Stock</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Option Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>That Have Not</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>That Have Not</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Vested</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Vested</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brian E. Mueller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">874,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>November 19, 2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;W. Stan Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 19, 2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel E. Bachus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 19, 2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Kathy Player</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 19, 2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>For Dr.&nbsp;Player,29,463 shares covered by her options were fully vested upon grant. The shares
covered by the options granted to Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, Mr.&nbsp;Bachus and the remainder of Dr.
Player&#146;s options vest in five successive equal annual installments upon the completion of each
year of service with us over the five year period measured from the November&nbsp;19, 2008 grant
date, subject to fully accelerated vesting in the event of a termination of employment by us
without cause or by the executive for good reason within 12&nbsp;months following a change in
control of the Company. Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, and Mr.&nbsp;Bachus also receive partially
accelerated vesting through the next vesting date immediately following the date of
termination, upon the termination of employment by us without cause or by the executive for
good reason.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Option Exercises and Stock Vested</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">None of our named executive officers exercised any stock options during the fiscal year ended
December&nbsp;31, 2009. Mr.&nbsp;Brian E. Mueller, our Chief Executive Officer and Director, received a
stock award of 109,329 shares of common stock on November&nbsp;19, 2008, which was the date our
registration statement for our initial public offering became effective, that was fully vested upon
grant. The value of such grant was $1,311,948, which was determined by multiplying the number of
shares of stock granted by $12.00, which was the initial public offering price of our common stock.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-27-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Executive Employment Agreements</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Effective July&nbsp;1, 2008, we entered into employment agreements with Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, and
Mr.&nbsp;Bachus that govern the terms of their service as our Chief Executive Officer, Executive Vice
President, and Chief Financial Officer, respectively. Effective September&nbsp;1, 2008, we entered into
an employment agreement with Dr.&nbsp;Kathy Player that governs the terms of her service as the
President of Grand Canyon University. Effective September&nbsp;10, 2008, we entered into amended and
restated employment agreements with each of Brent D. Richardson and Christopher C. Richardson that
govern the terms of their service as Executive Chairman and General Counsel, respectively. Each
agreement has a four-year term and automatically renews for one year periods after the initial
four-year term unless either party provides written notice that it does not wish to renew the
respective agreement. Except with respect to certain items of compensation, as described below, the
terms of each agreement are similar in all material respects.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The agreements with each of Brent D. Richardson and Christopher C. Richardson
provide for a base salary of $297,500, subject to annual review by the compensation
committee, and entitle each to receive performance bonuses as determined by the
compensation committee based upon the Company&#146;s achievement of performance, budgetary,
and other objectives, as set in advance by the compensation committee. The agreements
do not set a target performance bonus as percentage of base salary, but leave such
target to be determined by the compensation committee. In addition, and also as
discussed elsewhere in this proxy statement, although Messrs.&nbsp;Richardson and Richardson
are eligible to participate in the Equity Incentive Plan, we do not anticipate granting
any material awards under the Equity Incentive Plan to them and their agreements do not
provide for any such awards.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The agreements with each of Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, Mr.&nbsp;Bachus and Dr.&nbsp;Player
provide for a base salary of $500,000, $300,000, $275,000, and $275,000 per year,
respectively, subject to annual review by the compensation committee, and, for 2008,
also provided for a fixed bonus of $250,000, $75,000, $68,750, and $68,750,
respectively. Dr.&nbsp;Player was awarded an additional $6,250 discretionary bonus for 2008
primarily intended to reward her for her exceptional efforts expended in 2008 in
performing her duties, while also contributing to our successful initial public
offering effort. The agreements entitle each of Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, Mr.&nbsp;Bachus and
Dr.&nbsp;Player to earn incentive compensation under the Cash Incentive Plan for 2009 and
subsequent years targeted at 100%, 50%, 50%, and 50% of his or her base salary,
respectively, subject to the satisfaction of criteria to be established by our
compensation committee. Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, Mr.&nbsp;Bachus and Dr.&nbsp;Player are also
eligible to receive equity incentive awards under our Equity Incentive Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to their agreements, upon the effectiveness of our initial public offering
in November&nbsp;2008, Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, and Mr.&nbsp;Bachus each received a grant of an
option to purchase 1,093,288 shares of common stock, 437,315 shares of common stock and
393,584 shares of common stock, respectively, at the initial public offering price of
$12.00 per share, which options vest ratably, on an annual basis, over a five-year
period beginning on the date of grant. These options are subject to (i)&nbsp;accelerated
vesting through the next vesting date immediately following the date of termination in
the event of a termination of employment by us without cause or by the executive for
good reason, and (ii)&nbsp;fully accelerated vesting in the event of a termination of
employment by us without cause or by the executive for good reason within 12&nbsp;months
following a change in control of the Company. Mr.&nbsp;Mueller also received a grant of
109,329 shares of our common stock, which shares were fully vested on the date of
grant.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each agreement entitles the executive to receive customary and usual fringe benefits
generally available to our senior management, and to be reimbursed for reasonable
out-of-pocket business expenses.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each agreement entitles the executive to certain benefits upon his or her
termination of employment under specified circumstances.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, each of the above employment agreements provides for payments upon certain
terminations of the executive&#146;s employment. For a description of these termination provisions,
whether or not following a change-in-control, and a quantification of benefits that would be
received by these executives, see the heading &#147;Potential Payments upon Termination or Change in
Control&#148; below.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-28-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon the effectiveness of our initial public offering, reflecting her long period of service
to the Company, Dr.&nbsp;Player received a discretionary grant of (i)&nbsp;an option to purchase 43,732
shares of common stock at the initial public offering price of $12.00 per share, which option vests
ratably, on an annual basis, over a five-year period beginning on the date of grant, and which is
subject to fully accelerated vesting in the event of a termination of employment by us without
cause or by the executive for good reason within 12&nbsp;months following a change in control of the
Company, and (ii)&nbsp;an option to purchase 29,463 shares of common stock at the initial public
offering price of $12.00 per share, which option was fully vested upon grant.
</DIV>
<DIV align="left">
<A name="133"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Potential Payments upon Termination or Change in Control</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have employment agreements with our named executive officers that entitle them to certain
severance payments and other benefits in the event of certain types of terminations, which are
summarized below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Termination for Cause</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each of the employment agreements provides that if the named executive officer is terminated
by us for &#147;Cause,&#148; the named executive officer will be entitled to receive only his or her base
salary then in effect, pro rated to the date of termination, and all fringe benefits through the
date of termination, and all of such officer&#146;s vested and unvested options will terminate. For
purposes of each of the employment agreements, &#147;Cause&#148; is defined as (a)&nbsp;acts or omissions
constituting gross negligence, recklessness or willful misconduct on the part of the executive with
respect to the executive&#146;s obligations or otherwise relating to the business of the Company;
(b)&nbsp;the executive&#146;s material breach of the employment agreement; (c)&nbsp;the executive&#146;s breach of the
Company&#146;s employee nondisclosure and assignment agreement; (d)&nbsp;the executive&#146;s conviction or entry
of a plea of nolo contendere for fraud, misappropriation or embezzlement, or any felony or crime of
moral turpitude; (e)&nbsp;the executive&#146;s inability to perform the essential functions of the
executive&#146;s position, with or without reasonable accommodation, due to a mental or physical
disability; (f)&nbsp;the executive&#146;s willful neglect of duties as determined in the sole and exclusive
discretion of the Board of Directors, provided that the executive has received written notice of
the action or omission giving rise to such determination and has failed to remedy such situation to
the satisfaction of the Board of Directors within 30&nbsp;days following receipt of such written notice,
unless the executive&#146;s action or omission is not subject to cure, in which case no such notice
shall be required, or (g)&nbsp;the executive&#146;s death.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Termination Without Cause or Termination for Good Reason</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each of the employment agreements provides that if the named executive officer&#146;s employment is
terminated by us without Cause, or by the executive for &#147;Good Reason,&#148; the named executive officer
will be entitled to receive his or her base salary then in effect, pro rated to the date of
termination, as well as a severance package consisting of the following:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a severance payment equivalent to 12&nbsp;months of the executive&#146;s base salary then in
effect on the date of termination, payable in accordance with the Company&#146;s regular
payroll cycle commencing with the first payroll date occurring on or after the 60th day
following the date of the executive&#146;s termination of employment;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment by us of the premiums required to continue the executive&#146;s group health care
coverage for a period of 12&nbsp;months following the executive&#146;s termination, under the
applicable provisions of the Consolidated Omnibus Budget Reconciliation Act (&#147;COBRA&#148;),
provided that the executive timely elects to continue and remains eligible for these
benefits under COBRA, and does not become eligible for health coverage through another
employer during this period; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to Mr.&nbsp;Mueller, Dr.&nbsp;Meyer, and Mr.&nbsp;Bachus, acceleration of the vesting
of the next annual installment of the options granted to them in November&nbsp;2008 that
would otherwise have vested on the next vesting date following the termination of the
executive&#146;s employment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-29-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To receive the severance package, the executive must: (i)&nbsp;comply with all surviving
provisions of his or her agreement, including the non-competition, non-solicitation, and
confidentiality provisions described below, and (ii)&nbsp;execute a full general release, releasing all
claims, known or unknown, that executive may have against us arising out of or in any way related
to executive&#146;s employment or termination of employment with us. In addition, for options that
previously vested, the executive has until the earlier of three months from the date of separation
and the expiration of the applicable option to exercise such option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For purposes of each of the employment agreements, &#147;Good Reason&#148; is defined as the occurrence
of any of the following conditions without the executive&#146;s written consent, which condition remains
in effect 30&nbsp;days after the executive provides written notice to us of such condition: (a)&nbsp;a
material reduction in the executive&#146;s base salary as then in effect prior to such reduction, other
than as part of a salary reduction program among similar management employees, (b)&nbsp;a material
diminution in the executive&#146;s authority, duties or responsibilities as an employee of the Company
as they existed prior to such change, or (c)&nbsp;a relocation of the executive&#146;s principal place of
work that increases the executive&#146;s one-way commute distance by more than 50 miles; provided that
the executive will be deemed to have given consent to any such condition if the executive does not
provide written notice to us of his or her intent to exercise such rights within 30&nbsp;days following
the first occurrence of such condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Termination Upon a Change in Control</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each of the employment agreements provides that if the named executive officer&#146;s employment is
terminated by us without Cause or by the executive for Good Reason, in each case upon or within 12
months following a &#147;Change in Control,&#148; then, in addition to receiving his or her base salary then
in effect, pro rated to the date of termination, and the severance package described above, the
named executive officer will also be entitled to acceleration of the vesting of all stock options
held by such executive that have not yet vested as of the date of such termination. For purposes
of each of the employment agreements, &#147;Change in Control&#148; is defined as any one of the following
occurrences: (a)&nbsp;any &#147;person&#148; (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act), becomes the &#147;beneficial owner&#148; (as such term is defined in Rule&nbsp;13d-3 promulgated under the
Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of
the total fair market value or total combined voting power of our then-outstanding securities
entitled to vote generally in the election of directors; provided, however, that a Change in
Control shall not be deemed to have occurred if such degree of beneficial ownership results from
any of the following: (i)&nbsp;an acquisition of securities by any person who on the effective date of
the employment agreement was the beneficial owner of more than 50% of such voting power, (ii)&nbsp;any
acquisition of securities directly from us including, without limitation, pursuant to or in
connection with a public offering of securities, (iii)&nbsp;any acquisition of securities by us,
(iv)&nbsp;any acquisition of securities by a trustee or other fiduciary under a Company employee benefit
plan, or
(v)&nbsp;any acquisition of securities by an entity owned directly or indirectly by stockholders of
the Company in substantially the same proportions as their ownership of the voting securities of
the Company; (b)&nbsp;the sale or disposition of all or substantially all of the Company&#146;s assets (other
than a sale or disposition to one or more subsidiaries of the Company), or any transaction having
similar effect is consummated; (c)&nbsp;the Company is party to a merger or consolidation that results
in the holders of voting securities of the Company outstanding immediately prior thereto failing to
continue to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity) more than 50% of the combined voting power of the voting securities of the
Company or such surviving entity outstanding immediately after such merger or consolidation; or (d)
the dissolution or liquidation of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Non-Competition and Non-Solicitation Obligations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each of the agreements prohibits the executives from engaging in any work that creates an
actual conflict of interest with us, and includes customary non-competition and non-solicitation
covenants that prohibit the executives, during their employment with us and for 12&nbsp;months
thereafter, from (i)&nbsp;owning (except ownership of less than 1% of any class of securities which are
listed for trading on any securities exchange or which are traded in the over the counter market),
managing, controlling, participating in, consulting with, rendering services for, or in any manner
engaging in the operation of a for-profit, postsecondary education institution or any other
business that is in the same line of business as us; (ii)&nbsp;soliciting funds on behalf of, or for the
benefit of, any for-profit, postsecondary education institution (other than us) or any other entity
that competes with us; (iii)&nbsp;soliciting our current or prospective students to be students for any
other for-profit, postsecondary education institution; (iv)&nbsp;inducing or attempting to induce any of
our employees to leave our employ, or in any way interfering with the relationship between us and
any of our employees; or (v)&nbsp;inducing or attempting to induce any of our students, customers,
suppliers, licensees, or other business partners to cease doing business with, or modify its
business relationship with, us, or in any way interfere with or hinder the relationship between any
such student, customer, supplier, licensee, or business partner and us. Each of the executives has
separately entered into a confidentiality agreement with us.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-30-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table provides information regarding the potential payments upon termination
without Cause or for Good Reason, as well upon termination without Cause or for Good Reason after a
Change in Control of the Company, which would have been paid to each executive in the event he or
she had been terminated as of December&nbsp;31, 2009. All payments in connection with any such
termination will comply with Section&nbsp;409A of the Code, to the extent Section&nbsp;409A applies. The
actual amounts to be paid out can only be determined at the time of such executive&#146;s separation
from the Company.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Termination without Cause or for Good Reason following</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Termination without Cause or for Good Reason</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>a Change in Control</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acceleration of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acceleration of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD colspan="2" align="center" nowrap><B>Cash Payment</B> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Benefits</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Vesting of Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cash Payment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Benefits</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Vesting of Options</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)(3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brent D. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brian E. Mueller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,532,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,131,159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;W. Stan Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,452,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel E. Bachus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,207,219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christopher C. Richardson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Kathy Player</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,503</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes a termination date of December&nbsp;31, 2009, and is based on the executive&#146;s salary in
effect at such date.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects the cost related to the continuation of the executive&#146;s heath benefits for the
period specified.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated based on an assumed termination date of December&nbsp;31, 2009 and the closing market
price of our common stock on the Nasdaq Global Market on such date, less the applicable
exercise price for each option for which vesting is accelerated.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="134"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Compensation Committee Report</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The compensation committee has discussed and reviewed the Compensation Discussion and Analysis
with management. Based upon this review and discussion, the compensation committee recommended to
the Board of Directors that the Compensation Discussion and Analysis be included in this proxy
statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 70%">Compensation Committee:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 70%"><I>David J. Johnson (Chair)</I><br><I>
Chad N. Heath</I><br><I>
D. Mark Dorman</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-31-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>BENEFICIAL OWNERSHIP OF COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth information regarding the beneficial ownership of our common
stock as of February&nbsp;28, 2010 for:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each person, or group of affiliated persons, known to us to own beneficially 5% or
more of our outstanding common stock;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of our directors;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of our named executive officers; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all of our directors and named executive officers as a group.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The information in the following table has been presented in accordance with the rules of the
SEC. Under SEC rules, beneficial ownership of a class of capital stock includes any shares of such
class as to which a person, directly or indirectly, has or shares voting power or investment power
and also any shares as to which a person has the right to acquire such voting or investment power
within 60&nbsp;days through the exercise of any stock option, warrant or other right. If two or more
persons share voting power or investment power with respect to specific securities, each such
person is deemed to be the beneficial owner of such securities. Except as we otherwise indicate
below and under applicable community property laws, we believe that the beneficial owners of the
common stock listed below, based on information they have furnished to us, have sole voting and
investment power with respect to the shares shown. Unless otherwise noted below, the address for
each holder listed below is 3300 W. Camelback Road, Phoenix, Arizona 85017.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The calculations of beneficial ownership in this table are based on 45,682,391 shares
outstanding at February&nbsp;28, 2010 and give effect to the voting agreement described below under
&#147;Certain Relationships and Related Transactions &#151; Voting Agreement.&#148;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount and Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Beneficial Ownership</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent of Class</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Principal Stockholders:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Endeavour Capital Fund IV, L.P. and affiliates<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,337,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wells Fargo<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,666,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Directors and Named Executive Officers:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brent D. Richardson<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,111,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brian E. Mueller<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Christopher C. Richardson<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,111,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Daniel E. Bachus<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;W. Stan Meyer<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Joseph N. Mildenhall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael S. Lacrosse<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Kathy Player<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chad N. Heath<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,337,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">D. Mark Dorman<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,337,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David J. Johnson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack A. Henry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald F. Colangelo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>All directors and executive officers as a group (13 persons)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,711,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Represents beneficial ownership of less than 1%</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The percentage of beneficial ownership as to any person as of a particular date is calculated
by dividing the number of shares beneficially owned by such person, which includes the number
of shares as to which such person has the right to acquire voting or investment power within
60&nbsp;days after such date, by the sum of the number of shares outstanding as of such date plus
the number of shares as to which such person has the right to
acquire voting or investment power within 60&nbsp;days after such date. Consequently, the
denominator for calculating beneficial ownership percentages may be different for each
beneficial owner.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-32-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Endeavour Capital IV, LLC is the general partner of the Endeavour Entities and, except as
noted below, has voting and dispositive power with respect to the shares held by the Endeavour
Entities. Messrs.&nbsp;Chad N. Heath and D. Mark Dorman, each of whom is a managing director of
Endeavour Capital IV, LLC and serves on our Board of Directors, disclaim beneficial ownership
of these shares except to the extent of their respective pecuniary interests. The address for
these entities is 920 SW Sixth Avenue, Suite&nbsp;1400, Portland, Oregon 97204. Pursuant to a
proxy and voting agreement, Messrs.&nbsp;Brent D. Richardson and Christopher C. Richardson have
voting power over the shares owned by the Endeavour Entities. Each of Messrs.&nbsp;Brent D.
Richardson and Christopher C. Richardson disclaims beneficial ownership of such shares, except
to the extent of such voting interest.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>This information is based on a Schedule&nbsp;13G filed with the Securities and Exchange Commission
on January&nbsp;21, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The total for Messrs.&nbsp;Brent D. Richardson and Christopher C. Richardson consists of:</TD>
</TR>

</TABLE>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2,761,504 shares of common stock held of record by Exeter Capital, LLC, a limited
liability company of which Brent D. Richardson, our Executive Chairman, is the manager,
which are attributable to, and beneficially owned by, Mr.&nbsp;Brent D. Richardson;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2,762,370 shares of common stock held of record by Calle Camelia Investments, LLC, a
limited liability company of which Christopher C. Richardson, our General Counsel and a
director, is a manager, which are attributable to, and beneficially owned by,
Mr.&nbsp;Christopher C. Richardson;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2,250,000 shares of common stock held of record beneficially owned by the sister and
brother-in-law of Brent D. Richardson and Christopher C. Richardson;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>6,337,138 shares of common stock held by the Endeavour Entities, as described in
Note (2)&nbsp;above.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 8%">Pursuant to a proxy and voting agreement, Messrs.&nbsp;Brent D. Richardson and Christopher C.
Richardson have voting power over the shares beneficially owned by each other, the Luke M.
Buse and Staci Lin Buse Revocable Trust and the Endeavour Entities. The totals for Brent D.
Richardson and Christopher C. Richardson include the shares owned by each other, the Luke M.
Buse and Staci Lin Buse Revocable Trust and the Endeavour Entities, but do not include other
 shares that may remain subject to the proxy and voting agreement, as described in &#147;Certain
Relationships and Related Transactions &#151; Voting Agreement&#148; below, for the reasons described
therein. Each of Messrs.&nbsp;Brent D. Richardson and Christopher C. Richardson disclaims
beneficial ownership of such shares, except to the extent of such voting interest.
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes shares of common stock issuable upon exercise of vested stock options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of 6,337,138 shares of common stock held of record by the Endeavour Entities (see
note (2)&nbsp;above). Messrs.&nbsp;Chad N. Heath and D. Mark Dorman, each of whom is a managing member
of Endeavour Capital IV, LLC, the general partner of the Endeavour Entities, and serves on our
Board of Directors, disclaim beneficial ownership of these shares except to the extent of
their respective pecuniary interests.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-33-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="left">
<A name="136"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>
</DIV>

<DIV align="left">
<A name="137"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Policies and Procedures for Related Party Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have adopted a written related party transactions policy, pursuant to which our executive
officers, directors and principal stockholders, including their immediate family members, are not
permitted to enter into a related party transaction with us without the prior consent of our audit
committee. Any request for us to enter into a
transaction with an executive officer, director, principal stockholder or any of such persons&#146;
immediate family members or affiliates, in which the amount involved exceeds $120,000 must be
presented to our audit committee for review, consideration and approval. All of our directors,
executive officers and employees are required to report to our audit committee any such related
party transaction. In approving or rejecting the proposed agreement, our audit committee will take
into account, among other factors it deems appropriate, whether the transaction is on terms no less
favorable than terms generally available to an unaffiliated third-party under the same or similar
circumstances and the extent of the related party&#146;s interest in the transaction. Under the policy,
if we should discover related party transactions that have not been pre-approved, the audit
committee will be notified and will determine the appropriate action, including ratification,
rescission or amendment of the transaction. In addition, under the policy, certain types of
transactions have been pre-approved by the audit committee, including employment arrangements with
executive officers, director compensation, transactions where all stockholders receive proportional
benefits, transactions involving competitive bids, regulated transactions, and banking-related
service transactions.
</DIV>
<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Certain Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Set forth below is a summary of certain transactions since January&nbsp;1, 2009, in which the
Company was or is to be a participant and involving our directors, executive officers, beneficial
owners of more than 5% of our common stock, and some of the entities with which the foregoing
persons are affiliated or associated, and in which the amount involved exceeds or will exceed
$120,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Investor Rights Agreement</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are party to an investor rights agreement with the Endeavour Entities and certain other
named parties, which, as currently in effect, contains agreements among the parties with respect to
registration rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Voting Agreement</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As discussed in our Annual Report on Form 10-K, the Department of Education and many states
and accrediting commissions require institutions of higher education to report or obtain approval
of certain changes in control and changes in other aspects of institutional organization or
control, including when a stockholder&#146;s beneficial ownership of a company&#146;s voting stock decreases
below 25%. In order to avoid triggering such a change in control in connection with our initial
public offering in November&nbsp;2008 and our follow on offering in September&nbsp;2009, certain of our
stockholders, including those described in notes (2), (3)&nbsp;and (5)&nbsp;to the &#147;Beneficial Ownership of
Common Stock&#148; table above, in compliance with applicable Department of Education and other
applicable rules and regulations, entered into a proxy and voting agreement, pursuant to which such
persons granted to Brent D. Richardson, our Executive Chairman, and Christopher C. Richardson, our
General Counsel and a director, a five-year irrevocable proxy to exercise voting authority with
respect to certain shares of our common stock held by such persons, for so long as such shares are
held by such person. Under the terms of the proxy and voting agreement, if any person party to
such agreement transfers shares covered by the agreement in open-market or other transactions, the
Richardsons no longer have voting power as to such shares. Accordingly, the number of shares as to
which the Richardsons have the shared power to vote or direct the vote will decrease over time as
shares held by other parties to the voting agreement are sold. Because many of the shares held by
parties other than those listed in the table set forth above under &#147;Beneficial Ownership of Common
Stock&#148; are held in &#147;street name,&#148; we and the Richardsons may not be aware of when or whether any
such sales have occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Arrangement with Mind Streams</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are a party to an agreement with Mind Streams, LLC, which is owned and operated, in part,
by Gail Richardson, father to Brent D. Richardson, our Executive Chairman, and Christopher C.
Richardson, our General Counsel and a director. Pursuant to this agreement, Mind Streams identifies
qualified applicants for admission to Grand Canyon University in return for which it is a paid a
stated percentage of the net revenue (calculated as tuition actually received, less scholarships,
refunds, and allowances) derived by us from those identified applicants that matriculate at Grand
Canyon University. The term of the agreement runs through December&nbsp;31, 2010, and can be terminated
by either party upon 45&nbsp;days&#146; prior written notice. For the year ended December&nbsp;31, 2009, we paid
Mind Streams $6.7&nbsp;million pursuant to this arrangement for students enrolled and expenses
reimbursed.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-34-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;16(a) of the Exchange Act requires that our Company&#146;s directors and executive officers
file initial reports of ownership and reports of changes in ownership with the SEC. Directors and
executive officers are required to furnish our Company with copies of all Section 16(a) forms they
file. Based solely on a review of the copies of such forms furnished to our Company and written
representations from our Company&#146;s directors and executive officers, all reports required by
Section 16(a) were filed on a timely basis for the fiscal year ended December&nbsp;31, 2009, except that
Dr.&nbsp;Kathy Player filed a late Form&nbsp;4 with respect to the sale of 1,000 shares of common stock in
November&nbsp;2009, and Joseph N. Mildenhall filed a late Form&nbsp;4 with respect to a grant of options to
purchase 75,000 shares which he received at the time of his commencement of employment in September
2009.
</DIV>
<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>HOUSEHOLDING OF PROXY MATERIALS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The SEC has adopted rules that permit companies and intermediaries such as brokers to satisfy
delivery requirements for annual reports, proxy statements, and Notices of Internet Availability of
Proxy Materials with respect to two or more stockholders sharing the same address by delivering a
single annual report, proxy statement, or Notice of Internet Availability of Proxy Materials
addressed to those stockholders. This process, which is commonly referred to as &#147;householding,&#148;
potentially provides extra convenience for stockholders and cost savings for companies. Brokers
with account holders who are stockholders of the Company may be householding the Company&#146;s proxy
materials. Once you have received notice from your broker that it will be householding materials
to your address, householding will continue until you are notified otherwise or until you revoke
your consent. If, at any time, you no longer wish to participate in householding and would prefer
to receive a separate annual report, proxy statement, or Notice of Internet Availability of Proxy
Materials or if you are receiving multiple copies thereof and wish to receive only one, please
notify your broker or notify the Company by sending a written request to Grand Canyon Education,
Inc., 3300 W. Camelback Road, Phoenix, Arizona, 85017, Attn: Investor Relations, or by calling
(602)&nbsp;639-7500.
</DIV>
<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our 2009 annual report and our Annual Report on Form 10-K for fiscal year 2009, including
financial statements, are being mailed with this proxy statement to all stockholders of record as
of March&nbsp;29, 2010, including those stockholders whose shares are held in a brokerage, bank or
similar account, who will receive the same mailing from the organization holding the account.
<B>Stockholders who wish to obtain an additional copy of our Annual Report on </B><B>Form 10-K</B><B>, for the
fiscal year ended December&nbsp;31, 2009, may do so without charge by writing to Investor Relations,
Grand Canyon Education, Inc., 3300 W. Camelback Road, Phoenix, Arizona 85017.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of the date of this proxy statement, management knows of no matters that will be presented
for determination at the Annual Meeting other than those referred to herein. If any other matters
properly come before the Annual Meeting calling for a vote of stockholders, it is intended that the
persons named in the proxies solicited by our Board of Directors, in accordance with their best
judgment, will vote the shares represented by these proxies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">By Order of the Board of Directors,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c98773c9877303.gif" alt="-s- Christopher C. Richardson">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Christopher C. Richardson<BR>
<I>Secretary</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: April&nbsp;7, 2010
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-35-<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">
<P><DIV style="position: relative; float: left; width: 48%">


<DIV align="left" style="font-size: 8pt; margin-top: 40pt; margin-left: 4%"><IMG src="c98773c9877304.gif" alt="(GRAND CANYON UNIVERSITY LOGO)"><BR><BR>
<B><I>GRAND CANYON EDUCATION,<br>
INC<br>3300 W. CAMELBACK ROAD<BR>
Phoenix, AZ 85017
</I></B>
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>VOTE BY INTERNET - </B><B>www.proxyvote.com</B><br>
Use the Internet to transmit your voting instructions and for electronic delivery of
information up until 11:59&nbsp;P.M. Eastern Time the day before the cut-off date or meeting
date. Have your proxy card in hand when you access the web site and follow the
instructions to obtain your records and to create an electronic voting instruction
form.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>Electronic Delivery of Future PROXY MATERIALS</B><br>
If you would like to reduce the costs incurred by our company in mailing proxy materials,
you can consent to receiving all future proxy statements, proxy cards and annual
reports electronically via e-mail or the Internet. To sign up for electronic
delivery, please follow the instructions above to vote using the Internet and,
when prompted, indicate that you agree to receive or access proxy materials
electronically in future years.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>VOTE BY PHONE - 1-800-690-6903</B><br>
Use any touch-tone telephone to transmit your voting instructions up until
11:59&nbsp;P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy
card in hand when you call and then follow the instructions.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 10pt"><B>VOTE BY MAIL</B><br>
Mark, sign and date your proxy card and return it in the postage-paid envelope we have
provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY
11717.
</DIV>
</DIV>
<BR clear="all"><BR>

<DIV align="justify" style="font-size: 8pt; margin-top: 100pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom" style="font-size: 0pt">
    <TD width="60%"></TD>
    <TD width="5%"></TD>
    <TD width="10%"></TD>
    <TD width="5%"></TD>
    <TD width="20%"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>KEEP THIS PORTION FOR YOUR RECORDS</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="Center" style="font-size: 1pt"><DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom" style="font-size: 0pt">
    <TD width="20%"></TD>
    <TD width="5%"></TD>
    <TD width="40%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><BR>
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>DETACH AND RETURN THIS PORTION ONLY</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="width: 100%; border: 2px solid black; padding: 11px;">


<DIV align="center" STYLE="margin-top: -6pt">
<TABLE  style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 0pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->



<TR valign="bottom">
    <TD valign="top" colspan="9"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt"><B>For</B><br><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt"><B>Withhold</B><br><B>All</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt" nowrap><B>For All</B><br><B>Except</B></TD>
    <TD>&nbsp;</TD>
<TD valign="top" rowspan="3" style="font-size: 8pt; border-bottom: 1px solid #000000"><DIV align="justify">To withhold authority to vote for any individual nominee(s), mark
&#147;For All Except&#148; and write the number(s) of the nominee(s) on the line below.</DIV></TD>    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 0px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 8pt">
<TD>&nbsp;</TD>

<TD valign="top" colspan="8"><DIV style="margin-left:0px; text-indent:-0px" align="justify"><B>The
Board of Directors recommends that you vote
FOR the following:</B>
</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

    <TD align="left" valign="top" style="border-right: 3px solid #000000; border-top: 3px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 8pt">
<TD>&nbsp;</TD>
    <TD valign="bottom" colspan="8">&nbsp;
</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="bottom" style="font-size: 8pt"><FONT face="Wingdings"><br>&#111;</FONT></TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="bottom" style="font-size: 8pt"><FONT face="Wingdings"><br>&#111;</FONT></TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="bottom" style="font-size: 8pt"><FONT face="Wingdings"><br>&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 0px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="bottom" style="font-size: 8pt">
<TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="left"><B>1.</B>
</DIV></TD>
    <TD align="left" colspan="6">&nbsp;&nbsp;Election of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

    <TD align="left" valign="top" style="border-right: 0px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom" style="font-size: 0pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="4"><B>Nominees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="12">01&nbsp;&nbsp;&nbsp;Brent D. Richardson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02&nbsp;&nbsp;
&nbsp;Brian E. Mueller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03&nbsp;&nbsp;&nbsp;Christopher Richardson&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;04&nbsp;&nbsp;&nbsp;Chad N. Heath&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05&nbsp;&nbsp;&nbsp;D. Mark Dorman</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="left" valign="top" colspan="12">06&nbsp;&nbsp;&nbsp;David J. Johnson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;07&nbsp;&nbsp;
&nbsp;Jack A. Henry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08&nbsp;&nbsp;&nbsp;Gerald F. Colangelo</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2"><B>The Board of Directors recommends you vote FOR the following proposal(s):</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Against</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Abstain</B></TD>
</TR>

<tr>
<td colspan="10">&nbsp;</td>
</tr>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>

<TD align="justify" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;To ratify the appointment of Ernst &#38; Young LLP as the Company&#146;s independent registered public accounting firm for the fiscal year ending December 31, 2010.</DIV>

</TD>
    <TD align="justify" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>



<tr style="font-size: 100pt">
<td colspan="10">&nbsp;</td>
</tr>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

    <TD valign="top" align="left" colspan="6">Please sign exactly as your name(s) appear(s) hereon. When signing as
attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name, by authorized officer.
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align=right>
<TABLE style="FONT-SIZE: 8pt" cellSpacing=0 cellPadding=0 width="100%" border="0">
  <TR style="FONT-SIZE: 6pt" vAlign=bottom>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD></TR><!-- End Table Head --><!-- Begin Table Body -->
  <TR style="FONT-SIZE: 12pt" vAlign=bottom>
<TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"      vAlign=top align=left colSpan=2>&nbsp; </TD>
    <TD      style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"      vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"      vAlign=top align=left colSpan=2>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 2px solid"      vAlign=top align=left>&nbsp; </TD>
    <TD vAlign=top align=left>&nbsp; </TD>
    <TD>&nbsp;</TD></TR>
  <TR vAlign=bottom>
<TD>&nbsp;</TD>
    <TD      style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" vAlign=top noWrap align=left colSpan=2>Signature [PLEASE SIGN WITHIN
      BOX]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD      style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid"      vAlign=top align=left>Date </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" vAlign=top align=left colSpan=2>Signature (Joint Owners) </TD>
    <TD style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 0px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" vAlign=top align=left>Date</TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top  align=left>&nbsp;</TD></TR><!-- End Table Body -->
</TABLE>
</DIV>

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c98773p9877350.jpg" alt="(MAP)">
</DIV>


<DIV align="justify" style="font-size: 9pt; margin-top: 15pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: </B>The Annual
Report, Notice &#038; Proxy Statement is/are available at <U>www.proxyvote.com</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px dashed #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<P>
<DIV style="width: 100%; border: 2px solid black; padding: 11px;">



<DIV align="center" style="font-size: 11pt; margin-top: 10pt"><B>GRAND CANYON EDUCATION, INC<BR>
Annual Meeting of Shareholders<BR>
May&nbsp;18, 2010 8:00 AM<BR>
This proxy is solicited by the Board of Directors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Proxy
Solicited by Board of Directors for Annual Meeting - Tuesday, May&nbsp;18, 2010</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Brian E. Mueller and Daniel E. Bachus, or any of them, each with the power of
substitution, are hereby
authorized to represent and vote the shares of the undersigned, with all the powers which the
undersigned would possess if personally present, at the Annual Meeting of Stockholders of Grand
Canyon Education, Inc. to be held on Tuesday, May&nbsp;18, 2010 or at any postponement or adjournment
thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION IS
GIVEN, WILL BE VOTED FOR ITEMS 1 AND 2.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>In their discretion, the Proxies are authorized to vote upon such other business as may properly
come before the meeting or any adjournment or postponement thereof.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 100pt"><B>Continued and to be signed on reverse side</B>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
