<SEC-DOCUMENT>0001193125-13-145053.txt : 20130408
<SEC-HEADER>0001193125-13-145053.hdr.sgml : 20130408
<ACCEPTANCE-DATETIME>20130408080103
ACCESSION NUMBER:		0001193125-13-145053
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20130406
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130408
DATE AS OF CHANGE:		20130408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAREER EDUCATION CORP
		CENTRAL INDEX KEY:			0001046568
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				363932190
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23245
		FILM NUMBER:		13747357

	BUSINESS ADDRESS:	
		STREET 1:		231 N. MARTINGALE ROAD
		CITY:			SCHAUMBURG
		STATE:			IL
		ZIP:			60173
		BUSINESS PHONE:		8477813600

	MAIL ADDRESS:	
		STREET 1:		231 N. MARTINGALE ROAD
		CITY:			SCHAUMBURG
		STATE:			IL
		ZIP:			60173
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d517884d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C.&nbsp;20549 </B></FONT></P> <P STYLE="font-size:20px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P>
<P STYLE="font-size:20px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of Earliest Event Reported): April&nbsp;6, 2013 </B></FONT></P> <P STYLE="font-size:20px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>Career Education Corporation
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact Name of Registrant as Specified in Charter) </B></FONT></P>
<P STYLE="font-size:20px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0-23245</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>36-3932190</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>231 N. Martingale Rd., Schaumburg, IL</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>60173</B></FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code:&nbsp;(847)&nbsp;781-3600 </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Not applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Former Name or Former Address, if Changed Since Last Report) </B></FONT></P> <P STYLE="font-size:20px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:40px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;5.02.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b), (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;8, 2013 Career Education Corporation (the &#147;Company&#148;)
issued a press release announcing the appointment of Scott W. Steffey, age 51, as the Company&#146;s President and Chief Executive Officer, effective as of April&nbsp;8, 2013 (the &#147;Commencement Date&#148;). Mr.&nbsp;Steffey will also be
nominated for election to the Company&#146;s board of directors (the &#147;Board&#148;) at the Company&#146;s 2013 annual stockholders meeting. Mr.&nbsp;Steffey succeeds Steven H. Lesnik as President and Chief Executive Officer of the Company.
Mr.&nbsp;Lesnik will provide consulting services to the Company pursuant to his letter agreement with the Company dated February&nbsp;26, 2013. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Prior to joining the Company, Mr.&nbsp;Steffey founded and served as president of Symposium Ventures since 2005. Symposium Ventures provides advisory services relating to the for-profit and non-profit
education industries. From 2001 through 2005, Mr.&nbsp;Steffey was Executive Vice President and Chief Operating Officer of Strayer Education, Inc., a public company providing post-secondary education services, as well as Chairman of the Board of
Trustees for Strayer University. From March 2000 to March 2001, Mr.&nbsp;Steffey served as an Executive in Residence at New Mountain Capital, LLC, an investment advisory firm serving the private post-secondary education industry. Prior to that,
Mr.&nbsp;Steffey was the Vice Chancellor of the State University of New York for four years and held senior management positions at NYNEX Corporation (a predecessor to Verizon) and American Express Company. Mr.&nbsp;Steffey is also the founder of
the Charter Schools Institute, an organization that establishes competitive K-12 schools in New York State dedicated to providing improved educational opportunities for economically disadvantaged students. With his many years of experience in roles
within the education and financial industries, Mr.&nbsp;Steffey brings to the Company extensive expertise from various perspectives. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There are no arrangements between Mr.&nbsp;Steffey and any other person pursuant to which he was selected to become Chief Executive Officer of the Company. Mr.&nbsp;Steffey does not have any family
relationship with any executive officer or director of the Company, or with any person selected to become an officer or director of the Company. Neither Mr.&nbsp;Steffey nor any member of his immediate family is a party to any transactions or
proposed transactions with the Company. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A copy of the Company&#146;s press release is furnished herewith and attached hereto
as Exhibit 99.1. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with Mr.&nbsp;Steffey&#146;s appointment as President and Chief Executive Officer, the Company
and Mr.&nbsp;Steffey have entered into a letter agreement (the &#147;Letter Agreement&#148;) pursuant to which Mr.&nbsp;Steffey will be paid an annual base salary of $750,000 and will be eligible to receive an annual bonus (&#147;Annual Bonus&#148;)
under the Company&#146;s Annual Incentive Award Program targeted at 100% of his base salary (with threshold and maximum payout levels of 50% and 200% of target, respectively). For 2013, Mr.&nbsp;Steffey&#146;s Annual Bonus will be at least equal to
50% of his target Annual Bonus, pro-rated based on the portion of year he is employed with the Company. Additionally, on or about the Commencement Date, Mr.&nbsp;Steffey will receive a sign-on award in the amount of $2,500,000. One-half of the
sign-on award is subject to full or partial repayment by Mr.&nbsp;Steffey if his employment is terminated by the Company for Cause or he terminates his employment other than for Good Reason (as such terms are defined in the Letter Agreement) during
the first two years of his employment with the Company, with the actual amount to be repaid determined based on when such termination occurs in the two-year period. The other one-half of the sign-on award is subject to full or partial repayment by
Mr.&nbsp;Steffey if his employment terminates for such reasons prior to the fourth anniversary of the Commencement Date, with the actual amount to be repaid determined based on when such termination occurs in the four-year period. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Letter Agreement further provides that on the Commencement Date, Mr.&nbsp;Steffey will receive the following long-term incentive
awards: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">A stock option award covering a number of shares of Company common stock (each, a &#147;Share&#148;) determined by dividing $780,000, by the product of .55 and the
closing price of a Share on the Commencement Date, up to a maximum of 450,000 Shares. If such calculation would result in there being greater than 450,000 Shares underlying the stock option, Mr.&nbsp;Steffey will be granted an award of stock
appreciation rights (&#147;SARs&#148;) so that the aggregate value of the stock options and SARs will equal $780,000, determined as described above. The stock options and SARs will have an exercise price equal to the closing price of a Share on the
Commencement Date and will vest in four equal annual installments commencing on March&nbsp;14, 2014. If Mr.&nbsp;Steffey&#146;s employment is terminated by the Company without Cause or Mr.&nbsp;Steffey resigns for Good Reason (as such terms are
defined in the Letter Agreement and each, a &#147;Qualifying Termination&#148;) prior to the options and SARs becoming fully vested, the options and SARs will vest in full on the date of such termination and remain exercisable for up to three years
after termination. The grants of SARs to Mr.&nbsp;Steffey will be evidenced by the Stock Appreciation Rights Agreements filed with this Report as Exhibit 10.2 and Exhibit 10.3. </FONT></TD></TR></TABLE>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">A number of cash-settled restricted stock units (&#147;RSUs&#148;) determined by dividing $780,000 by the closing price of a Share on the grant date. The RSUs vest in
four equal annual installments &#150; on April&nbsp;8, 2014 and each March&nbsp;14 of 2015, 2016 and 2017, subject to aggregate Company revenue for the four consecutive fiscal quarters commencing with the Company&#146;s 2013 second fiscal quarter
equaling or exceeding $500 million (the &#147;Revenue Target&#148;). In the event of a Qualifying Termination, the RSUs will vest in full on the termination date, subject to achievement of the Revenue Target. If a Qualifying Termination occurs
within 18 months after a Change in Control (as defined in the Company&#146;s 2008 Incentive Compensation Plan (the &#147;2008 Plan&#148;)), the RSUs will become vested assuming achievement of the Revenue Target. The grants of RSUs to
Mr.&nbsp;Steffey will be evidenced by a Restricted Stock Unit Agreement materially consistent with a form already filed by the Company and by the Restricted Stock Unit Agreement filed with this Report as Exhibit 10.4. </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">A cash award targeted at $1,040,000 (with a threshold payout of 50% and a maximum payout of 200%, of such amount) that will vest on April&nbsp;1, 2016, based on the
Company&#146;s total shareholder return relative to a peer group of companies over the three-year period ending April&nbsp;1, 2016. The terms of this award, including the vesting period and the performance measure of total shareholder return
relative to the peer group of companies, are similar to performance unit awards the Company granted to other executives and employees in March 2013. In the event of a Qualifying Termination, this cash award will vest based on actual performance
results and will be paid at such time as the award would otherwise have been paid. If a Qualifying Termination occurs on, or within 18 months after, a Change in Control, this cash award will vest and be paid to Mr.&nbsp;Steffey based on the greater
of target performance or actual performance as of the date of the Change in Control. </FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additionally, under the Letter Agreement,
in the event Mr.&nbsp;Steffey&#146;s employment terminates by reason of death or Disability (as defined in the Letter Agreement), the stock options and SARs will vest in full and remain exercisable for up to one year following termination, the RSUs
will vest in full, and the cash award will vest and become payable at the target level. In the event of Mr.&nbsp;Steffey&#146;s Retirement (as defined in the 2008 Plan), vested stock options and SARs will remain exercisable for up to three years
following such Retirement. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, in the event of a Qualifying Termination, Mr.&nbsp;Steffey will receive the following
payments and benefits, subject to his execution and non-revocation of a general release of claims: (i)&nbsp;a lump sum payment equal to two times the sum of Mr.&nbsp;Steffey&#146;s annual base salary and target Annual Bonus, (ii)&nbsp;a pro-rata
portion of the Annual Bonus for the year in which the termination occurs, based on actual performance, and (iii)&nbsp;a lump sum amount equal to 18 months of the employer-portion of insurance premiums under the Consolidated Omnibus Budget and
Reconciliation Act of 1985, as amended (i.e., COBRA). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the Letter Agreement, Mr.&nbsp;Steffey is subject to
confidentiality and non-disparagement covenants during and after his employment with the Company terminates. Mr.&nbsp;Steffey is also subject to non-competition and employee and customer non-solicitation covenants both during, and for a period of
two years following, termination of his employment. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The description of the Letter Agreement contained herein does not purport to be complete
and is qualified in its entirety by reference the Letter Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee of the Board of Directors of the Company approved grants of SARs to Mr.&nbsp;Steffey as of April&nbsp;8, 2013. As
described above, the SARs vest and become exercisable in four equal annual installments, commencing with March&nbsp;14, 2014. Each SAR constitutes the right to receive in cash, upon exercise, the difference, if any, between the value of a Share on
the date of exercise over the value of a Share on the grant date. If Mr.&nbsp;Steffey&#146;s employment is terminated prior to the vesting of the SARs, the SARs may be subject to additional vesting, depending upon the circumstances of the
termination of employment, as described above. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The description of the Stock Appreciation Rights Agreements contained herein does not purport
to be complete and is qualified in its entirety by reference to the award agreements, which are attached hereto as Exhibit 10.2 and Exhibit 10.3 and incorporated herein by reference. </FONT></P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibits. </FONT></TD></TR></TABLE> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:35pt"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;Exhibit<BR>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Description of Exhibits</B></FONT></P></TD></TR>


<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Letter Agreement between the Company and Scott Steffey dated April 1, 2013</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock Appreciation Rights Agreement between the Company and Scott Steffey pursuant to the 2008 Plan</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock Appreciation Rights Agreement between the Company and Scott Steffey</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash-Settled Restricted Stock Unit Agreement between the Company and Scott Steffey</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press release of the Company dated April 8, 2013</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">CAREER EDUCATION CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Jeffrey D. Ayers</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Jeffrey D. Ayers</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, General Counsel and</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate Secretary</FONT></P></TD></TR>
<TR>
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">April 8, 2013</FONT></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibit Index </U></B> </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;Exhibit</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:28pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description of Exhibits</B></FONT></P></TD></TR>


<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Letter Agreement between the Company and Scott Steffey dated April 1, 2013</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock Appreciation Rights Agreement between the Company and Scott Steffey pursuant to the 2008 Plan</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock Appreciation Rights Agreement between the Company and Scott Steffey</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash-Settled Restricted Stock Unit Agreement between the Company and Scott Steffey</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press release of the Company dated April 8, 2013</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d517884dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 10.1 </U></B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g517884g12g78.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">April&nbsp;1, 2013 </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Mr.&nbsp;Scott Steffey </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Dear Scott, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:Times New Roman">On behalf of Career Education Corporation (&#147;CEC&#148; or the &#147;Company&#148;), I am pleased to confirm our offer of employment to you
for the position of President and Chief Executive Officer (&#147;CEO&#148;). Upon your acceptance of this offer as outlined below, you will join the company as a full-time employee reporting to the Company&#146;s Board of Directors (the
&#147;Board&#148;). You will be nominated for election to the Board at the Company&#146;s 2013 annual shareholders meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:Times New Roman">Your
employment with the Company will be subject to the terms and conditions set forth in this letter (&#147;Letter&#148;). It is anticipated that you will commence employment on or before April&nbsp;8, 2013 (the actual date you commence employment, the
&#147;Commencement Date&#148;). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>Positions and Duties</U>.&nbsp;&nbsp;You will serve as the Company&#146;s President and Chief Executive Officer, and shall report directly to the Board. You will render such business and professional services in the
performance of your duties, consistent with your position in the Company, as are reasonably assigned to you by the Board. The period you are employed by the Company under this Letter is referred to herein as the &#147;Employment Term.&#148; During
the Employment Term, you will devote your full business time and efforts to the Company and will use good faith efforts to discharge your obligations under this Letter to the best of your ability and in accordance with applicable law and each of the
Company&#146;s ethics guidelines, conflict of interest policies and any code of business conduct policies as may be in effect from time to time. During the Employment Term, you agree not to actively engage in any other employment, occupation, or
consulting activity for any direct or indirect remuneration without the prior approval of the Board; provided, you may engage in charitable and civic activities and, upon prior written notice to the Board, may serve on one for-profit board of
directors, provided such activities and service are not competitive with the Company and do not interfere with your duties. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>At-will Employment</U>.&nbsp;&nbsp;You and the Company agree that your employment with the Company constitutes &#147;at-will&#148; employment and either you or the Company may terminate your employment at any time
for any reason, subject to the terms of this Letter below. Without limiting the foregoing, you may be entitled to severance and other benefits in connection with termination of your employment depending upon the circumstances of the termination of
your employment, as set forth in this Letter. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><U>Board Membership</U>.&nbsp;&nbsp;You will be nominated for election to serve as a member of the Board at the Company&#146;s 2013 annual meeting of shareholders. Your continued service as a member of the Board will be
subject to any required stockholder approval. Upon the termination of your employment for any reason and unless otherwise requested by the Board, you will be deemed to have resigned from the Board (and all other positions held at the Company and its
affiliates) voluntarily and without further action from the Board, effective as of the end of your employment, and you, at the Board&#146;s request, will execute the documents necessary to reflect your resignation from the Board. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"><U>Base Salary</U>.&nbsp;&nbsp;You will be paid an annual base salary of $750,000 (&#147;Base Salary&#148;), payable in installments in accordance with the Company&#146;s standard payroll schedule. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"><U>Annual Bonus</U>.&nbsp;&nbsp;You will be eligible to participate in the Company&#146;s Annual Incentive Award Program (or successor program) (&#147;AIP&#148;) and thereby earn an annual target performance bonus equal
to 100% of your Base Salary, with threshold and maximum payment levels of 50% and 200% of your target bonus amount, respectively, for fiscal year 2013 and a target bonus opportunity at not less than such amount in subsequent fiscal years, payable in
cash in an amount determined by the Board, or the Compensation Committee of the Board (the &#147;Compensation Committee&#148;), in its sole and absolute discretion, based upon performance criteria determined by the Board or the Compensation
Committee (the &#147;Annual Bonus&#148;); provided that for fiscal year 2013, you will be eligible to receive an Annual Bonus equal to not less than 50% of your target Annual Bonus, pro-rated based on the number of days in fiscal year 2013 you are
employed from the Commencement Date through the last day of fiscal year 2013. The Annual Bonus shall be paid within a reasonable amount of time after the amount of such Annual Bonus is determined by the Company for the applicable fiscal year to
which the Annual Bonus relates, based on the achievement of the applicable performance conditions. In any event, the Annual Bonus shall be paid no later than seventy-five (75)&nbsp;days following the end of the Company&#146;s fiscal year to which
such bonus relates. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"><U>Benefits</U>.&nbsp;&nbsp;During the Employment Term, you will be eligible to participate in the benefit programs generally available to senior executive employees of the Company. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top">Long-Term Incentive Awards.&nbsp;&nbsp;On the Commencement Date (the &#147;Grant Date&#148;), you will receive the following long-term incentive awards having an aggregate target value of not less than $2,600,000 (the
&#147;Long-Term Incentive Awards&#148;): </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a stock option award (the
&#147;Stock Options&#148;) to purchase shares of the common stock, par value $0.01 per share, of the Company (the &#147;Common Stock&#148;), with the number of shares subject to the award determined by dividing (i)&nbsp;$780,000 by (ii)&nbsp;the
product of (x)&nbsp;.55 and (y)&nbsp;the closing price of the Common Stock on the Grant Date, provided that the number of shares of Common Stock underlying the Stock Options shall not exceed 450,000. In the event that the number of shares of Common
Stock underlying the Stock Options is limited to 450,000 in accordance with the immediately preceding sentence, you shall be granted an additional number of cash-settled stock appreciation rights (the &#147;SARs&#148;) with respect to that number of
shares of Common Stock such that the aggregate fair value of the Stock Options and the SARs, as determined in accordance with the immediately preceding sentence, shall be equal to $780,000 (rounded down to the nearest whole share). The Stock Options
and SARs, as applicable, will have an exercise price equal to 100% of the closing price of the Common Stock on the Grant Date and will otherwise be granted in accordance with, and subject to the terms of, the Company&#146;s 2008
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">
Incentive Compensation Plan, as amended (or successor plan) (the &#147;Plan&#148;) and an applicable award agreement thereunder, provided that, all or a portion of the Stock Options may be
granted to you as an inducement award pursuant to NASDAQ Listing Rule 5635(c)(4) and, provided further that, all or a portion of any grant of SARs, if applicable, may be granted outside of the Plan but subject to terms consistent with the terms of
the Plan and an applicable award agreement thereunder. The Stock Options and SARs, as applicable, will vest and become exercisable in four equal annual installments on each of March&nbsp;14, 2014,&nbsp;March&nbsp;14, 2015,&nbsp;March&nbsp;14, 2016
and March&nbsp;14, 2017, provided that you remain employed by the Company on each applicable vesting date, except as set forth below; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an award of cash-settled restricted stock units (the &#147;RSUs&#148;), with the
number of shares underlying the RSUs subject to the award determined by dividing $780,000 by the closing price of the Common Stock on the date upon which the RSUs are granted. The RSUs will vest in equal annual installments on each of the first
anniversary of the Commencement Date, March&nbsp;14, 2015,&nbsp;March&nbsp;14, 2016 and March&nbsp;14, 2017, provided that you remain employed by the Company through each applicable vesting date, except as set forth below, and subject to aggregate
Company revenue for the four consecutive fiscal quarters, commencing with the Company&#146;s second quarter for fiscal year 2013, equaling or exceeding $500 million in the aggregate (the &#147;RSU Revenue Target&#148;) and will otherwise be granted
in accordance with, and subject to the terms of, the Plan and an applicable award agreement thereunder, provided that, all or a portion of the RSUs, may be granted outside of the Plan but subject to terms consistent with the terms of the Plan and an
applicable award agreement thereunder; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a performance-based cash award in the
target amount of $1,040,000, with threshold and maximum payment levels of 50% and 200% of the target amount, respectively (the &#147;Cash Award&#148;), which will vest on April&nbsp;1, 2016 based on the Company&#146;s total shareholder return
relative to a peer group of 14 publicly traded proprietary education companies over the three-year period ending April&nbsp;1, 2016, consistent with the terms of similar grants made to other senior executives of the Company, and provided that you
remain employed by the Company through the vesting date, except as set forth below. Except as set forth below, the Cash Award, if any, shall be paid following the date it becomes vested and in any event no later than May&nbsp;15, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">Except as set forth below, or otherwise provided in an applicable award agreement, upon termination of your employment, the Long-Term
Incentive Awards shall cease to vest or be exercisable (as applicable) and, to the extent not then vested, shall be cancelled and forfeited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event your employment is terminated by the Company without &#147;Cause&#148; or
you resign for &#147;Good Reason,&#148; as such terms are defined in Exhibit A to this Letter, (A)&nbsp;the RSUs shall service-vest in full on the termination date, subject to achievement of the RSU Revenue Target, and shall be payable within 30
days following the later of the such termination date and the date of achievement of the RSU Revenue Target, (B)&nbsp;the Stock Options and SARs, as applicable, shall vest in full on your date of termination and remain exercisable for three years
following your termination date, but in no case beyond the expiration of the 10-year option term, and (C)&nbsp;the Cash Award shall vest and become payable based on the actual performance results applicable to the Cash Award and payable at such time
as the Cash Award would otherwise be paid, but in no event will such amount be paid after May&nbsp;15, 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event your employment is
terminated due to death or &#147;Disability,&#148; as defined in Exhibit A to this Letter, (A)&nbsp;the RSUs shall vest in full on the date of your termination, (B)&nbsp;the Stock Options and SARs, as applicable, shall vest in full on the date of
your termination and remain exercisable for one year following your termination date, but in no case beyond the expiration of the 10-year option and/or SAR term, and (C)&nbsp;the Cash Award shall vest and become payable at target on the date of
termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If your employment is terminated by the Company without Cause or
you resign for Good Reason on or within 18 months following a Change in Control, as defined in the Plan, with respect to the RSUs and the Cash Award, such awards will become vested and payable, as applicable, as of the date of your termination based
on the greater of (x)&nbsp;target performance or (y)&nbsp;actual performance measured as of the date of the Change in Control, taking into account any price of the Common Stock applicable in connection with the Change in Control, with future
performance extrapolated accordingly on the same basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If your employment
terminates by reason of your &#147;Retirement&#148; (as defined under the Plan and is hereby determined by the Committee), the Stock Options and SARs, as applicable, shall remain exercisable for three years following the date of your termination.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">Commencing with the Company&#146;s 2014 fiscal year, you will be eligible for annual long-term incentive awards under the Plan,
commensurate with the eligibility of other senior executives for such awards, the actual awards to be determined in the sole discretion of the Board or the Compensation Committee, as applicable. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"><U>Sign-on Award</U>.&nbsp;&nbsp;On the Commencement Date or within 10 days thereafter, you shall receive a lump-sum cash payment in the amount of $2,500,000 (the &#147;Sign-on Award&#148;). You agree that as a result
of the Sign-on Award, you will not be entitled to any reimbursement for any commuting or relocation expenses you may incur in connection with your employment by the Company or be eligible for any other provision of commuting or relocation assistance
benefits from the Company. In the event your employment is terminated by the Company for Cause or you resign without Good Reason (and not due to Disability): </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to the after-tax amount of $1,250,000 of the Sign-on Award (&#147;Tranche I&#148;):
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) you shall repay to the Company 100% of Tranche&nbsp;I if such termination occurs
prior to the first anniversary of the Commencement Date; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) you shall repay to
the Company a pro rata portion of Tranche&nbsp;I if such termination occurs on or after the first anniversary, but prior to the second anniversary, of the Commencement Date, with such repayment amount to be determined by dividing the number of days
from the date of termination until the second anniversary of your Commencement Date by 730. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to the after-tax amount of the other $1,250,000 of the Sign-on Award (&#147;Tranche
II&#148;): </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) you shall repay to the Company 100% of
Tranche&nbsp;II if such termination occurs prior to the first anniversary of the Commencement Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) you shall repay to the Company 75% of Tranche II if such termination occurs on or
after the first anniversary, but prior to the second anniversary, of the Commencement Date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) you shall repay to the Company 25% of Tranche II or such lesser pro rata amount, if
such termination occurs on or after the second anniversary, but prior to the fourth anniversary, of the Commencement Date, as determined by prorating such 25% amount by dividing the number of days from the date of termination until the fourth
anniversary of your Commencement Date by 730. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">Any required repayment of the Sign-on Award by you shall be made no later than 30 days
following the date your employment with the Company terminates. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"><U>Severance</U>.&nbsp;&nbsp;In the event your employment is terminated by the Company without Cause or by you for Good Reason (not including death or Disability) at any time, you will be entitled to receive the
following payments and benefits, provided that you have executed and not revoked the Company&#146;s standard form of release agreement (that does not impose any further covenants on you than apply under this Letter) (a &#147;Release&#148;), and such
Release has become effective, within 30 days following the date of your termination of employment (or 10 days following the date the Release becomes effective, if later): </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">A lump sum amount equal to two times the sum of your Base Salary and target Annual Bonus; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">Payment of a pro rata portion of your Annual Bonus for the fiscal year of the Company in which termination occurs, based on the number of days of such fiscal year that elapsed through the date your employment terminates
and calculated based on the actual performance results applicable to such fiscal year (with any exercise of negative discretion to be based only on achievement (or lack thereof) of previously-established performance goals and not subjective personal
performance), payable at such time as bonuses are paid by the Company to senior executives pursuant to the terms of the AIP, but in no event will such amount be paid after the 75th day following the end of the fiscal year to which the Annual Bonus
related; and </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top">A lump sum payment, payable within 60 days following termination of your employment, equal to the premium cost of 18 months of continued insurance coverage under the Consolidated Omnibus Budget Reconciliation Act
(&#147;COBRA&#148;), reduced by the contribution amounts required to be paid for such insurance coverage by similarly situated active employees of the Company. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">Notwithstanding anything in this Letter to the contrary, you shall not be eligible to receive any payments or benefits in connection with the
termination of your employment for any reason pursuant to the terms of any severance or separation plan, program or policy maintained by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">The treatment of your Long-Term Incentive Awards and Sign-on Award in the event of such termination is provided in Sections 7 and 8 above,
respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"><U>Golden Parachute Excise Tax</U>.&nbsp;&nbsp;If the payments and benefits provided for in this Letter or otherwise payable to you constitute &#147;parachute payments&#148; within the meaning of Section&nbsp;280G of
the Code and would be subject to the excise tax imposed by Section&nbsp;4999 of the Code, then such payments and benefits shall be subject to reduction to the extent necessary to assure that the payments and benefits provided to you under this
Letter will be limited to the greater of (i)&nbsp;the amount of payments and benefits that can be provided without triggering a parachute payment under Section&nbsp;280G or (ii)&nbsp;the maximum dollar amount of payments and benefits that can be
provided so as to provide you with the greatest after-tax amount of such payments and benefits after taking into account any excise tax you may incur under Section&nbsp;4999 with respect to those payments and benefits and any other benefits or
payments to which you may be entitled in connection with any change in control or ownership of the Company under Section&nbsp;280G or the subsequent termination of your employment. To the extent reduction of any payments and benefits is required by
this Section&nbsp;10 such that no portion of your severance benefits will be subject to the excise tax imposed by Section&nbsp;4999, the severance benefits shall be reduced in the following order: (i)&nbsp;cash severance pay, (ii)&nbsp;cash payments
based on the awards granted under Section&nbsp;7 of this Letter, and (iii)&nbsp;the Stock Options, SARs and any other equity awards granted to you. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"><U>Indemnification</U>.&nbsp;&nbsp;On the Commencement Date, the Company and you will enter into the Company&#146;s current form of Indemnification Agreement applicable to executive officers and members of the Board of
the Company and will cover you as an insured (including coverage after a termination of your employment and service as a director respecting your acts and omissions occurring during your employment or as a director) under any contract of directors
and officers liability insurance that covers directors as insureds. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"><U>Physical Exam</U>.&nbsp;&nbsp;The Company agrees to pay for any reasonable medical fees incurred in connection with your attainment of an initial physical examination. Thereafter, you shall be eligible for executive
physical examination benefits on the same terms as the Company&#146;s other senior executives. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"><U>Professional Fees</U>.&nbsp;&nbsp;The Company agrees to reimburse you for any reasonable attorneys&#146; fees incurred in connection with the negotiation and preparation of documents relating to your commencement of
employment with the Company, including this Letter, provided that such reimbursed amounts shall not exceed $20,000. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"><U>Employment Representation</U>.&nbsp;&nbsp;You hereby represent to the Company that your execution and delivery of this Letter and the performance by you of your duties hereunder shall not constitute a breach of, or
otherwise contravene, the terms of any employment agreement or other agreement or policy to which you are a party or are otherwise bound. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:11pt"><U>Section&nbsp;409A</U>.&nbsp;&nbsp;It is intended that the payments provided under this Letter shall be exempt from or comply with the requirements
of Section&nbsp;409A of the Code. This Letter shall be construed, administered and governed in a manner that effects such intent. It is further acknowledged and agreed that to the extent required to avoid accelerated taxation or tax penalties under
Section&nbsp;409A of the Code, (i)&nbsp;you will not be considered to have terminated employment or service for purposes of this Letter, and no payments will be due under this Letter that are payable upon termination of your employment or service
until you would be considered to have incurred a &#147;separation from service&#148; from the Company within the meaning of Section&nbsp;409A of the Code and (ii)&nbsp;if at the time of your
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">6 </P>


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<TR>
<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
termination of employment or service with the Company, you are a &#147;specified employee&#148; as defined under Section&nbsp;409A of the Code, to the extent required by
Section&nbsp;409A(a)(ii)(B)(i) of the Code, amounts due under this Letter that are provided as a result of a separation from service, within the meaning of Section&nbsp;409A of the Code, and that would otherwise be paid or provided during the first
six months following such separation from service, shall be delayed until the earlier to occur of (A)&nbsp;the six-month anniversary of the separation from service or (B)&nbsp;the date of your death. Subject to the foregoing, in the event any
payment or benefit becomes due under Section&nbsp;9 conditioned upon your entering into a Release, and as a result of the date of such Release the payment or benefit could be made in either of two of your taxable years, such payment or benefit shall
be made on the later of January&nbsp;15 of the later such taxable year or within 10 days after the date such Release becomes effective. No reimbursement payable to you pursuant to any provision of this Letter or otherwise pursuant to any plan or
arrangement of the of the Company shall be paid later than the last day of the calendar year following the calendar year in which the related expense was incurred, and no such reimbursement during any calendar year shall affect the amounts eligible
for reimbursement in any other calendar year, except, in each case, to the extent that the right to reimbursement does not provide for a &#147;deferral of compensation&#148; within the meaning of Section&nbsp;409A of the Code. In addition, your
right to reimbursement (or in-kind benefits) cannot be liquidated or exchanged for any other benefit or payment. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"><U>Restrictive Covenants</U>. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return of Company Property</U>.&nbsp;&nbsp;You represent, warrant and covenant that
upon termination of your employment, you will return to the Company all Company property in the your possession or control, including, without limitation, all telephones, keys, access cards, security badges, credit cards, phone cards, equipment,
computer hardware and encryption devices (including, but not limited to, all computers, Blackberry devices, and personal data assistants), all contents of all such hardware, all passwords and codes needed to obtain access to or operate all or part
of any such hardware, all electronic storage devices (including but not limited to all hard drives, disk drives, diskettes, CDs, CD-ROMs, DVDs, and DVD-ROMs), all contents of all such electronic storage devices, all passwords and codes needed to
obtain access to or use all or part of any such electronic storage device, all computer software and programs, financial information, accounting records, computer printouts, manuals, data, materials, papers, books, files, documents, records,
policies, student information and lists, customer information and lists, marketing information, specifications and plans, data base information and lists, mailing lists, and notes, including but not limited to any property describing or containing
any Confidential Information (as defined below), and you agree that you will not retain any copies, duplicates, reproductions or excerpts thereof in any form whatsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential Information and Protection of Confidential
Information</U>.<B>&nbsp;&nbsp;</B>You acknowledge that, throughout and as an incident to your employment with the Company, you will become acquainted with and receive Confidential Information relating to the Company, including trade secrets,
processes, methods of operation, business models and plans, advertising and marketing plans and strategies, Company records, research techniques and results, academic programs, academic course development, methods of instruction, training programs,
computer programs, databases, software codes, systems and models, marketing, promotional and sales programs, and financial information concerning the business of the Company, which information is not readily available to the public and gives the
Company an opportunity to gain an advantage over </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">
competitors who do not know or use this information in the same manner as the Company, and which the Company regards as confidential and proprietary (collectively &#147;Confidential
Information&#148;). Such Confidential Information includes, but is not limited to: (i)&nbsp;information relating to the Company&#146;s past and existing students and vendors and the development of prospective students and vendors, including, but not
limited to, specific student service and product requirements, pricing, arrangements, payment terms, student lists and other similar information; (ii)&nbsp;inventions, designs, methods, discoveries, works of authorship, creations, improvements or
ideas developed or otherwise produced, acquired or used by the Company; (iii)&nbsp;advertising and marketing plans and strategies; (iv)&nbsp;the Company&#146;s proprietary programs, processes or software; (v)&nbsp;the subject matter of any patents,
design patents, copyrights, trade secrets, trademarks, service marks, trade names, trade dress, manuals, operating instructions, training materials, and other industrial property; and (vi)&nbsp;other confidential and proprietary information or
documents relating to the Company or its students or vendors which the Company reasonably regards as being confidential. Confidential Information does not include: (a)&nbsp;information known in general to your profession, or that becomes known
thereafter, other than by an unauthorized act by you; (b)&nbsp;information that was lawfully in your possession before your employment with the Company; or (c)&nbsp;information obtained lawfully and in good faith from another party after such
disclosure emanating from an original source other than the Company. You acknowledge that the Confidential Information is of incalculable value to the Company and is the exclusive property of the Company, and that the Company would suffer
irreparable damage if any of the Confidential Information is improperly disclosed or used. Accordingly, you will not, at any time during your employment with (except as you reasonably determine is required to discharge your duties as an officer of
the Company hereunder), or after the your separation from employment with, the Company, reveal, divulge, or make known to any person, firm or corporation any Confidential Information made known to you or of which you have become aware, regardless of
whether developed, prepared, devised, or otherwise created in whole or in part by your efforts. You further agree that you will retain all Confidential Information in trust for the sole benefit of the Company, and will not (except, as provided
above, to perform your duties) divulge or deliver any Confidential Information to any unauthorized person including, without limitation, any other employer of yours except as required by the order of any court or similar tribunal or any other
governmental body or agency of appropriate jurisdiction; provided, that the you will, to the extent practicable, give the Company prior written notice of any such disclosure and will cooperate with the Company in obtaining a protective order or such
similar protection as the Company may deem appropriate to preserve the confidential nature of such information. The foregoing obligations to maintain the Confidential Information shall not apply to any Confidential Information that is, or without
any action by you becomes, generally available to the public </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nondisparagement</U>.&nbsp;&nbsp;You agree that you will not, nor will you cause
anyone else to, make any statement or issue any communication, written or otherwise, that disparages, criticizes or otherwise reflects adversely on or encourages any adverse action against the Company or any affiliate, to either the press, the media
or any other third party, except if testifying truthfully under oath pursuant to any lawful court order or subpoena or otherwise responding to or providing disclosures required by law. The Company will not, nor will it cause anyone else to, make any
statement or issue any communication, written or otherwise, that disparages, criticizes or otherwise reflects adversely on or encourages any adverse action against you, to either the press, the media or any other third party, except if testifying
truthfully under oath pursuant to any lawful court order or subpoena or otherwise responding to or providing disclosures required by law; provided, for purposes of this Section&nbsp;16(c), &#147;the Company&#148; shall mean only its officers and
members of the Board. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">8 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Solicitation/Non-hire</U>.&nbsp;&nbsp;Commencing on the date of termination of
your employment with the Company and for a period of two years thereafter, you will not, directly or indirectly, individually or on behalf of any Person (as defined below) (i)&nbsp;hire, solicit, aid or induce any individual employed by the Company
or any affiliate of the Company, in either case during the 6-month period immediately preceding such hiring, solicitation, aid or inducement, to leave the Company or any affiliate of the Company to accept employment with or render services for you
or such Person, or (ii)&nbsp;solicit, aid or induce any then-current student, customer, client, vendor, lender, supplier or sales representative of the Company or any of its affiliates or similar persons engaged in business with the Company or any
of its affiliates to discontinue the relationship or reduce the amount of business done with the Company or any of its Affiliates. &#147;Person&#148; means any individual, a partnership, a corporation, an association, a limited liability company, a
joint stock company, a trust, a joint venture, an unincorporated organization, a governmental entity, or any department, agency or political subdivision thereof, or an accrediting body. </P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Competition</U>.&nbsp;&nbsp;Commencing on the date of termination of your
employment with the Company and for a period of two years thereafter, you shall not, in any way, directly or indirectly, either for you or any other person or entity, whether paid or unpaid, accept employment with, own, manage, operate, consult or
provide expert services to any person or entity that competes with the Company or any of its subsidiaries in any capacity that involves any responsibilities or activities involving or relating to any Competing Educational Service. &#147;Competing
Educational Service&#148; means any educational service that competes with the educational services provided by the Company and/or any of its subsidiaries, including, but not limited to, coursework in the areas of visual communication and design
technologies; information technology; business studies; culinary arts; and health education, or any education service. You hereby acknowledge that the following organizations, among others, provide Competing Educational Services, and should you
accept employment with, own, manage, operate, consult or provide expert services to any of these organizations within said two-year period, it would inevitably require the use and/or disclosure of Confidential Information belonging to the Company
and/or its subsidiaries and would provide such organizations with an unfair business advantage over the Company: American Public Education, Inc., Apollo Group, Inc., Bridgepoint Education, Inc., Capella Education Company, Corinthian Colleges, Inc.,
DeVry, Inc., Education Management Corporation, EmbanetCompass, Grand Canyon Education Inc., ITT Educational Services Inc., Kaplan, Inc., Laureate Education, Inc., Learning Tree International Inc., Lincoln Education Services Corporation, National
American University Holdings Inc., Strayer Education Inc., Universal Technical Institute Inc. and each of their respective subsidiaries, affiliates and successors. You further acknowledges that the Company and/or its subsidiaries provide
career-oriented education through physical and web-based virtual campuses throughout the world and, therefore, it is impracticable to identify a limited, specific geographical scope for this Section&nbsp;16(e). Nothing herein shall prevent you from
owning less than two percent (2%)&nbsp;of the capital stock of a company whose stock is publicly traded and that is engaged in Competing Educational Services. </P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You acknowledge and agree that the Company will suffer irreparable injury in the event
of a breach by you of the terms of this Section&nbsp;16. In the event of a breach of the terms of this Section&nbsp;16, the Company shall be entitled, in addition to any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">
other remedies and damages available and without proof of monetary or immediate damage, to a temporary and/or permanent injunction, without bond, to restrain the violation of this Section&nbsp;16
by you or any persons acting for or in concert with you. Such remedy, however, shall be cumulative and nonexclusive and shall be in addition to any other remedy that the parties may have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent inconsistent, the provisions of this Section&nbsp;16 will control over
any restrictive covenant provided in any other agreement (including the duration of any covenant following termination of employment), including any award agreement granted under the Plan, entered into from time to time unless such other agreement
specifically provides that it controls over this Section&nbsp;16. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"><U>Arbitration</U>. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitrable
Claims.</U> You and the Company mutually consent to the resolution by final and binding arbitration of any and all disputes, controversies or claims related in any way to your employment with the Company, including, but not limited to, any dispute,
controversy or claim of alleged discrimination, harassment or retaliation (including, but not limited to, claims based on race, sex, sexual preference, religion, national origin, age, marital or family status, medical condition, handicap or
disability), any claim arising out of or relating to this Letter, any awards granted hereunder, or the breach thereof, and any dispute as to the arbitrability of a matter under this provision (collectively, &#147;<U>Claims</U>&#148;); provided,
however, that nothing herein shall require arbitration of any claim or charge which, by law, cannot be the subject of a compulsory arbitration agreement and except as provided in Section&nbsp;17(e) below. You and the Company expressly acknowledge
that you waive the right to litigate Claims in a judicial forum before a judge or jury, except as provided in Section&nbsp;17(e) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Claim Initiation/Time Limits.</U> A party must notify the other party in writing of
a request to arbitrate Claims within the same statute of limitations applicable to the legal claim asserted. The written request for arbitration must specify: (i)&nbsp;the factual basis on which the Claims are made; (ii)&nbsp;the statutory provision
or legal theory under which Claims are made; and (iii)&nbsp;the nature and extent of any relief or remedy sought. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedures.</U> The arbitration will be administered in accordance with the
Employment Arbitration Rules and Mediation Procedures then in effect (&#147;<U>Rules</U>&#148;) of the American Arbitration Association (&#147;<U>AAA</U>&#148;), a copy of which is available upon request to the Company, in Chicago, Illinois. The
arbitration shall be conducted by a tribunal of three arbitrators, of whom you shall appoint one and the Company shall appoint one. The two arbitrators so appointed shall select the chairman of the tribunal within thirty days of the appointment of
the second arbitrator. If any arbitrator is not appointed within the time limits provided herein or in the Rules, such arbitrator shall be appointed by the American Arbitration Association. You and the Company may be represented by counsel of your
choosing. You and the Company shall pay your own legal fees (including counsel fees), and other fees and expenses incurred by you in obtaining or defending any right or benefit under such Claims; provided, however, that, irrespective of the outcome
of any arbitration under this Section&nbsp;17, the Company will pay any fees of the AAA, filing costs, arbitrator fees or expenses and any reasonable travel expenses incurred by you in connection with your travel to Chicago, Illinois for any
arbitration proceeding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:11pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Responsibilities of Tribunal; Award;
Judgment</U>.&nbsp;&nbsp;The tribunal will act as the impartial decision maker of any Claims that come within the scope of this arbitration provision. The tribunal will have the powers and authorities provided by the Rules and the state or common
law under which the claim is made. For example, the tribunal will have the power and authority to include all remedies in the award available under the statute or common law under which the claim is made including, without limitation, the issuance
of an injunction. The tribunal will apply the elements and burdens of proof, mitigation duty, interim earnings offsets and other legal rules or requirements under the statutory provision or common law under which such claim is made. The tribunal
will permit reasonable pre-hearing discovery. The tribunal will have the power to issue subpoenas. The tribunal will have the authority to issue a summary disposition if there are no material factual issues in dispute requiring a hearing and you or
the Company is clearly entitled to an award in its or your favor. The tribunal will not have the power or authority to add to, detract from or modify any provision of this Letter, or any related agreements or plans, including but not limited to any
equity awards. The tribunal, in rendering an award in any arbitration conducted pursuant to this provision, shall issue a reasoned award in a signed written opinion stating the findings of fact and conclusions of law on which it is based. The
tribunal shall be required to follow the law of the state designated by the parties herein. Any judgment on or enforcement of any award, including an award providing for interim or permanent injunctive relief, rendered by the tribunal may be
entered, enforced or appealed in any court having jurisdiction thereof. Any arbitration proceedings, decision or award rendered hereunder, and the validity, effect and interpretation of this arbitration provision, shall be governed by the Federal
Arbitration Act, 9 U.S.C. &#167; 1 <U>et seq.</U> </P> <P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"><U>Survival; Successors</U>.&nbsp;&nbsp;Sections 9, 11, 16 and 17 of this Letter shall survive and remain in effect following the date you terminate employment with the Company, as provided for therein.
</TD></TR></TABLE> <P STYLE="margin-top:13pt; margin-bottom:0pt; margin-left:9%; font-size:11pt; font-family:Times New Roman">This Agreement shall inure to the benefit of and be enforceable by your legal representatives, including payment or
provision of any unpaid amount or benefit due you immediately prior to your death. This Agreement shall inure to the benefit of and be binding upon the Company and its successors. </P>
<P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"><U>Entire Agreement</U>.&nbsp;&nbsp;This Letter constitutes the entire agreement between the parties hereto with respect to the matters referred to herein and supersedes any and all prior agreements, whether written or
oral. No other agreement relating to the terms of your employment by the Company, oral or otherwise, shall be binding between the parties unless it is in writing and signed by the party against whom enforcement is sought. There are no promises,
representations, inducements or statements between the parties other than those that are expressly contained herein. You acknowledge that you are entering into this Letter of your own free will and accord, and with no duress, that you have read this
Letter and that you understand it and its legal consequences. </TD></TR></TABLE> <P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"><U>Withholding Taxes</U>.&nbsp;&nbsp;The Company may withhold from any amounts payable under this Letter such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or
regulation. </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Letter Follows] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Letter] </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We are enthusiastic about you joining the Company and look forward to working with you. Please return a signed copy of this letter to either of us at your
earliest convenience </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">CAREER EDUCATION CORPORATION </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">/s/ Leslie T. Thornton</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; font-size:11pt">Leslie T. Thornton</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; font-size:11pt">Lead Director of the Board of Directors</FONT></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">/s/ Patrick W. Gross</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; font-size:11pt">Patrick W. Gross</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; font-size:11pt">Chairman&nbsp;of&nbsp;the&nbsp;Compensation&nbsp;Committee&nbsp;of the Board of Directors</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Accepted and Agreed to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">/s/ Scott Steffey</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">April&nbsp;1, 2013</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Scott Steffey</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; font-size:11pt">Date</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">&#147;<U>Cause</U>&#148; means the occurrence of any one of the following: (i)&nbsp;any material act of dishonesty, willful misconduct, gross negligence,
willful abandonment of duty; (ii)&nbsp;a material violation of the Company&#146;s Code of Conduct or Code of Ethics, as applicable; (iii)&nbsp;willful commission of a felony or commission of any crime involving fraud or embezzlement; (iv)&nbsp;a
willful failure to reasonably cooperate in any investigation or proceeding concerning the Company; or (vi)&nbsp;any material violation of non-compete, non-solicit or non-disclosure restrictive covenant. For all purposes, no act or omission to act by
you shall be &#147;willful&#148; if such act or omission was conducted in good faith or with a reasonable belief such conduct was in the best interests of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">&#147;<U>Disability</U>&#148; has the meaning set forth in treasury regulation section 1.409A-3(i)(4). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B></B>&#147;<U>Good Reason</U>&#148; means the occurrence of any one of the following, without your prior written consent: (i)&nbsp;any material diminution
in your title, duties or responsibilities (including reporting requirements); for which purpose, &#147;Good Reason&#148; will be deemed to occur upon any Change in Control in which occurs either (x)&nbsp;you are not the most-senior officer of the
top-most parent company following such Change in Control or (y)&nbsp;the Company stock ceases to be publicly-traded upon such Change in Control; (ii)&nbsp;any material reduction in Base Salary, other than a proportional across-the-board reduction of
applicable to all senior executives not exceeding 20% of Base Salary, or any material reduction in target Annual Bonus opportunity; (iii)&nbsp;any material failure to pay any compensation when otherwise payable; or (iv)&nbsp;any failure of a
successor to the Company&#146;s assets or business to assume the Company&#146;s obligations to you under all applicable agreements. Notwithstanding the foregoing, your employment shall not be deemed to terminate for &#147;Good Reason&#148; unless
you have given notice to the Company within 30 days of his knowledge of the first occurrence of one or more events alleged to give rise to Good Reason, the Company has failed to cure such event or events, if capable of cure, within 30 days following
such notice and your employment has terminated within two years following the occurrence of such events. <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><B><U>Exhibit 10.2 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr.&nbsp;Steffey </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>CAREER EDUCATION CORPORATION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>2008 INCENTIVE COMPENSATION PLAN </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>STOCK APPRECIATION RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">This <B>STOCK APPRECIATION RIGHTS AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;) dated April&nbsp;8, 2013 (the &#147;Grant
Date&#148;) is by and between Career Education Corporation, a Delaware corporation (the &#147;<U>Company</U>&#148;), and Scott Steffey (the &#147;<U>Grantee</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">In accordance with Section&nbsp;7 of the Career Education Corporation 2008 Incentive Compensation Plan, as amended (the
&#147;<U>Plan</U>&#148;), and subject to the terms of the Plan and this Agreement, the Company hereby grants to the Grantee a number of stock appreciation rights in respect of shares of common stock, par value $0.01 per share, of the Company
(&#147;<U>Shares</U>&#148;) on the terms and conditions as set forth below (&#147;<U>SAR</U>&#148;). All capitalized terms used but otherwise not defined herein shall have the meanings set forth in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">To evidence the SAR and to set forth its terms, the Company and the Grantee agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant</U>.&nbsp;&nbsp;The Committee hereby grants to the Grantee on the Grant Date
SARs covering <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_ </U>Shares (subject to adjustment as provided in Section&nbsp;4.2 of the Plan). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SAR Price</U>.&nbsp;&nbsp;The Strike Price per Share covered by the SAR shall be
$[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] (subject to adjustment as provided in Section&nbsp;4.2 of the Plan). The Strike Price is equal to 100% of the Fair Market Value of the Shares on the Grant Date, as
calculated under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term and Vesting of the SAR</U>.&nbsp;&nbsp;The SAR
shall expire on the tenth anniversary of the Grant Date (the &#147;SAR Term&#148;). To the extent any portion of the SAR is not exercised by the expiration of the SAR Term, such portion of the SAR shall be immediately cancelled and forfeited to the
Company. Except as provided in Section&nbsp;4, the SAR shall vest and become exercisable in four equal installments on each of March&nbsp;14, 2014,&nbsp;March&nbsp;14, 2015,&nbsp;March&nbsp;14, 2016 and March&nbsp;14, 2017 (each a &#147;<U>Vesting
Date</U>&#148;), provided that the Grantee remains employed by the Company on each applicable vesting date, except as set forth in this Agreement, such that the SAR shall become fully vested on March&nbsp;14, 2017; provided, however, that the SAR
shall only vest and become exercisable with respect to a whole number of Shares on each Vesting Date and the Company shall accordingly allocate such vesting across the Vesting Dates as evenly as possible. Except as otherwise provided herein, the SAR
may be exercised on or following the applicable Vesting Dates with respect to the vested portion, as long as such exercise occurs prior to the expiration of the SAR as provided in this Agreement and the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Notwithstanding the foregoing provisions of this Section&nbsp;3, and except as otherwise determined by the Committee, as provided in the
Plan or as provided herein, any portion of the SAR which is not vested (or otherwise not exercisable) at the time of the Grantee&#146;s Termination of Service shall not become exercisable after such termination and shall be immediately cancelled and
forfeited to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting and Exercisability Following Termination of
Service</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service by the Grantee
for Good Reason or by the Company other than for Cause, death or Disability (as such terms are defined in the employment letter agreement between the Grantee and the Company, dated April&nbsp;1, 2013 (the &#147;Employment Letter Agreement&#148;),
then the SAR shall become fully vested and </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
exercisable on the date of Termination of Service, and shall remain exercisable until the third anniversary of the date of such Termination of Service, but not beyond the expiration of the SAR
Term. To the extent any portion of the SAR is not exercised by the third anniversary of such Termination of Service, such portion of the SAR shall be immediately cancelled and forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service as a result of his death or
Disability, then the SAR shall become fully vested and exercisable on the date of Termination of Service and shall remain exercisable until the first anniversary of the date of such Termination of Service, but not beyond the expiration of the SAR
Term. To the extent any portion of the SAR is not exercised by the first anniversary of such Termination of Service, such portion of the SAR shall be immediately cancelled and forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service as a result of his
Retirement, then the SAR shall remain exercisable until the third anniversary of the date of such Termination of Service, but not beyond the expiration of the SAR Term. To the extent any portion of the SAR is not exercised by the third anniversary
of such Termination of Service, such portion of the SAR shall be immediately cancelled and forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service by the Company for Cause or
by the Grantee for any reason other than as set forth in this Section&nbsp;4, any portion of the SAR that remains outstanding as of the date of such Termination of Service shall be immediately cancelled and forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise of SAR</U>.&nbsp;&nbsp;On or after the date any portion of the SAR becomes
exercisable, but prior to the expiration of the SAR in accordance with Sections 3 and 4 above, the portion of the SAR that has become exercisable may be exercised in whole or in part by the Grantee (or, pursuant to Section&nbsp;7, by his permitted
successor) upon delivery to the Company (or any Person designated by the Company) of a written notice of exercise (which may include a notice made through any electronic system designated by the Company) which identifies this Agreement and states
the number of whole Shares for which the SAR is being exercised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment upon
Exercise</U>.&nbsp;&nbsp;Upon exercise of all or a specified portion of the SAR, Grantee shall be entitled to receive from the Company an amount, in cash in a lump sum payment, determined by multiplying (a)&nbsp;the difference (if any) obtained by
subtracting (i)&nbsp;the Strike Price as set forth in this Agreement from (ii)&nbsp;the Fair Market Value of a Share on the date of exercise of the SAR, by (b)&nbsp;the number of Shares exercised, subject to Section&nbsp;13 relating to tax
withholding and subject to any limitations the Administrator may impose. Such cash payment shall be made as soon as practicable, but in no event later than thirty (30)&nbsp;days following the date of exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Notwithstanding the foregoing,&nbsp;&nbsp;the Grantee (or any permitted successor) shall take whatever additional actions, including,
without limitation, the furnishing of an opinion of counsel, and execute whatever additional documents the Company may, in its sole discretion, deem necessary or advisable in order to carry out or effect one or more of the obligations or
restrictions imposed by the Plan, this Agreement or applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
Upon Transfer</U>.&nbsp;&nbsp;The SAR and all rights granted hereunder shall not (a)&nbsp;be transferred by the Grantee, other than by will, by the laws of descent and distribution, or to a Permitted Transferee; (b)&nbsp;be otherwise assigned,
pledged or hypothecated in any way; and (c)&nbsp;be subject to execution, attachment or similar process. Any attempt to transfer the SAR, other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
than by will or by the laws of descent and distribution or to a Permitted Transferee, or to assign, pledge or hypothecate or otherwise dispose of the SAR or of any rights granted hereunder
contrary to the provisions hereof, or upon the levy of any attachment or similar process upon the SAR or such rights, shall be void and unenforceable against the Company or any Subsidiary; provided, however, that the Grantee may designate a
Beneficiary to receive benefits in the event of the Grantee&#146;s death. The SAR shall be exercised during the Grantee&#146;s lifetime only by the Grantee, the Grantee&#146;s guardian, the Grantee&#146;s legal representative or a Permitted
Transferee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>.&nbsp;&nbsp;Upon a Change in Control,
the Grantee will have such rights with respect to the SAR as are provided for in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Amendment of Plan</U>.&nbsp;&nbsp;No discontinuation, modification,
or amendment of the Plan may, without the written consent of the Grantee, adversely affect the rights of the Grantee under the SAR, except as otherwise provided under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">This Agreement may be amended as provided under the Plan, but no such amendment shall adversely affect the Grantee&#146;s rights under
the Agreement without the Grantee&#146;s written consent, unless otherwise permitted by the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Limitation on Rights of the Company</U>.&nbsp;&nbsp;The grant of the SAR shall
not in any way affect the right or power of the Company to make adjustments, reclassifications, or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or
assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Obligation to Exercise SAR</U>.&nbsp;&nbsp;The granting of the SAR
shall impose no obligation upon the Grantee to exercise the SAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement
Not a Contract of Employment or Other Relationship</U>.&nbsp;&nbsp;This Agreement is not a contract of employment, and the terms of employment of the Grantee or other relationship of the Grantee with the Company or its Subsidiaries shall not be
affected in any way by this Agreement except as specifically provided herein. The execution of this Agreement shall not be construed as conferring any legal rights upon the Grantee for a continuation of an employment or other relationship with the
Company or its Subsidiaries, nor shall it interfere with the right of the Company or its Subsidiaries to discharge the Grantee and to treat him or her without regard to the effect that such treatment might have upon him or her as a Grantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>.&nbsp;&nbsp;If the Company is obligated to withhold an amount on
account of any tax imposed as a result of the exercise of the SAR, the Grantee shall be required to pay such amount to the Company, or make arrangements satisfactory to the Company regarding the payment of such amount, as provided in Section&nbsp;17
of the Plan. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the
Grantee. The Grantee acknowledges and agrees that he is responsible for the tax consequences associated with the grant and exercise of the SAR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;Any communication or notice required or permitted to be
given hereunder shall be in writing, and, if to the Company, to its principal place of business, attention: Secretary, and, if to the Grantee, to the address appearing on the records of the Company. Such communication or notice shall be delivered
personally or sent by certified, registered, or express mail, postage prepaid, return receipt requested, or by a reputable overnight delivery service. Any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">
such notice shall be deemed given when received by the intended recipient. Notwithstanding the foregoing, any notice required or permitted hereunder from the Company to the Grantee may be made by
electronic means, including by electronic mail to the Company-maintained electronic mailbox of the Grantee, and the Grantee hereby consents to receive such notice by electronic delivery. To the extent permitted in an electronically delivered notice
described in the previous sentence, the Grantee shall be permitted to respond to such notice or communication by way of a responsive electronic communication, including by electronic mail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>.&nbsp;&nbsp;Except to the extent preempted by federal law, this
Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of Delaware without regard to the principles thereof relating to the conflicts of laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Receipt of Plan</U>.&nbsp;&nbsp;The Grantee acknowledges receipt of a copy of the
Plan, and represents that the Grantee is familiar with the terms and provisions thereof, and hereby accepts the SAR subject to all the terms and provisions of this Agreement and of the Plan. The SAR is granted pursuant to the terms of the Plan, the
terms of which are incorporated herein by reference, and the SAR shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the Plan and this Agreement, and its interpretation and determination shall
be conclusive and binding upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive Covenants</U>.&nbsp;&nbsp;In consideration of receiving the SAR
hereunder, and as a term and condition of the Grantee&#146;s employment with the Company, the Grantee acknowledges and agrees to adhere to, and be bound by, the restrictive covenants set forth in the Employment Letter Agreement. The Grantee hereby
further acknowledges that the Grantee&#146;s job responsibilities give the Grantee access to confidential and proprietary information belonging to the Company and/or its subsidiaries, and that this and other confidential information to which the
Grantee has access would be of value, and provide an unfair advantage, to a competitor in competing against the Company or its subsidiaries in any of the markets in which the Company or its subsidiaries maintains schools, provides on-line education
classes or otherwise conducts business. The Grantee further acknowledges that the restrictive covenants set forth in the Employment Letter Agreement will not cause the Grantee undue hardship and are reasonable and necessary to protect the
Company&#146;s and/or its subsidiaries&#146; legitimate business interests. Furthermore, it is the intention of the Grantee and the Company that in the event any of the restrictive covenants set forth in the Employment Letter Agreement are
determined to be unreasonable and/or unenforceable with respect to scope, time or geographical coverage, the Grantee and the Company agree that such covenants may be modified and narrowed by a court, so as to provide the maximum legally enforceable
protection of the Company&#146;s and any of its subsidiaries&#146; interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Stockholder Rights</U>.&nbsp;&nbsp;The SAR represents only the right to receive
cash pursuant to the terms hereof and shall not represent an equity security of the Company and shall not carry any voting or dividend rights. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Condition to Return Signed
Agreement</U>.&nbsp;&nbsp;This Agreement shall be null and void unless the Grantee indicates his acceptance of the SAR and this Agreement by signing, dating, and returning this Agreement to the Company on or before April
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2013. </P> <P STYLE="margin-top:13pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Terms and
Conditions</U>.&nbsp;&nbsp;The foregoing does not modify or amend any terms of the Plan. To the extent any provisions of the Agreement are inconsistent or in conflict with any terms or provisions of the Plan, the Plan shall govern. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>[Signature Page Follows] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, this Agreement has been duly executed as of the day and year
first written above. </P> <P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">CAREER&nbsp;EDUCATION&nbsp;CORPORATION</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">By:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Name:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Title:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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</TABLE></DIV> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>ACCEPTANCE (OR REJECTION) OF AWARD BY GRANTEE </B></P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><I></I>The undersigned, the Grantee, hereby:<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(select one of the options below) </I></P>
<P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt">ACCEPTS the award of the SAR as set forth in this Agreement and agrees to be bound by the terms and conditions of this Agreement and the Plan.
</P></TD></TR></TABLE> <P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt">REJECTS the award of the SAR contemplated by this Agreement and forfeits all rights relating thereto. <I>Please note that a rejection of this award has no
impact on any other award of options, restricted stock or restricted stock units you have or will receive, including any restrictive covenants to you are subject pursuant to the agreement(s) governing your previous awards.</I> </P></TD></TR></TABLE>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt">Date:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">(Signature of Grantee)</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Print&nbsp;Name:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B><I></I></B><I>Please sign and return your signed copy of this Stock Appreciation Rights Agreement </I><B><I>by April
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2013, to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
Failure to do so will result in forfeiture of the award.</I></B><I> Please retain a copy of this signed Stock Appreciation Rights Agreement for your records.</I><B><I> </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>

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<SEQUENCE>4
<FILENAME>d517884dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><B><U>Exhibit 10.3 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr.&nbsp;Steffey </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>CAREER EDUCATION CORPORATION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>STOCK APPRECIATION RIGHTS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">This <B>STOCK APPRECIATION RIGHTS AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;) dated April&nbsp;8, 2013 (the &#147;Grant
Date&#148;) is by and between Career Education Corporation, a Delaware corporation (the &#147;<U>Company</U>&#148;), and Scott Steffey (the &#147;<U>Grantee</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Company hereby grants to the Grantee a number of stock appreciation rights in respect of shares of common stock, par value $0.01 per
share, of the Company (&#147;<U>Shares</U>&#148;) on the terms and conditions as set forth below (&#147;<U>SAR</U>&#148;). Notwithstanding that the SAR is not, and shall not be deemed to be, granted under the Company&#146;s 2008 Incentive
Compensation Plan, as amended (the &#147;<U>Plan</U>&#148;), the SAR shall be subject to all of the terms of the Plan as if it had been granted thereunder, provided, however, that the terms of this Agreement shall control with respect to such
matters expressly addressed herein, and all capitalized terms used but otherwise not defined herein shall have the meanings set forth in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">To evidence the SAR and to set forth its terms, the Company and the Grantee agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant</U>. The Committee hereby grants to the Grantee on the Grant Date SARs
covering <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Shares (subject to adjustment consistent with the terms of Section&nbsp;4.2 of the Plan). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SAR Price</U>. The Strike Price per Share covered by the SAR shall be
$[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] (subject to adjustment consistent with the terms of Section&nbsp;4.2 of the Plan). The Strike Price is equal to 100% of the Fair Market Value of the Shares on the
Grant Date, as calculated in accordance with the terms of the Plan as if the SAR had been granted under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term and Vesting of the SAR</U>. The SAR shall expire on the tenth anniversary of
the Grant Date (the &#147;SAR Term&#148;). To the extent any portion of the SAR is not exercised by the expiration of the SAR Term, such portion of the SAR shall be immediately cancelled and forfeited to the Company. Except as provided in
Section&nbsp;4, the SAR shall vest and become exercisable in four equal installments on each of March&nbsp;14, 2014,&nbsp;March&nbsp;14, 2015,&nbsp;March&nbsp;14, 2016 and March&nbsp;14, 2017 (each a &#147;<U>Vesting Date</U>&#148;), provided that
the Grantee remains employed by the Company on each applicable vesting date, except as set forth in this Agreement, such that the SAR shall become fully vested on March&nbsp;14, 2017; provided, however, that the SAR shall only vest and become
exercisable with respect to a whole number of Shares on each Vesting Date and the Company shall accordingly allocate such vesting across the Vesting Dates as evenly as possible. Except as otherwise provided herein, the SAR may be exercised on or
following the applicable Vesting Dates with respect to the vested portion, as long as such exercise occurs prior to the expiration of the SAR as provided in this Agreement and consistent with the terms of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Notwithstanding the foregoing provisions of this Section&nbsp;3, and except as otherwise determined by the Committee, as provided in the
Plan with respect to awards granted under the Plan or as provided herein, any portion of the SAR which is not vested (or otherwise not exercisable) at the time of the Grantee&#146;s Termination of Service shall not become exercisable after such
termination and shall be immediately cancelled and forfeited to the Company. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting and Exercisability
Following Termination of Service</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of
Service by the Grantee for Good Reason or by the Company other than for Cause, death or Disability (as such terms are defined in the employment letter agreement between the Grantee and the Company, dated April&nbsp;1, 2013 (the &#147;Employment
Letter Agreement&#148;), then the SAR shall become fully vested and exercisable on the date of Termination of Service, and shall remain exercisable until the third anniversary of the date of such Termination of Service, but not beyond the expiration
of the SAR Term. To the extent any portion of the SAR is not exercised by the third anniversary of such Termination of Service, such portion of the SAR shall be immediately cancelled and forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service as a result of his death or Disability,
then the SAR shall become fully vested and exercisable on the date of Termination of Service and shall remain exercisable until the first anniversary of the date of such Termination of Service, but not beyond the expiration of the SAR Term. To the
extent any portion of the SAR is not exercised by the first anniversary of such Termination of Service, such portion of the SAR shall be immediately cancelled and forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service as a result of his Retirement, then the
SAR shall remain exercisable until the third anniversary of the date of such Termination of Service, but not beyond the expiration of the SAR Term. To the extent any portion of the SAR is not exercised by the third anniversary of such Termination of
Service, such portion of the SAR shall be immediately cancelled and forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service by the Company for Cause or by the
Grantee for any reason other than as set forth in this Section&nbsp;4, any portion of the SAR that remains outstanding as of the date of such Termination of Service shall be immediately cancelled and forfeited to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise of SAR</U>. On or after the date any portion of the SAR becomes
exercisable, but prior to the expiration of the SAR in accordance with Sections 3 and 4 above, the portion of the SAR that has become exercisable may be exercised in whole or in part by the Grantee (or, pursuant to Section&nbsp;7, by his permitted
successor) upon delivery to the Company (or any Person designated by the Company) of a written notice of exercise (which may include a notice made through any electronic system designated by the Company) which identifies this Agreement and states
the number of whole Shares for which the SAR is being exercised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment upon
Exercise</U>. Upon exercise of all or a specified portion of the SAR, Grantee shall be entitled to receive from the Company an amount, in cash in a lump sum payment, determined by multiplying (a)&nbsp;the difference (if any) obtained by subtracting
(i)&nbsp;the Strike Price as set forth in this Agreement from (ii)&nbsp;the Fair Market Value of a Share on the date of exercise of the SAR, by (b)&nbsp;the number of Shares exercised, subject to Section&nbsp;13 relating to tax withholding and
subject to any limitations the Administrator may impose. Such cash payment shall be made as soon as practicable, but in no event later than thirty (30)&nbsp;days following the date of exercise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Notwithstanding the foregoing, the Grantee (or any permitted successor) shall take whatever additional actions, including, without
limitation, the furnishing of an opinion of counsel, and execute whatever additional documents the Company may, in its sole discretion, deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions
imposed by the Plan with respect to awards granted under the Plan, this Agreement or applicable law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation Upon Transfer</U>. The
SAR and all rights granted hereunder shall not (a)&nbsp;be transferred by the Grantee, other than by will, by the laws of descent and distribution, or to a Permitted Transferee; (b)&nbsp;be otherwise assigned, pledged or hypothecated in any way; and
(c)&nbsp;be subject to execution, attachment or similar process. Any attempt to transfer the SAR, other than by will or by the laws of descent and distribution or to a Permitted Transferee, or to assign, pledge or hypothecate or otherwise dispose of
the SAR or of any rights granted hereunder contrary to the provisions hereof, or upon the levy of any attachment or similar process upon the SAR or such rights, shall be void and unenforceable against the Company or any Subsidiary; provided,
however, that the Grantee may designate a Beneficiary to receive benefits in the event of the Grantee&#146;s death. The SAR shall be exercised during the Grantee&#146;s lifetime only by the Grantee, the Grantee&#146;s guardian, the Grantee&#146;s
legal representative or a Permitted Transferee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>. Upon a
Change in Control, the Grantee will have such rights with respect to the SAR as are provided for in the Plan with respect to awards granted under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Amendment.</U> This Agreement may be amended consistent with the terms of
the Plan, but no such amendment shall adversely affect the Grantee&#146;s rights under the Agreement without the Grantee&#146;s written consent, unless otherwise permitted by the Plan with respect to awards granted under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Limitation on Rights of the Company</U>. The grant of the SAR shall not in any way affect
the right or power of the Company to make adjustments, reclassifications, or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Obligation to Exercise SAR</U>. The granting of the SAR shall impose no obligation upon the
Grantee to exercise the SAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement Not a Contract of Employment or Other
Relationship</U>. This Agreement is not a contract of employment, and the terms of employment of the Grantee or other relationship of the Grantee with the Company or its Subsidiaries shall not be affected in any way by this Agreement except as
specifically provided herein. The execution of this Agreement shall not be construed as conferring any legal rights upon the Grantee for a continuation of an employment or other relationship with the Company or its Subsidiaries, nor shall it
interfere with the right of the Company or its Subsidiaries to discharge the Grantee and to treat him or her without regard to the effect that such treatment might have upon him or her as a Grantee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. If the Company is obligated to withhold an amount on account of any tax
imposed as a result of the exercise of the SAR, the Grantee shall be required to pay such amount to the Company, or make arrangements satisfactory to the Company regarding the payment of such amount, consistent with the terms of Section&nbsp;17 of
the Plan. The obligations of the Company under this Agreement shall be conditional on such payment or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the
Grantee. The Grantee acknowledges and agrees that he is responsible for the tax consequences associated with the grant and exercise of the SAR. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any communication or notice
required or permitted to be given hereunder shall be in writing, and, if to the Company, to its principal place of business, attention: Secretary, and, if to the Grantee, to the address appearing on the records of the Company. Such communication or
notice shall be delivered personally or sent by certified, registered, or express mail, postage prepaid, return receipt requested, or by a reputable overnight delivery service. Any such notice shall be deemed given when received by the intended
recipient. Notwithstanding the foregoing, any notice required or permitted hereunder from the Company to the Grantee may be made by electronic means, including by electronic mail to the Company-maintained electronic mailbox of the Grantee, and the
Grantee hereby consents to receive such notice by electronic delivery. To the extent permitted in an electronically delivered notice described in the previous sentence, the Grantee shall be permitted to respond to such notice or communication by way
of a responsive electronic communication, including by electronic mail. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. Except to the extent preempted by federal law, this Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of Delaware without regard to the principles thereof relating to the conflicts of laws.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Receipt of Plan</U>. The Grantee acknowledges receipt of a copy of the Plan, and
represents that the Grantee is familiar with the terms and provisions thereof, and hereby accepts the SAR subject to all the terms and provisions of this Agreement and acknowledges and agrees that the terms of the Plan shall apply to the SAR as if
the SAR had been granted under the Plan. The SAR is granted consistent with the terms of the Plan, the terms of which are incorporated herein by reference, and the SAR shall in all respects be interpreted in accordance with the Plan as if the SAR
had been granted under the Plan; provided, however, this Agreement shall control with respect to such matters expressly addressed herein. The Committee shall interpret and construe the Plan and this Agreement, and its interpretation and
determination shall be conclusive and binding upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive Covenants</U>. In consideration of receiving the SAR hereunder, and as a term and
condition of the Grantee&#146;s employment with the Company, the Grantee acknowledges and agrees to adhere to, and be bound by, the restrictive covenants set forth in the Employment Letter Agreement. The Grantee hereby further acknowledges that the
Grantee&#146;s job responsibilities give the Grantee access to confidential and proprietary information belonging to the Company and/or its subsidiaries, and that this and other confidential information to which the Grantee has access would be of
value, and provide an unfair advantage, to a competitor in competing against the Company or its subsidiaries in any of the markets in which the Company or its subsidiaries maintains schools, provides on-line education classes or otherwise conducts
business. The Grantee further acknowledges that the restrictive covenants set forth in the Employment Letter Agreement will not cause the Grantee undue hardship and are reasonable and necessary to protect the Company&#146;s and/or its
subsidiaries&#146; legitimate business interests. Furthermore, it is the intention of the Grantee and the Company that in the event any of the restrictive covenants set forth in the Employment Letter Agreement are determined to be unreasonable
and/or unenforceable with respect to scope, time or geographical coverage, the Grantee and the Company agree that such covenants may be modified and narrowed by a court, so as to provide the maximum legally enforceable protection of the
Company&#146;s and any of its subsidiaries&#146; interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Stockholder Rights</U>.
The SAR represents only the right to receive cash pursuant to the terms hereof and shall not represent an equity security of the Company and shall not carry any voting or dividend rights. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Condition to Return Signed Agreement</U>.
This Agreement shall be null and void unless the Grantee indicates his acceptance of the SAR and this Agreement by signing, dating, and returning this Agreement to the Company on or before April <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Terms and Conditions</U>. The foregoing does not modify or amend any terms of the Plan.
Notwithstanding the terms of the Plan, this Agreement shall control with respect to such matters expressly addressed herein. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>[Signature Page
Follows] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Employee Stock Appreciation Rights Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr. Steffey </I></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, this Agreement has been duly executed as of the day and year
first written above. </P> <P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">CAREER EDUCATION CORPORATION</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">By:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Name:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Title:</P></TD>
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</TABLE></DIV> <P STYLE="margin-top:46pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>ACCEPTANCE (OR REJECTION) OF AWARD BY GRANTEE </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><I></I>The undersigned, the Grantee, hereby:<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(select one of the options below) </I></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt">ACCEPTS the award of the SAR as set forth in this Agreement and agrees to be bound by the terms and conditions of this Agreement and the terms of the Plan as
if the SAR had been granted under the Plan. </P></TD></TR></TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt">REJECTS the award of the SAR contemplated by this Agreement and forfeits all rights relating thereto. <I>Please note that a rejection of this award has no
impact on any other award of options, restricted stock or restricted stock units you have or will receive, including any restrictive covenants to you are subject pursuant to the agreement(s) governing your previous awards.</I> </P></TD></TR></TABLE>
<P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt">Date:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:ARIAL" ALIGN="justify">&nbsp;</P></TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">(Signature of Grantee)</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Print&nbsp;Name:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B><I></I></B><I>Please sign and return your signed copy of this Stock Appreciation Rights Agreement </I><B><I>by April
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2013, to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
Failure to do so will result in forfeiture of the award.</I></B><I> Please retain a copy of this signed Stock Appreciation Rights Agreement for your records.</I><B><I> </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>

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<TYPE>EX-10.4
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<DESCRIPTION>EX-10.4
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><B><U>Exhibit 10.4 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>2013 Cash-Settled RSU Agreement </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Performance-Based </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="right"><I>Mr.&nbsp;Steffey </I></P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>CAREER EDUCATION CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>CASH-SETTLED
RESTRICTED STOCK UNIT AGREEMENT </B></P> <P STYLE="margin-top:13pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">This CASH-SETTLED RESTRICTED STOCK UNIT AGREEMENT (this &#147;<U>Agreement</U>&#148;) dated
April&nbsp;8, 2013 (the &#147;<U>Grant Date</U>&#148;) is by and between Career Education Corporation, a Delaware corporation (the &#147;<U>Company</U>&#148;), and Scott Steffey (the &#147;<U>Grantee</U>&#148;). </P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Company hereby grants such award to the Grantee. Notwithstanding that the award is not, and shall not be deemed to be, granted under
the Company&#146;s 2008 Incentive Compensation Plan, as amended (the &#147;<U>Plan</U>&#148;), the award shall be subject to all of the terms of the Plan as if it had been granted thereunder, provided, however, that the terms of this Agreement shall
control with respect to such matters expressly addressed herein, and all capitalized terms not otherwise defined in this Agreement shall have the meaning set forth in Plan. </P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of Restricted Stock Units</U>. Subject to and upon the terms and conditions set forth in this
Agreement and the Plan, the Committee granted to the Grantee <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Restricted Stock Units (the &#147;<U>RSUs</U>&#148;) on the Grant Date, and the Grantee hereby accepts the grant of the
RSUs as set forth herein. </P> <P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Transferability</U>. Except in the event of the death
of the Grantee, at any time prior to the Settlement Date, the RSUs, or any interest therein, cannot be directly or indirectly transferred, sold, assigned, pledged, hypothecated, encumbered or otherwise disposed. </P>
<P STYLE="margin-top:13pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dates of Vesting</U>. Subject to the provisions of Sections 5 and 6 of this Agreement, the RSUs
shall cease to be restricted and shall, subject to achievement of the Performance Goal set forth below, become non-forfeitable (thereafter being referred to as &#147;<U>Vested RSUs</U>&#148;) in four equal installments on each of April&nbsp;8,
2014,&nbsp;March&nbsp;14, 2015,&nbsp;March&nbsp;14, 2016 and March&nbsp;14, 2017 (each, a &#147;<U>Vesting Date</U>&#148;). Notwithstanding the foregoing, except as set forth in Sections 5 and 6 of this Agreement, none of the RSUs shall become
Vested RSUs on any Vesting Date unless aggregate Revenue for the four consecutive fiscal quarters, commencing with the Company&#146;s second quarter for fiscal year 2013, equals or exceeds $500 million in the aggregate (the &#147;<U>Performance
Goal</U>&#148;). &#147;<U>Revenue</U>&#148; means, with respect to each fiscal quarter of the Company applicable with respect to determination of the Performance Goal, the revenue of the Company as reported on the Company&#146;s Form 10-Q for such
quarter (which is prepared in accordance with the generally accepted accounting principles of the U.S.). </P> <P STYLE="margin-top:13pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Notwithstanding the
foregoing, and subject to Sections 5 and 6 below, in the event that (a)&nbsp;the Grantee incurs a Termination of Service prior to any Vesting Date, any RSUs that were unvested at the date of such Termination of Service, or (b)&nbsp;the Performance
Goal set forth above is not achieved, then in either case the RSUs shall be immediately forfeited to the Company.</P> <P STYLE="font-size:13pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Crediting</U></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt"><U>and Settling RSUs. </U> </P></TD></TR></TABLE>
<P STYLE="margin-top:13pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>RSU Accounts</U>. The Company shall establish an account on its books for each grantee who
receives a grant of RSUs (the &#147;<U>RSU Account</U>&#148;). The RSUs granted hereby shall be credited to the RSU Account as of the Grant Date. The RSU Account shall </P>

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be maintained for record keeping purposes only and the Company shall not be obligated to segregate or set aside assets representing amounts credited to the RSU Account. The obligation to make
distributions of amounts credited to the RSU Account shall be an unfunded, unsecured obligation of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Settlement of RSU Accounts</U>. The Company shall settle the RSU Account by delivering to the
holder thereof (who may be the Grantee or his Beneficiary, as applicable) an amount in cash equal to the product of (i)&nbsp;the number of Vested RSUs in the RSU Account as of the applicable Settlement Date, <I>multiplied by</I> (ii)&nbsp;the Fair
Market Value of a Share on the applicable Vesting Date (subject to applicable tax withholding obligations set forth in Section&nbsp;24 of this Agreement or otherwise required by any taxing authority). The Settlement Date for all RSUs credited to the
RSU Account shall be as soon as administratively practical following each Vesting Date (or the relevant vesting date set forth in Section&nbsp;5(a) hereof), subject to achievement of the Performance Goal, as applicable, but in no event shall such
Settlement Date be later than March&nbsp;15 of the calendar year following the calendar year in which a Vesting Date (or the relevant vesting date set forth in Section&nbsp;5(a) hereof) occurs. Notwithstanding the foregoing, in no case will the
amount due to the Grantee in respect of an RSU exceed an amount equal to five times (5x)&nbsp;the Fair Market Value of a Share on the Grant Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Service</U>. Subject to Section&nbsp;6, the provisions of this Section&nbsp;5 shall
apply in the event the Grantee incurs a Termination of Service at any time prior to an applicable Vesting Date set forth in Section&nbsp;3: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service by the Grantee for Good Reason or by
the Company other than for Cause, death or Disability (as such terms are defined in the employment letter agreement between the Grantee and the Company, dated April&nbsp;1, 2013 (the &#147;Employment Letter Agreement&#148;), then the RSUs shall
service-vest in full on the date of Termination of Service, subject to achievement of the Performance Goal, and shall be payable within 30 days following the later of such Termination of Service and the date of achievement of the Performance Goal.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Grantee incurs a Termination of Service because of his death or
Disability, all RSUs that had not become Vested RSUs prior to the date of the Termination of Service, shall become Vested RSUs as of the date of such Termination of Service, and, as of the applicable Settlement Date, the Grantee (or his Beneficiary,
as applicable) shall be entitled to receive an amount determined pursuant to Section&nbsp;4 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:11pt; font-family:ARIAL" ALIGN="justify">(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Grantee incurs a Termination of Service for any reason other than as set forth in 5(a) and 5(b) above, including by reason of Termination of Service for Cause, except as provided in Section&nbsp;6 of this
Agreement, then the RSUs shall be immediately forfeited to the Company and no amount or Shares will become due or owing to the Grantee under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U>. Upon a Change in Control, the Grantee will have such rights with respect to
the RSUs as are provided for in the Plan with respect to awards granted under the Plan. In addition, in the event the Grantee incurs a Termination of Service by the Grantee for Good Reason or by the Company other than for Cause, death or Disability,
in either case on or within 18 months following a Change in Control, all RSUs that had not become Vested RSUs prior to the date of such Termination of Service shall become Vested RSUs, which for such purpose the Performance Goal shall then be deemed
achieved, and, as of the Settlement Date, the Grantee shall be entitled to receive an amount determined pursuant to Section&nbsp;4 hereof in respect of such Vested RSUs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Adjustment in RSUs</U>. The Committee may make or
provide for such adjustments consistent with the terms of Section&nbsp;4.2 of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Plan
Amendment</U>. No discontinuation, modification, or amendment of the Plan may, without the written consent of the Grantee, adversely affect the rights of the Grantee under this Agreement, except as otherwise provided under the Plan with respect to
awards granted under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No Stockholder Rights</U>. The RSUs represent only the right
to receive cash pursuant to the terms hereof and shall not represent an equity security of the Company and shall not carry any voting or dividend rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Employment Rights</U>. This Agreement is not a contract of employment, and the terms of
employment of the Grantee or other relationship of the Grantee with the Company shall not be affected in any way by this Agreement except as specifically provided herein. The Grantee&#146;s execution or acceptance of this Agreement shall not be
construed as conferring any legal rights upon the Grantee for a continuation of an employment or other relationship with the Company, nor shall it interfere with the right of the Company to discharge the Grantee and to treat him or her without
regard to the effect which such treatment might have upon him or her as a Grantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Disclosure Rights</U>. Except as required by applicable law, the Company (or any of its affiliates) shall not have any duty or obligation to disclose any information to a record or beneficial holder of RSUs or Vested RSUs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Governing Law</U>. The interpretation, performance and enforcement of this Agreement shall be
governed by and enforced in accordance with the laws of the State of Delaware (other than its laws respecting choice of law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Compliance with Laws and Regulations</U>.&nbsp;Notwithstanding anything herein to the contrary,
the Company shall not be obligated to pay amounts due hereunder unless and until the Company is advised by its counsel that such payment is in compliance with all applicable laws, regulations of governmental authority, and the requirements of any
exchange upon which Shares are traded. The Company may require, as a condition of such payment, and in order to ensure compliance with such laws, regulations and requirements, that the Grantee make such covenants, agreements, and representations as
the Company, in its sole discretion, considers necessary or desirable. The RSUs are intended to comply with the Performance-Based Exception and shall, to the greatest extent reasonably possible, be administered in a manner that complies with the
requirements of the Performance-Based Exception. This Agreement shall be interpreted as reserving to the Committee all powers necessary to ensure that amounts payable hereunder satisfy the requirements of the Performance-Based Exception. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Successors and Assigns</U>. Except as otherwise expressly set forth in this Agreement, the
provisions of this Agreement shall inure to the benefit of, and be binding upon, the succeeding administrators, heirs and legal representatives of the Grantee and the successors and assigns of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No Limitation on Rights of the Company</U>. This Agreement shall not in any way affect the right
of the Company to adjust, reclassify, reorganize or otherwise make changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Notices</U>. Any communication or notice required or
permitted to be given hereunder shall be in writing, and, if to the Company, to its principal place of business, attention: Secretary, and, if to the Grantee, to the address appearing on the records of the Company. Such communication or notice shall
be delivered personally or sent by certified, registered, or express mail, postage prepaid, return receipt requested, or by a reputable overnight delivery service. Any such notice shall be deemed given when received by the intended recipient.
Notwithstanding the foregoing, any notice required or permitted hereunder from the Company to the Grantee may be made by electronic means, including by electronic mail to the Company-maintained electronic mailbox of the Grantee, and the Grantee
hereby consents to receive such notice by electronic delivery. To the extent permitted in an electronically delivered notice described in the previous sentence, the Grantee shall be permitted to respond to such notice or communication by way of a
responsive electronic communication, including by electronic mail. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B></B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Construction</U>.
Notwithstanding any other provision of this Agreement, including that the RSUs are not granted under the Plan, it is the intent of the parties that the RSUs are granted consistent with the terms of the Plan and shall be deemed in all respects
limited by and subject to the express provisions of the Plan as such provisions would apply to awards granted under the Plan. Notwithstanding the terms of the Plan, this Agreement shall control with respect to such matters expressly addressed
herein. The interpretation and construction by the Committee of the Plan, this Agreement and any such rules and regulations adopted by the Committee for purposes of administering this Agreement consistent herewith, shall be final and binding upon
the Grantee and all other persons.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Entire Agreement</U>. This Agreement, together
with the terms of the Plan as if the RSUs had been granted under the Plan, constitute the entire obligation of the parties hereto with respect to the subject matter hereof and shall supersede any prior expressions of intent or understanding with
respect to this transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Amendment</U>. This Agreement may be amended consistent with
the terms of the Plan, but except as provided in the Plan no such amendment shall adversely affect the Grantee&#146;s rights under the Agreement without the Grantee&#146;s written consent, unless otherwise permitted by the Plan with respect to
awards granted under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B></B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Waiver; Cumulative Rights</U>. The failure or delay of
either party to require performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is
cumulative and may be exercised in part or in whole from time to time. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B></B>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Counterparts</U>. This Agreement may be signed in two counterparts, each of which shall be an original, but both of which shall constitute but one and the same instrument. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Headings</U>. The headings contained in this Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B></B>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Severability</U>. If any
provision of this Agreement shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not effect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable
provision were omitted. <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax Consequences</U>. Payments made pursuant hereto
shall be subject to all required tax withholding obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Receipt of Plan</U>. The
Grantee acknowledges receipt of a copy of the Plan, and represents that the Grantee is familiar with the terms and provisions thereof, and hereby accepts the RSUs subject to all the terms and provisions of this Agreement and acknowledges and agrees
that the terms of the Plan shall apply to the RSUs as if the RSUs had been granted under the Plan; provided, however, this Agreement shall control with respect to such matters expressly addressed herein. The Committee shall interpret and construe
the Plan and this Agreement, and its interpretation and determination shall be conclusive and binding upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive Covenants</U>. In consideration of receiving the RSUs hereunder, and as a term and
condition of the Grantee&#146;s employment with the Company, the Grantee acknowledges and agrees to adhere to, and be bound by, the restrictive covenants set forth in the Employment Letter Agreement. The Grantee hereby further acknowledges that the
Grantee&#146;s job responsibilities give the Grantee access to confidential and proprietary information belonging to the Company and/or its subsidiaries, and that this and other confidential information to which the Grantee has access would be of
value, and provide an unfair advantage, to a competitor in competing against the Company or its subsidiaries in any of the markets in which the Company or its subsidiaries maintains schools, provides on-line education classes or otherwise conducts
business. The Grantee further acknowledges that the restrictive covenants set forth in the Employment Letter Agreement will not cause the Grantee undue hardship and are reasonable and necessary to protect the Company&#146;s and/or its
subsidiaries&#146; legitimate business interests. Furthermore, it is the intention of the Grantee and the Company that in the event any of the restrictive covenants set forth in the Employment Letter Agreement are determined to be unreasonable
and/or unenforceable with respect to scope, time or geographical coverage, the Grantee and the Company agree that such covenants may be modified and narrowed by a court, so as to provide the maximum legally enforceable protection of the
Company&#146;s and any of its subsidiaries&#146; interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Clawback Policy</U>. By accepting
the grant of RSUs pursuant to this Agreement, the Grantee hereby acknowledges that the Board has adopted a policy pursuant to which the Grantee may be required to repay amounts otherwise paid pursuant to this Agreement to the extent (a)&nbsp;such
amounts were predicated upon achieving certain financial results that were subsequently the subject of a material restatement of Company financial statements filed with the Securities and Exchange Commission; (b)&nbsp;the Board determines the
Grantee engaged in intentional misconduct that caused or substantially caused the need for the material restatement; and (c)&nbsp;a lower payment would have been made to the Grantee based upon the restated financial results (collectively, the
&#147;<U>Policy</U>&#148;). By accepting the grant of RSUs pursuant to this Agreement, the Grantee hereby agrees to be bound by the Policy and to repay amounts that Grantee may be required to be repay thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Condition to Accept Agreement</U>. This Agreement will be null and void unless the Grantee
indicates his acceptance of the award of the RSUs provided for hereunder by signing, dating and returning this Agreement to the Company on or before April <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2013. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>[Signature Page Follows] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, this Agreement has been duly executed as of the day and year
first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">CAREER EDUCATION CORPORATION</P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">Name:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">Title:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>ACCEPTANCE (OR REJECTION) OF AWARD BY GRANTEE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">The undersigned, the Grantee, hereby:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>(select one of the options below)</I> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt">ACCEPTS the award of RSUs as set forth in this Agreement and agrees to be bound by the terms and conditions of this Agreement and the terms of the Plan as if
the RSUs had been granted under the Plan. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:11pt">REJECTS the award of RSUs contemplated by this Agreement and forfeits all rights relating thereto. <I>Please note that a rejection of this award has no
impact on any other award of options, restricted stock or restricted stock units you have previously received, including any restrictive covenants you are subject to pursuant to the agreement(s) governing your previous awards.</I>
</P></TD></TR></TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Date:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL" ALIGN="justify">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">(Signature of Grantee)</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Print&nbsp;Name:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B><I></I></B><I>Please sign and return your signed copy of this Cash-Settled Restricted Stock Unit Agreement
</I><B><I>by April <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2013, to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U>. <U></U>Failure to do so will result in forfeiture of the award.</I></B><I> Please retain a copy of this signed Cash-Settled Restricted Stock Unit Agreement for your records.</I><B><I> </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>d517884dex991.htm
<DESCRIPTION>EX-99.1
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<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibit 99.1</U></B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>CONTACT:</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B></B>Mark
Spencer<B></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3">847.585.3802</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="3"><U>mdspencer@careered.com</U></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B><I><U>Confidential Draft </U></I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="4">Career Education Names Veteran Educator and Business Leader </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="4">Scott Steffey as President&nbsp;&amp; CEO
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="3"><I>Former Strayer Chief Operating Officer and SUNY Vice Chancellor also Nominated to </I></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="4"><I>CEC Board </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>Schaumburg,
Ill., April&nbsp;8, 2013 &#150;</B>&nbsp;Career Education Corporation (CEC) (NASDAQ: CECO), a global provider of postsecondary education programs and services, today named Scott Steffey &#150; former Chief Operating Officer of Strayer Education,
Inc., and Vice Chancellor of the State University of New York (SUNY) &#150; as its President and Chief Executive Officer.&nbsp;Steffey, whose appointment is effective immediately, will also be nominated to stand for election to the Career Education
Board of Directors at the upcoming Annual Meeting of Stockholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">&#147;Scott&#146;s unique mix of education, business and investment
experience match up well with the key drivers of our business,&#148; said Steven H. Lesnik, Chairman of the Board of Career Education. &#147;This is a great alignment of skills and experience. As we put our sector&#146;s headwinds behind us, I am
optimistic that Scott and our strong leadership team together will carry us through our transformation.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">Steffey&#146;s career
includes leadership roles spanning the education spectrum as well as senior posts at both publicly- and privately-held businesses.&nbsp;Most notably, he served as Executive Vice President&nbsp;&amp; Chief Operating Officer (COO) of Strayer
Education, Inc., and Chairman of the Board of Trustees of Strayer University.&nbsp;In his role as COO, Steffey was a hands-on force in driving operational excellence and efficiency, academic integrity and accountability, innovative online learning
and prudent enrollment growth. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">As Vice Chancellor of the SUNY &#150; at the time the largest non-profit, unified system of
postsecondary education in the United States &#150; Steffey was the senior operating officer for much of his tenure at SUNY &#150; comprised of 64 degree-granting campuses, with 400,000 students, several vocational centers, and 75,000 faculty and
administrators. He helped lead a transformation of the SUNY system, resulting in greater academic quality and achievement at its campuses, significant enrollment growth, revenue growth, expense containment, and a large capital re-investment in its
campus infrastructure. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">Most recently, Steffey was Founder and President of Symposium Ventures, a private equity firm serving private
sector and nonprofit education institutions.</FONT></P>

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<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibit 99.1</U></B></FONT></TD></TR></TABLE> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">While at SUNY, Steffey also founded the Charter Schools Institute, a nationally recognized
incubator of K-12 schools dedicated to enhancing education opportunities for economically disadvantaged students. Steffey was previously an executive with New Mountain Capital, a private equity firm serving the private postsecondary industry, and at
NYNEX (now Verizon) and American Express Company. Steffey graduated from Skidmore College with a Bachelor of Arts in Philosophy. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">Steffey said:&nbsp;&#147;I want to thank the Board for their confidence in me to lead this organization at this critical juncture. I firmly believe
that the company has the ingredients necessary for achieving the highest levels of academic excellence for the students we serve, the utmost professional integrity for the workplace we create, and improved operational efficiency throughout our U.S.
and International institutions. I am committed to bringing a sense of urgency to every aspect of our business &#150; from putting students first and driving academic innovation to embracing accountability, professional excellence and integrity in
everything we do. We will meet our challenges head-on and view them as an opportunity to continue to build respect and trust among all stakeholders. Career Education has the clear opportunity to achieve sustainable long-term growth by providing
outstanding experiences and outcomes for our students and rewarding opportunities for our employees.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">Steve Lesnik, who has served
as interim CEO, remains as Chairman of the Board of Directors through the Annual Meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">&#147;The Board is grateful to Steve for
serving the Company as interim CEO,&#148; said Leslie T. Thornton, Career Education&#146;s Lead Independent Director.&nbsp;&#147;Steve was a seasoned, steady hand at a critical time for Career Education &#150; and over the past year he helped
resolve many of our challenges and delivered on the key goals he set for the Company.&nbsp;Career Education is in a stronger position than we were when Steve stepped into the role and stepped up to meet our challenges.&nbsp;We are well-positioned
and well-timed for the transition forward &#150; and we owe Steve much gratitude for getting us here.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3"><B>About Career Education Corporation
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">The colleges, schools and universities that are part of the Career Education Corporation (&#147;CEC&#148;) family offer high-quality
education to a diverse student population of more than 75,000 students across the world in a variety of career-oriented disciplines through online, on-ground and hybrid learning program offerings. The more than 90 campuses that serve these students
are located throughout the United States and in France, the United Kingdom and Monaco, and offer doctoral, master&#146;s, bachelor&#146;s and associate degrees and diploma and certificate programs. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:ARIAL" SIZE="3">CEC is an industry leader whose institutions are recognized globally. Those institutions include, among others, American InterContinental
University (&#147;AIU&#148;); Brooks Institute; Colorado Technical University (&#147;CTU&#148;); Harrington College of Design; INSEEC Group (&#147;INSEEC&#148;) Schools; International University of Monaco (&#147;IUM&#148;); International Academy of
Design&nbsp;&amp; Technology (&#147;IADT&#148;); Le Cordon Bleu North America (&#147;LCB&#148;); and Sanford-Brown Institutes and Colleges. Through its schools, CEC is committed to providing high-quality education, enabling students to graduate and
pursue rewarding career opportunities. For more information, see CEC&#146;s website at www.careered.com. The website includes a detailed listing of individual campus locations and web links to CEC&#146;s colleges, schools, and universities.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">### </FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
