Amendment to Apollo Group, Inc. Executive Officer Performance Incentive Plan (December 8, 2011)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Apollo Group, Inc. has amended its Executive Officer Performance Incentive Plan, effective December 8, 2011. The amendment clarifies that the $5,000,000 maximum bonus limit applies in total to any executive participating in multiple performance periods that start within the same fiscal year. All other terms of the plan remain unchanged. This amendment was executed by a senior company officer.

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EX-10.2 3 apol_ex102xamendmenttoexec.htm EX-10.2 APOL_EX.10.2_Amendment to Exec Incentive Plan
EXHIBIT 10.2
APOLLO GROUP, INC.
AMENDED AND RESTATED
EXECUTIVE OFFICER PERFORMANCE INCENTIVE PLAN

PLAN AMENDMENT

The Apollo Group, Inc. Executive Officer Performance Incentive Plan, as amended and restated (the “Plan”), is hereby further amended, effective December 8, 2011, as follows:
1.    There is hereby added to the end of Paragraph VI. B of the Plan the following new provision:
“The Five Million Dollar ($5,000,000) limitation on the Maximum Bonus Amount that may be paid to a participant for any given Performance Period shall be applied on an aggregate basis so that if an individual participates in two or more Performance Periods that commence in the same fiscal year of Company, the bonus amounts payable to that participant for those particular Performance Periods shall not exceed Five Million Dollars ($5,000,000) in total.”
2.    Except as modified by this Plan Amendment, all the terms and provisions of the Plan shall continue in full force and effect.
IN WITNESS WHEREOF, APOLLO GROUP, INC. has caused this Plan Amendment to be executed on its behalf by its duly-authorized officer on this 8th day of December 2011.

APOLLO GROUP, INC.
 
 
 
By:
/s/ Sean Martin
 
 
 
 
 
 
TITLE:
Senior Vice President, General Counsel & Secretary