First Amendment to the 1997 ITT Educational Services, Inc. Incentive Stock Plan
This amendment updates the 1997 Incentive Stock Plan for ITT Educational Services, Inc. It changes the plan's effective and termination dates, specifying that the plan will last ten years from its effective date unless ended earlier, and will remain in effect for existing awards as long as they are outstanding. The amendment was adopted by the company's Board of Directors and does not require shareholder approval.
Exhibit 10.38
FIRST AMENDMENT TO THE
1997 ITT EDUCATIONAL SERVICES, INC. INCENTIVE STOCK PLAN
WHEREAS, the shareholders of ITT Educational Services, Inc. (the “Company”) approved the 1997 ITT Educational Services, Inc. Incentive Stock Plan (the “Plan”) on May 13, 1997; and
WHEREAS, the Board of Directors of the Company now desires to amend the Plan in a respect that does not require shareholder approval.
NOW, THEREFORE, the Plan is hereby amended as follows:
1. Section 15 of the Plan is hereby amended to read as follows:
15. Effective Date and Term of Plan. The Plan shall become effective upon its adoption by the Board of Directors and shareholders of the Company. No Award shall be granted under this Plan after the Plan’s termination date. The Plan’s termination date shall be ten years from the effective date, unless sooner terminated under Section 12 hereof. The Plan will continue in effect for existing Awards as long as any such Award is outstanding.
2. This First Amendment to the Plan shall become effective upon its adoption by the Board of Directors of the Company.
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| Adopted by the Board of Directors of ITT Educational Services, Inc. on July 15, 2003 |
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