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Exhibit 10.25
FIRST AMENDMENT TO
ESI EXCESS SAVINGS PLAN
This First Amendment to ESI Excess Savings Plan is hereby adopted by ITT
Educational Services, Inc. effective as of October 1, 2000.
Recitals
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A. ITT Educational Services, Inc. ("ESI") adopted the ESI Excess Savings
Plan (the "Plan") in June of 1998.
B. ESI now wishes to amend the Plan.
Amendment
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Effective October 1, 2000, Subsection 3.02(a) of the Plan is amended to
read as follows:
(a) Any Eligible Employee who has met the eligibility requirements of
Section 2.01 as of the beginning of a calendar year and who wishes to have
Salary Deferrals credited to his Deferral Account in that calendar year
must, prior to the beginning of that calendar year, execute an irrevocable
Salary Reduction Agreement for the Plan year, authorizing Salary Deferrals
under this Plan in accordance with the provisions of this Section. If an
individual first becomes an Eligible Employee after the beginning of a
calendar year, that Eligible Employee may, within 30 days of the later of
the date on which he first becomes an Eligible Employee or October 1,
2000, execute an irrevocable Salary Reduction Agreement for the remainder
of the calendar year, authorizing Salary Deferrals under this Plan in
accordance with the provisions of this Section. A Salary Reduction
Agreement made pursuant to the preceding sentence shall apply only to the
Eligible Employee's compensation earned after the date on which he
executes the Salary Reduction Agreement. Notwithstanding any other
provision of the Section, Salary Deferrals will not be credited on behalf
of a Participant with respect to a particular calendar year until the
Participant's Basic Savings under the Savings Plan for the calendar year
have been suspended due to the Statutory Limitations. Salary Deferrals
shall be credited to the Participant's Account at the same time they would
have been credited to his Account under the Savings Plan if not for the
application of the Statutory Limitations.
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This First Amendment to the ESI Excess Savings Plan is executed on
behalf of ITT Educational Services, Inc. by its duly authorized officer on this
25th day of September, 2000.
By /s/ Joseph B. Rainier
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Signature
Joseph B. Rainier
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Printed Name
VP Dir. HR
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Title
