Compliance with Laws. This Plan was created to comply with the “incentive compensation” provisions of the Higher Education Act, 20 U.S.C.§ 1094(a)(20), and with the implementing regulations of the U.S. Department of Education (“ED”), located at 34 C.F.R.§ 668.14(b)(22). The Company is aware that the ED regulations changed, effective July 1, 2011, and this Plan has been created to comply with changed regulations that took effect July 1, 2011. All provisions of this Plan will be interpreted and applied so as to be consistent with that statute and those regulations. If at any time the Committee determines that any potential compensation action would, or in the Committee’s sole discretion might, violate that statute or those regulations, the Committee may in its sole discretion elect not to pay such compensation. If the statute or regulations change or if ED provides guidance that changes the Committee’s understanding of how the statute and regulations will be applied, the Committee will make appropriate changes to this Plan, or may terminate this Plan, in its sole discretion, with or without advance notice to the Participants. The Committee reserves the right to modify any element of this Plan, to decline to make any payments under this Plan, or to terminate this Plan in its entirety, at any time for any reason, in its sole discretion, with or without advance notice to the Participants.