EMPLOYMENT AGREEMENT, dated as of October_22, 2007 (this “ Employment Agreement ”), by
and between Education Management LLC, a Delaware limited liability company (together with its
successors and assigns, the “ Company ”), and Craig Swenson (the “ Executive ”) (each of the Executive
and the Company, a “ Party ,” and collectively, the “ Parties ”).
WHEREAS, the Company desires to employ the Executive and utilize his management services as
indicated herein, and the Executive desires to be employed by the Company, all on the terms and
conditions set forth in this Employment Agreement;
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid
consideration the sufficiency of which is acknowledged, the Parties agree as follows:
Section 1. Employment .
1.1. Term . The Company agrees to employ the Executive, and the Executive agrees to be
employed by the Company, in each case pursuant to this Employment Agreement, for a period
commencing on the date hereof (the “ Effective Date ”) and ending on the third (3rd) anniversary of the
Effective Date (the “ Initial Term ”); provided, however, that the term of this Employment Agreement and
the Executive’s employment hereunder shall renew automatically for successive one (1) year periods (each,
a “ Renewal Term ”), unless at least one hundred eighty (180) days prior to the end of the Initial Term or
any subsequent anniversary of the Effective Date, either party shall have given notice to the other party that
this Employment Agreement shall terminate on that anniversary date (the Initial Term, together with any
Renewal Terms, the “ Term ”). Notwithstanding the foregoing, the Executive’s employment shall be
subject to earlier termination in accordance with Section 3 hereof.
1.2. Duties . During the Term, the Executive shall serve as the President of Argosy University,
and such other positions as officer or director of the Company and its affiliates as the Executive and the
Board of Directors of the Parent (the “ Pa