NON-STATUTORY STOCK OPTION AGREEMENT
This Option Agreement is made and entered into by and between APOLLO GROUP, INC., an Arizona
corporation (hereinafter referred to as the “Company”), and (hereinafter referred to
as “Employee”), as of , 200___ (which date is hereinafter referred to as the “Date of Grant”). If
Employee is presently or subsequently becomes employed by a subsidiary of the Company, the term “Company”
shall be deemed to refer collectively to Apollo Group, Inc. and the subsidiary or subsidiaries which employ the
A. The Company has adopted the Apollo Group, Inc. 2000 Incentive Plan (the “Plan”) as an equity incentive
program to encourage key employees and officers of the Company to remain in its employment and to enhance
the ability of the Company to attract new employees whose services are considered valuable by providing them
with an opportunity to acquire a proprietary interest in the success of the Company.
B. The Compensation Committee of the Company’s Board of Directors (the “Committee”) has the authority
to grant options pursuant to the Plan to certain officers and key employees of the Company in order to provide
such individuals with an incentive to continue in the Company’s service.
C. The Committee did authorize the grant of the Option evidenced by this Agreement to Employee on the
Date of Grant in order to carry out the intent and purpose of the Plan in providing a substantial equity incentive to
encourage the Employee to continue in the Company’s service and to contribute to its financial success.
NOW, THEREFORE , in consideration of the mutual covenants and conditions hereinafter set forth and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and Employee agree as follows:
1. Grant of Option . Employee is hereby granted the right and option (the “Option”) to purchase an