On April 27, 2015, Daniel M. Fitzpatrick announced his plan to retire from the positions of Executive Vice President and Chief Financial Officer of ITT Educational Services Inc. Following Mr. Fitzpatrick's notice, the company entered into a letter agreement with Mr. Fitzpatrick, dated as of April 29, 2015, pursuant to which Mr. Fitzpatrick will remain employed as the company's Chief Financial Officer for a period ending on October 29, 2015. Mr. Fitzpatrick will resign his position as Chief Financial Officer, and all other positions with the company, when his employment ends.