AMENDMENT NO. 2 TO EDUCATION MANAGEMENT CORPORATION 2006 STOCK OPTION PLAN

Exhibit 10.01

AMENDMENT NO. 2 TO

EDUCATION MANAGEMENT CORPORATION

2006 STOCK OPTION PLAN

This AMENDMENT NO. 1 TO EDUCATION MANAGEMENT CORPORATION 2006 STOCK OPTION PLAN (the “ Amendment ”), is made effective as of March 30, 2007.

R E C I T A L S

WHEREAS, Education Management Corporation, a Pennsylvania corporation (the “ Company ”) adopted the Education Management Corporation 2006 Stock Option Plan (the “ Plan ”), effective as of June 1, 2006.

WHEREAS, Section 13 of the Plan provides, in part, that the Board of Directors of the Company (the “ Board ”) may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made without the consent of a Participant (as defined in the Plan), if such action would diminish any of the rights of such Participant under any Option (as defined in the Plan) theretofore granted to such