LINC Lincoln Educational Services Corp

On December 13, 2022, Lincoln Educational Services Corporation (the “Company”) entered into new employment agreements with each of Scott M. Shaw, its President and Chief Executive Officer, Brian K. Meyers, its Executive Vice President and Chief Financial Officer, and Steven M. Buchenot, its Executive Vice President of Campus Operations (collectively, the “Employment Agreements”). The principal purpose of the Employment Agreements was to extend each executive’s employment through December 31, 2025, unless sooner terminated in accordance with their respective terms, and replace those employment agreements previously entered into with each of these executives. The Employment Agreements contain substantially the same terms as the existing employment agreements previously disclosed including that each of Messrs. Shaw, Meyers and Buchenot will continue in their current positions with the Company and to receive the same annual base salary of $500,000, $358,955 and $304,387, respectively, effective as of January 1, 2023 and throughout the remainder of the term unless adjusted upwards by action of the Company’s Board of Directors or its Compensation Committee in its sole discretion. Each executive will continue to be eligible to earn an annual performance bonus based upon achievement of performance targets or other criteria as determined by the Company’s Board of Directors or its Compensation Committee and to receive substantially similar benefits to those previously received.

 

In addition, also on December 13, 2022, the Company entered into a new employment agreement with Chad D. Nyce, its Executive Vice President and Chief Innovation Officer (the “Nyce Employment Agreement”), as his existing employment agreement is due to expire on December 31, 2022.  The Nyce Employment Agreement, like the other Employment Agreements, will extend Mr. Nyce’s employment through December 31, 2025, unless sooner terminated in accordance with its terms, and provides that Mr. Nyce will continue in his current position with the Company and will receive an annual base salary of $300,000, effective as of January 1, 2023 and throughout the remainder of the term unless adjusted upwards by action of the Company’s Board of Directors or its Compensation Committee in its sole discretion.  Like the other Employment Agreements, under the Nyce Employment Agreement, Mr. Nyce is eligible to earn an annual performance bonus based upon the achievement of performance targets or other criteria as determined by the Company’s Board of Directors or its Compensation Committee and to receive substantially similar benefits to those previously received.   Other than position and salary, the terms of the Nyce Employment Agreement are substantially similar to the terms contained in Mr. Buchenot’s employment agreement.

 

The foregoing description of the Employment Agreements and the Nyce Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreements, copies of which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 to this Current Report on Form 8-K and incorporated herein by reference.