UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
___________________
Form
8-K
___________________
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF
1934
DATE
OF REPORT (DATE OF EARLIEST EVENT REPORTED): January 14, 2009
___________________
Lincoln
Educational Services Corporation
(Exact
Name of Registrant as Specified in Charter)
___________________
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New
Jersey
(State
or other jurisdiction of incorporation)
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000-51371
(Commission
File Number)
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57-1150621
(I.R.S.
Employer Identification No.)
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200
Executive Drive, Suite 340
West
Orange, New Jersey 07052
(Address
of principal executive offices)
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07052
(Zip
Code)
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Registrant’s telephone number,
including area code: (973) 736-9340
Not
Applicable
(Former name or former address, if
changed since last report)
___________________
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o
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Written communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02.
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Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain
Officers
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Mr.
Shaun E. McAlmont as President and CEO
On January 21, 2009, Lincoln
Educational Services Corporation (the “Company”) announced the promotion of
Shaun E. McAlmont from President and Chief Operating Officer to President and
Chief Executive Officer, effective April 30, 2009.
Mr. McAlmont, age 43, has served as
President and Chief Operating Officer of the Company since January 2007. Prior
to that date, Mr. McAlmont served as Executive Vice President and President of
Online of the Company. Prior to joining the Company in April 2005, Mr. McAlmont
spent 6 years as an executive with the Alta Colleges Corporation serving as
President of Westwood College Online, and prior to that as Regional Vice
President of five Westwood College Campuses. Mr. McAlmont earned his Bachelors
of Science degree from Brigham Young University and his Masters of Arts degree
in Education Administration from the University of San Francisco.
The Company also announced that David
F. Carney will continue to serve as Chairman and Chief Executive Officer of the
Company through April 29, 2009 and will assume the title and duties of Executive
Chairman of the Company beginning April 30, 2009. Mr. Carney has served as the
Company’s Chairman and Chief Executive Officer since 1999.
Employment
Agreements
Effective
as of January 19, 2009, the Company has entered into amendments to its
employment agreements (the “Amended Employment Agreements”) with each of David
F. Carney, Shaun E. McAlmont, Scott M. Shaw and Cesar Ribeiro (the
“Executives”). Except as described below, the terms of the Executive’s original
employment agreements (as previously disclosed in connection with the Company’s
Annual Report on Form 10-K for fiscal year ended December 31, 2006, filed with
the Securities and Exchange Commission on March 16, 2007) remain in full force
and effect.
Employment Period. Each of
the Amended Employment Agreements provides that the Executive’s employment will
terminate on December 31, 2010, unless terminated or extended in accordance with
the terms of the agreement.
Changes in Titles and Duties.
Under their respective Amended Employment Agreements:
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·
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Mr.
Carney will continue to serve as Chairman and Chief Executive Officer of
the Company through April 29, 2009 and will assume the title and duties of
Executive Chairman of the Company from April 30, 2009 through the
remainder of the employment period.
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·
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Mr.
McAlmont will continue to serve as President and Chief Operating Officer
of the Company through April 29, 2009 and will assume the title and duties
of President and Chief Executive Officer of the Company from April 30,
2009 through the remainder of the employment
period.
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·
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The
titles and duties of Messrs. Shaw and Ribeiro remain
unchanged.
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Compensation and Benefits.
Messrs. Carney, McAlmont, Shaw and Ribeiro will be paid a minimum annual base
salary, effective January 1, 2009, of $425,000; $375,000; $325,000; and
$315,000, respectively.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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LINCOLN
EDUCATIONAL SERVICES CORPORATION
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Date:
January 21, 2009
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By:
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/s/ Cesar Ribeiro
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Name:
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Cesar
Ribeiro
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Title:
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Senior
Vice President, Chief Financial
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Officer
and Treasurer
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