0001140361-23-022443.txt : 20230502 0001140361-23-022443.hdr.sgml : 20230502 20230502154858 ACCESSION NUMBER: 0001140361-23-022443 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230427 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230502 DATE AS OF CHANGE: 20230502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINCOLN EDUCATIONAL SERVICES CORP CENTRAL INDEX KEY: 0001286613 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 571150621 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51371 FILM NUMBER: 23878638 BUSINESS ADDRESS: STREET 1: 14 SYLVAN WAY STREET 2: SUITE A CITY: PARSIPPANY STATE: NJ ZIP: 07054 BUSINESS PHONE: 973-736-9340 MAIL ADDRESS: STREET 1: 14 SYLVAN WAY STREET 2: SUITE A CITY: PARSIPPANY STATE: NJ ZIP: 07054 8-K 1 brhc20052351_8k.htm 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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):  April 27, 2023

LINCOLN EDUCATIONAL SERVICES CORPORATION
(Exact Name of Registrant as Specified in Charter)

New Jersey
 
000-51371
 
57-1150621
(State or Other Jurisdiction of Incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)

14 Sylvan Way, Suite A, Parsippany, NJ 07054
(Address of Principal Executive Offices)   (Zip Code)

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:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934  (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading
Symbol(s)
Name of each exchange on which
registered
Common Stock No Par Value
LINC
NASDAQ



Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Officer Retirement

On April 27, 2023, Stephen M. Buchenot notified Lincoln Educational Services Corporation (the “Company”) of his intention to retire from his position as Executive Vice President of Campus Operations effective June 2, 2023. The Company expects that Mr. Buchenot’s various responsibilities will be addressed by certain current Company executives for the immediate future.

In connection with Mr. Buchenot’s retirement, the Compensation Committee of the Board of Directors of the Company has approved the acceleration of vesting of 87,566 outstanding unvested shares of restricted stock of the Company held by Mr. Buchenot as of his retirement date.

On May 2, 2023, the Company issued a press release announcing Mr. Buchenot’s retirement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this Item 5.02 by reference.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.
Exhibit Title
   
Press Release issued by Lincoln Educational Services Corporation dated May 2, 2023.
   
104
Cover Page Interactive Data File (embedded within the inline XBRL document).


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.

 
LINCOLN EDUCATIONAL SERVICES CORPORATION
   
Date:  May 2, 2023
 
     
 
By:
/s/Alexandra M. Luster
 
Name:
Alexandra M. Luster
 
Title:
General Counsel



EX-99.1 2 brhc20052351_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1
Press Release


Lincoln Educational Services Corporation Announces Upcoming Retirement of
Stephen M. Buchenot, Executive Vice President of Campus Operations

PARSIPPANY, NEW JERSEY, May 2, 2023.  Lincoln Educational Services Corporation (NASDAQ: LINC) announced today the upcoming retirement of Stephen M. Buchenot, Executive Vice President of Campus Operations. Mr. Buchenot joined the Company in 1992 and has held various positions, including Campus President and Regional Operations Manager, before becoming Executive Vice President of Campus Operations where he oversees the operations of all campuses and admissions.  Mr. Buchenot will continue in his role until June 2, 2023.

“On behalf of the Board of Directors, the leadership team, and our associates, I thank Steve for his dedication and many contributions to Lincoln Educational over these many years,” said Scott M. Shaw, the Company’s President and Chief Executive Officer and a Board member. “We greatly appreciate his commitment and leadership over the past 30+ years and wish him and his family much enjoyment and many years of happiness in his well-deserved retirement.”

ABOUT LINCOLN EDUCATIONAL SERVICES CORPORATION

Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults career-oriented programs in five principal areas of study: automotive technology, health sciences, skilled trades, business and information technology, and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946. Lincoln currently operates 22 campuses in 14 states under 4 brands: Lincoln College of Technology, Lincoln Technical Institute, Lincoln Culinary Institute and Euphoria Institute of Beauty Arts and Sciences. For more information, please go to www.lincolntech.edu.

Contact:

Lincoln Educational Services Corporation
Brian Meyers, CFO
973-736-9340
bmeyers@lincolntech.edu



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Document and Entity Information
Apr. 27, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 27, 2023
Entity File Number 000-51371
Entity Registrant Name LINCOLN EDUCATIONAL SERVICES CORPORATION
Entity Central Index Key 0001286613
Entity Incorporation, State or Country Code NJ
Entity Tax Identification Number 57-1150621
Entity Address, Address Line One 14 Sylvan Way, Suite A,
Entity Address, City or Town Parsippany
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07054
City Area Code 973
Local Phone Number 736-9340
Title of 12(b) Security Common Stock No Par Value
Trading Symbol LINC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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