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CECO > SEC Filings for CECO > Form 8-K on 19-Mar-2014All Recent SEC Filings

Show all filings for CAREER EDUCATION CORP



Change in Directors or Principal Officers, Financial Statements and Exhibit

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

On March 13, 2014, the Compensation Committee (the "Committee") of the Board of Directors of Career Education Corporation (the "Company") approved 2014 compensation matters for Scott Steffey, President and Chief Executive Officer. Mr. Steffey's annual base salary was increased to $850,000 and his target award value under the Company's Annual Incentive Award Program ("AIP") was increased to 110% of base salary. Mr. Steffey's 2014 AIP payment (payable in early 2015) will be based (i) 50% on revenue and expense management performance measures (two of the 2014 AIP performance measures applicable to the Company's other executive officers), and (ii) 50% on regulatory, company performance and subjective goals to be established by the Committee for Mr. Steffey.

Mr. Stefffey's long term incentive awards under the Career Education Corporation 2008 Incentive Compensation Plan were designed to achieve a target value of $3,000,000, granted 30% in stock options, 20% in restricted stock units (to be settled in stock) and 50% in a performance unit (to be settled in cash). The terms of these awards are consistent with those made to the other executive officers of the Company on March 4, 2014, except that the vesting of Mr. Steffey's restricted stock units is subject to achievement of a 2014 Company revenue performance measure in addition to the service vesting requirements applicable to the other executive officers. The grant of performance-based restricted stock units (to be settled in stock) to Mr. Steffey is evidenced by an award agreement on the form of Restricted Stock Unit Agreement (Performance-Based) which is attached as Exhibit 10.1. The grants of stock options and a performance unit are evidenced by award agreements on forms previously filed with the Company's Current Report on Form 8-K dated March 4, 2014.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Number                              Description of Exhibits

10.1         Form of Restricted Stock Unit Agreement (Performance-Based) under the
             Career Education Corporation 2008 Incentive Compensation Plan

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