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LOPE > SEC Filings for LOPE > Form 8-K on 15-Dec-2011All Recent SEC Filings

Show all filings for GRAND CANYON EDUCATION, INC.



Other Events

Item 8.01. Other Events.

As previously reported on a Current Report on Form 8-K filed on December 17, 2010, Mr. Christopher C. Richardson, General Counsel and Director of Grand Canyon Education, Inc. (the "Company"), adopted a stock trading plan on December 13, 2010, in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended. Under Rule 10b5-1, directors, officers and other employees who are not in possession of material non-public information may adopt a pre-arranged plan or contract for the sale of Company securities under specified conditions and at specified times. Once a plan is established, the insider retains no discretion over sales under the plan and the prearranged trades are executed through a broker in accordance with the plan.

Effective December 13, 2011, Mr. Richardson modified his 10b5-1 plan to extend the time period of the effectiveness of, and increase the number of shares subject to, the plan, as part of his individual long-term asset diversification, tax, and financial planning strategy as follows:

                                                         Maximum number of
                                                      shares of common stock                Time period during
                                                      that may be sold  under              which sales may occur
                                                        the 10b5-1 Plan, as               under the 10b5-1 Plan,
Name                                   Title                 modified                           as modified
Christopher C. Richardson         General Counsel                      750,000        January 1, 2012-December 31, 2012

Pursuant to this 10b5-1 plan, without further direction from Mr. Richardson in accordance with the terms and conditions set forth in his 10b5-1 plan, certain shares of the Company's common stock held by Mr. Richardson will be sold on a periodic basis on the open market at prevailing market prices subject to minimum price thresholds specified in the plan.

Any transactions effected pursuant to the 10b5-1 plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission, as applicable. Except to the extent required by law, the Company does not undertake to report any Rule 10b5-1 plans that may be adopted by any of the Company's officers or directors in the future, nor to report any modifications or terminations of any publicly announced Rule 10b5-1 plan.

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