Document:

Exhibit
10.14

LINCOLN TECHNICAL INSTITUTE

MANAGEMENT STOCK OPTION PLAN

 

(Effective January 1, 2002)

 

1.             Purpose.  The Lincoln Technical Institute Management Stock Option Plan (the
“Plan”) is intended to further
the best interests of Lincoln Technical Institute, Inc., a New Jersey
corporation (the “Company”), and
its subsidiaries by encouraging key employees, consultants and non-employee
directors of the Company and such subsidiaries to continue their association
with the Company and its subsidiaries and by providing additional incentive for
unusual industry and efficiency through offering an opportunity to acquire a
proprietary stake in the Company and its future growth.  The Company believes that this goal may best
be achieved through the grant of nonqualified stock options (the “Nonqualified Stock Options”) or incentive
stock options intended to qualify under Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”)
(the “Incentive Stock Options”,
and together with the Nonqualified Stock Options, the “Options”), to purchase shares of Class A
common stock, no par value, of the Company (“Common
Stock”).  Options are
sometimes referred to herein as “Awards”.

 

2.             Shares Subject to Plan.  There are reserved for issue upon the
exercise of Options granted under the Plan no more than 2,087,835 shares (the “Option Shares”) of the Company’s authorized Common Stock.  The Option Shares are reserved for grant as
either Service Options (as defined below) or Performance Options (as defined
below).  If any Option granted under the
Plan shall expire or terminate without having been exercised in full or
cancelled in exchange for a cash or other payment, subject to the terms of
Section 9 hereof, the unissued Option Shares subject thereto shall again be
available for the purposes of the Plan. 
Notwithstanding the foregoing, the maximum number of shares of Common
Stock that may be issued in connection with Incentive Stock Options is
1,043,917 shares, subject to such adjustments under Section 8 as may be
permitted under Section 422 of the Code.

 

3.             Effective Date of Plan.  The Plan shall take effect on January 1,
2002 (the “Effective Date”).  The shareholders of the Company shall duly
approve the Plan within 12 months after its adoption by the Board of Directors
of the Company (the “Board”).  If such shareholder approval is not
obtained, then the Plan shall be void ab
initio and any Awards made hereunder shall be automatically
rescinded.

 

4.             Administration of the Plan.  The Plan shall be administered by the Board
or by the Compensation Committee of the Board (the “Committee”).  The
Board may authorize the Committee to exercise any and all of the powers and
functions of the Board pursuant to the Plan. 
The interpretation and construction by the Committee or the Board of any
provisions of the Plan or of any Awards granted under it shall be final and
conclusive.  No member of the Committee
or of the Board shall be liable for any action or determination made in good
faith with respect to the Plan or any Awards granted under it.

 

5.             Eligibility.  Options may be granted only to those key
employees (“Employees”),
consultants (“Consultants”) and
non-employee directors (“Directors”)
of the

 

 

Company or of
any subsidiary of the Company (as such term is defined in Section 425 of the
Code) selected by the Board or the Committee (together, the “Participants”).

 

6.             Options.

 

(a)           Grant of Options.  The Company, by action of the Board or of
the Committee and subject to the provisions of this Plan, may, from time to
time, grant Options to purchase Option Shares to Participants and for such
number of Option Shares as may be determined by the Board or the
Committee.  Each grant of an Option
pursuant to this Plan shall be made in writing and upon such terms and
conditions as may be determined by the Board or by the Committee at the time of
grant, subject to the provisions and limitations set forth in this Plan.  The grant of any such Option shall be
evidenced by a written agreement executed by such officer of the Company as is
designated in the resolution of the Board or the Committee authorizing such
Option grant, and the date thereof shall be the date of grant of such Option.

 

(b)           Option Price.  The per share exercise price of each Option
(the “Option Price”)
granted pursuant to this Plan shall be determined by the Board or by the
Committee; provided that the Option Price of any
Options granted on the Effective Date shall be $3.10 per Option Share.  Notwithstanding the foregoing, the Option
Price for an Incentive Stock Option shall be no less than 100% of the fair
market value of a share of Common Stock as of the date of grant, as determined
in good faith by the Committee in accordance with Section 422 of the Code.

 

(c)           Duration of Options.  The period for which each Option granted
hereunder shall be effective shall commence upon the date of the written
agreement evidencing such Option and (unless otherwise expressly specified in
such written agreement) shall continue until such Option shall be terminated
according to its terms or as hereinafter provided (the “Option Period”). 
Except as otherwise expressly provided in this Section 6(c) and in
Section 10 hereof, an Option (whether or not exercisable) shall terminate
immediately upon an Employee’s ceasing to be an employee, a Consultant’s ceasing
to be a consultant or, in the case of a Director, a Director’s ceasing to be a
member of the Board of the Company or any of its subsidiaries.  The Option Period of any Option granted
pursuant to this Plan shall terminate upon the earliest to occur of (1) the
tenth anniversary of the date of the written agreement evidencing such Option
and (2) the following dates:

 

(i)            the six-month
anniversary of the date upon which the Participant holding such Option ceases
to be an employee, consultant or director of the Company or its subsidiaries by
reason of death;

 

(ii)           unless otherwise
specifically provided in any agreement between the Participant and the Company
or one of its subsidiaries, the thirty-day anniversary of the date of the
Retirement or Disability (as such terms are defined in the Management
Stockholders Agreement dated April 1, 2001, by and among the Company, the
Management Investors (as defined therein) parties thereto and Stonington (as
defined therein) (as in effect from time to time, the “Management Stockholders Agreement”)) of
the Participant if the Participant retires or is disabled while an employee,
consultant or director of the Company or any of its subsidiaries, or the
thirty-day anniversary of the date of Retirement, Disability or Involuntary Termination
(as defined in the Management

 

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Stockholders
Agreement) of the Participant; provided,
however, that in the event of a
Participant’s termination of employment due to Retirement, Disability or
Involuntary Termination, Performance Options shall terminate on the thirty-day
anniversary of the later of (A) such termination of employment and (B) April 15th
of the year in which such termination of employment occurred.

 

(iii)          immediately upon a
Participant’s Voluntary Resignation (as defined in the Management Stockholders
Agreement) or termination of employment, consultancy or directorship with the
Company or any of its subsidiaries for Cause (as defined in the Management
Stockholders Agreement).

 

(d)           Non-Transferability.  No Option granted pursuant to this Plan may
be sold, offered, disposed of pledged, hypothecated, encumbered or otherwise
transferred by the Participant except to a deceased Participant’s executors,
administrators and testamentary trustees or as provided in the Management
Stockholders Agreement, and, further, during the lifetime of the Participant,
the Option may be exercised only by, or on behalf of, the Participant.

 

(e)           Incentive Stock Options Granted to
Certain Shareholders.  No Incentive
Stock Option may be issued pursuant to the Plan to any individual who, at the
time the Option is granted, owns stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or any parent or
subsidiary (as defined in Section 424 of the Code) of the Company, unless (i)
the Option Price determined as of the date of grant is at least 110% of the
fair market value on the date of grant of the shares of Common Stock subject to
such Option, as determined in good faith by the Board in accordance with
Section 422 of the Code, and (ii) the Incentive Stock Option is not exercisable
more than five years from the date of grant.

 

(f)            Exercisability and Vesting of
Options.  Options granted hereunder
shall be designated by the Board or the Committee as Service Options or
Performance Options.  Options shall
become exercisable pursuant to the following terms and (except as otherwise
expressly provided for in the agreement granting such Option, in any agreement
between the Company and the Participant or below in this Section 6(f)) only if
the Employee is an employee or the Consultant is a consultant of the Company or
any of its subsidiaries (as determined pursuant to Section 10 hereof) or, in
the case of a Director, the Director is a member of the Board or board of
directors of any of its subsidiaries on the date on which such Option becomes
exercisable.  An Option (or portion
thereof) which becomes exercisable pursuant to the terms of this Section 6(f)
is referred to as a “Vested Option.”

 

(i)            The Board or the Committee may
designate certain Options as Service Options (“Service
Options”).  Except as the
Board or the Committee may otherwise determine, Service Options granted on the
Effective Date shall vest and become exercisable with respect to 20% of the
Option Shares as of the first anniversary of the date of grant and with respect
to an additional 20% of the Option Shares as of each of the second, third,
fourth and fifth anniversaries of the date of grant; provided that the Employee or Consultant remains in the
employ of the Company or any of its subsidiaries (as determined pursuant to
Section 10 hereof) or the Director remains a member of the Board or board of
directors of any of its subsidiaries; and provided,
further, that in the event of a
Change in Control (as herein defined) of the Company all

 

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outstanding
unvested Service Options held by Participants shall become fully vested and
immediately exercisable on the effective date of such Change in Control.

 

(ii)           The Board or the Committee may
designate certain Options as Performance Options (“Performance Options”). 
Except as the Board or the Committee may otherwise determine, or except
as expressly provided for in the agreement granting such Option, Performance
Options shall vest and become exercisable at a rate of up to 20% per year
subject to the achievement of predetermined EBITDA Value (as defined in
Schedule I hereto) targets for each fiscal year of the Company (the “Target EBITDA Values”), or the achievement
of cumulative EBITDA Value targets (the “Cumulative
Target EBITDA Values”). 
Performance Options shall vest and become exercisable on April 15th
following the year in which the Target EBITDA Values or the Cumulative Target
EBITDA Values are achieved, provided
that the Participant (A) remains in the employ of the Company or any of its
subsidiaries (as determined pursuant to Section 10 hereof), or (B) is no longer
in the employ of the Company or any of its subsidiaries due to an Involuntary
Termination which occurred after the last day of the fiscal year of the
Company.  The Target EBITDA Values and
the Cumulative Target EBITDA Values for a grant of Performance Options shall be
established prior to the relevant date of grant.  If the Target EBITDA Value for a fiscal year is not achieved,
none of the Performance Options subject to vesting for such fiscal year shall
become exercisable and such Performance Options shall instead remain eligible
to vest and become exercisable if and when the applicable Cumulative Target
EBITDA Value is achieved; provided, further, that in the event of a Change in
Control, all outstanding Performance Options held by Participants shall become
fully vested and immediately exercisable on the effective date of such Change
in Control; provided, further, that in the event of an IPO (as
defined in the Management Stockholders Agreement) Performance Options not yet
vested will no longer become exercisable in accordance with this Section
6(f)(ii) and will vest and become exercisable as if they were Service Options,
in the same manner as determined under clause (i) of this Section 6(f).

 

Subject to Sections 8 and 11 hereof, the Target EBITDA
Values and the Cumulative Target EBITDA Values as established pursuant to the
Plan, shall be adjusted as determined by the Board in good faith if there has
been a disposition of assets representing a substantial portion of the
consolidated assets of the Company, an acquisition of assets representing a
substantial portion of the consolidated assets of the Company, a
recapitalization or merger of the Company, or other extraordinary transaction
in the preceding four quarters.

 

(iii)          “Change
in Control,” shall mean:  (A)
on or prior to an IPO (i) the merger of the Company with or into another
corporation as a result of which Stonington owns less than 30% of the
outstanding common stock (on a fully diluted basis, assuming exercise of all
options and warrants, whether or not then exercisable) of the surviving company
(or parent thereof), (ii) the sale of all or substantially all of the assets of
the Company to an entity not controlled by Stonington, or (iii) the sale (in a
single transaction or series of related transactions) to an entity not
controlled by Stonington of shares of Common Stock and as a result of which
Stonington owns less than 30% of the outstanding Common Stock (on a fully,
diluted basis, assuming exercise of all options and warrants, whether or not
then exercisable); provided, however, that an IPO shall not constitute
a Change in Control; and (B) following an IPO (1) when a “person”, as defined
in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and as used in Sections
13(d) and 14(d) thereof, including a “group”, as defined in Section

 

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13(d) and
14(d) thereof either directly or indirectly becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act) of 15% or more of either (i) the
then outstanding Common Stock or (ii) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the
election of directors; provided, however, that the following acquisitions
shall not constitute a Change in Control (i) any acquisition directly from the
Company, (ii) any acquisition by the Company, or (iii) any acquisition by an
employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company; (2) when, during any period of 24
consecutive months during the existence of the Plan, the individuals who, at
the beginning of such period, constitute the Board (the “Company Incumbent Directors”), cease for
any reason other than death to constitute at least a majority thereof; provided, however,
that a director who was not a director at the beginning of such 24-month period
shall be deemed to be a Company Incumbent Director if such director was elected
by, or on the recommendation of or with the approval of at least two-thirds of
the directors of the Company, who then qualified as Company Incumbent
Directors, (3) when the stockholders of the Company approve a reorganization,
merger or consolidation of the Company without the consent or approval of a
majority of the Company Incumbent Directors; (4) the consummation of a
reorganization, merger or consolidation of the Company with or into another
entity or any other corporate reorganization, if more than 60% of the combined
voting power of the continuing or surviving entity’s securities outstanding
immediately after such reorganization, merger or consolidation is owned by
persons who were not stockholders of the Company immediately prior to such
reorganization, merger, consolidation; or (5) a complete liquidation or
dissolution of the Company or the sale or other disposition of all or
substantially all of the assets of the Company.

 

(g)           Procedure for Exercise and Payment
for Shares.  Exercise of an Option
shall be made by the giving of written notice to the Company by the
Participant.  Such written notice shall
be deemed sufficient for this purpose only if it (i) is delivered to the
Company at its principal offices, (ii) states the number of Option Shares with
respect to which the Option is being exercised, and (iii) states the date, no
earlier than the fifth business day after, and no later than the tenth business
day after, the date of such notice, upon which the Option Shares shall be
purchased and payment therefor shall be made. 
The payments for Option Shares purchased pursuant to exercise of an
Option shall be made at the principal offices of the Company.  Upon (x) the exercise of any Option, in
compliance with the provisions of this Section 6(g), (y) receipt by the Company
of the payment for the Option Shares so purchased together with cash in the
amount of (or the making of arrangements referred to in Section 13 of the Plan
with respect to) any taxes required to be collected or withheld as a result of
the exercise of this Option, and (z) receipt by the Company of an executed copy
of the Management Stockholders Agreement (unless such Participant is already a
party thereto or the Company receives such other evidence as the Company may
reasonably require to ensure that the Option Shares issuable upon exercise of
the Option shall be subject to the Management Stockholders Agreement), the
Company shall deliver or cause to be delivered to the Participant so exercising
an Option a certificate or certificates for the number of Option Shares with
respect to which the Option is so exercised and payment is so made.  The Option Shares shall be registered in the
name of the exercising Participant; provided
that in no event shall any Option Shares be issued pursuant to exercise of an
Option until full payment therefor shall have made in one of the manners set
forth below; and provided, further,
that until such payment has been made, the exercising Participant shall have no
rights of a shareholder.  For purposes
of this paragraph, the date of issuance shall be the date

 

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upon which
payment in full has been received by the Company as provided herein.  The exercise price shall be payable at the
election of the Participant, in whole or in part, in any one or a combination
of cash or “Mature Common Stock”
valued at the Fair Value Price (as defined below) as of the date the notice of
exercise is given.  Mature Common Stock
is defined as shares of Common Stock held by such Participant for more than six
months.

 

(h)           Cash-Out of Certain Options.  (i) 
Without limiting any rights of the Company under the Management
Stockholders Agreement, the Board or Committee may in its sole discretion
cancel the vested portion of any Option held by a person who is at such time no
longer an employee, consultant or director of the Company or its subsidiaries
in exchange for a cash payment equal to the excess of (x) the Fair Value Price
(as defined below) of the Option Shares subject to such Vested Option, over (y)
the Option Price for such Option Shares, multiplied by the number of Option
shares subject to such cancelled Options; provided, however, that
the exercise of the right of the Board or the Committee hereunder shall not be
made in contemplation of a Change in Control or an IPO.

 

(ii)           Without limiting any rights of the
Company under the Management Stockholders Agreement, the Board or the Committee
may cancel any outstanding Option in exchange for a cash payment, or in the
discretion of the Board or the Committee payment of other property, to the
Participant equal to the excess of (x) the fair market value (as determined in
good faith by the Board) of the consideration received per Stonington Share by
Stonington in any sale (by merger, stock purchase or otherwise) to a person
which is not an Affiliate (as defined in the Management Stockholders Agreement)
of the Company or Stonington of all the then issued and outstanding Stonington
Shares (as defined in the Management Stockholders Agreement) (a “Transfer Event”), over (y) the Option
Price for such Option Shares, multiplied by the number of Option Shares subject
to such cancelled Options, in each case effective upon the consummation of the
Transfer Event.

 

(iii)          “Fair
Value Price,” shall mean, with respect to each Option Share, as of
any date of determination, (X) in the event there is no public market for the
Common Stock, the quotient obtained by dividing (a) the excess of (I) the
product of (A) the Company’s EBITDA (as defined in the Management Stockholders
Agreement) for the four full fiscal quarters ending immediately preceding the
date of determination, and (B) 6.0 over (II) the excess of (C) the sum of (x)
the aggregate principal amount of any Indebtedness (as defined in the
Management Stockholders Agreement), determined in accordance with GAAP (as
defined in the Management Stockholders Agreement), as of the end of the most
recently completed fiscal quarter of the Company and (y) the aggregate
liquidation value (including any accrued dividends thereon) of any outstanding
preferred stock of the Company or any of its subsidiaries that is held by
persons or entities other than the Company or any of its subsidiaries,
determined in accordance with GAAP, as of the end of the most recently
completed fiscal quarter of the Company, over (D) the sum of the amount of cash
deemed to be on hand as of the end of such quarter as a result of the assumed
exercise of all outstanding Options as described in the next paragraph and the
amount of cash and cash equivalents, determined in accordance with GAAP, held
by the Company or any of its subsidiaries as of the end of such quarter by (b)
the number of Shares then outstanding determined on a fully diluted basis as of
the end of its most recently completed fiscal quarter of the Company; provided, however,
if there had been a disposition of assets representing a substantial portion of
the consolidated assets of the Company, an acquisition of assets

 

6

 

representing a
substantial portion of the consolidated assets of the Company, a
recapitalization or merger of the Company, or other extraordinary transaction
in the preceding four quarters then the Fair Value Price shall be adjusted as
determined by the Board in good faith or (Y) in the event of a public market
for the Common Stock, the closing price of a share of Common Stock as reported
on the composite tape for securities listed on the New York Stock Exchange, or
such other national securities exchange as may be designated by the Board, or,
in the event that the Common Stock is not listed for trading on a national
securities exchange but is quoted on an automated system, on such automated
system, in any such case on the date of determination (or, if there were no
sales on the date of determination, the closing price of a share of Common
Stock as reported on said composite tape or automated system for the most
recent day during which a sale occurred).

 

In making calculations for purposes of subclauses (a)
and (b) of clause (X) of the preceding paragraph it shall be assumed that all
Options (whether or not then vested or exercisable), warrants and rights to
purchase shares of Common Stock and securities convertible or exchangeable into
shares of Common Stock, if any, outstanding on the date as of which the
calculation is being made had been exercised, converted or exchanged on such
date if the exercise price or conversion or exchange price is less than the
Fair Value Price per share and any purchase price for shares of Common Stock
payable upon such exercise had been paid in cash and appropriate adjustments
(including without limitation the reflection of such cash exercise price and
the issuance of such additional shares of Common Stock) made to the relevant
balance sheet of the Company.

 

7.             Requirements of Law and of
Certain Agreements.  If any law or any regulation of any commission or agency of
competent jurisdiction shall require the Company or the exercising Participant
to take any action with respect to any Option Shares, then the date upon which
the Company shall issue or cause to be issued the certificate or certificates
for such Option Shares shall be postponed until full compliance has been made
with all such requirements of law or regulation; provided that the Company shall use reasonable efforts to
take all necessary action to comply with such requirements of law or
regulation.  Further, if requested by
the Company, at or before the time of the issuance of such Option Shares, the
Participant shall deliver to the Company his or her written statements
satisfactory in form and content to the Company, that he or she intends to hold
the option Shares so acquired by him or her for investment and not with a view
to resale or other distribution thereof to the public in violation of the
Securities Act or any applicable state securities or “blue sky” law.  Moreover, in the event that the Company
shall determine in its sole discretion that, in compliance with the Securities
Act or any applicable state securities or “blue sky” law, it is necessary to
register any of the Option Shares, or to qualify any such Option Shares for
exemption from any of the requirements of the Securities Act or any other
applicable statute or regulation, no Options may be exercised until the
required action has been completed; provided
that the Company shall use reasonable efforts to take all necessary
action to comply with such requirements of law or regulation.  All Option Shares shall bear the legends
provided for in the Management Stockholders Agreement.

 

8.             Adjustments.  In the event of the declaration of any stock
dividend on any class of shares of common stock of the Company or in the event
of any reorganization, merger, consolidation, acquisition, disposition,
separation, recapitalization, stock split, split-up, spin-off, combination or
exchange of any such shares of Common Stock or like event, the number and/or

 

7

 

character of
the Option Shares and/or the Option Price of any Option granted under the Plan,
shall be appropriately adjusted by changes in this Plan and in any Options
outstanding pursuant to this Plan (including, if appropriate, by substitution
of options of the successor or transferee company in the event of a merger or
disposition, cash or other property for the Options) that may be deemed to be
appropriate by the Committee or the Board, acting in good faith.

 

9.             Grant of Terminated Options.  If any Option (or any portion thereof)
terminates as a result of an Participant’s ceasing to be an Employee,
Consultant or Director of the Company or its subsidiaries, the Committee or the
Board may grant to any Participant other than such former Participant an
additional Option or Options with respect to the unissued Option Shares
previously subject to the Option (or portion thereof) so terminated at such
price and on terms and conditions determined by the Board at the date of such
grant.

 

10.          Termination of Employment or
Consultancy.

 

(a)           The employment of an Employee shall
not be deemed to have terminated if the Employee is an employee of the Company
who is transferred to and becomes an employee of a subsidiary of the Company
or, if he or she is an employee of a subsidiary of the Company, who is
transferred to and becomes an employee of the Company or another subsidiary of
the Company; provided, however, that if a subsidiary of the Company ceases to be a
subsidiary, all employees of such subsidiary not theretofore transferred to and
becoming employees of the Company or of another subsidiary of the Company shall
be deemed to have ceased to be Employees within the meaning of this Plan on the
date such subsidiary ceases to be a subsidiary of the Company.

 

(b)           The consultancy of a Consultant shall
not be deemed to have terminated if the Consultant is a Consultant of the
Company who is transferred to and becomes an consultant of a subsidiary of the Company
or, if he or she is a consultant of a subsidiary of the Company, who is
transferred to and becomes a consultant of the Company or another subsidiary of
the Company; provided, however, that if a subsidiary of the Company ceases to be a
subsidiary, any consultants of such subsidiary not theretofore transferred to
and becoming consultants of the Company or of another subsidiary of the Company
shall be deemed to have ceased to be Consultants within the meaning of this
Plan on the date such subsidiary ceases to be a subsidiary of the Company.

 

11.          Termination, Amendment or
Discontinuance of the Plan.

 

(a)           This Plan shall terminate upon, and
no Options shall be granted after, the close of business on January 1, 2012
unless it shall have sooner terminated by there having been granted and either
fully exercised or cancelled in exchange for a cash payment Options covering
the entire 2,087,835 Option Shares subject to this Plan.

 

(b)           The Board may, insofar as permitted
by law, amend, suspend, or discontinue this Plan at any time without
restriction; provided, however, that the Board may not alter or amend or
discontinue or revoke of otherwise impair any outstanding Options which have
been granted pursuant to this Plan and which remain unexercised in a manner adverse
to Option holders, except in an adjustment referred to in Section 8 above or in
Section 11(c) below, or

 

8

 

except in the
event that there is secured the written consent of the holder of the
outstanding Option proposed to be so altered or amended.  Nothing contained in this paragraph,
however, shall in any way condition or limit the termination of an Option as
hereinabove provided where reference is made to termination of employment,
consultancy or directorship of a Participant. 
The Option Period of any outstanding Option shall not be extended by any
amendment or suspension or discontinuance of the Plan.

 

(c)           In the event of the declaration of
any stock dividend on any class of shares of common stock of the Company or in
the event of any reorganization, merger, consolidation, acquisition,
disposition, separation, recapitalization, stock split, split-up, spin-off,
combination or exchange of any such shares of Common Stock or like event, such
substitution or adjustments (including if appropriate substitution of options
of the successor or transferee company in the event of a merger or disposition,
cash or other property) shall be made in the aggregate number of shares
reserved for issuance under the Plan, and in the vesting criteria of
outstanding Options, as may be determined to be appropriate by the Committee or
the Board, acting in good faith.

 

12.          Liquidation of the Company.  In the event of the complete liquidation or
dissolution of the Company other than as an incident to a merger,
reorganization, or other transaction referred to in Section 8 or 11(c) above,
any Options remaining unexercised shall be deemed cancelled without regard to
or limitation by any other provision of this Plan and each Vested Option shall
be entitled to a payment in cancellation thereof equal to the excess, if any,
of the amount received per Option Share in such liquidation or dissolution over
the Option Price, multiplied by the number of Option Shares subject to such
Option.

 

13.          General Provisions.

 

(a)           Nothing contained in the Plan shall
prevent the Company or any subsidiary from adopting other or additional
compensation arrangements for its employees, consultants or directors.

 

(b)           The adoption of the Plan shall not
confer upon any Employee any right to continued employment, any Consultant any
right to continued consultancy or any Director any right to continue as a
member of the Board or board of directors of any of its subsidiaries, nor shall
it interfere in any way with the right of the Company or any subsidiary to
terminate the employment, consultancy or directorship of any Employee,
Consultant or Director at any time.

 

(c)           No later than the date as of which an
amount first becomes includible in the gross income of the Participant for
Federal income tax purposes with respect to Option Shares acquired pursuant to
the exercise of any Option hereunder, such Participant shall pay to the
Company, or make arrangements reasonably satisfactory to the Company regarding
the payment of, any Federal, state, local or foreign taxes of any kind required
by law to be withheld with respect to such amount; provided, however, that
such arrangements need not involve the advancement by the Company of any funds
to, for or on behalf of any Participant or the incurrence or payment by the
Company of any costs or expenses.  With
the approval of the Committee, a Participant may satisfy the foregoing
requirements by electing to have the Company withhold from delivery shares of
Common Stock having a value equal to the amount of tax to be withheld (but not
in excess of the Company’s minimum statutory withholding).  The

 

9

 

obligations of
the Company hereunder shall be conditional on such payment or arrangements, and
the Company shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment otherwise due to the Participant.

 

(d)           The Plan and all Awards made and
actions taken thereunder shall be governed by and construed in accordance with
the laws of the State of New York without reference to the choice of law
principles thereof.

 

10

 

SCHEDULE I

 

EBITDA Values

 

	
  Fiscal

  	
   

  	
  2002

  	
   

  	
  2003

  	
   

  	
  2004

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  
	
  Target EBITDA
  Value  (thousands)

  	
   

  	
  $

  	
  13,000

  	
   

  	
  $

  	
  18,000

  	
   

  	
  $

  	
  23,000

  	
   

  	
  $

  	
  26,500

  	
   

  	
  $

  	
  30,000

  	
   

  
	
  Cumulative
  Target EBITDA Value (thousands)

  	
   

  	
  $

  	
  13,000

  	
   

  	
  $

  	
  31,000

  	
   

  	
  $

  	
  54,000

  	
   

  	
  $

  	
  80,500

  	
   

  	
  $

  	
  110,500

  	
   

  

 

EBITDA Value for a fiscal year shall mean the
consolidated earnings from continuing operations of the Company and its
subsidiaries for such period before consolidated interest, taxes, depreciation
and amortization, determined in accordance with GAAP in effect on the date
hereof and consistent with the principles utilized in connection with the
preparation of the audited financial statements of the Company for the Fiscal
Year ended December 31, 2002 excluding (i) extraordinary charges and gains and
(ii) any charges or gains attributable to the grant or exercise of the Options.

 

11

 

Lincoln Educational Services

 

Management Stock Option Plan

 

	
  Option Plan

  	
   

  	
  Tab 1

  
	
   

  	
   

  	
   

  
	
  Option Agreement

  	
   

  	
  Tab 2

  
	
   

  	
   

  	
   

  
	
  Stockholders Agreement

  	
   

  	
  Tab 3

  
	
   

  	
   

  	
   

  
	
  Overview

  	
   

  	
  Tab 4Exhibit 10.15

Form of

 

STOCK OPTION
AGREEMENT dated as of January 1, 2002 between LINCOLN TECHNICAL INSTITUTE,
INC., a New Jersey corporation (the “Company”),
and the other party signatory hereto (the “Participant”).

 

WHEREAS, the
Participant is currently a key employee of the Company or one of its
subsidiaries and, pursuant to the Company’s Management Stock Option Plan (the “Plan”) and upon the terms and subject to
the conditions hereinafter set forth, the Company desires to provide the
Participant with an incentive to remain in its employ or the employ of one of
its subsidiaries and to increase his interest in the success of the Company by
granting to the Participant incentive stock options pursuant to Section 422 of
the Code (the “Options”) to
purchase shares of common stock, no par value per share, of the Company (the “Common Stock”);

 

NOW,
THEREFORE, in consideration of the covenants and agreements herein contained,
the parties hereto agree as follows:

 

1.             Definitions; Incorporation of
Plan Terms.  Capitalized terms used
herein without definition shall have the meanings assigned to them in the Plan,
a copy of which is attached hereto. 
This Agreement, the Options and the shares of Common Stock issued
pursuant to the exercise of Options (the “Option
Shares”) shall be subject to the Plan, the terms of which are hereby
incorporated herein by reference, and in the event of any conflict or
inconsistency between the Plan and this Agreement, the Plan shall govern.  The date of grant with respect to the
Options shall be the date specified at the foot of the signature page hereof.

 

2.             Management Stockholders
Agreement; Certain Restrictions.  In
accordance with Section 6(g) of the Plan, the Participant and the Company
hereby confirm that, effective as of the date hereof, the Participant shall,
for purposes of the Management Stockholders Agreement (as defined in Section 4
below), be deemed to be a “Stockholder” with respect to the Options and the
Option Shares and the Participant agrees to be bound by all the terms of the
Management Stockholders Agreement applicable to such a Stockholder.  None of the Option Shares may be sold,
transferred, assigned, pledged, or otherwise encumbered or disposed of to any
third party other than the Company except as provided in the Management
Stockholders Agreement or the Plan. 
None of the Options may be sold, transferred, assigned, pledged, or
otherwise encumbered or disposed of, except by will or the laws of descent and
distribution.  During the Participant’s
lifetime, an Option shall be exercisable only by the Participant.  Each Permitted Transferee (other than the
Company) of any Option or Option Share shall, as a condition to the transfer
thereof, execute an agreement pursuant to which it shall become a party to the
Management Stockholders Agreement and this Agreement.

 

3.             Grant of Options.  Subject to the terms and conditions
contained herein and in the Plan, the Company hereby grants to the Participant,
effective as of the date of grant, the number of Service Options and/or
Performance Options specified at the foot of the signature page hereof.  Each such Option shall entitle the
Participant to purchase, upon payment of the Option Price specified at the foot
of the signature page hereof, one share of Common Stock.  The Options are intended to qualify as
incentive stock options under Section 422 of the Code.  Nonetheless, if the Option is determined not
to be an incentive stock option, the Participant

 

 

understands
that neither the Company nor any of its subsidiaries is responsible to
compensate him or her or otherwise make up for the treatment of the Option as a
non qualified stock option and not as an incentive stock option.  The Participant should consult with his or
her own tax advisors regarding the tax effects of the Option and the
requirements necessary to obtain favorable tax treatment under Section 422 of
the Code, including, but not limited to, any holding period requirements.  The Options shall be exercisable as
hereinafter provided.

 

4.             Terms and Conditions of Options.  The Options evidenced hereby are subject to
the following terms and conditions:

 

(a)           Duration of
Options.  The period for which these
Options are effective shall commence upon the date hereof and shall continue
until these Options are terminated as hereinafter provided (the “Option Period”).  Except as otherwise expressly provided in this Section 4(a)
hereof, the Options (whether or not exercisable) shall terminate and be
forfeited without payment immediately upon an Employee’s ceasing to be an employee
of the Company or any of its subsidiaries. 
The Option Period of these Options shall terminate upon, and the Options
shall not be exercisable following, the earliest to occur of (1) the tenth
anniversary of the date hereof and (2) the following dates:

 

(i)            the six-month
anniversary of the date upon which the Participant holding such Option ceases
to be an employee of the Company or its subsidiaries by reason of death;

 

(ii)           unless otherwise
specifically provided in any agreement between the Participant and the Company
or one of its subsidiaries, the thirty-day anniversary of the date of the
Retirement or Disability (as such terms are defined in the Management
Stockholders Agreement) of the Participant if the Participant retires or is
disabled while an employee of the Company or any of its subsidiaries, or the
thirty-day anniversary of the date of Involuntary Termination (as defined in
the Management Stockholders Agreement) of the Participant; provided, however,
that in the event of a Participant’s termination of employment due to
Retirement, Disability or Involuntary Termination, Performance Options shall
terminate on the thirty-day anniversary of the later of (A) such termination of
employment and (B) April 15th of the year in which such termination
of employment occurred; or

 

(iii)          immediately upon a
Participant’s Voluntary Resignation (as defined in the Management Stockholders
Agreement) or termination of employment with the Company or any of its
subsidiaries for Cause (as defined in the Management Stockholders Agreement).

 

(b)           Exercisability
and Vesting of Options.  Options
granted hereunder have been designated Service Options or Performance
Options.  Options shall become
exercisable pursuant to the following terms and (except as otherwise expressly
provided for hereunder or in any agreement between the Company and the
Participant) only if the Employee is an employee of the Company or any of its
subsidiaries (as determined pursuant to Section 10 of the Plan) on the date on
which such Option becomes

 

2

 

exercisable.  An Option (or
portion thereof) which becomes exercisable pursuant to the terms of this
Section 4(b) is referred to as a “Vested
Option.”

 

(i)            Except as the Board
of Directors or the Committee may otherwise determine, Service Options shall
vest and become exercisable with respect to 20% of the Option Shares on the
date of grant, and with respect to an additional 20% of the Option Shares as of
each of the first, second, third and fourth anniversaries of the date of grant;
provided that the Employee
remains in the employ of the Company or any of its subsidiaries (as determined
pursuant to Section 10 of the Plan); and provided,
further that in the event of a
Change in Control of the Company all outstanding unvested Service Options held
by Participants shall become fully vested and immediately exercisable on the
effective date of such Change in Control.

 

(ii)           Except as the Board
of Directors or the Committee may otherwise determine, Performance Options
shall vest and become exercisable at a rate of up to 20% per year subject to
the achievement of predetermined EBITDA Value (as defined in Schedule I of the
Plan) targets for each fiscal year of the Company beginning with the fiscal
year ending December 31, 2002 (the “Target
EBITDA Values”), or the achievement of cumulative EBITDA Value
targets (the “Cumulative Target EBITDA
Values”); provided
that the Participant (A) remains in the employ of the Company or any of its
subsidiaries (As determined pursuant to Section 10 of the Plan), or (B) is no
longer in the employ of the Company or any of its subsidiaries due to an
Involuntary Termination which occurred after the last day of the fiscal year of
the Company.  The Target EBITDA Values
and the Cumulative Target EBITDA Values for a grant of Performance Options
shall be established prior to the relevant date of grant.  If the Target EBITDA Value for a fiscal year
is not achieved, none of the Performance Options subject to vesting for such
fiscal year shall become exercisable and such Performance Options shall instead
remain eligible to vest and become exercisable if and when the applicable
Cumulative Target EBITDA Value is achieved; provided,
further, that in the event of a
Change in Control of the Company all outstanding unvested Performance Options
held by Participants shall become fully vested and immediately exercisable on
the effective date of such Change in Control and provided, further,
that in the event of an IPO (as defined in the Management Stockholders
Agreement) Performance Options not yet vested will no longer become exercisable
in accordance with this Section 4(b)(ii) and will vest and become exercisable
as if they were Service Options, in the same manner as determined under clause
(i) of this Section 4(b).

 

Subject to Sections 8 and 11 of the Plan, the Target EBITDA Values and
the Cumulative Target EBITDA Values as established pursuant to the Plan, shall
be adjusted as determined by the Board in good faith if there has been a
disposition of assets representing a substantial portion of the consolidated
assets of the Company, an acquisition of assets representing a substantial
portion of the consolidated assets of the Company, a recapitalization or merger
of the Company, or other extraordinary transaction in the preceding four
quarters.

 

3

 

(c)           Procedure for
Exercise and Payment for Shares. 
Exercise of these Options shall be made by the Participant’s giving
written notice to the Company.  Such
written notice shall be deemed sufficient for this purpose only if it (i) is
delivered to the Company at its principal offices, (ii) states the number of
Option Shares with respect to which the Option is being exercised, and (iii)
states the date, no earlier than the fifth business day after, and no later
than the tenth business day after, the date of such notice, upon which the
Option Shares shall be purchased and payment therefor shall be made.  The payments for Option Shares purchased
pursuant to exercise of these Options shall be made at the principal offices of
the Company.  Upon (x) the exercise of
any Option, in compliance with the provisions of this Section 4(c), (y) receipt
by the Company of the payment for the Option Shares so purchased together with
cash in the amount of (or the making of arrangements referred to in Section 13
of the Plan with respect to) any taxes required to be collected or withheld as
a result of the exercise of this Option, and (z) receipt by the Company of an
executed copy of the Management Stockholders Agreement (unless such Participant
is already a party thereto or the Company receives such other evidence as the
Company may reasonably require to ensure that the Option Shares issuable upon
exercise of the Option will be subject to the Management Stockholders
Agreement), the Company shall deliver or cause to be delivered to the
Participant so exercising an Option a certificate or certificates for the
number of Option Shares with respect to which these Options are exercised and
payment is made.  The Option Shares
shall be registered in the name of the exercising Participant; provided that in no event shall any Option
Shares be issued pursuant to exercise of an Option until full Payment therefor
shall have been made in one of the manners set forth below; and provided, further,
that until such payment has been made, the exercising Participant shall have no
rights of a shareholder.  For purposes
of this paragraph, the date of issuance shall be the date upon which payment in
full has been received by the Company as provided herein.  The exercise price shall be payable at the
election of the Participant, in whole or in part, in any one or a combination
of cash or Mature Common Stock (as defined below) valued at the Fair Value
Price as of the date the notice of exercise is given.  “Mature Common Stock”
is defined as shares of Common Stock held by such Participant for more than six
months.

 

(d)           Cash-Out of
Certain Options.

 

(i)            Without limiting
any rights of the Company under the Management Stockholders Agreement, the
Board or the Committee may in its sole discretion cancel the vested portion of
any Option or Options held by a person who is at such time no longer an
employee of the Company or its subsidiaries in exchange for a cash payment
equal to the excess of (x) the Fair Value Price of the Option Shares subject to
such Vested Option, over (y) the Option Price for such Option Shares,
multiplied by the number of Option Shares subject to such cancelled Options; provided, however,
that the exercise of the right of the Board or the Committee hereunder shall
not be made in contemplation of a Change in Control or an IPO.

 

(ii)           Without limiting
any rights of the Company under the Management Stockholders Agreement, the
Board or the Committee may cancel

 

4

 

any
outstanding Options in exchange for a cash payment, or in the discretion of the
Board or the Committee, payment of other property, to the Participant equal to
the excess of (x) the fair market value (as determined in good faith by the
Board) of the consideration received per Stonington Share (as defined in the
Management Stockholders Agreement) by Stonington in any sale (by merger, stock
purchase or otherwise) to a person which is not an Affiliate of the Company or
Stonington of all the then issued and outstanding Stonington Shares (a “Transfer Event”), over (y) the Option
Price for such Option Shares, multiplied by the number of Option Shares subject
to such cancelled Options, in each case effective upon the consummation of the
Transfer Event.

 

(e)           Stockholder
Rights.  The Participant shall have
no rights as a stockholder with respect to any Option Shares until such
Participant shall have exercised the related Options and until a certificate or
certificates evidencing such shares shall have been issued to the Participant,
and no adjustment shall be made for dividends or distributions or other rights
in respect of any share for which the record date is prior to the date upon
which the Participant shall become the holder of record thereof.

 

(f)            Dividends and
Distributions.  Any shares of Common
Stock or other securities of the Company received by the Participant as a
result of a stock distribution to holders of Option Shares, as a stock dividend
on Option Shares or pursuant to a similar transaction shall be subject to the
same restrictions as such Option Shares, and all references to Option Shares
hereunder shall be deemed to include such shares of Common Stock or other
securities.

 

5.             Requirements of Law and of
Certain Agreements.  If any law or
any regulation of any commission or agency of competent jurisdiction shall
require the Company or the exercising Participant to take any action with
respect to any Option Shares, then the date upon which the Company shall issue
or cause to be issued the certificate or certificates for such Option Shares
shall be postponed until full compliance has been made with all such
requirements of law or regulation, provided
that the Company shall use reasonable efforts to take all necessary action to
comply with such requirements of law or regulation.  Further, if requested by the Company, at or before the time of
the issuance of such Option Shares, the Participant shall deliver to the
Company his or her written statements satisfactory in form and content to the
Company, that he or she intends to hold the Option Shares so acquired by him or
her for investment and not with a view to resale or other distribution thereof
to the public in violation of the Securities Act or any applicable state securities
or “blue sky” law.  Moreover, in the
event that the Company shall determine in its sole discretion that, in
compliance with the Securities Act or any applicable state securities or “blue
sky” law, it is necessary to register any of the Option Shares, or to qualify
any such Option Shares for exemption from any of the requirements of the
Securities Act or any other applicable statute or regulation, no Options may be
exercised until the required action has been completed; provided that the Company shall use
reasonable efforts to take all necessary action to comply with such
requirements of law or regulation.  All
Option Shares shall bear the legends provided for in the Management
Stockholders Agreement.

 

6.             Dispositions of Common Stock.  If the Participant makes a disposition,
within the meaning of Section 424(c) of the Code and the regulations
promulgated thereunder, of

 

5

 

any share of
Common Stock issued to the Participant in connection with the exercise of an
Option within the two-year period commencing on the day after the date of grant
or within the one-year period commencing on the day after the date of transfer
of such share of Common Stock to the Participant pursuant to such exercise, the
Participant shall, within ten days of such disposition, notify the Company
thereof, by delivery of written notice to the Company at its principal
executive office by one of the methods described in Section 11 of this
Agreement.

 

7.             $100,000 Limitation.  With respect to Options granted to the
Participant under the Plan, if the aggregate fair market value (determined as
of the date the Option is granted) of the number of shares with respect to
which Options are exercisable for the first time by the Participant during any
calendar year under all plans of the Company or a subsidiary exceeds one
hundred thousand dollars ($100,000) or such other limit as may be required by
the Code, such Options shall be treated, to the extent of such excess, as
non-qualified stock options.

 

8.             Miscellaneous.

 

(a)           No Rights to Grants or Continued
Employment.  The Participant shall
not have any claim or right to receive grants of Options under the Plan.  Neither the Plan nor this Agreement nor any
action taken or omitted to be taken hereunder or thereunder shall be deemed to
create or confer on the Participant any right to be retained in the employ of
the Company or any of its subsidiaries, or to interfere with or to limit in any
way the right of the Company or any of its subsidiaries to terminate the
employment of the Participant at any time.

 

(b)           Tax Withholding.  No later than the date as of which an amount
first becomes includible in the gross income of the Participant for Federal
income tax purposes with respect to Option Shares acquired pursuant to the
exercise of any Option hereunder, such Participant shall pay to the Company, or
make arrangements reasonably satisfactory to the Company regarding the payment
of, any Federal, state, local or foreign taxes of any kind required by law to
be withheld with respect to such amount; provided, however, that
such arrangements need not involve the advancement by the Company of any funds
to, for or on behalf of any Participant or the incurrence or payment by the
Company of any costs or expenses.  With the
approval of the Committee, a Participant may satisfy the foregoing requirements
by electing to have the Company withhold from delivery shares of Common Stock
having a value equal to the amount of tax to be withheld (but not in excess of
the Company’s minimum statutory withholding). 
The obligations of the Company hereunder shall be conditional on such
payment or arrangements, and the Company shall, to the extent permitted by law,
have the right to deduct any such taxes from any payment otherwise due to the
Participant.

 

(c)           No Restriction on Right of Company
to Effect Corporate Changes. 
Neither the Plan nor this Agreement shall affect in any way the right or
power of the Company or its stockholders to make or authorize any or all
adjustments, recapitalizations, reorganizations or other changes in the capital
structure or business of the Company, or any merger or consolidation of the
Company, or any issue of stock or of options, warrants or rights to purchase
stock or of bonds, debentures, preferred or prior preference stocks whose
rights are superior to or affect the Common Stock or the rights thereof or
which are convertible into or exchangeable for Common Stock, or the dissolution
or liquidation of the Company, or any sale or transfer of all or any part

 

6

 

of the assets
or business of the Company, or any other corporate act or proceeding, whether
of a similar character or otherwise.

 

(d)           1934 Act.  Notwithstanding anything contained in the
Plan or this Agreement to the contrary, if the consummation of any transaction
under the Plan or this Agreement would result in the possible imposition of
liability to the Participant pursuant to Section 16(b) of the 1934 Act, the
Board of Directors or the Committee shall have the right, in its sole
discretion, but shall not be obligated, to defer such transaction to the extent
necessary to avoid such liability, but in no event for a period in excess of
180 days.

 

9.             Survival; Assignment.

 

(a)           All agreements, representations and
warranties made herein and in any certificates delivered pursuant hereto shall
survive the issuance to the Participant of the Options and the Option Shares
and, notwithstanding any investigation heretofore or hereafter made by the
Participant or the Company or on the Participant’s or the Company’s behalf,
shall continue in full force and effect. 
Without the prior written consent of the Company, the Participant may
not assign any of his rights hereunder except by will or the laws of descent
and distribution.  Whenever in this
Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the heirs and permitted successors and assigns of such party;
and all agreements herein by or on behalf of the Company, or by or on behalf of
the Participant, shall bind and inure to the benefit of the heirs and permitted
successors and assigns of such parties hereto.

 

(b)           The Company shall have the right to
assign to any of its affiliates any of its rights, or to delegate to any of its
affiliates any of its obligations, under this Agreement.

 

10.           Certain Remedies.  Without intending to limit the remedies
available to the Company, the Participant agrees that damages at law will be an
insufficient remedy in the event the Participant violates the terms of this
Agreement.  The Participant agrees that
the Company may apply for and have injunctive or other equitable relief in any
court of competent jurisdiction to restrain the breach or threatened breach of,
or otherwise specifically to enforce, any of the provisions hereof.

 

11.           Notices.  All notices and other communications
provided for herein shall be in writing and shall be delivered by hand or sent
by certified or registered mail, return receipt requested, postage prepaid,
addressed.  All such notices shall be
conclusively deemed to be received and shall be effective, if sent by hand
delivery, upon receipt, or if sent by registered or certified mail, on the
fifth day after the day on which such notice is mailed:

 

(a)           if to the
Participant, to his attention at the mailing address set forth at the foot of
this Agreement;

 

(b)           if to the Company,
to it at the following address:

 

Lincoln Technical Institute, Inc.

200 Executive Drive

West Orange, NJ  07052

 

7

 

Telecopy:  (973) 243-0841

Attention:  President

 

with a copy to:

 

Stonington Partners, Inc.

767 Fifth Avenue, 48th Floor

New York, New York  10153

Attention:  James J. Burke, Jr.

 

and a copy to:

 

Shearman & Sterling

599 Lexington Avenue

New York, New York  10022

Attention:  John J. Cannon, III,
Esq.

 

or at such
other address as the parties hereto shall have specified by notice in writing
to the other parties.

 

12.           Waiver.  The waiver by either party of compliance
with any provision of this Agreement by the other party shall not operate or be
construed as a waiver of any other provision of this Agreement, or of any
subsequent breach by such party of a provision of this Agreement.

 

13.           Entire Agreement; Governing Law.  This Agreement and the other related
agreements expressly referred to herein set forth the entire agreement and
understanding between the parties hereto and supersede all prior agreements and
understandings relating to the subject matter hereof.  This Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same agreement.  The headings of sections and subsections herein are included solely
for convenience of reference and shall not affect the meaning of any of the
provisions of this Agreement.  This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York without regard to the choice of law principles thereof.

 

8

 

IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer and the Participant has executed this Agreement, both as of
the day and year first above written.

 

	
   

  	
  LINCOLN
  TECHNICAL INSTITUTE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  David F. Carney

  
	
   

  	
   

  	
  Title:  Chairman and CEO

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Address:

  

 

 

	
  Number of
  Performance Options:   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Number of
  Service Options:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Option
  Price:

  	
  $3.10

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of
  Grant:

  	
  January 1, 2002

  	
   

  	
   

  
					

 

9

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