Document:

Exhibit 10.3

 

 

LINCOLN EDUCATIONAL
SERVICES CORPORATION

 

March 1, 2005

 

 

Mr. David Carney

200 Executive Drive

West Orange, New Jersey 07052

Dear Dave:

Reference is made to the Employment Agreement dated
January 3, 2005 (the “Employment Agreement”), between Lincoln
Educational Services Corporation, a New Jersey corporation  (the “Company”) and you.  Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Employment
Agreement.  It is our mutual intention to
amend the Employment Agreement as set forth below, and accordingly, the parties
hereto agree as follows:

1.             The last sentence of the second
paragraph of Section 5.1 of the Employment Agreement is hereby amended by
adding the following provision to the end of such sentence:

“;provided, however,
that the payment of such lump sum shall be deferred for six months and one day
following such termination (i) if necessary to comply with Section 409A of the
Code (as defined below) or (ii) in the event such payment, as determined in the
sole discretion of the Company (or its successor), could cause the Executive to
be subject to interest and penalties under Section 409A of the Code.”

2.             The last sentence of the Section
6.3 of the Employment Agreement is hereby amended by adding the following
provision to the end of such sentence:

“; provided, however,
that the payment of such lump sum shall be deferred for six months and one day
following such termination (i) if necessary to comply with Section 409A of the
Code (as defined below) or (ii) in the event such payment, as determined in the
sole discretion of the Company (or its successor), could cause the Executive to
be subject to interest and penalties under Section 409A of the Code.”

3.             This letter agreement constitutes
an amendment to all applicable provisions of the Employment Agreement.  All of the other provisions of the Employment
Agreement, that are not modified hereunder, shall remain in full force and
effect.

 

 

Please confirm your
agreement to the foregoing by signing the enclosed counterpart copy of this
letter in the space provided below and returning such signed counterpart to the
Company, whereupon, after full execution by both parties, this letter will
constitute an agreement between us.

 

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Lincoln Educational
  Services Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James J. Burke, Jr.

  
	
   

  	
   

  	
   

  	
  Name:

  	
  James J. Burke, Jr.

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chairman of Compensation Committee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ David Carney

  	
   

  	
   

  	
   

  	
   

  
	
  David Carney

  	
   

  	
   

  	
   

  	
   

  
	
  Date: March 1, 2005

  	
   

  	
   

  	
   

  	
   

  

 

2Exhibit 10.5

 

 

LINCOLN EDUCATIONAL
SERVICES CORPORATION

 

March 1, 2005

 

 

Mr. Lawrence Brown

200 Executive Drive

West Orange, New Jersey 07052

Dear Larry:

Reference is made to the Employment Agreement dated
January 3, 2005 (the “Employment Agreement”), between Lincoln
Educational Services Corporation, a New Jersey corporation  (the “Company”) and you.  Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Employment
Agreement.  It is our mutual intention to
amend the Employment Agreement as set forth below, and accordingly, the parties
hereto agree as follows:

1.             The last sentence of the second
paragraph of Section 5.1 of the Employment Agreement is hereby amended by
adding the following provision to the end of such sentence:

“;provided, however,
that the payment of such lump sum shall be deferred for six months and one day
following such termination (i) if necessary to comply with Section 409A of the
Code (as defined below) or (ii) in the event such payment, as determined in the
sole discretion of the Company (or its successor), could cause the Executive to
be subject to interest and penalties under Section 409A of the Code.”

2.             The last sentence of the Section
6.3 of the Employment Agreement is hereby amended by adding the following
provision to the end of such sentence:

“; provided, however,
that the payment of such lump sum shall be deferred for six months and one day
following such termination (i) if necessary to comply with Section 409A of the
Code (as defined below) or (ii) in the event such payment, as determined in the
sole discretion of the Company (or its successor), could cause the Executive to
be subject to interest and penalties under Section 409A of the Code.”

3.             This letter agreement constitutes
an amendment to all applicable provisions of the Employment Agreement.  All of the other provisions of the Employment
Agreement, that are not modified hereunder, shall remain in full force and
effect.

 

Please confirm your
agreement to the foregoing by signing the enclosed counterpart copy of this
letter in the space provided below and returning such signed counterpart to the
Company, whereupon, after full execution by both parties, this letter will
constitute an agreement between us.

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Lincoln Educational
  Services Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ David Carney

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Lawrence Brown

  	
   

  	
   

  
	
  Lawrence Brown

  	
   

  	
   

  
	
  Date: March 1, 2005Exhibit 10.7

 

LINCOLN EDUCATIONAL
SERVICES CORPORATION

 

March 1, 2005

 

 

Mr. Scott Shaw

200 Executive Drive

West Orange, New Jersey 07052

Dear Scott:

Reference is made to the Employment Agreement dated
January 3, 2005 (the “Employment Agreement”), between Lincoln
Educational Services Corporation, a New Jersey corporation  (the “Company”) and you.  Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Employment
Agreement.  It is our mutual intention to
amend the Employment Agreement as set forth below, and accordingly, the parties
hereto agree as follows:

1.             The last sentence of the second
paragraph of Section 5.1 of the Employment Agreement is hereby amended by
adding the following provision to the end of such sentence:

“;provided, however,
that the payment of such lump sum shall be deferred for six months and one day
following such termination (i) if necessary to comply with Section 409A of the
Code (as defined below) or (ii) in the event such payment, as determined in the
sole discretion of the Company (or its successor), could cause the Executive to
be subject to interest and penalties under Section 409A of the Code.”

2.             The last sentence of the Section
6.3 of the Employment Agreement is hereby amended by adding the following
provision to the end of such sentence:

“; provided, however,
that the payment of such lump sum shall be deferred for six months and one day
following such termination (i) if necessary to comply with Section 409A of the
Code (as defined below) or (ii) in the event such payment, as determined in the
sole discretion of the Company (or its successor), could cause the Executive to
be subject to interest and penalties under Section 409A of the Code.”

3.             This letter agreement constitutes
an amendment to all applicable provisions of the Employment Agreement.  All of the other provisions of the Employment
Agreement, that are not modified hereunder, shall remain in full force and
effect.

 

Please confirm your
agreement to the foregoing by signing the enclosed counterpart copy of this
letter in the space provided below and returning such signed counterpart to the
Company, whereupon, after full execution by both parties, this letter will
constitute an agreement between us.

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Lincoln Educational
  Services Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ David Carney

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Scott Shaw

  	
   

  	
   

  
	
  Scott Shaw

  	
   

  	
   

  
	
  Date: March 1, 2005Exhibit 10.9

 

LINCOLN EDUCATIONAL
SERVICES CORPORATION

 

March 1, 2005

 

 

Mr. Cesar Ribeiro

200 Executive Drive

West Orange, New Jersey 07052

Dear Cesar:

Reference is made to the Employment Agreement dated
January 3, 2005 (the “Employment Agreement”), between Lincoln
Educational Services Corporation, a New Jersey corporation  (the “Company”) and you.  Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Employment
Agreement.  It is our mutual intention to
amend the Employment Agreement as set forth below, and accordingly, the parties
hereto agree as follows:

1.             The last sentence of the second
paragraph of Section 5.1 of the Employment Agreement is hereby amended by
adding the following provision to the end of such sentence:

“;provided, however,
that the payment of such lump sum shall be deferred for six months and one day
following such termination (i) if necessary to comply with Section 409A of the
Code (as defined below) or (ii) in the event such payment, as determined in the
sole discretion of the Company (or its successor), could cause the Executive to
be subject to interest and penalties under Section 409A of the Code.”

2.             The last sentence of the Section
6.3 of the Employment Agreement is hereby amended by adding the following
provision to the end of such sentence:

“; provided, however,
that the payment of such lump sum shall be deferred for six months and one day
following such termination (i) if necessary to comply with Section 409A of the
Code (as defined below) or (ii) in the event such payment, as determined in the
sole discretion of the Company (or its successor), could cause the Executive to
be subject to interest and penalties under Section 409A of the Code.”

3.             This letter agreement constitutes
an amendment to all applicable provisions of the Employment Agreement.  All of the other provisions of the Employment
Agreement, that are not modified hereunder, shall remain in full force and
effect.

 

Please confirm your
agreement to the foregoing by signing the enclosed counterpart copy of this
letter in the space provided below and returning such signed counterpart to the
Company, whereupon, after full execution by both parties, this letter will
constitute an agreement between us.

 

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Lincoln Educational
  Services Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ David Carney

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Cesar Ribeiro

  	
   

  	
   

  
	
  Cesar Ribeiro

  	
   

  	
   

  
	
  Date: March 1, 2005

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