SEC Contract Filing

Filing Date: 2022-12-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>brhc10045492_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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 <div style="text-align: right; font-weight: bold; font-size: 10pt;">Exhibit 10.4<br>
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 <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">EMPLOYMENT AGREEMENT (this &#8220;<font style="font-family: 'Times New Roman';"><u>Agreement</u></font>&#8221;), dated as of December 13, 2022, between LINCOLN
 EDUCATIONAL SERVICES CORPORATION, a New Jersey corporation (the &#8220;<font style="font-family: 'Times New Roman';"><u>Company</u></font>&#8221;), and Chad D. Nyce (the &#8220;<font style="font-family: 'Times New Roman';"><u>Executive</u></font>&#8221;).</div>
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 <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">WHEREAS, the Executive is currently employed by the Company;</div>
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 <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">WHEREAS, the Executive and the Company entered into an employment agreement, dated, December 3, 2020, which expires pursuant to its terms on <font style="font-family: 'Times New Roman'; color: rgb(52, 52, 52);">December 31, 2022</font> (the &#8220;<font style="font-family: 'Times New Roman';"><u>Prior Agreement</u></font>&#8221;); and</div>
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 <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">WHEREAS, the parties desire to enter into a new agreement setting forth the terms and conditions of the Executive&#8217;s employment with the Company
 effective as of <font style="font-family: 'Times New Roman'; color: rgb(52, 52, 52);">December 13, 2022</font> that supersedes the Prior Agreement;</div>
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 <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:</div>
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 <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>EFFECTIVENESS OF AGREEMENT</u></font>.</font></font></div>
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 <div style="text-align: left; text-indent: 72pt; font-family: 'Times New Roman'; font-size: 10pt;">This Agreement shall become effective as of the date hereof.</div>
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 <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>EMPLOYMENT AND DUTIES</u></font>.</font></font></div>
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 <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.1</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Position and Duties</u></font>.&#160; The Company hereby continues to employ the Executive, and the Executive agrees to serve, as Executive Vice President &amp; Chief Innovation Officer, upon the terms and conditions contained in this
 Agreement.&#160; The Executive shall report to the CEO and President of the Company and perform the duties and services for the Company commensurate with the Executive&#8217;s position. Except as may otherwise be approved in advance by the Company&#8217;s Board
 of Directors (the &#8220;<font style="font-family: 'Times New Roman';"><u>Board</u></font>&#8221;) or the Compensation Committee of the Board (the &#8220;<font style="font-family: 'Times New Roman';"><u>Committee</u></font>&#8221;), the Executive shall render his
 services exclusively to the Company during his employment under this Agreement and shall devote substantially all of his working time and efforts to the business and affairs of the Company.</font></font></div>
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 <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.2</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Term of Employment</u></font>.&#160; The Executive&#8217;s employment under this Agreement shall terminate on December 31, 2025, unless terminated earlier pursuant to Section 5 or extended pursuant to Section 6.1 (the &#8220;Employment Period&#8221;).</font></font></div>
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 <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.3</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Location of