<SEC-DOCUMENT>0001193125-15-046697.txt : 20150212
<SEC-HEADER>0001193125-15-046697.hdr.sgml : 20150212
<ACCEPTANCE-DATETIME>20150212160552
ACCESSION NUMBER:		0001193125-15-046697
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150211
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150212
DATE AS OF CHANGE:		20150212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAREER EDUCATION CORP
		CENTRAL INDEX KEY:			0001046568
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				363932190
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23245
		FILM NUMBER:		15606125

	BUSINESS ADDRESS:	
		STREET 1:		231 N. MARTINGALE ROAD
		CITY:			SCHAUMBURG
		STATE:			IL
		ZIP:			60173
		BUSINESS PHONE:		8477813600

	MAIL ADDRESS:	
		STREET 1:		231 N. MARTINGALE ROAD
		CITY:			SCHAUMBURG
		STATE:			IL
		ZIP:			60173
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d873519d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C.&nbsp;20549</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of Earliest Event Reported): February&nbsp;11, 2015 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Career Education Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-23245</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>36-3932190</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or Other Jurisdiction<BR>of Incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>231 N. Martingale Rd., Schaumburg, IL</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>60173</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code:&nbsp;(847)&nbsp;781-3600 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
Name or Former Address, if Changed Since Last Report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;11, 2015, Scott W. Steffey resigned from his positions as President and
Chief Executive Officer and as a member of the Board of Directors (the &#147;Board&#148;) of Career Education Corporation (the &#147;Company&#148;) and all other positions held at the Company and its affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the termination of his employment, Mr.&nbsp;Steffey and the Company entered into a Separation and Release Agreement (the &#147;Separation
Agreement&#148;) effective as of February&nbsp;12, 2015. Under the terms of the Separation Agreement, the Company will pay Mr.&nbsp;Steffey $2.5 million in consideration for the cancellation of Mr.&nbsp;Steffey&#146;s outstanding or promised equity
and incentive awards, vested and unvested, including but not limited to, stock options, cash-settled stock appreciation rights, cash-settled restricted stock units, restricted stock units and performance units. The $2.5 million payment takes into
account Mr.&nbsp;Steffey&#146;s vested equity grants; the acceleration of equity grants due to vest on March&nbsp;14, 2015; and the 2014 Annual Incentive Plan Bonus, offset by Mr.&nbsp;Steffey&#146;s repayment of the portion of the sign-on award
provided under the terms of the Employment Agreement entered into between Mr.&nbsp;Steffey and the Company on April&nbsp;1, 2013 (the &#147;Employment Agreement&#148;) and Mr.&nbsp;Steffey&#146;s repayment of certain travel and other expenses due
the Company. The $2.5 million payment is not expected to have a material impact on the Company&#146;s 2015 financial performance or financial position as the majority of expenses related to the payment had been previously recorded as of
December&nbsp;31, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Separation Agreement also provides for the continued effectiveness of certain provisions of the Employment Agreement,
including Mr.&nbsp;Steffey&#146;s agreement (a)&nbsp;not to compete with the Company for a period of two years, (b)&nbsp;not to solicit the Company&#146;s employees, students and certain other persons for a period of two years, and (c)&nbsp;not to
disclose confidential information relating to the Company. The Separation Agreement also provides for non-disparagement, continued assistance and cooperation between the parties, a general release of claims between the parties, subject to certain
exclusions, as well as other customary provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The description of the terms of the Separation Agreement contained in this Current Report on Form 8-K
does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, a copy of which is attached to this Report as Exhibit 10.1 and is incorporated by reference into this Report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;11, 2015, the Board appointed Ronald D. McCray, age 57, as Interim President and Chief Executive Officer of the Company. Mr.&nbsp;McCray will
lead the Company while a search for a new President and Chief Executive Officer is conducted. Mr.&nbsp;McCray joined the Board in November 2012 and has served as Chairman since June 2014. Mr.&nbsp;McCray continues to serve as Chairman and as a
member of the Board. He served as chief administrative officer of Nike, Inc. from August 2007 until May 2009. Prior to August 2007, Mr.&nbsp;McCray worked for Kimberly-Clark Corporation, where he served most recently as senior vice president for law
and government affairs from August 2003 until August 2007 and as its chief compliance officer from November 2004 until August 2007. Mr.&nbsp;McCray was an attorney at the law firms of Weil, Gotshal&nbsp;&amp; Manges in New York and Jones Day in
Dallas prior to joining Kimberly-Clark in 1987. Mr.&nbsp;McCray is currently a director of publicly-held A.H. Belo, a newspaper publishing and local news and information company, and EveryWare Global, Inc., one of the world&#146;s leading designers
and sellers of tabletop and food preparation products for the consumer and food service markets. He is a limited partner of Boston Championship Basketball, LLC &#150; otherwise known as the Boston Celtics &#150; and is a former director of
Knight-Ridder, Inc. and Kimberly-Clark de Mexico, S.A. de C.V. Mr.&nbsp;McCray is also a member of the board of trustees of Cornell University, the visiting </P>

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committee of Harvard Law School and the executive board of the SMU Dedman School of Law, and was nominated by President Obama to be a member of the Federal Retirement Thrift Investment Board and
was confirmed by the Senate in 2011. While he serves as Interim President and Chief Executive Officer, Mr.&nbsp;McCray intends to seek a leave of absence from the boards of EveryWare Global, Inc. and the SMU Dedman School of Law. Mr.&nbsp;McCray
received a Bachelor of Arts from Cornell University and a law degree from the Harvard Law School. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no arrangement or understanding between
Mr.&nbsp;McCray and any other person(s) pursuant to which he was selected as Interim President and Chief Executive Officer. Mr.&nbsp;McCray does not have any family relationship with any director, executive officer, or person nominated or chosen by
the Company to become a director or executive officer. Other than his employment relationship and his service as a director, Mr.&nbsp;McCray does not have a direct or indirect material interest in any transaction in which the Company is a
participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of the date of this report, no new compensatory arrangements have been entered into with Mr.&nbsp;McCray in connection with his
appointment as Interim President and Chief Executive Officer. Once determined, the material terms of such arrangements will be disclosed in a subsequent filing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;11, 2015, the Board reduced its size from nine members to eight. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01. Regulation FD Disclosure. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
February&nbsp;12, 2015, the Company issued a press release announcing the management and other changes described in Items 5.02 and 8.01 of this Form 8-K. A copy of the release is furnished herewith as Exhibit 99.1 to this Form 8-K and is
incorporated by reference herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01. Other Events. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;11, 2015, the Company appointed Thomas B. Lally, a member of the Board, to serve as Lead Director of the Board, effective immediately. As of
the date of this report, no new compensatory arrangements have been entered into with Mr.&nbsp;Lally in connection with his appointment as Lead Director. Once determined, the material terms of such arrangements will be disclosed in a subsequent
filing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:75.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description of Exhibit</B></P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Separation and Release Agreement between the Company and Scott Steffey dated February 12, 2015.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press release of the Company dated February 12, 2015.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">CAREER EDUCATION CORPORATION</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/&nbsp;Jeffrey D. Ayers</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Jeffrey D. Ayers</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: February&nbsp;12, 2015</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit Index </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:75.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description of Exhibit</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Separation and Release Agreement between the Company and Scott Steffey dated February 12, 2015.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press release of the Company dated February 12, 2015.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTION COPY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>SEPARATION AND RELEASE AGREEMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Separation and Release Agreement (the &#147;Agreement&#148;) is made by and between Career Education Corporation (the
&#147;Company&#148;), and Scott W. Steffey (the &#147;Executive&#148;) (collectively, the &#147;Parties&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive
entered into an Employment Agreement with the Company on April&nbsp;1, 2013 (the &#147;Employment Agreement&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to
that Employment Agreement, the Executive was employed as the Company&#146;s President and Chief Executive Officer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive
resigned from the Company on February&nbsp;11, 2015; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties dispute to what extent the Executive is entitled to monies and
benefits under his Employment Agreement as a result of his separation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties wish to resolve amicably the Executive&#146;s
separation from the Company, and in lieu of any amount and benefits that might otherwise be payable to the Executive under his Employment Agreement, establish the terms of the Executive&#146;s separation arrangement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the promises and conditions set forth herein, the receipt and sufficiency of which is hereby acknowledged,
the Parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Separation Date</U>. The Executive&#146;s effective date of resignation from the Company is
February&nbsp;11, 2015 (the <B>&#147;</B>Separation Date<B>&#148;</B>). The Executive hereby resigns as of the Separation Date from all offices, positions and directorships with the Company and its respective schools, subsidiaries and affiliates.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Separation Payment</U>. Not later than ten (10)&nbsp;days following the date on which the ADEA Release pursuant to Attachment A
becomes irrevocable and not revoked, the Company </P>

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will pay to the Executive a lump sum cash amount of $2,500,000 (the <B>&#147;</B>Payment<B>&#148;</B>) in consideration for the cancellation of the Executive&#146;s outstanding or promised equity
and incentive awards, vested (and unexercised respecting options and stock appreciation rights and not settled respecting restricted stock units) and unvested, including but not limited to, stock options, cash-settled stock appreciation rights,
cash-settled restricted stock units, restricted stock units, and performance units. The Executive represents and agrees that he neither has exercised nor will exercise any stock options or cash-settled appreciation rights before their cancellation
hereunder. The Payment takes into account the following items: the vested equity grants; the acceleration of equity grants due to vest on March&nbsp;14, 2015; the 2014 Annual Incentive Plan Bonus whose individual performance metrics were met; the
Executive&#146;s repayment of the portion of the sign-on bonus due from him under Section&nbsp;8 of the Employment Agreement on resignation; and the Executive&#146;s repayment of certain travel and other expenses due the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Payment shall also be reduced by all applicable taxes and withholding. The Executive acknowledges and agrees that he is not entitled to any other
remuneration of any kind, including but not limited to severance, bonuses under the Annual Incentive Plan and performance based cash awards, in each case whether with respect to the current or any prior year, other than as set forth in this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Unitech Board Waiver</U>. The Company agrees to waive the applicability of the non-competition covenant referenced in
Section&nbsp;5 of this Agreement with respect to the Executive&#146;s serving on the HealthEd Holdings, LLC Board of Directors (Unitech College) (the <B>&#147;</B>Unitech Waiver<B>&#148;</B>) in exchange for the separate release under the Age
Discrimination In Employment Act attached as Attachment A. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Release</U>. In consideration of the Payment set forth in Paragraph 2, which the
Executive acknowledges he would not otherwise be entitled to receive but for this Agreement, the Executive hereby fully, forever, irrevocably and unconditionally releases, remises and discharges the Company, its affiliates, subsidiaries, parent
companies, predecessors, successors, schools, and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers, trustees and fiduciaries
(each in their individual and corporate capacities) (collectively, the <B>&#147;</B>Released Parties<B>&#148;</B>), from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs,
accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys&#146; fees and costs), of every kind and nature which the Executive ever had or now
has against any or all of the Released Parties, including, but not limited to, those claims arising out of the Executive&#146;s employment with and/or separation from the Company, including, but not limited to, all claims under his Employment
Agreement, all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. <B>&#167;</B> 2000e <U>et</U> <U>seq</U>., the Americans With Disabilities Act of 1990, 42 U.S.C. <B>&#167;</B> 12101 <U>et</U> <U>seq</U>., the Genetic Information
Nondiscrimination Act of 2008, 42 U.S.C. <B>&#167;</B> 2000e <U>et</U> <U>seq</U>., the Family and Medical Leave Act, 29 U.S.C. <B>&#167;</B> 2601 <U>et</U> <U>seq</U>., the Worker Adjustment and Retraining Notification Act
(<B>&#147;</B>WARN<B>&#148;</B>), 29 U.S.C. <B>&#167;</B> 2101 <U>et</U> <U>seq</U>., the Rehabilitation Act of 1973, 29 U.S.C. <B>&#167;</B> 701 <U>et</U> <U>seq</U>., the Fair Credit Reporting Act, 15 U.S.C. <B>&#167;</B>&nbsp;1681 <U>et</U>
<U>seq</U>., the Employee Retirement Income Security Act of 1974 (<B>&#147;</B>ERISA<B>&#148;</B>), 29 U.S.C. </P>
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<B>&#167;</B>&nbsp;1001 <U>et</U> <U>seq</U>., Executive Order 11246, and Executive Order 11141, all as amended; all claims arising out of the Illinois Human Rights Act, 775 Ill. Comp. Stat.
5/1-101 <U>et seq.</U>, the Illinois Equal Wage Act, 820 Ill. Comp. Stat. 110/1 <U>et seq.</U>, the Illinois Equal Pay Act of 2003, 820 Ill. Comp. Stat. 112/1 <U>et seq.</U>, 820 Ill. Comp. Stat. 105/4(b) (Illinois equal pay law), the Illinois
Whistleblower Act, 740 Ill. Comp. Stat. 174/1 <U>et seq.</U>, and the Illinois Right to Privacy in the Workplace Act, 820 Ill. Comp. Stat. 55/1, all as amended, all common law claims including, but not limited to, actions in defamation, intentional
infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract (including, without limitation, all claims arising out of or related to the Employment Agreement); all claims to any vested or non-vested equity,
or equity compensation and non-vested benefits, contractual or otherwise; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of the Executive&#146;s employment with and/or
separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, the Executive is not releasing the Released Parties from any
claim (i)&nbsp;for indemnification and coverage as an insured under applicable directors and officers liability insurance pursuant to Section&nbsp;11 of the Employment Agreement (and the Indemnification Agreement dated April&nbsp;8, 2013 entered
into pursuant thereto) and (ii)&nbsp;for accrued and vested benefits due the Executive under the Company&#146;s 401(k) Plan; the Executive&#146;s Health Services Account or any right to obtain continued health coverage under the Consolidated Omnibus
Budget Reconciliation Act of 1985 at his own expense. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, the Company, for itself, its officers, directors, managers, members, employees,
representatives and agents, fully and forever waive, release, hold harmless and discharge the Executive, his heirs, executors, personal representatives and administrators (the &#147;Executive Released Parties&#148;), of and from any and all rights,
claims, demands, actions and causes of actions of any type or nature whatsoever whether or not currently asserted, based on the items set forth in Section&nbsp;2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Restrictive Covenants</U>. The restrictive covenants in Sections 16(b) (Confidentiality), 16(d) (Non-Solicitation/Non-Hire), and 16(e)
(Non-Competition) of the Employment Agreement are incorporated herein as new obligations as part of the consideration for the Payment in Section&nbsp;2 of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Return of Company Property</U>. The Executive confirms that he has returned to the Company in good working order all property set forth
in Section&nbsp;16(a) of the Employment Agreement, and any other Company property that is in the Executive&#146;s possession or control, has left intact all electronic Company documents, including but not limited to those which the Executive
developed or helped to develop during his employment and has provided passwords and codes needed to attain access to electronic Company documents. The Executive further confirms that he has complied in all other respects with Section&nbsp;16(a) of
the Employment Agreement. The Executive also confirms that he has cancelled all accounts for his benefit, if any, in the Company&#146;s name, including but not limited to, credit cards, telephone charge cards, cellular phone and computer accounts.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Business Expenses and Final Compensation</U>. The Executive represents that he is not
entitled to any outstanding business expenses in conjunction with the performance of his employment. The Executive further acknowledges that he has received payment in full for all services rendered in conjunction with his employment by the Company,
including payment for all wages, bonuses, and accrued, unused vacation time, and that no other compensation of any kind is owed to him. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Non-Disparagement</U>. The Executive and the Company agree to abide by the terms of the non-disparagement provision in
Section&nbsp;16(c) of the Employment Agreement, modified as follows: (i)&nbsp;The Executive agrees to notify the General Counsel of the Company in writing immediately by facsimile, email, or by overnight mail of any subpoena or court order or legal
compulsion and to allow the Company five business days from receipt of notification by the Executive of the legal process in question to make objection or move to quash. The Executive agrees to provide all particulars needed for a timely objection,
including a copy of any subpoena or court order. It is understood and agreed that, in the event that the Executive is required to give testimony, the Company is the holder of attorney-client privilege and work product protections, that the Company
does not intend to waive, expressly or impliedly, said privileges and protections, and that the Executive agrees to vigorously protect and resist disclosure of confidential information, including but not limited to attorney-client privileged, work
product protect information, at all times. Once any objection is lodged, the Executive agrees that he will not disclose any information until such time as the objection is finally ruled upon, including by any court of appeal; and (ii)&nbsp;the
non-disparagement provision shall not apply to communications (a)&nbsp;with government regulators, government officials, auditors and </P>
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accreditors (b)&nbsp;amongst directors, (c)&nbsp;amongst officers, (d)&nbsp;amongst directors and officers, (e)&nbsp;with counsel and accountants, and (f)&nbsp;a statement under oath or a
disclosure under law including but not limited to disclosures as deemed advisable under the federal securities laws, or as part of a legal proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Continued Assistance</U>. The Executive agrees that after the Separation Date he will provide all reasonable cooperation to the Company,
and not unreasonably interfere with the Executive&#146;s other business endeavors, including but not limited to, assisting the Company in transitioning his job duties and performing any other tasks as reasonably requested by the Company. The Company
will reimburse reasonable travel, food and lodging expenses which have been pre-approved by the Company and are substantiated by receipts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Cooperation</U>. To the extent permitted by law, the Executive agrees to cooperate fully with the Company in the defense or prosecution
of any claims or actions which already have been brought, are currently pending, or which may be brought in the future against or on behalf of the Company whether before a state or federal court, any state or federal government agency, government
regulator, or a mediator or arbitrator. The Executive&#146;s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel, at such times and places not unreasonably interfering
with Executive&#146;s other business endeavors, to prepare its claims or defenses, to prepare for trial or discovery or an administrative hearing or a mediation or arbitration and to act as a witness when requested by the Company. The Company will
reimburse reasonable travel, food and lodging expenses which have been pre-approved by the Company and are substantiated by receipts. The Executive </P>
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agrees that he will notify the Company promptly in the event that he is served with a subpoena or in the event that he is asked to provide a third party with information concerning any actual or
potential complaint or claim against the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Amendment</U>. This Agreement shall be binding upon the Parties and may not be
modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Parties hereto. This Agreement is binding upon and shall inure to the benefit of the Parties and their
respective agents, assigns, heirs, executors, successors and administrators. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Waiver of Rights</U>. No delay or omission by the
Company or the Executive in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be
construed as a bar or waiver of any right on any other occasion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Validity</U>. Should any provision of this Agreement be declared
or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a
part of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Confidentiality</U>. To the extent permitted by law, the Executive and the Company understand and agree
that the terms and contents of this Agreement and the contents of the negotiations and discussions resulting in this Agreement shall be maintained as confidential by the Executive and the Company and their agents and representatives and shall not be
disclosed to any third party except to the extent required by federal or state law, including required Form 8-K and other securities filings, or as otherwise agreed to in writing by the Parties or as deemed necessary by the Company for business
reasons. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Voluntary Assent</U>. The Executive affirms that no other promises or agreements of
any kind have been made to or with the Executive by any person or entity whatsoever to cause him to sign this Agreement, and that he fully understands the meaning and intent of this Agreement. The Executive states and represents that he has had an
opportunity to fully discuss and review the terms of this Agreement with an attorney. The Executive further states and represents that he has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to all of
the terms and conditions hereof, and signs his name of his own free act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Applicable Law</U>. This Agreement shall be governed by
the laws of the State of Illinois without regard to conflict of laws provisions. The Executive hereby irrevocably submits to and acknowledges and recognizes the jurisdiction of the courts of the State of Illinois, or if appropriate, a federal court
located in the State of Illinois (which courts, for purposes of this Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Agreement or the subject
matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Tax Acknowledgement</U>. In connection with the Payment provided to the Executive pursuant to this Agreement, the
Company shall withhold and remit to the tax authorities the amounts required under applicable law, and the Executive shall be responsible for all applicable taxes with respect to such Payment under applicable law. The Executive acknowledges that he
is not relying upon the advice or representation of the Company with respect to the tax treatment of the Payment set forth in Paragraph 2 of this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Section&nbsp;409A</U>. The Payment under this Agreement is intended to comply with, or
be exempt from, the provisions of Section&nbsp;409A of the Internal Revenue Code of 1986 and this Agreement shall be administered and construed accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Entire Agreement</U>. This Agreement contains and constitutes the entire understanding and agreement between the Parties hereto with
respect to the Executive&#146;s Separation and the settlement of claims against the Company and cancels all previous oral and written negotiations, agreements, commitments and writings in connection therewith except those provisions specifically
incorporated into this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Recital Paragraphs</U>. The recital paragraphs at the beginning of this Agreement are
incorporated by reference as if fully set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Counterparts</U>. This Agreement may be executed in two (2)&nbsp;signature
counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have freely and voluntarily entered into this Agreement effective as of the date set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signatures on Following Page </P>
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<TD VALIGN="top" COLSPAN="5">Career Education Corporation</TD></TR>
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<TD VALIGN="top">Date:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">February 12, 2015</P></TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ronald D. McCray</P></TD></TR>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top">Ronald D. McCray</TD></TR>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="top">Chairman</TD></TR>
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<TD VALIGN="top">Date:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">2/12/15</P></TD>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott W. Steffey</P></TD></TR>
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<TD VALIGN="top" COLSPAN="5">Scott W. Steffey</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 11 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTION COPY </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ATTACHMENT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ADEA Release </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>In
consideration of the Company&#146;s agreement to the Unitech Waiver set forth in Section&nbsp;3 of the Agreement which the Executive would not otherwise be entitled to, the Executive hereby fully, forever, irrevocably and unconditionally releases,
remises and discharges the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, member Company&#146;s, employees,
agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the &#147;Released Parties&#148;) from any and all claims, charges, complaints, demands, actions, or
causes of action under the Age Discrimination in Employment Act, 29 U.S.C. &#167;621 <I>et. seq</I>.. <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Executive acknowledges
that is being given at least twenty-one (21)&nbsp;days to consider this ADEA Release; that the Company is hereby advising the Executive to consult with an attorney of his own choosing prior to signing this Agreement and the Executive has consulted
with an attorney of his own choosing. The Executive understands that he may revoke this Attachment A for a period of seven (7)&nbsp;days after he signs this Attachment A, and the Attachment A shall not be effective or enforceable until the
expiration of this seven (7)&nbsp;day revocation period. The Executive understands and agrees that by entering into this Attachment A he is waiving any and all rights or claims he might have under The Age Discrimination in Employment Act, as amended
by The Older Workers Benefit Protection Act, and that the Executive has received consideration beyond that to which he was previously entitled. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTION COPY </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Executive has freely and voluntarily entered into this ADEA Release
effective as of the date set forth below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Scott W. Steffey</TD></TR>
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<TD VALIGN="top">Date:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TYPE>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g873519ex99_1pg001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CAREER EDUCATION ANNOUNCES RESIGNATION OF PRESIDENT AND CEO; APPOINTS INTERIM CEO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Strong leadership team remains focused on executing strategic plan; </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Company continues to expect to achieve positive Adjusted EBITDA from ongoing operations for Q4 2014 and full year 2015 </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Schaumburg, Ill. (February 12, 2015) &#150; The Board of Directors of Career Education Corporation (NASDAQ: CECO) today announced the resignation of President
and Chief Executive Officer Scott W. Steffey. Ronald D. McCray will serve as Interim President and CEO. Thomas B. Lally, the current Chairman of the Nominating and Governance Committee, will serve as lead independent director of Career
Education&#146;s Board of Directors. These leadership changes, which are effective immediately, are not the result of any changes in the company&#146;s operational, regulatory or financial position, performance or reporting, and should have no
impact on students. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I look forward to working with Career Education&#146;s experienced management team and dedicated employees to execute our
current strategic plan. We will continue to simplify our business model, generate growth in total university student enrollment, strengthen academic outcomes at our institutions, while remaining focused on shareholder value and our return to
profitability,&#148; McCray said. &#147;Most importantly, this leadership change should have no impact on our financial objectives. As previously communicated, we expect positive Adjusted EBITDA from ongoing operations for both the fourth quarter of
2014 and the full year 2015, assisted in part by our previously announced $40 million of expense reductions which were implemented last year.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">McCray, a graduate of Cornell University and Harvard Law School, joined the Board of Directors in November 2012 and has served as Chairman since June 2014. He
previously served as chief administrative officer of Nike, Inc. as well as senior vice president for law and government affairs at Kimberly-Clark Corporation, where he also served as chief compliance officer. McCray&#146;s higher education
experience includes service on the board of trustees of Cornell University, the visiting committee of Harvard Law School and the executive board of the Southern Methodist University Dedman School of Law. He was nominated by President Obama to be a
member of the Federal Retirement Thrift Investment Board, receiving Senate confirmation in 2011. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We thank Scott for his contributions and wish him
well in his future endeavors,&#148; said McCray, Career Education&#146;s Chairman, Interim President and CEO. &#147;We will move quickly to identify a new CEO. In the meantime, we have a deep bench of talented executives and employees, and we are
well-positioned to continue to execute our strategic plan and meet our financial objectives.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors is launching an executive
search for a new CEO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Ron McCray is ideally suited to lead Career Education through this transition while we conduct a thorough search for a new
chief executive,&#148; said Lally, Career Education&#146;s lead independent director. &#147;In addition to his familiarity with and knowledge of Career Education&#146;s business and strategic direction, McCray also has a wealth of higher education
and executive experience. We have tremendous confidence in his leadership and the entire executive team, and we look forward to a successful 2015.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note Regarding Non-GAAP Measures and Ongoing Operations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company believes it is useful to present non-GAAP financial measures which exclude certain significant items that it does not consider reflective of
underlying operating performance as a means to understand the performance of its ongoing business. Adjusted EBITDA excludes items such as those described in our Form 10-Q for the quarter ended September&nbsp;30, 2014 under &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations - 2014 THIRD QUARTER OVERVIEW.&#148; The Company defines ongoing operations as continuing </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
operations excluding our transitional group, which consists of campuses that are being taught out. Continuing operations does not include the Company&#146;s Culinary Arts campuses as they are
assets held for sale. As a general matter, the Company uses non-GAAP financial measures in conjunction with results presented in accordance with GAAP to help analyze the performance of its ongoing business, assist with preparing the annual operating
plan, and measure performance for some forms of compensation. In addition, the Company believes that non-GAAP financial information is used by analysts and others in the investment community to analyze the Company&#146;s historical results and to
provide estimates of future performance and that failure to report non-GAAP measures could result in a misplaced perception that the Company&#146;s results have underperformed or exceeded expectations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Non-GAAP financial measures, when viewed in a reconciliation to corresponding GAAP financial measures, provide an additional way of viewing the Company&#146;s
results of operations and the factors and trends affecting the Company&#146;s business. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding financial results presented
in accordance with GAAP. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ABOUT CAREER EDUCATION CORPORATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The colleges, institutions and universities that are part of the Career Education Corporation (&#147;CEC&#148;) family offer high-quality
education to a diverse student population in a variety of career-oriented disciplines through online, on-ground and hybrid learning program offerings. In addition to its online offerings, Career Education serves students from campuses throughout the
United States offering programs that lead to doctoral, master&#146;s, bachelor&#146;s and associate degrees, as well as to diplomas and certificates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CEC&#146;s institutions include both universities that provide degree programs through the master or doctoral level and colleges that provide
programs through the associate and bachelor level. The University group includes American InterContinental University (&#147;AIU&#148;) and Colorado Technical University (&#147;CTU&#148;) &#150; predominantly serving students online with
career-focused degree programs that meet the educational demands of today&#146;s busy adults. The Career Schools group offers career-centered education primarily through ground-based campuses and includes Briarcliffe College, Brooks Institute,
Harrington College of Design, Le Cordon Bleu North America (&#147;LCB&#148;), Missouri College and Sanford-Brown Institutes and Colleges (&#147;SBI&#148; and &#147;SBC,&#148; respectively). Through its colleges, institutions and universities, CEC is
committed to providing high-quality education, enabling students to graduate and pursue rewarding career opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A detailed
listing of individual campus locations and web links to Career Education&#146;s colleges, institutions and universities can be found at www.careered.com. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Except for the historical and present factual information contained herein, the matters set forth in this release, including statements
identified by words such as &#147;expect,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;continue,&#148; &#147;will,&#148; &#147;should&#148; and similar expressions, are forward-looking statements as defined in Section&nbsp;21E of the
Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial
condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update
or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and
adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment; rulemaking by the U.S. Department of Education or any state and increased focus by Congress, the President and
governmental agencies on for-profit education institutions; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the
&#147;90-10 Rule&#148; and financial responsibility and student loan default rate standards prescribed by the U.S. Department of Education), as well as national and regional accreditation standards and state regulatory requirements; the impact of
management changes; our ability to successfully defend litigation and other claims brought against us; and changes in the overall U.S. or global economy. Further information about these and other relevant risks and uncertainties may be found in the
Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2013 and its subsequent filings with the Securities and Exchange Commission. </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONTACT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Investors:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Chris Hodges or Sam Gibbons</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Alpha IR Group</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(312) 445-2870</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">CECO@alpha-ir.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Media:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Mark Spencer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Director, Corporate Communications</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(847) 585-3802</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">### </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
