<SEC-DOCUMENT>0001140361-25-046577.txt : 20251223
<SEC-HEADER>0001140361-25-046577.hdr.sgml : 20251223
<ACCEPTANCE-DATETIME>20251223165808
ACCESSION NUMBER:		0001140361-25-046577
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20251219
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251223
DATE AS OF CHANGE:		20251223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN EDUCATIONAL SERVICES CORP
		CENTRAL INDEX KEY:			0001286613
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				571150621
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51371
		FILM NUMBER:		251601490

	BUSINESS ADDRESS:	
		STREET 1:		14 SYLVAN WAY
		STREET 2:		SUITE A
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
		BUSINESS PHONE:		973-736-9340

	MAIL ADDRESS:	
		STREET 1:		14 SYLVAN WAY
		STREET 2:		SUITE A
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
</SEC-HEADER>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>

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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CURRENT REPORT</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to Section 13 or 15(d) of the</div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Securities Exchange Act of 1934</div>

      <div style="font-size: 10pt;">&#160;</div>

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              <div style="text-align: center; font-family: 'Times New Roman';">(Exact Name of Registrant as Specified in Charter)</div>
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    <td style="width: 2%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>

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              <div style="text-align: center; font-family: 'Times New Roman';">(Commission File Number)</div>
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    <td style="width: 2%; vertical-align: top; font-size: 10pt;">&#160;</td>

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              <div style="text-align: center; font-family: 'Times New Roman';">(IRS Employer Identification No.)</div>
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              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Address of Principal Executive Offices)&#160;&#160; (Zip Code)</div>
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                <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_776ee50206154163aa6d5b5a90158695" contextRef="c20251219to20251219">736-9340</ix:nonNumeric></div>
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    <td style="width: 100%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;<span style="font-size: 10pt; font-family: 'Times New Roman';">Not applicable</span><span style="font-size: 10pt;"><br/>
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    <td style="width: 100%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Former name or former address, if changed since last report)</div>
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      <div> <br/>
      </div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">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:</div>

      <div style="font-size: 10pt;">&#160;</div>

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    <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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      <div style="font-size: 10pt;">&#160;</div>

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    <td style="text-align: left; vertical-align: top; width: 27pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_715110bc21a74b789864a25f49b659dc" contextRef="c20251219to20251219" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
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    <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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      </div>

      <div style="font-size: 10pt;">&#160;</div>

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              </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
              </td>

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      </div>

      <div style="font-size: 10pt;">&#160;</div>

      <div>
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    <td style="text-align: left; vertical-align: top; width: 27pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_fdf145141bd54804b7256abaee63695c" contextRef="c20251219to20251219" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
              </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
              </td>

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      </div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: left; color: rgb(35, 31, 32); font-family: 'Times New Roman'; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

      <div style="font-size: 10pt;">&#160;</div>

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              <div style="text-align: center; color: rgb(35, 31, 32); font-family: 'Times New Roman';">Title of each class</div>
            </td>

    <td style="width: 31.75%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(35, 31, 32); font-family: 'Times New Roman'; font-size: 10pt;">Trading</div>
              <div style="text-align: center; color: rgb(35, 31, 32); font-family: 'Times New Roman'; font-size: 10pt;">Symbol(s)</div>
            </td>

    <td style="width: 36%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(35, 31, 32); font-family: 'Times New Roman';">Name of each exchange on which registered</div>
            </td>

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    <td style="width: 31.69%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_d3050dd4b7374b6e8ca94d94af6d5d97" contextRef="c20251219to20251219">Common Stock No Par Value</ix:nonNumeric><br/>
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    <td style="width: 31.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
              <div style="text-align: center; font-family: 'Times New Roman';"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_e8acc7212b934d06bb6ed22107a62518" contextRef="c20251219to20251219">LINC</ix:nonNumeric><br/>
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    <td style="width: 36%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
              <div style="text-align: center; font-family: 'Times New Roman';"><ix:nonNumeric name="dei:SecurityExchangeName" id="Fact_d40877be655d4bf7ba29a657293aa8c0" contextRef="c20251219to20251219">NASDAQ</ix:nonNumeric><br/>
              </div>
            </td>

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      <div style="font-size: 10pt;"><br/>
      </div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule
        12b-2 of the Securities Exchange Act of 1934&#160; (&#167;240.12b-2 of this chapter).</div>

      <div style="text-align: right; text-indent: -27.35pt; margin-left: 27.35pt; font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_84440b59cf3e4302a8d0475ffec14e2a" contextRef="c20251219to20251219" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="font-size: 10pt;">
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    <td rowspan="1" colspan="2">
                <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or <br/>
                </div>
              </td>

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  <tr>

    <td style="width: 95%;">revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br/>
              </td>

    <td style="width: 5%;">
                <div style="text-align: right;">&#160;&#9744;</div>
              </td>

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        <div> <br/>
        </div>

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    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 1.01</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Entry Into a Material Definitive Agreement.</div>
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      <div style="font-size: 10pt;"><br/>
      </div>

      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The information set forth under Item 5.02 below is incorporated in its entirety herein by reference.</div>

      <div style="font-size: 10pt;"><br/>
      </div>

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    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 5.02</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
            </td>

  </tr>


</table>
      <div style="font-size: 10pt;"><br/>
      </div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On December 19, 2025, Lincoln Educational Services Corporation (the &#8220;Company&#8221;) entered into new employment agreements with each
        of Scott M. Shaw, its Chief Executive Officer and President, Brian K. Meyers, its Executive Vice President and Chief Financial Officer, Chad D. Nyce, its Executive Vice President and Chief Operating Officer, Alexandra M, Luster, its Senior Vice
        President, General Counsel&#160; and Secretary and Stephen E. Ace, its Senior Vice President and Chief Human Resources Officer (collectively, the &#8220;Employment Agreements&#8221;). The principal purpose of the Employment Agreements was to continue each
        executive&#8217;s employment through December 31, 2028 as the previous employment agreements between the Company and the executives are due to expire by their terms on December 31, 2025.</div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Employment Agreements contain substantially the same terms as the existing employment agreements between the Company and
        each of the executives previously disclosed by the Company including that each of the executives will continue in their current positions with the Company with base salary adjustments, effective as of January 1, 2026, as follows:&#160; Mr. Shaw will
        receive $669,500, Mr. Meyers will receive $453,200, Mr. Nyce will receive $453,200, Ms. Luster will receive $317,474 and Mr. Ace will receive $309,000 which will continue through the remainder of the term unless adjusted upwards by action of the
        Company&#8217;s Board of Directors or its Compensation Committee in its sole discretion. Each executive will continue to be eligible to earn an annual performance bonus based upon achievement of performance targets or other criteria as determined by the
        Company&#8217;s Board of Directors or its Compensation Committee and receive substantially similar benefits to those previously received.</div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The foregoing description of the Employment Agreements does not purport to be complete and is qualified in its entirety by
        reference to the full text of the Employment Agreements, copies of which are filed as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5 to this Current Report on Form 8-K and incorporated herein by reference.</div>

      <div style="font-size: 10pt;">&#160;</div>

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  <tr>

    <td style="width: 63pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.01</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Financial Statements and Exhibits.</div>
            </td>

  </tr>


</table>
      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(d)</span><span style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Exhibits.</span></span></div>

      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

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              <div>
                <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Exhibit No.</div>
              </div>
            </td>

    <td style="width: 1.89%; vertical-align: bottom; font-size: 10pt; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

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                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Description</div>
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            </td>

  </tr>

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    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td rowspan="1" style="vertical-align: middle; font-size: 10pt; width: 88%;">&#160;&#160;&#160;</td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';"><a href="ef20061859_ex10-1.htm">10.1</a></div>
            </td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td style="vertical-align: middle; font-size: 10pt; width: 88%;" rowspan="1">
              <div style="text-align: left; font-family: 'Times New Roman';">Employment Agreement dated December 19, 2025 between the Company and Scott M. Shaw.</div>
            </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td rowspan="1" style="vertical-align: middle; font-size: 10pt; width: 88%;">&#160;&#160;&#160;</td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">
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            </td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td style="vertical-align: middle; font-size: 10pt; width: 88%;" rowspan="1">
              <div style="text-align: left; font-family: 'Times New Roman';">Employment Agreement dated December 19, 2025 between the Company and Brian K. Meyers</div>
            </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

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  <tr>

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    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td style="vertical-align: middle; font-size: 10pt; width: 88%;" rowspan="1">
              <div style="text-align: left; font-family: 'Times New Roman';">Employment Agreement dated December 19, 2025 between the Company and Chad D. Nyce.</div>
            </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td rowspan="1" style="vertical-align: middle; font-size: 10pt; width: 88%;">&#160;&#160;&#160;</td>

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    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20061859_ex10-4.htm">10.4</a></div>
            </td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td style="vertical-align: middle; width: 88%;" rowspan="1">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Employment Agreement dated </span><span style="font-size: 10pt;">December 19,
                  2025 <span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">between the Company and Alexandra M. Luster.</span></span></div>
            </td>

  </tr>

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    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

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    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20061859_ex10-5.htm">10.5</a></div>
            </td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td style="vertical-align: middle; width: 88%;" rowspan="1">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Employment Agreement dated </span><span style="font-size: 10pt;">December 19,
                  2025 <span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">between the Company and Stephen E. Ace.</span></span></div>
            </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td rowspan="1" style="vertical-align: middle; font-size: 10pt; width: 88%;">&#160;&#160;&#160;</td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: middle; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">104</div>
            </td>

    <td style="width: 1.89%; vertical-align: middle; font-size: 10pt;" colspan="1">&#160;</td>

    <td style="vertical-align: middle; font-size: 10pt; width: 88%;" rowspan="1">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Cover Page Interactive Data File (embedded within the inline XBRL document).</div>
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      <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</div>

      <div style="font-size: 10pt;"><br/>
      </div>

      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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.</div>

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    <td style="vertical-align: top; font-size: 10pt;" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman';">LINCOLN EDUCATIONAL SERVICES CORPORATION</div>
            </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top; font-size: 10pt;" rowspan="1">&#160;</td>

    <td style="vertical-align: top; font-size: 10pt;" colspan="3" rowspan="1">&#160;</td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Date:&#160; December 19, 2025</div>
            </td>

    <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 47%; vertical-align: top; font-size: 10pt;" colspan="2">&#160;</td>

  </tr>

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    <td style="width: 50%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:</div>
            </td>

    <td style="width: 23.5%; vertical-align: top; border-bottom: 2px solid black; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">/s/ Alexandra M. Luster</div>
            </td>

    <td style="width: 23.5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="vertical-align: top; font-size: 10pt;" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman';">Name: Alexandra M. Luster</div>
            </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="vertical-align: top; font-size: 10pt;" colspan="3">
              <div style="text-align: left; font-family: 'Times New Roman';">Title:&#160;&#160; SVP &amp; General Counsel</div>
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  </tr>


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<TYPE>EX-10.1
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<FILENAME>ef20061859_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <div style="text-align: right;"> <font style="font-weight: bold;">Exhibit 10.1</font><br>
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    <div> <br>
      </div>
    <div>
      <div style="text-indent: 72pt;">EMPLOYMENT AGREEMENT (this &#8220;<u>Agreement</u>&#8221;), dated as of December 19, 2025,
        between LINCOLN EDUCATIONAL SERVICES CORPORATION, a New Jersey corporation (the &#8220;<u>Company</u>&#8221;), and Scott M. Shaw (the &#8220;<u>Executive</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">WHEREAS, the Executive is currently employed by the Company;</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">WHEREAS, the Executive and the Company entered into an employment agreement, dated, December 13, 2022 which expires pursuant to its terms on
        December 31,&#160; 2025 (the &#8220;<u>Prior Agreement</u>&#8221;); and</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">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 December 19, 2025 that supersedes the Prior Agreement;</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">1.&#160;&#160;&#160; &#160; &#160; &#160; &#160; <u>EFFECTIVENESS
              OF AGREEMENT</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">This Agreement shall become effective as of the date hereof.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>EMPLOYMENT
              AND DUTIES</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.1&#160;&#160; &#160; &#160;&#160; &#160; <u>Position and Duties</u>.&#160; The Company hereby continues to employ the Executive, and the Executive agrees to serve, as President and Chief Executive Officer of the Company, upon the
            terms and conditions contained in this Agreement.&#160; The Executive shall report to the Board of Directors of the Company (the &#8220;<u>Board</u>&#8221;) 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 Board or the Compensation Committee of the Board (the &#8220;<u>Committee</u>&#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.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.2&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u></u><u>Term of Employment</u>.&#160; The Executive&#8217;s employment under this Agreement shall terminate on December 31, 2028, unless terminated earlier pursuant to Section 5 or extended pursuant to
            Section 6.1 (the &#8220;<u>Employment Period</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Location of Work</u>.&#160; The Executive shall be based in the United States in Parsippany, New Jersey.&#160; However, the Executive agrees to undertake whatever domestic and worldwide travel
            is required by the Company.&#160; The Executive shall not be required or permitted to relocate without the mutual, written consent of the Executive and the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">3.&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; <u>COMPENSATION</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.1&#160;&#160; &#160;&#160; &#160;&#160;&#160; <u>Base Salary</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be entitled to receive a base salary (the &#8220;<u>Base Salary</u>&#8221;) at a rate of $669,500 per annum, such rate to be effective as of January 1, 2026.&#160; Such rate may be adjusted upwards, but not downwards, from time to time by the Board or the Committee, in their sole
            discretion.&#160; The Base Salary shall be paid in equal installments on a biweekly basis or in accordance with the Company&#8217;s current payroll practices, less all required deductions.&#160; The Base Salary shall be pro-rated for any period of service less
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      <div style="text-indent: 72pt;">3.2&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Annual Bonus</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be eligible to earn an annual bonus for 2026 and each full calendar year thereafter during the
            Employment Period (the &#8220;<u>Annual Bonus</u>&#8221;), the amount of which shall be based upon performance targets or such other criteria that are determined by the Board or the Committee
            pursuant to the provisions of the Company&#8217;s Key Management Team Incentive Compensation Plan ( the &#8220;<u>Incentive Plan</u>&#8221;) in effect for the applicable calendar year.&#160; The Company
            shall pay the Annual Bonus to the Executive no later than March 15th following the end of the applicable fiscal year.&#160; The Annual Bonus shall be prorated for any year in which the Executive&#8217;s employment is terminated due to death or Disability,
            as defined in Appendix A.<font style="font-weight: bold;">&#160; </font>If during the Employment Period the Executive&#8217;s employment is terminated by the Company (or any successor thereto) for Cause, as
            defined in Exhibit A, or the Executive resigns from his employment other than for Good Reason, as defined in Exhibit A, prior to the payout of any Annual Bonus due for a completed calendar, the Executive shall not receive such Annual Bonus.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.3&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Reimbursement of Expenses</u>.&#160; The Company shall reimburse the Executive for reasonable travel and other business expenses incurred by him in the fulfillment of his duties hereunder
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      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">4.&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; <u>EMPLOYEE
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      <div>&#160;</div>
      <div style="text-indent: 72pt;">4.1&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u></u><u>General</u>.&#160; The Executive shall, during the Employment Period, be included, to the extent eligible thereunder, in all employee benefit plans, programs and arrangements (including,
            without limitation, any plans, programs or arrangements providing for retirement benefits, profit sharing, disability benefits, health and life insurance or vacation and paid holidays) that shall be established by the Company for, or made
            available to, its senior executives.&#160; In addition, the Company shall furnish the Executive with coverage by the Company&#8217;s customary director and officer indemnification arrangements, subject to applicable law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">4.2&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Automobile</u>.&#160; During the Employment Period, the Company shall provide the Executive with an automobile for business and personal use and pay for associated costs, including
            automobile insurance, parking and fuel, in accordance with the Company&#8217;s practices as consistently applied to other key employees.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>TERMINATION
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      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.1&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>Effect of an Involuntary Termination</u>.&#160; Subject to the provisions of Sections 6 and 9.5, if during the Employment Period there is an &#8220;Involuntary Termination&#8221; (as defined below)
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      <div style="margin-left: 45pt; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; an amount equal to two times the sum of (x) the Executive&#8217;s annual Base Salary, at a rate in effect at the date of such termination plus (y) the target amount of the Annual Bonus of the Executive for the year in
            which the Involuntary Termination occurs;</div>
      <div>&#160;</div>
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      <div style="margin-left: 45pt; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(ii)</font>&#160;&#160;&#160;&#160; &#160;&#160; &#160; all outstanding reasonable travel and other business expenses that he incurred as of the date of his termination;</div>
      <div>&#160;</div>
      <div style="margin-left: 45pt; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#160;&#160;&#160;&#160; &#160; &#160; an additional cash amount equal to the Company&#8217;s estimate of the employer portion of the premiums that would be necessary to continue the Executive&#8217;s health care coverage until the first anniversary of the date of
            such Involuntary Termination; <u>provided</u>, <u>however</u>, that if prior to payment of such cash amount the
            Executive becomes covered under another group health plan (which coverage, once obtained, must be promptly disclosed by the Executive to the Company), such cash amount shall be prorated to cover only the period from the date of the Executive&#8217;s
            Involuntary Termination until the date on which such alternate coverage starts; and</div>
      <div>&#160;</div>
      <div style="margin-left: 45pt; text-indent: 27pt;"><font style="color: rgb(0, 0, 0);">(iv)</font>&#160;&#160; &#160;&#160; &#160;&#160; a prorated Annual Bonus for the year in which the Involuntary Termination occurs, calculated by multiplying (A) the Annual Bonus to which the Executive would have been entitled under Section 3.2 if his employment
            had continued through the end of such year by (B) a proration fraction the numerator of which is the number of days in such calendar year up to and including the date of the Executive&#8217;s Involuntary Termination and the denominator of which is
            365.</div>
      <div>&#160;</div>
      <div style="text-indent: 0.9pt;">The Executive shall also be entitled to receive any other accrued compensation and benefits otherwise payable to him as of the date of his
        termination, including, without limitation, any Annual Bonus due for a completed calendar year.&#160; All payments made under Sections 5.1(i), (ii) and (iii) above shall be made by the Company (or its successor) in a lump-sum amount on the 60th day
        following the Executive&#8217;s termination of employment, and payment made under Section 5.1(iv) above shall be made by the Company (or its successor) in a lump-sum amount on the date that bonuses for the year in which the Executive&#8217;s Involuntary
        Termination occurs are paid generally to the Company&#8217;s senior executives (but no later than March 15th of the year following the year in which the Executive&#8217;s Involuntary Termination occurs).</div>
      <div>&#160;</div>
      <div>The Company shall not be required to make the payments and provide the benefits provided for under this Section 5.1 unless (1) the Executive executes and
        delivers to the Company, within sixty days following the Executive&#8217;s termination of employment, a Waiver and Release (relating to the Executive&#8217;s release of claims against the Company Group (as defined below) in the form provided by the Company,
        and the Waiver and Release has become effective and irrevocable in its entirety, and (2) the Executive remains in material compliance with the restrictive covenants set forth in Section 9 of this Agreement.&#160; The Executive&#8217;s failure or refusal to
        sign the Waiver and Release (or the revocation of such Waiver and Release in accordance with applicable laws) or the Executive&#8217;s failure to materially comply with the restrictive covenants in Section 9 shall result in the forfeiture of the payments
        and benefits payable under this Section 5.1.</div>
      <div>&#160;</div>
      <div>For purposes of this Agreement, &#8220;<u>Involuntary Termination</u>&#8221; means the termination of the
        Executive&#8217;s employment (i) by the Company (or any successor thereto) without Cause, as defined in Appendix A, or (ii) by the Executive for Good Reason, as defined in Appendix A.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">5.2&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>Effect of a Termination for Cause or Resignation without Good Reason</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s
            employment is terminated by the Company (or any successor thereto) for Cause or the Executive resigns from his employment other than for Good Reason, the Company shall pay to the Executive, any (i) accrued but unpaid Base Salary earned through
            the date of his termination, (ii) unreimbursed expenses, plus (iii) accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the
            Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.3&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>Effect of a Termination due to Death or Disability</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s employment is terminated by
            the Company (or any successor thereto) due to death or Disability, as defined in Appendix A, the Company shall pay to the Executive, or if applicable his estate:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; accrued but unpaid Base Salary earned through the date of his termination and any Annual Bonus due but not yet paid for a completed calendar year;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(ii)</font>&#160;&#160;&#160;&#160; &#160;&#160; &#160; a prorated Annual Bonus for the year in which the termination of employment occurs, calculated by multiplying (A) the Executive&#8217;s target Annual Bonus for that year by (B) a proration fraction
            the numerator of which is the number of days in such calendar year up to and including the date of the Executive&#8217;s termination of employment and the denominator of which is 365;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#160;&#160;&#160;&#160; &#160; &#160; all outstanding reasonable travel and other business expenses that the Executive incurred as of the date of his termination; and</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(iv)</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the Company.</div>
      <div>&#160;</div>
      <div>In addition, upon the Executive&#8217;s termination of employment due to death or Disability, all outstanding stock options and restricted stock awarded to the
        Executive shall become fully vested, and stock options shall become immediately exercisable and will remain exercisable for one year from the date of termination (or, if earlier, until the stock option&#8217;s normal expiration date); <u>provided</u>, <u>however</u>, that if the applicable stock option award specifically provides for a longer post-employment
        period to exercise such option, such longer period shall apply.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>EFFECT
              OF A CHANGE IN CONTROL</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.1&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>New Term of Employment</u>.&#160; Notwithstanding anything to the contrary in this Agreement, upon the occurrence of a Change in Control, as defined in Appendix A, during the Employment
            Period, the Company (or its successor) shall renew this Agreement for a period of two years commencing on the date of the Change in Control and ending on the second anniversary of the date of the Change in Control.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">6.2&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Acceleration of Equity Awards</u>.&#160; Notwithstanding anything to the contrary in any of the Equity Award Documents, as defined in Appendix A, upon a Change in Control, all outstanding
            stock options and restricted stock granted by the Company or any of its affiliates to the Executive shall become fully vested, and stock options shall become immediately exercisable, on the date of the Change in Control.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">7.&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <u>REDUCTION
              OF PAYMENTS</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt; color: rgb(0, 0, 0);">If any amounts due to the Executive under this Agreement and any other agreement, plan or arrangement of or with the
        Company or any of its affiliates constitute a &#8220;parachute payment,&#8221; as such term is defined in Section 280G(b)(2) of the Internal Revenue<font style="font-weight: bold;">&#160;</font>Code of 1986, as amended (the
        &#8220;<u>Code</u>&#8221;), and the amount of the parachute payment, reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of
        the Code, is less than the amount the Executive would receive if he was paid three times his &#8220;base amount&#8221;, as defined in Section 280G(b)(3) of the Code, less $1.00, reduced by all federal, state and local taxes applicable thereto, then the
        aggregate of the amounts constituting the parachute payment will be reduced (or returned by the Executive if it has already been paid to him) to an amount that will equal three times the Executive&#8217;s base amount less $1.00.&#160; Any determination to be
        made with respect to this Section 7 shall be made by an accounting firm jointly selected by the Company and the Executive and paid for by the Company, and which may be the Company&#8217;s independent auditors.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">8.&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; <u>NO
              ADDITIONAL RIGHTS</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">The Executive shall have no right to receive any compensation or benefits upon his termination or resignation of employment, except (i) as
        expressly set forth in Sections 5 and 6 above, where applicable, or (ii) as determined in accordance with the provisions of the employee benefit plans or programs of the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">9.&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>RESTRICTIVE
              COVENANTS</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.1&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>Noncompetition</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for two years thereafter, the Executive shall not,
            without the prior written consent of the Company, directly or indirectly, own, manage, operate, join, control, or participate in the ownership, management, operation or control of, or be employed by or connected in any manner with, any
            Competing Business, whether for compensation or otherwise;&#160; <u>provided</u>, <u>however</u>, that the Executive
            shall be permitted to hold, directly or indirectly, less than 1% of any class of securities of any entity that is listed on a national securities exchange or on the NASDAQ National Market System.&#160; Notwithstanding the foregoing, this Section 9.1
            shall cease to apply upon the termination of the Executive&#8217;s employment with the Company (or any successor thereto) resulting from an Involuntary Termination.&#160; For purposes of this Agreement, &#8220;<u>Competing Business</u>&#8221; means any business within the United States that involves for-profit, post-secondary education.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">9.2&#160; &#160;&#160; &#160;&#160;&#160;&#160; <u>Nonsolicitation</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for one year thereafter, the Executive shall not,
            without the prior written consent of the Company, directly or indirectly, as a sole proprietor, member of a partnership, stockholder, investor, officer or director of a corporation, or as an employee, associate, consultant or agent of any
            person, partnership, corporation or other business organization or entity other than the Company or any of its subsidiaries or affiliates (the &#8220;<u>Company Group</u>&#8221;) (i) solicit or
            endeavor to entice away from any member of the Company Group, any person or entity who is, or was on the date of this Agreement, employed by, or serving as a key consultant of, any member of the Company Group or (ii) solicit or endeavor to
            entice away from any member of the Company Group, any person or entity who is, or was on the date of this Agreement, a customer or client (or reasonably anticipated to become a customer or client) of any member of the Company Group.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.3&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Confidentiality</u>.&#160; The Executive shall not at any time, except in performance of his obligations to the Company Group under the provisions of this Agreement and as an employee of
            the Company, directly or indirectly, disclose or use any secret or protected information that he may learn or has learned by reason of his association with any member of the Company Group.&#160; The term &#8220;protected information&#8221; includes trade
            secrets and confidential and proprietary business information of the Company Group, including, but not limited to, customers (including potential customers), sources of supply, processes, methods, plans, apparatus, specifications, materials,
            pricing information, intellectual property (including applications and rights in discoveries, inventions or patents), internal memoranda, marketing plans, contracts, finances, personnel, research and internal policies, but shall exclude any
            information which (i) is or becomes available to the public or is generally known in the industry or industries in which the Company Group operates other than as a result of disclosure by the Executive in violation of this Section 9.3 or (ii)
            the Executive is required to disclose under any applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.4&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>Exclusive Property</u>.&#160; The Executive confirms that all protected information is and shall remain the exclusive property of the Company Group.&#160; All business records, papers and
            documents kept or made by the Executive relating to the business of the Company shall be and remain the property of the Company Group.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with Restrictive Covenants</u>.&#160; Without intending to limit any other remedies available to the Company Group and except as required by law, in the event that the
            Executive breaches or threatens to breach any of the covenants set forth in this Section 9, (i) the Company Group shall be entitled to seek a temporary restraining order and/or a preliminary or permanent injunction restraining the Executive
            from engaging in activities prohibited by this Section 9 or such other relief as may be required to enforce any of such covenants and (ii) all obligations of the Company to make payments and provide benefits under this Agreement shall
            immediately cease.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">10.&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>ARBITRATION</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; Subject to Section 9.5 above, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the Executive and the
            Company shall be settled exclusively by arbitration in Parsippany, New Jersey before three arbitrators of exemplary qualifications and stature.&#160; The Executive and the Company shall each select one arbitrator.&#160; The arbitrators selected by the
            Executive and the Company shall jointly select the third arbitrator.&#160; Judgment may be entered on the arbitrators&#8217; award in any court having jurisdiction.&#160; The Executive and the Company hereby agree that the arbitrators shall be empowered to
            enter an equitable decree mandating specific enforcement of the provisions of this Agreement.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">10.2&#160;&#160;&#160;&#160; &#160;&#160; <u>Associated Costs</u>.&#160; The cost of the arbitration shall be borne by the parties in the manner determined by the arbitrators.&#160; If, however, the dispute concerns contractual rights
            that arise in the event of or subsequent to a Change in Control, the costs of arbitration (and any reasonable attorney&#8217;s fees incurred by the Executive) shall be borne by the Company, unless the arbitrators determine that the Executive
            commenced such arbitration on unfounded or unreasonable grounds.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">11.&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>SECTION
              409A OF THE CODE.</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">11.1&#160;&#160;&#160; &#160; &#160; <u>General</u>.&#160; This Agreement is intended to meet the requirements of Section 409A of the Code, and shall be interpreted and construed consistent with that intent.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><a name="z_Ref197497694"></a>11.2&#160;&#160;&#160; &#160; &#160; <u>Deferred Compensation</u>.&#160; Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides
          for the &#8220;deferral of compensation&#8221; within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the following:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(i)</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; If the Executive is a &#8220;Specified Employee&#8221; within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive&#8217;s termination of employment, then no such payment shall be made
            or commence during the period beginning on the date of the Executive&#8217;s termination of employment and ending on the date that is six months and one day following the Executive&#8217;s termination of employment or, if earlier, on the date of the
            Executive&#8217;s death.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; Payments with respect to reimbursements of expenses shall be made in accordance with Company policy and in no event later than the last day of the calendar year following the calendar year in
            which the relevant expense is incurred.&#160; No reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, except, in each case, to the extent that the right to reimbursement does not
            provide for a &#8220;deferral of compensation&#8221; within the meaning of Section 409A of the Code.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#160;&#160;&#160; &#160;&#160; &#160; The Company shall not accelerate any payment or the provision of any benefits under this Agreement or make or provide any such payment or benefits if such payment or provision of such benefits
            would, as a result, be subject to tax under Section 409A of the Code.&#160; If, in the good faith judgment of the Company, any provision of this Agreement could cause the Executive to be subject to adverse or unintended tax consequences under
            Section 409A of the Code, such provision shall be modified by the Company in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the requirements of Section 409A
            of the Code.&#160; It is understood that each installment is a separate payment, and that the timing of payment is within the control of the Company.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;"><font style="color: rgb(0, 0, 0);">(iv)</font>&#160;&#160;&#160;&#160; &#160; &#160; The provisions of this Section 11 shall apply notwithstanding any provisions of this Agreement related to the timing of payments following the Executive&#8217;s termination of employment.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>MISCELLANEOUS</u></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.1&#160; &#160;&#160; &#160;&#160; <u>Communications</u>.&#160; All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made as of the date
            delivered, or on the fifth business day after mailed if delivered personally or mailed by registered or certified mail (postage prepaid, return receipt requested), to the relevant party at the following address (or at such other address for a
            party as shall be specified by like notice, except that notices of change of address shall be effective upon receipt):</div>
      <div>&#160;</div>
      <div>if to the Company:</div>
      <div>&#160;</div>
      <div style="text-indent: -54pt; margin-left: 162pt;">14 Sylvan Way, Ste. A</div>
      <div style="text-indent: -54pt; margin-left: 162pt;">Parsippany, NJ 07054</div>
      <div style="text-indent: -54pt; margin-left: 162pt;">Attention:&#160; General Counsel</div>
      <div>&#160;</div>
      <div>if to the Executive:</div>
      <div style="text-indent: -54pt; margin-left: 162pt;">14 Sylvan Way, Ste. A</div>
      <div style="text-indent: -54pt; margin-left: 162pt;">Parsippany, NJ 07054</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.2&#160;&#160;&#160;&#160; &#160;&#160; <u>Waiver of Breach; Severability</u>.&#160; (a)&#160; The waiver by the Executive or the Company of a breach of any provision of this Agreement by the other party hereto shall not operate or be
            construed as a waiver of any subsequent breach by either party.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">(b)&#160; The parties hereto recognize that the laws and public policies of various jurisdictions may differ as to the validity and enforceability
        of covenants similar to those set forth herein.&#160; It is the intention of the parties that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and policies of each jurisdiction in which enforcement may be
        sought, and that the unenforceability (or the modification to conform to such laws or policies) of any provisions hereof shall not render unenforceable, or impair, the remainder of the provisions hereof.&#160; Accordingly, if at the time of enforcement
        of any provision hereof, a court of competent jurisdiction holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope, or geographic area reasonable under
        such circumstances shall be substituted for the stated period, scope or geographical area and that such court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and geographical area permitted by law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.3&#160;&#160;&#160;&#160; &#160;&#160; <u>Assignment; Successors</u>.&#160; No right, benefit or interest hereunder shall be assigned, encumbered, charged, pledged, hypothecated or be subject to any setoff or recoupment by the
            Executive.&#160; This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u>.&#160; This Agreement and the Equity Award Documents represent the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or
            understandings between the Company and the Executive relating to the subject matter hereof, including, without limitation, the Prior Agreement.&#160; This Agreement may be amended at any time by mutual written agreement of the parties hereto.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">12.5&#160;&#160;&#160; &#160; &#160; <u>Withholding</u>.&#160; The payment of any amount pursuant to this Agreement shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required
            under the Company&#8217;s employee benefit plans, if any.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.6&#160;&#160; &#160;&#160; &#160; <u>Governing Law</u>.&#160; This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.7&#160;&#160; &#160;&#160; &#160; <u>Headings</u>.&#160; The headings in this Agreement are for convenience only and shall not be used to interpret or construe any of its provisions.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.8&#160;&#160;&#160;&#160; &#160;&#160; <u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
            instrument.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and the Executive has hereunto set his hand as of the day and
        year first written above.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="zf116194002184a1aa9e5219364197411" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-weight: bold;">LINCOLN EDUCATIONAL SERVICES CORPORATION</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
            <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div>By:<u></u></div>
            </td>
            <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> /s/ Felecia J. Pryor</td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div>Name:&#160; Felecia J. Pryor</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div>Title: Chairman of Compensation Committee</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
            <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-weight: bold;">EXECUTIVE</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2" rowspan="1"><br>
            </td>
            <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">/s/ Scott M. Shaw</td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;" rowspan="1"><br>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="2" rowspan="1">
              <div>Scott M. Shaw</div>
            </td>
            <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
            </td>
          </tr>

      </table>
      <div><br>
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      <!--PROfilePageNumberReset%Num%1%A-%%-->
      <div style="text-align: center; font-weight: bold;"><u>APPENDIX A</u></div>
      <div>&#160;</div>
      <div>&#8220;<u>Cause</u>&#8221; shall mean, with respect to the Executive, the following:</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 72pt;">&#160;</td>
            <td style="width: 36pt; vertical-align: top;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div>prior to a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the performance
                of the Executive&#8217;s duties of employment, (iii) the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), (iv) the Executive&#8217;s intentional or reckless
                disclosure of protected information respecting any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment, (v) the Executive&#8217;s commission of an act or acts of
                sexual harassment that would normally constitute grounds for termination, or (vi) any other act or omission by the Executive (other than an act or omission resulting from the exercise by the Executive of good faith business judgment), which
                is materially injurious to the financial condition or business reputation of any member of the Company Group; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for cause unless he has received written notice of the alleged basis therefor from the Company, and
                fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the case of two separate episodes occurring within any 12-month period that give the Company the right
                to terminate for cause for such reason; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z7220da175f504f2b8f7984eb4846f9d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>on or after a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the
                performance of the Executive&#8217;s duties of employment, (iii) the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), or (iv) the Executive&#8217;s
                intentional or reckless disclosure of protected information respecting any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for
                cause unless he has received written notice of the alleged basis therefor from the Company, and fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the
                case of two separate episodes occurring within any 12-month period that give the Company the right to terminate for cause for such reason.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-1</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>&#160;&#8220;<u>Change in Control</u>&#8221; shall mean:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zff6e802bb88248898d427e2801d82cdb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div>when a &#8220;person&#8221; (as defined in Section 3(a)(9) of the Exchange Act), including a &#8220;group&#8221; (as defined in Section 13(d) and 14(d) of the Exchange Act), either directly or indirectly becomes
                the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 under the Exchange Act) of 25% 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; <u>provided</u><font style="font-style: italic;">, </font><u>however</u><font style="font-style: italic;">, </font>that the following acquisitions shall not constitute a Change in Control:&#160; (1) any acquisition
                directly from the Company; (2) any acquisition by the Company; or (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z9b6b6851234144a48d1936a39415dee4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>when, during any period of 24 consecutive months during the Employment Period, the individuals who, at the beginning of such period, constitute the Board (the &#8220;<u>Company Incumbent Directors&#8221;</u>) cease for any reason other than death to constitute at least a majority thereof;&#160; <u>provided</u>, <u>however</u>, 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;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z677771e0825d4dcf8e939d989d013f17" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(c)</td>
            <td style="width: auto; vertical-align: top;">
              <div>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;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf982c7cb1dc34e688af9f5725f7f5651" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(d)</td>
            <td style="width: auto; vertical-align: top;">
              <div>consummation of a merger, amalgamation or consolidation of the Company with any other corporation, the issuance of voting securities of the Company in connection with a merger,
                amalgamation or consolidation of the Company or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets of another corporation (each, a &#8220;<u>Business Combination</u>&#8221;), unless, in each case of a Business Combination, immediately following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners
                of the Common Stock outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock and 50% of the combined voting power of the then
                outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such
                transaction owns the Company or all or substantially all of the Company&#8217;s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination,
                of the Common Stock; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="ze0ef58be2c214aeabe74edb16dfe9ee3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(e)</td>
            <td style="width: auto; vertical-align: top;">
              <div>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.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>&#8220;<u>Disability</u>&#8221; shall mean the inability of the Executive to perform substantially his duties
        and responsibilities to the Company or any of its subsidiaries by reason of a physical or mental disability or infirmity (a) for a continuous period of six months or (b) at such earlier time as the Executive submits medical evidence of such
        disability to the reasonable satisfaction of the Committee that the Executive has a physical or mental disability or infirmity that shall likely prevent him from substantially performing his duties and responsibilities for six months or longer.&#160;
        The date of such Disability shall be on the last day of such six-month period or the day on which the Committee determines that the Executive has a physical or mental disability or infirmity as provided in clause (b) herein.</div>
      <div>&#160;</div>
      <div>&#8220;<u>Good Reason</u>&#8221; shall mean, with respect to the Executive, the occurrence of any of the
        following (without his written consent):&#160; (a) a reduction in the Executive&#8217;s Base Salary or target Annual Bonus; (b) an adverse change in the Executive&#8217;s title, authority, duties,
        responsibilities or reporting lines as specified in Section 2.1 of this Agreement; (c) a failure by the Company to pay material compensation when due in connection with the Executive&#8217;s employment; or (d) a material breach of this Agreement by the
        Company; <u>provided</u><font style="font-style: italic;">, </font><u>however</u>,
        that, if any such Good Reason is reasonably susceptible to cure, then the Executive shall not terminate his employment hereunder unless the Executive first provides the Company with written notice of his intention to terminate and of the grounds
        for such termination, and the Company has not, within 10 business days following receipt of such written notice, cured such Good Reason.</div>
      <div>&#160;</div>
      <div>&#8220;<u>Equity Award Documents</u>&#8221; shall mean (a) any option agreements, restricted stock agreements
        or other equity award agreements under the Company&#8217;s 2020 Long-Term Incentive Plan and (b) any stock pledge agreement or promissory note relating to the Executive&#8217;s stock options, shares of Company common stock underlying such options or restricted
        stock.</div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div>
        <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-3</font></div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ef20061859_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<html>
  <head>
    <title></title>
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         Document created using Broadridge PROfile 25.10.1.5333
         Copyright 1995 - 2025 Broadridge -->
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.2</font><br>
  </div>
  <div><br>
    <div style="text-indent: 72pt;">EMPLOYMENT AGREEMENT (this &#8220;<u>Agreement</u>&#8221;), dated as of December 19, 2025, between LINCOLN EDUCATIONAL SERVICES CORPORATION, a New Jersey corporation (the &#8220;<u>Company</u>&#8221;), and Brian K. Meyers (the &#8220;<u>Executive</u>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">WHEREAS, the Executive is currently employed by the Company;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">WHEREAS, the Executive and the Company entered into an employment agreement, dated, December 13, 2022 which expires pursuant to its terms on December 31, 2025 (the &#8220;<u>Prior Agreement</u>&#8221;); and</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">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 December 19, 2025 that supersedes the Prior Agreement;</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EFFECTIVENESS OF AGREEMENT</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">This Agreement shall become effective as of the date hereof.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EMPLOYMENT AND DUTIES</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Position and Duties</u>.&#160; The Company hereby continues to employ the Executive, and the Executive agrees to serve, as Executive Vice President, Chief Financial Officer and Treasurer of the Company, upon
      the terms and conditions contained in this Agreement.&#160; The Executive shall report to the Chief Executive Officer 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;<u>Board</u>&#8221;) or the Compensation Committee of the Board (the &#8220;<u>Committee</u>&#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.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Term of Employment</u>.&#160; The Executive&#8217;s employment under this Agreement shall terminate on December 31, 2028, unless terminated earlier pursuant to Section 5 or extended pursuant to Section 6.1 (the
      &#8220;Employment Period&#8221;).</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Location of Work</u>.&#160; The Executive shall be based in the United States in Parsippany, New Jersey.&#160; However, the Executive agrees to undertake whatever domestic and worldwide travel is required by the
      Company.&#160; The Executive shall not be required or permitted to relocate without the mutual, written consent of the Executive and the Company.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>COMPENSATION</u>.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="text-indent: 72pt;">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Base Salary</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be entitled to receive a base salary (the &#8220;Base Salary&#8221;) at a rate of $453,200 per annum, such rate to be effective as
      of January 1, 2026.&#160; Such rate may be adjusted upwards, but not downwards, from time to time by the Board or the Committee, in their sole discretion.&#160; The Base Salary shall be paid in equal installments on a biweekly basis or in accordance with the
      Company&#8217;s current payroll practices, less all required deductions.&#160; The Base Salary shall be pro-rated for any period of service less than a full year.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Annual Bonus</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be eligible to earn an annual bonus for 2026 and each full calendar year thereafter during the Employment Period (the
      &#8220;Annual Bonus&#8221;), the amount of which shall be based upon performance targets or such other criteria that are determined by the Board or the Committee pursuant to the provisions of the Company&#8217;s Key Management Team Incentive Compensation Plan ( the
      &#8220;Incentive Plan&#8221;) in effect for the applicable calendar year.&#160; The Company shall pay the Annual Bonus to the Executive no later than March 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> following the end of the
      applicable fiscal year.&#160; The Annual Bonus shall be prorated for any year in which the Executive&#8217;s employment is terminated due to death or Disability, as defined in Appendix A.<font style="font-weight: bold;">&#160; </font>If during the Employment Period
      the Executive&#8217;s employment is terminated by the Company (or any successor thereto) for Cause, as defined in Exhibit A, or the Executive resigns from his employment other than for Good Reason, as defined in Exhibit A, prior to the payout of any Annual
      Bonus due for a completed calendar, the Executive shall not receive such Annual Bonus.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reimbursement of Expenses</u>.&#160; The Company shall reimburse the Executive for reasonable travel and other business expenses incurred by him in the fulfillment of his duties hereunder upon presentation by
      the Executive of an itemized account of such expenditures, in accordance with Company practices.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EMPLOYEE BENEFITS</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General</u>.&#160; The Executive shall, during the Employment Period, be included, to the extent eligible thereunder, in all employee benefit plans, programs and arrangements (including, without limitation,
      any plans, programs or arrangements providing for retirement benefits, profit sharing, disability benefits, health and life insurance or vacation and paid holidays) that shall be established by the Company for, or made available to, its senior
      executives.&#160; In addition, the Company shall furnish the Executive with coverage by the Company&#8217;s customary director and officer indemnification arrangements, subject to applicable law.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">4.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Automobile</u>.&#160; During the Employment Period, the Company shall provide the Executive with an automobile for business and personal use and pay for associated costs, including automobile insurance,
      parking and fuel, in accordance with the Company&#8217;s practices as consistently applied to other key employees.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>TERMINATION OF EMPLOYMENT</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Effect of an Involuntary Termination</u>.&#160; Subject to the provisions of Sections 6 and 9.5, if during the Employment Period there is an &#8220;Involuntary Termination&#8221; (as defined below) of the Executive&#8217;s
      employment, the Company shall pay to the Executive:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;an amount equal to one and three-quarters times the sum of (x) the Executive&#8217;s annual Base Salary, at a rate in effect at the date of such termination plus (y) the
      target amount of the Annual Bonus of the Executive for the year in which the Involuntary Termination occurs;</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all outstanding reasonable travel and other business expenses that he incurred as of the date of his termination;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;an additional cash amount equal to the Company&#8217;s estimate of the employer portion of the premiums that would be necessary to continue the Executive&#8217;s health care
      coverage until the first anniversary of the date of such Involuntary Termination; <u>provided</u>, <u>however</u>, that if prior to payment of such cash amount the Executive becomes covered under another group health plan (which coverage, once
      obtained, must be promptly disclosed by the Executive to the Company), such cash amount shall be prorated to cover only the period from the date of the Executive&#8217;s Involuntary Termination until the date on which such alternate coverage starts; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;a prorated Annual Bonus for the year in which the Involuntary Termination occurs, calculated by multiplying (A) the Annual Bonus to which the Executive would have been
      entitled under Section 3.2 if his employment had continued through the end of such year by (B) a proration fraction the numerator of which is the number of days in such calendar year up to and including the date of the Executive&#8217;s Involuntary
      Termination and the denominator of which is 365.</div>
    <div>&#160;</div>
    <div style="text-indent: 0.9pt;">The Executive shall also be entitled to receive any other accrued compensation and benefits otherwise payable to him as of the date of his termination, including, without limitation, any Annual Bonus due for a completed
      calendar year.&#160; All payments made under Sections 5.1(i), (ii) and (iii) above shall be made by the Company (or its successor) in a lump-sum amount on the 60th day following the Executive&#8217;s termination of employment, and payment made under Section
      5.1(iv) above shall be made by the Company (or its successor) in a lump-sum amount on the date that bonuses for the year in which the Executive&#8217;s Involuntary Termination occurs are paid generally to the Company&#8217;s senior executives (but no later than
      March 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the year following the year in which the Executive&#8217;s Involuntary Termination occurs).</div>
    <div>&#160;</div>
    <div>The Company shall not be required to make the payments and provide the benefits provided for under this Section 5.1 unless (1) the Executive executes and delivers to the Company, within sixty days following the Executive&#8217;s termination of
      employment, a Waiver and Release (relating to the Executive&#8217;s release of claims against the Company Group (as defined below) in the form provided by the Company, and the Waiver and Release has become effective and irrevocable in its entirety, and (2)
      the Executive remains in material compliance with the restrictive covenants set forth in Section 9 of this Agreement.&#160; The Executive&#8217;s failure or refusal to sign the Waiver and Release (or the revocation of such Waiver and Release in accordance with
      applicable laws) or the Executive&#8217;s failure to materially comply with the restrictive covenants in Section 9 shall result in the forfeiture of the payments and benefits payable under this Section 5.1.</div>
    <div>&#160;</div>
    <div>For purposes of this Agreement, &#8220;<u>Involuntary Termination</u>&#8221; means the termination of the Executive&#8217;s employment (i) by the Company (or any successor thereto) without Cause, as defined in Appendix A, or (ii) by the Executive for Good Reason,
      as defined in Appendix A.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 72pt;">5.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Effect of a Termination for Cause or Resignation without Good Reason</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s employment is terminated by the
      Company (or any successor thereto) for Cause or the Executive resigns from his employment other than for Good Reason, the Company shall pay to the Executive, any (i) accrued but unpaid Base Salary earned through the date of his termination, (ii)
      unreimbursed expenses, plus (iii) accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the Company.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">5.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Effect of a Termination due to Death or Disability</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s employment is terminated by the Company (or any
      successor thereto) due to death or Disability, as defined in Appendix A, the Company shall pay to the Executive, or if applicable his estate:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; accrued but unpaid Base Salary earned through the date of his termination and any Annual Bonus due but not yet paid for a completed calendar year;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;a prorated Annual Bonus for the year in which the termination of employment occurs, calculated by multiplying (A) the Executive&#8217;s target Annual Bonus for that year by
      (B) a proration fraction the numerator of which is the number of days in such calendar year up to and including the date of the Executive&#8217;s termination of employment and the denominator of which is 365;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all outstanding reasonable travel and other business expenses that the Executive incurred as of the date of his termination; and</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or
      programs of the Company.</div>
    <div>&#160;</div>
    <div>In addition, upon the Executive&#8217;s termination of employment due to death or Disability, all outstanding stock options and restricted stock awarded to the Executive shall become fully vested, and stock options shall become immediately exercisable
      and will remain exercisable for one year from the date of termination (or, if earlier, until the stock option&#8217;s normal expiration date); <u>provided</u>, <u>however</u>, that if the applicable stock option award specifically provides for a longer
      post-employment period to exercise such option, such longer period shall apply.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>EFFECT OF A CHANGE IN CONTROL</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>New Term of Employment</u>.&#160; Notwithstanding anything to the contrary in this Agreement, upon the occurrence of a Change in Control, as defined in Appendix A, during the Employment Period, the Company (or
      its successor) shall renew this Agreement for a period of two years commencing on the date of the Change in Control and ending on the second anniversary of the date of the Change in Control.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 72pt;">6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Acceleration of Equity Awards</u>.&#160; Notwithstanding anything to the contrary in any of the Equity Award Documents, as defined in Appendix A, upon a Change in Control, all outstanding stock options and
      restricted stock granted by the Company or any of its affiliates to the Executive shall become fully vested, and stock options shall become immediately exercisable, on the date of the Change in Control.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>REDUCTION OF PAYMENTS</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; color: rgb(0, 0, 0);">If any amounts due to the Executive under this Agreement and any other agreement, plan or arrangement of or with the Company or any of its affiliates constitute a &#8220;parachute payment,&#8221; as such term is
      defined in Section 280G(b)(2) of the Internal Revenue<font style="font-weight: bold;">&#160;</font>Code of 1986, as amended (the &#8220;<u>Code</u>&#8221;), and the amount of the parachute payment, reduced by all federal, state and local taxes applicable thereto,
      including the excise tax imposed pursuant to Section 4999 of the Code, is less than the amount the Executive would receive if he was paid three times his &#8220;base amount&#8221;, as defined in Section 280G(b)(3) of the Code, less $1.00, reduced by all federal,
      state and local taxes applicable thereto, then the aggregate of the amounts constituting the parachute payment will be reduced (or returned by the Executive if it has already been paid to him) to an amount that will equal three times the Executive&#8217;s
      base amount less $1.00.&#160; Any determination to be made with respect to this Section 7 shall be made by an accounting firm jointly selected by the Company and the Executive and paid for by the Company, and which may be the Company&#8217;s independent
      auditors.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>NO ADDITIONAL RIGHTS</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">The Executive shall have no right to receive any compensation or benefits upon his termination or resignation of employment, except (i) as expressly set forth in Sections 5 and 6 above, where applicable, or (ii) as
      determined in accordance with the provisions of the employee benefit plans or programs of the Company.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>RESTRICTIVE COVENANTS</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">9.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Noncompetition</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for two years thereafter, the Executive shall not, without the prior written
      consent of the Company, directly or indirectly, own, manage, operate, join, control, or participate in the ownership, management, operation or control of, or be employed by or connected in any manner with, any Competing Business, whether for
      compensation or otherwise;&#160; provided, however, that the Executive shall be permitted to hold, directly or indirectly, less than 1% of any class of securities of any entity that is listed on a national securities exchange or on the NASDAQ National
      Market System.&#160; Notwithstanding the foregoing, this Section 9.1 shall cease to apply upon the termination of the Executive&#8217;s employment with the Company (or any successor thereto) resulting from an Involuntary Termination.&#160; For purposes of this
      Agreement, &#8220;Competing Business&#8221; means any business within the United States that involves for-profit, post-secondary education.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 72pt;">9.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Nonsolicitation</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for one year thereafter, the Executive shall not, without the prior written
      consent of the Company, directly or indirectly, as a sole proprietor, member of a partnership, stockholder, investor, officer or director of a corporation, or as an employee, associate, consultant or agent of any person, partnership, corporation or
      other business organization or entity other than the Company or any of its subsidiaries or affiliates (the &#8220;Company Group&#8221;) (i) solicit or endeavor to entice away from any member of the Company Group, any person or entity who is, or was on the date
      of this Agreement, employed by, or serving as a key consultant of, any member of the Company Group or (ii) solicit or endeavor to entice away from any member of the Company Group, any person or entity who is, or was on the date of this Agreement, a
      customer or client (or reasonably anticipated to become a customer or client) of any member of the Company Group.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">9.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Confidentiality</u>.&#160; The Executive shall not at any time, except in performance of his obligations to the Company Group under the provisions of this Agreement and as an employee of the Company, directly
      or indirectly, disclose or use any secret or protected information that he may learn or has learned by reason of his association with any member of the Company Group.&#160; The term &#8220;protected information&#8221; includes trade secrets and confidential and
      proprietary business information of the Company Group, including, but not limited to, customers (including potential customers), sources of supply, processes, methods, plans, apparatus, specifications, materials, pricing information, intellectual
      property (including applications and rights in discoveries, inventions or patents), internal memoranda, marketing plans, contracts, finances, personnel, research and internal policies, but shall exclude any information which (i) is or becomes
      available to the public or is generally known in the industry or industries in which the Company Group operates other than as a result of disclosure by the Executive in violation of this Section 9.3 or (ii) the Executive is required to disclose under
      any applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">9.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exclusive Property</u>.&#160; The Executive confirms that all protected information is and shall remain the exclusive property of the Company Group.&#160; All business records, papers and documents kept or made by
      the Executive relating to the business of the Company shall be and remain the property of the Company Group.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">9.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance with Restrictive Covenants</u>.&#160; Without intending to limit any other remedies available to the Company Group and except as required by law, in the event that the Executive breaches or
      threatens to breach any of the covenants set forth in this Section 9, (i) the Company Group shall be entitled to seek a temporary restraining order and/or a preliminary or permanent injunction restraining the Executive from engaging in activities
      prohibited by this Section 9 or such other relief as may be required to enforce any of such covenants and (ii) all obligations of the Company to make payments and provide benefits under this Agreement shall immediately cease.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>ARBITRATION</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General</u>.&#160; Subject to Section 9.5 above, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the Executive and the Company shall be
      settled exclusively by arbitration in Parsippany, New Jersey before three arbitrators of exemplary qualifications and stature.&#160; The Executive and the Company shall each select one arbitrator.&#160; The arbitrators selected by the Executive and the Company
      shall jointly select the third arbitrator.&#160; Judgment may be entered on the arbitrators&#8217; award in any court having jurisdiction.&#160; The Executive and the Company hereby agree that the arbitrators shall be empowered to enter an equitable decree mandating
      specific enforcement of the provisions of this Agreement.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 72pt;">10.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Associated Costs</u>.&#160; The cost of the arbitration shall be borne by the parties in the manner determined by the arbitrators.&#160; If, however, the dispute concerns contractual rights that arise in the event
      of or subsequent to a Change in Control, the costs of arbitration (and any reasonable attorney&#8217;s fees incurred by the Executive) shall be borne by the Company, unless the arbitrators determine that the Executive commenced such arbitration on
      unfounded or unreasonable grounds.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>SECTION 409A OF THE CODE</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">11.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; This Agreement is intended to be exempt from or meet the requirements of Section 409A of the Code, and shall be interpreted and construed consistent with that intent.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">11.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Deferred Compensation</u>.&#160; Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides for the &#8220;deferral
      of compensation&#8221; within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the following:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Executive is a &#8220;Specified Employee&#8221; within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive&#8217;s termination of employment, then no
      such payment shall be made or commence during the period beginning on the date of the Executive&#8217;s termination of employment and ending on the date that is six months and one day following the Executive&#8217;s termination of employment or, if earlier, on
      the date of the Executive&#8217;s death.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Payments with respect to reimbursements of expenses shall be made in accordance with Company policy and in no event later than the last day of the calendar year
      following the calendar year in which the relevant expense is incurred.&#160; No reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, except, in each case, to the extent that the right to
      reimbursement does not provide for a &#8220;deferral of compensation&#8221; within the meaning of Section 409A of the Code.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall not accelerate any payment or the provision of any benefits under this Agreement or make or provide any such payment or benefits if such payment or
      provision of such benefits would, as a result, be subject to tax under Section 409A of the Code.&#160; If, in the good faith judgment of the Company, any provision of this Agreement could cause the Executive to be subject to adverse or unintended tax
      consequences under Section 409A of the Code, such provision shall be modified by the Company in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the requirements of
      Section 409A of the Code.&#160; It is understood that each installment is a separate payment, and that the timing of payment is within the control of the Company.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The provisions of this Section 11 shall apply notwithstanding any provisions of this Agreement related to the timing of payments following the Executive&#8217;s termination
      of employment.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>MISCELLANEOUS</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">12.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Communications.</u>&#160; All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made as of the date delivered, or on the fifth
      business day after mailed if delivered personally or mailed by registered or certified mail (postage prepaid, return receipt requested), to the relevant party at the following address (or at such other address for a party as shall be specified by
      like notice, except that notices of change of address shall be effective upon receipt):</div>
    <div>&#160;</div>
    <div>if to the Company:</div>
    <div style="text-indent: 108pt;">14 Sylvan Way, Ste. A</div>
    <div style="text-indent: 108pt;">Parsippany, NJ 07054</div>
    <div style="text-indent: 108pt;">Attention:&#160; Chief Executive Officer and President</div>
    <div>if to the Executive:</div>
    <div style="text-indent: 108pt;">14 Sylvan Way, Ste. A</div>
    <div style="text-indent: 108pt;">Parsippany, NJ 07054</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">12.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver of Breach; Severability</u>.&#160; (a)&#160; The waiver by the Executive or the Company of a breach of any provision of this Agreement by the other party hereto shall not operate or be construed as a waiver
      of any subsequent breach by either party.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The parties hereto recognize that the laws and public policies of various jurisdictions may differ as to the validity and enforceability of covenants similar to those set forth herein.&#160; It is the intention
      of the parties that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and policies of each jurisdiction in which enforcement may be sought, and that the unenforceability (or the modification to conform to
      such laws or policies) of any provisions hereof shall not render unenforceable, or impair, the remainder of the provisions hereof.&#160; Accordingly, if at the time of enforcement of any provision hereof, a court of competent jurisdiction holds that the
      restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope, or geographic area reasonable under such circumstances shall be substituted for the stated period, scope or
      geographical area and that such court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and geographical area permitted by law.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">12.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Assignment; Successors</u>.&#160; No right, benefit or interest hereunder shall be assigned, encumbered, charged, pledged, hypothecated or be subject to any setoff or recoupment by the Executive.&#160; This
      Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">12.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u>.&#160; This Agreement and the Equity Award Documents represent the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or understandings
      between the Company and the Executive relating to the subject matter hereof, including, without limitation, the Prior Agreement.&#160; This Agreement may be amended at any time by mutual written agreement of the parties hereto.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 72pt;">12.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Withholding</u>.&#160; The payment of any amount pursuant to this Agreement shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the Company&#8217;s
      employee benefit plans, if any.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">12.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.&#160; This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey.</div>
    <div style="text-indent: 72pt;"> <br>
    </div>
    <div style="text-indent: 72pt;">12.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Headings</u>.&#160; The headings in this Agreement are for convenience only and shall not be used to interpret or construe any of its provisions.</div>
    <div style="text-indent: 72pt;"> <br>
    </div>
    <div style="text-indent: 72pt;">12.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 72pt;">IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and the Executive has hereunto set his hand as of the day and year first written above.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc43975282a464789900f125dd2d83db1">

        <tr>
          <td colspan="3" rowspan="1" style="width: 3%; vertical-align: top;">
            <div style="font-weight: bold;">LINCOLN EDUCATIONAL SERVICES CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 47%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 47%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="margin-left: 9pt;">&#160; /s/ Scott M. Shaw</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="vertical-align: top; width: 95%;">
            <div>Scott M. Shaw</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="vertical-align: top; width: 95%;">
            <div>Chief Executive Officer and President</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z856cdcf6da0d417f9bce04d1aa1cc29d">

        <tr>
          <td rowspan="1" style="width: 50.42%; vertical-align: top; font-weight: bold;">EXECUTIVE</td>
          <td rowspan="1" style="width: 49.58%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50.42%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 49.58%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.42%; vertical-align: top; border-bottom: 2px solid black;">
            <div>/s/Brian K. Meyers</div>
          </td>
          <td style="width: 49.58%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.42%; vertical-align: top;">
            <div>Brian K. Meyers</div>
          </td>
          <td style="width: 49.58%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
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    <!--PROfilePageNumberReset%Num%1%A- %%-->
    <div style="text-align: center; font-weight: bold;"><u>APPENDIX A</u></div>
    <div style="text-align: center; font-weight: bold;"><u> <br>
      </u></div>
    <div>&#8220;<u>Cause</u>&#8221; shall mean, with respect to the Executive, the following:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z137f33e66e1e4d1aa5038c192aaade7c">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div>prior to a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the performance of the Executive&#8217;s duties of employment, (iii) the
              Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), (iv) the Executive&#8217;s intentional or reckless disclosure of protected information respecting any
              member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment, (v) the Executive&#8217;s commission of an act or acts of sexual harassment that would normally constitute grounds
              for termination, or (vi) any other act or omission by the Executive (other than an act or omission resulting from the exercise by the Executive of good faith business judgment), which is materially injurious to the financial condition or
              business reputation of any member of the Company Group; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for cause unless he has received written notice of
              the alleged basis therefor from the Company, and fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the case of two separate episodes occurring within any
              12-month period that give the Company the right to terminate for cause for such reason; or</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6cfcd2adf312473e8924ed83aad6b28e">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(b)</td>
          <td style="width: auto; vertical-align: top;">
            <div>on or after a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the performance of the Executive&#8217;s duties of employment, (iii)
              the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), or (iv) the Executive&#8217;s intentional or reckless disclosure of protected information respecting
              any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be
              deemed to have been terminated for cause unless he has received written notice of the alleged basis therefor from the Company, and fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure
              opportunity&#8221; shall be required in the case of two separate episodes occurring within any 12-month period that give the Company the right to terminate for cause for such reason.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">A- 1</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>&#8220;<u>Change in Control</u>&#8221; shall mean:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c5e3e6d8b87422989d959ce4ac76d4e">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div>when a &#8220;person&#8221; (as defined in Section 3(a)(9) of the Exchange Act), including a &#8220;group&#8221; (as defined in Section 13(d) and 14(d) of the Exchange Act), either directly or indirectly becomes the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3
              under the Exchange Act) of 25% 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; <u>provided</u><font style="font-style: italic;">, </font><u>however</u><font style="font-style: italic;">, </font>that the following acquisitions shall not constitute a Change in Control:&#160; (1) any acquisition directly from the Company; (2) any acquisition by
              the Company; or (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0464a1d191c408e824e65335a4a1868">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(b)</td>
          <td style="width: auto; vertical-align: top;">
            <div>when, during any period of 24 consecutive months during the Employment Period, the individuals who, at the beginning of such period, constitute the Board (the &#8220;<u>Company Incumbent Directors&#8221;</u>) cease for any reason other than death to
              constitute at least a majority thereof;&#160; <u>provided</u>, <u>however</u>, 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;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb972b2b723c4b71be064e9e0280396c">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(c)</td>
          <td style="width: auto; vertical-align: top;">
            <div>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;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf52962d1d704043a41795838518a9a4">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(d)</td>
          <td style="width: auto; vertical-align: top;">
            <div>consummation of a merger, amalgamation or consolidation of the Company with any other corporation, the issuance of voting securities of the Company in connection with a merger, amalgamation or consolidation of the Company or sale or other
              disposition of all or substantially all of the assets of the Company or the acquisition of assets of another corporation (each, a &#8220;<u>Business Combination</u>&#8221;), unless, in each case of a Business Combination, immediately following such
              Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of the Common Stock outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, more than
              50% of the then outstanding shares of common stock and 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such
              Business Combination (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company&#8217;s assets either directly or through one or more subsidiaries) in substantially
              the same proportions as their ownership, immediately prior to such Business Combination, of the Common Stock; or</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">A- 2</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f2404cc72c048cc9abe9a54be6cd47c">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(e)</td>
          <td style="width: auto; vertical-align: top;">
            <div>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;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>&#160;&#8220;<u>Disability</u>&#8221; shall mean the inability of the Executive to perform substantially his duties and responsibilities to the Company or any of its subsidiaries by reason of a physical or mental disability or infirmity (a) for a continuous period
      of six months or (b) at such earlier time as the Executive submits medical evidence of such disability to the reasonable satisfaction of the Committee that the Executive has a physical or mental disability or infirmity that shall likely prevent him
      from substantially performing his duties and responsibilities for six months or longer.&#160; The date of such Disability shall be on the last day of such six-month period or the day on which the Committee determines that the Executive has a physical or
      mental disability or infirmity as provided in clause (b) herein.</div>
    <div>&#160;</div>
    <div>&#8220;<u>Good Reason</u>&#8221; shall mean, with respect to the Executive, the occurrence of any of the following (without his written consent):&#160; (a) a reduction in the Executive&#8217;s Base Salary or target Annual Bonus; (b) an adverse change in the Executive&#8217;s
      title, authority, duties, responsibilities or reporting lines as specified in Section 2.1 of this Agreement; (c) a failure by the Company to pay material compensation when due in connection with the Executive&#8217;s employment; or (d) a material breach of
      this Agreement by the Company; <u>provided</u><font style="font-style: italic;">, </font><u>however</u>, that, if any such Good Reason is reasonably susceptible to cure, then the Executive shall not terminate his employment hereunder unless the
      Executive first provides the Company with written notice of his intention to terminate and of the grounds for such termination, and the Company has not, within 10 business days following receipt of such written notice, cured such Good Reason.</div>
    <div>&#160;</div>
    <div>&#8220;<u>Equity Award Documents</u>&#8221; shall mean&#160; (a) any option agreements, restricted stock agreements or other equity award agreements under the Company&#8217;s 2020 Long-Term Incentive Plan and (b) any stock pledge agreement or promissory note relating to
      the Executive&#8217;s stock options, shares of Company common stock underlying such options or restricted stock.</div>
    <div>&#160;</div>
    <div><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;"> <br>
      </font></div>
    <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">A- 3</font></div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ef20061859_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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  <head>
    <title></title>
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    <div style="font-weight: bold; text-align: right;"> Exhibit 10.3<br>
      </div>
    <div> <br>
      </div>
    <div>
      <div style="text-indent: 72pt;">EMPLOYMENT AGREEMENT (this &#8220;<u>Agreement</u>&#8221;), dated as of December 19, 2025,
        between LINCOLN EDUCATIONAL SERVICES CORPORATION, a New Jersey corporation (the &#8220;<u>Company</u>&#8221;), and Chad D. Nyce (the &#8220;<u>Executive</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">WHEREAS, the Executive is currently employed by the Company;</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">WHEREAS, the Executive and the Company entered into an employment agreement, dated, December 13, 2022, which expires pursuant to its terms on
        <font style="color: rgb(52, 52, 52);">December 31, 2025</font> (the &#8220;<u>Prior Agreement</u>&#8221;); and</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">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="color: rgb(52, 52, 52);">December 19, 2025</font> that supersedes the Prior Agreement;</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>EFFECTIVENESS OF AGREEMENT</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">This Agreement shall become effective as of the date hereof.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <u>EMPLOYMENT AND DUTIES</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.1&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Position and Duties</u>.&#160; The Company hereby continues to employ the Executive, and the Executive agrees to serve, as Executive Vice President &amp; Chief Operating 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;<u>Board</u>&#8221;) or the Compensation Committee of the Board (the &#8220;<u>Committee</u>&#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.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Term of Employment</u>.&#160; The Executive&#8217;s employment under this Agreement shall terminate on December 31, 2028, unless terminated earlier pursuant to Section 5 or extended pursuant to
            Section 6.1 (the &#8220;Employment Period&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Location of Work</u>.&#160; The Executive shall be based in the United States in Parsippany, New Jersey.&#160; However, the Executive agrees to undertake whatever domestic and worldwide travel
            is required by the Company.&#160; The Executive shall not be required or permitted to relocate without the mutual, written consent of the Executive and the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; <u>COMPENSATION</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.1&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160; <u>Base Salary</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be entitled to receive a base salary (the &#8220;Base Salary&#8221;) at a rate of $453,200 per annum, such
            rate to be effective as of January 1, 2026.&#160; Such rate may be adjusted upwards, but not downwards, from time to time by the Board or the Committee, in their sole discretion.&#160; The Base Salary shall be paid in equal installments on a biweekly
            basis or in accordance with the Company&#8217;s current payroll practices, less all required deductions.&#160; The Base Salary shall be pro-rated for any period of service less than a full year.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-indent: 72pt;">3.2&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160; <u>Annual Bonus</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be eligible to earn an annual bonus for 2026 and each full calendar year thereafter during the
            Employment Period (the &#8220;Annual Bonus&#8221;), the amount of which shall be based upon performance targets or such other criteria that are determined by the Board or the Committee pursuant to the provisions of the Company&#8217;s Key Management Team
            Incentive Compensation Plan ( the &#8220;Incentive Plan&#8221;) in effect for the applicable calendar year.&#160; The Company shall pay the Annual Bonus to the Executive no later than March 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> following the end of the applicable fiscal year.&#160; The
            Annual Bonus shall be prorated for any year in which the Executive&#8217;s employment is terminated due to death or Disability, as defined in Appendix A.<font style="font-weight: bold;">&#160; </font>If during
            the Employment Period the Executive&#8217;s employment is terminated by the Company (or any successor thereto) for Cause, as defined in Exhibit A, or the Executive resigns from his employment other than for Good Reason, as defined in Exhibit A, prior
            to the payout of any Annual Bonus due for a completed calendar, the Executive shall not receive such Annual Bonus.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reimbursement of Expenses</u>.&#160; The Company shall reimburse the Executive for reasonable travel and other business expenses incurred by him in the fulfillment of his duties hereunder
            upon presentation by the Executive of an itemized account of such expenditures, in accordance with Company practices.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">4.&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160;&#160; <u>EMPLOYEE BENEFITS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General</u>.&#160; The Executive shall, during the Employment Period, be included, to the extent eligible thereunder, in all employee benefit plans, programs and arrangements (including,
            without limitation, any plans, programs or arrangements providing for retirement benefits, profit sharing, disability benefits, health and life insurance or vacation and paid holidays) that shall be established by the Company for, or made
            available to, its senior executives.&#160; In addition, the Company shall furnish the Executive with coverage by the Company&#8217;s customary director and officer indemnification arrangements, subject to applicable law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; <u>TERMINATION OF EMPLOYMENT</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.1&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; <u>Effect of an Involuntary Termination</u>.&#160; Subject to the provisions of Sections 6 and 9.5, if during the Employment Period there is an &#8220;Involuntary Termination&#8221; (as defined below)
            of the Executive&#8217;s employment, the Company shall pay to the Executive:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; an amount equal to one and three-quarters times the sum of (x) the Executive&#8217;s annual Base Salary, at a rate in effect at the date of such termination plus (y) the target amount of the Annual Bonus of the Executive
            for the year in which the Involuntary Termination occurs;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; all outstanding reasonable travel and other business expenses that he incurred as of the date of his termination;</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an additional cash amount equal to the Company&#8217;s estimate of the employer portion of the premiums that would be necessary to continue the Executive&#8217;s health care coverage until the first anniversary of the date of
            such Involuntary Termination; <u>provided</u>, <u>however</u>, that if prior to payment of such cash amount the
            Executive becomes covered under another group health plan (which coverage, once obtained, must be promptly disclosed by the Executive to the Company), such cash amount shall be prorated to cover only the period from the date of the Executive&#8217;s
            Involuntary Termination until the date on which such alternate coverage starts; and</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160; &#160; &#160;&#160; a prorated Annual Bonus for the year in which the Involuntary Termination occurs, calculated by multiplying (A) the Annual Bonus to which the Executive would have been entitled under Section 3.2 if his employment
            had continued through the end of such year by (B) a proration fraction the numerator of which is the number of days in such calendar year up to and including the date of the Executive&#8217;s Involuntary Termination and the denominator of which is
            365.</div>
      <div>&#160;</div>
      <div style="text-indent: 0.9pt;">The Executive shall also be entitled to receive any other accrued compensation and benefits otherwise payable to him as of the date of his
        termination, including, without limitation, any Annual Bonus due for a completed calendar year.&#160; All payments made under Sections 5.1(i), (ii) and (iii) above shall be made by the Company (or its successor) in a lump-sum amount on the 60th day
        following the Executive&#8217;s termination of employment, and payment made under Section 5.1(iv) above shall be made by the Company (or its successor) in a lump-sum amount on the date that bonuses for the year in which the Executive&#8217;s Involuntary
        Termination occurs are paid generally to the Company&#8217;s senior executives (but no later than March 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the year following the year in which the Executive&#8217;s Involuntary Termination occurs).</div>
      <div>&#160;</div>
      <div>The Company shall not be required to make the payments and provide the benefits provided for under this Section 5.1 unless (1) the Executive executes and
        delivers to the Company, within sixty days following the Executive&#8217;s termination of employment, a Waiver and Release (relating to the Executive&#8217;s release of claims against the Company Group (as defined below) in the form provided by the Company,
        and the Waiver and Release has become effective and irrevocable in its entirety, and (2) the Executive remains in material compliance with the restrictive covenants set forth in Section 9 of this Agreement.&#160; The Executive&#8217;s failure or refusal to
        sign the Waiver and Release (or the revocation of such Waiver and Release in accordance with applicable laws) or the Executive&#8217;s failure to materially comply with the restrictive covenants in Section 9 shall result in the forfeiture of the payments
        and benefits payable under this Section 5.1.</div>
      <div>&#160;</div>
      <div>For purposes of this Agreement, &#8220;<u>Involuntary Termination</u>&#8221; means the termination of the
        Executive&#8217;s employment (i) by the Company (or any successor thereto) without Cause, as defined in Appendix A, or (ii) by the Executive for Good Reason, as defined in Appendix A.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Effect of a Termination for Cause or Resignation without Good Reason</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s
            employment is terminated by the Company (or any successor thereto) for Cause or the Executive resigns from his employment other than for Good Reason, the Company shall pay to the Executive, any (i) accrued but unpaid Base Salary earned through
            the date of his termination, (ii) unreimbursed expenses, plus (iii) accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the
            Company.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">5.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Effect of a Termination due to Death or Disability</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s employment is terminated by
            the Company (or any successor thereto) due to death or Disability, as defined in Appendix A, the Company shall pay to the Executive, or if applicable his estate:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; accrued but unpaid Base Salary earned through the date of his termination and any Annual Bonus due but not yet paid for a completed calendar year;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; a prorated Annual Bonus for the year in which the termination of employment occurs, calculated by multiplying (A) the Executive&#8217;s target Annual Bonus for that year by (B) a proration fraction the numerator of which
            is the number of days in such calendar year up to and including the date of the Executive&#8217;s termination of employment and the denominator of which is 365;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all outstanding reasonable travel and other business expenses that the Executive incurred as of the date of his termination; and</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the Company.</div>
      <div>&#160;</div>
      <div>In addition, upon the Executive&#8217;s termination of employment due to death or Disability, all outstanding stock options and restricted stock awarded to the
        Executive shall become fully vested, and stock options shall become immediately exercisable and will remain exercisable for one year from the date of termination (or, if earlier, until the stock option&#8217;s normal expiration date); <u>provided</u>, <u>however</u>, that if the applicable stock option award specifically provides for a longer post-employment
        period to exercise such option, such longer period shall apply.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <u>EFFECT OF A CHANGE IN CONTROL</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>New Term of Employment</u>.&#160; Notwithstanding anything to the contrary in this Agreement, upon the occurrence of a Change in Control, as defined in Appendix A, during the Employment
            Period, the Company (or its successor) shall renew this Agreement for a period of two years commencing on the date of the Change in Control and ending on the second anniversary of the date of the Change in Control.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Acceleration of Equity Awards</u>.&#160; Notwithstanding anything to the contrary in any of the Equity Award Documents, as defined in Appendix A, upon a Change in Control, all outstanding
            stock options and restricted stock granted by the Company or any of its affiliates to the Executive shall become fully vested, and stock options shall become immediately exercisable, on the date of the Change in Control.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">7.&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <u>REDUCTION OF PAYMENTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt; color: rgb(0, 0, 0);">If any amounts due to the Executive under this Agreement and any other agreement, plan or arrangement of or with the
        Company or any of its affiliates constitute a &#8220;parachute payment,&#8221; as such term is defined in Section 280G(b)(2) of the Internal Revenue<font style="font-weight: bold;">&#160;</font>Code of 1986, as amended (the
        &#8220;<u>Code</u>&#8221;), and the amount of the parachute payment, reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of
        the Code, is less than the amount the Executive would receive if he was paid three times his &#8220;base amount&#8221;, as defined in Section 280G(b)(3) of the Code, less $1.00, reduced by all federal, state and local taxes applicable thereto, then the
        aggregate of the amounts constituting the parachute payment will be reduced (or returned by the Executive if it has already been paid to him) to an amount that will equal three times the Executive&#8217;s base amount less $1.00.&#160; Any determination to be
        made with respect to this Section 7 shall be made by an accounting firm jointly selected by the Company and the Executive and paid for by the Company, and which may be the Company&#8217;s independent auditors.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; <u>NO ADDITIONAL RIGHTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">The Executive shall have no right to receive any compensation or benefits upon his termination or resignation of employment, except (i) as
        expressly set forth in Sections 5 and 6 above, where applicable, or (ii) as determined in accordance with the provisions of the employee benefit plans or programs of the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>RESTRICTIVE COVENANTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Noncompetition</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for two years thereafter, the Executive shall not,
            without the prior written consent of the Company, directly or indirectly, own, manage, operate, join, control, or participate in the ownership, management, operation or control of, or be employed by or connected in any manner with, any
            Competing Business, whether for compensation or otherwise;&#160; provided, however, that the Executive shall be permitted to hold, directly or indirectly, less than 1% of any class of securities of any entity that is listed on a national securities
            exchange or on the NASDAQ National Market System.&#160; Notwithstanding the foregoing, this Section 9.1 shall cease to apply upon the termination of the Executive&#8217;s employment with the Company (or any successor thereto) resulting from an Involuntary
            Termination.&#160; For purposes of this Agreement, &#8220;Competing Business&#8221; means any business within the United States that involves for-profit, post-secondary education.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.2&#160;&#160; &#160; &#160;&#160;&#160;&#160; <u>Nonsolicitation</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for one year thereafter, the Executive shall not,
            without the prior written consent of the Company, directly or indirectly, as a sole proprietor, member of a partnership, stockholder, investor, officer or director of a corporation, or as an employee, associate, consultant or agent of any
            person, partnership, corporation or other business organization or entity other than the Company or any of its subsidiaries or affiliates (the &#8220;Company Group&#8221;) (i) solicit or endeavor to entice away from any member of the Company Group, any
            person or entity who is, or was on the date of this Agreement, employed by, or serving as a key consultant of, any member of the Company Group or (ii) solicit or endeavor to entice away from any member of the Company Group, any person or entity
            who is, or was on the date of this Agreement, a customer or client (or reasonably anticipated to become a customer or client) of any member of the Company Group.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">9.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Confidentiality</u>.&#160; The Executive shall not at any time, except in performance of his obligations to the Company Group under the provisions of this Agreement and as an employee of
            the Company, directly or indirectly, disclose or use any secret or protected information that he may learn or has learned by reason of his association with any member of the Company Group.&#160; The term &#8220;protected information&#8221; includes trade
            secrets and confidential and proprietary business information of the Company Group, including, but not limited to, customers (including potential customers), sources of supply, processes, methods, plans, apparatus, specifications, materials,
            pricing information, intellectual property (including applications and rights in discoveries, inventions or patents), internal memoranda, marketing plans, contracts, finances, personnel, research and internal policies, but shall exclude any
            information which (i) is or becomes available to the public or is generally known in the industry or industries in which the Company Group operates other than as a result of disclosure by the Executive in violation of this Section 9.3 or (ii)
            the Executive is required to disclose under any applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exclusive Property</u>.&#160; The Executive confirms that all protected information is and shall remain the exclusive property of the Company Group.&#160; All business records, papers and
            documents kept or made by the Executive relating to the business of the Company shall be and remain the property of the Company Group.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance with Restrictive Covenants</u>.&#160; Without intending to limit any other remedies available to the Company Group and except as required by law, in the event that the
            Executive breaches or threatens to breach any of the covenants set forth in this Section 9, (i) the Company Group shall be entitled to seek a temporary restraining order and/or a preliminary or permanent injunction restraining the Executive
            from engaging in activities prohibited by this Section 9 or such other relief as may be required to enforce any of such covenants and (ii) all obligations of the Company to make payments and provide benefits under this Agreement shall
            immediately cease.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>ARBITRATION</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; Subject to Section 9.5 above, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the Executive and the
            Company shall be settled exclusively by arbitration in Parsippany, New Jersey before three arbitrators of exemplary qualifications and stature.&#160; The Executive and the Company shall each select one arbitrator.&#160; The arbitrators selected by the
            Executive and the Company shall jointly select the third arbitrator.&#160; Judgment may be entered on the arbitrators&#8217; award in any court having jurisdiction.&#160; The Executive and the Company hereby agree that the arbitrators shall be empowered to
            enter an equitable decree mandating specific enforcement of the provisions of this Agreement.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">10.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Associated Costs</u>.&#160; The cost of the arbitration shall be borne by the parties in the manner determined by the arbitrators.&#160; If, however, the dispute concerns contractual rights
            that arise in the event of or subsequent to a Change in Control, the costs of arbitration (and any reasonable attorney&#8217;s fees incurred by the Executive) shall be borne by the Company, unless the arbitrators determine that the Executive
            commenced such arbitration on unfounded or unreasonable grounds.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">11.&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>SECTION 409A OF THE CODE</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">11.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; This Agreement is intended to be exempt from or meet the requirements of Section 409A of the Code, and shall be interpreted and construed consistent with that intent.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><a name="z_Ref197497694"></a>11.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Deferred Compensation</u>.&#160; Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides
          for the &#8220;deferral of compensation&#8221; within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the following:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; If the Executive is a &#8220;Specified Employee&#8221; within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive&#8217;s termination of employment, then no such payment shall be made or commence during
            the period beginning on the date of the Executive&#8217;s termination of employment and ending on the date that is six months and one day following the Executive&#8217;s termination of employment or, if earlier, on the date of the Executive&#8217;s death.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; Payments with respect to reimbursements of expenses shall be made in accordance with Company policy and in no event later than the last day of the calendar year following the calendar year in which the relevant
            expense is incurred.&#160; No reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, except, in each case, to the extent that the right to reimbursement does not provide for a &#8220;deferral
            of compensation&#8221; within the meaning of Section 409A of the Code.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall not accelerate any payment or the provision of any benefits under this Agreement or make or provide any such payment or benefits if such payment or provision of such benefits would, as a result,
            be subject to tax under Section 409A of the Code.&#160; If, in the good faith judgment of the Company, any provision of this Agreement could cause the Executive to be subject to adverse or unintended tax consequences under Section 409A of the Code,
            such provision shall be modified by the Company in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the requirements of Section 409A of the Code.&#160; It is
            understood that each installment is a separate payment, and that the timing of payment is within the control of the Company.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The provisions of this Section 11 shall apply notwithstanding any provisions of this Agreement related to the timing of payments following the Executive&#8217;s termination of employment.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>MISCELLANEOUS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Communications.</u>&#160; All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made as of the date
            delivered, or on the fifth business day after mailed if delivered personally or mailed by registered or certified mail (postage prepaid, return receipt requested), to the relevant party at the following address (or at such other address for a
            party as shall be specified by like notice, except that notices of change of address shall be effective upon receipt):</div>
      <div>&#160;</div>
      <div>if to the Company:</div>
      <div>&#160;</div>
      <div style="margin-left: 108pt;">14 Sylvan Way, Ste. A</div>
      <div style="margin-left: 108pt;">Parsippany, NJ 07054</div>
      <div style="margin-left: 108pt;">Attention:&#160; Chief Executive Officer and President</div>
      <div>&#160;</div>
      <div>if to the Executive:</div>
      <div>&#160;</div>
      <div style="margin-left: 108pt;">14 Sylvan Way, Ste. A</div>
      <div style="margin-left: 108pt;">Parsippany, NJ 07054</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver of Breach; Severability</u>.&#160; a)&#160; The waiver by the Executive or the Company of a breach of any provision of this Agreement by the other party hereto shall not operate or be
            construed as a waiver of any subsequent breach by either party.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160; &#160; &#160;&#160; The parties hereto
            recognize that the laws and public policies of various jurisdictions may differ as to the validity and enforceability of covenants similar to those set forth herein.&#160; It is the intention of the parties that the provisions of this Agreement be
            enforced to the fullest extent permissible under the laws and policies of each jurisdiction in which enforcement may be sought, and that the unenforceability (or the modification to conform to such laws or policies) of any provisions hereof
            shall not render unenforceable, or impair, the remainder of the provisions hereof.&#160; Accordingly, if at the time of enforcement of any provision hereof, a court of competent jurisdiction holds that the restrictions stated herein are unreasonable
            under circumstances then existing, the parties hereto agree that the maximum period, scope, or geographic area reasonable under such circumstances shall be substituted for the stated period, scope or geographical area and that such court shall
            be allowed to revise the restrictions contained herein to cover the maximum period, scope and geographical area permitted by law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Assignment; Successors</u>.&#160; No right, benefit or interest hereunder shall be assigned, encumbered, charged, pledged, hypothecated or be subject to any setoff or recoupment by the
            Executive.&#160; This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u>.&#160; This Agreement and the Equity Award Documents represent the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or
            understandings between the Company and the Executive relating to the subject matter hereof.&#160; This Agreement may be amended at any time by mutual written agreement of the parties hereto.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">12.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Withholding</u>.&#160; The payment of any amount pursuant to this Agreement shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required
            under the Company&#8217;s employee benefit plans, if any.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.6&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.&#160; This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.7&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Headings</u>.&#160; The headings in this Agreement are for convenience only and shall not be used to interpret or construe any of its provisions.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.8&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
            instrument.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and the Executive has hereunto set his hand as of the day and
        year first written above.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z47e3911efd0e4829a8b6bc86b9edbcc2" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
              <div style="font-weight: bold;">LINCOLN EDUCATIONAL SERVICES CORPORATION</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2"><br>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
            </td>
            <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Scott M. Shaw</div>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
              <div>Name: Scott M. Shaw</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
              <div>Title: Chief Executive Officer and President</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
            <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
              <div style="font-weight: bold;">EXECUTIVE</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
            <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
              <div>/s/ Chad D. Nyce</div>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="2">
              <div>Chad D. Nyce</div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>

      </table>
      <div><br>
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        <div class="BRPFPageBreak" style="page-break-after: always;">
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      <!--PROfilePageNumberReset%Num%1%A-%%-->
      <div style="text-align: center; font-weight: bold;"><u>APPENDIX A</u></div>
      <div>&#160;</div>
      <div>&#8220;<u>Cause</u>&#8221; shall mean, with respect to the Executive, the following:</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div>prior to a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the performance
                of the Executive&#8217;s duties of employment, (iii) the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), (iv) the Executive&#8217;s intentional or reckless
                disclosure of protected information respecting any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment, (v) the Executive&#8217;s commission of an act or acts of
                sexual harassment that would normally constitute grounds for termination, or (vi) any other act or omission by the Executive (other than an act or omission resulting from the exercise by the Executive of good faith business judgment), which
                is materially injurious to the financial condition or business reputation of any member of the Company Group; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for cause unless he has received written notice of the alleged basis therefor from the Company, and
                fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the case of two separate episodes occurring within any 12-month period that give the Company the right
                to terminate for cause for such reason; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z3ab608a1b99145e5bc9d6efe4326d99a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>on or after a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the
                performance of the Executive&#8217;s duties of employment, (iii) the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), or (iv) the Executive&#8217;s
                intentional or reckless disclosure of protected information respecting any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for
                cause unless he has received written notice of the alleged basis therefor from the Company, and fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the
                case of two separate episodes occurring within any 12-month period that give the Company the right to terminate for cause for such reason.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-1</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>&#8220;<u>Change in Control</u>&#8221; shall mean:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z816ef50e7be041eabd7377dc60ea8244" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div>when a &#8220;person&#8221; (as defined in Section 3(a)(9) of the Exchange Act), including a &#8220;group&#8221; (as defined in Section 13(d) and 14(d) of the Exchange Act), either directly or indirectly becomes
                the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 under the Exchange Act) of 25% 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; <u>provided</u><font style="font-style: italic;">, </font><u>however</u><font style="font-style: italic;">, </font>that the following acquisitions shall not constitute a Change in Control:&#160; (1) any acquisition
                directly from the Company; (2) any acquisition by the Company; or (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zc82fa43ff4cd491395f1f38b193e6885" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>when, during any period of 24 consecutive months during the Employment Period, the individuals who, at the beginning of such period, constitute the Board (the &#8220;<u>Company Incumbent Directors&#8221;</u>) cease for any reason other than death to constitute at least a majority thereof;&#160; <u>provided</u>, <u>however</u>, 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;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z8ff6b5ed356f4751b9595b40cd9e3cf5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(c)</td>
            <td style="width: auto; vertical-align: top;">
              <div>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;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z8524dfe2526c4ee58ad1e8edfa695825" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(d)</td>
            <td style="width: auto; vertical-align: top;">
              <div>consummation of a merger, amalgamation or consolidation of the Company with any other corporation, the issuance of voting securities of the Company in connection with a merger,
                amalgamation or consolidation of the Company or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets of another corporation (each, a &#8220;<u>Business Combination</u>&#8221;), unless, in each case of a Business Combination, immediately following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners
                of the Common Stock outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock and 50% of the combined voting power of the then
                outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such
                transaction owns the Company or all or substantially all of the Company&#8217;s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination,
                of the Common Stock; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf760fc36e0ff4fe188ea1dde09c5870f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(e)</td>
            <td style="width: auto; vertical-align: top;">
              <div>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;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>&#160;&#8220;<u>Disability</u>&#8221; shall mean the inability of the Executive to perform substantially his
        duties and responsibilities to the Company or any of its subsidiaries by reason of a physical or mental disability or infirmity (a) for a continuous period of six months or (b) at such earlier time as the Executive submits medical evidence of such
        disability to the reasonable satisfaction of the Committee that the Executive has a physical or mental disability or infirmity that shall likely prevent him from substantially performing his duties and responsibilities for six months or longer.&#160;
        The date of such Disability shall be on the last day of such six-month period or the day on which the Committee determines that the Executive has a physical or mental disability or infirmity as provided in clause (b) herein.</div>
      <div>&#160;</div>
      <div>&#8220;<u>Good Reason</u>&#8221; shall mean, with respect to the Executive, the occurrence of any of the
        following (without his written consent):&#160; (a) a reduction in the Executive&#8217;s Base Salary or target Annual Bonus; (b) an adverse change in the Executive&#8217;s title, authority, duties,
        responsibilities or reporting lines as specified in Section 2.1 of this Agreement; (c) a failure by the Company to pay material compensation when due in connection with the Executive&#8217;s employment; or (d) a material breach of this Agreement by the
        Company; <u>provided</u><font style="font-style: italic;">, </font><u>however</u>,
        that, if any such Good Reason is reasonably susceptible to cure, then the Executive shall not terminate his employment hereunder unless the Executive first provides the Company with written notice of his intention to terminate and of the grounds
        for such termination, and the Company has not, within 10 business days following receipt of such written notice, cured such Good Reason.</div>
      <div>&#160;</div>
      <div>&#8220;<u>Equity Award Documents</u>&#8221; shall mean&#160; (a) any option agreements, restricted stock
        agreements or other equity award agreements under the Company&#8217;s 2020 Long-Term Incentive Plan and (b) any stock pledge agreement or promissory note relating to the Executive&#8217;s stock options, shares of Company common stock underlying such options or
        restricted stock.</div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div style="text-align: center;"> <font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-3</font></div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ef20061859_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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    <title></title>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.4 </font><br>
      </div>
    <div> <br>
      </div>
    <div>
      <div style="text-indent: 72pt;">EMPLOYMENT AGREEMENT (this &#8220;<u>Agreement</u>&#8221;), dated as of December 19, 2025,
        between LINCOLN EDUCATIONAL SERVICES CORPORATION, a New Jersey corporation (the &#8220;<u>Company</u>&#8221;), and Alexandra M. Luster (the &#8220;<u>Executive</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">WHEREAS, the Executive is currently employed by the Company;</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">WHEREAS, the Executive and the Company entered into an employment agreement, dated, December 13, 2022, which expires pursuant to its terms on
        <font style="color: rgb(52, 52, 52);">December 31, 2025</font> (the &#8220;<u>Prior Agreement</u>&#8221;); and</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">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="color: rgb(52, 52, 52);">December 19, 2025</font> that supersedes the Prior Agreement;</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EFFECTIVENESS OF AGREEMENT</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">This Agreement shall become effective as of the date hereof.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EMPLOYMENT AND DUTIES</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Position and Duties</u>.&#160; The Company hereby continues to employ the Executive, and the Executive agrees to serve, as Senior Vice President, General Counsel&#160; and Secretary, 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;<u>Board</u>&#8221;) or the Compensation Committee of the Board (the &#8220;<u>Committee</u>&#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.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Term of Employment</u>.&#160; The Executive&#8217;s employment under this Agreement shall terminate on December 31, 2028, unless terminated earlier pursuant to Section 5 or extended pursuant to
            Section 6.1 (the &#8220;Employment Period&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Location of Work</u>.&#160; The Executive shall be based in the United States in Parsippany, New Jersey.&#160; However, the Executive agrees to undertake whatever domestic and worldwide travel
            is required by the Company.&#160; The Executive shall not be required or permitted to relocate without the mutual, written consent of the Executive and the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>COMPENSATION</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Base Salary</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be entitled to receive a base salary (the &#8220;Base Salary&#8221;) at a rate of $<font style="color: rgb(52, 52, 52);">317,474 </font>per annum, such rate to be effective as of January 1, 2026.&#160; Such rate may be adjusted upwards, but not downwards, from time to time by the Board or the Committee, in their
            sole discretion.&#160; The Base Salary shall be paid in equal installments on a biweekly basis or in accordance with the Company&#8217;s current payroll practices, less all required deductions.&#160; The Base Salary shall be pro-rated for any period of service
            less than a full year.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-indent: 72pt;">3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual Bonus</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be eligible to earn an annual bonus for 2026 and each full calendar year thereafter during the
            Employment Period (the &#8220;Annual Bonus&#8221;), the amount of which shall be based upon performance targets or such other criteria that are determined by the Board or the Committee pursuant to the provisions of the Company&#8217;s Key Management Team
            Incentive Compensation Plan ( the &#8220;Incentive Plan&#8221;) in effect for the applicable calendar year.&#160; The Company shall pay the Annual Bonus to the Executive no later than March 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> following the end of the applicable fiscal year.&#160; The
            Annual Bonus shall be prorated for any year in which the Executive&#8217;s employment is terminated due to death or Disability, as defined in Appendix A.<font style="font-weight: bold;">&#160; </font>If during
            the Employment Period the Executive&#8217;s employment is terminated by the Company (or any successor thereto) for Cause, as defined in Exhibit A, or the Executive resigns from his employment other than for Good Reason, as defined in Exhibit A, prior
            to the payout of any Annual Bonus due for a completed calendar, the Executive shall not receive such Annual Bonus.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reimbursement of Expenses</u>.&#160; The Company shall reimburse the Executive for reasonable travel and other business expenses incurred by him in the fulfillment of his duties hereunder
            upon presentation by the Executive of an itemized account of such expenditures, in accordance with Company practices.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EMPLOYEE BENEFITS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; The Executive shall, during the Employment Period, be included, to the extent eligible thereunder, in all employee benefit plans, programs and arrangements (including,
            without limitation, any plans, programs or arrangements providing for retirement benefits, profit sharing, disability benefits, health and life insurance or vacation and paid holidays) that shall be established by the Company for, or made
            available to, its senior executives.&#160; In addition, the Company shall furnish the Executive with coverage by the Company&#8217;s customary director and officer indemnification arrangements, subject to applicable law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>TERMINATION OF EMPLOYMENT</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effect of an Involuntary Termination</u>.&#160; Subject to the provisions of Sections 6 and 9.5, if during the Employment Period there is an &#8220;Involuntary Termination&#8221; (as defined below)
            of the Executive&#8217;s employment, the Company shall pay to the Executive:</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt; text-indent: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an
            amount equal to one and one-half times the sum of (x) the Executive&#8217;s annual Base Salary, at a rate in effect at the date of such termination plus (y) the target amount of the Annual Bonus of the Executive for the year in which the Involuntary
            Termination occurs;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all outstanding reasonable travel and other business expenses that he incurred as of the date of his termination;</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; an additional cash amount equal to the Company&#8217;s estimate of the employer portion of the premiums that would be necessary to continue the Executive&#8217;s health care coverage until the first anniversary of the date of such
            Involuntary Termination; <u>provided</u>, <u>however</u>, that if prior to payment of such cash amount the Executive
            becomes covered under another group health plan (which coverage, once obtained, must be promptly disclosed by the Executive to the Company), such cash amount shall be prorated to cover only the period from the date of the Executive&#8217;s
            Involuntary Termination until the date on which such alternate coverage starts; and</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; a prorated Annual Bonus for the year in which the Involuntary Termination occurs, calculated by multiplying (A) the Annual Bonus to which the Executive would have been entitled under Section 3.2 if his employment had continued
            through the end of such year by (B) a proration fraction the numerator of which is the number of days in such calendar year up to and including the date of the Executive&#8217;s Involuntary Termination and the denominator of which is 365.</div>
      <div>&#160;</div>
      <div>The Executive shall also be entitled to receive any other accrued compensation and benefits otherwise payable to him as of the date of his termination,
        including, without limitation, any Annual Bonus due for a completed calendar year.&#160; All payments made under Sections 5.1(i), (ii) and (iii) above shall be made by the Company (or its successor) in a lump-sum amount on the 60th day following the
        Executive&#8217;s termination of employment, and payment made under Section 5.1(iv) above shall be made by the Company (or its successor) in a lump-sum amount on the date that bonuses for the year in which the Executive&#8217;s Involuntary Termination occurs
        are paid generally to the Company&#8217;s senior executives (but no later than March 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the year following the year in which the Executive&#8217;s Involuntary Termination occurs).</div>
      <div>&#160;</div>
      <div>The Company shall not be required to make the payments and provide the benefits provided for under this Section 5.1 unless (1) the Executive executes and
        delivers to the Company, within sixty days following the Executive&#8217;s termination of employment, a Waiver and Release (relating to the Executive&#8217;s release of claims against the Company Group (as defined below) in the form provided by the Company,
        and the Waiver and Release has become effective and irrevocable in its entirety, and (2) the Executive remains in material compliance with the restrictive covenants set forth in Section 9 of this Agreement.&#160; The Executive&#8217;s failure or refusal to
        sign the Waiver and Release (or the revocation of such Waiver and Release in accordance with applicable laws) or the Executive&#8217;s failure to materially comply with the restrictive covenants in Section 9 shall result in the forfeiture of the payments
        and benefits payable under this Section 5.1.</div>
      <div>&#160;</div>
      <div>For purposes of this Agreement, &#8220;<u>Involuntary Termination</u>&#8221; means the termination of the
        Executive&#8217;s employment (i) by the Company (or any successor thereto) without Cause, as defined in Appendix A, or (ii) by the Executive for Good Reason, as defined in Appendix A.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effect of a Termination for Cause or Resignation without Good Reason</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s
            employment is terminated by the Company (or any successor thereto) for Cause or the Executive resigns from his employment other than for Good Reason, the Company shall pay to the Executive, any (i) accrued but unpaid Base Salary earned through
            the date of his termination, (ii) unreimbursed expenses, plus (iii) accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the
            Company.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">5.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effect of a Termination due to Death or Disability</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s employment is terminated by
            the Company (or any successor thereto) due to death or Disability, as defined in Appendix A, the Company shall pay to the Executive, or if applicable his estate:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; accrued but unpaid Base Salary earned through the date of his termination and any Annual Bonus due but not yet paid for a completed calendar year;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a prorated Annual Bonus for the year in which the termination of employment occurs, calculated by multiplying (A) the Executive&#8217;s target Annual Bonus for that year by (B) a proration fraction the numerator of which is the
            number of days in such calendar year up to and including the date of the Executive&#8217;s termination of employment and the denominator of which is 365;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; all outstanding reasonable travel and other business expenses that the Executive incurred as of the date of his termination; and</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the Company.</div>
      <div>&#160;</div>
      <div>In addition, upon the Executive&#8217;s termination of employment due to death or Disability, all outstanding stock options and restricted stock awarded to the
        Executive shall become fully vested, and stock options shall become immediately exercisable and will remain exercisable for one year from the date of termination (or, if earlier, until the stock option&#8217;s normal expiration date); <u>provided</u>, <u>however</u>, that if the applicable stock option award specifically provides for a longer post-employment
        period to exercise such option, such longer period shall apply.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EFFECT OF A CHANGE IN CONTROL</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>New Term of Employment</u>.&#160; Notwithstanding anything to the contrary in this Agreement, upon the occurrence of a Change in Control, as defined in Appendix A, during the Employment
            Period, the Company (or its successor) shall renew this Agreement for a period of two years commencing on the date of the Change in Control and ending on the second anniversary of the date of the Change in Control.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Acceleration of Equity Awards</u>.&#160; Notwithstanding anything to the contrary in any of the Equity Award Documents, as defined in Appendix A, upon a Change in Control, all outstanding
            stock options and restricted stock granted by the Company or any of its affiliates to the Executive shall become fully vested, and stock options shall become immediately exercisable, on the date of the Change in Control.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>REDUCTION OF PAYMENTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt; color: rgb(0, 0, 0);">If any amounts due to the Executive under this Agreement and any other agreement, plan or arrangement of or with the
        Company or any of its affiliates constitute a &#8220;parachute payment,&#8221; as such term is defined in Section 280G(b)(2) of the Internal Revenue<font style="font-weight: bold;">&#160;</font>Code of 1986, as amended (the
        &#8220;<u>Code</u>&#8221;), and the amount of the parachute payment, reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of
        the Code, is less than the amount the Executive would receive if he was paid three times his &#8220;base amount&#8221;, as defined in Section 280G(b)(3) of the Code, less $1.00, reduced by all federal, state and local taxes applicable thereto, then the
        aggregate of the amounts constituting the parachute payment will be reduced (or returned by the Executive if it has already been paid to him) to an amount that will equal three times the Executive&#8217;s base amount less $1.00.&#160; Any determination to be
        made with respect to this Section 7 shall be made by an accounting firm jointly selected by the Company and the Executive and paid for by the Company, and which may be the Company&#8217;s independent auditors.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>NO ADDITIONAL RIGHTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">The Executive shall have no right to receive any compensation or benefits upon his termination or resignation of employment, except (i) as
        expressly set forth in Sections 5 and 6 above, where applicable, or (ii) as determined in accordance with the provisions of the employee benefit plans or programs of the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>RESTRICTIVE COVENANTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Noncompetition</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for two years thereafter, the Executive shall not,
            without the prior written consent of the Company, directly or indirectly, own, manage, operate, join, control, or participate in the ownership, management, operation or control of, or be employed by or connected in any manner with, any
            Competing Business, whether for compensation or otherwise;&#160; provided, however, that the Executive shall be permitted to hold, directly or indirectly, less than 1% of any class of securities of any entity that is listed on a national securities
            exchange or on the NASDAQ National Market System.&#160; Notwithstanding the foregoing, this Section 9.1 shall cease to apply upon the termination of the Executive&#8217;s employment with the Company (or any successor thereto) resulting from an Involuntary
            Termination.&#160; For purposes of this Agreement, &#8220;Competing Business&#8221; means any business within the United States that involves for-profit, post-secondary education.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u><u>Nonsolicitation</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for one year thereafter, the Executive shall not,
            without the prior written consent of the Company, directly or indirectly, as a sole proprietor, member of a partnership, stockholder, investor, officer or director of a corporation, or as an employee, associate, consultant or agent of any
            person, partnership, corporation or other business organization or entity other than the Company or any of its subsidiaries or affiliates (the &#8220;Company Group&#8221;) (i) solicit or endeavor to entice away from any member of the Company Group, any
            person or entity who is, or was on the date of this Agreement, employed by, or serving as a key consultant of, any member of the Company Group or (ii) solicit or endeavor to entice away from any member of the Company Group, any person or entity
            who is, or was on the date of this Agreement, a customer or client (or reasonably anticipated to become a customer or client) of any member of the Company Group.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">9.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Confidentiality</u>.&#160; The Executive shall not at any time, except in performance of his obligations to the Company Group under the provisions of this Agreement and as an employee of
            the Company, directly or indirectly, disclose or use any secret or protected information that he may learn or has learned by reason of his association with any member of the Company Group.&#160; The term &#8220;protected information&#8221; includes trade
            secrets and confidential and proprietary business information of the Company Group, including, but not limited to, customers (including potential customers), sources of supply, processes, methods, plans, apparatus, specifications, materials,
            pricing information, intellectual property (including applications and rights in discoveries, inventions or patents), internal memoranda, marketing plans, contracts, finances, personnel, research and internal policies, but shall exclude any
            information which (i) is or becomes available to the public or is generally known in the industry or industries in which the Company Group operates other than as a result of disclosure by the Executive in violation of this Section 9.3 or (ii)
            the Executive is required to disclose under any applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exclusive Property</u>.&#160; The Executive confirms that all protected information is and shall remain the exclusive property of the Company Group.&#160; All business records, papers and
            documents kept or made by the Executive relating to the business of the Company shall be and remain the property of the Company Group.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with Restrictive Covenants</u>.&#160; Without intending to limit any other remedies available to the Company Group and except as required by law, in the event that the
            Executive breaches or threatens to breach any of the covenants set forth in this Section 9, (i) the Company Group shall be entitled to seek a temporary restraining order and/or a preliminary or permanent injunction restraining the Executive
            from engaging in activities prohibited by this Section 9 or such other relief as may be required to enforce any of such covenants and (ii) all obligations of the Company to make payments and provide benefits under this Agreement shall
            immediately cease.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>ARBITRATION</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">10.1&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; Subject to Section 9.5 above, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the Executive and the
            Company shall be settled exclusively by arbitration in Parsippany, New Jersey before three arbitrators of exemplary qualifications and stature.&#160; The Executive and the Company shall each select one arbitrator.&#160; The arbitrators selected by the
            Executive and the Company shall jointly select the third arbitrator.&#160; Judgment may be entered on the arbitrators&#8217; award in any court having jurisdiction.&#160; The Executive and the Company hereby agree that the arbitrators shall be empowered to
            enter an equitable decree mandating specific enforcement of the provisions of this Agreement.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">10.2&#160;&#160;&#160;&#160;&#160; <u>Associated Costs</u>.&#160; The cost of the arbitration shall be borne by the parties in the manner determined by the arbitrators.&#160; If, however, the dispute concerns contractual rights
            that arise in the event of or subsequent to a Change in Control, the costs of arbitration (and any reasonable attorney&#8217;s fees incurred by the Executive) shall be borne by the Company, unless the arbitrators determine that the Executive
            commenced such arbitration on unfounded or unreasonable grounds.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>SECTION 409A OF THE CODE</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">11.1&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; This Agreement is intended to be exempt from or meet the requirements of Section 409A of the Code, and shall be interpreted and construed consistent with that intent.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><a name="z_Ref197497694"></a>11.2&#160;&#160;&#160;&#160;&#160; <u>Deferred Compensation</u>.&#160; Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides
          for the &#8220;deferral of compensation&#8221; within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the following:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Executive is a &#8220;Specified Employee&#8221; within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive&#8217;s termination of employment, then no such payment shall be made or commence during the period
            beginning on the date of the Executive&#8217;s termination of employment and ending on the date that is six months and one day following the Executive&#8217;s termination of employment or, if earlier, on the date of the Executive&#8217;s death.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments with respect to reimbursements of expenses shall be made in accordance with Company policy and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is
            incurred.&#160; No reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, except, in each case, to the extent that the right to reimbursement does not provide for a &#8220;deferral of
            compensation&#8221; within the meaning of Section 409A of the Code.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; The Company shall not accelerate any payment or the provision of any benefits under this Agreement or make or provide any such payment or benefits if such payment or provision of such benefits would, as a result, be subject to
            tax under Section 409A of the Code.&#160; If, in the good faith judgment of the Company, any provision of this Agreement could cause the Executive to be subject to adverse or unintended tax consequences under Section 409A of the Code, such provision
            shall be modified by the Company in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the requirements of Section 409A of the Code.&#160; It is understood that each
            installment is a separate payment, and that the timing of payment is within the control of the Company.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; The provisions of this Section 11 shall apply notwithstanding any provisions of this Agreement related to the timing of payments following the Executive&#8217;s termination of employment.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u><u>MISCELLANEOUS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.1&#160;&#160;&#160;&#160;&#160; <u>Communications.</u>&#160; All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made as of the date
            delivered, or on the fifth business day after mailed if delivered personally or mailed by registered or certified mail (postage prepaid, return receipt requested), to the relevant party at the following address (or at such other address for a
            party as shall be specified by like notice, except that notices of change of address shall be effective upon receipt):</div>
      <div>&#160;</div>
      <div>if to the Company:</div>
      <div>&#160;</div>
      <div style="text-indent: 108pt;">14 Sylvan Way, Ste. A</div>
      <div style="text-indent: 108pt;">Parsippany, NJ 07054</div>
      <div style="text-indent: 108pt;">Attention:&#160; Chief Executive Officer and President</div>
      <div>&#160;</div>
      <div>if to the Executive:</div>
      <div>&#160;</div>
      <div style="margin-left: 108pt;">14 Sylvan Way, Ste. A</div>
      <div style="text-indent: 108pt;">Parsippany, NJ 07054</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.2&#160;&#160;&#160;&#160;&#160; <u>Waiver of Breach; Severability</u>.&#160; a)&#160; The waiver by the Executive or the Company of a breach of any provision of this Agreement by the other party hereto shall not operate or be
            construed as a waiver of any subsequent breach by either party.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The parties hereto
            recognize that the laws and public policies of various jurisdictions may differ as to the validity and enforceability of covenants similar to those set forth herein.&#160; It is the intention of the parties that the provisions of this Agreement be
            enforced to the fullest extent permissible under the laws and policies of each jurisdiction in which enforcement may be sought, and that the unenforceability (or the modification to conform to such laws or policies) of any provisions hereof
            shall not render unenforceable, or impair, the remainder of the provisions hereof.&#160; Accordingly, if at the time of enforcement of any provision hereof, a court of competent jurisdiction holds that the restrictions stated herein are unreasonable
            under circumstances then existing, the parties hereto agree that the maximum period, scope, or geographic area reasonable under such circumstances shall be substituted for the stated period, scope or geographical area and that such court shall
            be allowed to revise the restrictions contained herein to cover the maximum period, scope and geographical area permitted by law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.3&#160;&#160;&#160;&#160;&#160; <u>Assignment; Successors</u>.&#160; No right, benefit or interest hereunder shall be assigned, encumbered, charged, pledged, hypothecated or be subject to any setoff or recoupment by the
            Executive.&#160; This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.4&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u>.&#160; This Agreement and the Equity Award Documents represent the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or
            understandings between the Company and the Executive relating to the subject matter hereof.&#160; This Agreement may be amended at any time by mutual written agreement of the parties hereto.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">12.5&#160;&#160;&#160;&#160;&#160; <u>Withholding</u>.&#160; The payment of any amount pursuant to this Agreement shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required
            under the Company&#8217;s employee benefit plans, if any.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.6&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.&#160; This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.7&#160;&#160;&#160;&#160;&#160; <u>Headings</u>.&#160; The headings in this Agreement are for convenience only and shall not be used to interpret or construe any of its provisions.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.8&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
            instrument.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and the Executive has hereunto set his hand as of the day and
        year first written above.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="ze9dc1e1f05c8435693d695ea7f009517" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="vertical-align: top;" colspan="3" rowspan="1">
              <div style="font-weight: bold;">LINCOLN EDUCATIONAL SERVICES CORPORATION</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" colspan="1"><br>
            </td>
            <td style="vertical-align: top;" colspan="2"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;" colspan="1">By: <br>
            </td>
            <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Scott M. Shaw</div>
            </td>
            <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 5%; vertical-align: top;" rowspan="1">
              <div>Name: Scott M. Shaw</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;" rowspan="1">
              <div>Title: Chief Executive Officer and President</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="zb129068ede1842528ba123a5757d0042" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="vertical-align: top;" colspan="3" rowspan="1">
              <div style="font-weight: bold;">EXECUTIVE</div>
            </td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/Alexandra M. Luster</div>
            </td>
            <td style="width: 57%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top;" colspan="3" rowspan="1">
              <div>Alexandra M. Luster</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      <!--PROfilePageNumberReset%Num%1%A-%%-->
      <div style="text-align: center; font-weight: bold;"><u>APPENDIX A</u></div>
      <div>&#160;</div>
      <div>&#8220;<u>Cause</u>&#8221; shall mean, with respect to the Executive, the following:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z2e90c3d4ec7b491090f289b8246ee5eb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div>prior to a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the performance
                of the Executive&#8217;s duties of employment, (iii) the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), (iv) the Executive&#8217;s intentional or reckless
                disclosure of protected information respecting any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment, (v) the Executive&#8217;s commission of an act or acts of
                sexual harassment that would normally constitute grounds for termination, or (vi) any other act or omission by the Executive (other than an act or omission resulting from the exercise by the Executive of good faith business judgment), which
                is materially injurious to the financial condition or business reputation of any member of the Company Group; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for cause unless he has received written notice of the alleged basis therefor from the Company, and
                fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the case of two separate episodes occurring within any 12-month period that give the Company the right
                to terminate for cause for such reason; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z1f11a48cad544aaa8b8cbe6c44a17a36" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>on or after a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the
                performance of the Executive&#8217;s duties of employment, (iii) the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), or (iv) the Executive&#8217;s
                intentional or reckless disclosure of protected information respecting any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for
                cause unless he has received written notice of the alleged basis therefor from the Company, and fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the
                case of two separate episodes occurring within any 12-month period that give the Company the right to terminate for cause for such reason.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-1</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>&#8220;<u>Change in Control</u>&#8221; shall mean:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z87e84417847c4450abf129f2057581e0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div>when a &#8220;person&#8221; (as defined in Section 3(a)(9) of the Exchange Act), including a &#8220;group&#8221; (as defined in Section 13(d) and 14(d) of the Exchange Act), either directly or indirectly becomes
                the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 under the Exchange Act) of 25% 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; <u>provided</u><font style="font-style: italic;">, </font><u>however</u><font style="font-style: italic;">, </font>that the following acquisitions shall not constitute a Change in Control:&#160; (1) any acquisition
                directly from the Company; (2) any acquisition by the Company; or (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zd10c2d28812749db9ea7dfc07798e5b9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>when, during any period of 24 consecutive months during the Employment Period, the individuals who, at the beginning of such period, constitute the Board (the &#8220;<u>Company Incumbent Directors&#8221;</u>) cease for any reason other than death to constitute at least a majority thereof;&#160; <u>provided</u>, <u>however</u>, 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;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zbc16478b7a454feba1b0375f06a17780" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(c)</td>
            <td style="width: auto; vertical-align: top;">
              <div>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;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z3cefe2ac262b4b97943167a6d296be9f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(d)</td>
            <td style="width: auto; vertical-align: top;">
              <div>consummation of a merger, amalgamation or consolidation of the Company with any other corporation, the issuance of voting securities of the Company in connection with a merger,
                amalgamation or consolidation of the Company or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets of another corporation (each, a &#8220;<u>Business Combination</u>&#8221;), unless, in each case of a Business Combination, immediately following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners
                of the Common Stock outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock and 50% of the combined voting power of the then
                outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such
                transaction owns the Company or all or substantially all of the Company&#8217;s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination,
                of the Common Stock; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z5df24a640e294db98ec3bd0d19b51194" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">(e)</td>
            <td style="width: auto; vertical-align: top;">
              <div>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;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>&#160;&#8220;<u>Disability</u>&#8221; shall mean the inability of the Executive to perform substantially his
        duties and responsibilities to the Company or any of its subsidiaries by reason of a physical or mental disability or infirmity (a) for a continuous period of six months or (b) at such earlier time as the Executive submits medical evidence of such
        disability to the reasonable satisfaction of the Committee that the Executive has a physical or mental disability or infirmity that shall likely prevent him from substantially performing his duties and responsibilities for six months or longer.&#160;
        The date of such Disability shall be on the last day of such six-month period or the day on which the Committee determines that the Executive has a physical or mental disability or infirmity as provided in clause (b) herein.</div>
      <div>&#160;</div>
      <div>&#8220;<u>Good Reason</u>&#8221; shall mean, with respect to the Executive, the occurrence of any of the
        following (without his written consent):&#160; (a) a reduction in the Executive&#8217;s Base Salary or target Annual Bonus; (b) an adverse change in the Executive&#8217;s title, authority, duties,
        responsibilities or reporting lines as specified in Section 2.1 of this Agreement; (c) a failure by the Company to pay material compensation when due in connection with the Executive&#8217;s employment; or (d) a material breach of this Agreement by the
        Company; <u>provided</u><font style="font-style: italic;">, </font><u>however</u>,
        that, if any such Good Reason is reasonably susceptible to cure, then the Executive shall not terminate his employment hereunder unless the Executive first provides the Company with written notice of his intention to terminate and of the grounds
        for such termination, and the Company has not, within 10 business days following receipt of such written notice, cured such Good Reason.</div>
      <div>&#160;</div>
      <div>&#8220;<u>Equity Award Documents</u>&#8221; shall mean&#160; (a) any option agreements, restricted stock
        agreements or other equity award agreements under the Company&#8217;s 2020 Long-Term Incentive Plan and (b) any stock pledge agreement or promissory note relating to the Executive&#8217;s stock options, shares of Company common stock underlying such options or
        restricted stock.</div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div style="text-align: center;"> <font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-3</font></div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>ef20061859_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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    <title></title>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.5</font><br>
    </div>
    <div> <br>
      </div>
    <div>
      <div style="text-indent: 72pt;">EMPLOYMENT AGREEMENT (this &#8220;<u>Agreement</u>&#8221;), dated as of December 19, 2025,
        between LINCOLN EDUCATIONAL SERVICES CORPORATION, a New Jersey corporation (the &#8220;<u>Company</u>&#8221;), and Stephen E. Ace (the &#8220;<u>Executive</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">WHEREAS, the Executive is currently employed by the Company;</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">WHEREAS, the Executive and the Company entered into an employment agreement, dated, December 13, 2022 which expires pursuant to its terms on
        <font style="color: rgb(52, 52, 52);">December 31, 2025</font> (the &#8220;<u>Prior Agreement</u>&#8221;); and</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">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="color: rgb(52, 52, 52);"> December 19, 2025</font> that supersedes the Prior Agreement;</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EFFECTIVENESS OF AGREEMENT</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">This Agreement shall become effective as of the date hereof.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EMPLOYMENT AND DUTIES</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Position and Duties</u>.&#160; The Company hereby continues to employ the Executive, and the Executive agrees to serve, as <a name="z_Hlk217044558"></a>SVP, Chief Human Resources
            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;<u>Board</u>&#8221;) or the Compensation Committee of the Board (the &#8220;<u>Committee</u>&#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.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Term of Employment</u>.&#160; The Executive&#8217;s employment under this Agreement shall terminate on December 31, 2028, unless terminated earlier pursuant to Section 5 or extended pursuant to
            Section 6.1 (the &#8220;Employment Period&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Location of Work</u>.&#160; The Executive shall be based in the United States in Parsippany, New Jersey.&#160; However, the Executive agrees to undertake whatever domestic and worldwide travel
            is required by the Company.&#160; The Executive shall not be required or permitted to relocate without the mutual, written consent of the Executive and the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>COMPENSATION</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Base Salary</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be entitled to receive a base salary (the &#8220;Base Salary&#8221;) at a rate of <font style="color: rgb(52, 52, 52);">$309,000</font> per annum, such rate to be effective as of January 1, 2026.&#160; Such rate may be adjusted upwards, but not downwards, from time to time by the Board or the Committee, in their
            sole discretion.&#160; The Base Salary shall be paid in equal installments on a biweekly basis or in accordance with the Company&#8217;s current payroll practices, less all required deductions.&#160; The Base Salary shall be pro-rated for any period of service
            less than a full year.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-indent: 72pt;">3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual Bonus</u>.&#160; Subject to the provisions of Sections 5 and 6, the Executive shall be eligible to earn an annual bonus for 2026 and each full calendar year thereafter during the
            Employment Period (the &#8220;Annual Bonus&#8221;), the amount of which shall be based upon performance targets or such other criteria that are determined by the Board or the Committee pursuant to the provisions of the Company&#8217;s Key Management Team
            Incentive Compensation Plan ( the &#8220;Incentive Plan&#8221;) in effect for the applicable calendar year.&#160; The Company shall pay the Annual Bonus to the Executive no later than March 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> following the end of the applicable fiscal year.&#160; The
            Annual Bonus shall be prorated for any year in which the Executive&#8217;s employment is terminated due to death or Disability, as defined in Appendix A.<font style="font-weight: bold;">&#160; </font>If during
            the Employment Period the Executive&#8217;s employment is terminated by the Company (or any successor thereto) for Cause, as defined in Exhibit A, or the Executive resigns from his employment other than for Good Reason, as defined in Exhibit A, prior
            to the payout of any Annual Bonus due for a completed calendar, the Executive shall not receive such Annual Bonus.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Reimbursement of Expenses</u>.&#160; The Company shall reimburse the Executive for reasonable travel and other business expenses incurred by him in the fulfillment of his duties hereunder
            upon presentation by the Executive of an itemized account of such expenditures, in accordance with Company practices.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EMPLOYEE BENEFITS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; The Executive shall, during the Employment Period, be included, to the extent eligible thereunder, in all employee benefit plans, programs and arrangements (including,
            without limitation, any plans, programs or arrangements providing for retirement benefits, profit sharing, disability benefits, health and life insurance or vacation and paid holidays) that shall be established by the Company for, or made
            available to, its senior executives.&#160; In addition, the Company shall furnish the Executive with coverage by the Company&#8217;s customary director and officer indemnification arrangements, subject to applicable law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>TERMINATION OF EMPLOYMENT</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effect of an Involuntary Termination</u>.&#160; Subject to the provisions of Sections 6 and 9.5, if during the Employment Period there is an &#8220;Involuntary Termination&#8221; (as defined below)
            of the Executive&#8217;s employment, the Company shall pay to the Executive:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an amount equal to one and one-half times the sum of (x) the Executive&#8217;s annual Base Salary, at a rate in effect at the date of such termination plus (y) the target amount of the Annual Bonus of the Executive for the year in
            which the Involuntary Termination occurs;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all outstanding reasonable travel and other business expenses that he incurred as of the date of his termination;</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; an additional cash amount equal to the Company&#8217;s estimate of the employer portion of the premiums that would be necessary to continue the Executive&#8217;s health care coverage until the first anniversary of the date of such
            Involuntary Termination; <u>provided</u>, <u>however</u>, that if prior to payment of such cash amount the Executive
            becomes covered under another group health plan (which coverage, once obtained, must be promptly disclosed by the Executive to the Company), such cash amount shall be prorated to cover only the period from the date of the Executive&#8217;s
            Involuntary Termination until the date on which such alternate coverage starts; and</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; a prorated Annual Bonus for the year in which the Involuntary Termination occurs, calculated by multiplying (A) the Annual Bonus to which the Executive would have been entitled under Section 3.2 if his employment had continued
            through the end of such year by (B) a proration fraction the numerator of which is the number of days in such calendar year up to and including the date of the Executive&#8217;s Involuntary Termination and the denominator of which is 365.</div>
      <div>&#160;</div>
      <div>The Executive shall also be entitled to receive any other accrued compensation and benefits otherwise payable to him as of the date of his termination,
        including, without limitation, any Annual Bonus due for a completed calendar year.&#160; All payments made under Sections 5.1(i), (ii) and (iii) above shall be made by the Company (or its successor) in a lump-sum amount on the 60th day following the
        Executive&#8217;s termination of employment, and payment made under Section 5.1(iv) above shall be made by the Company (or its successor) in a lump-sum amount on the date that bonuses for the year in which the Executive&#8217;s Involuntary Termination occurs
        are paid generally to the Company&#8217;s senior executives (but no later than March 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> of the year following the year in which the Executive&#8217;s Involuntary Termination occurs).</div>
      <div>&#160;</div>
      <div>The Company shall not be required to make the payments and provide the benefits provided for under this Section 5.1 unless (1) the Executive executes and
        delivers to the Company, within sixty days following the Executive&#8217;s termination of employment, a Waiver and Release (relating to the Executive&#8217;s release of claims against the Company Group (as defined below) in the form provided by the Company,
        and the Waiver and Release has become effective and irrevocable in its entirety, and (2) the Executive remains in material compliance with the restrictive covenants set forth in Section 9 of this Agreement.&#160; The Executive&#8217;s failure or refusal to
        sign the Waiver and Release (or the revocation of such Waiver and Release in accordance with applicable laws) or the Executive&#8217;s failure to materially comply with the restrictive covenants in Section 9 shall result in the forfeiture of the payments
        and benefits payable under this Section 5.1.</div>
      <div>&#160;</div>
      <div>For purposes of this Agreement, &#8220;<u>Involuntary Termination</u>&#8221; means the termination of the
        Executive&#8217;s employment (i) by the Company (or any successor thereto) without Cause, as defined in Appendix A, or (ii) by the Executive for Good Reason, as defined in Appendix A.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">5.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effect of a Termination for Cause or Resignation without Good Reason</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s
            employment is terminated by the Company (or any successor thereto) for Cause or the Executive resigns from his employment other than for Good Reason, the Company shall pay to the Executive, any (i) accrued but unpaid Base Salary earned through
            the date of his termination, (ii) unreimbursed expenses, plus (iii) accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the
            Company.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">5.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effect of a Termination due to Death or Disability</u>.&#160; Subject to the provisions of Sections 3.2 and 6, if during the Employment Period, the Executive&#8217;s employment is terminated by
            the Company (or any successor thereto) due to death or Disability, as defined in Appendix A, the Company shall pay to the Executive, or if applicable his estate:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; accrued but unpaid Base Salary earned through the date of his termination and any Annual Bonus due but not yet paid for a completed calendar year;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a prorated Annual Bonus for the year in which the termination of employment occurs, calculated by multiplying (A) the Executive&#8217;s target Annual Bonus for that year by (B) a proration fraction the numerator of which is the
            number of days in such calendar year up to and including the date of the Executive&#8217;s termination of employment and the denominator of which is 365;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; all outstanding reasonable travel and other business expenses that the Executive incurred as of the date of his termination; and</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; accrued but unpaid employee benefits set forth in Section 4.1 above as determined in accordance with the provisions of the applicable employee benefit plans or programs of the Company.</div>
      <div>&#160;</div>
      <div>In addition, upon the Executive&#8217;s termination of employment due to death or Disability, all outstanding stock options and restricted stock awarded to the
        Executive shall become fully vested, and stock options shall become immediately exercisable and will remain exercisable for one year from the date of termination (or, if earlier, until the stock option&#8217;s normal expiration date); <u>provided</u>, <u>however</u>, that if the applicable stock option award specifically provides for a longer post-employment
        period to exercise such option, such longer period shall apply.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>EFFECT OF A CHANGE IN CONTROL</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>New Term of Employment</u>.&#160; Notwithstanding anything to the contrary in this Agreement, upon the occurrence of a Change in Control, as defined in Appendix A, during the Employment
            Period, the Company (or its successor) shall renew this Agreement for a period of two years commencing on the date of the Change in Control and ending on the second anniversary of the date of the Change in Control.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u><u>Acceleration of Equity Awards</u>.&#160; Notwithstanding anything to the contrary in any of the Equity Award Documents, as defined in Appendix A, upon a Change in Control, all outstanding
            stock options and restricted stock granted by the Company or any of its affiliates to the Executive shall become fully vested, and stock options shall become immediately exercisable, on the date of the Change in Control.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>REDUCTION OF PAYMENTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt; color: rgb(0, 0, 0);">If any amounts due to the Executive under this Agreement and any other agreement, plan or arrangement of or with the
        Company or any of its affiliates constitute a &#8220;parachute payment,&#8221; as such term is defined in Section 280G(b)(2) of the Internal Revenue<font style="font-weight: bold;">&#160;</font>Code of 1986, as amended (the
        &#8220;<u>Code</u>&#8221;), and the amount of the parachute payment, reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of
        the Code, is less than the amount the Executive would receive if he was paid three times his &#8220;base amount&#8221;, as defined in Section 280G(b)(3) of the Code, less $1.00, reduced by all federal, state and local taxes applicable thereto, then the
        aggregate of the amounts constituting the parachute payment will be reduced (or returned by the Executive if it has already been paid to him) to an amount that will equal three times the Executive&#8217;s base amount less $1.00.&#160; Any determination to be
        made with respect to this Section 7 shall be made by an accounting firm jointly selected by the Company and the Executive and paid for by the Company, and which may be the Company&#8217;s independent auditors.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>NO ADDITIONAL RIGHTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">The Executive shall have no right to receive any compensation or benefits upon his termination or resignation of employment, except (i) as
        expressly set forth in Sections 5 and 6 above, where applicable, or (ii) as determined in accordance with the provisions of the employee benefit plans or programs of the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>RESTRICTIVE COVENANTS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Noncompetition</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for two years thereafter, the Executive shall not,
            without the prior written consent of the Company, directly or indirectly, own, manage, operate, join, control, or participate in the ownership, management, operation or control of, or be employed by or connected in any manner with, any
            Competing Business, whether for compensation or otherwise;&#160; provided, however, that the Executive shall be permitted to hold, directly or indirectly, less than 1% of any class of securities of any entity that is listed on a national securities
            exchange or on the NASDAQ National Market System.&#160; Notwithstanding the foregoing, this Section 9.1 shall cease to apply upon the termination of the Executive&#8217;s employment with the Company (or any successor thereto) resulting from an Involuntary
            Termination.&#160; For purposes of this Agreement, &#8220;Competing Business&#8221; means any business within the United States that involves for-profit, post-secondary education.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Nonsolicitation</u>.&#160; During the term of the Executive&#8217;s employment with the Company (or any successor thereto) and continuing for one year thereafter, the Executive shall not,
            without the prior written consent of the Company, directly or indirectly, as a sole proprietor, member of a partnership, stockholder, investor, officer or director of a corporation, or as an employee, associate, consultant or agent of any
            person, partnership, corporation or other business organization or entity other than the Company or any of its subsidiaries or affiliates (the &#8220;Company Group&#8221;) (i) solicit or endeavor to entice away from any member of the Company Group, any
            person or entity who is, or was on the date of this Agreement, employed by, or serving as a key consultant of, any member of the Company Group or (ii) solicit or endeavor to entice away from any member of the Company Group, any person or entity
            who is, or was on the date of this Agreement, a customer or client (or reasonably anticipated to become a customer or client) of any member of the Company Group.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">9.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Confidentiality</u>.&#160; The Executive shall not at any time, except in performance of his obligations to the Company Group under the provisions of this Agreement and as an employee of
            the Company, directly or indirectly, disclose or use any secret or protected information that he may learn or has learned by reason of his association with any member of the Company Group.&#160; The term &#8220;protected information&#8221; includes trade
            secrets and confidential and proprietary business information of the Company Group, including, but not limited to, customers (including potential customers), sources of supply, processes, methods, plans, apparatus, specifications, materials,
            pricing information, intellectual property (including applications and rights in discoveries, inventions or patents), internal memoranda, marketing plans, contracts, finances, personnel, research and internal policies, but shall exclude any
            information which (i) is or becomes available to the public or is generally known in the industry or industries in which the Company Group operates other than as a result of disclosure by the Executive in violation of this Section 9.3 or (ii)
            the Executive is required to disclose under any applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exclusive Property</u>.&#160; The Executive confirms that all protected information is and shall remain the exclusive property of the Company Group.&#160; All business records, papers and
            documents kept or made by the Executive relating to the business of the Company shall be and remain the property of the Company Group.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">9.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with Restrictive Covenants</u>.&#160; Without intending to limit any other remedies available to the Company Group and except as required by law, in the event that the
            Executive breaches or threatens to breach any of the covenants set forth in this Section 9, (i) the Company Group shall be entitled to seek a temporary restraining order and/or a preliminary or permanent injunction restraining the Executive
            from engaging in activities prohibited by this Section 9 or such other relief as may be required to enforce any of such covenants and (ii) all obligations of the Company to make payments and provide benefits under this Agreement shall
            immediately cease.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>ARBITRATION</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">10.1&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; Subject to Section 9.5 above, any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the Executive and the
            Company shall be settled exclusively by arbitration in Parsippany, New Jersey before three arbitrators of exemplary qualifications and stature.&#160; The Executive and the Company shall each select one arbitrator.&#160; The arbitrators selected by the
            Executive and the Company shall jointly select the third arbitrator.&#160; Judgment may be entered on the arbitrators&#8217; award in any court having jurisdiction.&#160; The Executive and the Company hereby agree that the arbitrators shall be empowered to
            enter an equitable decree mandating specific enforcement of the provisions of this Agreement.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;">10.2&#160;&#160;&#160;&#160;&#160; <u>Associated Costs</u>.&#160; The cost of the arbitration shall be borne by the parties in the manner determined by the arbitrators.&#160; If, however, the dispute concerns contractual rights
            that arise in the event of or subsequent to a Change in Control, the costs of arbitration (and any reasonable attorney&#8217;s fees incurred by the Executive) shall be borne by the Company, unless the arbitrators determine that the Executive
            commenced such arbitration on unfounded or unreasonable grounds.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>SECTION 409A OF THE CODE</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">11.1&#160;&#160;&#160;&#160;&#160; <u>General</u>.&#160; This Agreement is intended to be exempt from or meet the requirements of Section 409A of the Code, and shall be interpreted and construed consistent with that intent.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><a name="z_Ref197497694"></a>11.2&#160;&#160;&#160;&#160;&#160; <u>Deferred Compensation</u>.&#160; Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides
          for the &#8220;deferral of compensation&#8221; within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the following:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Executive is a &#8220;Specified Employee&#8221; within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive&#8217;s termination of employment, then no such payment shall be made or commence during the period
            beginning on the date of the Executive&#8217;s termination of employment and ending on the date that is six months and one day following the Executive&#8217;s termination of employment or, if earlier, on the date of the Executive&#8217;s death.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments with respect to reimbursements of expenses shall be made in accordance with Company policy and in no event later than the last day of the calendar year following the calendar year in which the relevant expense is
            incurred.&#160; No reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, except, in each case, to the extent that the right to reimbursement does not provide for a &#8220;deferral of
            compensation&#8221; within the meaning of Section 409A of the Code.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; The Company shall not accelerate any payment or the provision of any benefits under this Agreement or make or provide any such payment or benefits if such payment or provision of such benefits would, as a result, be subject to
            tax under Section 409A of the Code.&#160; If, in the good faith judgment of the Company, any provision of this Agreement could cause the Executive to be subject to adverse or unintended tax consequences under Section 409A of the Code, such provision
            shall be modified by the Company in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the requirements of Section 409A of the Code.&#160; It is understood that each
            installment is a separate payment, and that the timing of payment is within the control of the Company.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt; margin-right: 36pt; margin-left: 36pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; The provisions of this Section 11 shall apply notwithstanding any provisions of this Agreement related to the timing of payments following the Executive&#8217;s termination of employment.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>MISCELLANEOUS</u>.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.1&#160;&#160;&#160;&#160;&#160; <u>Communications.</u>&#160; All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made as of the date
            delivered, or on the fifth business day after mailed if delivered personally or mailed by registered or certified mail (postage prepaid, return receipt requested), to the relevant party at the following address (or at such other address for a
            party as shall be specified by like notice, except that notices of change of address shall be effective upon receipt):</div>
      <div>&#160;</div>
      <div>if to the Company:</div>
      <div>&#160;</div>
      <div style="text-indent: 108pt;">14 Sylvan Way, Ste. A</div>
      <div style="text-indent: 108pt;">Parsippany, NJ 07054</div>
      <div style="text-indent: 108pt;">Attention:&#160; Chief Executive Officer and President</div>
      <div>&#160;</div>
      <div>if to the Executive:</div>
      <div>&#160;</div>
      <div style="text-indent: 108pt;">14 Sylvan Way, Ste. A</div>
      <div style="text-indent: 108pt;">Parsippany, NJ 07054</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.2&#160;&#160;&#160;&#160;&#160; <u>Waiver of Breach; Severability</u>.&#160; a)&#160; The waiver by the Executive or the Company of a breach of any provision of this Agreement by the other party hereto shall not operate or be
            construed as a waiver of any subsequent breach by either party.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The parties hereto
            recognize that the laws and public policies of various jurisdictions may differ as to the validity and enforceability of covenants similar to those set forth herein.&#160; It is the intention of the parties that the provisions of this Agreement be
            enforced to the fullest extent permissible under the laws and policies of each jurisdiction in which enforcement may be sought, and that the unenforceability (or the modification to conform to such laws or policies) of any provisions hereof
            shall not render unenforceable, or impair, the remainder of the provisions hereof.&#160; Accordingly, if at the time of enforcement of any provision hereof, a court of competent jurisdiction holds that the restrictions stated herein are unreasonable
            under circumstances then existing, the parties hereto agree that the maximum period, scope, or geographic area reasonable under such circumstances shall be substituted for the stated period, scope or geographical area and that such court shall
            be allowed to revise the restrictions contained herein to cover the maximum period, scope and geographical area permitted by law.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.3&#160;&#160;&#160;&#160;&#160; <u></u><u>Assignment; Successors</u>.&#160; No right, benefit or interest hereunder shall be assigned, encumbered, charged, pledged, hypothecated or be subject to any setoff or recoupment by the
            Executive.&#160; This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">12.4&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u>.&#160; This Agreement and the Equity Award Documents represent the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or
            understandings between the Company and the Executive relating to the subject matter hereof.&#160; This Agreement may be amended at any time by mutual written agreement of the parties hereto.</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      <div style="text-indent: 72pt;">12.5&#160;&#160;&#160;&#160;&#160; <u>Withholding</u>.&#160; The payment of any amount pursuant to this Agreement shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required
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      <div style="text-indent: 72pt;">12.6&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.&#160; This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey.</div>
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      <div style="text-indent: 72pt;">12.7&#160;&#160;&#160;&#160;&#160; <u>Headings</u>.&#160; The headings in this Agreement are for convenience only and shall not be used to interpret or construe any of its provisions.</div>
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      <div style="text-indent: 72pt;">12.8&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
            instrument.</div>
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      <div style="text-indent: 72pt;">IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and the Executive has hereunto set his hand as of the day and
        year first written above.</div>
      <div>&#160;</div>
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              <div style="font-weight: bold;">LINCOLN EDUCATIONAL SERVICES CORPORATION</div>
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          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top;" colspan="1"><br>
            </td>
            <td style="vertical-align: top;" colspan="2"><br>
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            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;" colspan="1">By:</td>
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              <div>Name: Scott M. Shaw</div>
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              <div>Title: Chief Executive Officer and President</div>
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              <div style="font-weight: bold;">EXECUTIVE</div>
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              <div>/s/Stephen E. Ace</div>
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              <div>Stephen E. Ace</div>
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      <div style="text-align: center; font-weight: bold;"><u>APPENDIX A</u></div>
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      <div>&#8220;<u>Cause</u>&#8221; shall mean, with respect to the Executive, the following:</div>
      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top;">(a)</td>
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              <div>prior to a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the performance
                of the Executive&#8217;s duties of employment, (iii) the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), (iv) the Executive&#8217;s intentional or reckless
                disclosure of protected information respecting any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment, (v) the Executive&#8217;s commission of an act or acts of
                sexual harassment that would normally constitute grounds for termination, or (vi) any other act or omission by the Executive (other than an act or omission resulting from the exercise by the Executive of good faith business judgment), which
                is materially injurious to the financial condition or business reputation of any member of the Company Group; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for cause unless he has received written notice of the alleged basis therefor from the Company, and
                fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the case of two separate episodes occurring within any 12-month period that give the Company the right
                to terminate for cause for such reason; or</div>
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      <div>&#160;</div>
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              <div>on or after a Change in Control, (i) the Executive&#8217;s willful failure to perform the duties of his employment in any material respect, (ii) malfeasance or gross negligence in the
                performance of the Executive&#8217;s duties of employment, (iii) the Executive&#8217;s conviction of a felony under the laws of the United States or any state thereof (whether or not in connection with his employment), or (iv) the Executive&#8217;s
                intentional or reckless disclosure of protected information respecting any member of the Company Group&#8217;s business to any individual or entity which is not in the performance of the duties of his employment; <u>provided</u>, <u>however</u>, that in the case of (i) and (ii) above, the Executive shall not be deemed to have been terminated for
                cause unless he has received written notice of the alleged basis therefor from the Company, and fails to remedy the matter within 30 days after he has received such notice, except that no such &#8220;cure opportunity&#8221; shall be required in the
                case of two separate episodes occurring within any 12-month period that give the Company the right to terminate for cause for such reason.</div>
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              <div>when a &#8220;person&#8221; (as defined in Section 3(a)(9) of the Exchange Act), including a &#8220;group&#8221; (as defined in Section 13(d) and 14(d) of the Exchange Act), either directly or indirectly becomes
                the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 under the Exchange Act) of 25% 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; <u>provided</u><font style="font-style: italic;">, </font><u>however</u><font style="font-style: italic;">, </font>that the following acquisitions shall not constitute a Change in Control:&#160; (1) any acquisition
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              <div>when, during any period of 24 consecutive months during the Employment Period, the individuals who, at the beginning of such period, constitute the Board (the &#8220;<u>Company Incumbent Directors&#8221;</u>) cease for any reason other than death to constitute at least a majority thereof;&#160; <u>provided</u>, <u>however</u>, 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,
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              <div>consummation of a merger, amalgamation or consolidation of the Company with any other corporation, the issuance of voting securities of the Company in connection with a merger,
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              <div>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;</div>
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      <div>&#160;&#8220;<u>Disability</u>&#8221; shall mean the inability of the Executive to perform substantially his
        duties and responsibilities to the Company or any of its subsidiaries by reason of a physical or mental disability or infirmity (a) for a continuous period of six months or (b) at such earlier time as the Executive submits medical evidence of such
        disability to the reasonable satisfaction of the Committee that the Executive has a physical or mental disability or infirmity that shall likely prevent him from substantially performing his duties and responsibilities for six months or longer.&#160;
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      <div>&#8220;<u>Good Reason</u>&#8221; shall mean, with respect to the Executive, the occurrence of any of the
        following (without his written consent):&#160; (a) a reduction in the Executive&#8217;s Base Salary or target Annual Bonus; (b) an adverse change in the Executive&#8217;s title, authority, duties,
        responsibilities or reporting lines as specified in Section 2.1 of this Agreement; (c)&#160; a failure by the Company to pay material compensation when due in connection with the Executive&#8217;s employment; or (d) a material breach of this Agreement by the
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        that, if any such Good Reason is reasonably susceptible to cure, then the Executive shall not terminate his employment hereunder unless the Executive first provides the Company with written notice of his intention to terminate and of the grounds
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    <link:label xlink:type="resource" xlink:label="dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CoverAbstract" xml:lang="en-US" id="dei_CoverAbstract">Cover [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoverAbstract" xlink:to="dei_CoverAbstract" xlink:title="label: CoverAbstract to dei_CoverAbstract" />
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    <link:label xlink:type="resource" xlink:label="dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentType" xml:lang="en-US" id="dei_DocumentType">Document Type</link:label>
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    <link:label xlink:type="resource" xlink:label="dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_WrittenCommunications" xml:lang="en-US" id="dei_WrittenCommunications">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="dei_WrittenCommunications" xlink:title="label: WrittenCommunications to dei_WrittenCommunications" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:label xlink:type="resource" xlink:label="dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_SolicitingMaterial" xml:lang="en-US" id="dei_SolicitingMaterial">Soliciting Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SolicitingMaterial" xlink:to="dei_SolicitingMaterial" xlink:title="label: SolicitingMaterial to dei_SolicitingMaterial" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementTenderOffer" xml:lang="en-US" id="dei_PreCommencementTenderOffer">Pre-commencement Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer" xlink:title="label: PreCommencementTenderOffer to dei_PreCommencementTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementIssuerTenderOffer" xml:lang="en-US" id="dei_PreCommencementIssuerTenderOffer">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:title="label: PreCommencementIssuerTenderOffer to dei_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag" xml:lang="en-US" id="dei_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag" xlink:title="label: AmendmentFlag to dei_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus" xml:lang="en-US" id="dei_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate" xml:lang="en-US" id="dei_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate" xlink:title="label: DocumentPeriodEndDate to dei_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName" xml:lang="en-US" id="dei_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey" xml:lang="en-US" id="dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber" xml:lang="en-US" id="dei_EntityFileNumber">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="dei_EntityFileNumber" xlink:title="label: EntityFileNumber to dei_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber">Entity Tax Identification Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1" xml:lang="en-US" id="dei_EntityAddressAddressLine1">Entity Address, Address Line One</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2" xml:lang="en-US" id="dei_EntityAddressAddressLine2">Entity Address, Address Line Two</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3" xml:lang="en-US" id="dei_EntityAddressAddressLine3">Entity Address, Address Line Three</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode" xml:lang="en-US" id="dei_EntityAddressPostalZipCode">Entity Address, Postal Zip Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode" xml:lang="en-US" id="dei_CityAreaCode">City Area Code</link:label>
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    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol" xml:lang="en-US" id="dei_TradingSymbol">Trading Symbol</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>linc-20251219_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
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  </link:presentationLink>
</link:linkbase>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.4</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Dec. 19, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 19,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-51371<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">LINCOLN EDUCATIONAL SERVICES CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001286613<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NJ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">57-1150621<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">14 Sylvan Way<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Parsippany<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NJ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">07054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">973<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">736-9340<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock No Par Value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">LINC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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    <dei:EntityFileNumber
      contextRef="c20251219to20251219"
      id="Fact_e3f813c66d32450aafaa22d0a4f92d02">000-51371</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber
      contextRef="c20251219to20251219"
      id="Fact_e8ffd85294774d449bcd492d00cf0fc6">57-1150621</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="c20251219to20251219"
      id="Fact_6b8fa8f4f148477c889e233c249b6cc5">14 Sylvan Way</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown
      contextRef="c20251219to20251219"
      id="Fact_a0d0872ba4a64a0da1ac831c21188e2d">Parsippany</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="c20251219to20251219"
      id="Fact_9c10d0ba80c3418cad678383be284426">NJ</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="c20251219to20251219"
      id="Fact_02b03bdc68d44143ba6730f1d70ea537">07054</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="c20251219to20251219"
      id="Fact_7b1500929b2642f8b9d9c7b575e3cd39">973</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="c20251219to20251219"
      id="Fact_776ee50206154163aa6d5b5a90158695">736-9340</dei:LocalPhoneNumber>
    <dei:WrittenCommunications
      contextRef="c20251219to20251219"
      id="Fact_97f8590433604ddaa85775ab22444d87">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="c20251219to20251219"
      id="Fact_715110bc21a74b789864a25f49b659dc">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="c20251219to20251219"
      id="Fact_af89de0c9d7949269bdbc62909583bc1">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="c20251219to20251219"
      id="Fact_fdf145141bd54804b7256abaee63695c">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="c20251219to20251219"
      id="Fact_d3050dd4b7374b6e8ca94d94af6d5d97">Common Stock No Par Value</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="c20251219to20251219"
      id="Fact_e8acc7212b934d06bb6ed22107a62518">LINC</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="c20251219to20251219"
      id="Fact_d40877be655d4bf7ba29a657293aa8c0">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany
      contextRef="c20251219to20251219"
      id="Fact_84440b59cf3e4302a8d0475ffec14e2a">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
