AMERICAN PUBLIC EDUCATION, INC. (NASDAQ:APEI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On September29, 2017, American Public Education, Inc. (the “Company”), announced that Dr. Karan Powell, President of the Company’s wholly owned subsidiary American Public University System (“APUS”), will retire from APUS effective October 15, 2017. APUS, the Company and Dr. Powell have entered into a letter agreement (the “Letter Agreement”) to formalize the terms of her retirement and to provide for an arrangement to which Dr. Powell has agreed to provide consulting services through June 30, 2018 (the “Consulting Term”), including supporting the transition to a new President of APUS, representing APUS in the higher education community as an advocate, and providing guidance on accreditation-related matters as requested.
Dr. Wallace E. Boston, President and Chief Executive Officer of the Company, said “I want to thank Karan for giving APUS her energy, education acumen, and leadership during the past 15 years as well as her friendship. We celebrate her distinguished career.”
The Letter Agreement further provides that Dr. Powell will continue to receive during the Consulting Term compensation consistent with what she would have generally received as an employee of APUS. Beginning at the end of the Consulting Term, Dr. Powell will be entitled to the benefits provided for in her Amended and Restated Executive Employment Agreement dated May 31, 2016 (the “Employment Agreement”), as modified by the Letter Agreement, as if her retirement were a termination of her employment by APUS other than for Disability or Cause.
The foregoing descriptions of the Letter Agreement and the Employment Agreement do not purport to be complete and are qualified in their entirety by reference to those agreements, which are filed, respectively, as Exhibit 10.1 to this Current Report and as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 1, 2016.
| Item 9.01. | Financial Statements and Exhibits. |
(a)Exhibits
AMERICAN PUBLIC EDUCATION INC ExhibitEX-10.1 2 v476165_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 September 28,…To view the full exhibit click here
About AMERICAN PUBLIC EDUCATION, INC. (NASDAQ:APEI)
American Public Education, Inc. is a provider of online and on-campus postsecondary education. The Company’s segments include American Public Education Segment (APEI Segment), which consists of the operational activities of APUS, other corporate activities and minority investments, and Hondros College of Nursing Segment (HCON Segment), which consists of the operational activities of HCON. APUS provides online postsecondary education directed primarily at the needs of the military and public safety communities. APUS is an online university that includes American Military University (AMU) and American Public University (APU). HCON provides nursing education to students at approximately four campuses in the State of Ohio, as well as online, to serve the needs of the nursing and healthcare communities. HCON offers a Diploma in Practical Nursing and an Associate Degree in Nursing at its Ohio campuses, which are located in the suburban areas of Cincinnati, Columbus, Dayton and Cleveland.
