We previously announced that Ms. Jameson, our former Executive Vice President and Chief Marketing Officer, left the company effective as of January 6, 2020. On March 3, 2020, we and Ms. Jameson entered into a Confidential Severance, Waiver, and Release Agreement (the “Severance Agreement”). The Severance Agreement provides that, if Ms. Jameson does not revoke the Separation Agreement within the applicable seven-day revocation period, Ms. Jameson will (i) receive a sum of $266,249.88 (less all applicable deductions and withholdings), representing an amount equal to 39 weeks of her base salary at the time of termination, (ii) be entitled to an annual pro-rated bonus for the fiscal year ending September 30, 2020 based on the metrics previously established by our Chief Executive Officer and the Board of Directors if such bonus is approved by our Board of Directors as payable to all current employees, (iii) receive an amount equal to $23,849.37, less applicable deductions and withholdings, which is equal to the employer-paid portion of medical and dental benefits for 18 months, plus an additional 40%, and (iv) be provided with six months of career transition services. The Severance Agreement contains a general release of claims that is binding upon Ms. Jameson.

The foregoing is a summary only and does not purport to be a complete description of all of the terms, provisions, covenants, and agreements contained in the Separation Agreement, and is subject to and qualified in its entirety by reference to the complete text of the Severance Agreement, a copy of which will be filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ending March 31, 2020.

About Universal Technical Institute, Inc. (NYSE:UTI)

Universal Technical Institute, Inc. is a provider of postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians as measured by total average undergraduate full-time enrollment and graduates. The Company offers undergraduate degree or diploma programs at approximately 12 campuses across the United States under the banner of various brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (collectively, MMI) and NASCAR Technical Institute (NASCAR Tech). The Company also offers manufacturer specific advanced training (MSAT) programs, including student-paid electives, at its campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers. UTI offers automotive, diesel and industrial, and collision repair and refinishing programs.