-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AAnqehjULnYLrcEBZK3OgOo9FXwejD2ESNFUUeQ4HurQY9jLW67klKiv5Y2tEel9 0/UVF3EC7NBrOAEHug2BZw== 0001181431-08-051692.txt : 20080905 0001181431-08-051692.hdr.sgml : 20080905 20080905095454 ACCESSION NUMBER: 0001181431-08-051692 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080905 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20080905 DATE AS OF CHANGE: 20080905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOBEL LEARNING COMMUNITIES INC CENTRAL INDEX KEY: 0000721237 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 222465204 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10031 FILM NUMBER: 081057663 BUSINESS ADDRESS: STREET 1: 1615 W CHESTER PIKE STREET 2: STE 200 CITY: WEST CHESTER STATE: PA ZIP: 19382-6223 BUSINESS PHONE: 484-947-2000 MAIL ADDRESS: STREET 1: 1615 W CHESTER PIKE STREET 2: STE 200 CITY: WEST CHESTER STATE: PA ZIP: 19382-6223 FORMER COMPANY: FORMER CONFORMED NAME: NOBEL EDUCATION DYNAMICS INC DATE OF NAME CHANGE: 19931222 FORMER COMPANY: FORMER CONFORMED NAME: ROCKING HORSE CHILD CARE CENTERS OF AMERICA INC /DE/ DATE OF NAME CHANGE: 19931222 FORMER COMPANY: FORMER CONFORMED NAME: PETRIE CORP DATE OF NAME CHANGE: 19851031 8-K 1 rrd217973.htm COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS Item 5

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 27, 2008

 

NOBEL LEARNING COMMUNITIES, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

 

1-10031

 

22-2465204

(State or other jurisdiction of incorporation or organization)

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

1615 West Chester Pike, West Chester, PA

 

19382

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code:

 

(484) 947-2000

 

Not applicable
(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 27, 2008, the Board of Directors of Nobel Learning Communities, Inc. (the "Company") approved certain compensatory arrangements with respect to its named executive officers.

The Compensation Committee had engaged Radford Surveys and Consulting, a unit of AON Consulting as its independent compensation consultant to assist the Compensation Committee with its development of an executive compensation program for fiscal 2008 (the "2008 Compensation Program").

The Board, upon the recommendation of the Compensation Committee, reviewed the performance of the Company against the targets set by the Board in the beginning of fiscal year 2008. Following this review, the Board approved the payout of bonuses under the 2008 Annual Incentive Compensation Plan at 70% of the targeted amount. The 2008 non-equity incentive bonuses were awarded in the amounts set forth in the table below.

Upon the recommendation of the Compensation Committee, the Board approved the 2009 Compensation Program. The 2009 Compensation Program consists of base salary, an annual non-equity incentive bonus, equity awards and deferred compensation awards.

Pursuant to the 2009 Compensation Program, the Board approved the following:

(a) base salaries for fiscal 2009 as set forth on the table below;

(b) financial targets against which the performance of the Company is met. If the targets are met, the named executive officers can earn a percentage of base salary as a bonus. Mr. Bernstein is eligible to earn up to 100% of his base salary if 100% of the targets are met. The other named executive officers can earn up to 50% of their base salary if 100% of the targets are met.

(c) stock option grants to acquire shares of common stock. Thirty-three percent of the award to Mr. Bernstein is at risk and 31% of the award to the other named executive officers is at risk and will be awarded based on fiscal 2009 performance. The target awards for the named executive officers is set forth below.

(d) a Company contribution of 10% of cash compensation to the named executive officers' deferred compensation accounts. The named executive officers will fully vest in this contribution after the named executive officers have participated in the deferred compensation program for five years.

 

2008 Non-Equity Incentive Bonus

2009 Target Option Grant Award

2009 Base Salary

George H. Bernstein

$261,000

42,000

$388,000

Thomas Frank

$90,300

22,000

$270,000

G. Lee Bohs

$85,750

22,000

$257,000

Patricia B. Miller

$80,500

22,000

$241,000

Jeanne Marie Welsko

$54,600

17,500

$162,000

 

 

SIGNATURES

 

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, thereunto duly authorized.

 

 

 

 

 

Nobel Learning Communities, Inc.
(Registrant)

September 5, 2008

 

 

 

By:

 

/s/ George Bernstein

 

 

 

 

 

 

 

 

 

 

 

 

Name:

 

George Bernstein

 

 

 

 

 

 

Title:

 

Chief Executive Officer

                 
                 

 

 

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