|
Kenneth W. Freeman
Chairman of the Board of Directors |
| |
Eilif Serck-Hanssen
President and Chief Executive Officer |
|
| | |
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| | | | A-1 | | | |
| | | | B-1 | | |
Enterprise Value
as a multiple of: |
| |
Selected Companies
|
| |||||||||
|
Range
|
| |
Median
|
| ||||||||
2020 EBITDA
|
| | | | 4.1x – 7.2x | | | | | | 6.2x | | |
2021 EBITDA
|
| | | | 3.6x – 6.9x | | | | | | 5.9x | | |
| | |
Average NTM-Time Weighted EBITDA Multiples
|
| |||||||||||||||||||||||||||
Selected Company
|
| |
3 Month
|
| |
6 Month
|
| |
1 Year
|
| |
2 Year
|
| |
3 Year
|
| |||||||||||||||
Laureate
|
| | | | 5.8x | | | | | | 5.3x | | | | | | 6.1x | | | | | | 6.9x | | | | | | 7.0x | | |
Adtalem
|
| | | | 6.5x | | | | | | 6.0x | | | | | | 6.8x | | | | | | 8.1x | | | | | | 8.2x | | |
Strategic Education, Inc.
|
| | | | 9.5x | | | | | | 9.6x | | | | | | 9.9x | | | | | | 11.2x | | | | | | 11.3x | | |
American Public Education, Inc.
|
| | | | 7.6x | | | | | | 6.6x | | | | | | 5.8x | | | | | | 5.7x | | | | | | 6.0x | | |
Perdoceo Education Corporation
|
| | | | 4.8x | | | | | | 4.3x | | | | | | 5.5x | | | | | | 6.6x | | | | | | 6.8x | | |
| | |
Fiscal Year Ended December 31,
|
| |||||||||||||||||||||||||||
($ in millions)
|
| |
2020E
|
| |
2121E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |||||||||||||||
Revenues
|
| | | | 598 | | | | | | 625 | | | | | | 659 | | | | | | 709 | | | | | | 774 | | |
Carve-out Adjusted EBITDA(1)
|
| | | | 167 | | | | | | 173 | | | | | | 184 | | | | | | 197 | | | | | | 215 | | |
Standalone Costs(2)
|
| | | | (10) | | | | | | (10) | | | | | | (11) | | | | | | (11) | | | | | | (12) | | |
Standalone Adjusted EBITDA(3)
|
| | | | 157 | | | | | | 163 | | | | | | 174 | | | | | | 186 | | | | | | 203 | | |
Adjusted EBIT(4)
|
| | | | 139 | | | | | | 144 | | | | | | 154 | | | | | | 166 | | | | | | 183 | | |
| | |
Fiscal Year Ended December 31,
|
| |||||||||||||||||||||||||||
($ in millions)
|
| |
2020E
|
| |
2121E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |||||||||||||||
Unlevered free cash flow(1)
|
| | | | 106 | | | | | | 104 | | | | | | 109 | | | | | | 122 | | | | | | 139 | | |
Name
|
| |
Cash(1)
($) |
| |
Equity(2)
($) |
| |
Pension/
NQDC(3) |
| |
Perquisites/
Benefits(4) ($) |
| |
Tax
Reimbursement |
| |
Other
|
| |
Total
($) |
| |||||||||||||||||||||
Eilif Serck-Hanssen
|
| | | | 4,782,527 | | | | | | 3,602,002 | | | | | | — | | | | | | 116,828 | | | | | | — | | | | | | — | | | | | | 8,501,357 | | |
Jean-Jacques Charhon
|
| | | | 2,273,770 | | | | | | 1,887,552 | | | | | | — | | | | | | 75,248 | | | | | | — | | | | | | — | | | | | | 4,236,570 | | |
Timothy Grace
|
| | | | 1,665,847 | | | | | | 559,296 | | | | | | — | | | | | | 76,466 | | | | | | — | | | | | | — | | | | | | 2,301,609 | | |
Paula Singer
|
| | | | 2,083,684 | | | | | | 642,394 | | | | | | 1,356,414 | | | | | | 90,498 | | | | | | — | | | | | | — | | | | | | 4,172,990 | | |
| | |
Shares Beneficially Owned
|
| | ||||||||||||||||||||||||||
| | |
Class A (includes shares
of Class B that are convertible to Class A) |
| |
Class B
|
| |
Percentage
of Total Voting Power(2) |
| |||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number of
Shares(1) |
| |
Percentage
|
| |
Number of
Shares |
| |
Percentage
|
| ||||||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wengen Alberta, Limited Partnership(3)
|
| | | | 86,147,116 | | | | | | 41.9% | | | | | | 86.147,116 | | | | | | 94.9% | | | | | | 83.9% | | |
KKR Funds(3)(4)
|
| | | | 8,999,608(3)(4) | | | | | | 7.6%(3)(4) | | | | | | —(3) | | | | | | —(3) | | | | | | *(3)(4) | | |
Funds and individuals affiliated with Sterling(3)(5)(6)
|
| | | | 984,803(3)(5) | | | | | | *(3)(5) | | | | | | 941,824(3)(6) | | | | | | 1.0%(3)(6) | | | | | | *(3)(5)(6) | | |
BlackRock, Inc.(7)
|
| | | | 8,136,770(7) | | | | | | 6.8%(7) | | | | | | — | | | | | | — | | | | | | *(7) | | |
The Vanguard Group, Inc.(8)
|
| | | | 10,215,104(8) | | | | | | 8.6%(8) | | | | | | — | | | | | | — | | | | | | 1.0%(8) | | |
FMR LLC(9)
|
| | | | 15,776,989(9) | | | | | | 13.2%(9) | | | | | | — | | | | | | — | | | | | | 1.5%(9) | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Brian F. Carroll(10)(11)
|
| | | | 27,059 | | | | | | * | | | | | | 16,844 | | | | | | * | | | | | | * | | |
Andrew B. Cohen(10)(12)
|
| | | | 26,079 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
William L. Cornog(10)
|
| | | | 19,581 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Pedro del Corro(10)(13)
|
| | | | 10,215 | | | | | | * | | | | | | 59,578 | | | | | | * | | | | | | * | | |
Michael J. Durham(14)
|
| | | | 28,992 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Kenneth W. Freeman(15)
|
| | | | 39,600 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
George Muñoz(16)
|
| | | | 77,237 | | | | | | * | | | | | | 19,698 | | | | | | * | | | | | | * | | |
Dr. Judith Rodin(17)
|
| | | | 50,985 | | | | | | * | | | | | | 19,698 | | | | | | * | | | | | | * | | |
Ian K. Snow(10)(18)
|
| | | | 1,373,913 | | | | | | 1.2% | | | | | | 6,656 | | | | | | * | | | | | | * | | |
Steven M. Taslitz(10)(19)
|
| | | | 302,355 | | | | | | * | | | | | | 290,759 | | | | | | * | | | | | | * | | |
Eilif Serck-Hanssen(20)
|
| | | | 756,125 | | | | | | * | | | | | | 307,094 | | | | | | * | | | | | | * | | |
Jean-Jacques Charhon(21)
|
| | | | 263,358 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Timothy Grace(22)
|
| | | | 30,508 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Victoria Silbey(23)
|
| | | | 57,735 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Paula Singer(24)
|
| | | | 286,233 | | | | | | * | | | | | | 256,249 | | | | | | * | | | | | | * | | |
Ricardo M. Berckemeyer(25)
|
| | | | 68,767 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
Jose Roberto Loureiro(26)
|
| | | | 6,553 | | | | | | * | | | | | | — | | | | | | — | | | | | | * | | |
All Current Directors and Executive Officers as a Group (14 persons)(27)
|
| | | | 3,088,113 | | | | | | 2.6% | | | | | | 736,501 | | | | | | * | | | | | | * | | |
| | |
Page
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| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-15 | | | |
| | | | A-15 | | | |
| | | | A-15 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-22 | | | |
| | | | A-22 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-29 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-39 | | |
| | |
Page
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| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-57 | | | |
| | | | A-61 | | | |
| | | | A-61 | | | |
| | | | A-62 | | | |
| | | | A-62 | | | |
| | | | A-62 | | | |
| | | | A-62 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-67 | | | |
| | | | A-67 | | |
| | |
Page
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| | | | A-68 | | | |
| | | | A-68 | | | |
| | | | A-69 | | | |
| | | | A-69 | | | |
| | | | A-70 | | | |
| | | | A-70 | | | |
| | | | A-71 | | | |
| | | | A-71 | | | |
| | | | A-73 | | | |
| | | | A-73 | | | |
| | | | A-73 | | | |
| | | | A-74 | | | |
| | | | A-76 | | | |
| | | | A-77 | | | |
| | | | A-77 | | | |
| | | | A-77 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-79 | | | |
| | | | A-79 | | | |
| | | | A-80 | | | |
| | | | A-80 | | | |
| | | | A-80 | | | |
| | | | A-80 | | | |
| | | | A-80 | | | |
| | | | A-81 | | | |
| | | | A-81 | | | |
| | | | A-82 | | | |
| | | | A-82 | | | |
| | | | A-83 | | | |
| | | | A-83 | | | |
| | | | A-84 | | | |
| | | | A-84 | | |
| | |
Page
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| | | | A-84 | | | |
| | | | A-84 | | | |
| | | | A-84 | | | |
| | | | A-84 | | | |
| | | | A-85 | | | |
| | | | A-86 | | | |
| | | | A-86 | | | |
| | | | A-86 | | | |
| | | | A-86 | | | |
| | | | A-86 | | | |
| | | | A-87 | | | |
| | | | A-88 | | |
| EXHIBITS | | | ||
|
A
Accounting Principles; Sample Calculation of Closing Working Capital
|
| | | |
|
B
Sample Calculation of Purchase Price
|
| | | |
|
C
Form of R&W Insurance Policy
|
| | | |
|
D
Form of Transition Support Services Agreement
|
| | | |
|
E
Form of IP Assignment and License
|
| | | |
|
F
Form of Purchaser Closing Certificate
|
| | | |
|
G
Form of Seller Closing Certificate
|
| | | |
|
H
Form of Seller 365 Day Certificate
|
| |
Defined Term
|
| |
Page
|
| |||
5.19 Matter
|
| | | | A-62 | | |
7065 Property
|
| | | | A-4 | | |
7070 Property
|
| | | | A-4 | | |
7080 Property
|
| | | | A-4 | | |
Accounting Principles
|
| | | | A-1 | | |
Accrediting Body
|
| | | | A-1 | | |
Acquired Business
|
| | | | A-60 | | |
Affiliate
|
| | | | A-1 | | |
After-Acquired Business
|
| | | | A-56 | | |
Agreement
|
| | | | A-1 | | |
AI Technologies
|
| | | | A-1 | | |
Allocation
|
| | | | A-79 | | |
Alternative Financing Sources
|
| | | | A-57 | | |
Ancillary Documents
|
| | | | A-2 | | |
Anti-Corruption Laws
|
| | | | A-37 | | |
Antitrust Law
|
| | | | A-2 | | |
Assigned IP
|
| | | | A-2 | | |
Attorney-Client Privilege
|
| | | | A-88 | | |
Audited Annual Carve-out Financials
|
| | | | A-61 | | |
Balance Sheet Time
|
| | | | A-2 | | |
Bank Marketing Period
|
| | | | A-16 | | |
Base Consideration
|
| | | | A-2 | | |
Benefit Plan
|
| | | | A-2 | | |
Borrower Defense Claim
|
| | | | A-2 | | |
Burdensome Condition
|
| | | | A-2 | | |
Business
|
| | | | A-3 | | |
Business Confidential Information
|
| | | | A-25 | | |
Business Data
|
| | | | A-3 | | |
Business Day
|
| | | | A-3 | | |
CARES Act
|
| | | | A-31 | | |
Cash and Cash Equivalents
|
| | | | A-3 | | |
Chosen Courts
|
| | | | A-84 | | |
Claim
|
| | | | A-53 | | |
Claim Notice
|
| | | | A-75 | | |
Closing
|
| | | | A-15 | | |
Closing Date
|
| | | | A-15 | | |
Closing Indebtedness
|
| | | | A-3 | | |
Closing Statement
|
| | | | A-18 | | |
Closing Tax Amount
|
| | | | A-3 | | |
Closing Working Capital
|
| | | | A-3 | | |
Code
|
| | | | A-4 | | |
Defined Term
|
| |
Page
|
| |||
Columbia Leases
|
| | | | A-4 | | |
Columbia Property
|
| | | | A-4 | | |
Company
|
| | | | A-1 | | |
Company AI Property
|
| | | | A-4 | | |
Company Benefit Plan
|
| | | | A-4 | | |
Company Group
|
| | | | A-4 | | |
Company IP Agreements
|
| | | | A-29 | | |
Company IT Systems
|
| | | | A-4 | | |
Company Privacy Policies
|
| | | | A-4 | | |
Company Software
|
| | | | A-4 | | |
Company Subsidiary
|
| | | | A-1 | | |
Company Training Data
|
| | | | A-4 | | |
Competing Transaction
|
| | | | A-54 | | |
Competitive Activities
|
| | | | A-55 | | |
Compliance Review
|
| | | | A-4 | | |
Compliant Documents
|
| | | | A-16 | | |
Confidential Information
|
| | | | A-47 | | |
Confidentiality Agreement
|
| | | | A-5 | | |
Confidentiality Period
|
| | | | A-46 | | |
Consent
|
| | | | A-5 | | |
Consolidated Tax Group
|
| | | | A-5 | | |
Continuing Employee
|
| | | | A-51 | | |
Contract
|
| | | | A-5 | | |
Contractor
|
| | | | A-29 | | |
Co-Ownership Agreement
|
| | | | A-4 | | |
Current Assets
|
| | | | A-3 | | |
Current Liabilities
|
| | | | A-3 | | |
Curricular Know-How
|
| | | | A-5 | | |
Curricular Materials
|
| | | | A-5 | | |
Customs & International Trade Laws
|
| | | | A-37 | | |
Data Room
|
| | | | A-62 | | |
Debt Commitment Letter
|
| | | | A-39 | | |
Debt Financing
|
| | | | A-39 | | |
Debt Financing Sources
|
| | | | A-5 | | |
Default
|
| | | | A-5 | | |
Definitive Debt Financing Agreements
|
| | | | A-57 | | |
DGCL
|
| | | | A-1 | | |
Direct Claim
|
| | | | A-75 | | |
DOD
|
| | | | A-5 | | |
DOE
|
| | | | A-5 | | |
DOE Preacquisition Application
|
| | | | A-5 | | |
Defined Term
|
| |
Page
|
| |||
DOE Preacquisition Response
|
| | | | A-5 | | |
DOE Restricted Cash
|
| | | | A-3 | | |
Domain Names
|
| | | | A-8 | | |
Educational Agency
|
| | | | A-6 | | |
Educational Approvals
|
| | | | A-6 | | |
Educational Consent
|
| | | | A-6 | | |
Educational Law
|
| | | | A-6 | | |
Employee
|
| | | | A-13 | | |
Employee Confidentiality Agreement
|
| | | | A-25 | | |
End Date
|
| | | | A-70 | | |
Enforceability Exceptions
|
| | | | A-22 | | |
Environmental Laws
|
| | | | A-37 | | |
Equity Interests
|
| | | | A-6 | | |
ERISA
|
| | | | A-6 | | |
Escrow Agent
|
| | | | A-6 | | |
Escrow Agreement
|
| | | | A-6 | | |
Estimated Closing Cash and Cash Equivalents
|
| | | | A-18 | | |
Estimated Closing Indebtedness
|
| | | | A-18 | | |
Estimated Closing Statement
|
| | | | A-18 | | |
Estimated Closing Tax Amount
|
| | | | A-18 | | |
Estimated Closing Working Capital
|
| | | | A-18 | | |
Estimated Purchase Price
|
| | | | A-7 | | |
Estimated Transaction Expenses
|
| | | | A-18 | | |
Exchange Act
|
| | | | A-7 | | |
Existing Acquired Entity Guaranty
|
| | | | A-64 | | |
Existing Credit Agreement
|
| | | | A-7 | | |
Existing Credit Agreement Administration Agent
|
| | | | A-7 | | |
Existing Debt Releases
|
| | | | A-61 | | |
Existing Guaranty
|
| | | | A-63 | | |
Existing Indenture
|
| | | | A-7 | | |
Existing Materials
|
| | | | A-50 | | |
Existing Notes
|
| | | | A-7 | | |
Existing Notes Trustee
|
| | | | A-7 | | |
Fee Letter
|
| | | | A-39 | | |
Financial Statements
|
| | | | A-22 | | |
Financing Uses
|
| | | | A-40 | | |
Foreign Filing
|
| | | | A-22 | | |
Fraud
|
| | | | A-7 | | |
Fundamental Representations
|
| | | | A-7 | | |
GAAP
|
| | | | A-7 | | |
Governmental Authority
|
| | | | A-7 | | |
Defined Term
|
| |
Page
|
| |||
Guaranteed Party
|
| | | | A-63 | | |
Guaranty Release
|
| | | | A-63 | | |
HEA
|
| | | | A-7 | | |
HSR Act
|
| | | | A-22 | | |
Indebtedness
|
| | | | A-7 | | |
Indemnification Objection Notice
|
| | | | A-76 | | |
Indemnified Individuals
|
| | | | A-8 | | |
Indemnified Party
|
| | | | A-74 | | |
Indemnified Taxes
|
| | | | A-8 | | |
Indemnifying Party
|
| | | | A-74 | | |
Indemnity Escrow Account
|
| | | | A-8 | | |
Indemnity Escrow Amount
|
| | | | A-8 | | |
Independent Expert
|
| | | | A-19 | | |
Information Statement
|
| | | | A-22 | | |
Insurance Policies
|
| | | | A-38 | | |
Insurer
|
| | | | A-10 | | |
Intellectual Property
|
| | | | A-8 | | |
Interests
|
| | | | A-1 | | |
Invention Assignment Agreement
|
| | | | A-25 | | |
IP Assignment and License
|
| | | | A-8 | | |
IRS
|
| | | | A-31 | | |
Joint Portal IP
|
| | | | A-2 | | |
Judgment
|
| | | | A-9 | | |
Knowledge of Purchaser
|
| | | | A-9 | | |
Knowledge of Seller
|
| | | | A-9 | | |
Law
|
| | | | A-9 | | |
Lease
|
| | | | A-9 | | |
Lease Assignment
|
| | | | A-63 | | |
Leased Real Property
|
| | | | A-24 | | |
Liability
|
| | | | A-9 | | |
Lien
|
| | | | A-9 | | |
Lookback Date
|
| | | | A-9 | | |
Losses
|
| | | | A-73 | | |
Marketing Period
|
| | | | A-16 | | |
Material Adverse Effect
|
| | | | A-9 | | |
Material Contracts
|
| | | | A-29 | | |
Most Recent Balance Sheet
|
| | | | A-22 | | |
Most Recent Balance Sheet Date
|
| | | | A-22 | | |
New Debt Commitment Letter
|
| | | | A-58 | | |
New Fee Letter
|
| | | | A-58 | | |
Non-Recourse Parties
|
| | | | A-87 | | |
Notice of Objection
|
| | | | A-18 | | |
Objection Period
|
| | | | A-18 | | |
Defined Term
|
| |
Page
|
| |||
Offering Material
|
| | | | A-59 | | |
Off-the-Shelf Software
|
| | | | A-10 | | |
OneFolio Materials
|
| | | | A-4 | | |
Open Source Software
|
| | | | A-10 | | |
Organizational Documents
|
| | | | A-10 | | |
Owned Intellectual Property
|
| | | | A-10 | | |
Owned Registered IP
|
| | | | A-10 | | |
Parties
|
| | | | A-1 | | |
Patent(s)
|
| | | | A-10 | | |
Permits
|
| | | | A-33 | | |
Permitted Liens
|
| | | | A-10 | | |
Person
|
| | | | A-11 | | |
Personal Data
|
| | | | A-11 | | |
Post-Closing Educational Consents
|
| | | | A-11 | | |
Post-Closing Tax Period
|
| | | | A-11 | | |
Potential Transferees
|
| | | | A-51 | | |
PPA
|
| | | | A-11 | | |
Pre-Closing DOE Letter of Credit
|
| | | | A-11 | | |
Pre-Closing Educational Consents
|
| | | | A-11 | | |
Pre-Closing IP Transfer
|
| | | | A-49 | | |
Pre-Closing Period
|
| | | | A-42 | | |
Pre-Closing Tax Period
|
| | | | A-11 | | |
Privileged Deal Communications
|
| | | | A-88 | | |
Proceeding
|
| | | | A-12 | | |
Process, Processing
|
| | | | A-12 | | |
Purchase Price
|
| | | | A-12 | | |
Purchaser
|
| | | | A-1 | | |
Purchaser 401(k) Plan
|
| | | | A-53 | | |
Purchaser Disclosure Schedule
|
| | | | A-38 | | |
Purchaser Group Members
|
| | | | A-88 | | |
Purchaser Indemnitees
|
| | | | A-73 | | |
Purchaser Legacy Group
|
| | | | A-6 | | |
Purchaser Parties
|
| | | | A-50 | | |
Purchaser Plan
|
| | | | A-52 | | |
Purchaser Released Matters
|
| | | | A-53 | | |
Purchaser Releasees
|
| | | | A-53 | | |
Purchaser Releasors
|
| | | | A-54 | | |
Purpose
|
| | | | A-46 | | |
Qualifying Transaction
|
| | | | A-55 | | |
R&W Insurance Policy
|
| | | | A-12 | | |
Regulatory Lookback Date
|
| | | | A-12 | | |
Regulatory Restricted Cash
|
| | | | A-3 | | |
Related Party
|
| | | | A-12 | | |
Defined Term
|
| |
Page
|
| |||
Representatives
|
| | | | A-12 | | |
Required Bank Information
|
| | | | A-12 | | |
Required Information
|
| | | | A-12 | | |
Resolution Period
|
| | | | A-19 | | |
San Antonio Lease
|
| | | | A-12 | | |
San Antonio Property
|
| | | | A-12 | | |
SEC
|
| | | | A-16 | | |
Securities Act
|
| | | | A-12 | | |
Security Incidents
|
| | | | A-12 | | |
Seller
|
| | | | A-1 | | |
Seller Benefit Plan
|
| | | | A-13 | | |
Seller Disclosure Schedule
|
| | | | A-20 | | |
Seller Firms
|
| | | | A-88 | | |
Seller Group Members
|
| | | | A-88 | | |
Seller Indemnitees
|
| | | | A-74 | | |
Seller Marks
|
| | | | A-13 | | |
Seller Regulatory Collateral
|
| | | | A-67 | | |
Seller Released Matters
|
| | | | A-54 | | |
Seller Releasees
|
| | | | A-54 | | |
Seller Releasors
|
| | | | A-53 | | |
Seller Restricted Parties
|
| | | | A-55 | | |
Seller Stockholder Approval
|
| | | | A-13 | | |
Seller Stockholder Consent
|
| | | | A-1 | | |
Service Provider
|
| | | | A-13 | | |
Service Provider Census
|
| | | | A-32 | | |
Shared Contract
|
| | | | A-13 | | |
Social Identifiers
|
| | | | A-8 | | |
Software
|
| | | | A-13 | | |
Solvent
|
| | | | A-40 | | |
Specified Open Source Software
|
| | | | A-13 | | |
Sponsored Company Benefit Plan
|
| | | | A-4 | | |
State Educational Agency
|
| | | | A-13 | | |
Straddle Tax Period
|
| | | | A-13 | | |
Student Financial Assistance
|
| | | | A-13 | | |
Student Portal Software
|
| | | | A-13 | | |
Subsidiary
|
| | | | A-14 | | |
Substantial Control
|
| | | | A-36 | | |
Substitute Acquired Entity Guaranty
|
| | | | A-64 | | |
Substitute Guaranty
|
| | | | A-63 | | |
Target Working Capital
|
| | | | A-14 | | |
Tax Period
|
| | | | A-14 | | |
Tax Return
|
| | | | A-14 | | |
Tax Sharing Agreement
|
| | | | A-14 | | |
Defined Term
|
| |
Page
|
| |||
Tax, Taxes
|
| | | | A-14 | | |
Taxing Authority
|
| | | | A-14 | | |
Termination Fee
|
| | | | A-72 | | |
Third Party
|
| | | | A-14 | | |
Third Party Claim
|
| | | | A-74 | | |
Title IV
|
| | | | A-14 | | |
Title IV Programs
|
| | | | A-14 | | |
Trademark(s)
|
| | | | A-14 | | |
Transaction Expenses
|
| | | | A-14 | | |
Transaction Proposal
|
| | | | A-55 | | |
Transfer Taxes
|
| | | | A-15 | | |
Defined Term
|
| |
Page
|
| |||
Transition Support Services Agreement
|
| | | | A-15 | | |
Treasury Regulations
|
| | | | A-15 | | |
TSSA Schedules
|
| | | | A-66 | | |
Unaudited Quarterly Carve-out Financials
|
| | | | A-61 | | |
University
|
| | | | A-15 | | |
University Course Materials
|
| | | | A-4 | | |
VA
|
| | | | A-15 | | |
WARN Act
|
| | | | A-33 | | |
Wengen
|
| | | | A-1 | | |
Willful Breach
|
| | | | A-71 | | |
Withheld Amount
|
| | | | A-79 | | |
| | | | LAUREATE EDUCATION, INC. | | ||||||
| | | | By: | | |
/s/ Eilif Serck-Hanssen
|
| |||
| | | | | | | Name: | | | Eilif Serck-Hanssen | |
| | | | | | | Title: | | | President and Chief Executive Officer | |
| | | | ADTALEM GLOBAL EDUCATION INC. | | ||||||
| | | | By: | | |
/s/ Stephen W. Beard
|
| |||
| | | | | | | Name: | | | Stephen W. Beard | |
| | | | | | | Title: | | | Chief Operating Officer | |