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Adtalem Global Education Inc. – ‘10-Q’ for 9/30/21 – ‘EX-10.D’

On:  Wednesday, 11/3/21, at 5:23pm ET   ·   For:  9/30/21   ·   Accession #:  1558370-21-14347   ·   File #:  1-13988

Previous ‘10-Q’:  ‘10-Q’ on 4/29/21 for 3/31/21   ·   Next:  ‘10-Q’ on 2/8/22 for 12/31/21   ·   Latest:  ‘10-Q’ on 5/2/24 for 3/31/24   ·   4 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/03/21  Adtalem Global Education Inc.     10-Q        9/30/21  116:15M                                    Toppan Merrill Bridge/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.85M 
 2: EX-10.A     Material Contract                                   HTML     51K 
 3: EX-10.B     Material Contract                                   HTML     51K 
 4: EX-10.C     Material Contract                                   HTML     50K 
 5: EX-10.D     Material Contract                                   HTML     41K 
 6: EX-10.E     Material Contract                                   HTML     48K 
 7: EX-10.F     Material Contract                                   HTML     54K 
 8: EX-10.G     Material Contract                                   HTML     49K 
 9: EX-10.H     Material Contract                                   HTML     43K 
10: EX-31.1     Certification -- §302 - SOA'02                      HTML     34K 
11: EX-31.2     Certification -- §302 - SOA'02                      HTML     34K 
12: EX-32       Certification -- §906 - SOA'02                      HTML     32K 
19: R1          Document And Entity Information                     HTML     86K 
20: R2          Consolidated Balance Sheets                         HTML    172K 
21: R3          Consolidated Balance Sheets (Parenthetical)         HTML     38K 
22: R4          Consolidated Statements of Income (Loss)            HTML    178K 
23: R5          Consolidated Statements of Comprehensive Income     HTML     70K 
                (Loss)                                                           
24: R6          Consolidated Statements of Cash Flows               HTML    142K 
25: R7          Consolidated Statements of Shareholders' Equity     HTML     75K 
26: R8          Nature of Operations                                HTML     36K 
27: R9          Summary of Significant Accounting Policies          HTML     38K 
28: R10         Acquisitions                                        HTML     79K 
29: R11         Discontinued Operations and Assets Held for Sale    HTML     52K 
30: R12         Revenue                                             HTML    110K 
31: R13         Restructuring Charges                               HTML     70K 
32: R14         Income Taxes                                        HTML     37K 
33: R15         Earnings per Share                                  HTML     79K 
34: R16         Accounts Receivable and Credit Losses               HTML    324K 
35: R17         Property and Equipment, Net                         HTML     57K 
36: R18         Leases                                              HTML     81K 
37: R19         Goodwill and Intangible Assets                      HTML    265K 
38: R20         Debt                                                HTML    145K 
39: R21         Redeemable Noncontrolling Interest                  HTML     44K 
40: R22         Share Repurchases                                   HTML     40K 
41: R23         Accumulated Other Comprehensive Loss                HTML     82K 
42: R24         Stock-Based Compensation                            HTML    107K 
43: R25         Fair Value Measurements                             HTML     42K 
44: R26         Commitments and Contingencies                       HTML     43K 
45: R27         Segment Information                                 HTML    168K 
46: R28         Summary of Significant Accounting Policies          HTML     43K 
                (Policies)                                                       
47: R29         Acquisitions (Tables)                               HTML     78K 
48: R30         Discontinued Operations and Assets Held for Sale    HTML     53K 
                (Tables)                                                         
49: R31         Revenue (Tables)                                    HTML     95K 
50: R32         Restructuring Charges (Tables)                      HTML     71K 
51: R33         Earnings per Share (Tables)                         HTML     79K 
52: R34         Accounts Receivable and Credit Losses (Tables)      HTML    321K 
53: R35         Property and Equipment, Net (Tables)                HTML     55K 
54: R36         Leases (Tables)                                     HTML     85K 
55: R37         Goodwill and Intangible Assets (Tables)             HTML    266K 
56: R38         Debt (Tables)                                       HTML    123K 
57: R39         Redeemable Noncontrolling Interest (Tables)         HTML     42K 
58: R40         Share Repurchase (Tables)                           HTML     39K 
59: R41         Accumulated Other Comprehensive Loss (Tables)       HTML     81K 
60: R42         Stock-Based Compensation (Tables)                   HTML    106K 
61: R43         Segment Information (Tables)                        HTML    163K 
62: R44         Nature of Operations (Details)                      HTML     39K 
63: R45         Acquisitions (Estimated Fair Values of Assets       HTML     80K 
                Acquired and Liabilities Assumed) (Details)                      
64: R46         Acquisitions (Acquired Intangible Assets Subject    HTML     39K 
                to Amortization and Values and Estimated Useful                  
                Lives) (Details)                                                 
65: R47         Acquisitions (Unaudited Proforma Financial          HTML     34K 
                Information) (Details)                                           
66: R48         Acquisitions (Additional Information) (Details)     HTML     69K 
67: R49         Discontinued Operations and Assets Held for Sale    HTML     47K 
                (Summary of Income Statement Information of                      
                Operations) (Details)                                            
68: R50         Discontinued Operations and Assets Held for Sale    HTML     46K 
                (Additional Information) (Details)                               
69: R51         Revenue (Disaggregate revenue) (Details)            HTML     78K 
70: R52         Revenue (Additional Information) (Details)          HTML     36K 
71: R53         Restructuring Charges (Restructuring and Related    HTML     45K 
                Costs) (Details)                                                 
72: R54         Restructuring Charges (Separation and               HTML     37K 
                Restructuring Plan Activity) (Details)                           
73: R55         Restructuring Charges (Additional Information)      HTML     36K 
                (Detail)                                                         
74: R56         Income Taxes (Details)                              HTML     36K 
75: R57         Earnings per Share (Details)                        HTML    100K 
76: R58         Accounts Receivable and Credit Losses               HTML     80K 
                (Classification of Accounts Receivable) (Details)                
77: R59         Accounts Receivable and Credit Losses (Credit       HTML     93K 
                Quality Analysis of Financing Receivable)                        
                (Details)                                                        
78: R60         Accounts Receivable and Credit Losses (Rollforward  HTML     63K 
                of Allowances for Credit Losses) (Details)                       
79: R61         Accounts Receivable and Credit Losses (Additional   HTML     69K 
                Information) (Details)                                           
80: R62         Property and Equipment, Net (Schedule of Property   HTML     48K 
                and equipment, net) (Details)                                    
81: R63         Property and Equipment, Net (Additional             HTML     50K 
                Information) (Details)                                           
82: R64         Leases (Components of Lease Cost) (Details)         HTML     36K 
83: R65         Leases (Maturities of Lease Liabilities) (Details)  HTML     50K 
84: R66         Leases (Lease Term, Discount Rate and Cash Flow     HTML     39K 
                Information ) (Details)                                          
85: R67         Leases (Future Minimum Rental Commitments for       HTML     42K 
                Noncancelable Operating Leases ) (Details)                       
86: R68         Leases (Additional Information) (Details)           HTML     53K 
87: R69         Goodwill and Intangible Assets (Summary of          HTML     43K 
                Goodwill Balances by Reporting Unit) (Details)                   
88: R70         Goodwill and Intangible Assets (Summary of          HTML     41K 
                Goodwill Balances by Reporting Segment) (Details)                
89: R71         Goodwill and Intangible Assets (Changes in          HTML     48K 
                Carrying Amount of Goodwill, by Segment) (Details)               
90: R72         Goodwill and Intangible Assets (Schedule of         HTML     73K 
                Intangible Assets) (Details)                                     
91: R73         Goodwill and Intangible Assets (Summary of          HTML     41K 
                Indefinite-Lived Intangible Assets Balances by                   
                Reporting Segment) (Details)                                     
92: R74         Goodwill and Intangible Assets (Estimated           HTML     53K 
                Amortization Expense for Amortized Intangible                    
                Assets) (Details)                                                
93: R75         Goodwill and Intangible Assets (Additional          HTML     37K 
                Information) (Details)                                           
94: R76         Debt (Long-term debt) (Details)                     HTML     55K 
95: R77         Debt (Scheduled maturities of long-term debt)       HTML     49K 
                (Details)                                                        
96: R78         Debt (Debt Issuance Costs) (Details)                HTML     46K 
97: R79         Debt (Interest Expense) (Details)                   HTML     57K 
98: R80         Debt (Additional Information) (Details)             HTML    238K 
99: R81         Redeemable Noncontrolling Interest (Reconciliation  HTML     37K 
                of Non-Controlling Interest Balance) (Details)                   
100: R82         Redeemable Noncontrolling Interest (Additional      HTML     48K  
                Information) (Details)                                           
101: R83         Share Repurchase (Details)                          HTML     49K  
102: R84         Accumulated Other Comprehensive Loss (Details)      HTML     63K  
103: R85         Stock-Based Compensation (Summary of Options        HTML     69K  
                Activity) (Details)                                              
104: R86         Stock-Based Compensation (Fair Values of Stock      HTML     40K  
                Option Awards Weighted Average Assumptions)                      
                (Details)                                                        
105: R87         Stock-Based Compensation (Summary of Restricted     HTML     52K  
                Stock Units Activity) (Details)                                  
106: R88         Stock-Based Compensation (Total Stock-Based         HTML     36K  
                Compensation Expense Included in Consolidated                    
                Statement of Income) (Details)                                   
107: R89         Stock-Based Compensation (Additional Information)   HTML     78K  
                (Details)                                                        
108: R90         Fair Value Measurements (Details)                   HTML    100K  
109: R91         Commitments and Contingencies (Details)             HTML     48K  
110: R92         Segment Information (Tabulation of Business         HTML    100K  
                Segment Information Based on Current Segmentation)               
                (Details)                                                        
111: R93         Segment Information (Revenues and Long-Lived        HTML     50K  
                Assets by Geographic Area) (Details)                             
112: R94         Segment Information (Additional Information)        HTML     35K  
                (Details)                                                        
114: XML         IDEA XML File -- Filing Summary                      XML    215K  
18: XML         XBRL Instance -- atge-20210930x10q_htm               XML   4.40M 
113: EXCEL       IDEA Workbook of Financial Reports                  XLSX    146K  
14: EX-101.CAL  XBRL Calculations -- atge-20210930_cal               XML    262K 
15: EX-101.DEF  XBRL Definitions -- atge-20210930_def                XML    970K 
16: EX-101.LAB  XBRL Labels -- atge-20210930_lab                     XML   1.85M 
17: EX-101.PRE  XBRL Presentations -- atge-20210930_pre              XML   1.44M 
13: EX-101.SCH  XBRL Schema -- atge-20210930                         XSD    242K 
115: JSON        XBRL Instance as JSON Data -- MetaLinks              550±   808K  
116: ZIP         XBRL Zipped Folder -- 0001558370-21-014347-xbrl      Zip    421K  


‘EX-10.D’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



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Exhibit 10(d)

Adtalem Global Education Inc.

Restricted Stock Unit Award Agreement (Director)

Participant Name:

Participant Address:

Awards Granted:

Award Type:

Grant Name:

Grant Award Date:

THIS AGREEMENT, made and entered into as of the Award Date by and between Adtalem Global Education Inc., a Delaware corporation (“Adtalem”), and the Participant.

WHEREAS, Adtalem maintains the Adtalem Global Education, Inc. Amended and Restated Incentive Plan of 2013 (the “Plan”); and

WHEREAS, the Participant is a member of the board of directors of Adtalem or one of its subsidiaries (a “Director”) who is entitled to receive an award of Stock Units (this award is referred to as “Full Value Shares” in this Agreement because it represents the Participant’s ability to receive actual shares of common stock of Adtalem (“Common Stock”) as the Full Value Share award vests).

NOW, THEREFORE, Adtalem and the Participant hereby agree as follows:

1.                  Agreement.  This Agreement evidences the award to the Participant of the number of Full Value Shares relating to the Common Stock of Adtalem as set forth above.  A Full Value Shares is the right to receive a distribution of a share of Common Stock for each Full Value Shares as described in Section 5 of the Agreement.  The Agreement and Full Value Shares award shall be subject to the following terms and conditions and the provisions of the Plan, which are hereby incorporated by reference.  A copy of the Plan may be obtained by the Participant from the office of the Secretary of Adtalem or from the stock administrator’s website.

2.                  Full Value Shares Account.  Adtalem shall maintain an account (the “Account”) on its books in the name of the Participant which shall reflect the number of Full Value Shares awarded to the Participant and not vested.  Until the Full Value Shares vest, they are not actual shares of Common Stock, but represent the right to receive shares of Common Stock upon vesting.

3.                  Payment of Dividends.  Upon the payment of any dividends on Common Stock occurring while any portion of the Participant’s Full Value Shares award is


outstanding, Adtalem shall credit an amount equal to the dividends that the Participant would have received had the Participant been the actual owner of the number of shares of Common Stock represented by the Full Value Shares in the Participant’s Account on that date, which will be paid to the Participant upon, or shortly after, vest.

4.                  Vesting.

(a)                Except as described below, the Participant shall become vested in his or her Full Value Shares award in accordance with the Vesting Schedule set forth above if he or she remains in continuous employment with Adtalem or an affiliate until such date.

(b)               If the Participant ceases to be a Director prior to the completion of the Vesting Schedule due to death or disability, the Full Value Shares award shall become fully vested on such date.  For this purpose “disability” means the Participant is determined to be totally disabled by the Social Security Administration.

(c)               Notwithstanding the foregoing, the Participant shall forfeit any unvested portion of the Full Value Share award if the Participant ceases to be a Director due to gross misconduct. For purposes of this Agreement, gross misconduct shall mean (i) the Participant commits a felony or other crime involving moral turpitude or commits any other act or omission involving misappropriation, dishonesty, fraud, illegal drug use or breach of fiduciary duty, (ii) the Participant’s gross negligence or willful misconduct with respect to the performance of the Participant’s duties as a Director, or (iii) the Participant commits a material violation of the Adtalem Code of Business Conduct and Ethics.

5.                  Settlement of Award.  If and when a Participant becomes vested in his or her Full Value Shares award in accordance with Section 4, Adtalem shall distribute to him or her, or his or her personal representative, beneficiary or estate, as applicable, a number of shares of Common Stock equal to the number of Full Value Shares subject to the Full Value Shares award that become so vested.  Such shares shall be delivered within 30 days following the date of vesting.

6.                  Withholding Taxes.  The Participant shall pay to Adtalem an amount sufficient to satisfy all minimum Federal, state and local withholding tax requirements arising in connection with the vesting of the Full Value Shares award prior to the delivery of any shares subject to such Full Value Shares award.  Payment of such taxes may be made by one or more of the following methods: (a) in cash, (b) in cash received from a broker-dealer to whom the Participant has submitted irrevocable instructions to deliver the amount of withholding tax to Adtalem from the proceeds of the sale of shares subject to the Full Value Shares award, (c) by directing Adtalem to withhold a number of shares otherwise issuable pursuant to the Full Value Shares award with a fair market value equal to the tax required to be withheld, or (d) by delivery (including attestation) to Adtalem of


other Common Stock owned by the Participant that is acceptable to Adtalem, valued at its fair market value on the date of payment.

7.                  Change in Control.  In the event of a Change in Control of Adtalem (as defined in the Plan), the Participant shall become immediately vested in his or her Full Value Share award, and the Compensation Committee of Adtalem’s Board of Directors (the “Committee”) shall have the sole discretion to take appropriate actions with respect to the Full Value Share award, including (a) to cause such Full Value Share award to be settled in shares of Common Stock as described in Section 5 above, which shares shall be subject to the terms of the Change in Control event in the same manner as the other shares of outstanding Common Stock, or (b) to provide for the mandatory purchase of the Full Value Share award for an amount of cash equal to the then Fair Market Value of the Common Stock, multiplied by the number of Full Value Shares subject to the Full Value Share award.

8.                  Rights as Stockholder.  The Participant shall not be entitled to any of the rights of a stockholder of Adtalem with respect to the Full Value Shares award, including the right to vote and to receive dividends and other distributions, until and to the extent the Full Value Shares award vests and is settled in shares of Common Stock.

9.                  Share Delivery.  Delivery of any shares in connection with settlement of the Full Value Shares award will be by book-entry credit to an account in the Participant’s name established by Adtalem with Adtalem’s transfer agent, or upon written request from the Participant (or his or her personal representative, beneficiary or estate, as the case may be), in certificates in the name of the Participant (or his or her personal representative, beneficiary or estate).

10.              Award Not Transferable.  The Full Value Shares award may not be transferred other than by will or the applicable laws of descent or distribution or pursuant to a qualified domestic relations order.  The Full Value Shares award shall not otherwise be assigned, transferred, or pledged for any purpose whatsoever and is not subject, in whole or in part, to attachment, execution or levy of any kind.  Any attempted assignment, transfer, pledge, or encumbrance of the Full Value Shares award, other than in accordance with its terms, shall be void and of no effect.

11.              Beneficiary Designation.  The Participant may, from time to time, name any beneficiary or beneficiaries to whom distribution of the shares of Common Stock subject to the vested portion of the Full Value Shares award is to be made, in the event of his or her death.  Each such designation will revoke all prior designations, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant with the Committee during his or her lifetime.  In the absence of any such designation, or if all beneficiaries predecease the Participant, then the Participant’s beneficiary shall be his or her estate.

12.              Administration.  The Full Value Shares award shall be administered in accordance with such regulations as the Committee shall from time to time adopt.


13.              Governing Law.  This Agreement, and the Full Value Shares award, shall be construed, administered and governed in all respects under and by the laws of the State of Delaware.

14.              Acceptance of Agreement by Participant.  The Participant’s receipt of the Full Value Shares award is conditioned upon the acceptance of this Agreement by the Participant no later than 60 days after the Award Date set forth above or, if later, 30 days after the Participant receives this Agreement.  Upon execution of the Agreement, the Participant and Adtalem signify their agreement with the terms and conditions of this Agreement.

 



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:11/3/213,  8-K
For Period end:9/30/21
 List all Filings 


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/10/23  Adtalem Global Education Inc.     10-K        6/30/23  134:23M                                    Toppan Merrill Bridge/FA
 8/11/22  Adtalem Global Education Inc.     10-K        6/30/22  137:22M                                    Toppan Merrill Bridge/FA


2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/14/21  Adtalem Global Education Inc.     8-K/A:5,9   9/13/21   12:386K                                   Business Wire/FA
 9/13/21  Adtalem Global Education Inc.     8-K/A:5,9   8/06/21   12:363K                                   Business Wire/FA
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Filing Submission 0001558370-21-014347   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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