Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
As previously reported, on May 6, 2020, the executive leadership team of
Laureate Education, Inc. (the "Company") agreed to, and the Compensation
Committee (the "Compensation Committee") of the Company's Board of Directors
approved, voluntary, 90-day temporary base salary reductions. These reductions
were instituted in light of the impact of the COVID-19 pandemic and became
effective for the Company's executive leadership team, including the Company's
named executive officers ("NEOs"), beginning on May 16, 2020. Eilif
Serck-Hanssen, the Company's President and Chief Executive Officer, agreed to a
20% temporary reduction in base salary, and each of the Company's other NEOs
agreed to a 15% temporary reduction in base salary. The Company's executives who
previously participated in the base salary reductions, including the currently
employed NEOs, agreed to a 90-day extension to the temporary base salary
reductions, and on August 14, 2020, the Compensation Committee approved such
extensions, as well as any further extensions to the temporary salary reductions
agreed upon by such executives.
In addition, on August 14, 2020, the Company's Board of Directors approved an
extension for the third quarter of 2020 to the previously reported voluntary 20%
reduction in the amount of the cash board retainers payable to each non-employee
director of the Company during the second quarter of 2020.
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