ASSUMPTION AGREEMENT AND FIRST AMENDMENT TO MANAGEMENT STOCKHOLDERS AGREEMENTAssumption Agreement • December 28th, 2007 • Lincoln Educational Services Corp • Services-educational services • New York
THIS ASSUMPTION AGREEMENT AND THIS FIRST AMENDMENT (together, this “Amendment”) TO THE MANAGEMENT STOCKHOLDERS AGREEMENT (the “Agreement”) dated as of January 1, 2002, by and among LINCOLN TECHNICAL INSTITUTE, INC., a New Jersey corporation (“LTI”), the Management Investors (as such term is defined in the Agreement) and BACK TO SCHOOL ACQUISITION L.L.C., a Delaware limited liability corporation (“Stonington”), is entered into as of December 20, 2007 (the “Effective Date”) by and among LINCOLN EDUCATIONAL SERVICES CORPORATION, a New Jersey corporation (“LESC”), LTI, Stonington and the undersigned Management Investors (together, the “Consenting Investors”).
