UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): January 25, 2011
BRIDGEPOINT EDUCATION, INC.
(Exact name of registrant as specified in its charter)
|
Delaware (State or other jurisdiction of |
|
001-34272 |
|
59-3551629 |
|
13500 Evening Creek Drive North, Suite 600 San Diego, California |
|
92128 |
|
(Address of principal executive offices) |
|
(Zip Code) |
(858) 668-2586
(Registrant’s telephone number, including area code)
None
(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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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 January 25, 2011, our compensation committee, after considering a competitive market review of total compensation for our executive officers and obtaining guidance from an independent compensation specialist, increased the annual base salaries of the executive officers listed below to the following amounts, retroactive to January 1, 2011:
|
Name |
|
2010 Annual |
|
2011 Annual |
| |
|
Andrew S. Clark |
|
475,000 |
|
|
525,000 |
|
|
Daniel J. Devine |
|
290,000 |
|
|
325,000 |
|
|
Rodney T. Sheng |
|
300,000 |
|
|
335,000 |
|
|
Ross Woodard |
|
250,000 |
|
|
260,000 |
|
The compensation committee also approved the 2011 target cash bonuses for the executive officers listed below, in the following amounts:
|
Name |
|
2011 Target |
| |
|
Andrew S. Clark |
|
|
525,000 |
|
|
Daniel J. Devine |
|
|
162,500 |
|
|
Rodney T. Sheng |
|
|
201,000 |
|
|
Ross Woodard |
|
|
130,000 |
|
Such bonuses will be based on the achievement of certain performance goals to be established by the compensation committee. Actual bonuses payable for fiscal year 2011, if any, will vary depending on the extent to which actual performance meets, exceeds, or falls short of the goals to be established by the compensation committee.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Date: January 28, 2011 |
|
Bridgepoint Education, Inc. |
|
|
| |
|
|
By: |
/s/ Diane L. Thompson |
|
|
|
Name: Diane L. Thompson |
|
|
|
Title: Senior Vice President, Secretary and General Counsel |