Alexandra M. Luster
LINCOLN EDUCATIONAL SERVICESAbout Alexandra M. Luster
- Senior Vice President, General Counsel & Corporate Secretary for Lincoln Educational Services (LINC). She is the Corporate Secretary of record in the company’s 2024 and 2025 proxy statements and signs company 8-Ks in this capacity .
- Featured on the company’s “Experienced Management Team” slide in the 2025 Annual Meeting shareholder presentation (“SVP, General Counsel & Secretary (30)”) .
- Company performance context (FY2024): revenue $440.1M (+16.4% YoY), adjusted EBITDA $42.3M (vs. $26.5M in 2023), net income $9.9M; year-end cash nearly $60M, no debt, ~$100M liquidity .
Company TSR and profitability during her tenure (context)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of $100 Investment (TSR) ($) | 89 | 154 | 212 |
| Net Income ($000s) | 12,634 | 25,997 | 9,891 |
Past Roles
Not disclosed in available filings .
External Roles
Not disclosed in available filings .
Fixed Compensation
Alexandra M. Luster is not a Named Executive Officer (NEO) in the company’s proxy filings; therefore, her base salary, bonus, and award values are not disclosed. The company’s compensation program for NEOs (CEO, CFO, COO) is shown below as structural context .
| Element | Program Design | FY 2024 NEO Example |
|---|---|---|
| Base Salary | Benchmarked to market; adjusted periodically | CEO: $650,000; CFO: $400,000; COO: $375,000 |
| Annual Cash Incentive (MIC Plan) | 100% based on adjusted EBITDA; cap 200% of target; clawback applies | Payout at 105.9% of target for NEOs |
Performance Compensation
Company-wide frameworks that typically cover “members of management” under the shareholder-approved LTIP; specific awards to Luster are not disclosed. Metrics and vesting mechanics are below .
| Metric | Weighting | Target Basis | Actual | Payout/Outcome | Vesting |
|---|---|---|---|---|---|
| Adjusted EBITDA (MIC Plan – cash) | 100% of annual bonus for NEOs; management plan-wide structure | Committee-set adjusted EBITDA goal | Exceeded target | NEO payout 105.9% of target | Cash; paid after year-end |
| Adjusted EBITDA (Performance RS) | 50% of total restricted shares (with 50% time-based) | Annual fiscal targets for three-year cycles | FY2024 target attained | One-third of performance RS vested for 2022, 2023, 2024 cycles | Performance RS vest 1/3 annually upon target attainment |
| Time-based RS | 50% of total restricted shares | Service-based | N/A | N/A | Vests ratably over 3 years |
Equity Ownership & Alignment
- Beneficial ownership tables list directors and NEOs; Alexandra M. Luster does not appear in those tables, so her personal share ownership is not disclosed in proxies .
- Code of Conduct prohibits directors, executive officers, and senior management from pledging company stock or engaging in hedging; exceptions require Board approval .
- The Compensation Discussion and Analysis states annual review of executive stock holdings and the use of clawback policies for recovery of performance-based cash and equity compensation .
Employment Terms
- No employment agreement or severance/change-in-control terms are disclosed for Alexandra M. Luster.
- For context, NEO agreements (CEO, CFO, COO) run through December 31, 2025; provide automatic two-year extension upon change-in-control and immediate vesting of stock awards upon change-in-control, involuntary termination, death or disability; no 280G tax gross-ups; non-compete and non-solicit apply to NEOs (terms vary by role) .
Risk Indicators & Governance Signals
- Clawback policies apply to performance-based pay; annual incentive capped at 200% of target; no excise tax gross-ups; no special retirement programs .
- Related party transactions: none in 2024–2023; historical details tied to Series A Preferred (converted in 2022) and Juniper affiliates noted for a director, not Luster .
- Section 16(a) compliance: officers and directors complied with filing requirements for FY2024 .
- Say-on-pay support: ~93% approval in 2024, indicating investor alignment with compensation practices .
Company Performance (FY2024 context)
| Metric | FY 2024 |
|---|---|
| Revenue ($M) | 440.1 |
| Adjusted EBITDA ($M) | 42.3 |
| Net Income ($M) | 9.9 |
| Year-end Cash ($M) | ~60 |
| Debt | None |
| Liquidity ($M) | ~100 |
Compensation Peer Group (Benchmarking Context)
- Peers reviewed in 2024: Adtalem, Laureate, American Public Education, Perdoceo, Coursera, Strategic Education, Franklin Covey, Universal Technical Institute, Grand Canyon Education, Udemy .
Insider Trading, Vesting Schedules, and Potential Selling Pressure
- Equity award timing: Compensation Committee follows a predetermined schedule; no backdating or spring-loading; awards not timed around MNPI .
- Performance RS vesting: three-year cycles with annual targets; one-third vested for FY2024 across 2022–2024 cycles for NEOs; “catch-up” vesting removed for grants starting FY2024 .
- Pledging/Hedging: Prohibited for directors/executives/senior management, reducing forced-sale/credit collateral risks .
Investment Implications
- Alignment: Company policies (clawback, no gross-ups, hedging/pledging prohibitions) and strong say-on-pay support (~93%) suggest compensation governance aligned with shareholder interests, which typically lowers governance risk and enhances executive retention incentives .
- Performance linkage: Incentives tied to adjusted EBITDA with material FY2024 payout (NEO payout at 105.9% of target) and performance RS vesting upon target attainment indicate pay-for-performance orientation; as General Counsel, Luster likely participates in management equity programs, but specific grants are not disclosed .
- Retention risk: Absence of disclosed employment/severance terms for Luster limits visibility into her personal retention economics; however, company-wide policies and LTIP eligibility for officers support retention through equity alignment .
- Trading signals: No disclosed personal ownership or Form 4 activity for Luster in available filings; hedging/pledging prohibitions and controlled award schedules reduce near-term insider selling pressure signals derived from policy alone .