James Rasmussen
LINCOLN EDUCATIONAL SERVICESAbout James Rasmussen
Senior Vice President of Admissions at Lincoln Educational Services (LINC). Joined Lincoln in 2014; promoted to VP of Admissions in 2016 and to SVP in 2019. Responsibilities include aligning sales strategy with operations to ensure robust enrollment; leads admissions leaders across 22 locations and manages 250+ admissions personnel . Company performance context: 2024 revenue rose 16.4% to $440.1M with adjusted EBITDA of $42.3M versus $26.5M in 2023; net income was $9.9M, and the value of a $100 TSR investment reached $212 by 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lincoln Educational Services (South Plainfield, NJ) | Campus President | 2014–2016 (promoted to VP in 2016) | Led campus operations (Admissions, Financial Aid, Career Services, Education, Business) ahead of corporate VP role . |
| Lincoln Educational Services (Mahwah, NJ) | Campus President | Pre-2016 (prior to VP promotion) | Operational leadership driving enrollment and student outcomes . |
| Lincoln Educational Services | Vice President of Admissions | 2016–2019 | Managed corporate admissions strategy, advanced conversion processes prior to SVP elevation . |
| Lincoln Educational Services | Senior Vice President of Admissions | 2019–present | Oversees 22 locations and 250+ admissions staff; aligns sales and operations to sustain growth . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Army | Flight Engineer (Active Duty) | 12 years | Service in Desert Storm and Desert Shield; leadership, discipline, and operational rigor . |
| Prior institutions (not named) | Admissions Representative; Director of Admissions | Not disclosed | Front-line enrollment operations and team leadership experience prior to Lincoln . |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary | Not disclosed for Rasmussen | Rasmussen is not a Named Executive Officer (NEO) in 2024 proxy; NEOs are CEO, CFO, COO . |
| Target Bonus % | Not disclosed for Rasmussen | Company MIC Plan targets for NEOs: CEO 100% of salary; CFO/COO 75% . |
| Actual Bonus Paid | Not disclosed for Rasmussen | NEO MIC payouts were 105.9% of target for 2024 . |
Performance Compensation
Company framework (applies to NEOs; individual details for Rasmussen not disclosed):
- Annual MIC Plan tied to adjusted EBITDA; 2024 payout 105.9% of target reflecting above-target performance .
- Long-term equity uses restricted stock: 50% time-based vesting ratably over 3 years; 50% performance-based vesting contingent on annual adjusted EBITDA targets over three-year cycles; 2024 targets attained, vesting one-third across relevant cycles .
- Governance: Clawback policies on performance-based cash and equity; annual ownership reviews; MIC capped at 200% of target .
| Metric | Weighting | Target | Actual | Payout | Vesting Terms |
|---|---|---|---|---|---|
| Adjusted EBITDA (MIC Plan – NEOs) | 100% (single metric) | Company-set 2024 adjusted EBITDA goal | Exceeded target | 105.9% of target paid | Cash bonus paid annually; cap 200% of target . |
| Performance RS (NEOs) | 50% of RS grant mix | Annual adjusted EBITDA targets (FY24–26 cycles) | FY2024 targets attained | One-third vests for each cycle achieved | Three-year cycles; vesting each March after measurement . |
| Time-based RS (NEOs) | 50% of RS grant mix | n/a | Service continued | Ratably over 3 years | Annual grants; 3-year straight-line vesting . |
Equity Ownership & Alignment
| Item | Status | Notes |
|---|---|---|
| Beneficial ownership (Rasmussen) | Not disclosed | Proxy ownership table lists directors and NEOs; Rasmussen not included . |
| Vested vs unvested, options | Not disclosed | Company does not currently grant options; RS awards used; NEO outstanding RS shown but not for Rasmussen . |
| Pledging/Hedging | Prohibited | Code of Conduct prohibits holding in margin accounts, hedging, or pledging; Board may grant exceptions in limited cases . |
| Ownership guidelines | Reviewed annually | Company reviews executive holdings annually to align with shareholder interests (guidelines referenced) . |
Employment Terms
| Provision | Status for Rasmussen | Company disclosures |
|---|---|---|
| Employment agreement | Not disclosed | Employment agreements filed for CEO, CFO, COO (not Rasmussen); terms include severance multiples, CoC auto-extend and full vesting; no tax gross-ups . |
| Severance multiple | Not disclosed | CEO 2x salary+target bonus; CFO 1.75x; COO 1.5x on involuntary termination . |
| Change-of-control | Not disclosed | Double-year auto-extension and full vesting for NEOs . |
| Non-compete / non-solicit | Not disclosed | CEO: 2-year non-compete (waived for involuntary termination) and 1-year non-solicit . |
| Clawback | Policy in place | Performance cash/equity clawback maintained . |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR – value of $100 investment | $89 | $154 | $212 |
| Net Income ($000s) | $12,634 | $25,997 | $9,891 |
| Revenue ($M) | — | — | $440.1 |
| Adjusted EBITDA ($M) | — | $26.5 | $42.3 |
Additional operational context relevant to Admissions execution:
- Lincoln highlights speed-to-lead and multi-channel outreach; reported 2-minute call center contact and ~13% lead-to-enrollment conversion (industry webinar featuring Lincoln’s SVP Admissions) .
- Q3 2025: No 10b5-1 or non-Rule 10b5-1 trading arrangements adopted by directors/officers, signaling limited pre-planned sales activity disclosure in that quarter .
Vesting Schedules and Insider Selling Pressure
- Company equity design uses RS (no options): time-based RS vest ratably over 3 years; performance RS vest one-third annually upon adjusted EBITDA target attainment; FY2024 targets achieved across three cycles .
- Trading arrangements: During Q3 2025, none of the company’s directors or officers adopted/modified Rule 10b5-1 or non-Rule 10b5-1 plans .
- Form 4 visibility: No Form 4 disclosures for Rasmussen were identified in filings or investor materials; proxy Section 16(a) compliance indicates directors/officers complied in 2024 but does not list Rasmussen as an officer in ownership tables .
Compensation Structure Analysis
- Mix shift emphasizes performance: Annual cash incentives and performance RS tied to adjusted EBITDA (company health metric) with clawbacks, capped payouts, and removal of “catch-up” vesting on newer awards to tighten pay-performance alignment .
- Market benchmarking and peer group: Compensation Committee uses Grant Thornton and a non-exclusive education/size-based peer set (Adtalem, Laureate, Perdoceo, Strategic Education, UTI, GCE, etc.) to target ~50th percentile pay positioning; 2024 CEO/CFO/COO base salaries were re-aligned after multi-year freezes .
- Say-on-pay support: 93% approval in 2024 indicates investor endorsement of pay design .
Related-Party Transactions and Governance Red Flags
- Related-party transactions: None in 2023–2024; historical preferred stock involvement by a director’s affiliated funds with pro rata dividends in 2022; the Series A preferred converted to common in late 2022 .
- Hedging/pledging: Prohibited under Code; exceptions only by Board approval .
- Regulatory headwinds (sector risk): Extensive DOE oversight (gainful employment, financial responsibility, BDR settlements), provisional Title IV certification for institutions, and 90/10 dynamics; company disclosed zero cohort default rates (draft FY2022) and composite score 2.5 for FY2024 .
Equity Ownership & Guidelines (Company Context)
| Item | Detail |
|---|---|
| Executive stock reviews | Annual review of executive holdings . |
| Hedging/pledging | Prohibited; margin accounts and derivatives restricted . |
Compensation Peer Group (Company Context)
Adtalem Global Education; Laureate Education; American Public Education; Perdoceo; Coursera; Strategic Education; Franklin Covey; Universal Technical Institute; Grand Canyon Education; Udemy .
Say-on-Pay & Shareholder Feedback
| Year | Approval |
|---|---|
| 2024 | ~93% of votes cast approved NEO compensation program . |
Expertise & Qualifications
- Admissions and enrollment leadership across multiple campuses and corporate roles; military aviation background underscores operational discipline and leadership .
- Public speaking on enrollment conversion, speed-to-lead, and multi-channel student engagement (industry webinar) .
Investment Implications
- Admissions execution is central to LINC’s growth algorithm; Rasmussen’s remit over 22 locations and >250 admissions staff is a direct lever on starts, revenue trajectory, and EBITDA scalability. The company’s focus on adjusted EBITDA in incentive design aligns pay with institutional health; while Rasmussen’s specific pay terms aren’t disclosed, governance mechanisms (clawbacks, capped bonuses, RS performance gating) reduce misalignment risk .
- Insider selling pressure appears limited based on Q3 2025 disclosures (no adoption of 10b5-1 arrangements); hedging/pledging prohibitions mitigate alignment concerns. Lack of public ownership detail for Rasmussen is a visibility gap—monitor Section 16 updates and future proxies for changes .
- Execution and retention risk are moderated by tenure (since 2014) and demonstrated admissions leadership; however, macro/DOE regulatory risks (gainful employment, BDR, financial responsibility triggers, 90/10 rule) can impact enrollment and funding cycles, making admissions efficiency and conversion analytics (e.g., speed-to-lead, multi-channel response, ~13% conversion as shared in industry content) strategically material to sustaining TSR, revenue, and EBITDA trajectories .