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Attachment 1

 

 

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
incorporation)

 

001-34272
(Commission File Number)

 

59-3551629
(IRS Employer Identification
No.)

 

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
Base Salary ($)

 

2011 Annual
Base Salary ($)

 

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
Bonus Amount ($)

 

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

 

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