Michele A Peppers Form 4 CAREER EDUCATION / Michele A Peppers ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Peppers Michele A

(Last) (First) (Middle)

CAREER EDUCATION CORPORATION

231 N. MARTINGALE ROAD

(Street)

SCHAUMBURG IL 60173

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CAREER EDUCATION CORP [ CECO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Principal Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/14/2016

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/14/2016		F		382(1)	D	$4.6	24,593.6	D
Common Stock	03/14/2016		M		2,515	A	(2)	27,108.6	D
Common Stock	03/14/2016		D		2,515	D	$4.6	24,593.6	D
Common Stock	03/14/2016		M		1,603	A	(2)	26,196.6	D
Common Stock	03/14/2016		D		1,603	D	$4.6	24,593.6	D
Common Stock	03/14/2016		M		1,264	A	(2)	25,857.6	D
Common Stock	03/14/2016		D		1,264	D	$4.6	24,593.6	D
Common Stock	03/14/2016		A		28,000(3)	A	$0.00	52,593.6(4)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash-Settled RSU	(2)	03/14/2016		M			2,515	(5)	03/14/2017	Common Stock	2,515	(2)	2,515	D
Cash-Settled RSU	(2)	03/14/2016		M			1,603	(6)	03/14/2018	Common Stock	1,603	(2)	3,206	D
Cash-Settled RSU	(2)	03/14/2016		M			1,264	(7)	03/14/2019	Common Stock	1,264	(2)	3,792	D

Explanation of Responses:

1. Reflects shares of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of restricted stock or stock units.

2. Each cash-settled RSU is the economic equivalent of one share of Issuer's common stock.

3. Performance-based restricted stock units granted pursuant to the Career Education Corporation 2008 Incentive Compensation Plan, with each unit representing the contingent right to receive one share of Issuer's common stock. The units vest 20% on March 14, 2017, 50% on March 14, 2018 and 30% on March 14, 2019, subject to the achievement of certain performance criteria.

4. Includes 47,872 restricted stock units granted pursuant to the Career Education Corporation 2008 Incentive Compensation Plan, with each unit representing the contingent right to receive one share of Issuer's common stock.

5. The remaining cash-settled RSUs vest in one additional installment on March 14, 2017.

6. The remaining cash-settled RSUs vest in two additional installments on March 14, 2017 and 2018.

7. The remaining cash-settled RSUs vest in three additional installments on March 14, 2017, 2018 and 2019.

Remarks:

	Michele A. Peppers by POA: Gail B. Rago	03/16/2016
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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