LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2010

May 25, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2010-05-21

Reporting Person: SHAW SCOTT M (Chief Administrative Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-21	Common Stock	M	71453	$3.1	Acquired	278430	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-21	Employee Stock Option (right to buy)	$3.1	M	6937	Disposed	2012-01-01	Common Stock (6937)	Direct
2010-05-21	Employee Stock Option (right to buy)	$3.1	M	16129	Disposed	2012-01-01	Common Stock (16129)	Direct
2010-05-21	Employee Stock Option (right to buy)	$3.1	M	16129	Disposed	2012-01-01	Common Stock (16129)	Direct
2010-05-21	Employee Stock Option (right to buy)	$3.1	M	32258	Disposed	2012-01-01	Common Stock (32258)	Direct