LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2019

Dec 13, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2019-12-11

Reporting Person: Juniper Investment Company, LLC (10% Owner)
Reporting Person: Juniper Targeted Opportunities, LP (10% Owner)
Reporting Person: MICHAS ALEXIS P (10% Owner)
Reporting Person: Bartholdson John A. (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-12-11	Common Stock	P	6150	$2.20	Acquired	602484	Indirect
2019-12-12	Common Stock	P	73600	$2.19	Acquired	676084	Indirect
2019-12-13	Common Stock	P	1366	$2.14	Acquired	677450	Indirect
2019-12-13	Common Stock	P	8052	$2.31	Acquired	8052	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	16393	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Convertible Preferred Stock	$		Common Stock (4745765)	11200	Indirect

Footnotes

F1: Represents securities held of record by Juniper Targeted Opportunity Fund, L.P. ("Juniper Fund").

F2: Represents securities held of record by Alexis P. Michas.

F3: The Series A Convertible Preferred Stock ("Series A") is convertible into the Issuer's Common Stock on a 423.729-for-one basis at any time at the holder's election and has no expiration date. Beginning on November 14, 2022, the holder may be required by the Issuer to convert the Series A into Common Stock upon satisfaction of certain requirements.

F4: Represents shares held of record by Juniper Fund, with respect to 3,500 Series A that convert into 1,483,052 shares of Common Stock, and by Juniper Targeted Opportunities, L.P. ("Juniper Targeted Opportunities"), with respect to 7,700 Series A that convert into 3,262,713 shares of Common Stock.

F5: Juniper Investment Company, LLC ("Juniper Investment") is the investment manager of Juniper Fund and Juniper Targeted Opportunities and may be deemed to beneficially own the securities held by Juniper Fund and Juniper Targeted Opportunities. Alex P. Michas and John A. Bartholdson (Managing Members") are the managing members of Juniper Investment, Juniper HF Investors II, LLC (the general partner of the Juniper Fund) and Juniper TO Investors, LLC (the general partner of Juniper Targeted Opportunities), through which the Managing Members may be deemed to have an indirect beneficial ownership with respect to the shares held by Juniper Fund and Juniper Targeted Opportunities.

F6: Each Reporting Person disclaims beneficial ownership of all interests reported herein except to the extent of such Reporting Person's pecuniary interests.

F7: Represents securities held of record by John A. Bartholdson.