LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2020

Sep 12, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2020-09-09

Reporting Person: Juniper Investment Company, LLC (10% Owner)
Reporting Person: Juniper Targeted Opportunity Fund, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-09-09	Common Stock, no par value per share	S	25082	$7.01	Disposed	652368	Indirect
2020-09-10	Common Stock, no par value per share	S	7929	$7.05	Disposed	644439	Indirect
2020-09-11	Common Stock, no par value per share	S	29591	$6.80	Disposed	614848	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Convertible Preferred Stock	$		Common Stock (1483051)	3500	Indirect

Footnotes

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

F2: The reported price is a weighted average price. The shares were sold on September 9, 2020 in multiple transactions at prices ranging from $7.35 to $6.90. The reporting person undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3: The reported price is a weighted average price. The shares were sold on September 10, 2020 in multiple transactions at prices ranging from $7.23 to $7.05. The reporting person undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F4: The reported price is a weighted average price. The shares were sold on September 11, 2020 in multiple transactions at prices ranging from $6.63 to $7.07. The reporting person undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F5: The Series A Convertible Preferred Stock ("Series A") is convertible into the Issuer's Common Stock on a 423.729-for-one basis (when issued and such conversion ratio is subject to increase in the event that dividends on such shares are not paid in cash). Series A is convertible 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. Juniper Investment Company, LLC is the investment manager of Juniper Targeted Opportunity Fund, L.P. and may be deemed to beneficially own the securities held by it. Each Reporting Person disclaims beneficial ownership of all interests reported herein except to the extent of such Reporting Person's pecuniary interests.