LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2021

Dec 6, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2021-12-02

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
2021-12-02	Common Stock, no par value per share	P	97880	$7.2190	Acquired	855576	Indirect
2021-12-03	Common Stock, no par value per share	P	24683	$7.1881	Acquired	880259	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, no par value per share	14000	Indirect

Holdings (Derivative)

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

Footnotes

F1: The reported price is a weighted average price. The shares were purchased on December 2, 2021 in multiple transactions on the open market at prices ranging from $7.18 to $7.22 by Juniper Targeted Opportunity Fund, L.P. ("Juniper Fund"). Juniper Investment Company, LLC ("Juniper") serves as the investment manager of Juniper Fund. The Reporting Persons undertake to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F2: As the investment manager of Juniper Fund, Juniper may be deemed to beneficially own the securities held by the Juniper Fund. Juniper disclaims beneficial ownership of all the interests reported herein except to the extent of its pecuniary interest therein.

F3: The reported price is a weighted average price. The shares were purchased on December 3, 2021 in multiple transactions on the open market at prices ranging from $7.10 to $7.19 by Juniper Fund. The Reporting Persons undertake to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F4: As the investment manager of Juniper Multi-Strategy Fund, L.P. ("Juniper Multi-Strategy Fund") Juniper may be deemed to beneficially own the securities held by Juniper Multi-Strategy Fund. Juniper disclaims beneficial ownership of all the interests reported herein except to the extent of its pecuniary interest therein.

F5: Represents an aggregate of 11,200 shares of the Issuer's Series A Convertible Preferred Stock ("Series A Preferred") of which Juniper Fund and Juniper Targeted Opportunities, L.P. ("Juniper Targeted Opportunities") hold 3,500 shares and 7,700 shares, respectively. The Series A Preferred 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 Series A shares are not paid in cash). Series A is convertible at any time at the holder's election and has no expiration date.

F6: (Footnote 5 continued). 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 serves as the investment manager of Juniper Fund and Juniper Targeted Opportunities and may be deemed to beneficially own the securities held by them. Juniper disclaims beneficial ownership of all interests reported herein except to the extent of its pecuniary interest therein.