LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2022

Jun 3, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2022-05-05

Reporting Person: Bartholdson John A. (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-05-05	Common Stock	A	9009	$6.66	Acquired	38531	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	894259	Indirect

Holdings (Derivative)

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

Footnotes

F1: Grant of Restricted Stock valued at $60,000 on the date of grant, based on a price of $6.66, the closing price per share on the date of the grant. These restricted shares vest on the first anniversary of the grant date.

F2: These shares are held as follows: 880,259 shares by Juniper Targeted Opportunity Fund, L.P. ("Juniper Fund") and 14,000 shares by Juniper Multi-Strategy Fund, L.P. ("Juniper Multi-Strategy"). Juniper Investment Company, LLC ("Juniper Investment") serves as investment manager for Juniper Fund and Juniper Multi-Strategy. Mr. Bartholdson is a managing member of Juniper Investment and of the general partner of Juniper Fund and Juniper Multi-Strategy and, therefore, may be deemed to beneficially own the shares held by Juniper Fund and Juniper Multi-Strategy. Mr. Bartholdson disclaims beneficial ownership of holdings of Juniper Fund and Juniper Multi-Strategy reflected herein except to the extent of his pecuniary interest therein.

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. The number of shares of Common Stock issuable upon conversion of a Series A share is subject to increase in the event that dividends on Series A are not paid in cash. 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 shares of Series A which convert into 1,483,052 shares of Common Stock, and by Juniper Targeted Opportunities, L.P. ("Juniper Targeted Opportunities") with respect to 7,700 shares of Series A which convert into 3,262,713 shares of Common Stock. Juniper Investment serves as the investment manager of Juniper Fund and Juniper Targeted Opportunities.

F5: (Footnote 4 continued). Mr. Bartholdson serves as a managing member of Juniper Investment and of the general partner of Juniper Fund and Juniper Targeted Opportunities and, therefore, may be deemed to beneficially own the shares held by Juniper Fund and Juniper Targeted Opportunities. Mr. Bartholdson disclaims beneficial ownership of the holdings of Juniper Fund and Juniper Targeted Opportunities reflected herein except to the extent of his pecuniary interest therein.