LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2023

Jun 16, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2023-06-14

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-06-14	Common Stock, no par value per share	S	194312	$6.41	Disposed	2076870	Indirect
2023-06-14	Common Stock, no par value per share	J	470647	—	Disposed	1606223	Indirect
2023-06-14	Common Stock, no par value per share	J	289916	—	Acquired	306309	Indirect
2023-06-14	Common Stock, no par value per share	J	144963	—	Acquired	193965	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, no par value per share	2363311	Indirect

Footnotes

F1: Represents the weighted average per share price with a range from $6.25 and $6.53. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

F2: As the investment manager of Juniper Targeted Opportunities, L.P. ("Juniper Targeted Opportunities"), Juniper Investment Company, LLC ("Juniper Investment Company") may be deemed to beneficially own the securities held by the Juniper Targeted Opportunities. Juniper Investment Company disclaims beneficial ownership of all the interests reported herein except to the extent of its pecuniary interest therein. Mr. John A. Bartholdson and Mr. Alexis P. Michas serve as the managing members of Juniper Investment Company and the general partners of Juniper Targeted Opportunities and as a result, Mr. Bartholdson and Mr. Michas share voting and dispositive power over such shares with Juniper Investment Company. Each of Mr. Bartholdson and Mr. Michas disclaims beneficial ownership of the holdings of Juniper Targeted Opportunities reflected herein except to the extent of his pecuniary interest therein.

F3: On June 14, 2023, Juniper Targeted Opportunities distributed, for no consideration, 470,647 shares of Common Stock to its general partner, Juniper Targeted Opportunity Investors, LLC ("General Partner"), in an amount equal to the General Partner's pro rata interest in the shares held by Juniper Targeted Opportunities. On the same date, the General Partner, distributed, for no consideration, the shares of Common Stock it received from the Juniper Targeted Opportunities distribution to its members in an amount equal to each such member's pro rata interest in such shares. Mr. Michas received 289,926 shares of Common Stock in such distribution. Mr. Bartholdson received 144,963 shares of Common Stock in such distribution.

F4: Shares distributed for no consideration to Mr. Michas. See footnote 3 above.

F5: Shares distributed for no consideration to Mr. Bartholdson. See footnote 3 above.

F6: As the investment manager of Juniper Targeted Opportunity Fund, L.P. ("Juniper Targeted Opportunity Fund"), Juniper Investment Company may be deemed to beneficially own the securities held by the Juniper Targeted Opportunity Fund. Juniper Investment Company disclaims beneficial ownership of all the interests reported herein except to the extent of its pecuniary interest therein. Mr. Bartholdson and Mr. Michas serve as the managing members of Juniper Investment Company and the general partners of Juniper Targeted Opportunity Fund and as a result, each of Mr. Bartholdson and Mr. Michas shares voting and dispositive power over such shares with Juniper Investment Company. Each of Mr. Bartholdson and Mr. Michas disclaims beneficial ownership of the holdings of Juniper Targeted Opportunity Fund reflected herein except to the extent of his pecuniary interest therein.