LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2023

Jun 14, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2023-06-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-06-12	Common Stock, no par value per share	S	108839	$6.50	Disposed	2318031	Indirect
2023-06-13	Common Stock, no par value per share	S	46849	$6.47	Disposed	2271182	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 $6.45 and $6.615. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission ("SEC") 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. Bartholdson and another individual serve as the managing members of Juniper Investment Company and the general partners of Juniper Targeted Opportunities and as a result, Mr. Bartholdson shares voting and dispositive power over such shares with Juniper Investment Company and the other individual. Mr. Bartholdson disclaims beneficial ownership of the holdings of Juniper Targeted Opportunities reflected herein except to the extent of his pecuniary interest therein.

F3: Represents the weighted average per share price with a range from $6.45 and $6.63. The Reporting Person undertakes to provide details of the trades to the Issuer or the SEC ("SEC") upon request.

F4: 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 another individual serve as the managing members of Juniper Investment Company and the general partners of Juniper Targeted Opportunity Fund and as a result, Mr. Bartholdson shares voting and dispositive power over such shares with Juniper Investment Company and the other individual. Mr. Bartholdson disclaims beneficial ownership of the holdings of Juniper Targeted Opportunity Fund reflected herein except to the extent of his pecuniary interest therein.