LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2024

May 17, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2024-05-15

Reporting Person: Juniper Investment Company, LLC (10% Owner)
Reporting Person: Juniper Targeted Opportunities, LP (10% Owner)
Reporting Person: MICHAS ALEXIS P (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-05-15	Common Stock, no par value per share	S	5033	$12.10	Disposed	291276	Indirect
2024-05-15	Common Stock, no par value per share	S	2367	$12.00	Disposed	288909	Indirect
2024-05-15	Common Stock, no par value per share	S	3927	$12.01	Disposed	284982	Indirect
2024-05-16	Common Stock, no par value per share	S	3556	$12.00	Disposed	281426	Indirect
2024-05-16	Common Stock, no par value per share	S	2285	$12.01	Disposed	279141	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, no par value per share	3319534	Indirect

Footnotes

F1: Comprised of (i) 956,223 shares held by Juniper Targeted Opportunities L.P. ("Juniper Targeted Opportunities") and (ii) 2,363,311 shares held by Juniper Targeted Opportunity Fund, L.P. ("Juniper Fund"). Juniper Investment Company, LLC ("Juniper Investment Company") serves as the investment advisor to Juniper Targeted Opportunities and Juniper Fund. Mr. Michas and another individual serve as the managing members of Juniper Investment Company and the general partners of Juniper Targeted Opportunities and Juniper Fund and as a result, Mr. Michas shares voting and dispositive power over such shares with Juniper Investment Company and the other individual. Mr. Michas disclaims beneficial ownership of the holdings of Juniper Targeted Opportunities and Juniper Fund reflected herein except to the extent of his pecuniary interest therein.