LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2024

Mar 11, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2024-03-07

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-07	Common Stock, no par value per share	S	6558	$10.03	Disposed	990253	Indirect
2024-03-08	Common Stock, no par value per share	S	21186	$10.05	Disposed	969067	Indirect
2024-03-11	Common Stock, no par value per share	S	12844	$9.97	Disposed	956223	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 $10.000 and $10.090. 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: 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.

F4: Represents the weighted average per share price with a range from $10.000 and $10.120. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

F5: Represents the weighted average per share price with a range from $9.880 and $10.060. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.