LINCOLN EDUCATIONAL SERVICES CORP — Director's Dealing 2025

May 9, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN EDUCATIONAL SERVICES CORP (LINC)
CIK: 0001286613
Period of Report: 2025-05-07

Reporting Person: Bartholdson John A. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-07	Common Stock	A	5628	$18.66	Acquired	208943	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2363311	Indirect

Footnotes

F1: Award of 5,628 shares of Restricted Stock valued at $105,000 on the date of award based on a price of $18.66 per share, the closing price per share on the date of the award. These restricted shares vest on the first anniversary of the grant date.

F2: Represents 2,363,311 shares held by Juniper Targeted Opportunity Fund, L.P. ("Juniper Fund"). Mr. Bartholdson and another individual serve as the managing members of Juniper Investment Company, the investment advisor to the Juniper Fund and the general partner of the Juniper 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 Opportunities and Juniper Fund reflected herein except to the extent of his pecuniary interest therein.