John A. Bartholdson - May 6, 2021 Form 4 Insider Report for LINCOLN EDUCATIONAL SERVICES CORP (LINC)

Role: Director, 10%+ Owner
Signature: /s/ John A. Bartholdson
Stock symbol: LINC
Transactions as of: May 6, 2021
Transactions value $: $59,998
Form type: 4
Date filed: 5/10/2021, 04:36 PM
Next filing: Jun 2, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LINC	Common Stock	Award	$60K	+8.71K	+41.84%	$6.89	29.5K	May 6, 2021	Direct	F1
holding	LINC	Common Stock						563K	May 6, 2021	See Footnote	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	LINC	Series A Convertible Preferred Stock						11.2K	May 6, 2021	Common Stock	4.75M		See Footnotes	F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Grant of Restricted Stock valued at $60,000 on the date of grant, based on a price of $6.89, the closing price per share on the date of the grant. These restricted shares vest on the first anniversary of the grant date.
F2	These shares are held by Juniper Targeted Opportunity Fund, L.P. ("Juniper Fund") for which Juniper Investment Company, LLC ("Juniper Investment") serves as its investment manager. Mr. Bartholdson is a managing member of Juniper Investment and Juniper HF Investors II, LLC, the general partner of Juniper Fund and, therefore, may be deemed to beneficially own the shares held by Juniper Fund. Mr. Bartholdson disclaims beneficial ownership of Juniper Fund's holdings reflected herein except to the extent of his pecuniary interest therein.
F3	The Series A Convertible Preferred Stock ("Series A"), when issued on November 14, 2019, was convertible into the Issuer's Common Stock on a 423.729-for-one basis ("Initial Conversion Rate") at any time at the holder's election and has no expiration date. The number of shares of Common Stock issuable upon conversion of a Series A share is subject to increase in the event that dividends on Series A are not paid in cash. Beginning on November 14, 2022, the holder may be required by the Issuer to convert the Series A into Common Stock upon satisfaction of certain requirements.
F4	Represents shares held of record by Juniper Fund, with respect to 3,500 shares of Series A which based on the Initial Conversion Rate convert into 1,483,052 shares of Common Stock, and by Juniper Targeted Opportunities, L.P. ("Juniper Targeted Opportunities") with respect to 7,700 shares of Series A which based on the Initial Conversion Rate convert into 3,262,713 shares of Common Stock. Juniper Investment serves as the investment manager and Juniper TO Investors, LLC ("Juniper TO") is the general partner of Juniper Targeted Opportunities.
F5	(Footnote 4 continued). Mr. Bartholdson is a managing member of Juniper Investment and Juniper TO and, therefore, may be deemed to beneficially own the shares held by Juniper Fund. In addition, as noted in footnote 2, Mr. Bartholdson may be deemed to beneficially own the shares held by Juniper Fund. Mr. Bartholdson disclaims beneficial ownership of the holdings of Juniper Fund and Juniper Targeted Opportunities reflected herein except to the extent of his pecuniary interest therein.