John A. Bartholdson - May 5, 2022 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 5, 2022
Transactions value $: $60,000
Form type: 4
Date filed: 6/2/2022, 06:02 PM
Previous filing: May 10, 2021
Next filing: Jan 10, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LINC	Common Stock	Award	$60K	+9.01K	+30.52%	$6.66	38.5K	May 5, 2022	Direct	F1
holding	LINC	Common Stock						894K	May 5, 2022	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 5, 2022	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 $6.66, 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 as follows: 880,259 shares by Juniper Targeted Opportunity Fund, L.P. ("Juniper Fund") and 14,000 shares by Juniper Multi-Strategy Fund, L.P. ("Juniper Multi-Strategy"). Juniper Investment Company, LLC ("Juniper Investment") serves as investment manager for Juniper Fund and Juniper Multi-Strategy. Mr. Bartholdson is a managing member of Juniper Investment and of the general partner of Juniper Fund and Juniper Multi-Strategy and, therefore, may be deemed to beneficially own the shares held by Juniper Fund and Juniper Multi-Strategy. Mr. Bartholdson disclaims beneficial ownership of holdings of Juniper Fund and Juniper Multi-Strategy reflected herein except to the extent of his pecuniary interest therein.
F3	The Series A Convertible Preferred Stock ("Series A") is convertible into the Issuer's Common Stock on a 423.729-for-one basis 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 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 convert into 3,262,713 shares of Common Stock. Juniper Investment serves as the investment manager of Juniper Fund and Juniper Targeted Opportunities.
F5	(Footnote 4 continued). Mr. Bartholdson serves as a managing member of Juniper Investment and of the general partner of Juniper Fund and Juniper Targeted Opportunities and, therefore, may be deemed to beneficially own the shares held by Juniper Fund and Juniper Targeted Opportunities. 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.