Chad D. Nyce - Feb 25, 2021 Form 4 Insider Report for LINCOLN EDUCATIONAL SERVICES CORP (LINC)

Role: EVP & Chief Innovation Officer
Signature: /s/ Chad D. Nyce
Stock symbol: LINC
Transactions as of: Feb 25, 2021
Transactions value $: -$71,572
Form type: 4
Date filed: 3/10/2022, 05:28 AM
Next filing: Mar 16, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LINC	Common Stock	Award	$0	+42.9K	+35.74%	$0.00	163K	Feb 25, 2021	Direct	F1, F2
transaction	LINC	Common Stock	Tax liability	-$71.6K	-11K	-6.76%	$6.50	152K	Mar 15, 2021	Direct	F3
transaction	LINC	Common Stock	Award	$0	+48K	+31.61%	$0.00	200K	Feb 23, 2022	Direct	F4, F5

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

Explanation of Responses:

Id	Content
F1	The Reporting Person was granted 42,882 shares of restricted common stock under the Lincoln Educational Services Corporation's 2020 Long-Term Incentive Plan, which vest one-third on March 15, 2022, one-third on March 15, 2023 and one-third on March 15, 2024, subject to the achievement of annual performance criteria of the preceding year. If an annual target is not met, the shares may vest cumulatively based on the achievement of cumulative economic targets.
F2	The award was based on a price per share of $5.83.
F3	Consists of shares withheld by the Issuer with respect to income taxes payable by the Reporting Person upon the vesting and delivery of 20% of the shares of restricted stock previously granted by the Issuer on February 20, 2020.
F4	The Reporting Person was granted 48,011 shares of restricted common stock under the Lincoln Educational Services Corporation's 2020 Long-Term Incentive Plan. Fifty percent of the grant is subject to time-based vesting while the remaining fifty percent of the grant is subject to performance-based vesting requiring the Reporting Person's achievement of metrics set by the registrant annually. In both cases, the shares will vest, if at all, in substantially equal annual tranches over three years beginning on March 15, 2023. With respect to the performance -based vesting, if an annual performance metrics are not met in a particular year, the shares may vest cumulatively based on the achievement of cumulative performance targets.
F5	The award was based on a price per share of $7.29.