Lincoln Educational director granted 3,515 restricted shares

Bartholdson John A. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Bartholdson John A. reported acquisition or exercise transactions in this Form 4 filing.

Lincoln Educational Services director John A. Bartholdson received an award of 3,515 shares of restricted common stock valued at $155,000, based on a price of $44.10 per share. The restricted shares vest on the first anniversary of the grant date.

Following the award, Bartholdson holds 212,458 common shares directly. Separately, 1,938,311 shares are held by Juniper Targeted Opportunity Fund, L.P., where he shares voting and dispositive power and disclaims beneficial ownership except for his pecuniary interest.

Insider Trade Summary

Grant/Award: 3,515 shares

Grant/Award 2 txns

Insider Bartholdson John A.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,515	$44.10	$155K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 212,458 shares (Direct); Common Stock — 1,938,311 shares (Indirect, See Footnote)

Footnotes (2)

1. F1. Award of 3,515 shares of Restricted Stock valued at $155,000 on the date of award based on a price of $44.10 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.
2. F2. Represents 1,938,311 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.

Key Figures

Restricted shares granted: 3,515 shares Grant value: $155,000 Grant price per share: $44.10 per share +2 more

5 metrics

Restricted shares granted 3,515 shares Award of restricted stock to director

Grant value $155,000 Value of restricted stock award on grant date

Grant price per share $44.10 per share Closing price on grant date used for valuation

Direct shares after grant 212,458 shares Common stock directly owned following award

Indirect Juniper Fund shares 1,938,311 shares Shares held by Juniper Targeted Opportunity Fund, L.P.

Key Terms

Restricted Stock, vesting, voting and dispositive power, disclaims beneficial ownership, +1 more

5 terms

Restricted Stock financial

"Award of 3,515 shares of Restricted Stock valued at $155,000"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

vesting financial

"These restricted shares vest on the first anniversary of the grant date"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

voting and dispositive power financial

"Mr. Bartholdson shares voting and dispositive power over such shares"

disclaims beneficial ownership financial

"Mr. Bartholdson disclaims beneficial ownership of the holdings"

pecuniary interest financial

"except to the extent of his pecuniary interest therein"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did John A. Bartholdson report in his Form 4 for LINCOLN EDUCATIONAL SERVICES (LINC)?

He reported receiving an award of 3,515 shares of restricted common stock. The grant was valued at $155,000, using a price of $44.10 per share, and the restricted shares will vest on the first anniversary of the grant date.

How many LINCOLN EDUCATIONAL SERVICES (LINC) shares did Bartholdson receive and at what value?

Bartholdson received 3,515 restricted shares valued at $155,000. The valuation used a closing price of $44.10 per share on the grant date, as disclosed, and these shares are subject to vesting after one year.

When do John A. Bartholdson’s restricted LINCOLN EDUCATIONAL SERVICES (LINC) shares vest?

The 3,515 restricted shares granted to Bartholdson vest on the first anniversary of the grant date. Until vesting, the shares are restricted stock, meaning full rights are subject to this time-based vesting condition described in the filing footnote.

How many LINCOLN EDUCATIONAL SERVICES (LINC) shares does Bartholdson hold directly after the grant?

After the grant, Bartholdson directly owns 212,458 common shares. This figure reflects his direct holdings only and is separate from additional shares held indirectly through an investment fund referenced in the filing footnotes.

What is Bartholdson’s indirect ownership in LINCOLN EDUCATIONAL SERVICES (LINC) through Juniper Fund?

The filing notes 1,938,311 shares held by Juniper Targeted Opportunity Fund, L.P. Bartholdson shares voting and dispositive power over these shares and disclaims beneficial ownership except to the extent of his pecuniary interest in the fund.

Does the Form 4 for LINCOLN EDUCATIONAL SERVICES (LINC) report any stock sales by Bartholdson?

The Form 4 shows an acquisition of 3,515 restricted shares as a grant, not an open-market purchase or sale. It also includes an indirect holding entry for Juniper Fund, but does not report any open-market sales or purchases in this filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/08/2026 - 08:20 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bartholdson John A.

(Last) (First) (Middle)

C/O LINCOLN EDUCATIONAL SERVICES CORPORA

14 SYLVAN WAY, STE A

(Street)

PARSIPPANY NEW JERSEY 07054

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
LINCOLN EDUCATIONAL SERVICES CORP [ LINC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/07/2026		A		3,515	A	$44.1(1)	212,458	D
Common Stock								1,938,311	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Award of 3,515 shares of Restricted Stock valued at $155,000 on the date of award based on a price of $44.10 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.

2. Represents 1,938,311 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.

	/s/ John A. Bartholdson	05/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)