Lincoln Educational (LINC) SVP awarded 4,821 restricted shares with performance vesting

Rhea-AI Filing Summary

Lincoln Educational Services Corp reported that SVP and General Counsel Alexandra M. Luster acquired 4,821 shares of restricted common stock as an equity award. This increased her directly held common stock to 106,264 shares.

Half of the grant is time-based restricted stock that vests in substantially equal annual tranches over three years beginning on March 1, 2027. The other half is performance-based restricted stock that will vest, if at all, in annual tranches over three years based on achievement of company metrics and may result in up to 200% of the performance-based portion being issued if targets are exceeded.

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

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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^*

LUSTER ALEXANDRA M

(Last) (First) (Middle)

C/O LINCOLN EDUCATIONAL SERVICES CORP

14 SYLVAN WAY, STE A

(Street)

PARSIPPANY NJ 07054

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP and General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

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

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

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

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	02/19/2026		A		4,821(1)	A	$0	106,264	D

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. The reporting person was granted 4,821 shares of restricted common stock under the Lincoln Educational Services Corporation 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. The shares of restricted common stock subject to performance based vesting will vest, if at all, upon the Company's achievement of metrics set by the registrant and may result in additional shares being issued up to a maximum of 200% of the performance-based shares reported above if the target set is exceeded. As to the time-based shares, the shares will vest, if at all, in substantially equal annual tranches over three years beginning on March 1, 2027. Similarly, as to the performance-based shares, the shares will vest, if at all, in annual tranches over three years with the number of shares vesting being determined based on the percentage of the target achieved.

	/s/ Alexandra M Luster	02/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did LINC disclose in this Form 4 for Alexandra M. Luster?

Lincoln Educational Services disclosed that SVP and General Counsel Alexandra M. Luster received a grant of 4,821 restricted common shares. The award was issued under the company’s 2020 Long-Term Incentive Plan and is split between time-based and performance-based vesting conditions.

How many Lincoln Educational Services (LINC) shares does Alexandra M. Luster now hold?

After this equity award, Alexandra M. Luster beneficially owns 106,264 shares of Lincoln Educational Services common stock directly. This total includes the newly granted 4,821 restricted shares reported in the Form 4 insider transaction filing.

How is the 4,821-share restricted stock grant for LINC’s SVP structured?

The 4,821-share restricted stock grant is split evenly between time-based and performance-based portions. Time-based shares vest in substantially equal annual tranches over three years, while performance-based shares depend on achievement of company metrics over the same period.

When will Alexandra M. Luster’s time-based restricted LINC shares vest?

The time-based restricted shares will vest, if at all, in substantially equal annual tranches over three years beginning on March 1, 2027. This schedule spreads vesting over multiple years, aligning the award with longer-term employment and company performance.

How do the performance-based restricted shares for LINC’s SVP vest?

Performance-based restricted shares will vest, if at all, in annual tranches over three years. Vesting depends on Lincoln Educational Services achieving specific metrics set by the registrant, with the final number of vested shares tied to the percentage of the target achieved.

Can LINC’s performance-based restricted stock grant result in additional shares?

Yes. The performance-based portion can lead to additional shares being issued, up to a maximum of 200% of the reported performance-based shares, if the company exceeds the performance target. Actual issuance depends on how strongly Lincoln Educational Services meets or surpasses the defined metrics.

Under which plan was Alexandra M. Luster’s LINC equity award granted?

The 4,821 restricted shares for Alexandra M. Luster were granted under the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan. This plan governs equity-based compensation awards tied to time-based vesting and company performance conditions.