Sec Form 4 Filing - Juniper Investment Company, LLC @ LINCOLN EDUCATIONAL SERVICES CORP - 2022-11-30

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Juniper Investment Company, LLC 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 X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 555 MADISON AVENUE, 24TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 11/30/2022 (Street) NEW YORK, NY10022 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 11/30/2022 J( 1 ) 1,483,052 A $ 2.36( 2 ) 2,363,311 I Juniper Targeted Opportunity Fund, L.P.( 3 )( 4 ) Common Stock 11/30/2022 J( 1 ) 3,262,714 A $ 2.36( 2 ) 3,262,714 I Juniper Targeted Opportunities, L.P.( 3 )( 4 ) Common Stock 14,000 I Juniper Multi-Strategy Fund, L.P.( 3 )( 4 ) Common Stock 38,531 I John A. Bartholdson( 5 ) Common Stock 16,393 I Alexis P. Michas( 6 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 Series A Convertible Preferred Stock $ 2.36( 2 ) 11/30/2022 J( 1 ) 3,500 ( 7 ) ( 8 ) Common Stock 1,483,052 $ 1,000 0 I Juniper Targeted Opportunity Fund, L.P( 3 )( 4 ) Series A Convertible Preferred Stock $ 2.36( 2 ) 11/30/2022 J( 1 ) 7,700 ( 7 ) ( 8 ) Common Stock 3,262,714 $ 1,000 0 I Juniper Targeted Opportunities, L.P.( 3 )( 4 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Juniper Investment Company, LLC 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X Juniper Targeted Opportunities, LP 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X Juniper Targeted Opportunity Fund, L.P. 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X Bartholdson John A. 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X X MICHAS ALEXIS P 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X Signatures Juniper Investment Company, LLC, By: /s/ John A. Bartholdson, Managing Member of Juniper Investment Company, LLC 11/30/2022 Signature of Reporting Person Date Juniper Targeted Opportunities, L.P., By: Juniper TO Investors, LLC, its general partner, By: /s/ John A. Bartholdson, its Managing Member 11/30/2022 Signature of Reporting Person Date Juniper Targeted Opportunity Fund, L.P., By: Juniper HF II Investors, LLC, its general partner, By: /s/ John A. Bartholdson, its Managing Member 11/30/2022 Signature of Reporting Person Date /s/ John A. Bartholdson 11/30/2022 Signature of Reporting Person Date /s/ Alexis P. Michas 11/30/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Mandatory conversion by the Issuer of its Series A Convertible Preferred Stock into shares of its Common Stock exempt under SEC Rule 16b-6(b). ( 2 )Each share of Series A Convertible Preferred Stock was converted into 423.729 shares of Common Stock for an effective price of $2.36 per share of Common Stock. ( 3 )Juniper Investment Company, LLC ("Juniper Investment") is the investment manager of Juniper Targeted Opportunity Fund, L.P. ("Juniper Opportunity Fund") and Juniper Targeted Opportunities, L.P. ("Juniper Opportunities LP") and Juniper Multi-Strategy Fund, L.P. ("Juniper Multi-Strategy") and may be deemed to beneficially own the securities held by them. Alexis P. Michas and John A. Bartholdson ("Managing Members") are the managing members of Juniper Investment, Juniper HF Investors II, LLC (the general partner of the Juniper Opportunity Fund) and Juniper TO Investors, LLC (the general partner of Juniper Opportunities LP) and Juniper HF Investors, LLC (the general partner of Juniper Multi-Strategy), through which the Managing Members may be deemed to have an indirect beneficial ownership with respect to the shares held by Juniper Opportunity Fund, Juniper Opportunities LP and Juniper Multi-Strategy. ( 4 )(Footnote 3 continued). Each Reporting Person disclaims beneficial ownership of all interests reported herein except to the extent of such Reporting Person's pecuniary interests. ( 5 )Represents securities held of record by John A. Bartholdson. Mr. Bartholdson is a director of the Issuer. ( 6 )Represents securities held of record by Alexis P. Michas. ( 7 )11/14/2019 - The date on which the Series A Preferred Stock was issued. ( 8 )None.

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