LINC · Lincoln Educational Services Corp

The reported price is a weighted average price. The shares were sold on June 15, 2026 in multiple transactions on the open market at prices ranging from $44.31 to $44.80. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs.

Represents the weighted average per share price with a range from $46.2200 and $48.0300. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

Represents 1,732,966 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. John A. Bartholdson, the Chairman of the Board of the Issuer, and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest therein.

Represents the weighted average per share price with a range from $47.6500 and $48.1800. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

Represents 1,732,966 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. John A. Bartholdson, the Chairman of the Board of the Issuer, and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest therein.

The Reporting Person's sale of shares was completed in connection with his financial planning needs.

The Reporting Person transferred 3,216 shares of common stock previously reported as directly owned by the Reporting Person, to the Kevin M. Carney Living Trust, for which the Reporting Person and his spouse serve as co-trustees, and as to which the Reporting Person is the beneficiary. This transfer effected only a change in the form of beneficial ownership from Direct to Indirect, and did not result in any change in the Reporting Person's pecuniary interest in such shares.

The Reporting Person transferred 3,216 shares of common stock previously reported as directly owned by the Reporting Person, to the Kevin M. Carney Living Trust, for which the Reporting Person and his spouse serve as co-trustees, and as to which the Reporting Person is the beneficiary. This transfer effected only a change in the form of beneficial ownership from Direct to Indirect, and did not result in any change in the Reporting Person's pecuniary interest in such shares.

The reported price is a weighted average price. The shares were sold on June 5, 2026 in multiple transactions on the open market at prices ranging from $50.00 to $50.68. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs.

Represents the weighted average per share price with a range from $50.6000 and $51.2900. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

Represents 1,781,778 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. John A. Bartholdson, the Chairman of the Board of the Issuer, and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest therein.

The Reporting Person's sale of shares was completed in connection with his financial planning needs.

Represents the weighted average per share price with a range from $50.0400 and $50.3093. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

Represents 1,781,778 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. John A. Bartholdson, the Chairman of the Board of the Issuer, and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest therein.

The reported price is a weighted average price. The shares were sold on May 22, 2026 in multiple transactions on the open market at prices ranging from $48.31 to $48.42. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

The reported price is a weighted average price. The shares were sold on May 18, 2026 in multiple transactions on the open market at prices ranging from $49.45 to $49.95. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

Represents 1,888,490 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. John A. Bartholdson, the Chairman of the Board of the Issuer, and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest therein.

The reported price is a weighted average price. The shares were sold on May 14, 2026 in multiple transactions on the open market at prices ranging from $51.72 to $51.79. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

Represents the weighted average per share price with a range from $51.00 and $51.64. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

Represents 1,888,490 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. John A. Bartholdson, the Chairman of the Board of the Issuer, and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest therein.

The reported price is a weighted average price. The shares were sold on May 12, 2026 in multiple transactions on the open market at prices ranging from $49.30 to $50.68. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

Grant of Restricted Stock valued at $110,000 on the date of grant. These restricted shares vest on the first anniversary of the grant date.

Grant of Restricted Stock valued at $110,000 on the date of grant. These restricted shares vest on the first anniversary of the grant date.

Grant of Restricted Stock valued at $110,000 on the date of grant. These restricted shares vest on the first anniversary of the grant date.

Grant of Restricted Stock valued at $110,000 on the date of grant. These restricted shares vest on the first anniversary of the grant date.

Grant of Restricted Stock valued at $110,000 on the date of grant. These restricted shares vest on the first anniversary of the grant date.

Grant of Restricted Stock valued at $110,000 on the date of grant. These restricted shares vest on the first anniversary of the grant date.

Grant of Restricted Stock valued at $110,000 on the date of grant. These restricted shares vest on the first anniversary of the grant date.

Grant of Restricted Stock valued at $110,000 on the date of grant. These restricted shares vest on the first anniversary of the grant date.

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.

The reported price is a weighted average price. The shares were sold on March 10, 2026 in multiple transactions on the open market at prices ranging from $36.45 to $36.54. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

The reported price is a weighted average price. The shares were sold on March 6, 2026 in multiple transactions on the open market at prices ranging from $35.79 to $35.87. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with her financial planning needs

The reported price is a weighted average price. The shares were sold on March 2, 2026 in multiple transactions on the open market at prices ranging from $35.30 to $36.22. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

The Reporting Person was issued 4,329 additional shares of common stock pursuant to the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan. The issuance of these additional shares relates to the vesting of the first tranche of a previously reported performance-based restricted stock award granted on February 19, 2025, and were issued based on performance metrics achieved above target.

Consists of shares withheld by the Issuer with respect to income taxes payable by the Reporting Person upon the vesting and delivery of the performance-based shares and of the time-based shares of restricted stock previously granted by the Issuer on each of February 23, 2023, February 22, 2024, February 19, 2025 and March 1,2026.

The Reporting Person was issued 4,329 additional shares of common stock pursuant to the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan. The issuance of these additional shares relates to the vesting of the first tranche of a previously reported performance-based restricted stock award granted on February 19, 2025, and were issued based on performance metrics achieved above target.

Consists of shares withheld by the Issuer with respect to income taxes payable by the Reporting Person upon the vesting and delivery of the performance-based shares and of the time-based shares of restricted stock previously granted by the Issuer on each of February 23, 2023, February 22, 2024, February 19, 2025 and March 1,2026.

The Reporting Person was issued 833 additional shares of common stock pursuant to the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan. The issuance of these additional shares relates to the vesting of the first tranche of a previously reported performance-based restricted stock award granted on February 19, 2025, and were issued based on performance metrics achieved above target.

The Reporting Person was issued 833 additional shares of common stock pursuant to the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan. The issuance of these additional shares relates to the vesting of the first tranche of a previously reported performance-based restricted stock award granted on February 19, 2025, and were issued based on performance metrics achieved above target.

The Reporting Person was issued 9,991 additional shares of common stock pursuant to the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan. The issuance of these additional shares relates to the vesting of the first tranche of a previously reported performance-based restricted stock award granted on February 19, 2025, and were issued based on performance metrics achieved above target.

Consists of shares withheld by the Issuer with respect to income taxes payable by the Reporting Person upon the vesting and delivery of the performance-based shares and of the time-based shares of restricted stock previously granted by the Issuer on each of February 23, 2023, February 22, 2024, February 19, 2025 and March 1,2026.

Consists of shares withheld by the Issuer with respect to income taxes payable by the Reporting Person upon the vesting and delivery of the performance-based shares and of the time-based shares of restricted stock previously granted by the Issuer on each of February 23, 2023, February 22, 2024, February 19, 2025 and March 1,2026.

Consists of shares withheld by the Issuer with respect to income taxes payable by the Reporting Person upon the vesting and delivery of the performance-based shares and of the time-based shares of restricted stock previously granted by the Issuer on each of February 23, 2023, February 22, 2024, February 19, 2025 and March 1,2026.

The reported price is a weighted average price. The shares were sold on February 26, 2026 in multiple transactions on the open market at prices ranging from $34.85 to $34.93. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

Represents the weighted average per share price with a range from $34.2900 and $35.2100. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

Represents 2,088,311 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. Mr. Bartholdson and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest herein.

Represents the weighted average per share price with a range from $35.55 and $35.87. The reporting person undertakes to provide details of the trades to the Issuer or the Securities and Exchange Commission upon request.

Represents 1,938,311 shares held by Juniper Targeted Opportunity Fund, L.P. (the "Juniper Fund"), of which Juniper Investment Company, LLC ("Juniper Investment") serves as the investment advisor. John A. Bartholdson, the Chairman of the Board of the Reporting Person, and another individual serve as the managing members of Juniper Investment. As a result, Mr. Bartholdson shares voting and dispositive power over such shares with the Juniper Fund, Juniper Investment and the other individual. Mr. Bartholdson disclaims beneficial ownership of such shares reflected herein except to the extent of his pecuniary interest therein.

The reported price is a weighted average price. The shares were sold on February 25, 2026 in multiple transactions on the open market at prices ranging from $34.65 to $34.81. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

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.

The reporting person was granted 32,145 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.

The reporting person was granted 32,145 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.

The reporting person was granted 70,716 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.

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.

The reported price is a weighted average price. The shares were sold on December 5, 2025 in multiple transactions on the open market at prices ranging from $21.83 to $22.69. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

The reported price is a weighted average price. The shares were sold on December 4, 2025 in multiple transactions on the open market at prices ranging from $22.57 to $22.71. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs

The reported price is a weighted average price. The shares were sold on June 6, 2025 in multiple transactions on the open market at prices ranging from $22.91 to $22.95. The reporting person hereby undertakes to provide to the Issuer or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The Reporting Person's sale of shares was completed in connection with his financial planning needs.