X0306 4 2020-02-20 0 0001286613 LINCOLN EDUCATIONAL SERVICES CORP LINC 0001330739 SHAW SCOTT M C/O LINCOLN EDUCATIONAL SERVICES CORP. 200 EXECUTTIVE DRIVE, SUITE 340 WEST ORANGE NJ 07052 1 1 0 0 CEO Common Stock 2020-02-20 4 A 0 200000 0 A 810418 D The reporting person was granted 200,000 shares of restricted common stock under the Lincoln Educational Services Corporation's Amended and Restated 2005 Long-Term Incentive Plan, which shall vest 20% on March 15, 2021, 30% on March 15, 2022 and 50% on March 15, 2023, subject to the achievement of annual performance criteria. If an annual target is not met, the shares may vest cumulatively based on the achievement of cumulative economic targets. /s/ Scott M Shaw 2020-02-24