SEC FORM 4 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
 
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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).
1. Name and Address of Reporting Person*
CARNEY DAVID F

(Last) (First) (Middle)
C/O LINCOLN EDUCATIONAL SERVICES CORP
200 EXECUTIVE DRIVE, SUITE 340

(Street)
WEST ORANGE NJ 07052

(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)
Executive Chairman
3. Date of Earliest Transaction (Month/Day/Year)
12/09/2010
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 12/09/2010 M 40,326 A $3.1 229,975 D
Common Stock 12/09/2010 M 60,000 A $14 289,975 D
Common Stock 12/09/2010 F 22,723 D $16.77 267,252 D
Common Stock 12/09/2010 F 54,693 D $16.77 212,559 D
Common Stock 12/09/2010 D 5,307 D $16.77 207,252 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
Employee Stock Option (right to buy) $3.1 12/09/2010 M 40,326 01/01/2006 01/01/2012 Common Stock 40,326 $0 60,000 D
Employee Stock Option (right to buy) $14 12/09/2010 M 12,000 04/15/2004 11/03/2013 Common Stock 12,000 $0 48,000 D
Employee Stock Option (right to buy) $14 12/09/2010 M 5,334 11/03/2004 11/03/2013 Common Stock 5,334 $0 42,666 D
Employee Stock Option (right to buy) $14 12/09/2010 M 5,334 04/15/2005 11/03/2013 Common Stock 5,334 $0 37,332 D
Employee Stock Option (right to buy) $14 12/09/2010 M 5,334 11/03/2005 11/03/2013 Common Stock 5,334 $0 31,998 D
Employee Stock Option (right to buy) $14 12/09/2010 M 10,666 11/03/2006 11/03/2013 Common Stock 10,666 $0 21,332 D
Employee Stock Option (right to buy) $14 12/09/2010 M 10,666 11/07/2007 11/03/2013 Common Stock 10,666 $0 10,666 D
Employee Stock Option (right to buy) $14 12/09/2010 M 10,666 11/03/2008 11/03/2013 Common Stock 10,666 $0 0 D
Explanation of Responses:
Remarks:
/s/ David F. Carney 12/13/2010
** 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.
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