LINCOLN EDUCATIONAL SERVICES CORP — fact timeline

LINCOLN EDUCATIONAL SERVICES CORP entered into Purchase and Sale Agreement with Melrose Omni, LLC valued at $18,800,000.00 (effective 2026-05-12).

“On May 12, 2026, Lincoln Technical Institute, Inc. (“Lincoln Technical Institute”), a wholly-owned subsidiary of Lincoln Educational Services Corporation, entered into a purchase and sale agreement (the “Purchase and Sale Agreement”) with Melrose Omni, LLC, an Illinois limited liability company (the “Seller”), pursuant to which the Seller has agreed to sell to Lincoln Technical Institute the real property owned by the Seller located at 8315-8317 W. North Avenue, Melrose Park, IL 60160, including the building and improvements and other personal property located thereon (the “Property”), for a purchase price of $18,800,000.00 as adjusted in accordance with the terms of the Purchase and Sale Agreement.”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Ratification of the appointment of Deloitte & Touche LLP as independent registered public accounting firm for fiscal year ending December 31, 2026 at the 2026-05-07 meeting.

“The proposal was approved by a vote of the shareholders as follows: Votes For Votes Against Abstentions Broker Non-Votes 26,809,750 69,444 124,228 not applicable”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Approval, on a non-binding advisory basis, of the compensation of named executive officers at the 2026-05-07 meeting.

“The proposal was approved by a vote of the shareholders as follows: Votes For Votes Against Abstentions Broker Non-Votes 22,584,287 1,159,831 121,833 3,137,471”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Election of 10 directors for a one-year term at the 2026-05-07 meeting.

“Each nominee for director was elected by a vote of the shareholders as follows: Nominee Votes For Votes Withheld Broker Non-Votes John A Bartholdson 23,626,016 239,935 3,137,471 James J. Burke, Jr. 23,575,182 290,769 3,137,471 Anna Escobedo Cabral 23,599,841 266,110 3,137,471 Kevin M. Carney 23,628,321 237,630 3,137,471 Marta Newhart 23,615,050 250,901 3,137,471 Michael A Plater 23,479,505 386,446 3,137,471 Felecia J. Pryor 23,612,578 253,373 3,137,471 Carlton E. Rose 23,629,625 236,326 3,137,471 Scott M. Shaw 23,647,094 218,857 3,137,471 Sylvia J. Young 23,631,057 234,894 3,137,471”

LINCOLN EDUCATIONAL SERVICES CORP reported first quarter ended March 31, 2026 results: revenue $144.0 million, net income $4.4 million, or $0.14 per share, EPS $0.14 per share. Guidance raised.

“Quarter 2026 Financial and Operational Highlights (Quarter ended March 31, 2026, compared to quarter ended March 31, 2025, unless otherwise noted) • Revenue increased 22.5% to $144.0 million from $117.5 million • Net income more than doubled to $4.4 million, or $0.14 per share, compared to $1.9 million, or $0.06 per share • Adjusted EBITDA 1 increased 85% to $15.5”

LINCOLN EDUCATIONAL SERVICES CORP incurred revolving credit of $125 million with Fifth Third Bank, National Association at Tranche Rate (SOFR) plus 1.50% to 2.25% or Base Rate plus 0.50% to 1.25% maturing April 11, 2031.

“The Credit Agreement, which amends and restates the Existing Credit Agreement, provides the Company, as borrower, with a revolving credit facility in the aggregate principal amount of $125 million”

LINCOLN EDUCATIONAL SERVICES CORP entered into Credit Agreement with Fifth Third Bank, National Association, Flagstar Bank, N.A., Provident Bank and Santander Bank, N.A. valued at $125 million (effective 2026-04-13).

“On April 13, 2026, Lincoln Educational Services Corporation and its subsidiaries (the “Company”) entered into an amended and restated credit agreement (the “Credit Agreement”) with the lenders referred to therein (the “Lenders”), including Fifth Third Bank, National Association, as lender and as administrative agent, joint lead arranger, and joint bookrunner (the “Agent”), and Flagstar Bank, N.A., Provident Bank and Santander Bank, N.A., as lenders and as joint lead arrangers and joint bookrunners.”

LINCOLN EDUCATIONAL SERVICES CORP amended credit facility of $40 million to $60 million with Fifth Third Bank, National Association maturing March 7, 2028.

“The Amendment effects certain modifications to the Credit Agreement including, among other things: (i) to increase the size of the Facility, including the aggregate principal amount from $40 million to $60 million and the accordion feature from $20 million to $25 million, (ii) to extend the term of the Facility to March 7, 2028”

Marta Ronquillo Newhart was appointed as Director at LINCOLN EDUCATIONAL SERVICES CORP.

“On June 27, 2024, at a meeting of the Board, and upon the recommendation of the Nominating and Corporate Governance Committee, the Board appointed Anna Escobedo Cabral and Marta Ronquillo Newhart as independent directors, effective immediately.”

Anna Escobedo Cabral was appointed as Director at LINCOLN EDUCATIONAL SERVICES CORP.

“On June 27, 2024, at a meeting of the Board, and upon the recommendation of the Nominating and Corporate Governance Committee, the Board appointed Anna Escobedo Cabral and Marta Ronquillo Newhart as independent directors, effective immediately.”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Ratify appointment of Deloitte & Touche LLP as independent registered public accounting firm at the 2024-05-02 meeting.

“Proposal Number 3 : To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2024. The proposal was approved by a vote of the shareholders as follows: Votes For Votes Against Abstentions Broker Non-Votes 25,734,452 1,255,352 7,594 not applicable”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Advisory vote on executive compensation at the 2024-05-02 meeting.

“Proposal Number 2 : To approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the Company’s proxy statement. The proposal was approved by a vote of the shareholders as follows: Votes For Votes Against Abstentions Broker Non-Votes 19,875,738 1,438,503 317,652 5,365,505”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Election of 8 directors for a one-year term at the 2024-05-02 meeting.

“Proposal Number 1 : To elect the following 8 individuals named in the Company’s proxy statement as directors of the Company for a one-year term which will expire at the 2025 Annual Meeting of Shareholders and until their successors are duly elected and qualified. Each nominee for director was elected by a vote of the shareholders as follows: Nominee Votes For Votes Withheld Broker Non-Votes John A. Bartholdson 19,648,772 1,983,121 5,365,505”

LINCOLN EDUCATIONAL SERVICES CORP reported the first quarter ended March 31, 2024 results: revenue $103.4 million. Guidance raised.

“and operating results for the first quarter ended March 31, 2024, as well as recent business developments. First Quarter 2024 Financial Highlights* • Revenue grew 19.7% to $103.4 million • Adjusted EBITDA tripled to $6.5 million • Student starts increased 15.3% • Ended quarter with 1,388 additional students, a 11.2% increase in population • Total liquidity of”

John A. Bartholdson was appointed as Board Chair at LINCOLN EDUCATIONAL SERVICES CORP.

“The Board has named current Board member, John A. Bartholdson, as Mr. Morrow’s successor as Board Chair effective immediately following the Annual Meeting.”

J. Barry Morrow departed as Chair of the Board at LINCOLN EDUCATIONAL SERVICES CORP.

“On March 13, 2024, J. Barry Morrow, Chair of the Board of Directors of Lincoln Educational Services Corporation (the “Company”), notified the Board of Directors (the “Board”) of his decision not to stand for re-election to the Board”

LINCOLN EDUCATIONAL SERVICES CORP reported the fourth quarter and year ended December 31, 2023 results: revenue $102.5 million, EPS $0.23.

“results for the fourth quarter and full year ended December 31, 2023, as well as recent business developments. Fourth Quarter 2023 Financial Highlights* • Revenue grew 13.6% to $102.5 million • New student starts increased 16.0% • Adjusted EBITDA of $15.7 million • Adjusted net income of $10.0 million • Earnings per share of $0.23 • Cashflow from operations of $21.9”

LINCOLN EDUCATIONAL SERVICES CORP incurred revolving credit of $40 million with Fifth Third Bank, National Association at Tranche Rate (SOFR for one or three months) plus Applicable Margin 1.75% to 2.50 maturing February 16, 2027.

“the Company, as borrower, has obtained a revolving credit facility in the aggregate principal amount of $40 million”

LINCOLN EDUCATIONAL SERVICES CORP entered into Credit Agreement with Fifth Third Bank, National Association valued at $40 million (effective 2024-02-16).

“On February 16, 2024, Lincoln Educational Services Corporation (the “Company”) entered into a secured credit agreement (the “Credit Agreement”) with Fifth Third Bank, National Association (the “Bank”), pursuant to which the Company, as borrower, has obtained a revolving credit facility in the aggregate principal amount of $40 million”

LINCOLN EDUCATIONAL SERVICES CORP reported the third quarter ended September 30, 2023 results: revenue $99.5 million, EPS $0.07. Guidance raised.

“Third Quarter 2023 Financial Highlights and Recent Operating Developments * • Revenue grew 10.5% to $99.5 million • New student starts increased 7.1% • Adjusted EBITDA of $6.1 million • Earnings per share of $0.07 • Total liquidity of $70.3 million; no debt outstanding • Recently announced strategic growth plans include new Houston campus and relocation and expansion of Nashville and Philadelphia campuses • Raised outlook for full year revenue, student starts and adjusted net income; raised lower end of adjusted EBITDA range; reduced 2023 capital expenditures due to timing *Note: The highlighted financial results exclude the Transitional segment.”

LINCOLN EDUCATIONAL SERVICES CORP reported second quarter ended June 30, 2023 results: revenue $88.2 million. Guidance raised.

“Second Quarter 2023 Financial Highlights and Recent Operating Developments * • Revenue grew 9.8% to $88.2 million • New student starts increased 17.9% • Adjusted EBITDA of $2.4 million • Total liquidity of $95 million; No debt outstanding • Raising outlook for revenues and earnings for the full year and refining outlook for start growth to the upper end of previous range”

LINCOLN EDUCATIONAL SERVICES CORP completed a disposition involving East Nashville Owner, LLC, an affiliate of SLC Development, LLC for $33.8 million (closed 2023-06-08).

“On June 8, 2023, Nashville Acquisition, LLC, a subsidiary of Lincoln Educational Services Corporation (the “Company”), consummated the previously reported contemplated sale of approximately 16 acres of property located at 1524 Gallatin Road, Nashville, Tennessee (the “Nashville Sale”), at which the Company operates its Nashville campus, to East Nashville Owner, LLC, an affiliate of SLC Development, LLC, a subsidiary of Southern Land Company (“SLC”), pursuant to the Contract for the Purchase of Real Estate, dated September 21, 2021, as amended (the “Sale Agreement”), for a purchase price of approximately $33.8 million.”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the year ending December 31, 2023 at the 2023-05-05 meeting.

“Proposal Number 5 : To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2023. The proposal was approved by a vote of the shareholders as follows:”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Approval of an amendment to the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan to increase the number of shares available for grant at the 2023-05-05 meeting.

“Proposal Number 4 : T o approve an amendment to the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan (the “LTIP”) to increase the number of shares available for grant under the LTIP. The proposal was approved by a vote of the shareholders as follows:”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Approval of the frequency of future advisory votes on the compensation of named executive officers at the 2023-05-05 meeting.

“Proposal Number 3 : To approve the frequency of future advisory votes on the Company’s compensation of named executive officers. The frequency of future advisory votes on the Company’s compensation of named executive officers every year was approved by a vote of the shareholders as follows:”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Approval, on a non-binding advisory basis, of the compensation of named executive officers at the 2023-05-05 meeting.

“Proposal Number 2 : To approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the Company’s proxy statement. The proposal was approved by a vote of the shareholders as follows:”

LINCOLN EDUCATIONAL SERVICES CORP shareholders approved Election of 9 directors named in the proxy statement for a one-year term at the 2023-05-05 meeting.

“Proposal Number 1 : To elect the following 9 individuals named in the Company’s proxy statement as directors of the Company for a one-year term which will expire at the 2024 Annual Meeting of Shareholders and until their successors are duly elected and qualified. Each nominee for director was elected by a vote of the shareholders as follows:”

LINCOLN EDUCATIONAL SERVICES CORP reported the first quarter ended March 31, 2023 results: revenue $86.4 million. Guidance raised.

“First Quarter 2023 Financial Highlights and Recent Operating Developments * • Revenues of $86.4 million grew 6.9% • New student starts increased 6.4% • Adjusted EBITDA of $2.2 million • Increasing outlook for revenues and earnings for the full year *Note: The highlighted financial results exclude the Transitional segment and results and guidance in this release, including the highlights above, include references to”

Stephen M. Buchenot departed as Executive Vice President of Campus Operations at LINCOLN EDUCATIONAL SERVICES CORP.

“On April 27, 2023, Stephen M. Buchenot notified Lincoln Educational Services Corporation (the “Company”) of his intention to retire from his position as Executive Vice President of Campus Operations effective June 2, 2023.”

LINCOLN EDUCATIONAL SERVICES CORP updated its the fiscal year ended December 31, 2022 guidance (initiated).

“Lincoln Educational Services Corporation (the “Company”) issued a press release announcing financial results for the fourth quarter and year ended December 31, 2022.”

LINCOLN EDUCATIONAL SERVICES CORP reported the fourth quarter ended December 31, 2022 results: revenue $91.8 million. Guidance initiated.

“Revenue increased $4.0 million, or 4.5% to $91.8 million from $87.8 million in the prior year.”

Ronald E. Harbour departed as Director at LINCOLN EDUCATIONAL SERVICES CORP.

“Director Ronald E. Harbour advised the Board of his decision not to stand for re-election to the Board for the coming term and to retire effective at the end of his current term on the date of the Annual Meeting of Shareholders.”

Sylvia Jean Young was appointed as Director at LINCOLN EDUCATIONAL SERVICES CORP.

“the Board appointed Sylvia Jean Young as an independent director, effective immediately.”

LINCOLN EDUCATIONAL SERVICES CORP reported third quarter ended September 30, 2022 results: revenue $91.8 million, net income $3.5 million, EPS $0.10.

“and financial results for the third quarter as well as recent business developments. Third Quarter 2022 Financial Highlights and Recent Operating Developments • Revenue of $91.8 million • Net income of $3.5 million • Adjusted EBITDA* of $7.4 million • Earnings per share of $0.10 • Cash of $69.6 million and debt free • Repurchased 668,440 shares of Company common”

Felecia Pryor was appointed as Independent Director at LINCOLN EDUCATIONAL SERVICES CORP.

“On August 5, 2021, at a meeting of the Board and upon the recommendation of the Nominating & Corporate Governance Committee, the Board appointed Felecia Pryor as an independent director to fill the vacancy created by the increase in the size of the Board.”