Item 1.01 Entry into a Material Definitive Agreement.

On May 23, 2022, Lincoln Educational Services Corporation (the "Company") and certain of its subsidiaries entered into a Second Amendment (the "Amendment") to the Company's existing Credit Agreement, dated as of November 14, 2019, as amended on November 10, 2020, with its lender, Webster Bank, National Bank, formerly known as Sterling National Bank (the "Credit Agreement"). The Amendment to the Credit Agreement permits the Company to repurchase shares under its share repurchase program for up to $30 million of the Company's outstanding common stock approved by its Board of Directors on the same date, subject to the conditions contained therein.

The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.




Item 8.01 Other Events.

On May 24, 2022, the Company announced that its Board of Directors has authorized a share repurchase program of up to $30 million of the Company's outstanding common stock. The repurchase program has been authorized for twelve months. Purchases may be made, from time to time, in open-market transactions at prevailing market prices, in privately negotiated transactions or by other means as determined by the Company's management and in accordance with applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice.

A copy of the press release issued by the Company announcing the share repurchase program is attached to this Current Report on Form 8-K as Exhibit 99.1.

The information contained under this Item 8.01, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

Item 9.01 Financial Statements and Exhibits.





(d) Exhibits.

Exhibit No. Exhibit Title



  10.1   Second Amendment to the Credit Agreement dated May 23, 2022 among
         Lincoln Educational Services Corporation and its subsidiaries named
         therein and Webster Bank, National Bank.



  99.1   Lincoln Educational Services Corporation Press Release dated May 24,
         2022.

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