Hart Steven Weber 4/A

Accession 0001169232-06-002715

CIK 0001286613other

View on SEC.gov Company Profile

Filed

Jun 8, 8:00 PM ET

Accepted

Jun 9, 2:26 PM ET

Size

22.6 KB

Accession

0001169232-06-002715

Insider Transaction Report

Form 4/AAmended

Period: 2005-12-24

LINCOLN EDUCATIONAL SERVICES CORPLINC

Hart Steven Weber

Director

Transactions

Award
Common Stock
2006-05-23+1,781→ 52,088 total
Other
Common Stock
2005-12-24+46,238→ 50,307 total
Other
Options
2006-01-25−20,603→ 18,795 total(indirect: By Trust)
Exercise: $1.55From: 1999-06-21Exp: 2009-06-21→ Common Stock (20,603 underlying)
Other
Common Stock
2005-12-24−55,602→ 0 total(indirect: --)
Other
Options
2006-03-31−20,603→ 0 total
Exercise: $1.55From: 1999-06-21Exp: 2009-06-21→ Common Stock (20,603 underlying)
Other
Common Stock
2005-12-24+9,364→ 10,364 total(indirect: --)

Holdings

Common Stock
(indirect: --)
2,000
Common Stock
(indirect: --)
2,187,100
Options
Exercise: $1.55From: 1999-06-21Exp: 2009-06-21→ Common Stock (11,500 underlying)
11,500

Footnotes (7)

[F1]These shares were owned by the Steven W. Hart 2003 Grantor Retained Annuity Trust (2003 GRAT) which terminated in accordance with its terms on December 24, 2005. The 2003 GRAT shares were distributed in accordance with the terms of the trust as follows: 46,238 to Steven W. Hart and his spouse, and 9,364 to trusts for the benefit of Mr. Hart's children, as to which his spouse serves as trustee.
[F2]These 10,364 shares are held by various trusts for Mr. Hart's children as to which Mr. Hart's spouse is trustee. Mr. Hart disclaims beneficial ownership of all shares held by these trusts, and the filing of this report is not an admission that he is the beneficial owner of these securities for purposes of Section 16 or otherwise.
[F3]Represents a restricted stock grant valued at $30,000 on the date of grant. These restricted shares vest ratably on the first, second and third anniversary of the grant date.
[F4]These 52,088 shares are owned directly by Mr. Hart, including 46,238 shares which are owned jointly with his spouse and 1,000 shares which are held in his IRA.
[F5]These 2,000 shares are held by Mr. Hart's wife, and include 1,000 shares held in her IRA. Mr. Hart disclaims beneficial ownership of all shares held by his spouse, and the filing of this report is not an admission that he is the beneficial owner of these securities for purposes of Section 16 or otherwise.
[F6]These 2,187,100 shares are owned by Five Mile River Capital Partners LLC, of which Hart Capital LLC is the managing member. Mr. Hart is the President and Sole Member of Hart Capital LLC and he disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
[F7]These options were owned by the Steven W. Hart 2005 Grantor Retained Annuity Trust (2005 GRAT). On January 25, 2006, 20,603 options were distributed to Mr. Hart by the 2005 GRAT in accordance with its terms. On March 31, 2006, Mr. Hart contributed these options to the Steven W. Hart 2006 Grantor Retained Annuity Trust (2006 GRAT). Mr. Hart is a co-trustee of the 2005 GRAT and the 2006 GRAT.

Documents

1 file

4
d06-68334_ex.xml

Issuer

LINCOLN EDUCATIONAL SERVICES CORP

CIK 0001286613

→

Entity typeother

Related Parties

filerCIK 0001330404

Filing Metadata

Form type: 4/A
Filed: Jun 8, 8:00 PM ET
Accepted: Jun 9, 2:26 PM ET
Size: 22.6 KB

View on SEC.gov