Lincoln Educational Services LINC

Scott M. Shaw (Director, President & Chief Executive Officer) joined the Company in 2001 and currently serves as our President and Chief Executive Officer. Mr. Shaw has served on our Board of Directors from 2001 to 2006 and since July 2015. Prior to assuming the position of President and Chief Executive Officer, Mr. Shaw served in the positions of President and Chief Operating Officer, Executive Vice President and Chief Administrative Officer, and Senior Vice President of Strategic Planning and Business Development of the Company. Prior to joining the Company, Mr. Shaw was a partner of Stonington Partners, Inc., where he had been since 1994. As a partner at Stonington Partners, Mr. Shaw was responsible for identifying, evaluating, and acquiring companies and then assisting in their oversight by participating on the board of directors of the acquired companies. In addition, Mr. Shaw worked closely with senior management to develop long-term strategic plans, to evaluate acquisitions and new investment opportunities, to assist with refinancing, and to execute on the final sale of the company either to the public or to another company. Mr. Shaw also served as a consultant to Merrill Lynch Capital Partners Inc., a private investment firm associated with Merrill Lynch & Co., Inc., from 1994 through 2000. Mr. Shaw holds a B.A. from Duke University and an M.B.A. from the Wharton School of Business.

Brian K. Meyers (Executive Vice President, Chief Financial Officer and Treasurer) joined the Company in 2002 and currently serves as our Executive Vice President, Chief Financial Officer, and Treasurer. He has more than 30 years of accounting and financial management experience. Prior to joining the Company, Mr. Meyers served as Vice President and Controller for Candie's Inc. and began his career in 1989 with Eisner LLP (currently EisnerAmper LLP), a public accounting firm. He is a certified public accountant and holds a B.S. in accounting from Wagner College.

Chad D. Nyce (Executive Vice President and Chief Operating Officer) has served as our Executive Vice President and Chief Operating Officer since 2025 and previously served as Executive Vice President and Chief Innovation Officer. Previously, he was the Chief Operating Officer at Strayer University, LLC (now a subsidiary of Strategic Education, Inc.) from 2007 to 2019. Prior to his tenure at Strayer, he was a Regional Vice President of Operations for InteliStaf Healthcare, Inc., one of the nation's largest privately-held healthcare staffing firms, from 2004 to 2007. Prior to his tenure at InteliStaf, Mr. Nyce served as a Vice President of the Investment Banking Division at Goldman, Sachs & Co. and held senior management positions at BostonCoach, a wholly owned subsidiary of Fidelity Investments. Mr. Nyce holds a B.B.A. and an M.B.A. from Temple University.

Alexandra M. Luster (Senior Vice President, General Counsel and Corporate Secretary) has served as our Senior Vice President, General Counsel and Corporate Secretary since 1995. She oversees the Company's Legal and Regulatory & Compliance Departments. She has over 30 years of relevant legal experience. A member of the Association of Corporate Counsel, Ms. Luster received her B.A. in Communications from Fordham University and her J.D. from Seton Hall University School of Law.

Stephen Ace (Senior Vice President and Chief Human Resources Officer) has served as our Senior Vice President and Chief Human Resources Officer since 2013 and previously served as Vice President of Human Resources and Senior Vice President of Human Resources. He is responsible for human resources administration and reporting. Before joining the Company, Mr. Ace served as Vice President of Human Resources at Education Management Corporation. Prior to his work in the education sector, he held positions in store operations and managerial training with a major retail chain. He holds a B.S. in Business Administration from Grove City College and is SHRM-SCP and SHRM People Analytics Certified.

John A. Bartholdson (Non-Executive Chair of the Board of Directors) has served on our Board of Directors since 2019 and currently serves as Non-Executive Chair of the Board of Directors. He is a founder and managing member of Juniper Investment Company, LLC, a New York-based private investment firm. Mr. Bartholdson also currently serves on the board of directors of Bioventus, Inc., where he serves as the Chairperson of the Compensation Committee and a member of the Compliance, Ethics and Culture Committee, and as the Chair of the board of directors of Theragenics Corporation, a privately-held company. Previously, he served as a member of the board of directors of Obagi Medical Products, Inc., a publicly-traded company, as well as on the boards of numerous private companies. Prior to co-founding Juniper Investment Company, Mr. Bartholdson was a partner of Stonington Partners, Inc., where he worked from 1997 to 2011. Mr. Bartholdson received his B.A. from Duke University and his M.B.A. from Stanford Graduate School of Business. He has many years of experience leading and overseeing investments across a range of industries and has a successful record of managing investments in public companies.

Michael A. Plater, Ph.D. (Director) has served on our Board of Directors since 2020. He is a former President of Strayer University, having begun his career at Strayer University, LLC (now a subsidiary of Strategic Education, Inc.) in 2010, holding successive positions as Provost and Chief Academic Officer, Interim President, and President before his retirement. Prior to joining Strayer, Dr. Plater held various positions at a number of educational institutions such as Dean of the College of Arts and Sciences at North Carolina A&T State University, Associate Dean of the Graduate School at Brown University, Director of the Entrepreneurial Center, University of Florida Business School, and consultant to the Wharton Small Business Development Center. Dr. Plater served as Vice President of Higher Education of Kelly Educational Staffing from April 2021 through June 2023. Dr. Plater is a graduate of Harvard College with a B.A. in Economics, holds an M.B.A. in Business Administration from the Wharton School of Business, and a Ph.D. in American Studies from The College of William.

Felecia J. Pryor (Director) has served on our Board of Directors since 2021. She currently serves as Senior Vice President and Chief People Officer at John Deere, where she has responsibility for human resources, labor relations, brand marketing and communications, and aviation and security. Prior to joining John Deere, she served as the Executive Vice President & Chief Human Resource Officer for BorgWarner, where her primary focus, on a global level, included compensation and employee benefits, talent management, labor, employment, social responsibility, and internal communications. Additionally, she served more than 16 years in human resources at the Ford Motor Company across a multitude of areas with increased levels of responsibility in labor relations and corporate human resources roles. She also served as Ford's Vice President of Human Resources for Ford ASEAN (Bangkok, Thailand) and Human Resources Director Ford Asia Pacific (Nanjing, China). Ms. Pryor is a licensed Michigan attorney who holds a B.A. in Criminal Justice from Valdosta State University, a Master of Public Administration from Florida Atlantic University, and a J.D. from Western Michigan University Thomas M. Cooley Law School.

Kevin M. Carney (Director) has served on our Board of Directors since 2020. He retired as Executive Vice President and Chief Financial Officer of Web.com Group, Inc. (formerly a NASDAQ-listed company). Mr. Carney joined the founding management team of Web.com in 1998 and served as its Chief Financial Officer through 2018. Prior to Web.com, Mr. Carney was Director of Finance and Chief Financial Officer of The Carlyle Group and Carlyle International, respectively, from 1990 through 1994 and then served as Director of Mergers and Acquisitions at Manor Care, Inc. (formerly a NYSE listed company). He began his career as an auditor with Arthur Andersen & Co. as a Certified Public Accountant and holds a B.S. in Accounting and Finance from Boston College.

Carlton E. Rose (Director) has served on our Board of Directors since 2020. He was employed by United Parcel Service from 1980 until his retirement in March 2023. He began his career as a package handler and, during his 43-year tenure, earned numerous promotions as a result of his technical skills, business skills, and team leadership, culminating in his most recent position as Global President for Fleet Maintenance & Engineering. In June 2023, Mr. Rose was appointed to the board of directors of REE Automotive, an automotive technology company and provider of fully by-wire electric trucks and platforms. Since 2018, Mr. Rose has served on the March Foundation, whose mission is to improve educational opportunities for African American youth by awarding scholarships and grants to qualified students. A native of Marion, Indiana, Mr. Rose is an automotive engineering graduate of the Indianapolis campus of Lincoln Technical Institute, now Lincoln College of Technology.

Sylvia J. Young (Director) has served on our Board of Directors since 2023. She has been a dedicated veteran of hospital administration since 1985, most recently serving as President and Chief Executive Officer of HCA Continental Division from June 2012 until her retirement in 2023. HCA Continental Division, a $3.6 billion net revenue regional health care system, includes HealthONE in Denver, CO and Wesley Healthcare in Wichita, KS. Before her appointment to the Denver-based Division headquarters, Ms. Young served as President of HCA's Sunrise Health System. Ms. Young is currently the Chief Executive Officer of Young Consulting Advisors, LLC. In May 2023, Ms. Young joined the board of directors of the publicly-traded Pediatrix Medical Group, Inc., and currently serves on its Compensation and Talent Committee and Audit Committee. In April 2019, Ms. Young was appointed At-Large Trustee of the American Hospital Association Board of Trustees. She also works as a consultant for the publicly-traded Ceribell, Inc. and is an executive coach for hospital CEOs. Ms. Young holds a B.A. in Public Administration from Samford University in Birmingham and a Master of Health Administration from the University of Alabama, Birmingham.

Anna Escobedo Cabral (Director) has served on our Board of Directors since 2024. She is currently a board member of Navient Corporation, a student loan servicer, where she serves as Chair of the Audit Committee and a member of the Compensation Committee. She has been a director at Navient Corporation since 2014. She served as Treasurer of the United States of America from 2004 to 2009. In this role, she oversaw the Bureau of Engraving and Printing and the U.S. Mint and led the Treasury Department's community development and public outreach efforts, including financial education initiatives designed to increase financial literacy and remove barriers to Americans' success. From 2009 to 2018, Ms. Cabral served as senior advisor for external relations at the Inter-American Development Bank. She also served as director of the Smithsonian Institution's Center for Latino Initiatives, and as President and CEO of the Hispanic Association on Corporate Responsibility. She has served as chair of the Financial Services Roundtable Retirement Security Council, chairs the BBVA Microfinance Foundation, and is a member of MANA, a national Latina organization. From 1991 to 1999, Ms. Cabral served as the executive staff director of the United States Senate Republican Conference Task Force for Hispanic Affairs, and from 1993 to 1999, she served as chief clerk, and later as deputy staff director, for the United States Senate Committee on the Judiciary. Ms. Cabral has a B.A. in Political Science from the University of California, Davis; a Master of Public Administration degree from Harvard University John F. Kennedy School of Government; and a J.D. from George Mason University School of Law.

James J. Burke, Jr. (Director) has served on our Board of Directors since 1999. He is the founder of JJB Capital Partners LLC, a private investment firm formerly known as J. Burke Capital Partners LLC, and was its managing member from 2007 through 2024. He was also the co-founder, partner, and director of Stonington Partners, Inc. (1994-2007) and co-founder of Merrill Lynch Capital Partners, Inc., a private equity fund for which he was the President and CEO from 1987 to 1999. He received a B.A. from Brown University and an M.B.A. with Distinction from Harvard University Graduate School of Business Administration. Mr. Burke also serves on the board of directors of a number of privately-owned companies and several non-profit organizations.

Marta Newhart (Director) has served on our Board of Directors since 2024. She is a global business leader with executive experience in enterprise strategy, marketing, investor relations, and communications across Fortune-ranked industrial companies, including Boeing, Medtronic, Johnson Controls, and Westinghouse. She has led organizations through major M&A events, enterprise transformations, complex regulatory environments, and high-visibility operational challenges, grounded in experience across global manufacturing, aerospace, medical technology, and energy. Her leadership spans corporate strategy, brand and reputation management, stakeholder engagement, and risk oversight, and she is widely recognized in governance and director education forums for her expertise in operational rigor and modern board practices. She is currently senior adviser for APCO Worldwide and CEO of Mejor Compra LLC. Ms. Newhart has a B.A. in International Business and International Communications from the University of Washington in Seattle and an M.B.A. in Business Management and Marketing from Pepperdine University in Malibu.