APEI

SEC source: 0001123292-26-000141 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,808

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based restricted stock units ("RSUs").

SEC source: 0001123292-26-000140 · form4.xml · nonDerivative · entry 2

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 57,221

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-000140 · form4.xml · nonDerivative · entry 1

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 58,387

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based restricted stock units ("RSUs").

SEC source: 0001123292-26-000139 · form4.xml · nonDerivative · entry 2

Selden Angela K. · CIK 0001789284 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 541,357

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-000139 · form4.xml · nonDerivative · entry 1

Selden Angela K. · CIK 0001789284 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 555,581

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based restricted stock units ("RSUs").

SEC source: 0001123292-26-000095 · form4.xml · nonDerivative · entry 4

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,396

F4 · shares: RSUs granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on the first anniversary of the grant date.

SEC source: 0001123292-26-000092 · form4.xml · nonDerivative · entry 2

Arnold Mark L. · CIK 0002054115 · President, Rasmussen

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 11,251

F2 · shares: RSUs granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on the first anniversary of the grant date.

SEC source: 0001123292-26-000096 · form4.xml · nonDerivative · entry 4

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,271

F4 · shares: RSUs granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on the first anniversary of the grant date.

SEC source: 0001123292-26-000094 · form4.xml · nonDerivative · entry 4

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 55,345

F4 · shares: RSUs granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on the first anniversary of the grant date.

SEC source: 0001123292-26-000097 · form4.xml · nonDerivative · entry 4

Selden Angela K. · CIK 0001789284 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 567,132

F4 · shares: RSUs granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on the first anniversary of the grant date.

SEC source: 0001123292-26-000093 · form4.xml · nonDerivative · entry 4

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 59,335

F4 · shares: RSUs granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on the first anniversary of the grant date.

SEC source: 0001123292-26-000095 · form4.xml · nonDerivative · entry 3

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 75,140

F3 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based RSUs.

SEC source: 0001123292-26-000095 · form4.xml · nonDerivative · entry 2

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 78,481

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-000096 · form4.xml · nonDerivative · entry 3

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,994

F3 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based RSUs.

SEC source: 0001123292-26-000096 · form4.xml · nonDerivative · entry 2

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,217

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-000094 · form4.xml · nonDerivative · entry 3

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 50,068

F3 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based RSUs.

SEC source: 0001123292-26-000094 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 53,295

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-000097 · form4.xml · nonDerivative · entry 3

Selden Angela K. · CIK 0001789284 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 522,277

F3 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based RSUs.

SEC source: 0001123292-26-000097 · form4.xml · nonDerivative · entry 2

Selden Angela K. · CIK 0001789284 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 533,974

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-000093 · form4.xml · nonDerivative · entry 3

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 54,718

F3 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of performance-based RSUs.

SEC source: 0001123292-26-000093 · form4.xml · nonDerivative · entry 2

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 56,178

F2 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of RSUs.

SEC source: 0001123292-26-000095 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 80,776

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units ("RSUs").

SEC source: 0001123292-26-000092 · form4.xml · nonDerivative · entry 1

Arnold Mark L. · CIK 0002054115 · President, Rasmussen

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,634

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units ("RSUs").

SEC source: 0001123292-26-000096 · form4.xml · nonDerivative · entry 1

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 27,055

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units ("RSUs").

SEC source: 0001123292-26-000094 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 55,511

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units ("RSUs").

SEC source: 0001123292-26-000097 · form4.xml · nonDerivative · entry 1

Selden Angela K. · CIK 0001789284 · Director · President and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 542,013

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units ("RSUs").

SEC source: 0001123292-26-000093 · form4.xml · nonDerivative · entry 1

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 57,179

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units ("RSUs").

SEC source: 0001123292-26-000038 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 31,197

F1 · shares: Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), the Reporting Person is entitled to annual cash retainers totaling $225,000 for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board, and on the Board of Directors of Rasmussen University, a wholly owned subsidiary of the Company. The Reporting Person elected to receive common stock of the Company in lieu of such cash retainers, with the number of shares calculated based on the closing stock price on the first business day of the year and the shares issued in quarterly installments in advance in accordance with the Policy. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the Reporting Person.

SEC source: 0001123292-25-000638 · form4.xml · derivative · entry 3

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,056

Underlying: Common Stock · 5,500 shares

Expires 2032-08-28

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: As of the date hereof, all options relating to the underlying shares have vested and are exercisable.

F2 · derivative.exercise_date: As of the date hereof, all options relating to the underlying shares have vested and are exercisable.

SEC source: 0001123292-25-000638 · form4.xml · nonDerivative · entry 2

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,249

F1 · price: The price of $34.68 per share represents a weighted average of sale prices ranging from $34.58 to $34.805 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-25-000638 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 87,749

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001123292-25-000637 · form4.xml · derivative · entry 3

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 10,363 shares

Expires 2032-07-04

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: As of the date hereof, all options relating to the underlying shares have vested and are exercisable.

SEC source: 0001123292-25-000637 · form4.xml · nonDerivative · entry 2

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 58,403

F1 · price: The price of $34.7684 per share represents a weighted average of sale prices ranging from $34.595 to $34.915 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001123292-25-000637 · form4.xml · nonDerivative · entry 1

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 68,766

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001123292-25-000580 · form4.xml · nonDerivative · entry 1

Codispoti Edward H · CIK 0001484447 · EVP & Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,477

F1 · kind: Restricted Stock Units ("RSUs") granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on October 20, 2026.

SEC source: 0001062993-25-015252 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,249

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units.

SEC source: 0001062993-25-013755 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Int Chief Inno & Tech Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 41,888

F1 · shares: Restricted stock units ("RSUs") granted pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. The RSUs vest in three equal annual installments commencing on the first anniversary of the grant date.

SEC source: 0001062993-25-012631 · form4.xml · nonDerivative · entry 1

Axenson Tanya Joy · CIK 0001936605 · SVP, Chief HR Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 58,403

F1 · kind: The issuer withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units.

SEC source: 0000921895-25-001717 · form413281003_06062025.xml · nonDerivative · entry 3

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,181,005

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0000921895-25-001717 · form413281003_06062025.xml · nonDerivative · entry 2

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,395,401

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001062993-25-011056 · form4.xml · nonDerivative · entry 2

Kenigsberg James · CIK 0001603516 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 23,215

F1 · shares: The sales reported in this Form 4 were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan adopted on August 8, 2024.

F3 · price: The price of $28.6899 per share represents a weighted average of sale prices ranging from $28.51 to $28.82 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0001062993-25-011056 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 24,448

F1 · shares: The sales reported in this Form 4 were effected pursuant to the Reporting Person's Rule 10b5-1 trading plan adopted on August 8, 2024.

F2 · price: The price of $28.0328 per share represents a weighted average of sale prices ranging from $27.51 to $28.46 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0000921895-25-001717 · form413281003_06062025.xml · nonDerivative · entry 1

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,498,923

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0000921895-25-001692 · form413281003_06032025.xml · nonDerivative · entry 3

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,526,446

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0000921895-25-001692 · form413281003_06032025.xml · nonDerivative · entry 2

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,581,359

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001062993-25-010823 · form4.xml · nonDerivative · entry 1

SUNDERLAND RICHARD W JR · CIK 0001220428 · EVP, Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 159,559

F1 · price: The price of $29.156 per share represents a weighted average of sale prices ranging from $28.54 to $29.43 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

SEC source: 0000921895-25-001692 · form413281003_06032025.xml · nonDerivative · entry 1

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,661,150

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001193805-25-000741 · e664568_4-apei.xml · nonDerivative · entry 3

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,055,012

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.nature: Mr. Braner serves on the Board of Directors of the Issuer (the "Board") as a representative of 325 and its affiliates, 325 is entitled to receive the direct economic interest in securities granted to Mr. Braner by the Issuer in respect of Mr. Braner's Board membership. Mr. Braner disclaims beneficial ownership of the Issuer's securities to which this report relates, and at no time has Mr. Braner had any economic interest in such securities except any indirect economic interest through 325 and its affiliates.

SEC source: 0000921895-25-001647 · form4a13281003_05302025.xml · nonDerivative · entry 3

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,788,556

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · balance_after: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

F2 · ownership.direct: Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

SEC source: 0001193805-25-000741 · e664568_4-apei.xml · nonDerivative · entry 2

325 CAPITAL LLC · CIK 0001873893 · Director · 10% owner · See Footnotes

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · See Footnotes

Braner Michael David · CIK 0001908015 · 10% owner · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · 10% owner · See Footnotes

Shrivastava Anil K · CIK 0001908019 · 10% owner · See Footnotes

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,065,974

F1 · security: This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2 · ownership.nature: Mr. Braner serves on the Board of Directors of the Issuer (the "Board") as a representative of 325 and its affiliates, 325 is entitled to receive the direct economic interest in securities granted to Mr. Braner by the Issuer in respect of Mr. Braner's Board membership. Mr. Braner disclaims beneficial ownership of the Issuer's securities to which this report relates, and at no time has Mr. Braner had any economic interest in such securities except any indirect economic interest through 325 and its affiliates.