APEI

SEC source: 0001193805-25-000741 · e664568_4-apei.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: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,068,205

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 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: 1,834,974

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 · 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: 0000921895-25-001647 · form4a13281003_05302025.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: 1,837,205

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: 0001062993-25-010374 · form4.xml · nonDerivative · entry 1

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

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

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

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

325 Capital Master Fund LP · CIK 0001972759 · See Footnotes

325 Capital GP, LLC · CIK 0001972758 · 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: 23,245

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 D. Braner, a United States citizen, Daniel M. Friedberg, a United States citizen, and Anil K. Shrivastava, a United States citizen (each, a "Reporting Person," and 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 of the Securities Exchange Act of 1934, as amended ("Section 16") or for any other purpose.

F2 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier to occur of the anniversary of the award date and the next annual meeting of stockholders.

F3 · balance_after: 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.

F3 · ownership.direct: 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: 0001062993-25-010370 · form4.xml · nonDerivative · entry 1

Blevins Granetta B. · CIK 0001813984 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 57,945

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier to occur of the anniversary of the award date and the next annual meeting of stockholders.

SEC source: 0001062993-25-010366 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 29,641

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier to occur of the anniversary of the award date and the next annual meeting of stockholders. The reporting person has elected to defer receipt of the shares until June 1, 2027, resulting in the issuance of deferred stock units to the reporting person rather than restricted shares.

SEC source: 0001062993-25-010372 · form4.xml · nonDerivative · entry 1

Fabrega Anna M. · CIK 0001931076 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 31,296

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier to occur of the anniversary of the award date and the next annual meeting of stockholders.

SEC source: 0001062993-25-010368 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 29,584

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier to occur of the anniversary of the award date and the next annual meeting of stockholders.

SEC source: 0001062993-25-010365 · form4.xml · nonDerivative · entry 1

Statuto Richard J. · CIK 0001587595 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,640

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier to occur of the anniversary of the award date and the next annual meeting of stockholders.

SEC source: 0001062993-25-009764 · 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: 171,461

F1 · price: The price of $27.7212 per share represents a weighted average of sale prices ranging from $27.395 to $28.0016 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: 0001062993-25-009656 · form4.xml · nonDerivative · entry 4

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 177,304

F4 · price: The price of $27.9285 per share represents a weighted average of sale prices ranging from $27.91 to $27.965 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: 0001062993-25-009656 · form4.xml · nonDerivative · entry 3

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 177,324

F3 · price: The price of $27.3985 per share represents a weighted average of sale prices ranging from $26.88 to $27.875 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: 0001062993-25-009359 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 57,253

SEC source: 0001062993-25-009360 · 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: 59,785

SEC source: 0001062993-25-009548 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 85,459

F1 · price: The price of $27.115 per share represents a weighted average of sale prices ranging from $27.01 to $27.29 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: 0001062993-25-009656 · form4.xml · nonDerivative · entry 2

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 183,248

F2 · price: The price of $27.4697 per share represents a weighted average of sale prices ranging from $27.25 to $27.88 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: 0001062993-25-009656 · 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: 187,403

F1 · price: The price of $26.9979 per share represents a weighted average of sale prices ranging from $26.25 to $27.23 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: 0001062993-25-008997 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 25,832

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.

SEC source: 0001062993-25-006749 · form4.xml · nonDerivative · entry 1

ANDERSEN ERIC C. · CIK 0001552411 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 66,920

F1 · shares: Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), Mr. Andersen is entitled to an annual cash retainer of $80,000 for service on the Board of Directors (the "Board") of the Company. Mr. Andersen elected to receive common stock of the Company in lieu of such cash retainer, 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. Mr. Andersen will not stand for re-election to the Board at the 2025 Annual Meeting of Stockholders to occur on May 23, 2025, prior to the end of the second quarter ended June 30, 2025, and thus the number of shares received was prorated accordingly.

SEC source: 0001062993-25-005485 · form4.xml · derivative · entry 3

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,486

Underlying: Common Stock · 3,487 shares

Expires 2032-08-07

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 shares underlying the options were exercisable.

SEC source: 0001062993-25-005485 · form4.xml · nonDerivative · entry 2

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,892

F1 · price: The price of $21.2457 per share represents a weighted average of sale prices ranging from $21.19 to $21.53 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: 0001062993-25-005485 · form4.xml · nonDerivative · entry 1

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 67,379

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: 0001062993-25-005036 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 60,253

SEC source: 0001062993-25-005035 · form4.xml · nonDerivative · entry 1

Statuto Richard J. · CIK 0001587595 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 888

F1 · shares: Under the director compensation policy for non-employee directors of American Public Education, Inc. (the "Company"), each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier to occur of the anniversary date of the award and the next annual meeting of stockholders (an "Award Year"). This award is a partial award for the current Award Year and will vest on the earlier to occur of May 23, 2025, and immediately prior to the 2025 Annual Meeting of Stockholders of the Company.

SEC source: 0001062993-25-004544 · form4.xml · nonDerivative · entry 2

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 92,731

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

SEC source: 0001062993-25-004544 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 94,798

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2024. Award vests in three approximately equal installments on March 3, 2025, January 31, 2026, and January 31, 2027.

SEC source: 0001062993-25-004547 · form4.xml · nonDerivative · entry 2

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,294

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

SEC source: 0001062993-25-004547 · form4.xml · nonDerivative · entry 1

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 29,631

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2024. Award vests in three approximately equal installments on March 3, 2025, January 31, 2026, and January 31, 2027.

SEC source: 0001062993-25-004538 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,953

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

SEC source: 0001062993-25-004538 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 67,180

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2024. Award vests in three approximately equal installments on March 3, 2025, January 31, 2026, and January 31, 2027.

SEC source: 0001062993-25-004561 · form4.xml · nonDerivative · entry 2

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 189,536

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

SEC source: 0001062993-25-004561 · 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: 194,732

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted earnings per share and revenue measures for the issuer's fiscal year ended December 31, 2024. Award vests in three approximately equal installments on March 3, 2025, January 31, 2026, and January 31, 2027.

SEC source: 0001062993-25-004556 · 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: 548,061

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

SEC source: 0001062993-25-004556 · 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: 559,758

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2024. Award vests in three approximately equal installments on March 3, 2025, January 31, 2026, and January 31, 2027.

SEC source: 0001062993-25-004549 · form4.xml · nonDerivative · entry 2

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 63,892

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

SEC source: 0001062993-25-004549 · form4.xml · nonDerivative · entry 1

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 66,082

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2024. Award vests in three approximately equal installments on March 3, 2025, January 31, 2026, and January 31, 2027.

SEC source: 0001062993-25-004542 · 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: 66,285

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

SEC source: 0001062993-25-004542 · 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: 67,745

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2024. Award vests in three approximately equal installments on March 3, 2025, January 31, 2026, and January 31, 2027.

SEC source: 0001062993-25-004535 · form4.xml · nonDerivative · entry 2

Wilkins Harry T · CIK 0001333510 · CEO Hondros College of Nursing

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 48,424

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

SEC source: 0001062993-25-004535 · form4.xml · nonDerivative · entry 1

Wilkins Harry T · CIK 0001333510 · CEO Hondros College of Nursing

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 49,873

F1 · kind: Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2024. Award vests in three approximately equal installments on March 3, 2025, January 31, 2026, and January 31, 2027.

SEC source: 0001062993-25-002097 · form4.xml · nonDerivative · entry 2

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 69,335

F2 · 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: 0001062993-25-002097 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 70,588

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.

SEC source: 0001062993-25-002096 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 45,719

F2 · 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: 0001062993-25-002096 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 47,612

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.

SEC source: 0001062993-25-002100 · form4.xml · nonDerivative · entry 2

Wilkins Harry T · CIK 0001333510 · CEO Hondros College of Nursing

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,784

F2 · 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: 0001062993-25-002100 · form4.xml · nonDerivative · entry 1

Wilkins Harry T · CIK 0001333510 · CEO Hondros College of Nursing

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 36,720

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.

SEC source: 0001062993-25-002099 · 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: 53,195

F2 · 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: 0001062993-25-002099 · 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: 54,353

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.

SEC source: 0001062993-25-002098 · form4.xml · nonDerivative · entry 2

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,257

F2 · 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: 0001062993-25-002098 · form4.xml · nonDerivative · entry 1

MacGibbon Craig S · CIK 0001577510 · EVP, Chief Information Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 45,461

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.