APEI

SEC source: 0001062993-24-002759 · 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: 140,849

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: 0001062993-24-002757 · 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: 362,795

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: 0001062993-24-001839 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 55,476

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 January 29, 2025.

SEC source: 0001062993-24-001831 · form4.xml · nonDerivative · entry 1

Gaffney Karmela · CIK 0002005437 · SVP, Chief Marketing Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,250

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 January 29, 2025.

SEC source: 0001062993-24-001833 · form4.xml · nonDerivative · entry 3

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 39,193

F3 · 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: 0001062993-24-001833 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,439

F2 · 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: 0001062993-24-001833 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,897

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 January 29, 2025.

SEC source: 0001062993-24-001847 · 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: 371,610

F3 · 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: 0001062993-24-001847 · 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: 376,212

F2 · 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: 0001062993-24-001847 · 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: 378,286

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 January 29, 2025.

SEC source: 0001062993-24-001845 · form4.xml · nonDerivative · entry 3

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

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 27,791

F3 · 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: 0001062993-24-001845 · 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: 28,699

F2 · 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: 0001062993-24-001845 · 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: 29,064

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 January 29, 2025.

SEC source: 0001062993-24-001842 · 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: 145,502

F3 · 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: 0001062993-24-001842 · 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: 147,550

F2 · 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: 0001062993-24-001842 · 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: 148,374

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 January 29, 2025.

SEC source: 0001062993-24-001836 · 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: 35,334

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 January 29, 2025.

SEC source: 0001062993-24-001829 · 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: 40,553

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 January 29, 2025.

SEC source: 0001062993-24-001257 · form4.xml · nonDerivative · entry 2

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,147

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: 0001062993-24-001257 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,683

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: 0001062993-24-001259 · 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: 124,624

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: 0001062993-24-001259 · 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: 125,751

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: 0001062993-24-001255 · 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: 317,001

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: 0001062993-24-001255 · 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: 319,081

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: 0001062993-23-021599 · form4.xml · nonDerivative · entry 2

Kurshan Barbara · CIK 0001617033 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,694

F2 · price: The price of $7.3224 per share represents a weighted average of sales prices ranging from $7.205 to $7.3864 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: 0001062993-23-021599 · form4.xml · nonDerivative · entry 1

Kurshan Barbara · CIK 0001617033 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 31,027

F1 · price: The price of $6.9685 per share represents a weighted average of sales prices ranging from $6.937 to $7.03 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: 0001062993-23-021005 · 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: 13,634.288

F1 · price: The price of $5.9582 per share represents a weighted average of sales prices ranging from $5.95 to $6.02 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: 0001062993-23-020659 · form4.xml · nonDerivative · entry 1

Beckett Thomas · CIK 0001490436 · SVP, General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 27,371

F1 · kind: The sales reported in this Form 4 were effected for the satisfaction of tax obligations.

F2 · price: The price of $5.4403 per share represents a weighted average of sales prices ranging from $5.4403 to $5.455 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: 0001062993-23-017296 · form4.xml · nonDerivative · entry 1

Fernandes Nuno S. · CIK 0001944588 · President, APUS

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,976

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: 0001062993-23-016080 · 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: 24,498

F1 · kind: American Public Education, Inc. ("APEI") withheld shares of Common Stock from the reporting person to pay the tax withholding obligations related to the vesting of restricted stock units.

F2 · balance_after: Includes 598 shares acquired under the APEI Employee Stock Purchase Plan, as amended, on March 31, 2023.

SEC source: 0001062993-23-014630 · 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: 30,553

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: 0000921895-23-001364 · form413281003_05252023.xml · nonDerivative · entry 4

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,035,847

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.

F3 · ownership.nature: 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: 0000921895-23-001364 · form413281003_05252023.xml · nonDerivative · entry 3

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 247,437

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: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0000921895-23-001364 · form413281003_05252023.xml · nonDerivative · entry 2

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,025,879

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.

F3 · ownership.nature: 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: 0000921895-23-001364 · form413281003_05252023.xml · nonDerivative · entry 1

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 245,294

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: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001062993-23-011913 · form4.xml · nonDerivative · entry 1

Blevins Granetta B. · CIK 0001813984 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 49,843

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2024 Annual Meeting of Stockholders.

SEC source: 0001062993-23-011915 · form4.xml · nonDerivative · entry 1

Pianko Daniel S. · CIK 0001814086 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,093

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2024 Annual Meeting of Stockholders. The reporting person has elected to defer receipt of the shares until the earlier of the date of the reporting person's separation from service as a director with the Company and its affiliates for any reason and June 1, 2027, resulting in the issuance of deferred stock units to the reporting person rather than restricted shares.

SEC source: 0001062993-23-011914 · form4.xml · nonDerivative · entry 1

Kurshan Barbara · CIK 0001617033 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,632

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2024 Annual Meeting of Stockholders.

SEC source: 0001062993-23-011911 · form4.xml · nonDerivative · entry 1

Halle Jean C. · CIK 0001417687 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,613

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2024 Annual Meeting of Stockholders.

SEC source: 0001062993-23-011916 · form4.xml · nonDerivative · entry 1

Kenigsberg James · CIK 0001603516 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,282

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2024 Annual Meeting of Stockholders. The reporting person has elected to defer receipt of the shares until June 1, 2025, resulting in the issuance of deferred stock units to the reporting person rather than restricted shares.

SEC source: 0001062993-23-011910 · form4.xml · nonDerivative · entry 1

ANDERSEN ERIC C. · CIK 0001552411 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 60,135

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2024 Annual Meeting of Stockholders.

SEC source: 0001062993-23-011909 · form4.xml · nonDerivative · entry 1

Fabrega Anna M. · CIK 0001931076 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,194

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2024 Annual Meeting of Stockholders.

SEC source: 0001062993-23-011908 · form4.xml · nonDerivative · entry 1

Robinson William G Jr · CIK 0001604046 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 39,585

F1 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Company"), each non-employee director receives an annual award of restricted common stock of the Company having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Company's 2024 Annual Meeting of Stockholders.

SEC source: 0000921895-23-001339 · form413281003_05232023.xml · nonDerivative · entry 1

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: 15,143

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 · shares: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Issuer"), Mr. Braner received an annual award of restricted common stock of the Issuer having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Issuer's 2024 Annual Meeting of Stockholders.

F3 · shares: Mr. Braner serves on 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 position. 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.

F4 · shares: The securities described in footnote (2) represents securities in which 325 has all of the direct economic interest. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, 325 and Messrs. Braner, Friedberg and Shrivastava may be deemed to beneficially own the securities owned directly by 325.

F2 · balance_after: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Issuer"), Mr. Braner received an annual award of restricted common stock of the Issuer having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Issuer's 2024 Annual Meeting of Stockholders.

F3 · balance_after: Mr. Braner serves on 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 position. 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.

F4 · balance_after: The securities described in footnote (2) represents securities in which 325 has all of the direct economic interest. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, 325 and Messrs. Braner, Friedberg and Shrivastava may be deemed to beneficially own the securities owned directly by 325.

F2 · ownership.direct: Pursuant to the non-employee director compensation policy of American Public Education, Inc. (the "Issuer"), Mr. Braner received an annual award of restricted common stock of the Issuer having a value of $80,000 on the grant date. The shares vest on the earlier of the one year anniversary of the grant date and immediately prior to the Issuer's 2024 Annual Meeting of Stockholders.

F3 · ownership.direct: Mr. Braner serves on 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 position. 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.

F4 · ownership.direct: The securities described in footnote (2) represents securities in which 325 has all of the direct economic interest. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, 325 and Messrs. Braner, Friedberg and Shrivastava may be deemed to beneficially own the securities owned directly by 325.

SEC source: 0001193805-23-000761 · e618652_4-apei.xml · nonDerivative · entry 2

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,023,821

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.

F3 · ownership.nature: 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: 0001193805-23-000761 · e618652_4-apei.xml · nonDerivative · entry 1

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 244,852

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: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001193805-23-000739 · e618638_4-apei.xml · nonDerivative · entry 6

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,022,916

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.

F3 · ownership.nature: 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: 0001193805-23-000739 · e618638_4-apei.xml · nonDerivative · entry 5

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 244,657

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: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

SEC source: 0001193805-23-000739 · e618638_4-apei.xml · nonDerivative · entry 4

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital LLC

Disclosed balance after: 1,007,716

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.

F3 · ownership.nature: 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: 0001193805-23-000739 · e618638_4-apei.xml · nonDerivative · entry 3

Braner Michael David · CIK 0001908015 · Director · See Footnotes

325 CAPITAL LLC · CIK 0001873893 · See Footnotes

FRIEDBERG DANIEL M. · CIK 0001448795 · See Footnotes

Shrivastava Anil K · CIK 0001908019 · See Footnotes

325 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: Indirect · By: 325 Capital Master Fund LP

Disclosed balance after: 241,390

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: Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.