APEI Chief HR Officer now holds 58,403 shares after sale

Rhea-AI Filing Summary

American Public Education, Inc. (APEI) reported an insider transaction by its SVP and Chief HR Officer on 11/12/2025. The officer exercised 10,363 employee stock options at an exercise price of $15.74 per share and, on the same day, sold 10,363 shares of common stock at a $34.7684 weighted-average price.

The filing notes the sale prices ranged from $34.595 to $34.915 per share. Following these transactions, the officer directly beneficially owned 58,403 shares. The related option grant covering 10,363 underlying shares was fully vested and exercisable as of the date of the report and now shows 0 derivative securities remaining.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Axenson Tanya Joy

(Last) (First) (Middle)

111 WEST CONGRESS STREET

(Street)

CHARLES TOWN WV 25414

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AMERICAN PUBLIC EDUCATION INC [ APEI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Chief HR Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $.01	11/12/2025		M		10,363	A	$15.74	68,766	D
Common Stock, par value $.01	11/12/2025		S		10,363	D	$34.7684(1)	58,403	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$15.74	11/12/2025		M			10,363	(2)	07/04/2032	Common Stock	10,363	$0	0	D

Explanation of Responses:

1. 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.

2. As of the date hereof, all options relating to the underlying shares have vested and are exercisable.

	/s/ Thomas Beckett, Attorney-in-Fact	11/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did APEI’s officer report on Form 4?

An exercise of 10,363 stock options at $15.74 and a same‑day sale of 10,363 shares at a $34.7684 weighted‑average price on 11/12/2025.

What is the post-transaction share ownership for APEI’s officer?

Direct beneficial ownership is 58,403 shares after the reported transactions.

What price range did the APEI shares sell for?

The weighted‑average sale price of $34.7684 reflects trades between $34.595 and $34.915 per share.

What were the terms of the exercised APEI options?

Employee stock options to acquire 10,363 shares at an exercise price of $15.74, fully vested and exercisable; expiration listed as 07/04/2032.

How many derivative securities remain after the transactions?

The filing shows 0 derivative securities remaining for that option grant.

What is the reporting person’s role at APEI?

The reporting person is APEI’s SVP, Chief HR Officer.