[Form 4] American Public Education, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Joby Aviation, Inc. (JOBY) – Form 4 filing (dated 07/08/2025)

Director Dipender Saluja reported the acquisition of 1,475 fully-vested Restricted Stock Units (RSUs) on 07/05/2025. Each RSU converts into one common share at no cost, increasing Saluja’s direct holdings to 143,374 shares.

In addition to his direct ownership, Saluja has indirect interests through three affiliated investment vehicles:

• Technology Impact Fund, L.P. – 28,686,247 shares
• Capricorn-Libra Investment Group, L.P. – 9,598,884 shares
• Technology Impact Growth Fund, LP – 2,075,460 shares

The director disclaims beneficial ownership in these funds beyond his pecuniary interest.

No shares were sold, and there were no derivative security transactions disclosed. The filing does not reference any price-sensitive corporate developments or financial results; it solely documents routine director equity compensation.

Insights

Equity Compensation Analyst

TL;DR Minor RSU grant; no sales; ownership increases slightly—neutral market impact.

The Form 4 shows a standard board compensation grant of 1,475 RSUs that vested immediately. Such a small addition—approximately 0.01% of Saluja’s already substantial indirect exposure—does not alter JOBY’s share structure or signal strategic change. Absence of sales may be viewed as a steady-state vote of confidence, but the magnitude is immaterial for valuation or liquidity. Overall, this is routine administrative disclosure.

Corporate Governance Specialist

TL;DR Routine filing; confirms ongoing board alignment without triggering governance red flags.

Saluja remains classified solely as a director, with no change in control or related-party dynamics. Indirect holdings through Capricorn-managed funds are transparently disclosed, and the director continues to disclaim beneficial ownership beyond pecuniary interest—consistent with best-practice reporting. Because no insider selling occurred, investor sentiment should remain unaffected. The event is not impactful from a governance-risk perspective.

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)
07/05/2025

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	07/05/2025		F(1)		1,382	D	$29.96	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

Explanation of Responses:

1. 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.

	/s/ Richard W. Sunderland, Jr., Attorney-in-Fact	07/08/2025
	** 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

How many Joby Aviation (JOBY) shares did Director Dipender Saluja acquire?

He received 1,475 fully-vested RSUs, each convertible into one common share.

What is Dipender Saluja’s total direct JOBY share ownership after the grant?

His direct holdings increased to 143,374 common shares.

Did the Form 4 disclose any sales of JOBY shares?

No. The filing shows only an acquisition; no shares were sold.

Which investment funds hold JOBY shares on Saluja’s behalf?

Technology Impact Fund, L.P.; Capricorn-Libra Investment Group, L.P.; and Technology Impact Growth Fund, LP.

Is this insider transaction considered material to JOBY investors?

Given the small size (1,475 shares) and routine nature, it is generally viewed as not materially impactful.