American Public Education (APEI) CEO granted 98,352 PSUs with tax shares withheld

Rhea-AI Filing Summary

AMERICAN PUBLIC EDUCATION INC President and CEO Angela K. Selden reported equity compensation and related tax withholding. She received a grant of 98,352 performance-based restricted stock units under the 2017 Omnibus Incentive Plan, tied to adjusted earnings per share and revenue goals for the fiscal year ended December 31, 2025. The award vests in three installments on March 10, 2026, February 4, 2027, and February 4, 2028. To cover tax obligations from PSU vesting, 12,901 shares of Common Stock were withheld at $45.51 per share. After these transactions, she directly holds 626,808 shares of Common Stock.

Insights

Equity Compensation Analyst

Routine PSU grant with tax withholding; neutral signal overall.

Angela K. Selden, President and CEO of AMERICAN PUBLIC EDUCATION INC, received 98,352 performance-based restricted stock units under the 2017 Omnibus Incentive Plan. The award is based on adjusted earnings per share and revenue performance for the fiscal year ended December 31, 2025, and vests over three dates through February 4, 2028.

The filing also shows 12,901 shares withheld at $45.51 per share to satisfy tax obligations when PSUs vest. This F-code disposition is a mechanical tax payment method, not an open-market sale. Following these events, Selden holds 626,808 shares directly, indicating ongoing substantial equity exposure.

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^*

Selden Angela K.

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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	03/10/2026		A(1)		98,352	A	$0	639,709	D
Common Stock, par value $.01	03/10/2026		F(2)		12,901	D	$45.51	626,808	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. Performance-based restricted stock unit ("PSU") award pursuant to the American Public Education, Inc. 2017 Omnibus Incentive Plan, as amended. Award reflects a level of achievement of adjusted earnings per share and revenue performance measures for the issuer's fiscal year ended December 31, 2025. Award vests in three approximately equal installments on March 10, 2026, February 4, 2027, and February 4, 2028.

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

	/s/ Edward Codispoti, Attorney-in-Fact	03/12/2026
	** 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 insider transactions did APEI CEO Angela Selden report on March 10, 2026?

Angela Selden reported a grant of 98,352 performance-based restricted stock units and related tax withholding of 12,901 shares. These transactions are equity compensation events, not open-market trades, and leave her with 626,808 directly held shares of AMERICAN PUBLIC EDUCATION INC common stock.

How many APEI shares does CEO Angela Selden hold after this Form 4 filing?

After the reported grant and tax withholding, Angela Selden holds 626,808 shares of AMERICAN PUBLIC EDUCATION INC common stock directly. This figure reflects her updated ownership following receipt of 98,352 performance-based units and the withholding of 12,901 shares to cover tax obligations.

What are the terms of Angela Selden’s 98,352 performance-based APEI stock units?

The 98,352 performance-based restricted stock units are tied to adjusted earnings per share and revenue for fiscal 2025. They vest in three installments on March 10, 2026, February 4, 2027, and February 4, 2028, under AMERICAN PUBLIC EDUCATION INC’s 2017 Omnibus Incentive Plan.

Why were 12,901 APEI shares withheld in Angela Selden’s Form 4?

The company withheld 12,901 shares of AMERICAN PUBLIC EDUCATION INC common stock to pay tax withholding obligations related to the vesting of performance-based restricted stock units. This F-code transaction is a tax payment mechanism rather than an open-market sale of shares by the CEO.

Is Angela Selden’s Form 4 for APEI a buy or sell signal for investors?

The Form 4 reflects routine equity compensation and tax withholding, not discretionary market buying or selling. A grant of 98,352 performance-based units and 12,901 shares withheld for taxes generally carries a neutral informational signal, while confirming that the CEO maintains significant share ownership.