Director Daniel Pianko (APEI) takes board retainer in 1,107 deferred shares

Rhea-AI Filing Summary

Pianko Daniel S. reported acquisition or exercise transactions in this Form 4 filing.

AMERICAN PUBLIC EDUCATION INC director Daniel S. Pianko received an equity award of 1,107 shares of common stock valued at $36.15 per share. This grant reflects his election to take his non-employee chairperson cash retainer in stock under the company’s director compensation policy. The shares are issued as deferred stock units, with receipt deferred until June 1, 2029. Following this award, he directly holds 35,546 shares of common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Pianko Daniel S.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $.01	1,107	$36.15	$40K

Holdings After Transaction: Common Stock, par value $.01 — 35,546 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Equity award size: 1,107 shares Grant reference price: $36.15 per share Post-transaction holdings: 35,546 shares +1 more

4 metrics

Equity award size 1,107 shares Common stock grant for director retainer

Grant reference price $36.15 per share Price used to calculate number of shares

Post-transaction holdings 35,546 shares Common stock directly held after award

Deferral date June 1, 2029 Date deferred stock units are scheduled for receipt

Key Terms

non-employee director compensation policy, annual cash retainer, deferred stock units

3 terms

non-employee director compensation policy financial

"Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc."

annual cash retainer financial

"the Reporting Person is entitled an annual cash retainer for service on the Board of Directors"

deferred stock units financial

"The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 08:46 AM Accepted by SEC EDGAR 07/02/2026 - 08:46 AM Learn about SEC filing dates

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^*

Pianko Daniel S.

(Last) (First) (Middle)

111 WEST CONGRESS STREET

(Street)

CHARLES TOWN WEST VIRGINIA 25414

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

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

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

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

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	07/01/2026		A		1,107(1)	A	$36.15	35,546	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. Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), the Reporting Person is entitled an annual cash retainer for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board. The Reporting Person elected to receive common stock of the Company in lieu of such cash retainers, 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. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the Reporting Person.

	/s/ Edward Codispoti, Attorney-in-Fact	07/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did APEI director Daniel S. Pianko report on this Form 4?

Daniel S. Pianko reported receiving 1,107 shares of AMERICAN PUBLIC EDUCATION INC common stock as an equity award. The shares represent director compensation he chose to receive in stock instead of cash under the company’s non-employee director compensation policy.

Was the APEI Form 4 transaction a market purchase or a compensation grant?

The transaction was a compensation-related grant, not a market purchase. Pianko elected to receive his annual cash retainer for board service in AMERICAN PUBLIC EDUCATION INC stock, resulting in a grant classified as a grant, award, or other acquisition.

How many APEI shares does Daniel S. Pianko hold after this grant?

After this grant, Daniel S. Pianko holds 35,546 shares of AMERICAN PUBLIC EDUCATION INC common stock directly. This total includes the new 1,107-share award reported in the Form 4, as disclosed in the post-transaction holdings figure.

At what price was the APEI compensation stock grant calculated?

The 1,107-share award was calculated using a reference price of $36.15 per share. Under the company’s policy, the number of shares is based on the closing stock price on the first business day of the year.

Why did Daniel S. Pianko receive deferred stock units from APEI?

Pianko elected to defer receipt of the shares until June 1, 2029. Because of this deferral election, AMERICAN PUBLIC EDUCATION INC issued deferred stock units instead of immediately deliverable shares, consistent with its non-employee director compensation policy.

How often are APEI director compensation shares issued under the policy?

Under the company’s non-employee director compensation policy, shares for directors who elect stock instead of cash retainers are issued in quarterly installments. The number of shares is based on the closing stock price on the first business day of the year.