American Public Education director awarded 1,106 shares

Q: How many shares did APEI director Daniel S. Pianko receive?

Daniel S. Pianko received an award of 1,106 shares on October 1, 2026, reported at $36.15 per share. His reported direct holdings after the transaction were 36,652 shares.

The stock award replaced cash retainers under the director compensation policy, with receipt deferred until June 1, 2029.

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Rhea-AI Filing Summary

American Public Education Inc. (APEI) director Daniel S. Pianko received an award of 1,106 shares on October 1, 2026, reported at $36.15 per share, bringing his reported direct holdings to 36,652 shares. Under the non-employee director compensation policy, he elected to receive common stock instead of cash retainers and deferred receipt until June 1, 2029, resulting in deferred stock units.

Insider Trade Summary

Grant/Award: 1,106 shares

Grant/Award 1 txn

Insider Pianko Daniel S.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $.01 ^F1	1,106	$36.15	$40K

Holdings After Transaction: Common Stock, par value $.01 — 36,652 shares (Direct)

Footnotes (1)

F1. 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 instalments 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.

Key Figures

Awarded shares: 1,106 shares Reported per-share amount: $36.15 per share Direct holdings after transaction: 36,652 shares +1 more

4 metrics

Awarded shares 1,106 shares October 1, 2026 award

Reported per-share amount $36.15 per share Award transaction

Direct holdings after transaction 36,652 shares Following the October 1, 2026 award

Deferred receipt date June 1, 2029 Deferred stock units

Key Terms

annual cash retainer, deferred stock units, quarterly instalments in advance

3 terms

annual cash retainer financial

"an annual cash retainer"

deferred stock units financial

"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.

quarterly instalments in advance financial

"the shares issued in quarterly instalments in advance"

FAQ

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How many shares did APEI director Daniel S. Pianko receive?

Daniel S. Pianko received an award of 1,106 shares on October 1, 2026, reported at $36.15 per share. His reported direct holdings after the transaction were 36,652 shares.

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

The non-employee director compensation policy provides an annual cash retainer for service as non-employee Chairperson of the Board. Pianko elected to receive common stock in lieu of the retainers and defer receipt until June 1, 2029; the shares are issued in quarterly installments in advance, with the number calculated using the closing stock price on the first business day of the year.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/02/2026 - 04:50 PM Accepted by SEC EDGAR 10/02/2026 - 04:49 PM

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)
10/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $.01	10/01/2026		A		1,106⁽¹⁾	A	$36.15	36,652	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 instalments 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	10/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR