APEI director granted 2,135 deferred stock units

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

Rhea-AI Filing Summary

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

AMERICAN PUBLIC EDUCATION INC director equity grant. Director Daniel S. Pianko received an award of 2,135 shares of common stock on May 22, 2026 under the company’s non-employee director compensation policy. The award is structured as deferred stock units, with receipt of the shares deferred until June 1, 2029, bringing his direct holdings to 34,439 shares.

Insider Trade Summary

Grant/Award: 2,135 shares

Grant/Award 1 txn

Insider Pianko Daniel S.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $.01	2,135	$0.00	$0.00

Holdings After Transaction: Common Stock, par value $.01 — 34,439 shares (Direct)

Footnotes (1)

1. F1. Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier of the anniversary of the award date and the date of the next annual meeting of stockholders. 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 rather than restricted stock.

Key Figures

Equity award size: 2,135 shares Price per share: $0.0000 per share Post-transaction holdings: 34,439 shares +2 more

5 metrics

Equity award size 2,135 shares Common stock grant on May 22, 2026

Price per share $0.0000 per share Reported grant price for the award

Post-transaction holdings 34,439 shares Direct ownership after the grant

Deferral date June 1, 2029 Date when deferred stock units are to be received

Transaction date May 22, 2026 Date of equity award grant

Key Terms

restricted stock, deferred stock units, director compensation policy

3 terms

restricted stock financial

"each non-employee director receives an annual equity award of restricted stock at each annual meeting"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

deferred stock units financial

"resulting in the issuance of deferred stock units to the reporting person rather than restricted stock"

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.

director compensation policy financial

"Under the director compensation policy for non-employee directors of American Public Education, Inc."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

Daniel S. Pianko reported receiving 2,135 shares of AMERICAN PUBLIC EDUCATION INC common stock as an equity award. The grant is part of the non-employee director compensation program and increases his direct holdings to 34,439 shares after the transaction.

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

The Form 4 shows a grant or award acquisition of 2,135 shares, not a market purchase. The transaction code is A, and the price per share is reported as $0.0000, indicating compensation-related equity rather than an open-market buy.

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

After the equity award, Daniel S. Pianko directly holds 34,439 shares of AMERICAN PUBLIC EDUCATION INC common stock. This total includes the newly granted 2,135 shares reported in the Form 4 filed for the May 22, 2026 transaction.

What is the deferral feature mentioned in Daniel S. Pianko’s APEI grant?

Pianko elected to defer receipt of the shares until June 1, 2029, so he receives deferred stock units instead of immediate restricted stock. The underlying award still follows the director compensation policy regarding vesting tied to annual stockholder meetings.

How does APEI compensate non-employee directors with equity?

Under APEI’s director compensation policy, each non-employee director receives an annual equity award of restricted stock at each annual stockholder meeting. The award typically vests on the earlier of the first anniversary of the award date or the next annual meeting of stockholders.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:15 PM EDT 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)
05/22/2026

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	05/22/2026		A		2,135(1)	A	$0	34,439	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. Under the director compensation policy for non-employee directors of American Public Education, Inc., each non-employee director receives an annual equity award of restricted stock at each annual meeting of stockholders that vests on the earlier of the anniversary of the award date and the date of the next annual meeting of stockholders. 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 rather than restricted stock.

	/s/ Edward Codispoti, Attorney-in-Fact	05/26/2026
	** 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)