American Public Education (APEI) director takes fees in deferred stock

Rhea-AI Filing Summary

American Public Education, Inc. director Daniel S. Pianko reported a compensation-related stock grant. He acquired 1,107 shares of common stock at an implied $36.15 per share under the company’s non-employee director compensation policy, by taking stock instead of his cash board retainers.

The shares are issued as deferred stock units because he elected to defer receipt until June 1, 2029. After this grant, he directly holds 32,304 shares. This reflects routine board compensation rather than an open-market share purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Pianko Daniel S.

Role Director

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 — 32,304 shares (Direct)

Footnotes (1)

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Key Figures

Shares granted: 1,107 shares Implied price per share: $36.15 per share Shares owned after grant: 32,304 shares +1 more

4 metrics

Shares granted 1,107 shares Director stock award in lieu of cash retainers

Implied price per share $36.15 per share Closing stock price on first business day of the year

Shares owned after grant 32,304 shares Direct holdings following the reported transaction

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

Key Terms

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

4 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.

Board of Directors financial

"for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

Form 4 Insider Transactions: What Each Field Means →

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)
04/01/2026

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	04/01/2026		A		1,107(1)	A	$36.15	32,304	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	04/02/2026
	** 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)