American Public Education officer reports option exercise and sale

Rhea-AI Filing Summary

American Public Education (APEI) reported an insider transaction. On 11/12/2025, the APUS President exercised 5,500 stock options at $10.66 and sold 5,500 common shares at a weighted average price of $34.68. Following the trades, the officer directly owns 82,249 shares and 17,056 options remain beneficially owned. The option exercised was fully vested and carries an expiration of 08/28/2032.

Insider Trade Summary

Net Seller: 5,500 shares ($190,740)

Net Sell 3 txns

Insider Fernandes Nuno S.

Role President, APUS

Sold 5,500 shs ($191K)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	5,500	$0.00	--
Exercise	Common Stock, par value $.01	5,500	$10.66	$59K
Sale	Common Stock, par value $.01	5,500	$34.68	$191K

Holdings After Transaction: Employee Stock Option (right to buy) — 17,056 shares (Direct); Common Stock, par value $.01 — 87,749 shares (Direct)

Footnotes (1)

1. The price of $34.68 per share represents a weighted average of sale prices ranging from $34.58 to $34.805 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price. As of the date hereof, all options relating to the underlying shares have vested and are exercisable.

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^*

Fernandes Nuno S.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, APUS

3. Date of Earliest Transaction (Month/Day/Year)
11/12/2025

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	11/12/2025		M		5,500	A	$10.66	87,749	D
Common Stock, par value $.01	11/12/2025		S		5,500	D	$34.68(1)	82,249	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
Employee Stock Option (right to buy)(2)	$10.66	11/12/2025		M			5,500	(2)	08/28/2032	Common Stock	5,500	$0	17,056	D

Explanation of Responses:

1. The price of $34.68 per share represents a weighted average of sale prices ranging from $34.58 to $34.805 per share. The reporting person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price.

2. As of the date hereof, all options relating to the underlying shares have vested and are exercisable.

	/s/ Thomas Beckett, Attorney-in-Fact	11/13/2025
	** 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 did APEI’s insider report on Form 4?

The APUS President exercised 5,500 stock options at $10.66 and sold 5,500 common shares at a $34.68 weighted average on 11/12/2025.

What is the weighted average sale price and range?

The weighted average sale price was $34.68, with trades ranging from $34.58 to $34.805 per share.

How many APEI shares does the officer own after the transaction?

Following the reported transactions, the officer directly owns 82,249 shares.

How many derivative securities remain after the transaction?

The filing shows 17,056 employee stock options beneficially owned following the transaction.

Were the options vested and when do they expire?

All options relating to the underlying shares were vested and exercisable as of the date, with an expiration of 08/28/2032.

What position does the reporting person hold at APEI?

The reporting person is an officer, listed as President, APUS.