APEI director receives 2,135-share equity award

Blevins Granetta B. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Blevins Granetta B. reported acquisition or exercise transactions in this Form 4 filing.

AMERICAN PUBLIC EDUCATION INC director equity grant: Director Granetta B. Blevins received an award of 2,135 shares of common stock on May 22, 2026 as a grant under the company’s non-employee director compensation policy. The award was at no cash cost, increasing her direct holdings to 60,080 shares.

According to the policy, non-employee directors receive an annual equity award of restricted stock at each annual stockholder meeting. These restricted shares vest on the earlier of one year from the grant date or the next annual stockholder meeting, making this a routine, compensation-related transaction rather than an open-market purchase.

Insider Trade Summary

Grant/Award: 2,135 shares

Grant/Award 1 txn

Insider Blevins Granetta B.

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 — 60,080 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.

Key Figures

Equity award size: 2,135 shares Grant price per share: $0.0000 per share Shares owned after grant: 60,080 shares +1 more

4 metrics

Equity award size 2,135 shares Restricted stock granted to director on May 22, 2026

Grant price per share $0.0000 per share Reported transaction price for restricted stock award

Shares owned after grant 60,080 shares Director’s direct common stock holdings following the award

Transaction date May 22, 2026 Date of restricted stock grant to non-employee director

Key Terms

restricted stock, annual equity award, non-employee directors

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.

annual equity award financial

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

non-employee directors financial

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

Non-employee directors are board members who do not work for the company as salaried employees and usually do not hold day-to-day management roles. They act like outside referees or independent coaches, providing oversight, asking tough questions, and protecting shareholders’ interests; investors care because these directors help ensure management is accountable, reduce conflicts of interest, and influence decisions that affect company strategy and long-term value.

FAQ

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

What did APEI director Granetta B. Blevins report in this Form 4?

Director Granetta B. Blevins reported receiving 2,135 shares of AMERICAN PUBLIC EDUCATION INC common stock as an equity award. The grant was part of the company’s non-employee director compensation program and increased her direct holdings to 60,080 shares after the award.

Was the APEI Form 4 transaction an open-market stock purchase or sale?

The Form 4 transaction was not an open-market trade. It reflects a grant or award acquisition of 2,135 restricted shares under APEI’s non-employee director compensation policy, with no cash price per share, rather than a discretionary market buy or sell transaction.

How many APEI shares does Granetta B. Blevins hold after this equity award?

Following the 2,135-share restricted stock award, Granetta B. Blevins directly holds 60,080 shares of AMERICAN PUBLIC EDUCATION INC common stock. This figure comes from the post-transaction ownership reported in the Form 4 and reflects her direct holdings after the grant.

How does APEI compensate its non-employee directors with equity?

APEI’s non-employee directors receive an annual equity award of restricted stock at each annual stockholder meeting. These restricted shares vest on the earlier of the anniversary of the award date or the next annual stockholder meeting, aligning director compensation with shareholder interests over that period.

When do the restricted stock awards to APEI non-employee directors vest?

Restricted stock awards to APEI non-employee directors vest on the earlier of two dates. Vesting occurs either on the first anniversary of the award date or on the date of the next annual meeting of stockholders, whichever comes sooner under the director compensation policy.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:16 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^*

Blevins Granetta B.

(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	60,080	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.

Remarks:

Exhibit 24 - Power of Attorney

	/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)