Strategic Education (STRA) director adds shares and gets restricted stock grant

Rhea-AI Filing Summary

Strategic Education, Inc. director Michael Thawley reported two transactions in common stock. He made an open-market purchase of 665 shares at $72.71 per share, and received a grant of 1,436 shares of restricted stock as compensation. The restricted stock will vest in three equal annual installments beginning April 22, 2027. After these transactions, he directly owns 12,154 shares of common stock.

Insider Trade Summary

Net Buyer: 665 shares ($48,352)

Net Buy 2 txns

Insider Thawley Michael

Role null

Bought 665 shs ($48K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	665	$72.71	$48K
Grant/Award	Common Stock	1,436	$0.00	--

Holdings After Transaction: Common Stock — 12,154 shares (Direct, null)

Footnotes (1)

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Key Figures

Open-market purchase: 665 shares Purchase price: $72.71 per share Restricted stock award: 1,436 shares +2 more

5 metrics

Open-market purchase 665 shares Common stock bought in open market

Purchase price $72.71 per share Price paid for 665 purchased shares

Restricted stock award 1,436 shares Grant/award acquisition of common stock

Post-transaction holdings 12,154 shares Total common shares owned directly after transactions

Vesting schedule start April 22, 2027 Restricted stock vests in three equal annual installments

Key Terms

open-market purchase, restricted stock, grant/award acquisition

3 terms

open-market purchase financial

"transaction_action: "open-market purchase" for 665 shares at $72.71"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

restricted stock financial

"Represents an award of restricted stock which will vest in three equal annual installments"

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.

grant/award acquisition financial

"transaction_action: "grant/award acquisition" for 1,436 shares of Common Stock"

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^*

Thawley Michael

(Last) (First) (Middle)

2303 DULLES STATION BLVD

(Street)

HERNDON VIRGINIA 20171

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Strategic Education, Inc. [ STRA ]

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)
04/22/2026

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	04/22/2026		A		1,436(1)	A	$0	11,489	D
Common Stock	04/24/2026		P		665	A	$72.71	12,154	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. Represents an award of restricted stock which will vest in three equal annual installments beginning April 22, 2027.

	/s/ Daniel W. Jackson, Attorney-in-Fact	04/24/2026
	** 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)

FAQ

What insider transactions did STRA director Michael Thawley report?

Michael Thawley reported two transactions: an open-market purchase of 665 shares of Strategic Education common stock at $72.71 per share, and a grant of 1,436 shares of restricted stock that vest over time as part of his compensation.

How many STRA shares did Michael Thawley buy on the open market?

He bought 665 shares of Strategic Education common stock in an open-market purchase at a price of $72.71 per share, increasing his direct ownership position in the company through a cash transaction at the prevailing market price.

What is the size and structure of Michael Thawley’s restricted stock award in STRA?

He received a grant of 1,436 shares of restricted stock. This award will vest in three equal annual installments starting on April 22, 2027, meaning portions of the grant become fully owned each year, subject to the vesting schedule.

When will Michael Thawley’s STRA restricted stock begin vesting?

The restricted stock award will begin vesting on April 22, 2027. It vests in three equal annual installments, so additional portions will vest on the same calendar date in subsequent years, assuming standard continued-service conditions apply to the award.

How many STRA shares does Michael Thawley own after these transactions?

After the reported transactions, Michael Thawley directly owns 12,154 shares of Strategic Education common stock. This figure includes his existing holdings plus the new open-market purchase and the reported restricted stock award, as reflected in the Form 4 totals.

What does the transaction code P mean in Michael Thawley’s STRA filing?

The code P indicates an open-market or private purchase of common stock. In this filing, it corresponds to Thawley’s acquisition of 665 shares at $72.71 per share, representing a direct, voluntary investment at the market price on that transaction date.