Braner Michael David 4

What Happened
Michael Braner, a director of American Public Education, Inc. (APEI), was granted 2,135 restricted shares on 2026-05-22 under the company's non‑employee director compensation program. The shares were reported as acquired at $0.00 (transaction code A — award/grant), so no cash was paid for the award in this filing.

Key Details

• Transaction date: 2026-05-22; Form 4 filed: 2026-05-27.
• Shares granted: 2,135 restricted shares; acquisition price reported: $0.00; total reported value: $0.
• Vesting: Per the issuer’s director compensation policy, these annual restricted stock awards vest on the earlier of the one‑year anniversary or the next annual meeting of stockholders. (Footnote F2)
• Shares owned after transaction: not specified in the filing.
• Footnotes/ownership nuance: This Form 4 is a joint filing by 325 Capital entities and three individuals. 325 Capital and affiliated funds have economic interest in the securities; Mr. Braner disclaims direct beneficial ownership of the reported securities except for any indirect interest through 325 and its affiliates (Footnotes F1, F3–F5).
• Timeliness: The grant occurred 2026-05-22 and the Form 4 was filed 2026-05-27 (five days later). Section 16 filings are generally due within two business days of a transaction; this filing was submitted later than that interval.

Context
This was a routine director equity grant (award of restricted stock) rather than a market purchase or sale. Such awards are common compensation for non‑employee directors and do not necessarily signal a personal buy/sell decision by the director; the filing also clarifies that the economic interest in these shares is tied to 325 Capital and its funds rather than direct personal ownership by Mr. Braner.