Selden Angela K. 4

What Happened

• Angela K. Selden, President & CEO and a director of American Public Education, Inc. (APEI), received 98,352 shares from a performance-based restricted stock unit (PSU) award that vested on March 10, 2026 (acquired at $0.00 per share). To satisfy tax withholding on the vesting, 12,901 shares were withheld/disposed at $45.51 each, generating approximately $587,125.

Key Details

• Transaction dates: March 10, 2026 (vesting and withholding); Form 4 filed March 12, 2026.
• Award: 98,352 PSUs converted to common stock (code A) at $0.00 per share.
• Withholding: 12,901 shares withheld/disposed (code F) at $45.51/share for ~$587,125 to cover tax obligations.
• Vesting note: The PSUs are performance-based under APEI’s 2017 Omnibus Incentive Plan; the award reflects 2025 fiscal-year performance and vests in three roughly equal installments (Mar 10, 2026; Feb 4, 2027; Feb 4, 2028). (Footnote F1)
• Tax treatment: Shares were withheld by the issuer to satisfy withholding obligations related to the vesting (Footnote F2).
• Filing timeliness: Report was filed on March 12, 2026 for transactions on March 10, 2026 — appears to be timely (within the standard two-business-day Form 4 window).
• Shares owned after transaction: Not specified in the provided filing data.

Context

• This was not an open-market purchase or discretionary sale by the insider: it was the vesting of performance PSUs and the routine withholding/sale of shares to cover taxes (a common administrative step that does not necessarily indicate a trading decision).
• For retail investors, vested PSU awards increase insider equity but withheld shares reduce the net new shares taken by the insider; the meaningful cash amount reported here is the withholding sale (~$587k).