Transaction Details

Footnotes

Pursuant to the non-employee director compensation policy (the "Policy") of American Public Education, Inc. (the "Company"), the Reporting Person is entitled to annual cash retainers totaling $225,000 for service on the Board of Directors of the Company (the "Board"), as non-employee Chairperson of the Board, and on the Board of Directors of Rasmussen University, a wholly owned subsidiary of the Company. The Reporting Person elected to receive common stock of the Company in lieu of such cash retainers, with the number of shares calculated based on the closing stock price on the first business day of the year and the shares issued in quarterly installments in advance in accordance with the Policy. The reporting person has elected to defer receipt of the shares until June 1, 2029, resulting in the issuance of deferred stock units to the Reporting Person.