# EDGAR Filing Document

**Accession Number:** 0001201792
**File Stem:** 0001104659-23-034261
**Filing Date:** 2023-3
**Character Count:** 55272
**Document Hash:** be9fe885fd45d0a6b9af70cb0d33876c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-034261.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001104659-23-034261

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230320

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN PUBLIC EDUCATION INC
- **CENTRAL INDEX KEY:** 0001201792
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **IRS NUMBER:** 010724376
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33810
- **FILM NUMBER:** 23745035

**BUSINESS ADDRESS:**
- **STREET 1:** 111 W CONGRESS STREET
- **CITY:** CHARLES TOWN
- **STATE:** WV
- **ZIP:** 25414
- **BUSINESS PHONE:** (304) 724-3700

**MAIL ADDRESS:**
- **STREET 1:** 111 W CONGRESS STREET
- **CITY:** CHARLES TOWN
- **STATE:** WV
- **ZIP:** 25414

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): March 20, 2023

**American Public Education, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-33810** | **01-0724376** |
|  (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **111 W. Congress Street**<br> **Charles Town, West Virginia** | &nbsp;&nbsp;**25414** |
| &nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;(Zip Code) |

---

Registrant's telephone number, including area code: **<u>304-724-3700</u>**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | APEI | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

On March 20, 2023, the Board of Directors (the "Board") of American Public Education, Inc. (the "Company") appointed Michael D.. Braner to serve as a director of the Company for a term expiring at the 2023 Annual Meeting of Stockholders (the "2023 Annual Meeting") and until a successor is duly elected and qualified, effective March 28, 2023. Mr. Braner has also been appointed as a member of the Management Development and Compensation Committee.

Mr. Braner will be compensated for his service on the Board in accordance with the Company's non-employee director compensation policy, which currently provides for, among things, an annual retainer of $80,000, and an annual grant to each director of restricted stock having a value of $100,000 on the grant date. Additionally, in connection with his appointment to the Board, the Company and Mr. Braner are entering into the Company's standard indemnification agreement for executive officers and directors.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

On March 20, 2023, the Company issued a press release announcing the appointment of Mr. Braner to the Board. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

On March 20, 2023, in connection with the appointment of Mr. Braner to the Board, the Company entered into a Cooperation Agreement by and among the Company, 325 Capital LLC, 325 Capital Master Fund LP, 325 Capital GP LLC, Daniel M. Friedberg, Anil K. Shrivastava, and Mr. Braner (the "325 Capital Investors") (the "Cooperation Agreement"). The Cooperation Agreement documents the appointment of Mr. Braner to the Board and the agreement that Mr. Braner will be nominated for election to the Board at the 2023 Annual Meeting.

The Cooperation Agreement (a) contains certain customary standstill provisions applicable to the 325 Capital Investors and other related persons, prohibiting them from, among other things, (i) engaging in any solicitation of proxies or consents, (ii) encouraging any person to submit nominees or seeking to effect the election, removal, or replacement of directors, (iii) forming or joining any Section 13(d) group with respect to the Company's stock (iv) depositing any securities of the Company in any voting trust or subjecting any securities of the Company to any arrangement or agreement with respect to the voting of any securities of the Company, (v) presenting any proposal for consideration by stockholders of the Company at any annual or special meeting of stockholders, and (vi) making any public proposal to change or influence the Board, Company management, or the direction of certain Company matters, and other enumerated actions during the period commencing on the date of the Cooperation Agreement until the Termination Date (as defined below) (the "Standstill Period") and the occurrence of certain other termination events related to the occurrence of a material breach of the Cooperation Agreement set forth therein, (b) contains certain mutual non-disparagement obligations during the Standstill Period, (c) provides that if Mr. Braner becomes incapacitated and ceases to serve as director, then, subject to certain conditions, the 325 Capital Investors may recommend a person to be a replacement director who qualifies as independent, has the relevant financial and business experience to be a director of the Company, and is reasonably acceptable to the Nominating and Corporate Governance Committee of the Board and the Board, and (e) provides that the 325 Capital Investors will vote at the 2023 Annual Meeting in favor of the election of all the director nominees recommended for election by the Board and otherwise in accordance with the Board's recommendation on all other proposals, subject to certain limited exceptions.

The Cooperation Agreement terminates upon the later of (a) the earlier of (i) 30 days prior to the deadline under the Company's Fifth Amended and Restated Bylaws for director nominations and stockholder proposals (the "Nomination Notice Deadline") for the 2024 Annual Meeting, (ii) 100 days prior to the first anniversary of 2023 Annual Meeting, and (iii) such date that is ten business days after the Company's receipt of notice from any of the 325 Capital Investors specifying a material breach of this Agreement by the Company; provided that such material breach is not cured within such ten business day period and (b) the date when the Mr. Braner is not on the Board (the "Termination Date"); provided that the Company agrees to provide notice to the Investors at least 15 days prior to Nomination Notice Deadline whether or not it will nominate Mr. Braner for election to the Board at the 2024 Annual Meeting.

The foregoing description of the Cooperation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Cooperation Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 99.2 and is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exhibits.* 

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit No. | Description |
| [99.1](tm239986d1_ex99-1.htm) | [Press Release, dated March 20, 2023](tm239986d1_ex99-1.htm) |
| [99.2](tm239986d1_ex99-2.htm) | [Cooperation Agreement, dated March 20, 2023, by and among 325 Capital LLC, 325 Capital Master Fund LP, 325 Capital GP LLC, Daniel M. Friedberg, Anil K. Shrivastava, and Michael D. Braner](tm239986d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | American Public Education, Inc. | American Public Education, Inc. |
|  | By: | /s/ Richard W. Sunderland, Jr. |
|  |  | Richard W. Sunderland, Jr.<br> Executive Vice President and Chief Financial Officer |
| Date: March 20, 2023 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm239986d1_ex99-1img01.jpg)

**APEI Appoints Michael D. Braner of 325 Capital LLC to its Board of Directors**

**CHARLES TOWN, WV (March 20, 2023)** – <u>American Public Education, Inc.</u> (Nasdaq: APEI) today announced it has appointed Michael D. Braner, a Managing Partner of 325 Capital LLC ("325 Capital"), to APEI's Board of Directors, effective March 28, 2023.

"We are excited to welcome a seasoned investor and existing shareholder, Michael Braner, to APEI's Board of Directors," said Ric Andersen, Chairman of APEI's Board of Directors. "His experience partnering with management teams and boards to further unlock long-term value aligns well with APEI's objectives."

Angela Selden, President and Chief Executive Officer of APEI, said "The APEI management team is very pleased to continue to collaborate with Michael and the 325 team in this new capacity. Their enthusiasm for and familiarity with the value levers of our business will contribute greatly to our future success."

Mr. Braner said, "I am excited to join the APEI Board and look forward to working together with Angie and her team, as well as the rest of the Board, to enhance shareholder value."

325 Capital and certain other persons and entities together own approximately 4.9% of APEI's outstanding common stock. In connection with the appointment of Mr. Braner, APEI entered into a Cooperation Agreement between APEI and 325 Capital containing customary provisions, including a standstill arrangement.

**About Michael D. Braner**

Mr. Braner is currently the Managing Partner and Chief Compliance Officer of 325 Capital and has served in those roles since 2018. Mr. Braner previously served as a Partner at Sagard Capital Partners, L.P. from 2005 to 2016. Prior to Sagard Capital, from 1992 to 2003, Michael was at Bain & Company, supporting clients in Bain's Chicago, Hong Kong, Sao Paulo, Mexico City, Dallas, Boston, and Los Angeles offices, providing strategic direction to such clients.

**About 325 Capital LLC**

325 Capital is a long-term, significant, minority owner of high-quality, small, public companies. 325 Capital strives to constructively partner with management teams and boards that are committed to driving long-term, fundamental value. As lead shareholders, 325 Capital supports its portfolio by working from deeply researched facts, acting as discrete advisors or constructive board members, providing access to a network of relationships, and providing direct growth capital. The team at 325 Capital has worked together for over 20 years developing this approach, strategy, and process and values facts, transparency, alignment, and partnership.

**About American Public Education**

<u>American Public Education, Inc.</u> (Nasdaq: APEI), through its institutions <u>American Public University System</u> (APUS), <u>Rasmussen University</u>, <u>Hondros College of Nursing</u>, and <u>Graduate School USA (GSUSA)</u>, provides education that transforms lives, advances careers, and improves communities.

APUS, which operates through American Military University and American Public University, is the leading educator to active-duty military and veteran students\* and serves approximately 88,900 adult learners worldwide via accessible and affordable higher education.

Rasmussen University is a 120-year-old nursing and health sciences-focused institution that serves approximately 14,300 students across its 22 campuses in six states and online. It also has schools of Business, Technology, Design, Early Education and Justice Studies.

Hondros College of Nursing focuses on educating pre-licensure nursing students at eight campuses (six in Ohio, one in Indiana, and one in Michigan). It is the largest educator of PN (LPN) nurses in the state of Ohio\*\* and serves approximately 2,700 total students. Graduate School USA is a leading training provider to the federal workforce with an extensive portfolio of government agency customers. It serves the federal workforce through customized contract training (B2G) to federal agencies and through open enrollment (B2C) to government professionals.

Both APUS and Rasmussen are institutionally accredited by the <u>Higher Learning Commission</u> (HLC), an institutional accreditation agency recognized by the U.S. Department of Education. Hondros is accredited by the <u>Accrediting Bureau of Health Education Schools</u> (ABHES). GSUSA is accredited by the <u>Accrediting Council for Continuing Education & Training</u> (ACCET). For additional information, visit <u>www.apei.com</u>.

*\*Based on FY 2019 Department of Defense tuition assistance and Veterans Administration student enrollment data, as reported by Military Times, 2020.*

*\*\*Based on information compiled by the National Council of State Boards of Nursing and Ohio Board of Nursing.* 

**Contacts:**

Ryan Koren

AVP, Investor Relations & Corporate Development

(610) 428-7376

###

## Exhibit 99.2

**Exhibit 99.2**

**Execution Draft**

**COOPERATION AGREEMENT**

This Cooperation Agreement (this "**Agreement**") is made and entered into as of March 20, 2023, by and among American Public Education, Inc., a Delaware corporation (the "**Company**"), 325 Capital LLC, a Delaware limited liability company ("**325 Capital**" and collectively with the other persons and entities listed on <u>Schedule A</u> hereto, the "**Investors**"), with respect to the matters set forth below. The Company and each of the Investors shall be deemed a "**Party**" to this Agreement, and collectively, shall be deemed the "**Parties**". Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in Section 11 below. In consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Board Appointment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Concurrently with the execution of this Agreement, the Board of Directors of the Company (the "**Board** ")
shall take all necessary actions to fix the size of the Board at ten (10) directors and appoint Michael D. Braner (the "**New Director**") to the Board with a term expiring at the Company's 2023 Annual Meeting of Stockholders (the "**2023 Annual Meeting** "), with such appointment to be effective at 5pm on March 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Company acknowledges and agrees that prior to the date of this Agreement, the Company has received
all requested information from the New Director, and the New Director satisfies all eligibility, independence and other criteria required
by the Board and the Nominating and Corporate Governance Committee of the Board (the "**Nominating Committee**") in accordance
with past practice with respect to other members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Board Nomination for Election at the 2023 Annual Meeting</u>. The Company agrees that the Board shall
nominate, along with its other nominees, the New Director for election to the Board at the Company's 2023 Annual Meeting for a term
expiring at the Company's 2024 Annual Meeting of Stockholders (the "**2024 Annual Meeting**") and shall recommend,
support and solicit proxies for the election of the New Director in the same manner as it recommends, supports, and solicits proxies for
the election of the Company's other nominees up for election at the 2023 Annual Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Committee and Related Composition Matters</u>. The Board shall, in accordance with its customary governance
processes, give the New Director the same due consideration for membership to any committee, subcommittee or working group of the Board
as any other independent director with similar relevant expertise and qualifications. Concurrently with the execution of this Agreement,
the Board, and all applicable committees of the Board, shall take all necessary actions to appoint the New Director to the Management
Development and Compensation Committee of the Board.

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Replacement Rights</u>. If, at any time during the Standstill Period, the New Director (or any Replacement
Director) is unable to serve as a director due to incapacity and ceases to be a director, the Investors shall have the right to propose
to the Company a replacement director (a "**Replacement Director**") with relevant financial and business experience, who
qualifies as "independent" pursuant to Nasdaq Stock Market LLC's listing standards and the Securities and Exchange Commission
(the "SEC") rules and regulations. Any candidate for Replacement Director shall be subject to the reasonable approval
of the Nominating Committee and the Board, which approval shall occur as soon as practicable following the Investors proposing a director
and shall not be unreasonably withheld, conditioned or delayed, and such Replacement Director shall be appointed to the Board within five
(5) business days after the Board and the Nominating Committee have approved of such candidate. Any Replacement Director appointed
to the Board in accordance with this <u>Section 4</u> shall be appointed to any applicable committee of the Board of which
the replaced director was a member immediately prior to such director's resignation or removal. In the event the Board or the Nominating
Committee determines in good faith not to approve any Replacement Director proposed by the Investors, the Investors shall have the right
to propose additional Replacement Directors in accordance with this <u>Section 4</u> until a Replacement Director is appointed
to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>New Director Agreements, Arrangements and Understandings</u>. Each of the Investors represents that
as of the date of this Agreement and during the Standstill Period (defined below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) neither it nor any of its Affiliates is, and such Persons will not become, a party to any agreement, arrangement
or understanding, written or oral, with the New Director regarding such Person's service on the Board or any committee thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) it shall comply, and shall cause each of its Affiliates and the New Director to comply, with the terms
of this Agreement and shall be responsible for any breach of this Agreement by any Affiliate or the New Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) it has not, directly or indirectly, compensated or agreed to compensate, and will not, directly or indirectly,
compensate or agree to compensate the New Director for his respective service as a nominee or director of the Company with any cash, securities
(including any rights or options convertible into or exercisable for or exchangeable into securities or any profit sharing agreement or
arrangement), or other form of compensation directly or indirectly related to the Company or its Affiliates or its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) it and the New Director agree that the Board or any committee or subcommittee thereof, in the exercise
of its fiduciary duties, may recuse the New Director from any Board or committee or subcommittee meeting or portion thereof at which the
Board or any such committee or subcommittee is evaluating and/or taking action with respect to the exercise of any of the Company's
rights or enforcement of any of the obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Notwithstanding anything set forth herein to the contrary, the Company acknowledges that nothing in this
Agreement or in any Company Policy (as defined below) shall be violated by the New Director receiving any incentive allocation based on
the performance of any of the Investors' portfolios, which includes securities of the Company or any performance-related fees based
on any increase in the value of any securities of the Company, from the Investors; provided, that the New Director neither accepts nor
receives compensation from the Investors (or their Affiliates) with respect to the New Director's service or action as a director
of the Company;

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Voting of the Investors' Shares</u>. During the Standstill Period (whether at an annual or special
stockholder meeting), each of the Investors shall cause to be present for quorum purposes and vote or cause to be voted all shares of
Common Stock beneficially owned by it or its controlling or controlled Affiliates which it is entitled to vote on the record date for
the applicable annual or special meeting of stockholders in accordance with the recommendation of the Board with respect to (a) the
election, removal or replacement of directors, and (b) all other proposals; <u>provided</u>, <u>however</u>, that in the event that
Institutional Shareholder Services Inc. ()"**ISS**") or Glass Lewis & Co., LLC ()"**Glass Lewis** ")
recommend otherwise with respect to any proposals (other than related to the election, removal or replacement of directors), each of the
Investors shall be permitted to vote in accordance with the ISS or Glass Lewis recommendation; <u>provided</u>, <u>further</u>, that each
of the Investors shall be permitted to vote in its sole discretion with respect to any publicly announced proposals relating to an Extraordinary
Transaction (as defined below) requiring a vote of stockholders of the Company; <u>provided</u>, <u>further still</u>, that in the event
that the New Director, in his capacity as New Director, votes against any proposals (other than related to the election, removal or replacement
of directors), each of the investors shall be permitted to vote in accordance with the New Director. Nothing in this Section 6 shall
be deemed to prevent, or in any manner limit, any Investor's ability to vote all shares of Common Stock beneficially owned by it
in any manner that it sees fit with respect to any Extraordinary Transaction that may be presented for stockholder approval during the
Standstill Period.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Company Policies</u>. Each of the Investors acknowledges that the New Director, upon appointment to
the Board, shall serve as a member of the Board and shall be governed by the same protections and obligations currently existing regarding
confidentiality, conflicts of interest, related party transactions, fiduciary duties, codes of conduct, trading and disclosure policies,
and other governance guidelines and policies of the Company as other directors (collectively, "**Company Policies**") and
as required by law, and shall be required to preserve the confidentiality of Company business and information, including discussions or
matters considered in meetings of the Board or Board committees, subcommittees or working groups, and shall have the same rights and benefits,
including with respect to insurance, indemnification, compensation and fees, as are applicable to all non-management directors of the
Company; <u>provided</u>, <u>however</u>, that the New Director may share confidential information with the Investors pursuant to the
Confidentiality Agreement (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Press Release; SEC Filings</u>. Promptly following the execution and delivery of this Agreement, the
Company shall issue a press release in the form mutually agreed (the "**Company Press Release** "). During the Standstill
Period, none of the Investors nor any of its Affiliates shall issue a press release with respect to the Company, the entry into this Agreement
or the actions contemplated hereby. Promptly following the execution and delivery of this Agreement, the Company will file a Current Report
on Form 8-K, which will report the entry into this Agreement and file the Agreement as an exhibit thereto. The Investors shall be
given a reasonable opportunity to review and comment on any Current Report on Form 8-K or other filing with the SEC made by the Company
with respect to this Agreement, and the Company shall give reasonable consideration to any comments of the Investors. During the Standstill
Period, each of the Investors shall, and shall cause its Affiliates to, cause any public or private filings, announcements, statements
or communications that reference the entry into this Agreement or the actions contemplated to be taken in connection with the entry into
this Agreement or are otherwise made in connection herewith, to be consistent with the Company Press Release and the terms of this Agreement.

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Standstill</u>. During the Standstill Period, each of the Investors shall not, and shall cause its
Affiliates and each of their officers, directors, managers, principals, managing members, and representatives (collectively, the "**Restricted Persons**") not to, directly or indirectly, absent prior express written invitation or authorization by the Board or as otherwise
permitted hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) engage in any "solicitation" (as such term is defined under the Securities Exchange Act of
1934, as amended and the rules promulgated thereunder (the "**Exchange Act** ")) of proxies or consents with respect
to the election, removal or replacement of directors or any other matter or proposal or become a "participant" (as such term
is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Exchange Act) in any such solicitation of proxies or consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) knowingly encourage, support, advise or influence any other Person or knowingly assist any Person in so
encouraging, supporting, advising or influencing any Person with respect to the giving or withholding of any proxy, consent or other authority
to vote (other than such encouragement, support, advice or influence that is consistent with the Board's recommendation in connection
with such matter or as otherwise permitted by this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) form, join or act in concert with any partnership, limited partnership, syndicate or other group, including
a "group" as defined pursuant to Section 13(d) of the Exchange Act and the rules promulgated thereunder, with
any entity or person unaffiliated with the Investors and with respect to any Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) make or in any way participate, directly or indirectly, in any tender offer, exchange offer, merger, consolidation,
acquisition, business combination, sale of a division, sale of substantially all assets, recapitalization, restructuring, liquidation,
dissolution or extraordinary transaction, including any transaction contemplating the issuance of twenty percent (20%) or more of the
Company's Common Stock, involving the Company or any of its subsidiaries (each, an "**Extraordinary Transaction** ")
(it being understood that the foregoing shall not restrict the Investors or any of its Affiliates from tendering (or failing to tender)
shares, receiving payment or other consideration for shares, voting its shares "for" or "against" any Extraordinary
Transaction, or otherwise participating in any such transaction on the same basis as other stockholders of the Company, or from participating
in any such transaction that has been approved by the Board);

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) deposit any Voting Securities in any voting trust or subject any Voting Securities to any arrangement
or agreement with respect to the voting of any Voting Securities (including by granting any proxy, consent or other authority to vote);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) (i) seek, alone or in concert with others, election or appointment to, or representation on, the
Board or nominate or propose the nomination of, or recommend the nomination of, any candidate to the Board (except as otherwise permitted
in this Agreement), (ii) seek, alone or in concert with others, or knowingly encourage any Person to seek, the removal or replacement
of any member of the Board, (iii) request that, or knowingly encourage any Person to request that, the Company call any annual or
special meeting of the Company's stockholders, (iv) present any matter at any annual or special meeting of the Company's
stockholders, or (v) conduct, or knowingly encourage any Person to conduct, a referendum of the Company's stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) make or be the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act
or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) make any request for stock list materials or other books and records of the Company under the Delaware
General Corporation Law or other statutory or regulatory provisions providing for stockholder access to books and records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) except as set forth in this Agreement, make any public proposal with respect to (i) any change in
the number or term of directors or the filling of any vacancies on the Board, (ii) any material change in the capitalization of the
Company, (iii) any other material change in the Company's management, business or corporate structure, or (iv) any waiver,
amendment or modification to the Company's Fifth Amended and Restated Certificate of Incorporation (as may be amended, restated,
supplemented or otherwise modified from time to time, the "**Charter**") or Bylaws, or other actions which may impede the
acquisition of control of the Company by any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) enter into any negotiations, agreements or understandings with any Third Party to take any action that
any of the Investors is prohibited from taking pursuant to this Section 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) institute, solicit, knowingly assist or join any litigation, arbitration or other proceeding against or
involving the Company or any of its current, former or future directors or officers (including derivative actions) in order to effect
or take any of the actions expressly prohibited by this Section 9; <u>provided</u>, <u>however</u>, that for the avoidance of doubt,
the foregoing shall not prevent any Restricted Person from (i) bringing litigation to enforce the provisions of this Agreement, (ii) making
counterclaims with respect to any proceeding initiated by, or on behalf of, the Company against a Restricted Person, (iii) bringing
bona fide commercial disputes that do not relate to the subject matter of this Agreement or (iv) exercising statutory appraisal rights; <u>provided</u>, <u>further</u>, that the foregoing shall also not prevent the Restricted Persons from responding to or complying with
a validly issued legal process (and the Company agrees that this Section 9(k) shall apply *mutatis mutandis* to
the Company and its directors, officers and employees (in each case, acting in such capacity) and Affiliates with respect to the Investors
in connection with the Company's obligations set forth in the penultimate paragraph of this Section 9); or

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) make any public request or submit any public proposal, directly or indirectly, to amend or waive the terms
of this Agreement, in each case which would reasonably be expected to result in a public announcement of such request or proposal.

Nothing contained in this Agreement shall prevent the Investors from (i) privately communicating with the Company or the Board regarding any matter, (ii) making any public or private statement or announcement with respect to an Extraordinary Transaction that is publicly announced by the Company or a Third Party, (iii) communicating with stockholders of the Company and others in a manner that does not otherwise violate this Section 9 or Section 10 or (iv) taking any action necessary to comply with any law, rule or regulation or any action required by any governmental or regulatory authority or stock exchange that has jurisdiction over the Investors, (v) identifying potential director candidates to serve on the Board, so long as such actions do not create, and that the Investors would not reasonably expect to create, a public disclosure obligation for the Investors or the Company, are not publicly disclosed by the Investors or its Affiliates and are undertaken on a basis reasonably designed to be confidential and (vi) making or sending private communications to investors or prospective investors in any Investor or any of their Affiliates, provided that such statements or communications (1) are based on publicly available information; (2) are part of general discussions related to the respective portfolio of investments by the Investor or Affiliate making or sending such private communications; and (3) are not reasonably expected to be publicly disclosed and are understood by all parties to be confidential communications. Nothing in this Agreement shall prevent (a) the Company from responding to such statements by the Investors described in clause (ii) of the preceding sentence, subject to the obligations of the Parties under Section 10, or (b) the Company or the Investors from making any factual statement as required by applicable legal process, subpoena, or legal requirement or as part of a response to a request for information from any governmental authority with jurisdiction over the Party from whom information is sought (so long as such request did not arise as a result of discretionary acts by the Investors or any of its Affiliates or by the Company or any of its Affiliates, as applicable).

Furthermore, for the avoidance of doubt, nothing in this Agreement shall be deemed to restrict in any way the New Director in the exercise of his fiduciary duties under applicable law as a director of the Company.

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Mutual Non-Disparagement</u>. Each of the Parties covenants and agrees that, during the Standstill
Period, neither it nor any of its Affiliates or any of its or its Affiliates' respective agents, subsidiaries, officers, directors,
managers, principals or managing members shall in any way publicly attack, disparage, impugn, defame, or slander or otherwise make any
public statements that would reasonably be expected to damage the business or reputation of the other Party or such other Party's
subsidiaries, Affiliates, officers (including any current officer of a Party or a Party's subsidiaries who no longer serves in such
capacity following the execution of this Agreement), directors (including any current director of a Party or a Party's subsidiaries
who no longer serves in such capacity following the execution of this Agreement), or employees, or any of their businesses, products or
services. Each Party shall use its commercially reasonable efforts to cause its and its Affiliates' employees to comply with this
Section 10. For the avoidance of doubt, the foregoing shall not restrict the ability of any Person to comply with compelled testimony
or production of information by legal process, subpoena or as part of a response to a request for information from any governmental authority
with purported jurisdiction over the Party from whom information is sought.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Defined Terms</u>. As used in this Agreement, the term (a) "**Affiliate**" shall
have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and shall include Persons who become Affiliates of any
Person subsequent to the date of this Agreement; <u>provided</u>, that "Affiliates" of a Person shall not include any entity,
solely by reason of the fact that one or more of such Person's employees or principals serves as a member of its board of directors
or similar governing body, unless such Person otherwise controls such entity (as the term "control" is defined in Rule 12b-2
promulgated under the Exchange Act), (b) "**beneficially own** ", "**beneficially owned**" and "**beneficial ownership**" shall have the meaning set forth in Rules 13d-3 and 13d-5(b)(l) promulgated under the Exchange Act, (c) "**business day**" shall mean any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is closed, (d) "**Common Stock**" means the common stock, par value $0.01, of the Company, (e) "**Person**" shall be interpreted broadly
to include, among others, any individual, general or limited partnership, corporation, limited liability or unlimited liability company,
joint venture, estate, trust, group, association or other entity of any kind or structure, (f) "**SEC**" means the
U.S. Securities and Exchange Commission, (g) "**Standstill Period**" means the period of time commencing on the date
of this Agreement until the later of (A) the earlier of (i) thirty (30) days prior to the deadline under the Company's
Bylaws for director nominations and stockholder proposals (the "**Nomination Notice Deadline**") for the 2024 Annual Meeting,
and (ii) one hundred (100) days prior to the first anniversary of 2023 Annual Meeting; and (iii) such date that is ten (10) Business
Days after the Company's receipt of notice from any of the Investors specifying a material breach of this Agreement by the Company;
provided that such material breach is not cured within such ten (10) Business Day period, and (B) the date when the New Director
is not on the Board; <u>provided that</u>, the Company agrees to provide notice to the Investors at fifteen (15) days prior to Nomination
Notice Deadline whether or not it will nominate the New Director for election to the Board at the 2024 Annual Meeting; <u>provided</u>, <u>however</u>, that in the event the Company fails to appoint the New Director in accordance with Section 1(a) of this Agreement,
the Standstill Period will expire immediately, (h) "**Third Party**" means any Person that is not (i) a party
to this Agreement or an Affiliate thereof, (ii) a member of the Board, (iii) an officer of the Company, or (iv) legal counsel
to any party to this Agreement, and (i) "**Voting Securities**" shall mean the shares of Common Stock of the Company
and any other securities of the Company entitled to vote in the election of directors.

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Investor Representations and Warranties</u>. Each of the Investors represents and warrants that (a) the
authorized signatory of each of the Investors set forth on the signature page hereto has the power and authority to execute this
Agreement and any other documents or agreements to be entered into in connection with this Agreement and to bind each of the Investors
thereto, (b) this Agreement has been duly authorized, executed and delivered by it and is a valid and binding obligation of each
of the Investors, enforceable against it in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject
to general equity principles, (c) such Investor has the power and authority to execute, deliver and carry out the terms and provisions
of this Agreement, (d) such Investor has, and at all relevant times shall have, the requisite power and authority to cause each of
its Affiliates to comply with the terms hereof applicable to such Affiliates, (e) the execution and delivery by such Investor of
this Agreement and the performance of such member of the Investor's obligations hereunder does not and will not violate any law,
any order of any court or other agency of government, the organizational documents of such member of the Investor, or any provision of
any agreement or other instrument to which such member of the Investor or any of its properties or assets is bound, or conflict with,
result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument,
or result in the creation or imposition of, or give rise to, any material lien, charge, restriction, claim, encumbrance or adverse penalty
of any nature whatsoever pursuant to any such indenture, agreement or other instrument, and (f) such Investor and its Affiliates,
beneficially own, directly or indirectly, such number of shares of Common Stock as indicated opposite its name on <u>Schedule A</u> attached
hereto and such shares of Common Stock constitute all of the Common Stock beneficially owned by the Investor or an Affiliate thereof or
in which the Investor or an Affiliate thereof has any interest or right to acquire or vote, whether through derivative securities, voting
agreements or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Company Representations and Warranties</u>. The Company represents and warrants that (a) the Company
has the corporate power and authority to execute this Agreement and to bind it thereto, (b) this Agreement has been duly authorized,
executed and delivered by it and is a valid and binding obligation of the Company, enforceable against the Company in accordance with
its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or similar laws generally affecting the rights of creditors and subject to general equity principles, (c) this Agreement does not
require the approval of the stockholders of the Company, and (d) this Agreement does not and shall not violate any law, any order
of any court or other agency of government, the Charter or Bylaws, or any provision of any agreement or other instrument to which the
Company or any of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of
time or both) a default under any such agreement or other instrument, or result in the creation or imposition of, or give rise to, any
material lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such indenture, agreement
or other instrument.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Termination</u>. Unless otherwise mutually agreed in writing by each Party, this Agreement shall terminate
at the end of the Standstill Period. Notwithstanding the foregoing, this Section 14 and Sections 15 through 26 shall survive the
termination of this Agreement. No termination of this Agreement shall relieve any Party from liability for any breach of this Agreement
prior to such termination.

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Specific Performance</u>. The Company and each of the Investors acknowledge and agree that money damages
would not be a sufficient remedy for any breach (or threatened breach) of this Agreement by it and that, in the event of any breach or
threatened breach hereof, (a) the non-breaching Party will be entitled to seek injunctive and other equitable relief, without proof
of actual damages, (b) the breaching Party will not plead in defense thereto that there would be an adequate remedy at law, and (c) the
breaching Party agrees to waive any applicable right or requirement that a bond be posted by the non-breaching Party. Such remedies will
not be the exclusive remedies for a breach of this Agreement, but will be in addition to all other remedies available at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Confidentiality</u>. The Parties will enter into a confidentiality agreement promptly after the execution
of this Agreement pursuant to which the Company and the New Director may share confidential information with the Investors (the "**Confidentiality Agreement** ").

&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Entire Agreement; Successors and Assigns; Amendment and Waiver</u>. This Agreement (including its exhibits
and schedules), together with the Confidentiality Agreement, contains the entire understanding of the Parties with respect to its subject
matter and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written. This Agreement shall
be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign or
otherwise transfer either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval
of the other Party. No amendment, modification, supplement or waiver of any provision of this Agreement shall be effective unless it is
in writing and signed by the Party affected thereby, and then only in the specific instance and for the specific purpose stated therein.
Any waiver by any Party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this Agreement. The failure of a Party to insist upon strict adherence
to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that Party of the right thereafter
to insist upon strict adherence to that term or any other term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Severability</u>. If any provision of this Agreement is held invalid or unenforceable by any court
of competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Submission to Jurisdiction</u>. The parties hereby (a) irrevocably and unconditionally submit
to the exclusive personal jurisdiction and venue of the Court of Chancery of the State of Delaware, New Castle County, or, if the Chancery
Court declines jurisdiction, the United States District Court for the District of Delaware or, to the extent that neither of the foregoing
courts has jurisdiction, the Superior Court of the State of Delaware, (b) agree that all claims in respect of such action or proceeding
shall be heard and determined exclusively in accordance with clause (a) of this Section 20, (c) waive any objection to
laying venue in any such action or proceeding in such courts, (d) waive any objection that such courts are an inconvenient forum
or do not have jurisdiction over any party, and (e) agree that service of process upon such party in any such action or proceeding
shall be effective if notice is given in accordance with Section 23 of this Agreement. Nothing in this Section 20, however,
shall affect the right of any person to serve legal process in any other manner permitted by Law

**Execution Draft**

&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Waiver of Jury Trial</u>. Each Party hereby waives, to the fullest extent permitted by law, any right
to trial by jury of any claim, demand, action, or cause of action (i) arising under this Agreement or (ii) in any way connected
with or related or incidental to the dealings of the Parties hereto in respect of this Agreement or any of the transactions contemplated
hereby, in each case whether now existing or hereafter arising, and whether in contract, tort, equity, or otherwise. Each Party hereby
agrees and consents that any such claim, demand, action, or cause of action shall be decided by court trial without a jury.

&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Parties in Interest</u>. This Agreement is solely for the benefit of the Parties and is not enforceable
by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Notices</u>. All notices, consents, requests, instructions, approvals and other communications provided
for herein, and all legal process in regard hereto, will be in writing and will be deemed validly given, made or served when received
via email, delivered in person, one business day after being sent by overnight courier or two business days after being sent by registered
or certified mail (postage prepaid, return receipt requested) as follows:

If to the Company to:

American Public Education, Inc.

111 West Congress Street

Charles Town, WV 25414

Attn: Thomas Beckett

with a copy (which shall not constitute notice) to:

Hogan Lovells US LLP

100 International Drive

Suite 100

Baltimore, Maryland 21202

Attn: William I. Intner

Email: <u>william.intner@hoganlovells.com</u>

**Execution Draft**

If to the Investors:

325 Capital, LLC

757 Third Avenue

20<sup>th</sup> Floor

New York, New York 10017

Attn: Michael D. Braner

Email: mbraner@325Capital.com

with a copy (which shall not constitute notice) to:

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

Attn:

Elizabeth Gonzalez-Sussman

Matthew W. Traylor

Emails:

<u>EGonzalez@olshanlaw.com</u>

<u>MTraylor@olshanlaw.com</u>

At any time, any Party may, by notice given in accordance with this Section 23 to the other Party, provide updated information for notices hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Expenses</u>. The Company shall reimburse each of the Investors for expenses incurred prior to and
on the date of this Agreement in such amount as previously agreed upon by the Parties. Except as otherwise provided in this Section 24,
each Party shall be responsible for its own fees and expenses incurred in connection with the negotiation, execution and effectuation
of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Interpretation</u>. Each of the Parties acknowledges that it has been represented by counsel of its
choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the
advice of such counsel. Each Party and its counsel cooperated and participated in the drafting and preparation of this Agreement, and
any and all drafts relating thereto exchanged among the Parties shall be deemed the work product of all of the Parties and may not be
construed against any Party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would
require interpretation of any ambiguities in this Agreement against any Party that drafted or prepared it is of no application and is
hereby expressly waived by each of the Parties, and any controversy over interpretations of this Agreement shall be decided without regard
to events of drafting or preparation.

&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Counterparts</u>. This Agreement may be executed by the Parties in separate counterparts (including
by fax, jpeg, .gif, .bmp and .pdf), each of which when so executed shall be an original, but all such counterparts shall together constitute
one and the same instrument.

[*Signature page follows*]

IN WITNESS WHEREOF, each of the Parties hereto has executed and delivered this Agreement, or caused the Agreement to be duly executed and delivered on its behalf, as of the date first set forth above.

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| | | |
|:---|:---|:---|
| AMERICAN PUBLIC EDUCATION, INC. | AMERICAN PUBLIC EDUCATION, INC. | AMERICAN PUBLIC EDUCATION, INC. |
| By: | /s/ Angela Selden | /s/ Angela Selden |
|  | Name: | Angela Selden |
|  | Title: | President and Chief Executive Officer |

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*[Signatures continue on next page]*

*[Signature Page to Cooperation Agreement]*

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| | | |
|:---|:---|:---|
| 325 CAPITAL LLC | 325 CAPITAL LLC | 325 CAPITAL LLC |
| By: | /s/ Michael D. Braner | /s/ Michael D. Braner |
|  | Name: | Michael D. Braner |
|  | Title: | Managing Member |
| By: | /s/ Daniel M. Friedberg | /s/ Daniel M. Friedberg |
|  | Name: | Daniel M. Friedberg |
|  | Title: | Managing Member |
| By: | /s/ Anil K. Shrivastava | /s/ Anil K. Shrivastava |
|  | Name: | Anil K. Shrivastava |
|  | Title: | Managing Member |

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*[Signature Page to Cooperation Agreement]*

**<u>SCHEDULE A</u>**

**Investors**

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| | |
|:---|:---|
| **Investor** | **Shares of Common Stock Beneficially Owned** |
| &nbsp;&nbsp;325 Capital LLC | &nbsp;&nbsp;938528<sup>1</sup> |
| &nbsp;&nbsp;325 Capital Master Fund LP | &nbsp;&nbsp;182435 |
| &nbsp;&nbsp;325 Capital GP LLC | &nbsp;&nbsp;182435 |
| &nbsp;&nbsp;Daniel Friedberg | &nbsp;&nbsp;938528 |
| &nbsp;&nbsp;Anil Shrivastava | &nbsp;&nbsp;938528 |
| &nbsp;&nbsp;Michael D. Braner | &nbsp;&nbsp;938528 |

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<sup>1</sup> Includes 756,093 Shares of Common Stock held in certain separately managed accounts for which 325 serves as investment manager and therefore for which 325 may be deemed to beneficially own.