# EDGAR Filing Document

**Accession Number:** 0001448795
**File Stem:** 0001193805-23-000418
**Filing Date:** 2023-3
**Character Count:** 13243
**Document Hash:** c4de3b60755a3525cf3a4eebd178875f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-23-000418.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001193805-23-000418

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230328

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** 325 CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001873893
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33810
- **FILM NUMBER:** 23785077

**BUSINESS ADDRESS:**
- **STREET 1:** 757 THIRD AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-376-5325

**MAIL ADDRESS:**
- **STREET 1:** 757 THIRD AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** FRIEDBERG DANIEL M.
- **CENTRAL INDEX KEY:** 0001448795

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33810
- **FILM NUMBER:** 23785076

**MAIL ADDRESS:**
- **STREET 1:** C/O SAGARD CAPITAL
- **STREET 2:** 325 GREENWICH AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

**FORMER NAME:**
- **FORMER CONFORMED NAME:** FRIEDBERG DANIEL
- **DATE OF NAME CHANGE:** 20150622

**FORMER NAME:**
- **FORMER CONFORMED NAME:** Friedberg Dan
- **DATE OF NAME CHANGE:** 20081027
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Shrivastava Anil K
- **CENTRAL INDEX KEY:** 0001908019

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33810
- **FILM NUMBER:** 23785075

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **STREET 2:** 17TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Braner Michael David
- **CENTRAL INDEX KEY:** 0001908015

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33810
- **FILM NUMBER:** 23785078

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **STREET 2:** 17TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
**ISSUER**: 

**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

**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Braner Michael David<br><sub>(Last) (First) (Middle)</sub><br>757 THIRD AVENUE<br>20TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10017<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-28 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_See Footnotes_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>AMERICAN PUBLIC EDUCATION INC [ APEI ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>325 CAPITAL LLC<br><sub>(Last) (First) (Middle)</sub><br>757 THIRD AVENUE<br>20TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10017<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-28 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_See Footnotes_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>AMERICAN PUBLIC EDUCATION INC [ APEI ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>FRIEDBERG DANIEL M.<br><sub>(Last) (First) (Middle)</sub><br>757 THIRD AVENUE<br>20TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10017<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-28 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_See Footnotes_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>AMERICAN PUBLIC EDUCATION INC [ APEI ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Shrivastava Anil K<br><sub>(Last) (First) (Middle)</sub><br>757 THIRD AVENUE<br>20TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10017<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-28 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_See Footnotes_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>AMERICAN PUBLIC EDUCATION INC [ APEI ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.01<sup>(1)</sup> | 2023-03-28 |  | A<sup>(2)(4)</sup> |  | 2405 | A | <sup>(2)(4)</sup> | 2405<sup>(3)(4)</sup> | D |  |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 227128 | I | By: 325 Capital Master Fund LP<sup>(5)</sup> |
| Common Stock, $0.01 par value |  |  |  |  |  |  |  | 941301 | I | By: 325 Capital LLC<sup>(6)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership ("325 Master Fund"), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands ("325 Capital GP"), 325 Capital LLC, a Delaware limited liability company ("325"), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

(2) Shares of restricted stock granted pursuant to the director compensation policy for non-employee directors of American Public Education, Inc. (the "Issuer"). The shares vest on the earlier of May 20, 2023 and immediately prior to the Company's 2023 Annual Meeting of Stockholders.

(3) Because Mr. Braner serves on the Board as a representative of 325 and its affiliates, 325 is entitled to receive the direct economic interest in securities granted to Mr. Braner by the Issuer in respect of Mr. Braner's Board position. Mr. Braner disclaims beneficial ownership of the Issuer's securities to which this report relates and at no time has Mr. Braner had any economic interest in such securities except any indirect economic interest through 325 and its affiliates.

(4) The securities described in footnotes (2) and (3) represent securities in which 325 has all of the direct economic interest. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, 325 and Messrs. Braner, Friedberg and Shrivastava may be deemed to beneficially own the securities owned directly by 325.

(5) Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.

(6) Securities owned directly by certain separately managed accounts ("SMAs") that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.

**Remarks:**
Mr. Braner, a managing member of 325, is a director of the Issuer. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each of the Reporting Persons (other than Mr. Braner) may be deemed a director by deputization by virtue of its or his representation on the Board of Directors of the Issuer.

**Signature:** /s/ Michael D. Braner  
**Date:** 2023-03-31

**Signature:** 325 Capital LLC, By: /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member  
**Date:** 2023-03-31

**Signature:** /s/ Daniel M. Friedberg  
**Date:** 2023-03-31

**Signature:** /s/ Anil Shrivastava  
**Date:** 2023-03-31

### Remarks:

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.**