SEC Contract Filing

Filing Date: 2023-05-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2316451d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NUMBER TWO TO THE AMERICAN PUBLIC
EDUCATION, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMPLOYEE STOCK PURCHASE PLAN </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The American Public Education, Inc. Employee Stock
Purchase Plan (the &ldquo;ESPP&rdquo;) is hereby amended (this &ldquo;Amendment&rdquo;) as set forth below by the Board of Directors of
American Public Education, Inc. (the&nbsp;&ldquo;Corporation&rdquo;), subject to the approval of this Amendment by the stockholders of
the Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">1.&nbsp;&nbsp;&nbsp;The first sentence of
Section 2 of the ESPP is amended and restated to read as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&ldquo;Subject to adjustment as provided in Section
26 below, the aggregate number of shares of Common Stock that may be made available for purchase by participating employees under the
Plan is eight hundred thousand (800,000).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">2.&nbsp;&nbsp;The ESPP shall otherwise
be unchanged by this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This Amendment is adopted subject to approval by
the stockholders of the Corporation at the Corporation&rsquo;s 2023 Annual Meeting of Stockholders. If the stockholders fail to approve
this Amendment at the Annual Meeting, the ESPP shall continue in existence in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&emsp;&emsp; *&emsp;&emsp; *</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The foregoing Amendment to the ESPP was duly adopted
and approved by the Board of Directors of the Corporation on March&nbsp;20, 2023, subject to the approval of the Amendment by the stockholders
of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
 <TR STYLE="vertical-align: top">
 <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
 <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt"><U>/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas A. Beckett</FONT></U></FONT></TD>
 <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas A. Beckett</FONT></TD>
 <TD>&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD>
 <TD>&nbsp;</TD></TR>
 </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The foregoing Amendment to the ESPP was duly adopted
by the stockholders of the Corporation at a meeting held on May 19, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 3.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
 <TR STYLE="vertical-align: top">
 <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
 <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt"><U>/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas A. Beckett</FONT></U></FONT></TD>
 <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas A. Beckett</FONT></TD>
 <TD>&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD>
 <TD>&nbsp;</TD></TR>
 </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Rom