---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-034261"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2023-03-20T23:59:59+00:00"
generated_at: "2026-06-17T22:51:33.303055+00:00"
event_type: "leadership"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# APEI appoints Michael Braner (325 Capital) to board, enters cooperation agreement

## Summary
- Michael D. Braner, Managing Partner of 325 Capital, appointed to APEI Board effective March 28, 2023.
- 325 Capital owns approx. 4.9% of APEI common stock; cooperation agreement includes standstill and non-disparagement.
- Braner to receive standard director compensation: $80k annual retainer plus $100k restricted stock grant.
- Cooperation agreement governs board nomination at 2023 annual meeting and provides replacement director rights.
- Agreement ends before 2024 annual meeting; Braner will be nominated for election at 2023 annual meeting.

## SEC filing metadata
- accession: 0001104659-23-034261
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2023-03-20T23:59:59+00:00
- event_type: leadership
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465923034261/0001104659-23-034261-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465923034261/tm239986d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-034261
- JSON: https://secwatch.observer/filing/0001104659-23-034261.json
- Plain text: https://secwatch.observer/filing/0001104659-23-034261.txt

## Key facts
- Executive change
  Michael D. Braner was appointed as Director at AMERICAN PUBLIC EDUCATION INC.
  - Action: appointed
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1201792/000110465923034261/0001104659-23-034261-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.