HERRAIZ LIZETTE BENEDI 4

What Happened
Lizette Herraiz, General Counsel of Strategic Education, Inc. (ticker: STRA), sold a total of 7,598 shares in open-market transactions on March 13, 2026, generating approximately $607,586 in proceeds. The sales were executed as two reported lots: 2,686 shares for $79.54 (≈ $213,644) and 4,912 shares for $80.20 (≈ $393,942). These were sales (not purchases), and were effected under a pre-established Rule 10b5-1 trading plan.

Key Details

• Transaction date(s): March 13, 2026; Form filed March 16, 2026 (appears to be within the normal reporting window).
• Prices and values: 2,686 shares at a weighted avg $79.54 (range $78.97–$79.96); 4,912 shares at a weighted avg $80.20 (range $79.97–$80.47). Total proceeds ≈ $607,586.
• Shares owned after transaction: The filing excerpt provided does not state the total shares owned following these sales. Footnote notes holdings include 605 shares acquired via the company 401(k) and Employee Stock Purchase Plan.
• Footnotes of note: F1—sales were made under a Rule 10b5-1 plan adopted Dec 12, 2025; F2/F3—weighted-average pricing ranges for the two sale groups; F3—reporting person can provide per-price breakdown on request; F4—605 shares from 401(k)/ESPP included in holdings.

Context
Sales executed under a 10b5-1 plan are typically pre-planned transactions and are considered routine insider selling rather than an ad-hoc vote of confidence or concern. For retail investors, purchases by insiders often carry more informational weight than routine sales; this filing documents disposition of shares, not an accumulation.