X0306 4 2020-02-27 0 0001013934 Strategic Education, Inc. STRA 0001256121 SILBERMAN ROBERT S 2303 DULLES STATION BLVD. HERNDON VA 20171 1 1 0 0 Executive Chairman Common Stock 2020-02-27 4 A 0 20518 0 A 364692 D Common Stock 2020-02-27 4 F 0 121095 150.46 D 243597 D Common Stock 2020-02-27 4 S 0 349 143.40 D 243248 D Common Stock 2020-02-27 4 S 0 3542 144.37 D 239706 D Common Stock 2020-02-27 4 S 0 2658 145.29 D 237048 D Common Stock 2020-02-27 4 S 0 5573 146.37 D 231475 D Common Stock 2020-02-27 4 S 0 3541 147.65 D 227934 D Common Stock 2020-02-27 4 S 0 7757 148.56 D 220177 D Common Stock 2020-02-27 4 S 0 4012 149.40 D 216165 D Common Stock 2020-02-27 4 S 0 2295 150.64 D 213870 D Common Stock 2020-02-27 4 S 0 2107 151.64 D 211763 D Common Stock 2020-02-27 4 S 0 392 152.08 D 211371 D Common Stock 2020-02-28 4 S 0 600 138.36 D 210771 D Common Stock 2020-02-28 4 S 0 3110 140.04 D 207661 D Common Stock 2020-02-28 4 S 0 370 141.28 D 207291 D Common Stock 2020-02-28 4 S 0 382 142.39 D 206909 D Common Stock 2020-02-28 4 S 0 9198 144.05 D 197711 D Common Stock 2020-02-28 4 S 0 1409 144.64 D 196302 D Common Stock 2020-02-28 4 S 0 26067 146.03 D 170235 D Common Stock 2020-02-28 4 S 0 13972 147.21 D 156263 D Common Stock 2020-02-28 4 S 0 9244 148.30 D 147019 D Common Stock 2020-02-28 4 S 0 100 148.86 D 146919 D Common Stock 2020-03-02 4 S 0 6182 145.09 D 140737 D Common Stock 2020-03-02 4 S 0 9212 145.99 D 131525 D Common Stock 2020-03-02 4 S 0 10063 146.93 D 121462 D Common Stock 2020-03-02 4 S 0 6650 147.76 D 114812 D Common Stock 2020-03-02 4 S 0 120 149.00 D 114692 D These shares are restricted and will vest on February 27, 2024, subject to the satisfaction of certain performance criteria. Includes 851 shares acquired under the Company's 401(k) plan. Represents shares sold immediately following the delivery of previously deferred shares which were settled upon the effective date of action taken by the Board of Directors to terminate deferred compensation arrangements. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 12, 2019. Weighted average shares, as these shares were sold in multiple transactions ranging from $142.76 to $143.74, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $143.85 to $144.77, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $144.91 to $145.90, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $145.99 to $146.98, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $146.99 to $147.95, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $147.99 to $148.98, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $148.99 to $149.83, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $150.01 to $150.92, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $151.04 to $152.03, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $152.04 to $152.13, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $137.93 to $138.58, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $139.75 to $140.68, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $140.77 to $141.63, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $142.12 to $142.88, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $143.14 to $144.11, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $144.52 to $144.88, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $145.76 to $146.75, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $146.83 to $147.80, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $147.83 to $148.81, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $144.44 to $145.43, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $145.44 to $146.43, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $146.44 to $147.42, inclusive. Weighted average shares, as these shares were sold in multiple transactions ranging from $147.46 to $148.29, inclusive. The reporting person undertakes to provide Strategic Education, Inc., any security holder of Strategic Education, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price. /s/ Daniel W. Jackson, Attorney-in-Fact 2020-03-02