LOPE · Grand Canyon Education, Inc. · Insider Trading

Represents a grant of restricted stock that vests on the earlier of June 9, 2027 or immediately prior to the 2027 annual stockholders' meeting.

Represents a grant of restricted stock that vests on the earlier of June 9, 2027 or immediately prior to the 2027 annual stockholders' meeting.

Represents a grant of restricted stock that vests on the earlier of June 9, 2027 or immediately prior to the 2027 annual stockholders' meeting.

Represents a grant of restricted stock that vests on the earlier of June 9, 2027 or immediately prior to the 2027 annual stockholders' meeting.

Represents a grant of restricted stock that vests on the earlier of June 9, 2027 or immediately prior to the 2027 annual stockholders' meeting.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents a grant of restricted stock that vest 20% on March 1, 2027 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

Represents a grant of restricted stock that vest 20% on March 1, 2027 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

Represents a grant of restricted stock that vest 20% on March 1, 2027 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

Represents a grant of restricted stock that vest 20% on March 1, 2027 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $165.74 to $166.59, inclusive. The reporting person undertakes to provide to Grand Canyon Education, Inc. any security holder of Grand Canyon 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 within the range set forth in this Form 4.

Represents a grant of restricted stock that vests on the earlier of June 9, 2025 or immediately prior to the 2026 annual stockholders' meeting.

Represents a grant of restricted stock that vests on the earlier of June 9, 2025 or immediately prior to the 2025 annual stockholders' meeting.

Represents a grant of restricted stock that vests on the earlier of June 9, 2025 or immediately prior to the 2026 annual stockholders' meeting.

Represents a grant of restricted stock that vests on the earlier of June 9, 2025 or immediately prior to the 2026 annual stockholders' meeting.

Represents a grant of restricted stock that vests on the earlier of June 9, 2025 or immediately prior to the 2026 annual stockholders' meeting.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $178.65 to $179.18, inclusive. The reporting person undertakes to provide to Grand Canyon Education, Inc. any security holder of Grand Canyon 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 within the range set forth in this Form 4.

The shares reflected in this report were sold in furtherance of the reporting person's general estate and tax planning activities.

The shares reflected in this report were sold in furtherance of the reporting person's general estate and tax planning activities.

The shares reflected in this report were sold in furtherance of the reporting person's general estate and tax planning activities.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents withholding of shares to pay tax liability incident to the vesting of restricted stock.

Represents a grant of restricted stock that vest 20% on March 1, 2026 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

Represents a grant of restricted stock that vest 20% on March 1, 2026 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

Represents a grant of restricted stock that vest 20% on March 1, 2026 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

Represents a grant of restricted stock that vest 20% on March 1, 2026 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

Represents a grant of restricted stock that vest 20% on March 1, 2026 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

Represents a grant of restricted stock that vest 20% on March 1, 2026 (the "First Vesting Date") and 20% on each of the first four anniversaries of the First Vesting Date.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan adopted by the Reporting person on December 14, 2023.

The shares reflected in this report were sold in furtherance of the reporting person's general estate and tax planning activities.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $170.64 to $171.25, inclusive. The reporting person undertakes to provide to Grand Canyon Education, Inc. any security holder of Grand Canyon 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 within the range set forth in this Form 4.

The shares reflected in this report were sold in furtherance of the reporting person's general estate and tax planning activities.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from$171.14 to $171.26, inclusive. The reporting person undertakes to provide to Grand Canyon Education, Inc. any security holder of Grand Canyon 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 within the range set forth in this Form 4.