WALFISH MARC JAY 4

What Happened

• Marc Jay Walfish, a director of AAR CORP (AIR), received an award of 309 phantom shares (derivative interest) on 2026-02-27. The reported grant is valued at $117.17 per share, totaling approximately $36,206. This was an award/grant (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-27; Form 4 filed: 2026-03-02 (filed within the typical two-business-day window).
• Award: 309 phantom shares at $117.17 per share; total value reported $36,206.
• Nature of instrument: Derivative (phantom stock) — not actual common stock at grant.
• Shares owned after transaction: Not specified in the filing.
• Footnote: Each phantom share is the economic equivalent of one common share and becomes payable in cash or common stock (at the director's election) upon termination of service or on other specified dates under the Non‑Employee Directors' Deferred Compensation Plan.

Context

• This is a compensation grant to a non-employee director under AAR's deferred compensation plan; such grants are routine director compensation and are not the same as an open-market purchase signaling personal bullishness. The phantom shares represent deferred value and may be settled in cash or stock per the plan terms.