Nolen Billy 4

What Happened
Billy Nolen, a director of AAR CORP (AIR), received an award of 1,364 phantom stock units on June 1, 2026. The Form 4 records the acquisition price as $0.00 (derivative award), so no cash was paid; these are compensation units rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-06-01; Form filed 2026-06-02 (timely filing).
• Transaction type/code: A (Award/Grant) — recorded as a derivative (phantom stock units).
• Units granted: 1,364 phantom stock units; acquisition price listed as $0.00.
• Shares owned after transaction: not specified in the provided data.
• Footnotes:
  • F1 — Phantom Stock units are payable in stock on a 1-for-1 basis or cash at the grantee's election upon retirement/termination as a director.
  • F2 — Award granted pursuant to a Restricted Stock Agreement in a transaction exempt under Rule 16b-3.

Context
Phantom stock units are a form of deferred compensation for directors; they do not involve an immediate cash outlay or open‑market trade and typically convert to actual shares (or cash) later. Such awards are routine director compensation and should not be interpreted as an immediate buy or sell signal.