NOLEN GEORGE 4

What Happened
George Nolen, a director of Madison Air Solutions Corp (MAIR), received a grant of 5,077 equity appreciation rights units (EAR Units) on 2026-06-25. The grant is reported at $0.00 per unit (total reported value $0). Each EAR Unit represents the right to receive one share of the company's Class A common stock if and when the unit vests, subject to Nolen’s continued service through the applicable vesting dates. This is an award/grant (not a purchase or sale) and does not represent immediate share ownership or a market sale.

Key Details

• Transaction date: 2026-06-25; filing date: 2026-06-29 (filed within the SEC’s two-business-day reporting window for Form 4).
• Instrument: 5,077 EAR Units granted at $0.00 per unit (reported acquisition type "A").
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 explains each EAR Unit equals the right to one Class A share upon vesting; F2 confirms the reported amount includes 5,077 EAR Units.
• No indication of immediate sale, 10b5-1 plan, tax withholding, or other special conditions reported.

Context
EAR Units are derivative awards that may convert into common shares if vesting conditions are met; they do not convey current tradable shares and their future value depends on the company’s stock price and fulfillment of vesting terms. Grants to directors are a routine form of compensation and should be interpreted as a compensation award rather than a direct buy or sell signal.