Pieper Nathaniel 4

What Happened
Nathaniel Pieper, EVP & Chief Commercial Officer of American Airlines (AAL), received a grant of 216,722 restricted stock units (RSUs) on 2026-02-17. The Form 4 lists the acquisition price as $0.00 (typical for equity awards). This is an award/grant (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-17 (Form 4 filed 2026-02-19 — filed within the typical two-business-day window).
• Amount granted: 216,722 RSUs at $0.00 (no cash paid at grant).
• Shares owned after transaction: not reported in the provided filing.
• Footnote: RSUs vest over three years — 16.67% of the grant vests for continued service at each of the first, second and third anniversaries (service-based portion), and 50% of the grant is performance-based and vests only if performance goals are met with continued service through the third anniversary. The performance portion may pay between 0% and 200% of that portion; the table assumes the performance portion vests at 100%.
• No indication of a sale, tax withholding, 10b5-1 plan, or other special handling in the provided data.

Context
RSUs are time- and/or performance-based equity awards that convert into company shares if and when they vest. This grant does not represent an immediate purchase or sale and does not by itself signal trading intent; the value realized will depend on future vesting and American Airlines’ stock price at vesting (and on whether performance goals are met for the performance portion).