A Form 4 filed with the SEC on September 1, 2026, reports that Robert F. LeDuc, a director of AAR Corp (NYSE:AIR), acquired 122 shares of phantom stock on August 31, 2026, under the company's Non-Employee Directors' Deferred Compensation Plan.

Key Highlights

  • Reporting person: Robert F. LeDuc, listed as a Director of AAR Corp.
  • Transaction: Acquisition (code A) of 122 phantom stock units on August 31, 2026, at a price of $129.29 per unit.
  • Resulting holdings: LeDuc beneficially owns 5,462 phantom stock units following the transaction, held directly.
  • Expiration date: The phantom stock units carry an expiration date of August 31, 2050.
  • Underlying security: Each phantom stock unit corresponds to one share of AAR Corp common stock.
  • Settlement terms: Units become payable in cash or common stock, at the director's election, upon termination of service or other dates specified by the director under the plan.

LeDuc Phantom Stock Acquisition Under AAR Corp Deferred Compensation Plan

According to the filing, Robert F. LeDuc acquired 122 units of phantom stock in AAR Corp (NYSE:AIR) on August 31, 2026, at a conversion or exercise price of $129.29. The transaction is reported in Table II of the Form 4 as a derivative security acquisition. The date exercisable and the transaction date are both listed as August 31, 2026, with an expiration date of August 31, 2050.

The filing discloses that each share of phantom stock "is the economic equivalent of one share of common stock." The units are issued under AAR Corp's Non-Employee Directors' Deferred Compensation Plan and "become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service as a director or on other dates as specified by the director pursuant to the Non-Employee Directors' Deferred Compensation Plan." Following the reported transaction, LeDuc's total direct beneficial ownership of phantom stock units stands at 5,462, according to the filing.

No transactions were reported in Table I (non-derivative securities) for this filing period. The Form 4 was signed by Katherine Kwiat under a power of attorney and submitted on September 1, 2026. The filing does not indicate that the transaction was made pursuant to a Rule 10b5-1(c) plan, as the corresponding checkbox was not selected.

What Was Disclosed

The filing reports a single derivative security acquisition: 122 phantom stock units acquired by director Robert F. LeDuc at $129.29 each on August 31, 2026, bringing his total phantom stock holdings to 5,462 units under AAR Corp's deferred compensation plan.