AAON insider ownership: who sold, why, and what they still hold

What stands out

Two insiders sold $16.7M with no disclosed plan: Gary Fields ($15.6M) and Matthew Tobolski ($1.1M). The filings don't state a reason.Gary Fields: largest such sale, May 12, 2026 · Matthew Tobolski: largest such sale, May 13, 2026

Three insiders bought shares: Stephen Wakefield (6.1K shares, $484K), David Stewart (1K shares, $75K) and Matthew Shaub (457 shares, $35K).Stephen Wakefield: purchase, Dec 12, 2025 · David Stewart: purchase, Sep 15, 2026 · Matthew Shaub: purchase, Aug 28, 2026

A share of stake is shown for 0 of the 5 officers and directors who sold. 19 are left out

Left out: Norman Asbjornson, Matthew Tobolski, McElroy A H II, Gary Fields, Angela Kouplen, Stephen LeClair, Rebecca Thompson, Stephen Wakefield, Caron Lawhorn, Casey Kidwell, Gordon Wichman, David Stewart, Bruce Ware, Christopher Eason, Matthew Shaub, Chung Cheung, Luke Bomer, Robert Buttermore and Patrick Jermain (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Gary Fields

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$15.6MNo plan disclosed

Rebecca Thompson

Chief Accounting Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$5.1M88% planned 12% no plan disclosed

Matthew Tobolski

Chief Executive Officer, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$1.1MNo plan disclosed

Casey Kidwell

Chief Administration Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$906KNo plan disclosed

Gordon Wichman

Executive Vice President

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$421KNo plan disclosed

Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 17, 2026 to Oct 16, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Sep 15, 2026David Stewart bought 1K shares ($75K).

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
David Stewart Director	1,000	$74.66	n/a	n/a	Sep 15, 2026	Sep 16, 2026

Outside holders, reported separately

Norman Asbjornson reported no open-market sales in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Aaon, Inc. CEO selling stock?

Yes. Matthew Tobolski sold 8K shares ($1.1M) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Aaon, Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 19% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 81% had no disclosed plan. A trading plan schedules sales in advance.

Are any Aaon, Inc. insiders buying?

Yes. 3 officers or directors reported 5 purchases in the past 12 months (Form 4 code P; rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust are not counted).

The evidence

Who sold5 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Gary Fields Director	$15.6M 121K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Rebecca Thompson Chief Accounting Officer	$5.1M 46K shares	Not confirmed share of stake is being verified. Why	88% under a disclosed plan 12% no plan disclosed
Matthew Tobolski Chief Executive Officer, Director	$1.1M 8K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Casey Kidwell Chief Administration Officer	$906K 8.4K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Gordon Wichman Executive Vice President	$421K 3K shares	Not confirmed share of stake is being verified. Why	No plan disclosed

Sold by a charitable foundation the insider reports: Private Foundation, reported by Norman Asbjornson. A foundation's shares are not the insider's own stake, so they are left out of the figures above.

The full ownership picture0 of 19 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 16, 2025

Sold

Held Oct 16, 2026

Still held

Norman Asbjornson

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Norman Asbjornson are complete.

Director

n/a

Vesting, gifts, unvested awards and holding lines for Norman Asbjornson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Norman Asbjornson are complete; balances and unit counts will be added when the check is finished.

−273Kgifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
285,000	$27.58	Mar 11, 2029	$13.4M
118,320	$29.48	Mar 11, 2030	$5.3M
53,805	$22.93	Feb 22, 2027	$2.8M
173,550	$24.63	Jan 2, 2028	$8.7M
16,429	$48.91	Mar 11, 2031	$423K

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Matthew Tobolski

Chief Executive Officer, Director

n/a

−8K

n/a

Vesting, gifts, unvested awards and holding lines for Matthew Tobolski

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Matthew Tobolski are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−1.2Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,215	$73.87	Jan 1, 2034	$6K
10,995	$82.39	Mar 11, 2035	$0
11,964	$105.95	May 13, 2035	$0
91,704	$91.51	Mar 11, 2036	$0

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

McElroy A H II

Director

n/a

Vesting, gifts, unvested awards and holding lines for McElroy A H II

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for McElroy A H II are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Gary Fields

Director

n/a

−121K

n/a

Vesting, gifts, unvested awards and holding lines for Gary Fields

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Gary Fields are complete; balances and unit counts will be added when the check is finished.

−1Kgifted (net of own trusts)

−7.6Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
31,968	$62.03	Mar 6, 2033	$404K
22,338	$79.73	Mar 11, 2034	$0
7,329	$82.39	Mar 11, 2035	$0

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Angela Kouplen

Director

n/a

Vesting, gifts, unvested awards and holding lines for Angela Kouplen

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Angela Kouplen are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stephen LeClair

Director

n/a

Vesting, gifts, unvested awards and holding lines for Stephen LeClair

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Stephen LeClair are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Rebecca Thompson

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Rebecca Thompson are complete.

Chief Accounting Officer

n/a

−46K

n/a

Vesting, gifts, unvested awards and holding lines for Rebecca Thompson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rebecca Thompson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−1.6Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
91,500	$27.58	Mar 11, 2029	$4.3M
41,565	$29.48	Mar 11, 2030	$1.9M
13,482	$48.91	Mar 11, 2031	$347K
8,820	$36.13	Mar 15, 2032	$340K
6,394	$62.04	Mar 6, 2033	$81K
4,602	$79.73	Mar 11, 2034	$0
5,040	$82.39	Mar 11, 2035	$0
15,762	$91.51	Mar 11, 2036	$0
9,672	$29.48	Mar 11, 2030	$437K
9,672	$29.48	Mar 11, 2030	$437K
9,672	$29.48	Mar 11, 2030	$437K

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Stephen Wakefield

Executive Vice President

n/a

Vesting, gifts, unvested awards and holding lines for Stephen Wakefield

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Stephen Wakefield are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−770withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
12,696	$29.48	Mar 11, 2030	$574K
2,646	$36.13	Mar 15, 2032	$102K
2,984	$62.04	Mar 6, 2033	$38K
3,798	$79.73	Mar 11, 2034	$0
3,894	$82.39	Mar 11, 2035	$0

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Caron Lawhorn

Director

n/a

Vesting, gifts, unvested awards and holding lines for Caron Lawhorn

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Caron Lawhorn are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Casey Kidwell

Chief Administration Officer

n/a

−8.4K

n/a

Vesting, gifts, unvested awards and holding lines for Casey Kidwell

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Casey Kidwell are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−1Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,042	$79.73	Mar 11, 2034	$0
2,138	$82.39	Mar 11, 2035	$0
10,029	$91.51	Mar 11, 2036	$0

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Gordon Wichman

Executive Vice President

n/a

−3K

n/a

Vesting, gifts, unvested awards and holding lines for Gordon Wichman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Gordon Wichman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−885withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
21,250	$27.58	Mar 11, 2029	$1.0M
15,780	$29.48	Mar 11, 2030	$713K
6,106	$48.91	Mar 11, 2031	$157K
5,670	$36.13	Mar 15, 2032	$218K
4,261	$62.04	Mar 6, 2033	$54K
3,126	$79.73	Mar 11, 2034	$0
1,935	$82.39	Mar 11, 2035	$0
9,456	$91.51	Mar 11, 2036	$0

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

David Stewart

Director

n/a

Vesting, gifts, unvested awards and holding lines for David Stewart

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for David Stewart are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Bruce Ware

Director

n/a

Vesting, gifts, unvested awards and holding lines for Bruce Ware

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Bruce Ware are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Christopher Eason

Principal Accounting Officer

n/a

Vesting, gifts, unvested awards and holding lines for Christopher Eason

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Christopher Eason are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Matthew Shaub

Executive Vice President

n/a

Vesting, gifts, unvested awards and holding lines for Matthew Shaub

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Matthew Shaub are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−154withheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,029	$79.73	Mar 11, 2034	$0
2,976	$82.39	Mar 11, 2035	$0
10,746	$91.51	Mar 11, 2036	$0

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Chung Cheung

Chief Financial Officer

n/a

Vesting, gifts, unvested awards and holding lines for Chung Cheung

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Chung Cheung are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,211	$97.90	Apr 20, 2036	$0

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Luke Bomer

General Counsel and Secretary

n/a

Vesting, gifts, unvested awards and holding lines for Luke Bomer

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Luke Bomer are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,328	$83.65	Apr 1, 2036	$0
1,911	$83.65	Apr 1, 2036	$0

Estimate: options held × ($74.66 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close.

Robert Buttermore

Director

n/a

Vesting, gifts, unvested awards and holding lines for Robert Buttermore

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Robert Buttermore are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Patrick Jermain

Director

n/a

Vesting, gifts, unvested awards and holding lines for Patrick Jermain

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Patrick Jermain are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for Aaon, Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$23.2M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $23.2M across 185,997 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $4.5M · 19%

81%

The lighter segment is sales with no plan disclosed in the filing ($18.7M), including tax-related sales outside a plan.

No plan disclosed · $18.7M

Sales with no 10b5-1 plan and no tax reference in the filing. $15.6M of it is Gary Fields. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Gary Fields, May 12, 2026

Taxes

13,191 shares ($1.3M) were withheld by the company for taxes, which isn't a market sale.

Purchases · 3 buyers (5 trades)

3 officers and directors bought shares in this period, in 5 trades(Form 4 code P, leaving out rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust). Across all their filings on record there are 11 purchase trades.

Charitable gifts · 100K shares

Gifts the filings describe as charitable. Gifts are not sales and are not included in the sale totals.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Gary Fields Director	121K	$15.6M	0%	67%	Nov 11, 2025 to May 29, 2026
Rebecca Thompson Chief Accounting Officer	46K	$5.1M	88%	22%	Apr 21, 2026 to Jun 2, 2026
Matthew Tobolski Chief Executive Officer, Director	8K	$1.1M	0%	5%	May 13, 2026 to May 13, 2026
Casey Kidwell Chief Administration Officer	8.4K	$906K	0%	4%	Mar 12, 2026 to May 14, 2026
Gordon Wichman Executive Vice President	3K	$421K	0%	2%	May 26, 2026 to May 26, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$3.2M	$0	$0	$3.2M
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$470K	$0	$0	$470K
Apr 2026	$3.2M	$3.2M	$0	$0
May 2026	$15.7M	$1.3M	$0	$14.4M
Jun 2026	$607K	$0	$0	$607K
Jul 2026	$0	$0	$0	$0
Aug 2026	$0	$0	$0	$0
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

In line with the past 5 years. 5 insiders sold; the average is 6 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 16, 2026 Latest 12 months	186K	5	$23.2M
Oct 16, 2025 1 year earlier	200K	7	$22.3M
Oct 16, 2024 2 years earlier	530K	4	$39.5M
Oct 17, 2023 3 years earlier	213K	7	$12.0M
Oct 17, 2022 4 years earlier	199K	6	$8.5M
Oct 17, 2021 5 years earlier	127K	4	$6.3M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty19 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Aaon, Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology985 filings on record, 62 filed in the 12-month period, and how we read them

All 985 Forms 3, 4 and 5 on record for Aaon, Inc. (SEC CIK 824142), filed from Jul 2, 2003 to Sep 16, 2026; 62 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 16, 2026. Prices are the ones reported in each filing, often weighted averages.

Probable 3-for-2 stock split on or before Jul 2, 2013 (split date stated in a footnote). Splits aren't reported as transactions; 14 holding lines changed by exactly this ratio, so earlier share counts are restated.

Probable 3-for-2 stock split on or before Jul 16, 2014 (split date stated in a footnote). Splits aren't reported as transactions; 11 holding lines changed by exactly this ratio, so earlier share counts are restated.

Probable 3-for-2 stock split on or before Aug 16, 2023 (split date stated in a footnote). Splits aren't reported as transactions; 19 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (22)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Robert Teis	Mar 17, 2025	15,149 shares, last reported balance as of Mar 14, 2025
David Benson	Mar 13, 2025	221,567 shares, last reported balance as of Mar 11, 2025
Xerxes Gazder	Feb 18, 2025	3,190 shares, last reported balance as of Feb 13, 2025
Rony Gadiwalla	Dec 21, 2022	81,732 shares, last reported balance as of Dec 20, 2022
Larry Stewart	Nov 10, 2022	1,857 shares, last reported balance as of Nov 8, 2022
Paul Lackey Jr.	Dec 14, 2021	99,056 shares, last reported balance as of Dec 13, 2021
Scott Asbjornson	May 18, 2021	2,125,463 shares, last reported balance as of May 16, 2021
Stephen LeClair	May 13, 2021	22,935 shares, last reported balance as of May 11, 2021
Mikel Crews	Aug 14, 2020	124,517 shares, last reported balance as of Aug 12, 2020
Jack Short	Mar 4, 2020	50,432 shares, last reported balance as of Mar 3, 2020
Sam Neale	Mar 14, 2018	47,183 shares, last reported balance as of Mar 13, 2018
Kathy Sheffield	Dec 1, 2017	36,495 shares, last reported balance as of Nov 30, 2017
Jerry Levine	Mar 10, 2017	700,479 shares, last reported balance as of Mar 10, 2017
Robert Fergus	Jan 5, 2017	47,337 shares, last reported balance as of Jan 4, 2017
John Johnson Jr.	May 21, 2014	66,938 shares, last reported balance as of May 20, 2014
Joseph Cappy	May 21, 2014	98,971 shares, last reported balance as of May 20, 2014
David Knebel	Mar 24, 2014	345,111 shares, last reported balance as of Mar 21, 2014
Cc Stephenson Jr.	May 25, 2010	2,578,574 shares, last reported balance as of May 25, 2010
Anthony Pantaleoni	Nov 26, 2007	3,547 shares, last reported balance as of Nov 23, 2007
Thomas Naugle	Aug 23, 2007	502,082 shares, last reported balance as of Aug 21, 2007
Jerry Ryan	Jun 2, 2006	No balance on record
William Bowen	Apr 1, 2005	730,380 shares, last reported balance as of Mar 31, 2005

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Aaon, Inc. insiders sold $23.2M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Outside holders, reported separately

Common questions

Is the Aaon, Inc. CEO selling stock?

Why are Aaon, Inc. insiders selling?

Are any Aaon, Inc. insiders buying?

The evidence

No plan disclosed · $18.7M

Taxes

Purchases · 3 buyers (5 trades)

Charitable gifts · 100K shares

Sales by month