Gary D. Fields, CEO of AAON (NASDAQ: AAON), has been a consistent seller of company stock over the past year, with SEC Form 4 filings showing 42 total transactions concentrated entirely in that single ticker. The aggregate dollar value of his open-market sales reached $17.79 million, while his filings show zero open-market purchases—a pattern that tilts decisively toward the sell side. The selling accelerated in recent months, with nine open-market sales recorded between November 2025 and May 2026, including a cluster of large dispositions in May 2026: $2.66 million on May 29, $2.97 million on May 26, $2.63 million on May 13, and a combined $4.19 million across two transactions on May 12.
The transaction structure reveals that many of these sales were paired with option exercises (coded "M"), which are mechanical events that convert existing awards into shares before they are sold. For instance, on May 12, Fields exercised options worth $1.27 million and $166,467, then sold shares worth $3.49 million and $704,165 on the same day. Similar exercise-and-sell pairings occurred on May 13, May 26, and throughout November 2025, with the option exercise values consistently smaller than the corresponding sale proceeds—a pattern typical of a cashless exercise where shares are sold to cover the exercise cost and taxes. Smaller "F" transactions in January and March 2026, totaling roughly $714,000, represent shares withheld to satisfy tax obligations, which are automatic and not discretionary.
The most recent activity shows no purchases at all, and the last open-market sale occurred on May 29, 2026, at a value of $2.66 million. A December 2025 gift transaction (coded "G") involved no cash consideration. Across the entire filing history, Fields has not acquired a single share through an open-market purchase, making his disposition pattern unambiguous: every discretionary transaction over the period was a sale, with the bulk of the proceeds concentrated in the spring of 2026.
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