Are the 1,216 share units reported by AEO director Noel Spiegel an open-market purchase?

No, the 1,216 share units are a grant classified as a compensation award, not an open-market purchase. They were issued at a price of $0.00 per unit and form part of Spiegel’s deferred director compensation rather than a discretionary stock market transaction.

When do Noel Spiegel’s American Eagle share units become payable?

The share units become payable when Noel Spiegel’s service as a director ends. Until that termination of service, the units function as deferred compensation with economic value tied to American Eagle’s common stock, including additional units from dividend equivalent rights.

How many American Eagle share units does Noel Spiegel hold after this reported grant?

Following the 1,216-unit grant and accrued dividend equivalent rights, Noel Spiegel holds a total of 175,474 share units. This total reflects his accumulated deferred compensation tied to American Eagle’s common stock, as disclosed in the Form 4 filing.

What are dividend equivalent rights on Noel Spiegel’s AEO share units?

Dividend equivalent rights grant additional share units when dividends are paid on common stock. For Noel Spiegel, some reported units represent these accrued dividend equivalents, increasing his total share units without cash transactions, consistent with the company’s deferred compensation structure.

American Eagle (NYSE: AEO) director receives 1,216 share units as deferred pay

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Spiegel Noel Joseph reported acquisition or exercise transactions in this Form 4 filing.

AMERICAN EAGLE OUTFITTERS INC director Noel Joseph Spiegel received an award of 1,216 share units as compensation. These share units carry the economic equivalent of one share of common stock each and were granted at no cash cost. According to the disclosure, the share units, including amounts from accrued dividend equivalent rights, become payable only when Spiegel’s service as a director ends. After this award and related dividend equivalents, Spiegel holds a total of 175,474 share units representing deferred economic exposure to the company’s common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Spiegel Noel Joseph

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Units	1,216	$0.00	--

Holdings After Transaction: Share Units — 175,474 shares (Direct, null)

Footnotes (1)

Each share unit has the economic equivalent of one share of common stock. The share units become payable upon the reporting person's termination of service as a director. Shares represent dividend equivalent rights accrued on previously awarded share units. Total includes share units acquired pursuant to accrued dividend equivalent rights.

Key Figures

Share units granted: 1,216 share units Grant price per unit: $0.00 per unit Total share units after grant: 175,474 share units +2 more

5 metrics

Share units granted 1,216 share units Award to director Noel Spiegel on April 24, 2026

Grant price per unit $0.00 per unit Compensation award, not open-market purchase

Total share units after grant 175,474 share units Holdings following reported award and dividend equivalents

Underlying common shares 1,216 shares Each share unit economically equals one common share

Transaction direction Acquisition via grant/award Form 4 code A, grant or award acquisition

Key Terms

share units, dividend equivalent rights, Common Stock, without par value, grant, award, or other acquisition

4 terms

dividend equivalent rights financial

"Shares represent dividend equivalent rights accrued on previously awarded share units."

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

Common Stock, without par value financial

"underlying_security_title: Common Stock, without par value"

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Form 4 Insider Transactions: What Each Field Means →

04/28/2026 - 06:21 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Spiegel Noel Joseph

(Last)

(First)

(Middle)

77 HOT METAL STREET

(Street)

PITTSBURGH

PENNSYLVANIA

15203

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
AMERICAN EAGLE OUTFITTERS INC [ AEO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Share Units	⁽¹⁾	04/24/2026		A		1,216⁽²⁾		⁽¹⁾	⁽¹⁾	Common Stock, without par value	1,216	$0.0000	175,474⁽³⁾	D

Explanation of Responses:

1. Each share unit has the economic equivalent of one share of common stock. The share units become payable upon the reporting person's termination of service as a director.

2. Shares represent dividend equivalent rights accrued on previously awarded share units.

3. Total includes share units acquired pursuant to accrued dividend equivalent rights.

	Robert J. Tannous, Attorney-in-Fact	04/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did American Eagle Outfitters (AEO) director Noel Spiegel report in this Form 4?

Noel Spiegel reported receiving an award of 1,216 share units as compensation. Each unit is economically equivalent to one share of common stock and is part of his deferred director pay. These units increase his overall economic exposure to American Eagle Outfitters.