[Form 4] AIRGAIN INC Insider Trading Activity

Rhea-AI Filing Summary

Director Joan H. Gillman reported a grant of 2,809 restricted stock units (RSUs) on 10/01/2025 that are fully vested and were issued in lieu of the third-quarter 2025 cash retainer. The RSUs carry a reported acquisition price of $0 and increase her total beneficial ownership to 33,764 shares of Airgain, Inc. (AIRG). The Form 4 was filed as an individual report and signed by an attorney-in-fact on 10/03/2025. The filing shows an acquisition for compensation purposes rather than an open-market purchase or sale.

Positive

• 2,809 RSUs granted as compensation for Q3 2025 retainer, aligning director pay with shareholders
• RSUs are fully vested, giving the director an immediate contingent right to shares
• Beneficial ownership increased to 33,764 shares, improving transparency on insider holdings

Negative

• None.

Insights

Corporate Governance Analyst

Director received vested RSUs as compensation for Q3 2025 retainer.

The filing documents a grant of 2,809 RSUs that are fully vested and issued in lieu of a cash retainer for the third quarter of 2025. This is a routine compensation action for a non-employee director and does not reflect a market transaction.

This increases reported insider ownership to 33,764 shares, which is useful for tracking alignment between the board and shareholders but does not, by itself, signal a material change in control or capital structure.

Executive Compensation Specialist

RSUs granted at $0 indicate compensation, not a purchase; they were fully vested on grant.

The RSUs were granted in lieu of cash, which is a common practice to preserve cash or align pay with equity ownership. The grant price is reported as $0 because RSUs represent a contingent right to shares rather than a bought security.

Because the units are fully vested, the director has an immediate claim on shares; the filing does not disclose settlement timing or tax withholding mechanics, so the investor impact is limited to the disclosed share count.

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
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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^*

Gillman Joan H

(Last) (First) (Middle)

C/O AIRGAIN, INC.

3611 VALLEY CENTRE DRIVE, SUITE 150

(Street)

SAN DIEGO CA 92130

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AIRGAIN INC [ AIRG ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/01/2025		A		2,809(1)	A	$0	33,764(2)	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs are fully vested and granted in lieu of cash payment for the third quarter portion of the 2025 annual retainer.

2. Includes RSUs.

	/s/ Michael Elbaz, as attorney-in-fact	10/03/2025
	** 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.

FAQ

What did AIRG director Joan H. Gillman report on Form 4?

She reported receipt of 2,809 restricted stock units (RSUs) on 10/01/2025, fully vested, granted in lieu of the Q3 2025 cash retainer.

How many shares does Joan H. Gillman beneficially own after the transaction?

The Form 4 shows total beneficial ownership of 33,764 shares following the reported transaction.

Was the transaction a purchase or a compensation grant?

The filing indicates an acquisition for compensation purposes (RSUs granted at $0), not an open-market purchase.

Are the RSUs vested or unvested?

The filing states the RSUs are fully vested at grant.

When was the Form 4 filed for this transaction?

The Form 4 reports the transaction date as 10/01/2025 and the signature/date on the filing is 10/03/2025.