Westinghouse Air Brake CEO Trims Holding, Retains Major Position

Rhea-AI Filing Summary

Westinghouse Air Brake Technologies Corp. (WAB) – Form 4 filing

President & CEO Rafael Santana reported open-market sales of 1,772 WAB common shares on 7 & 8 July 2025. The shares were sold in nine separate transactions at weighted-average prices between $211.845 and $215.785. Following the transactions, Santana’s direct beneficial ownership declined from 142,072 to 140,300 shares, a reduction of roughly 1.25 % of his directly held stake. No derivative security activity was reported.

The sales represent routine portfolio movements rather than a large disposition; Santana remains a sizable shareholder, retaining over $29 million of stock at the sale price range. The filing does not disclose any 10b5-1 trading plan, and there is no indication these sales relate to company fundamentals. Still, insider selling by the chief executive can be viewed as a modestly negative sentiment signal.

Positive

• CEO retains a substantial holding of 140,300 shares, maintaining alignment with shareholder interests.

Negative

• Insider selling by the CEO can signal reduced confidence; 1,772 shares were sold over two days at ~$212-$216.

Insights

Equity Research Analyst

TL;DR: CEO sold 1,772 shares (~1.25 % stake); minor but directionally negative.

The disposal is small relative to Santana’s remaining 140k-share position and represents about 4 trading days of average volume. No derivatives were exercised, implying this is not tax-related option activity. While insider sales often raise eyebrows, the scale here is immaterial to float and does not alter governance control. I classify the impact as modestly negative given market sensitivities toward executive sentiment, but not thesis-changing.

Corporate Governance Specialist

TL;DR: Routine Form 4; ownership alignment still strong – neutral.

Post-sale, Santana holds ~140k shares, keeping significant skin in the game. The absence of a disclosed 10b5-1 plan means trades could be opportunistic, yet total proceeds (~$0.38 m) are modest against his overall exposure. No red flags on compliance or reporting timeliness. Governance risk remains low.

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).

X

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^*

Santana Rafael

(Last) (First) (Middle)

30 ISABELLA ST.

(Street)

PITTSBURGH PA 15212

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP [ WAB ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

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 - Direct	07/07/2025		S		367	D	$212.4877(1)	141,705	D
Common Stock - Direct	07/07/2025		S		231	D	$213.1626(2)	141,474	D
Common Stock - Direct	07/07/2025		S		183	D	$214.324(3)	141,291	D
Common Stock - Direct	07/07/2025		S		105	D	$215.0491(4)	141,186	D
Common Stock - Direct	07/08/2025		S		262	D	$212.1776(5)	140,924	D
Common Stock - Direct	07/08/2025		S		197	D	$213.3188(6)	140,727	D
Common Stock - Direct	07/08/2025		S		334	D	$214.1313(7)	140,393	D
Common Stock - Direct	07/08/2025		S		85	D	$215.1146(8)	140,308	D
Common Stock - Direct	07/08/2025		S		8	D	$215.785(9)	140,300	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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $211.845 to $212.82 inclusive. The reporting person undertakes to provide Westinghouse Air Brake Technologies Corporation ("Wabtec"), any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $212.86 to $213.83 inclusive. The reporting person undertakes to provide Wabtec, any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (2) to this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $213.915 to $214.915 inclusive. The reporting person undertakes to provide Wabtec, any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (3) to this Form 4.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $214.925 to $215.33 inclusive. The reporting person undertakes to provide Wabtec, any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (4) to this Form 4.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $211.64 to $212.635 inclusive. The reporting person undertakes to provide Wabtec, any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (5) to this Form 4.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $212.665 to $213.665 inclusive. The reporting person undertakes to provide Wabtec, any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (6) to this Form 4.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $213.67 to $214.655 inclusive. The reporting person undertakes to provide Wabtec, any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (7) to this Form 4.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $214.69 to $215.66 inclusive. The reporting person undertakes to provide Wabtec, any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (8) to this Form 4.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices within $1.00 ranging from $215.74 to $215.83 inclusive. The reporting person undertakes to provide Wabtec, any security holder of Wabtec, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (9) to this Form 4.

Remarks:

	David L. DeNinno, POA for Rafael Santana	07/09/2025
	** 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.
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FAQ

How many WAB shares did CEO Rafael Santana sell?

He sold 1,772 common shares on 7–8 July 2025.

At what prices were the WAB shares sold?

Weighted-average prices ranged from $211.845 to $215.785 per share.

What is Santana's remaining ownership in WAB after the sales?

He now directly owns 140,300 WAB shares.

Were any derivative securities involved in this Form 4?

No. No options or other derivatives were exercised or disposed of.

Does the filing mention a Rule 10b5-1 trading plan?

The form does not indicate that these sales were executed under a 10b5-1 plan.