Form 4: Albany International Corp. CEO Gunnar Kleveland Reports Stock Transactions
SEC Form 4 Filing
Gunnar Kleveland, President and CEO of Albany International Corp., reports the vesting and distribution of restricted stock units, along with associated tax withholdings, in a recent SEC filing.
Summary
- On March 1, 2024, Gunnar Kleveland, President and CEO of Albany International Corp., reported transactions involving Class A Common Stock.
- These transactions included the vesting and distribution of 2,500 and 6,786 restricted stock units, respectively, granted on September 1, 2023.
- A total of 3,652 shares were withheld to cover tax liabilities related to these transactions at a price of $93.85 per share.
- Following these transactions, Kleveland directly owns 5,634 shares of Class A Common Stock.
- Kleveland also holds 5,000 and 13,572 Restricted Stock Units from previous grants, and 10,131 Restricted Stock Units granted February 23, 2024.
- These restricted stock units vest in installments on March 1st of 2025, 2026 and 2027.
Sentiment
Score: 5
Explanation: This is a neutral filing detailing routine stock transactions related to executive compensation. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Industry Context
This is a routine filing related to executive compensation and is typical for publicly traded companies. It provides transparency into the stock-based compensation of key executives.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units as a way to align management's interests with those of shareholders.
- The vesting schedules and terms of these units are generally comparable to those offered by peer companies in the same industry.
- Companies like Ahlstrom-Munksjo and Glatfelter, which operate in similar sectors, also utilize stock-based compensation as part of their executive pay.
Stakeholder Impact
- The vesting of restricted stock units has a minor dilutive effect on existing shareholders.
- The tax withholding benefits the government.
Key Dates
| Date | Description |
|---|---|
| December 5, 2023 | Date of Power of Attorney authorization for signing SEC forms. |
| September 1, 2023 | Date of grant for some of the restricted stock units that vested. |
| February 23, 2024 | Date of grant for 10,131 restricted stock units. |
| March 1, 2024 | Date of the reported transactions (vesting and tax withholding). |
| March 1, 2025 | Vesting date for some of the restricted stock units. |
| March 1, 2026 | Vesting date for some of the restricted stock units. |
| March 1, 2027 | Vesting date for some of the restricted stock units. |
| March 4, 2024 | Date of the filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.