Form 4: Albany International Corp. Executive Gregory N. Harwell Reports Stock Transactions

Gregory N. Harwell, President-AEC of Albany International Corp., reports acquisition and disposal of Class A Common Stock and Restricted Stock Units.

Summary

• On March 1, 2024, Gregory N. Harwell, President-AEC of Albany International Corp., reported transactions involving Class A Common Stock.
• These transactions included the acquisition of 4,826 shares related to a Multi-Year Performance Bonus Award, and the acquisition of 1,234 and 1,183 shares from vesting Restricted Stock Units granted in February 2022 and February 2023, respectively.
• Additionally, 1,764 shares were withheld to cover tax liabilities associated with these transactions at a price of $93.85.
• Following these transactions, Harwell directly owns 29,272 shares of Class A Common Stock.
• Harwell also transacted in Restricted Stock Units, with 1,234 and 1,183 units vesting on March 1, 2024, and new grants of 4,007 units vesting starting March 1, 2025.
• Cynthia A. SantaBarbara, Attorney-in-Fact, signed the report on March 4, 2024.
• Harwell authorized Joseph M. Gaug, Sara Stankus, and Cynthia Santabarbara to sign SEC Forms 3, 4, and 5, and Form 144 on his behalf, effective December 4, 2023.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the filing primarily reflects routine transactions related to executive compensation. The acquisition of shares through performance bonus and vesting RSUs is mildly positive, while the tax withholding is mildly negative.

Positives

• The acquisition of shares through a performance bonus indicates positive performance and contribution by the executive.
• Vesting of Restricted Stock Units suggests continued employment and achievement of performance milestones.

Negatives

• The withholding of shares to cover tax liabilities reduces the net increase in share ownership.

Future Outlook

The reporting person holds Restricted Stock Units that will vest in the future, indicating continued alignment with the company's performance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.

Comparison to Industry Standards

• Executive compensation packages often include stock options and restricted stock units to align management's interests with those of shareholders.
• The vesting schedules and terms of these equity grants are generally comparable to those offered by peer companies in the same industry.
• Companies like Parker Hannifin, Pentair, and ITT Inc. also utilize similar equity-based compensation strategies for their executives.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
• Employees may be indirectly affected by the performance bonus award, which is tied to company performance.

Key Dates