Form 4: Astronics CFO David Burney Reports Stock Transactions
SEC Form 4 Filing
David Burney, CFO of Astronics Corp, reports acquisition and disposal of company stock and derivative securities.
Summary
- David C. Burney, the VP-Finance and CFO of Astronics Corporation, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
- On May 10, 2024, Burney acquired 272 shares of common stock as a bonus for Q1 2024, paid in shares instead of cash.
- Also on May 10, 2024, 98 shares were withheld by Astronics Corp. to cover withholding taxes related to the stock bonus award.
- On May 13, 2024, Burney acquired 157.251 shares through the issuer's 401(k) plan at a price of $18.89 per share.
- Burney directly owns 59,732.672 shares of Astronics Corp. common stock and 191,833 shares of CL B STK.
- Burney also holds various options and restricted stock units (RSUs) with different vesting schedules and expiration dates.
Sentiment
Score: 6
Explanation: The document is a routine disclosure of stock transactions. It doesn't contain overtly positive or negative information, but the acquisition of shares by the CFO could be interpreted as a mildly positive signal.
Positives
- The acquisition of shares as a bonus and through the 401(k) plan indicates confidence in the company's future performance.
Negatives
- The withholding of shares for taxes reduces the immediate gain from the stock bonus.
Risks
- The vesting of restricted stock units is contingent on the company achieving specific EBITDA targets, which introduces performance-based risk.
- Fluctuations in the stock price could impact the value of the options and restricted stock units.
Future Outlook
The vesting of restricted stock units is tied to the company's future EBITDA performance, suggesting a focus on achieving specific financial targets.
Industry Context
Executive stock transactions are common and are often viewed as a signal of management's confidence in the company's prospects. However, they can also be driven by personal financial planning needs.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, stock options, and restricted stock units.
- The specific terms of these packages, such as vesting schedules and performance metrics, vary widely across companies and industries.
- Comparing Astronics' executive compensation practices to those of its peers in the aerospace and defense industry would provide a more complete picture.
Stakeholder Impact
- The stock transactions may have a minor impact on shareholder sentiment.
- The vesting of restricted stock units based on EBITDA performance aligns management's interests with those of shareholders.
Key Dates
| Date | Description |
|---|---|
| 12/11/2015 | Date of option grant with an exercise price of $30.83, expiring on 12/11/2024. |
| 12/03/2016 | Date of option grant with an exercise price of $27.72, expiring on 12/03/2025. |
| 12/14/2017 | Date of option grant with an exercise price of $31.76, expiring on 12/14/2026. |
| 12/12/2018 | Date of option grant with an exercise price of $35.61, expiring on 12/12/2027. |
| 12/13/2019 | Date of option grant with an exercise price of $31.57, expiring on 12/13/2028. |
| 12/09/2020 | Date of option grant with an exercise price of $30.04, expiring on 12/09/2029. |
| 01/22/2022 | Date of option grant with an exercise price of $14.45, expiring on 01/22/2031. |
| 12/09/2022 | Date of option grant with an exercise price of $11.13, expiring on 12/09/2031. |
| 12/16/2023 | Date of option grant with an exercise price of $9.74, expiring on 12/16/2032. |
| 12/31/2023 | Potential vesting date for restricted stock units based on 2021-2023 EBITDA performance. |
| 05/10/2024 | Date of stock bonus award and tax withholding. |
| 05/13/2024 | Date of issuer's contribution to the reporting person's 401(k) plan. |
| 05/14/2024 | Date of Form 4 filing. |
| 02/24/2025 | Potential vesting date for restricted stock units based on 2022-2024 EBITDA performance. |
| 12/03/2025 | Expiration date for options granted on 12/03/2016. |
| 02/23/2026 | Potential vesting date for restricted stock units based on 2023-2025 EBITDA performance. |
| 12/14/2026 | Expiration date for options granted on 12/14/2017. |
| 02/22/2027 | Potential vesting date for restricted stock units based on 2024-2026 EBITDA performance. |
| 12/12/2027 | Expiration date for options granted on 12/12/2018. |
| 12/13/2028 | Expiration date for options granted on 12/13/2019. |
| 12/09/2029 | Expiration date for options granted on 12/09/2020. |
| 01/22/2031 | Expiration date for options granted on 01/22/2022. |
| 12/09/2031 | Expiration date for options granted on 12/09/2022. |
| 12/16/2032 | Expiration date for options granted on 12/16/2023. |
| 12/07/2033 | Expiration date for options granted on 12/07/2024. |
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