Form 4: Astronics Corp CFO David C. Burney Reports Changes in Beneficial Ownership
SEC Form 4 Filing
David C. Burney, CFO of Astronics Corp, reports transactions involving company stock and derivative securities, including the vesting of restricted stock units and shares withheld for tax purposes.
Summary
- David C. Burney, the VP-Finance and CFO of Astronics Corp, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
- The reported transactions occurred on March 8, 2024, and include the vesting of 6,000 shares of common stock and 217 shares of common stock from restricted stock units.
- Shares were also withheld by Astronics Corp to satisfy withholding tax obligations upon the vesting of restricted stock units, specifically 3,063 shares and 111 shares.
- Burney also holds various options to purchase common stock and Class B stock at different exercise prices and expiration dates.
- The vesting of several restricted stock unit grants is contingent upon Astronics Corp's average annual adjusted EBITDA performance over different three-year periods.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions and equity compensation. It doesn't inherently convey positive or negative sentiment.
Future Outlook
The vesting of future restricted stock units depends on Astronics Corp's average annual adjusted EBITDA performance over the next few years.
Industry Context
This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies. It provides transparency into the alignment of management's interests with those of shareholders.
Comparison to Industry Standards
- Equity compensation is a standard practice in publicly traded companies to incentivize executives.
- The vesting schedules and performance-based conditions (like EBITDA targets) are common mechanisms to align executive compensation with company performance.
- Companies like HEICO Corporation (HEI) and TransDigm Group (TDG), which also operate in the aerospace and defense industry, similarly use stock options and restricted stock units as part of their executive compensation packages.
Stakeholder Impact
- The vesting of restricted stock units and stock options can dilute existing shareholders' equity.
- The performance-based vesting criteria (EBITDA targets) can incentivize management to focus on profitability, potentially benefiting shareholders.
Key Dates
| Date | Description |
|---|---|
| 12/11/2015 | Grant date for options with an exercise price of $30.83 and an expiration date of 12/11/2024. |
| 12/03/2016 | Grant date for options with an exercise price of $27.72 and an expiration date of 12/03/2025. |
| 12/14/2017 | Grant date for options with an exercise price of $31.76 and an expiration date of 12/14/2026. |
| 12/12/2018 | Grant date for options with an exercise price of $35.61 and an expiration date of 12/12/2027. |
| 12/13/2019 | Grant date for options with an exercise price of $31.57 and an expiration date of 12/13/2028. |
| 12/09/2020 | Grant date for options with an exercise price of $30.04 and an expiration date of 12/09/2029. |
| 01/01/2021 | Start date for the period used to determine vesting of restricted stock units granted in 2021. |
| 01/22/2022 | Grant date for options with an exercise price of $14.45 and an expiration date of 01/22/2031. |
| 01/01/2022 | Start date for the period used to determine vesting of restricted stock units granted in 2022. |
| 12/09/2022 | Grant date for options with an exercise price of $11.13 and an expiration date of 12/09/2031. |
| 01/01/2023 | Start date for the period used to determine vesting of restricted stock units granted in 2023. |
| 12/16/2023 | Grant date for options with an exercise price of $9.74 and an expiration date of 12/16/2032. |
| 12/31/2023 | End date for the period used to determine vesting of restricted stock units granted in 2021; 75% of the target number of restricted stock units vested. |
| 01/01/2024 | Start date for the period used to determine vesting of restricted stock units granted in 2024. |
| 02/26/2024 | Final 1/3 of restricted stock units vested. |
| 03/08/2024 | Date of the reported transactions, including vesting of restricted stock units and withholding of shares for taxes. |
| 12/07/2024 | Grant date for options with an exercise price of $15.15 and an expiration date of 12/07/2033. |
| 02/24/2025 | Potential vesting date for restricted stock units granted in 2022, with the vesting percentage determined based on actual performance. |
| 12/31/2024 | End date for the period used to determine vesting of restricted stock units granted in 2022. |
| 02/23/2026 | Potential vesting date for restricted stock units granted in 2023, with the vesting percentage determined based on actual performance. |
| 12/31/2025 | End date for the period used to determine vesting of restricted stock units granted in 2023. |
| 02/22/2027 | Potential vesting date for restricted stock units granted in 2024, with the vesting percentage determined based on actual performance. |
| 12/31/2026 | End date for the period used to determine vesting of restricted stock units granted in 2024. |
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.