Form 4: Astronics Corp Executive Acquires Shares Through Employee Stock Purchase Plan
SEC Form 4 Filing
Mark Peabody, VP of Astronics Advanced Electronic Systems, reports acquiring shares of Astronics Corp through the Employee Stock Purchase Plan and holds a significant number of common stock and derivative securities.
Summary
- Mark Peabody, VP at Astronics Advanced Electronic Systems, filed a Form 4 detailing changes in beneficial ownership of Astronics Corp securities.
- On September 30, 2024, Peabody acquired 1,574 shares of Astronics Corp common stock at $13.5 per share through the Employee Stock Purchase Plan.
- Following the transaction, Peabody directly owns 46,461.851 shares of common stock and 190,494 shares of Class B stock.
- Peabody also holds various options to purchase common stock and Class B stock at prices ranging from $9.74 to $35.61, with expiration dates extending from 2024 to 2033.
- Additionally, Peabody holds restricted stock units (RSUs) that will vest based on Astronics Corp's average annual adjusted EBITDA performance over different three-year periods.
Sentiment
Score: 6
Explanation: The document is a neutral report of an executive's stock acquisition. The sentiment is slightly positive due to the executive's participation in the Employee Stock Purchase Plan, indicating confidence in the company.
Positives
- Executive participation in the Employee Stock Purchase Plan demonstrates confidence in the company's future.
Risks
- The vesting of a significant portion of Peabody's holdings is tied to the company's EBITDA performance, creating a potential risk if the company fails to meet its targets.
Future Outlook
The vesting of restricted stock units is contingent upon the company's future EBITDA performance, indicating a focus on achieving specific financial targets.
Industry Context
Executive stock ownership is common in publicly traded companies and is often seen as a way to align management's interests with those of shareholders.
Comparison to Industry Standards
- Executive compensation packages often include stock options and restricted stock units to incentivize performance, similar to what is seen with Mark Peabody at Astronics Corp.
- The vesting of RSUs based on EBITDA performance is a common practice to tie executive compensation to key financial metrics.
Stakeholder Impact
- The transaction has a minor positive impact on shareholders as it aligns executive interests with company performance.
Key Dates
| Date | Description |
|---|---|
| 12/11/2015 | Date of option grant with expiration 12/11/2024 |
| 12/03/2016 | Date of option grant with expiration 12/03/2025 |
| 12/14/2017 | Date of option grant with expiration 12/14/2026 |
| 12/12/2018 | Date of option grant with expiration 12/12/2027 |
| 12/13/2019 | Date of option grant with expiration 12/13/2028 |
| 12/09/2020 | Date of option grant with expiration 12/09/2029 |
| 01/22/2022 | Date of option grant with expiration 01/22/2031 |
| 01/01/2022 | Start date for EBITDA performance period for RSU vesting |
| 12/09/2022 | Date of option grant with expiration 12/09/2031 |
| 01/01/2023 | Start date for EBITDA performance period for RSU vesting |
| 12/16/2023 | Date of option grant with expiration 12/16/2032 |
| 01/01/2024 | Start date for EBITDA performance period for RSU vesting |
| 09/30/2024 | Date of transaction: Acquisition of shares through Employee Stock Purchase Plan |
| 12/07/2024 | Date of option grant with expiration 12/07/2033 |
| 12/31/2024 | End date for EBITDA performance period for RSU vesting |
| 02/24/2025 | Potential vesting date for RSUs based on 2022-2024 EBITDA performance |
| 12/31/2025 | End date for EBITDA performance period for RSU vesting |
| 02/23/2026 | Potential vesting date for RSUs based on 2023-2025 EBITDA performance |
| 12/31/2026 | End date for EBITDA performance period for RSU vesting |
| 02/22/2027 | Potential vesting date for RSUs based on 2024-2026 EBITDA performance |
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