4/A: Astronics Corp Executive Amends SEC Filing to Correct Transaction Error
SEC Form 4/A Amendment
James Mulato, an officer at Astronics Corp, amended a previous SEC Form 4 filing to correct a transaction error regarding the disposition of shares and the total amount of securities owned.
Summary
- James Mulato, President of Astronics Test Systems at Astronics Corp, filed an amendment to a Form 4 with the SEC.
- The amendment corrects an error in the original filing from March 20, 2025, which incorrectly reported a transaction as an acquisition instead of a disposition of shares.
- The amendment also corrects the total amount of securities beneficially owned following the reported transaction.
- On March 18, 2025, Mulato disposed of 2,293 shares to satisfy withholding tax upon vesting of restricted stock units.
- Following the transaction, Mulato directly owns 43,286.822 shares of $.01 PV Com Stk.
- Mulato also indirectly owns 100 shares through his spouse.
- He also owns various options and restricted stock units related to Astronics Corp stock, with vesting dependent on the company's average annual adjusted EBITDA for different periods.
Sentiment
Score: 7
Explanation: The document is a routine correction of a regulatory filing. While not inherently positive or negative, the correction suggests attention to detail and compliance, which is viewed neutrally positively.
Future Outlook
The vesting of restricted stock units in the future depends on Astronics Corp's average annual adjusted EBITDA for the periods ending December 31, 2025, December 31, 2026 and December 31, 2027.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the holdings and transactions of company insiders.
Comparison to Industry Standards
- Executive compensation packages including stock options and restricted stock units are standard practice among publicly traded companies like Astronics Corp.
- The vesting of restricted stock units based on EBITDA performance is a common incentive mechanism to align executive interests with company performance, similar to practices at companies like HEICO Corporation and TransDigm Group.
- The specific EBITDA targets and vesting percentages would need to be compared to industry benchmarks to assess the competitiveness and appropriateness of Astronics Corp's compensation structure.
Stakeholder Impact
- The correction of the filing ensures accurate information is available to shareholders and potential investors.
- The vesting of restricted stock units based on EBITDA performance incentivizes management to improve company profitability, which benefits shareholders.
Key Dates
| Date | Description |
|---|---|
| 12/03/2016 | Date of options with exercise price of $27.72 expiring on 12/03/2025 |
| 12/14/2017 | Date of options with exercise price of $31.76 expiring on 12/14/2026 |
| 12/12/2018 | Date of options with exercise price of $35.61 expiring on 12/12/2027 |
| 12/13/2019 | Date of options with exercise price of $31.57 expiring on 12/13/2028 |
| 12/09/2020 | Date of options with exercise price of $30.04 expiring on 12/09/2029 |
| 01/22/2022 | Date of options with exercise price of $14.45 expiring on 01/22/2031 |
| 12/09/2022 | Date of options with exercise price of $11.13 expiring on 12/09/2031 |
| 01/01/2023 | Start date for EBITDA performance period for restricted stock units vesting on February 23, 2026 |
| 12/16/2023 | Date of options with exercise price of $9.74 expiring on 12/16/2032 |
| 01/01/2024 | Start date for EBITDA performance period for restricted stock units vesting on February 22, 2027 |
| 12/07/2024 | Date of options with exercise price of $15.15 expiring on 12/07/2033 |
| 01/01/2025 | Start date for EBITDA performance period for restricted stock units vesting on February 27, 2028 |
| 02/24/2025 | 75% of target restricted stock units vested based on EBITDA performance from January 1, 2022 December 31, 2024 |
| 03/18/2025 | Date of transaction where 9,413 shares were acquired and 2,293 shares were disposed of to cover withholding taxes. |
| 03/20/2025 | Date of original Form 4 filing that was amended. |
| 04/03/2025 | Date of amended Form 4/A filing. |
| 12/31/2025 | End date for EBITDA performance period for restricted stock units vesting on February 23, 2026 |
| 02/23/2026 | Potential vesting date for restricted stock units based on EBITDA performance from January 1, 2023 December 31, 2025 |
| 12/31/2026 | End date for EBITDA performance period for restricted stock units vesting on February 22, 2027 |
| 02/22/2027 | Potential vesting date for restricted stock units based on EBITDA performance from January 1, 2024 December 31, 2026 |
| 12/31/2027 | End date for EBITDA performance period for restricted stock units vesting on February 27, 2028 |
| 02/27/2028 | Potential vesting date for restricted stock units based on EBITDA performance from January 1, 2025 December 31, 2027 |
Keywords
Form 4, SEC Filing, Beneficial Ownership, Astronics Corp, ATRO, James Mulato, Stock Options, Restricted Stock Units, EBITDA, Amendment
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