Form 4: Astronics Corp Executive James S. Kramer Reports Changes in Beneficial Ownership
SEC Form 4
James S. Kramer, VP of Luminescent Systems, Inc., reports transactions involving Astronics Corp stock and options, including vesting of restricted stock units and shares withheld for tax purposes.
Summary
- On March 8, 2024, James S. Kramer, VP of Luminescent Systems, Inc., filed a Form 4 detailing changes in his beneficial ownership of Astronics Corp stock.
- The transactions include the vesting of 5,531 shares of common stock and 174 shares of common stock from restricted stock units.
- A total of 1,994 shares and 63 shares were withheld by Astronics Corp to satisfy withholding tax requirements.
- Kramer 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 to 2033.
- He also holds restricted stock units that vest based on Astronics Corp's average annual adjusted EBITDA over different periods.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The document primarily reports routine transactions related to executive compensation. The vesting of restricted stock units suggests that performance targets were met, which is mildly positive, but the tax withholding is a neutral event.
Positives
- The vesting of restricted stock units indicates that performance metrics were met to some extent, as vesting is tied to Astronics Corp's average annual adjusted EBITDA.
Risks
- The value of the restricted stock units is tied to Astronics Corp's performance, so any underperformance could impact the value of these units.
Future Outlook
The vesting of future restricted stock units is contingent upon Astronics Corp's average annual adjusted EBITDA performance over specified periods.
Industry Context
Executive stock transactions are common and are closely watched by investors for insights into management's view of the company's prospects. Vesting of restricted stock units is a regular part of executive compensation.
Stakeholder Impact
- The vesting of restricted stock units aligns executive compensation with company performance, potentially benefiting shareholders.
Key Dates
| Date | Description |
|---|---|
| 12/11/2015 | Date of grant for options with an exercise price of $30.83 and an expiration date of 12/11/2024. |
| 12/03/2016 | Date of grant for options with an exercise price of $27.72 and an expiration date of 12/03/2025. |
| 12/14/2017 | Date of grant for options with an exercise price of $31.76 and an expiration date of 12/14/2026. |
| 12/12/2018 | Date of grant for options with an exercise price of $35.61 and an expiration date of 12/12/2027. |
| 12/13/2019 | Date of grant for options with an exercise price of $31.57 and an expiration date of 12/13/2028. |
| 12/09/2020 | Date of grant 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 calculate Astronics Corp.'s average annual adjusted EBITDA for the vesting of certain restricted stock units. |
| 12/31/2023 | End date for the period used to calculate Astronics Corp.'s average annual adjusted EBITDA for the vesting of certain restricted stock units; 75% of the target number of restricted stock units vested on this date. |
| 01/22/2022 | Date of grant 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 calculate Astronics Corp.'s average annual adjusted EBITDA for the vesting of certain restricted stock units. |
| 12/09/2022 | Date of grant for options with an exercise price of $11.13 and an expiration date of 12/09/2031. |
| 12/16/2023 | Date of grant for options with an exercise price of $9.74 and an expiration date of 12/16/2032. |
| 01/01/2023 | Start date for the period used to calculate Astronics Corp.'s average annual adjusted EBITDA for the vesting of certain restricted stock units. |
| 12/07/2024 | Date of grant for options with an exercise price of $15.15 and an expiration date of 12/07/2033. |
| 01/01/2024 | Start date for the period used to calculate Astronics Corp.'s average annual adjusted EBITDA for the vesting of certain restricted stock units. |
| 02/24/2025 | Potential vesting date for restricted stock units, with the vesting percentage determined based on actual performance. |
| 02/23/2026 | Potential vesting date for restricted stock units, with the vesting percentage determined based on actual performance. |
| 02/22/2027 | Potential vesting date for restricted stock units, with the vesting percentage determined based on actual performance. |
| 03/08/2024 | Date of the transactions reported in the Form 4 filing. |
| 03/12/2024 | Date of signature for the Form 4 filing. |
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