Form 4: Astronics Corp Executive Vice President Michael Kuehn Reports Transaction
SEC Form 4
Executive Vice President Michael Kuehn reports the sale of 7,074 shares of Astronics Corp common stock at $17.72 per share on March 14, 2024, and holds 12,875.128 shares post-transaction.
Summary
- On March 14, 2024, Michael Kuehn, Executive Vice President of Astronics Corp, sold 7,074 shares of common stock at a price of $17.72 per share.
- Following this transaction, Kuehn directly owns 12,875.128 shares of Astronics Corp.
- Kuehn also holds options for various amounts of common stock at exercise prices ranging from $9.74 to $35.61, with expiration dates between 2027 and 2033.
- Additionally, Kuehn holds restricted stock units (RSUs) that vest based on Astronics Corp's average annual adjusted EBITDA performance over different three-year periods.
- The vesting percentages for these RSUs range from 50% to 150% of the target number of units, depending on the company's performance.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating a transaction by an executive. It doesn't inherently convey positive or negative sentiment, but the market may interpret the sale based on their own analysis.
Future Outlook
The vesting of restricted stock units is contingent upon the company's future EBITDA performance, influencing the actual number of shares that will vest.
Industry Context
Executive stock sales are a common occurrence and are often scrutinized by investors for insights into management's perspective on the company's valuation and future prospects.
Comparison to Industry Standards
- Executive compensation packages often include stock options and restricted stock units to align management's interests with those of shareholders, a practice common across publicly traded companies.
- Vesting schedules tied to EBITDA performance are used to incentivize executives to achieve specific financial targets, similar to practices at companies like Boeing and Lockheed Martin.
- The range of vesting percentages (50%-150%) based on performance is within the typical range observed in executive compensation plans at companies such as General Electric and Honeywell.
Stakeholder Impact
- Shareholders may interpret the stock sale as a signal regarding the executive's confidence in the company's future performance.
- The vesting of restricted stock units based on EBITDA performance directly impacts the executive's compensation and aligns their interests with the company's financial success.
Key Dates
| Date | Description |
|---|---|
| 12/12/2018 | Date of option grant with exercise price $35.61 and expiration date 12/12/2027 |
| 12/13/2019 | Date of option grant with exercise price $31.57 and expiration date 12/13/2028 |
| 12/09/2020 | Date of option grant with exercise price $30.04 and expiration date 12/09/2029 |
| 01/22/2022 | Date of option grant with exercise price $14.45 and expiration date 01/22/2031 |
| 01/01/2022 | Start date for EBITDA performance period for restricted stock units vesting on February 24, 2025 |
| 12/09/2022 | Date of option grant with exercise price $11.13 and expiration date 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 option grant with exercise price $9.74 and expiration date 12/16/2032 |
| 01/01/2024 | Start date for EBITDA performance period for restricted stock units vesting on February 23, 2027 |
| 03/14/2024 | Date of stock sale transaction |
| 12/07/2024 | Date of option grant with exercise price $15.15 and expiration date 12/07/2033 |
| 12/31/2024 | End date for EBITDA performance period for restricted stock units vesting on February 24, 2025 |
| 02/24/2025 | Vesting date for restricted stock units based on 2022-2024 EBITDA performance |
| 12/31/2025 | End date for EBITDA performance period for restricted stock units vesting on February 23, 2026 |
| 02/23/2026 | Vesting date for restricted stock units based on 2023-2025 EBITDA performance |
| 12/31/2026 | End date for EBITDA performance period for restricted stock units vesting on February 23, 2027 |
| 02/23/2027 | 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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