Form 4: Astronics Executive Michael Kuehn Receives Stock Bonus and 401(k) Contribution
SEC Form 4 Filing
Astronics Corp. Executive Vice President Michael Kuehn received stock bonuses and a 401(k) contribution, while also having shares withheld for tax purposes, according to a recent SEC filing.
Summary
- Michael Kuehn, Executive Vice President of Astronics Corp., reported changes in beneficial ownership of the company's stock.
- On March 1, 2024, Kuehn received a stock bonus award for Q4 2023, resulting in the acquisition of 193 shares.
- Also on March 1, 2024, Kuehn received a stock bonus award for the annual bonus for 2023, resulting in the acquisition of 10,241 shares.
- On the same date, 68 shares and 3,292 shares were withheld to cover applicable withholding taxes related to the stock bonus awards.
- On March 4, 2024, Kuehn's account in the issuer stock fund included in the issuer's 401(k) plan received a contribution of 69.649 shares at a price of $18.9 per share.
- Kuehn also holds options to purchase shares of Astronics Corp. common stock at various exercise prices and expiration dates, as well as restricted stock units that vest based on the company's performance.
Sentiment
Score: 7
Explanation: The document is a routine disclosure of executive compensation and stock ownership changes. The sentiment is neutral to slightly positive as it reflects ongoing investment in the company by its executives.
Positives
- The receipt of stock bonuses and a 401(k) contribution indicates continued investment in Astronics Corp. by its executive leadership.
- The vesting of restricted stock units is tied to the company's EBITDA performance, aligning executive compensation with company goals.
Future Outlook
The vesting of restricted stock units depends on Astronics Corp.'s future average annual adjusted EBITDA performance over various periods, indicating a focus on achieving specific financial targets.
Industry Context
Executive compensation packages often include a mix of salary, stock options, and restricted stock units to align management's interests with those of shareholders and incentivize long-term value creation.
Comparison to Industry Standards
- Stock options with vesting schedules are a common component of executive compensation packages in publicly traded companies, such as Astronics Corp.
- The specific terms of the options, such as the exercise price and expiration date, are typically determined based on industry benchmarks and company-specific factors.
- Restricted stock units (RSUs) that vest based on performance metrics like EBITDA are also frequently used to incentivize executives to achieve specific financial goals.
- Companies like TransDigm Group Incorporated and HEICO Corporation, which also operate in the aerospace and defense industries, often utilize similar compensation structures to align executive incentives with shareholder value.
Stakeholder Impact
- Shareholders may view the stock bonuses and 401(k) contribution as a sign of confidence in the company's future performance.
- Employees may be motivated by the alignment of executive compensation with company performance goals.
Key Dates
| Date | Description |
|---|---|
| 12/12/2018 | Date of grant for some stock options with an exercise price of $35.61 and an expiration date of 12/12/2027 |
| 12/13/2019 | Date of grant for some stock options with an exercise price of $31.57 and an expiration date of 12/13/2028 |
| 12/09/2020 | Date of grant for some stock 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 some restricted stock units. |
| 01/22/2022 | Date of grant for some stock 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 some restricted stock units. |
| 12/09/2022 | Date of grant for some stock 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 some restricted stock units. |
| 12/16/2023 | Date of grant for some stock 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 some restricted stock units. |
| 12/07/2024 | Date of grant for some stock 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 determine vesting of some restricted stock units. |
| 03/01/2024 | Date of stock bonus award for Q4 2023 and annual bonus for 2023. |
| 03/04/2024 | Date of issuer's contribution to the reporting person's account in the issuer stock fund included in the issuer's 401(k) plan. |
| 03/05/2024 | Date of the report. |
| 12/31/2024 | End date for the period used to determine vesting of some restricted stock units. |
| 02/24/2025 | Potential vesting date for some restricted stock units. |
| 12/31/2025 | End date for the period used to determine vesting of some restricted stock units. |
| 02/23/2026 | Potential vesting date for some restricted stock units. |
| 12/31/2026 | End date for the period used to determine vesting of some restricted stock units. |
| 02/23/2027 | Potential vesting date for some restricted stock units. |
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