4/A: Astronics Executive VP Mark Peabody Amends Form 4 Filing to Correct Transaction Error
SEC Form 4/A
Mark Peabody, Executive VP & President-Aerospace at Astronics Corp, amended a previous Form 4 filing to correct a transaction error related to the disposition of shares and the total amount of securities owned.
Summary
- Mark Peabody, an Executive VP at Astronics Corp, filed an amended 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 owned following the reported transaction.
- On March 18, 2025, Peabody disposed of 3,306 shares to satisfy withholding tax upon vesting of restricted stock units.
- Following the transaction, Peabody beneficially owns 49,994.73 shares of $.01 PV Com Stk and 183,994 shares of $.01 PV CL B STK.
- Peabody also holds options to purchase shares at various prices and expiration dates, as well as restricted stock units that vest based on Astronics Corp.'s adjusted EBITDA performance.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing correcting an administrative error. It doesn't contain information that would significantly impact investor sentiment positively or negatively. The sentiment is neutral to slightly positive due to the transparency of correcting the error.
Future Outlook
The vesting of restricted stock units in the future depends on Astronics Corp.'s average annual adjusted EBITDA performance over specific periods.
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 executive's holdings and incentives.
Comparison to Industry Standards
- Executive compensation packages including stock options and restricted stock units are standard practice among publicly traded companies, including Astronics Corp.
- Companies like HEICO Corporation and TransDigm Group, which also operate in the aerospace industry, utilize similar equity-based compensation strategies to align executive interests with shareholder value.
- The vesting of restricted stock units based on EBITDA performance is a common metric used to incentivize executives to improve profitability, similar to practices seen at other aerospace and defense companies.
Stakeholder Impact
- Shareholders benefit from the increased transparency due to the corrected filing.
- The correction ensures accurate reporting of executive stock ownership, which is important for investor confidence.
Key Dates
| Date | Description |
|---|---|
| 12/03/2016 | Date of option grant with an exercise price of $27.72 and an expiration date of 12/03/2025 |
| 12/14/2017 | Date of option grant with an exercise price of $31.76 and an expiration date of 12/14/2026 |
| 12/12/2018 | Date of option grant with an exercise price of $35.61 and an expiration date of 12/12/2027 |
| 12/13/2019 | Date of option grant with an exercise price of $31.57 and an expiration date of 12/13/2028 |
| 12/09/2020 | Date of option grant with an exercise price of $30.04 and an expiration date of 12/09/2029 |
| 01/22/2022 | Date of option grant with an exercise price of $14.45 and an expiration date of 01/22/2031 |
| 12/09/2022 | Date of option grant 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 10,850 restricted stock units, based on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2023December 31, 2025. |
| 12/16/2023 | Date of option grant with an exercise price of $9.74 and an expiration date of 12/16/2032 |
| 01/01/2024 | Start date for the period used to determine vesting of 15,900 restricted stock units, based on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2024December 31, 2026. |
| 12/07/2024 | Date of option grant with an exercise price of $15.15 and an expiration date of 12/07/2033 |
| 01/01/2025 | Start date for the period used to determine vesting of 15,150 restricted stock units, based on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2025December 31, 2027. |
| 02/24/2025 | 75% of the target number of restricted stock units vested, based on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2022December 31, 2024. |
| 03/18/2025 | Date of transaction where 8,850 restricted stock units vested and 3,306 shares were disposed of to cover withholding taxes. |
| 03/20/2025 | Date of original Form 4 filing that was later amended. |
| 04/03/2025 | Date of amended Form 4 filing. |
| 12/31/2025 | End date for the period used to determine vesting of 10,850 restricted stock units, based on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2023December 31, 2025. |
| 02/23/2026 | Potential vesting date for between 75% and 115% of 10,850 restricted stock units, with the vesting percentage determined based on actual performance of Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2023December 31, 2025. |
| 12/31/2026 | End date for the period used to determine vesting of 15,900 restricted stock units, based on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2024December 31, 2026. |
| 02/22/2027 | Potential vesting date for between 50% and 150% of 15,900 restricted stock units, with the vesting percentage determined based on actual performance of Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2024December 31, 2026. |
| 12/31/2027 | End date for the period used to determine vesting of 15,150 restricted stock units, based on Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2025December 31, 2027. |
| 02/27/2028 | Potential vesting date for between 50% and 150% of 15,150 restricted stock units, with the vesting percentage determined based on actual performance of Astronics Corp.'s average annual adjusted EBITDA for the period January 1, 2025December 31, 2027. |
Keywords
Form 4, Astronics Corp, Mark Peabody, Executive VP, Amendment, Beneficial Ownership, Securities, Disposition, Restricted Stock Units, Options, EBITDA
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