Form 4: Moog CEO Exercises Stock Appreciation Rights

Moog Inc. CEO Patrick J. Roche exercised stock appreciation rights, acquiring and subsequently disposing of shares to cover tax obligations.

Summary

• Patrick J. Roche, Chief Executive Officer and Director of Moog Inc., engaged in transactions involving Class A and Class B Common Stock on October 10, 2025.
• Exercised 3,367 Stock Appreciation Rights (SARs) for Class B Common Stock with an exercise price of $65.90, acquiring shares.
• Exercised 3,333 Stock Appreciation Rights (SARs) for Class A Common Stock with an exercise price of $63.04, acquiring shares.
• Disposed of 2,745 Class B Common shares at a price of $208.7731 to satisfy tax withholding obligations related to the SAR exercise.
• Disposed of 3,004 Class A Common shares at a price of $210.99 to satisfy tax withholding obligations related to the SAR exercise.
• Following these transactions, Mr. Roche directly beneficially owns 16,083 Class B Common shares and 18,661 Class A Common shares.
• Additionally, 555 equivalent Class B Common shares are held indirectly in the Moog Inc. Retirement Savings Plan (401k).

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. The exercise of SARs indicates that the stock price has performed well, allowing the CEO to realize value. The subsequent sale for tax purposes is a neutral, routine event and does not necessarily reflect a negative outlook on the company.

Positives

• The exercise of Stock Appreciation Rights indicates that the company's stock price was significantly above the SAR exercise prices, allowing the CEO to realize value from previously granted incentives.
• The transactions demonstrate the CEO's continued participation in the company's long-term incentive plan.

Negatives

• A significant number of shares were disposed of to cover tax withholding obligations, reducing the CEO's direct beneficial ownership of both Class A and Class B Common Stock.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The transactions are routine insider activity, reflecting the realization of value from long-term incentive plans. They do not indicate a significant change in the company's strategic direction or financial health.
• Employees: The exercise of SARs is part of the company's compensation structure, which can be a positive signal regarding the value of employee equity incentives.

Next Steps

• Remaining unexercised Stock Appreciation Rights will become exercisable ratably over three years from their respective grant dates, with various expiration dates extending to November 2031.

Key Dates

Recommendation

This Form 4 filing details a routine insider transaction where the CEO exercised Stock Appreciation Rights and sold shares to cover tax obligations. While the exercise indicates the stock was 'in the money,' the subsequent sale for tax purposes is a common, non-discretionary event. This filing alone does not provide sufficient new fundamental information to warrant a change in investment thesis, hence a 'hold' recommendation is appropriate for a seasoned investor.

Keywords

Moog Inc., MOGA, MOGB, Patrick J. Roche, CEO, Director, Stock Appreciation Rights, SARs, Insider Trading, Form 4, Equity Compensation, Tax Withholding, Common Stock