Form 4: Spirit AeroSystems VP Converts Equity in Boeing Merger

Spirit AeroSystems VP Keith Schrader's equity holdings converted to Boeing shares and RSUs following the merger agreement.

Summary

• Keith Schrader, VP, Defense & Space of Spirit AeroSystems Holdings, Inc. (SPR), reported changes in beneficial ownership.
• On December 8, 2025, 2,359 shares of Spirit AeroSystems Class A Common Stock were disposed of.
• This disposition resulted from the automatic cancellation and conversion of each Spirit share into 0.1955 shares of The Boeing Company (Boeing) common stock, as per the Merger Agreement dated June 30, 2024.
• Additionally, 21,206 Restricted Stock Units (RSUs) of Spirit AeroSystems were converted into Boeing RSUs.
• The number of Boeing common shares subject to each new Boeing RSU is the product of the original Spirit RSU shares multiplied by the 0.1955 exchange ratio, rounded to the nearest whole number.
• These Boeing RSUs retain the same vesting terms and conditions as the original Spirit RSUs.

Sentiment

Score: 6

Explanation: The filing reports the expected completion of a merger-related equity conversion for an executive. While it signifies the end of Spirit AeroSystems as an independent entity, the conversion into Boeing stock is a neutral to slightly positive outcome for the individual's holdings, reflecting a planned corporate action rather than unexpected operational news.

Positives

• Completion of the merger with The Boeing Company, a major aerospace entity.
• Conversion of Spirit AeroSystems equity into Boeing equity, potentially offering exposure to a larger, more diversified company.

Negatives

• Cancellation of Spirit AeroSystems Class A Common Stock.

Future Outlook

The reporting person's equity compensation is now tied to The Boeing Company's stock performance, with Boeing RSUs continuing under the original vesting terms.

Industry Context

This filing reflects the finalization of a significant consolidation event in the aerospace manufacturing sector, where a major supplier (Spirit AeroSystems) is integrated into one of its primary customers (The Boeing Company). This could lead to increased vertical integration and potentially streamline supply chains within the industry.

Stakeholder Impact

• Shareholders of Spirit AeroSystems had their shares converted into Boeing common stock.
• Employees holding Spirit AeroSystems RSUs, such as the reporting person, had their units converted into Boeing RSUs, maintaining their equity incentive structure within the new combined entity.

Next Steps

• The Boeing RSUs will continue to be governed by their original vesting terms and conditions.

Key Dates

Keywords

Spirit AeroSystems, Boeing, Merger, Form 4, Insider Transaction, Restricted Stock Units, Equity Conversion, Aerospace