AeroVironment CFO exercises PRSUs, pays taxes in stock
AeroVironment Inc CFO Sean Thomas Woodward reported routine equity compensation activity involving performance-based stock units.
Rhea-AI Filing Summary
AeroVironment Inc CFO Sean Thomas Woodward reported routine equity compensation activity involving performance-based stock units. On the vesting of Performance Restricted Stock Units (PRSUs), he received 2,382 shares of common stock, as described in the footnotes.
To cover related tax withholding obligations, 855 shares of common stock were disposed of through a net share settlement at $139.00 per share, a non-market, tax-withholding transaction rather than an open-market sale. Following these events, he directly owned 3,898 shares of AeroVironment common stock. All PRSUs reflected in this filing were fully converted into common shares, with no remaining derivative balance from this award.
Positive
- None.
Negative
- None.
Insider Trade Summary
953 shares exercised/converted
Exercise
3 txns
Insider
Woodward Sean Thomas
Role
CFO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Restricted Stock Awards | 953 | $0.00 | $0.00 |
| Exercise | Common Stock | 2,382 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Stock | 855 | $139.00 | $119K |
Holdings After Transaction:
Performance Restricted Stock Awards — 0 contracts (Direct);
Common Stock — 3,898 shares (Direct)
Footnotes (4)
- F1. Each Performance Restricted Stock Unit (PRSU) represents the contingent right to receive, following vesting, shares of the issuer's common stock. The resulting number of shares of the issuer's common stock acquired upon vesting of the PRSUs is contingent upon the achievement of pre-established performance metrics, as approved by the Company's Compensation Committee, over a three-year performance period beginning on May 1, 2023 and ending on April 30, 2026. The target number of units subject to the award is presented in the table. The number of units that vest may be 0% to 250% of the target number of units, depending on performance.
- F2. Disposition made pursuant to a net settlement whereby shares of stock were tendered to satisfy tax withholding obligations arising in the conjunction with the vesting of previously issued Performance Restricted Stock Units.
- F3. Unless earlier forfeited under the terms of the PRSU, each PRSU vests and converts into shares of the issuer's common stock upon certification by the Company's Compensation Committee of the achievement of the performance metrics of the PRSUs (the "Certification Date").
- F4. Upon conversion of the PRSUs, the Reporting Person received 2,382 shares of common stock.
Key Figures
Tax-withholding shares: 855 shares
Tax-withholding price: $139.00 per share
Shares from PRSU conversion: 2,382 shares
+4 more
7 metrics
Tax-withholding shares
855 shares
Common stock tendered to cover tax obligations at $139.00 per share
Tax-withholding price
$139.00 per share
Value applied to 855 shares used for tax withholding
Shares from PRSU conversion
2,382 shares
Common shares received upon conversion of Performance Restricted Stock Units
PRSU units converted
953 units
Performance Restricted Stock Awards converted into common stock in this filing
Shares owned after transactions
3,898 shares
Direct common stock ownership following vesting and tax withholding
PRSU performance range
0% to 250% of target
Potential vesting outcome based on performance metrics
PRSU performance period
May 1, 2023–April 30, 2026
Three-year window for assessing PRSU performance metrics
Key Terms
Performance Restricted Stock Unit (PRSU), net settlement, tax withholding obligations, Certification Date, +1 more
5 terms
Performance Restricted Stock Unit (PRSU) financial
"Each Performance Restricted Stock Unit (PRSU) represents the contingent right to receive, following vesting, shares of the issuer's common stock."
net settlement financial
"Disposition made pursuant to a net settlement whereby shares of stock were tendered to satisfy tax withholding obligations."
tax withholding obligations financial
"shares of stock were tendered to satisfy tax withholding obligations arising in conjunction with the vesting of previously issued Performance Restricted Stock Units."
Certification Date financial
"each PRSU vests and converts into shares of the issuer's common stock upon certification by the Company's Compensation Committee of the achievement of the performance metrics of the PRSUs (the "Certification Date")."
derivative exercise/conversion financial
"transaction_action is described as derivative exercise/conversion for the PRSU transaction."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did AeroVironment (AVAV) CFO Sean Woodward report in this Form 4?
The CFO reported vesting of performance-based stock units that delivered 2,382 common shares. A portion of those shares was then surrendered to satisfy tax withholding obligations, leaving him with 3,898 common shares directly owned after the transactions.
What are Performance Restricted Stock Units (PRSUs) at AeroVironment (AVAV)?
Each PRSU is a contingent right to receive AeroVironment common shares after vesting. The actual number of shares earned can range from 0% to 250% of a target amount, depending on achievement of Compensation Committee–approved performance metrics over a three-year period.
Over what period are AeroVironment (AVAV) PRSU performance metrics measured?
The PRSU performance metrics are evaluated over a three-year period beginning May 1, 2023 and ending April 30, 2026. Vesting and conversion into common shares occur after the Compensation Committee certifies the level of performance achieved over that timeframe.
AI-generated analysis. How Rhea-AI works. Not financial advice.
