Park Aerospace Director Trims Stake, Keeps Large Option Position

Rhea-AI Filing Summary

PKE – Form 4 (24 Jul 2025): Director Carl W. Smith reported one transaction dated 23 Jul 2025. He exercised 7,500 stock options (Code M) at a stated price of $19.09 and immediately disposed of the same number of common shares, reducing his direct share ownership to 1,000 shares.

Smith continues to hold 27,500 vested but unexercised options with strike prices ranging from $5.23-$14.00 and expirations between 2026-2035. The options vest 25 % per year over four years from each grant date. No other equity transactions were disclosed.

The filing signals a modest reduction in direct ownership but leaves the director with substantial derivative exposure, maintaining long-term economic alignment with shareholders.

Positive

• Director retains 27,500 unexercised options, preserving long-term incentive alignment with shareholders.
• No signs of regulatory or compliance issues were noted in the filing.

Negative

• Direct common share ownership drops to only 1,000 shares, a visible reduction that may be interpreted as lower immediate confidence.

Insights

Securities Analyst

TL;DR: Director exercised 7,500 options, sold shares, keeps only 1,000 shares but retains 27,500 options; limited impact.

The transaction represents a routine option exercise and sale. The gross value (7,500 × $19.09 ≈ $143k) is immaterial relative to Park Aerospace’s typical daily trading volume. Post-sale share ownership is low, yet the director’s remaining option portfolio preserves upside incentive, suggesting no directional view on fundamentals. I classify the event as neutral.

Corporate Governance Expert

TL;DR: Insider trims direct stake; governance stance unchanged given sizable unexercised options.

While insiders selling can raise concern, Form 4 shows a liquidity-motivated option exercise ahead of 2026 expiry. The director’s residual 27,500 options continue to align interests with shareholders over a 5-10 year horizon. No red flags on compliance or reporting. Overall governance impact is not material.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Smith Carl William

(Last) (First) (Middle)

9830 E. EMERALD DR.

(Street)

SUN LAKE AZ 85248

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PARK AEROSPACE CORP [ PKE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/23/2025		M		7,500	D	$19.09	1,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Right to buy option(1)	$5.23							01/12/2017	01/12/2026	Common Stock	3,000		3,000	D
Right to buy option(1)	$14.44							05/07/2020	05/07/2029	Common Stock	3,500		3,500	D
Right to buy option(1)	$11.58							04/09/2021	04/09/2030	Common Stock	3,500		3,500	D
Right to buy option(1)	$12.8							04/02/2022	04/02/2031	Common Stock	3,500		3,500	D
Right to buy option(1)	$11.06							04/12/2023	04/12/2032	Common Stock	3,500		3,500	D
Right to buy option(1)	$13.08							05/01/2024	05/01/2033	Common Stock	3,500		3,500	D
Right to buy option(1)	$13.26							06/18/2025	06/18/2034	Common Stock	3,500		3,500	D
Right to buy option(1)	$14							06/16/2026	06/16/2035	Common Stock	3,500		3,500	D

Explanation of Responses:

1. Option is exercisable, commencing on the date indicated, as to 25% of the aggregate number of shares listed and as to an additional 25% of such shares on each of the succeeding three anniversaries of such date.

	/s/ Constantine Petropoulos, by Power of Attorney	07/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did PKE report on 24 Jul 2025?

Director Carl W. Smith exercised and sold 7,500 shares of Park Aerospace common stock on 23 Jul 2025.

How many Park Aerospace shares does the director now hold?

After the transaction, Smith directly owns 1,000 PKE shares.

How many options does the director still hold in PKE?

Smith retains 27,500 vested stock options with strikes between $5.23 and $14.00 expiring 2026-2035.

Is the Form 4 transaction considered a sale or purchase?

The filing shows an option exercise (Code M) followed by a disposal (D) of the 7,500 resulting shares.

Does this insider sale signal negative sentiment about PKE?

The small size and remaining option exposure suggest a neutral, likely liquidity-driven move rather than a bearish signal.