FY2021 10-K Document - FINAL 11 15 21 - Flipbook - Page 75
Table of Contents
Time Vested Awards
TVAs consist of shares of our stock which are payable over a vesting schedule determined at the time the award is
granted. TVAs will vest in equal fixed dollar tranches over the agreed upon vesting term beginning one year after the
date of the grant and will settle using the fair market value of shares on the date of vesting of the tranche. Although it
is our intention to settle vested amount in shares, we reserve the right to settle in cash at our discretion.
TVAs are as follows:
Number of
Awards
26,153
(314)
25,839
Time Vested Restricted Stock Units
Granted in 2021
Forfeited in 2021
Nonvested at October 2, 2021
WeightedAverage
Grant Date
Fair Value
$
79.87
79.87
$
79.87
As of October 2, 2021, total unvested compensation expense associated with nonvested TVAs amounted to $1,459
and will be recognized over a weighted-average period of two years.
Restricted Stock Awards
The fair value of each RSA granted is equal to the fair market value of our common stock on the date of grant. These
shares vest and are issued upon grant. There were 9,914 RSAs granted and vested in 2021 at a price of $73.69
resulting in a fair value of the RSAs vested of $730.
The Management Short Term Incentive Plan ("STI") is intended to attract, motivate and retain highly qualified
executives serving on the management team and reward them according to our financial performance with a payment
of either cash and/or shares of our common stock. There were 45,834 STI awards granted and vested in 2021 at a
price of $86.56, resulting in a fair value of $3,967 in satisfaction of a portion of the 2020 management profit share
expense.
Employee Stock Purchase Plan
Shares and the weighted-average price per share associated with the ESPP are as follows:
Employee Stock Purchase Plan
Shares issued
Weighted-average price per share
$
2021
141,647
58.52
$
2020
119,470
58.71
$
2019
79,928
65.91
Note 19 - Stock Employee Compensation Trust and Supplemental Retirement Plan Trust
The SECT assists in administering and provides funding for equity-based compensation plans and benefit programs,
including the RSP, RSP(+) and ESPP. The SERP Trust provides funding for benefits under the SERP provisions of the
Moog Inc. Plan to Equalize Retirement Income and Supplemental Retirement Income. Both the SECT and the SERP
Trust hold shares as investments. The shares in the SECT and SERP Trust are not considered outstanding for
purposes of calculating earnings per share. However, in accordance with the trust agreements governing the SECT
and SERP Trust, the trustees vote all shares held by the SECT and SERP Trust on all matters submitted to
shareholders.
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