10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 77
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 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
26,702
30,803
(8,305)
(458)
Time Vested Restricted Stock Units
Nonvested at October 2, 2021
Granted in 2022
Vested in 2022
Forfeited in 2022
Period increase (decrease) in 2022
Nonvested at October 1, 2022
5,817
54,559
WeightedAverage
Fair Value
$
77.18
83.00
83.00
76.38
n/a
71.40
$
As of October 1, 2022, total unvested compensation expense associated with nonvested TVAs amounted to $2,558
and will be recognized over a weighted-average period of two years.
The number of Class B shares to be issued for TVAs that are expected to vest in 2023 from time based service
conditions is approximately 21,400 shares, based on our closing price of Class B common stock of $71.40 as of
October 1, 2022.
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 18,594 RSAs granted and vested in 2022 at a price of $82.79
resulting in a fair value of the RSAs vested of $1,539.
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
$
2022
139,121
67.91
$
2021
141,647
58.52
$
2020
119,470
58.71
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.
77