Michael J. Natalizia
About Michael J. Natalizia
AstroNova’s Chief Technology Officer and Vice President – Technology & Strategic Alliances since March 9, 2012; previously Director of Product Development since 2005; age 62 as of October 13, 2025 . Company performance context: FY2025 revenue was $151.3M and adjusted EBITDA under the STI plan was $12.3M vs a $19–$23M threshold/target range, resulting in zero annual cash bonus payout to NEOs for FY2025 . Total shareholder return since January 31, 2022 measured at FY2025 year-end indicated an $84 value for a $100 initial investment (i.e., -16% cumulative TSR), alongside FY2025 net loss of $14.5M, framing the pay-for-performance outcomes and incentive resets heading into FY2026 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AstroNova, Inc. | CTO and VP – Technology & Strategic Alliances | 2012–present | Oversees technology strategy and partnerships; elevated from internal product development to enterprise-level technology leadership . |
| AstroNova, Inc. | Director of Product Development | 2005–2012 | Led product development prior to promotion to CTO, indicating deep institutional product/engineering expertise . |
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Base Salary ($) | 250,510 | 259,938 |
| Target Bonus % of Salary | Not disclosed | 35% (Target Award $91,000) |
| Actual Bonus Paid ($) | 23,410 | 0 (below EBITDA threshold) |
| All Other Compensation ($) | 5,991 | 5,986 |
| Total Compensation ($) | 367,595 | 296,258 |
| Mid-year Base Salary Reset (effective Aug 15, 2025) | — | New base: $280,000 |
| FY2026 STIP Target % (effective for FY2026) | — | 45% of base salary |
Performance Compensation
- FY2025 Short-Term Incentive (STIP):
- Metric/Weighting: Adjusted EBITDA (100%) .
- Threshold/Target/Enhanced Target: $19.0M / $23.0M / $26.0M .
- Actual: $12.335M; Payout: 0% of target (no bonus) .
| Metric | Weight | Threshold | Target | Actual | Payout | Form/Vesting |
|---|---|---|---|---|---|---|
| Adjusted EBITDA (FY2025) | 100% | $19.0M | $23.0M | $12.335M | 0% | Cash (annual) |
- FY2026 STIP structure (for Natalizia):
- Weightings: AstroNova Revenue 25%; AstroNova Adjusted Operating Cash Flow 25%; AstroNova Adjusted EBITDA 50% .
- Payout mechanics: 50% payout at threshold, 100% at target, up to 200% per-goal via linear interpolation to “superior” level; aggregate plan caps remain (≤15% of consolidated operating income) .
- Note: Specific FY2026 numeric thresholds/targets not disclosed in proxy .
| FY2026 Metric | Weight | Threshold → Target → Superior | Payout Structure |
|---|---|---|---|
| AstroNova Revenue | 25% | Not disclosed | 50% at threshold, 100% at target, linear to 200% per-goal cap; overall caps apply |
| AstroNova Adjusted Operating Cash Flow | 25% | Not disclosed | As above |
| AstroNova Adjusted EBITDA | 50% | Not disclosed | As above |
- Long-term incentives:
- Stock-Settled Performance Awards (LTI cycle FY2026–FY2028): Reference value $98,000 (June 2025 grant) plus $12,964 (Aug 15, 2025 grant) for Natalizia; equally weighted goals: Cumulative Organic Revenue Growth (Threshold/Target/Superior: 20%/25%/30%) and Adjusted EPS ($1.35/$1.60/$1.85); linear interpolation with 20% penalty if only one goal meets threshold; settled in shares in FY2028 based on “earned value” .
- Earned value and max share outcomes for Natalizia (per-goal): Threshold $27,741 = 2,919 shares; Target $55,482 = 5,839 shares; Superior $83,223 = 8,758 shares (based on grant-date and certification-date price mechanics) .
| LTI Award | Reference Value | Performance Goals (50%/50%) | Threshold | Target | Superior | Settlement |
|---|---|---|---|---|---|---|
| Stock-Settled Performance Awards (FY2026–FY2028) | $98,000 (Jun-12-2025) + $12,964 (Aug-15-2025) | Cumulative Organic Rev Growth; Adjusted EPS | 20%/ $1.35 | 25%/ $1.60 | 30%/ $1.85 | Shares in FY2028 per earned value; price “max of grant vs certification” |
| Per-Goal Outcomes for Natalizia | — | — | $27,741 = 2,919 sh | $55,482 = 5,839 sh | $83,223 = 8,758 sh | Fully vested upon issuance |
- Time-based RSUs (retention):
- $250,000 grant (Aug 15, 2025), cliff vest/settle on Aug 15, 2028 .
- 1,776 RSUs (Jun 10, 2024), vest in three equal annual installments on Jun 10, 2025/2026/2027 (592 each) .
| Grant Type | Grant Date | Amount / Units | Vesting |
|---|---|---|---|
| Time-based RSUs | Aug 15, 2025 | $250,000 value | Cliff vest Aug 15, 2028 |
| Time-based RSUs | Jun 10, 2024 | 1,776 units; fair value $30,334 | 3 tranches: Jun 10, 2025/2026/2027 |
| PBRSUs (FY2023 grant) | FY2023 | 3,934 units granted | 169 earned on FY2025 revenue; vest equally Apr 7, 2025/2026/2027 |
| PBRSUs (FY2024 grant) | FY2024 | 4,684 units granted | 0 earned on FY2025 revenue (remain outstanding for FY2026) |
Performance design evolution: FY2025 STI used single EBITDA goal; FY2026 adds revenue and cash flow goals while retaining EBITDA, improving multi-dimensional alignment to growth and cash generation .
Equity Ownership & Alignment
| Ownership Item | Quantity / Detail |
|---|---|
| Beneficial ownership (Oct 13, 2025) | 63,225 shares total: 45,725 shares/restricted shares + 17,500 options exercisable within 60 days; <1% of outstanding . |
| Option awards | 17,500 options, $18.25 strike, expiring 6/4/2028; fully vested/exercisable . |
| Unvested RSUs (as of FY2025 year-end snapshot) | 1,776 time-based (tranches through 2027); 169 PBRSUs (FY2023 earned) vesting through 2027; additional time-based RSUs from prior grants vest 3/21/2026 . |
| Upcoming vesting cadence (supply) | 592 RSUs on 6/10/2026 and 6/10/2027; 780 RSUs on 3/21/2026; PBRSUs (169 total) vest equally on 4/7/2025–2027; 2028 cliff RSUs ($250k) and stock-settled performance awards settle in 2028, potentially creating concentrated 2028 supply . |
| Ownership guidelines (executives) | Required holdings: CEO 3x salary; CFO 2x; other executives 1.25x; hold 50% of net shares until compliant . |
| Hedging/pledging | Company prohibits hedging; no pledging disclosure for Natalizia . |
| Late Section 16 filing | One late-filed Form 4 on Apr 3, 2024 relating to RSU vesting/tax withholding (administrative compliance note) . |
Employment Terms
| Term | Detail |
|---|---|
| Current role | VP – Technology & Strategic Alliances and CTO |
| FY2025 base salary | $260,000 (effective 4/1/2024) |
| New base salary | $280,000 effective Aug 15, 2025 (Executive Letter Agreement) |
| FY2026 STIP target | 45% of base salary; metrics and weights: Revenue 25%, Adjusted Operating Cash Flow 25%, Adjusted EBITDA 50%; linear interpolation; plan caps apply |
| LTI performance awards | Stock-Settled Performance Awards with reference values $98,000 (Jun 12, 2025) and $12,964 (Aug 15, 2025), equally weighted on Cumulative Organic Revenue Growth and Adjusted EPS (Threshold/Target/Superior: 20%/25%/30% and $1.35/$1.60/$1.85) |
| Time-based RSUs | $250,000 grant on Aug 15, 2025; cliff vests Aug 15, 2028 |
| Severance (without cause, non‑CoC) | Partial salary continuation for up to 52 weeks: amount equals base if termination on Aug 15, 2025, decreases ratably to zero by Aug 15, 2028 |
| Change-in-control | If termination occurs in connection with a CoC with shareholder consideration, no severance payable |
| Triggering Transaction payment | If a material business sale or CoC with shareholder consideration before Aug 15, 2028, cash/consideration equivalent to value distributable on the unvested 2028 time-based RSUs (same form as paid to shareholders) |
Investment Implications
- Pay-for-performance alignment: Zero FY2025 STI payout and forfeiture of most FY2023 performance RSUs (only 169 earned for Natalizia) show downside sensitivity to underperformance; FY2026 plan adds growth and cash metrics, potentially improving balance and reducing single-metric gaming risk .
- Retention vs selling pressure: Larger 2028-dated time-based RSU and stock-settled awards push meaningful value realization to FY2028, supporting medium-term retention; nearer-term supply exists via 2026–2027 RSU tranches but is modest relative to the 2028 cliff .
- Alignment/controls: Executive ownership guidelines, anti-hedging policy, and absence of disclosed pledging mitigate misalignment risks; late Form 4 appears administrative rather than behavioral .
- Economics on separation/CoC: Declining severance over 2025–2028 lowers golden handshake risk over time; Triggering Transaction cash-in-lieu for unvested 2028 RSUs ensures make-whole if value is delivered to shareholders in a strategic transaction, aligning incentives in sale scenarios .
- Performance track record context: With FY2025 revenue at $151.3M and TSR down vs 2022 baseline, the incentive redesign focuses management on organic growth and earnings quality to rebuild credibility; monitoring FY2026–FY2028 progress against Cumulative Organic Revenue Growth and Adjusted EPS hurdles is critical for forward signal value .
Note: No education credentials, outside directorships, or non-compete provisions were disclosed for Mr. Natalizia in the proxy; no related-party transactions involving him were disclosed .
Key Sources: 2025 DEF 14A (AstroNova, Inc., filed Oct 22, 2025)
- Management roster, roles, ages: **[8146_0001193125-25-246797_d847488ddef14a.htm:25]**
- FY2025 revenue and STI results: **[8146_0001193125-25-246797_d847488ddef14a.htm:31]** **[8146_0001193125-25-246797_d847488ddef14a.htm:30]**
- STI structure and targets: **[8146_0001193125-25-246797_d847488ddef14a.htm:29]** **[8146_0001193125-25-246797_d847488ddef14a.htm:30]** **[8146_0001193125-25-246797_d847488ddef14a.htm:32]** **[8146_0001193125-25-246797_d847488ddef14a.htm:33]**
- LTI program terms and values: **[8146_0001193125-25-246797_d847488ddef14a.htm:33]** **[8146_0001193125-25-246797_d847488ddef14a.htm:34]** **[8146_0001193125-25-246797_d847488ddef14a.htm:35]**
- RSU grants and vesting schedules: **[8146_0001193125-25-246797_d847488ddef14a.htm:44]** **[8146_0001193125-25-246797_d847488ddef14a.htm:46]** **[8146_0001193125-25-246797_d847488ddef14a.htm:31]**
- Ownership and options: **[8146_0001193125-25-246797_d847488ddef14a.htm:26]** **[8146_0001193125-25-246797_d847488ddef14a.htm:45]** **[8146_0001193125-25-246797_d847488ddef14a.htm:26]**
- Governance (clawback, anti-hedging, ownership guidelines): **[8146_0001193125-25-246797_d847488ddef14a.htm:4]** **[8146_0001193125-25-246797_d847488ddef14a.htm:22]** **[8146_0001193125-25-246797_d847488ddef14a.htm:36]**
- Pay vs Performance, TSR, Net Income: **[8146_0001193125-25-246797_d847488ddef14a.htm:47]** **[8146_0001193125-25-246797_d847488ddef14a.htm:48]**
- Severance/CoC/Triggering Transaction (Exec Letter Agreements): **[8146_0001193125-25-246797_d847488ddef14a.htm:40]**
- Late Form 4 disclosure: **[8146_0001193125-25-246797_d847488ddef14a.htm:26]**
- Related party transactions: **[8146_0001193125-25-246797_d847488ddef14a.htm:54]**