Xiangwei Gong
Executive Vice President, Strategic Group Development and President of Aptar Asia at 
APTARGROUP
APTARGROUPExecutive
About Xiangwei Gong
Executive Vice President, Strategic Group Development and President, Aptar Asia. Her employment agreement provides automatic one-year extensions each January 1, with a minimum annual salary of $568,600 approved for 2025 and an outside limit of December 31, 2034; she receives additional term life and supplementary long-term disability coverage, and has been on an international assignment in China since October 2018 with expatriate benefits . She complies with Aptar’s stock ownership guidelines requiring 3x base salary for executive officers and must retain 50% of net after-tax shares until guidelines are met . 2024 short-term incentive (STI) delivered a 111.2% performance factor, paying $431,221 against a 75% target on a $516,906 base salary; 2021 PRSUs paid out below target based on Adjusted ROIC and relative TSR metrics (earned 3,032 vs. 3,655 target) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AptarGroup, Inc. | Executive Vice President, Strategic Group Development and President, Aptar Asia | Current | International assignment in China since Oct 2018 with expatriate benefits; leads Asia operations |
Fixed Compensation
Summary Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | 494,647 | 494,647 | 516,906 |
| Bonus ($) | — | 46,000 | — |
| Stock Awards ($) | 1,207,463 | 855,674 | 743,334 |
| Option Awards ($) | — | 192,111 | 241,489 |
| Non-Equity Incentive Plan Compensation ($) | 305,529 | 235,757 | 431,221 |
| Deferred Compensation Earnings ($) | 31,247 | 171,762 | 92,813 |
| All Other Compensation ($) | 358,492 | 435,987 | 236,435 |
| Total ($) | 2,397,378 | 2,431,938 | 2,262,198 |
Short-Term Incentive Detail
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 494,647 | 516,906 |
| Target Bonus % | 75% | 75% |
| Target Bonus ($) | 370,985 | 387,680 |
| Performance Factor (%) | 105.9% | 111.2% |
| Actual STI ($) | 392,928 | 431,221 |
| Optional STI RSUs election and 20% uplift | Executive may elect up to 50% of STI in RSUs; if elected, an additional 20% RSUs are granted; RSUs vest one-third annually over three years |
Performance Compensation
PRSU Performance Metrics (2011-cycle vesting in March 2024)
| Metric | Weighting | Threshold | Target | Maximum | Actual | Vesting % |
|---|---|---|---|---|---|---|
| Adjusted ROIC | 35% | 8.8% (50% vesting) | 10.8% (100%) | 12.8% (200%) | 9.3% | 64.3% |
| Relative TSR vs. S&P 400 MidCap | 65% | 25th pct (50%) | 50th pct (100%) | 75th pct (200%) | 46.5th pct | 93.0% |
| Earned PRSUs (Gong) | — | — | Target 3,655 | — | — | Earned 3,032 |
2024 Grants to Gong (Plan-Based Awards)
| Award | Grant Date | Count | Price/Exercise | Grant Date Fair Value ($) |
|---|---|---|---|---|
| RSU (STI deferral election) | 02/23/2024 | 1,363 | — | 188,517 |
| NQ Stock Options | 03/15/2024 | 6,695 | $141.00 | 241,489 |
| RSU (LTI time-based) | 03/15/2024 | 1,717 | — | 236,860 |
| PRSU (LTI performance-based) | 03/15/2024 | Target 3,474; Threshold 651; Max 8,685 | — | 506,474 |
RSUs vest one-third on each of the first three anniversaries of grant; PRSUs vest after the 2024–2026 performance period based on Adjusted ROIC and TSR .
2023 Stock Options Structure (for context)
- 2023 stock options vest over three years and were granted with exercise price at a 10% premium to the stock price on the grant date to emphasize performance-at-risk; options have no value unless the stock appreciates above the exercise price .
Equity Ownership & Alignment
Beneficial Ownership (Record Date: March 14, 2025)
| Holder | Shares Owned | % of Outstanding | Options/RSUs Vesting Within 60 Days |
|---|---|---|---|
| Xiangwei Gong | 18,321 | * (<1%) | 9,906 |
Stock Ownership Guidelines Compliance
| Executive | Requirement | Status |
|---|---|---|
| Gong | 3x base salary | Exceeds guideline |
| Retention rule | Must retain 50% of net after-tax shares until guideline met | In force |
Outstanding Equity Awards at FY-End 2024 (as of Dec 31, 2024)
| Category | Detail | Count/Value |
|---|---|---|
| RSUs not vested | Units / Market Value | 6,883 units; $1,081,319 |
| PRSUs unearned | Units / Payout Value | 27,938 units; $4,388,981 |
| Options (3/15/2023 grant) | Exercisable / Unexercisable | 3,227 exercisable; 6,456 unexercisable; $122.52 strike; exp. 3/15/2033 |
| Options (3/15/2024 grant) | Unexercisable | 6,695; $141.00 strike; exp. 3/15/2034 |
Termination/CIC acceleration (combined time-vested NQSOs and RSUs value) for Gong was $1,412,201 at 12/31/24; PRSUs valued at $1,357,972 upon CIC termination (target performance assumed) .
Employment Terms
| Provision | Terms |
|---|---|
| Agreement term & auto-renewal | Automatically extends one year each January 1; cannot continue later than December 31, 2034 |
| Minimum annual salary | $568,600 for 2025 (approved by Compensation Committee); may be increased but not decreased |
| Death benefits | Estate receives one-half of annual salary until second anniversary of death; lump sum in lieu of supplemental life if not covered |
| Expiration/non-renewal | On expiration, one year’s base salary and medical/life benefits for one year |
| Termination without cause (non-CIC) | Salary continues until scheduled expiry; prorated annual bonus eligibility (only if termination in Q3/Q4) |
| Change-in-control (CIC) | If terminated without cause or for good reason within two years post-CIC: lump sum equal to 2.5x highest annualized salary in prior 12 months plus 2.5x average annual performance incentives over prior three fiscal years; prorated annual incentive at least equal to prior-three-year average; continuation of medical/disability/life benefits for 2.5 years |
| Noncompetition & nonsolicitation | Prohibits employment with competitors for one or two years post-termination depending on circumstances; includes non-solicit of employees and customers |
| Disability | Payments equal to a minimum of ~66.67% of base salary until age 65; partial coverage via company-paid insurance |
Performance Compensation
STI Optimization Metric (2024)
| Metric | Weighting | 50% Level | 100% Level | 200% Level | Actual |
|---|---|---|---|---|---|
| Corporate Optimization Initiative (% of sales; SG&A + labor) | 25% | 38.3% | 37.8% | 37.2% | 38.3% |
Segment Performance (FY 2023, used in STI)
| Segment | Adjusted EBITDA Growth vs. Prior Year | Core Sales Growth vs. Prior Year |
|---|---|---|
| Corporate | 13.8% | 3.1% |
| Asia | 23.1% | 1.0% |
Investment Implications
- Alignment: Long-term equity is heavily performance-based via PRSUs linked to Adjusted ROIC and relative TSR; 2021 cycle paid below target for Gong (earned 3,032 vs. 3,655 target), signaling rigorous metrics and a direct tie to value creation .
- Vesting and potential selling pressure: Multiple RSU grants from 2024 vest one-third annually over three years, creating predictable vesting supply; however, 50% net share retention until ownership guidelines are met dampens near-term selling pressure .
- Retention risk: Employment agreement auto-renewal, significant CIC protection (2.5x salary and 2.5x average incentives plus 2.5 years of benefits), and non-compete of up to two years suggest low-to-moderate departure risk absent extraordinary circumstances .
- Ownership alignment: Gong owns 18,321 shares with 9,906 options/RSUs vesting within 60 days of the record date; while <1% of shares outstanding, she exceeds 3x salary ownership guideline, supporting alignment with shareholders .