Form 4: Alexander & Baldwin Executive Vice President Meredith J. Ching Reports Stock Transactions

Executive Vice President of Alexander & Baldwin, Meredith J. Ching, reports the acquisition and disposal of company stock, including shares from vested restricted stock units and performance share units, as well as shares withheld for tax obligations.

Summary

• Meredith J. Ching, Executive Vice President of Alexander & Baldwin, reported several transactions involving the company's common stock on February 1, 2025.
• She acquired 7,002 shares of common stock through restricted stock units that vest in three equal annual installments starting a year from the transaction date.
• Additionally, 2,578 shares were acquired from performance share units that vested based on the company's total shareholder return over a three-year period ending December 31, 2024.
• A total of 4,898 shares were disposed of to cover tax withholding obligations related to the vesting of performance and restricted stock units, with 1,392 shares withheld at $17.85 per share for performance stock units and 3,506 shares withheld at $17.85 per share for restricted stock units.
• Following these transactions, Ms. Ching directly owns 153,149 shares of common stock, and indirectly owns 213 shares through her spouse and 781.571 shares through TCESOP.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices and routine stock transactions. The sentiment is neutral to slightly positive as it indicates that the executive is being rewarded for performance.

Positives

• The vesting of restricted stock units and performance share units indicates that Ms. Ching is being rewarded for her performance and the company's performance.
• The acquisition of shares through these plans aligns her interests with those of the shareholders.

Negatives

• The disposal of 4,898 shares to cover tax obligations, while a standard practice, reduces her overall holdings.

Risks

• The value of the stock is subject to market fluctuations, which could impact the value of Ms. Ching's holdings.
• Future vesting of stock units is dependent on the company's performance and may not occur as expected.

Future Outlook

The restricted stock units will vest in three equal annual installments beginning a year from the transaction date.

Industry Context

This filing is a routine disclosure of stock transactions by a company executive, which is common in publicly traded companies. It provides transparency into the holdings and transactions of key personnel.

Comparison to Industry Standards

• The use of restricted stock units and performance share units is a common practice in executive compensation across various industries, including real estate investment trusts (REITs).
• The vesting schedules and performance metrics are typical for such plans, often tied to company performance and shareholder return.
• The tax withholding process is also standard, where a portion of shares are sold to cover tax obligations.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect the standard compensation practices of the company.
• The vesting of stock units aligns the executive's interests with those of the shareholders.

Key Dates

Keywords

stock transactions, insider trading, restricted stock units, performance share units, executive compensation, Alexander & Baldwin, Meredith J. Ching, shareholder return, vesting, tax withholding