Form 4: Bank of Hawaii CEO Peter Ho Reports Stock Transactions
SEC Form 4 Filing
CEO Peter Ho reports disposition of shares to cover tax obligations and acquisition of restricted stock units.
Summary
- On February 23, 2024, Peter Ho, Chairman, CEO, and President of Bank of Hawaii Corp, reported transactions involving the company's stock.
- He disposed of 20,172 shares of common stock at a price of $61.20 to cover tax liabilities upon the vesting of restricted shares.
- Ho also acquired 29,412 restricted stock units (RSUs) on the same date, which are subject to service and performance-based vesting requirements over the 2024-2026 performance period.
- Following these transactions, Ho directly owns 189,425 shares of common stock and indirectly owns 6,374 shares through a 401(k) plan.
- He also holds 29,412 restricted stock units granted on February 23, 2024, and 39,937 restricted stock units granted on February 24, 2023.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the document primarily reports routine stock transactions by an executive. There are no explicit positive or negative implications for the company's performance.
Industry Context
This filing is a routine disclosure of insider transactions, which are common for executives who receive stock-based compensation. It provides transparency into the trading activities of company leadership.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over a period of years, contingent on continued employment and sometimes performance metrics.
- Companies like JP Morgan Chase, Citigroup, and Wells Fargo also use RSUs as part of their executive compensation plans.
- The vesting schedules and performance metrics vary across companies, but the general structure is similar to align executive interests with long-term shareholder value.
Key Dates
| Date | Description |
|---|---|
| 02/23/2024 | Date of stock disposal for tax liability and acquisition of restricted stock units. |
| 02/24/2023 | Date of grant for 39,937 restricted stock units, vesting based on performance from 2023-2025. |
| 02/27/2024 | Date of signature on the Form 4 filing. |
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