Form 4: Bank of Hawaii CFO's Restricted Stock Units Vest, Shares Withheld for Taxes
Insider Transaction Report
Bank of Hawaii Corporation's Vice Chair and CFO, Bradley Steven Satenberg, reported the vesting of 2,972 restricted stock units and the subsequent disposition of 959 shares for tax obligations.
Summary
- Bradley Steven Satenberg, Vice Chair and CFO of Bank of Hawaii Corp (BOH), reported transactions related to his equity holdings.
- On July 21, 2025, 2,972 restricted stock units (RSUs) vested, converting into an equal number of common shares.
- Concurrently, 959 shares of common stock were disposed of at a price of $67.59 per share to cover tax liabilities incurred from the RSU vesting.
- Following these transactions, Satenberg directly beneficially owns 2,013 shares of common stock.
- Additionally, 2,973 derivative securities (Restricted Stock Units) remain beneficially owned directly.
- The original award of 5,945 restricted stock units was granted on July 19, 2024, and is subject to service and performance vesting requirements based on the 2024 to 2026 performance period.
Sentiment
Score: 5
Explanation: The filing reports a routine vesting of restricted stock units and subsequent tax withholding, which is a neutral event in terms of company performance or strategic direction.
Positives
- The vesting of restricted stock units indicates the fulfillment of service and performance requirements by the executive.
- The transaction is a routine vesting event, reflecting a pre-scheduled compensation component rather than a discretionary sale.
Negatives
- A portion of the vested shares (959 shares) was sold to cover tax liabilities, which reduces the executive's direct equity holding in the company from the vested amount.
Future Outlook
The remaining 2,973 restricted stock units are subject to service and performance vesting requirements based on the 2024 to 2026 performance period, indicating future potential vesting events.
Industry Context
This filing represents a routine executive compensation event, common across publicly traded companies where restricted stock units are a standard component of long-term incentive plans for senior management. It does not reflect broader industry trends or competitive positioning.
Stakeholder Impact
- Shareholders: The transaction is a routine compensation event and does not directly impact the company's operational or financial performance. The disposition of shares for tax purposes is a common practice and does not signal a change in executive confidence.
- Employees: Reflects standard executive compensation practices, which may influence broader compensation strategies within the company.
Next Steps
- Continued vesting of the remaining 2,973 restricted stock units through the 2024 to 2026 performance period, subject to service and performance requirements.
Key Dates
| Date | Description |
|---|---|
| 07/19/2024 | Original grant date of 5,945 restricted stock units. |
| 07/21/2025 | Date of vesting for 2,972 restricted stock units and subsequent acquisition of common stock, along with disposition of shares for tax withholding. |
| 07/22/2025 | Filing date of the Form 4. |
Keywords
Bank of Hawaii, BOH, SEC Form 4, Insider Transaction, Restricted Stock Units, RSU Vesting, Executive Compensation, Bradley Steven Satenberg, CFO
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