Form 4: Bank of Hawaii Corp Executive Dean Y. Shigemura Reports Stock Transactions
SEC Form 4 Filing
Dean Y. Shigemura, Vice Chair & CFO of Bank of Hawaii Corp, reports the withholding of shares for tax liability and the acquisition of restricted stock units.
Summary
- On February 23, 2024, Dean Y. Shigemura, Vice Chair & CFO of Bank of Hawaii Corporation, reported transactions involving the company's stock.
- 4,295 shares of common stock were withheld by Bank of Hawaii Corporation for payment of tax liability incurred upon the vesting of restricted shares of common stock at a price of $61.2 per share.
- Shigemura was granted 5,474 restricted stock units on February 23, 2024, subject to service and performance vesting requirements based on the 2024 to 2026 performance period.
- Shigemura also holds 7,988 restricted stock units granted on February 24, 2023, subject to service and performance vesting requirements based on the 2023 to 2025 performance period.
- Following the reported transactions, Shigemura beneficially owns 56,824 shares of common stock.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing simply reports routine stock transactions related to executive compensation and tax obligations.
Positives
- The granting of restricted stock units to the CFO aligns his interests with the long-term performance of the company.
Industry Context
This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the actions of company executives regarding their holdings of company stock.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units to incentivize performance and align executive interests with shareholder value.
- The vesting schedules of these units (2-3 years) are typical in the financial services industry.
- Comparing the size of the grants to those of executives at peer banks (e.g., First Hawaiian, American Savings Bank) would provide further context.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders.
- Shareholders may view the stock grants as a positive incentive for the CFO.
Key Dates
| Date | Description |
|---|---|
| 02/24/2023 | Grant date of 7,988 restricted stock units subject to service and performance vesting requirements based on the 2023 to 2025 performance period. |
| 02/23/2024 | Date of transaction: withholding of 4,295 shares for tax liability and grant date of 5,474 restricted stock units subject to service and performance vesting requirements based on the 2024 to 2026 performance period. |
| 02/27/2024 | Date of signature on the Form 4 filing. |
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