Form 4: Bank of Hawaii Corp Executive Reports Stock Transactions

Patrick M. McGuirk, Vice Chair and CAO of Bank of Hawaii Corp, reports the withholding of shares for tax liability and the acquisition of restricted stock units.

Summary

• On February 27, 2025, Patrick M. McGuirk, Vice Chair and CAO of Bank of Hawaii Corp, had 2,207 shares of common stock withheld to cover tax liabilities at a price of $71.47 per share, leaving him with 6,966 shares.
• On February 28, 2025, McGuirk was granted 6,087 restricted stock units (RSUs) which are subject to service and performance vesting requirements over the 2025-2028 performance period.
• Each RSU represents a contingent right to receive one share of Bank of Hawaii Corporation common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The transactions are routine and related to executive compensation and tax obligations. The granting of RSUs is a positive sign of aligning executive incentives with company performance.

Positives

• The granting of 6,087 restricted stock units to a key executive suggests an incentive alignment with the company's performance over the next few years.

Future Outlook

The restricted stock units are subject to service and performance vesting requirements, based on the 2025 to 2028 performance period, indicating a long-term incentive structure.

Industry Context

Executive compensation in the banking industry often includes stock and restricted stock units to align management's interests with those of shareholders and to incentivize long-term performance.

Comparison to Industry Standards

• Stock-based compensation is a common practice among publicly traded companies, including Bank of Hawaii Corp's peers in the financial services sector.
• Companies like First Hawaiian, Inc. and Central Pacific Financial Corp also utilize restricted stock units as part of their executive compensation packages.
• The vesting schedules and performance metrics associated with these RSUs are typically aligned with industry benchmarks for long-term incentive plans.

Stakeholder Impact

• The granting of restricted stock units aligns executive interests with shareholder value over the long term.
• The transactions reported have a minimal direct impact on employees, customers, suppliers, or creditors.

Key Dates