Form 4: Central Pacific Financial Corp Director Ngo Reports Share Sale Under 10b5-1 Plan
SEC Form 4
Director Agnes Catherine Ngo of Central Pacific Financial Corp reports the sale of 3,333 shares of common stock at an average price of $21.1907, executed under a pre-arranged Rule 10b5-1 trading plan.
Summary
- On May 13, 2024, Agnes Catherine Ngo, a director of Central Pacific Financial Corp (CPF), reported the sale of 3,333 shares of common stock.
- The sale was executed at an average price of $21.1907 per share.
- The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan established on May 1, 2023.
- Following the transaction, Ngo directly owns various blocks of common stock resulting from previous PSU and RSU grants, and indirectly owns 82,023 shares as Co-Trustee of the Hines & Ngo 2000 Family Trust dtd 4/18/00 and 5,886 shares through the CPB Foundation.
- She also indirectly owns 2,714 shares through the Robert Hines IRA.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
Insider trading activity is closely monitored in the financial industry as it can provide insights into the perspectives of company leadership. Sales under 10b5-1 plans are generally viewed as less impactful since they are pre-arranged.
Stakeholder Impact
- The share sale may have a minor impact on shareholders, potentially causing a slight decrease in stock price due to increased selling pressure.
Key Dates
| Date | Description |
|---|---|
| 03/04/2014 | Original filing date for RSUs performance-based and time-based |
| 02/17/2015 | Date of RSU time-based grant |
| 08/17/2015 | Date of RSU time-based grant with 5-year vesting schedule |
| 02/16/2016 | PSU Grant that cliff vests on 2/15/19 based on 2018 year-end performance results and RSU Time-Based Grant. Shares vest equally over 3 years. |
| 02/15/2017 | PSU Grant that cliff vests on 2/18/20 based on 2019 year-end performance results and RSU Time-Based Grant. Shares vest evenly over 3 years |
| 02/15/2018 | PSU Grant that cliff vests on 2/16/21 based on 2020 year-end performance results/approval and RSU time-based grant. Shares vest evenly over 3 years. |
| 02/15/2019 | PSU Grant that cliff vests on 2/15/22 based on 2021 year-end performance results/approval and RSU Time-Based Grant. Shares vest evenly over 3 years |
| 02/18/2020 | RSU Time-Based Grant. Shares vest evenly over 3 years |
| 02/16/2021 | PSU Grant that cliff vests on 2/16/23 based on 2022 year-end performance results/approval and RSU Time-Based Grant. Shares vest evently over 2 years |
| 02/15/2022 | RSU Time-Based Grant. Shares vest evenly over 3 years |
| 05/01/2023 | Date the Rule 10b5-1 Plan was entered into by the reporting person |
| 05/13/2024 | Date of the reported transaction (share sale) |
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