Form 4: Central Pacific Financial Corp Director Ngo Reports Stock Sale Under 10b5-1 Plan
SEC Form 4 Filing
Director Agnes Catherine Ngo of Central Pacific Financial Corp sold 3,333 shares of common stock at an average price of $22.669 per share on July 12, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- On July 12, 2024, Agnes Catherine Ngo, a director of Central Pacific Financial Corp, sold 3,333 shares of common stock.
- The sale was executed at a weighted average price of $22.669 per share, with prices ranging from $22.41 to $22.83.
- The transaction was conducted under a Rule 10b5-1 trading plan established on May 1, 2023.
- Following the transaction, Ngo directly owns various blocks of common stock acquired through grants and vesting schedules, as well as indirectly owning shares through a family trust and the CPB Foundation.
- Ngo also holds indirect ownership through Robert Hines' IRA.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the document simply reports a stock sale under a pre-existing trading plan. There is no indication of positive or negative sentiment.
Industry Context
This Form 4 filing is a routine disclosure of insider trading activity. It is common for corporate insiders to utilize 10b5-1 plans to sell shares over time to avoid accusations of trading on material non-public information.
Stakeholder Impact
- The stock sale may have a minor negative impact on shareholder sentiment, but is unlikely to have a significant impact due to the pre-planned nature of the transaction.
Key Dates
| Date | Description |
|---|---|
| 2014-03-04 | Original filing date for RSUs performance-based and time-based. |
| 2015-02-17 | RSUs time-based grant. |
| 2015-05-15 | Date of Power of Attorney execution. |
| 2015-08-17 | RSU time-based grant with 5-year vesting schedule. |
| 2016-02-16 | PSU Grant that cliff vests on 2/15/19 based on 2018 year-end performance results. RSU Time-Based Grant. Shares vest equally over 3 years. |
| 2017-02-15 | PSU Grant that cliff vests on 2/18/20 based on 2019 year-end performance results. RSU Time-Based Grant. Shares vest evenly over 3 years. |
| 2018-02-15 | PSU Grant that cliff vests on 2/16/21 based on 2020 year-end performance results/approval. RSU time-based grant. Shares vest evenly over 3 years. |
| 2019-02-15 | PSU Grant that cliff vests on 2/15/22 based on 2021 year-end performance results/approval. |
| 2020-02-18 | RSU Time-Based Grant. Shares vest evenly over 3 years. |
| 2021-02-16 | PSU Grant that cliff vests on 2/16/23 based on 2022 year-end performance results. RSU Time-Based Grant. Shares vest evently over 2 years. |
| 2022-02-15 | RSU Time-Based Grant. Shares vest evenly over 3 years. |
| 2023-02-16 | PSU Grant that cliff vests on 2/16/23 based on 2022 year-end performance results/approval. |
| 2023-05-01 | Date the Rule 10b5-1 Plan was entered into by the reporting person. |
| 2024-07-12 | Date of the reported transaction (stock sale). |
| 2024-07-15 | Date of signature for the Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.