Form 4: Central Pacific Financial Corp Director Reports Changes in Beneficial Ownership
SEC Form 4
Director Agnes Catherine Ngo reports changes in beneficial ownership of Central Pacific Financial Corp stock due to vesting of performance-based and time-based restricted stock units.
Summary
- On February 18, 2025, Agnes Catherine Ngo, a director of Central Pacific Financial Corp, reported changes in her beneficial ownership of the company's common stock.
- The changes are primarily due to the vesting of performance-based stock units (PSUs) and restricted stock units (RSUs).
- Ms. Ngo acquired 2,588 shares and 4,735 shares of common stock on February 18, 2025, at a price of $0, related to PSU grants.
- She also directly and indirectly owns various amounts of common stock, including shares held as co-trustee of the Hines & Ngo 2000 Family Trust, shares held by the CPB Foundation, and shares held in her Robert Hines IRA.
- The report details various PSU and RSU grants from 2014 to 2022, with vesting schedules ranging from 2 to 5 years.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency regarding the equity holdings of company insiders.
Stakeholder Impact
- The vesting of shares may have a minor dilutive effect on existing shareholders.
- The disclosure provides transparency to stakeholders regarding executive compensation.
Key Dates
| Date | Description |
|---|---|
| 05/15/2015 | Date of Power of Attorney execution by A. Catherine Ngo. |
| 02/15/2017 | PSU Grant that cliff vests on 2/18/20 based on 2019 year-end performance results. |
| 02/15/2018 | PSU Grant that cliff vests on 2/16/21 based on 2020 year-end performance results/approval. |
| 02/15/2018 | 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. |
| 02/15/2019 | RSU Time-Based Grant. Shares vest evenly over 3 years |
| 02/18/2020 | RSU Time-Based Grant. Shares vest evenly over 3 years |
| 02/16/2016 | PSU Grant that cliff vests on 2/15/19 based on 2018 year-end performance results. |
| 02/16/2016 | RSU Time-Based Grant. Shares vest equally over 3 years. |
| 02/16/2021 | PSU Grant that cliff vests on 2/16/23 based on 2022 year-end performance results. |
| 02/16/2021 | PSU Grant that cliff vests on 2/16/23 based on 2022 year-end performance results/approval. |
| 02/16/2021 | PSU Grant that cliff vests on 2/16/23. |
| 02/16/2021 | RSU Time-Based Grant. Shares vest evently over 2 years |
| 02/15/2022 | PSU Grant that cliff vests on 2/15/25 based on 2024 year-end performance results/approval. |
| 02/15/2022 | PSU Grant that cliff vests on 2/15/25 based on 2024 year-end performance results/approval. |
| 02/15/2022 | RSU Time-Based Grant. Shares vest evenly over 3 years |
| 02/18/2025 | Date of reported transaction: vesting of PSUs and issuance of shares. |
| 02/20/2025 | Date of signature for the report. |
Keywords
beneficial ownership, Form 4, Central Pacific Financial Corp, director, Agnes Catherine Ngo, PSU, RSU, stock vesting, common stock
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