Form 4: First Hawaiian Inc. Executive Acquires Shares Through Performance Share Units, Sells Shares to Cover Tax Obligations

Darlene N. Blakeney, EVP & Chief Lending Officer of First Hawaiian, Inc., acquired 1,455 shares of common stock through performance share units and sold 547 shares to cover withholding obligations.

Summary

• On February 23, 2024, Darlene N. Blakeney, EVP & Chief Lending Officer of First Hawaiian, Inc., acquired 1,455 shares of common stock due to the vesting of performance share units.
• These performance share units were granted in 2021 and vested based on performance over a three-year period ending December 31, 2023.
• The Compensation Committee approved the share amount on February 23, 2024, with settlement expected by March 24, 2024.
• Simultaneously, Ms. Blakeney disposed of 547 shares at $21.16 per share to satisfy withholding obligations related to the share unit delivery.
• Following these transactions, Ms. Blakeney beneficially owns 7,748 shares of First Hawaiian, Inc. common stock.

Sentiment

Score: 6

Explanation: The document is neutral, reflecting standard executive compensation practices. The vesting of performance shares is a positive sign, but the sale of shares for tax obligations is a neutral event.

Positives

• The vesting of performance share units suggests that performance goals were met over the three-year period, which could be viewed positively.

Negatives

• The sale of shares to cover tax obligations, while common, could be interpreted as a lack of confidence, although it's a standard practice.

Risks

• There are no specific risks mentioned in this document.

Industry Context

This type of filing is standard for corporate insiders and reflects compensation practices within publicly traded companies.

Comparison to Industry Standards

• Executive compensation packages often include performance-based equity awards like the performance share units described in the filing.
• The vesting schedule and tax withholding practices are typical for such awards.
• Comparable companies in the financial services sector, such as Bank of Hawaii Corporation (BOH) and Central Pacific Financial Corp. (CPF), also utilize similar equity-based compensation strategies for their executives.

Stakeholder Impact

• The vesting of performance share units aligns executive interests with shareholder value, potentially benefiting shareholders.
• Employees may be motivated by the performance-based compensation structure.

Next Steps

• The performance share units will be settled in shares of Common Stock no later than March 24, 2024.

Key Dates