Form 4: Hope Bancorp EVP Craig Lewis Campbell Disposes of Shares to Cover Tax Liabilities from Vesting Awards

Craig Lewis Campbell, EVP and Chief Corporate Banking Officer of Hope Bancorp Inc., disposed of shares to cover tax liabilities incurred from the vesting of previously granted awards.

Summary

• On March 22, 2024, Craig Lewis Campbell, EVP and Chief Corporate Banking Officer of Hope Bancorp Inc., disposed of shares of common stock to satisfy tax liabilities.
• The transactions involved the disposal of 428, 665, 755, and 1,115 shares at a price of $11.03 per share.
• Following these transactions, Campbell directly owns 42,255 shares of Hope Bancorp Inc. common stock.
• Campbell also holds performance-based restricted stock units (PRSUs) which will vest based on Hope Bancorp's performance relative to its peers and its own financial targets.
• The PRSUs were granted on March 23, 2022 and March 22, 2023, and are subject to a 3-year cliff vesting schedule.
• The number of shares ultimately received from the PRSUs can range from 0% to 150% of the target amount, depending on the achievement of threshold, target, and stretch goals related to total stockholder return, earnings per share, and return on common tangible equity.

Sentiment

Score: 5

Explanation: This is a routine filing related to stock transactions by an executive. It doesn't indicate positive or negative sentiment about the company's prospects.

Future Outlook

The executive's future stock ownership is tied to the performance of Hope Bancorp through performance-based restricted stock units (PRSUs).

Industry Context

Form 4 filings are routine disclosures of transactions by company insiders and are a normal part of corporate governance.

Comparison to Industry Standards

• Executive compensation packages often include performance-based equity awards to align management's interests with those of shareholders.
• The vesting conditions tied to total shareholder return, earnings per share, and return on tangible equity are common performance metrics used in the banking industry.
• Companies like Bank of America, JP Morgan Chase, and Wells Fargo also utilize similar performance metrics for executive compensation.

Key Dates