Form 4: Hope Bancorp Executive Thomas Stenger Disposes of Shares to Cover Tax Obligations

Thomas Stenger, SEVP and Chief Risk Officer of Hope Bancorp, disposed of 639 shares of common stock on February 28, 2024, to cover tax liabilities related to vesting performance-based restricted stock units.

Summary

• On February 28, 2024, Thomas Stenger, the SEVP and Chief Risk Officer of Hope Bancorp Inc., disposed of 639 shares of common stock.
• The transaction was executed to satisfy the reporting person's tax liability incurred by the vesting of previously granted awards.
• The shares were disposed of at a price of $10.7.
• Following the transaction, Stenger directly owns 24,451 shares of Hope Bancorp common stock.
• Stenger also holds various performance-based restricted stock units (PRSUs) granted under the 2017 Long-Term Incentive Plan (LTIP) and 2019 ICP, which are subject to 3-year cliff vesting and depend on Hope's performance against specified metrics.

Sentiment

Score: 5

Explanation: This is a routine transaction related to tax obligations, so the sentiment is neutral.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates a standard practice of executives selling shares to cover tax obligations arising from the vesting of equity awards.

Key Dates