Form 4: Territorial Bancorp Inc. Executive Vernon Hirata Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Vernon Hirata, Vice Chairman & Co-COO, General Counsel & Secretary of Territorial Bancorp Inc., reports a disposition of 535 shares of common stock at $7.83 per share due to tax withholding upon vesting of restricted stock units.
Summary
- On April 3, 2024, Vernon Hirata, Vice Chairman & Co-COO, General Counsel & Secretary of Territorial Bancorp Inc. (TBNK), disposed of 535 shares of common stock at a price of $7.83 per share.
- This transaction was due to the withholding of shares to cover taxes upon the vesting of restricted stock units.
- Following the transaction, Hirata directly owns 82,267 shares of common stock.
- Hirata also indirectly owns 53,634 shares through a 401(k), 15,600 shares through a trust, 17,742 shares through an ESOP, and 441 shares through a spouse's ESOP.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing detailing a routine stock transaction related to tax obligations. It doesn't inherently convey positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to insider transactions and is a standard practice for publicly traded companies. It provides transparency into the trading activities of company executives.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a small number of shares being disposed of by an executive for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 04/05/2022 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 04/04/2023 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 04/03/2024 | Date of the stock transaction (disposal of 535 shares). |
| 04/03/2024 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 04/04/2024 | Date of signature for the Form 4 filing. |
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