Form 4: Territorial Bancorp Inc. Executive Vernon Hirata Reports Stock Disposals
SEC Form 4 Filing
Vernon Hirata, Vice Chairman & Co-COO, General Counsel & Secretary of Territorial Bancorp Inc., reports the disposal of common stock to cover tax obligations related to vesting restricted stock units.
Summary
- Vernon Hirata, an officer of Territorial Bancorp Inc. (TBNK), filed a Form 4 detailing changes in beneficial ownership.
- The report indicates the disposal of common stock on April 4, 2024, and April 5, 2024, to satisfy tax obligations related to vesting restricted stock units.
- On April 4, 2024, 434 shares were disposed of at a price of $7.85.
- On April 5, 2024, 386 shares were disposed of at a price of $7.77.
- Following these transactions, Hirata directly owns 81,447 shares of common stock.
- Hirata also indirectly owns shares through a 401(k) (53,634 shares), a trust (15,600 shares), an ESOP (17,742 shares), and a spouse's ESOP (441 shares).
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions by an insider, with no inherent positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of regulatory compliance for publicly traded companies, providing transparency into the transactions of company insiders.
Stakeholder Impact
- The disposal of shares by an officer could be perceived negatively by some shareholders, although it is a common practice to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| 04/05/2022 | Restricted stock units vest at a rate of 1/3 per year commencing on this date. |
| 04/04/2023 | Restricted stock units vest at a rate of 1/3 per year commencing on this date. |
| 04/03/2024 | Restricted stock units vest at a rate of 1/3 per year commencing on this date. |
| 04/04/2024 | Disposal of 434 shares of common stock at $7.85 per share. |
| 04/05/2024 | Disposal of 386 shares of common stock at $7.77 per share. |
| 04/08/2024 | Date of Form 4 signature. |
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