Business Context and Reporting Period
Company: FIRST HAWAIIAN, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: March 11, 2019
Event: Amendment to the Supplemental Executive Retirement Plan (SERP).
Key Financial Metrics
This filing does not contain financial performance data. Revenue, profit, cash flow, margins, debt, and liquidity metrics are not reported in this document.
Material Changes
The Board of Directors approved an amendment to the First Hawaiian, Inc. Supplemental Executive Retirement Plan (SERP) to freeze the plan. Key changes include:
- Effective Date: July 1, 2019.
- New Participants: No new participants will be designated under the plan.
- Benefit Accruals: No new accruals of benefits will occur, including service accruals and final average compensation determinations.
- Existing Benefits: Benefits accrued as of the freeze date will continue in accordance with the existing terms of the SERP.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary regarding future earnings. The primary contingency noted is the cessation of future benefit accruals for the SERP effective July 1, 2019.
Investor Verification Checklist
- Verify the specific list of current SERP participants eligible for continued benefits.
- Review the impact of the SERP freeze on future executive compensation costs.
- Confirm the exact calculation methodology for "final average compensation" for existing participants as of the freeze date.