Business Context and Reporting Period
This Form 8-K filing by First Hawaiian, Inc. was submitted on March 7, 2017, reporting events occurring on March 3, 2017. The filing addresses Item 5.02 regarding the approval of compensatory arrangements for named executive officers for fiscal year 2016 and the 2014-2016 Long-Term Incentive Plan (LTIP) cycle.
Key Financial Metrics
The filing does not provide company-wide financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
| Executive Officer | 2016 Annual Incentive (Bonus) | 2014-2016 LTIP Award | Total 2016 Compensation |
|---|---|---|---|
| Robert S. Harrison (Chairman & CEO) | $893,001 | $648,200 | $4,330,141 |
| Eric K. Yeaman (President & COO) | $979,682 | $0 | $3,138,970 |
| Robert T. Fujioka (Vice Chairman & CLO) | $376,339 | $347,404 | $2,053,249 |
| Albert M. Yamada (Former Vice Chairman & CAO) | $443,043 | $427,357 | $2,486,142 |
Note: Mr. Yeaman's bonus includes a transition award portion. Mr. Yeaman was not eligible for the 2014-2016 LTIP award as he commenced employment in June 2015. Mr. Yamada retired effective December 1, 2016.
Material Changes
This filing updates the Summary Compensation Table previously disclosed in the preliminary prospectus dated January 30, 2017. The prior filing omitted the 2016 annual incentive cash awards and the 2014-2016 LTIP cash awards because they had not yet been determined at the time of the prospectus filing. This 8-K provides the final approved figures and recalculates the total compensation for the named executive officers.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on business performance, or discussion of risks and contingencies. The document is strictly a disclosure of finalized executive compensation figures.
Investor Verification Checklist
- Verify the total compensation figures for named executive officers against the updated Summary Compensation Table in the final prospectus.
- Confirm the specific components of Eric K. Yeaman's bonus, which includes a transition award under his offer letter.
- Note that Albert M. Yamada's compensation reflects his status as a former officer following his retirement on December 1, 2016.
- Review the preliminary prospectus (filed January 30, 2017) to understand the baseline compensation figures prior to this update.