Cathay General (CATY) EVP awarded performance-based restricted stock units
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
SUN ALBERT reported acquisition or exercise transactions in this Form 4 filing.
CATHAY GENERAL BANCORP executive vice president and chief credit officer Albert Sun reported new equity compensation awards rather than any open-market trading. The filing shows three grants of restricted stock units (RSUs) tied to the company’s common stock in amounts of 3,102, 1,551 and 1,646 units.
Each RSU represents a contingent right to receive one share of common stock. The actual number earned can range from 0% to 150% of the target award based on performance criteria. These RSUs are scheduled to vest in a single installment on December 31, 2028, subject to continued employment, with potential earlier vesting in limited cases such as death, disability, qualifying retirement, or change in control.
Positive
- None.
Negative
- None.
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
SUN ALBERT
Role
EVP, Chief Credit Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Units | 1,646 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 1,551 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 3,102 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 1,646 shares (Direct, null);
Common Stock — 0 shares (Direct, null)
Footnotes (1)
- Each restricted stock unit represented a contingent right to receive one share of Common Stock upon vesting. The number of restricted stock units that are earned can be reduced by up to 100% of the target award or increased by up to 150% of the target award, depending upon the achievement of certain performance criteria. These restricted stock units are scheduled to vest in a single installment on December 31, 2028, subject to continued employment, but may vest to some extent earlier in the event of death, disability, retirement after December 31, 2027 or a change in control, with the number of units earned being based on the achievement of certain performance criteria.
Key Figures
RSU grant 1: 3,102 units
RSU grant 2: 1,551 units
RSU grant 3: 1,646 units
+3 more
6 metrics
RSU grant 1
3,102 units
Restricted stock units tied to common stock
RSU grant 2
1,551 units
Restricted stock units tied to common stock
RSU grant 3
1,646 units
Restricted stock units tied to common stock
Vesting date
December 31, 2028
Scheduled single-installment vesting of RSUs
Performance range
0% to 150% of target
Range of units earned based on performance criteria
Common stock held
0 shares
Direct common stock holdings following transactions
Key Terms
Restricted Stock Units, performance criteria, change in control, contingent right
4 terms
Restricted Stock Units financial
"Each restricted stock unit represented a contingent right to receive one share of Common Stock"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
performance criteria financial
"depending upon the achievement of certain performance criteria"
change in control financial
"or a change in control, with the number of units earned being based"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
contingent right financial
"Each restricted stock unit represented a contingent right to receive one share"
FAQ
What insider equity awards did CATY executive Albert Sun report on this Form 4?
Albert Sun reported three restricted stock unit (RSU) grants tied to Cathay General Bancorp common stock: awards covering 3,102, 1,551, and 1,646 units. Each unit represents a contingent right to receive one share, subject to vesting and performance conditions.
Are Albert Sun’s CATY Form 4 transactions open-market stock purchases or sales?
The Form 4 shows equity compensation grants, not open-market trades. All reported entries are restricted stock unit awards with a grant code indicating a grant, award, or other acquisition, rather than purchases or sales on the stock market.
How do the CATY restricted stock units reported by Albert Sun vest?
The restricted stock units are scheduled to vest in a single installment on December 31, 2028, subject to continued employment. They may vest earlier to some extent upon death, disability, qualifying retirement after December 31, 2027, or a change in control, based on performance.
What performance criteria affect Albert Sun’s CATY restricted stock unit awards?
Each restricted stock unit award is performance-based. The number of units ultimately earned can be reduced by up to 100% of the target or increased to 150% of the target, depending on the achievement of specified performance criteria described in the award terms.
What does each restricted stock unit granted to Albert Sun at CATY represent?
Each restricted stock unit represents a contingent right to receive one share of Cathay General Bancorp common stock upon vesting. Actual delivery depends on both vesting conditions and the company’s performance relative to specified criteria over the award period.
Does Albert Sun’s CATY Form 4 show any remaining common stock holdings after these grants?
The Form 4 indicates zero shares of common stock directly owned following the reported transactions, while showing the newly granted restricted stock units. These RSUs provide potential future common stock, subject to vesting and performance conditions being met.