CEO Liu boosts Cathay General (NASDAQ: CATY) stake after RSU vesting

Rhea-AI Filing Summary

Cathay General Bancorp President & CEO Chang Liu reported multiple equity compensation transactions. On April 1, 2026, performance-based restricted stock units covering 47,954 shares of common stock were earned and converted based on the achievement of specified performance criteria.

The underlying awards were target grants of 11,581, 12,124 and 24,249 performance-based restricted stock units, with 121.74%, 150% and 52.875% of the targets earned, respectively. As part of the vesting, 25,046 shares of common stock were withheld at $50.69 per share to satisfy tax obligations, a non-market tax-withholding disposition. Following these transactions, Liu directly owned 132,655 shares of Cathay General common stock.

Insider Trade Summary

47,954 shares exercised/converted

Mixed 9 txns

Insider Liu Chang

Role President & CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	11,581	$0.00	--
Exercise	Restricted Stock Units	12,124	$0.00	--
Exercise	Restricted Stock Units	24,249	$0.00	--
Exercise	Common Stock	15,385	$0.00	--
Tax Withholding	Common Stock	7,828	$50.69	$397K
Exercise	Common Stock	19,846	$0.00	--
Tax Withholding	Common Stock	10,098	$50.69	$512K
Exercise	Common Stock	13,992	$0.00	--
Tax Withholding	Common Stock	7,120	$50.69	$361K

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 123,863 shares (Direct)

Footnotes (1)

1. Of the previously reported target award of 11,581 shares of performance-based restricted stock units, 121.74% of the target award was earned based upon the achievement of certain performance criteria. Of the previously reported target award of 12,124 shares of performance-based restricted stock units, 150% of the target award was earned based upon the achievement of certain performance criteria. Of the previously reported target award of 24,249 shares of performance-based restricted stock units, 52.875% of the target award was earned based upon the achievement of certain performance criteria. Shares of the Issuer's Common Stock received by the Reporting Person from the vesting of performance-based restricted stock units granted on July 27, 2023. Such restricted stock units were previously reported in Table II on a Form 4 filed by the Reporting Person with the Securities and Exchange Commission on July 31, 2023. Performance-based restricted stock units vested on December 31, 2025.

Key Figures

RSUs converted: 47,954 shares Tax-withheld shares: 25,046 shares Tax withholding price: $50.69 per share +5 more

8 metrics

RSUs converted 47,954 shares Performance-based restricted stock units converted into common stock on April 1, 2026

Tax-withheld shares 25,046 shares Shares withheld to cover tax liabilities at vesting

Tax withholding price $50.69 per share Value used for F-code tax-withholding dispositions

Post-transaction holdings 132,655 shares Common stock directly owned by CEO after all reported transactions

Award 1 performance achievement 121.74% of target Performance-based RSU award originally 11,581 target shares

Award 2 performance achievement 150% of target Performance-based RSU award originally 12,124 target shares

Award 3 performance achievement 52.875% of target Performance-based RSU award originally 24,249 target shares

Vesting date December 31, 2025 Performance-based restricted stock units vesting date

Key Terms

performance-based restricted stock units, Exercise or conversion of derivative security, tax-withholding disposition, target award, +1 more

5 terms

performance-based restricted stock units financial

"Of the previously reported target award of 11,581 shares of performance-based restricted stock units..."

Performance-based restricted stock units are a type of employee equity award that converts into company shares only if predefined financial or operational targets are met over a set period. Think of it like a bonus check that becomes stock only when specific goals are hit; it ties pay to results, aligning managers’ incentives with shareholders. Investors care because these awards affect future share count, executive incentives, and signal how management’s success will be measured and rewarded.

Exercise or conversion of derivative security financial

"Transaction code M is described as Exercise or conversion of derivative security."

tax-withholding disposition financial

"Transaction code F reflects a tax-withholding disposition to pay liabilities using shares."

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

target award financial

"Of the previously reported target award of 12,124 shares of performance-based restricted stock units..."

vesting financial

"Performance-based restricted stock units vested on December 31, 2025."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Liu Chang

(Last) (First) (Middle)

777 NORTH BROADWAY

(Street)

LOS ANGELES CALIFORNIA 90012

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CATHAY GENERAL BANCORP [ CATY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/01/2026		M		15,385(1)	A	$0	123,863	D
Common Stock	04/01/2026		F		7,828	D	$50.69	116,035	D
Common Stock	04/01/2026		M		19,846(2)	A	$0	135,881	D
Common Stock	04/01/2026		F		10,098	D	$50.69	125,783	D
Common Stock	04/01/2026		M		13,992(3)	A	$0	139,775	D
Common Stock	04/01/2026		F		7,120	D	$50.69	132,655	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(4)	04/01/2026		M			11,581(1)	(5)	(5)	Common Stock	11,581(1)	$0	0	D
Restricted Stock Units	(4)	04/01/2026		M			12,124(2)	(5)	(5)	Common Stock	12,124(2)	$0	0	D
Restricted Stock Units	(4)	04/01/2026		M			24,249(3)	(5)	(5)	Common Stock	24,249(3)	$0	0	D

Explanation of Responses:

1. Of the previously reported target award of 11,581 shares of performance-based restricted stock units, 121.74% of the target award was earned based upon the achievement of certain performance criteria.

2. Of the previously reported target award of 12,124 shares of performance-based restricted stock units, 150% of the target award was earned based upon the achievement of certain performance criteria.

3. Of the previously reported target award of 24,249 shares of performance-based restricted stock units, 52.875% of the target award was earned based upon the achievement of certain performance criteria.

4. Shares of the Issuer's Common Stock received by the Reporting Person from the vesting of performance-based restricted stock units granted on July 27, 2023. Such restricted stock units were previously reported in Table II on a Form 4 filed by the Reporting Person with the Securities and Exchange Commission on July 31, 2023.

5. Performance-based restricted stock units vested on December 31, 2025.

	/s/ Georgia H. Lo, attorney-in-fact	04/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider equity transactions did CATY CEO Chang Liu report?

Chang Liu reported vesting and conversion of performance-based restricted stock units into 47,954 shares of Cathay General common stock. These awards were earned based on achieving specific performance criteria and represent compensation-related, not open-market, transactions.

How many Cathay General (CATY) shares does CEO Chang Liu hold after these Form 4 transactions?

After the reported transactions, Chang Liu directly holds 132,655 shares of Cathay General Bancorp common stock. This figure reflects shares received from vested restricted stock units, net of shares withheld to cover associated tax obligations.

How many CATY shares were withheld for taxes in the CEO’s Form 4 filing?

A total of 25,046 shares of Cathay General common stock were withheld at $50.69 per share. These F-code transactions cover tax liabilities on the vesting of restricted stock units and are not open-market sales by the CEO.

What performance levels were achieved on Chang Liu’s CATY performance-based RSUs?

The CEO’s performance-based restricted stock unit awards earned 121.74%, 150%, and 52.875% of their respective target share amounts. These percentages determine how many shares vested based on achieving predefined performance criteria set at grant.

When did the CATY performance-based restricted stock units vest for the CEO?

The performance-based restricted stock units vested on December 31, 2025. Shares of Cathay General common stock from these vested units were then delivered and reported on the Form 4 dated April 1, 2026 as derivative exercises and related tax-withholding dispositions.

Are the CATY Form 4 transactions by CEO Chang Liu open-market purchases or sales?

No. The transactions are derivative exercises and tax-withholding dispositions tied to performance-based restricted stock units. Shares were acquired upon vesting, and a portion was withheld to pay taxes, rather than being bought or sold on the open market.