[Form 4] Hawaiian Electric Industries, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Hawaiian Electric Industries, Inc. (HE) filed a Form 4 disclosing that non-employee director Thomas B. Fargo received 11,759 shares of common stock on 06/30/2025. The shares were issued at $0 under the company’s 2011 Non-Employee Director Stock Plan, indicating a routine equity grant rather than an open-market purchase. Following the grant, Fargo’s total beneficial ownership stands at 51,474 shares, broken down as:

• 11,759 shares held directly
• 28,330 shares held indirectly through the Sarah C. Fargo Trust
• 11,385 shares held indirectly through the Thomas B. Fargo Trust

No derivative securities were reported and no sales occurred. While the transaction does not involve cash outlay by the director, additional share ownership may strengthen alignment between board oversight and shareholder interests. The filing was signed on 07/02/2025 by attorney-in-fact Sean K. Clark.

Positive

• Director increases direct ownership by 11,759 shares, enhancing alignment with shareholders.
• No insider sales reported, avoiding potential negative sentiment associated with disposals.

Negative

• None.

Insights

Securities Analyst

TL;DR – Director’s stock grant modestly increases insider ownership; neutral-to-positive signal, no market-moving impact expected.

The transaction is a routine, plan-based equity award to a long-standing director. Although the grant is not a discretionary purchase, it increases Fargo’s direct stake to 11,759 shares and total exposure to 51,474 shares. Insider acquisition—even via grant—can be viewed as incrementally positive because it raises economic alignment, but the relatively small size (≈0.05 % of HE’s 200 M shares outstanding) limits materiality. No sales or option exercises were reported, so there is no negative read-through. Overall, the filing is informational rather than impactful for valuation.

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
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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^*

FARGO THOMAS B

(Last) (First) (Middle)

C/O P.O. BOX 730

(Street)

HONOLULU HI 96808-0730

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HAWAIIAN ELECTRIC INDUSTRIES INC [ HE ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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

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

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

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	06/30/2025		A		11,759(1)	A	$0	11,759	D
Common Stock								28,330(2)	I	By Sarah C. Fargo Trust
Common Stock								11,385(2)	I	By Thomas B. Fargo Trust

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

Explanation of Responses:

1. Stock grant pursuant to the HEI 2011 Nonemployee Director Stock Plan.

2. Includes shares acquired under the Hawaiian Electric Industries, Inc. Dividend Reinvestment and Stock Purchase Plan.

	Sean K. Clark, Attorney-in-Fact for Thomas B. Fargo	07/02/2025
	** 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.

FAQ

How many HE shares did Director Thomas B. Fargo acquire on 06/30/2025?

He received 11,759 common shares under the 2011 Non-Employee Director Stock Plan.

What is Fargo’s total beneficial ownership in Hawaiian Electric Industries after the transaction?

He now controls 51,474 shares (11,759 direct, 39,715 indirect via two trusts).

Was any cash paid for the shares acquired by the director?

No. The shares were issued at $0 as part of an equity grant.

Did the filing report any insider sales or option exercises?

No insider sales or derivative transactions were disclosed in this Form 4.

Does the transaction involve Rule 10b5-1 trading plans?

The filing does not indicate that the grant was made under a Rule 10b5-1 plan.