Hawaiian Electric (NYSE: HE) CEO has 1,583 RSU shares withheld for taxes

Rhea-AI Filing Summary

Hawaiian Electric Industries President & CEO Scott W.H. Seu reported a tax-related share disposition tied to restricted stock units. On this date, 1,583 shares of common stock were withheld by the company at $15.86 per share to cover tax obligations and, as disclosed, this does not represent a sale of shares in the market. After this withholding, Seu directly holds 52,043.09 shares of common stock, and indirectly holds 228.9 shares as custodian for his daughter.

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

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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^*

SEU SCOTT W.H.

(Last) (First) (Middle)

C/O P.O. BOX 730

(Street)

HONOLULU HI 96808

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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	02/20/2026		F		1,583(1)	D	$15.86(2)	52,043.09(3)	D
Common Stock								228.9	I	By Self as Custodian for daughter
Common Stock								228.9	I	By Self as Custodian for daughter

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. Represents the number of shares of Common Stock that have been withheld by the issuer to satisfy tax withholding obligations in connection with the net settlement of Restricted Stock Units ("RSUs") and does not represent a sale.

2. Closing stock price on February 20, 2026.

3. Includes accrued dividend equivalents (as denominated in shares of HE common stock) from February 10, 2023 (first RSU grants in 2023) to date. Dividend equivalents accrue in HE common stock with respect to outstanding RSUs when and as dividends are paid. Accrued dividend equivalents are denominated in HE common stock and paid upon vesting in shares of HE common stock.

	Sean K. Clark, Atty-in-Fact for Scott W. H. Seu	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did HE CEO Scott Seu report on this Form 4?

Scott W.H. Seu reported shares withheld to cover taxes on vested RSUs. The company withheld 1,583 Hawaiian Electric common shares rather than conducting an open-market sale, as part of a standard net settlement for equity compensation.

Did the HE CEO actually sell shares in the market in this Form 4?

No, the disclosure states the 1,583 shares were withheld by the issuer for tax obligations and “does not represent a sale.” This is a non-market tax-withholding disposition related to restricted stock units vesting, not a discretionary share sale.

How many Hawaiian Electric shares does the CEO own directly after this transaction?

After the tax withholding, Scott W.H. Seu directly owns 52,043.09 shares of Hawaiian Electric common stock. This figure reflects his updated direct holdings following the net settlement of restricted stock units and associated tax obligations.

What indirect HE share holdings are reported for the CEO on this Form 4?

The filing reports 228.9 shares of Hawaiian Electric common stock held indirectly by Scott W.H. Seu. These shares are held “By Self as Custodian for daughter,” indicating custodial ownership for a family member rather than direct personal holdings.

At what price were the HE shares withheld for the CEO’s tax obligations?

The shares were withheld at a price of $15.86 per share, described as the closing stock price on February 20, 2026. This price is used to value the 1,583 withheld shares tied to the restricted stock unit tax settlement.

What do the dividend equivalent footnotes mean in the HE CEO’s Form 4?

A footnote explains that dividend equivalents accrue in HE common stock on outstanding RSUs from February 10, 2023, and are paid in HE shares upon vesting. This means RSU holders receive share-based credits mirroring cash dividends until vesting.