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

Rhea-AI Filing Summary

Peggy Y. Fowler, a director of Hawaiian Electric Industries, Inc. (HE), reported paired non-derivative transactions on 08/13/2025 that transferred shares into a family trust. The filing shows two offsetting entries for 11,759 shares each (one disposed, one acquired) under the transaction code G(1) with price $0, reflecting a transfer to the Fowler Family Trust. Following the reported transactions, 63,888 shares are listed as beneficially owned indirectly by the Fowler Family Trust. The Form 4 was signed by Sean K. Clark as attorney-in-fact on 08/14/2025. The filing documents an internal ownership transfer; no cash consideration or derivative activity is reported.

Insights

Financial Analyst

TL;DR: Insider transferred 11,759 shares into a family trust; reported indirect beneficial ownership totals 63,888 shares.

The Form 4 records a non-sale, non-purchase transfer of common stock by director Peggy Y. Fowler on 08/13/2025, using transaction code G(1) and showing $0 price, which indicates an internal reallocation rather than a market transaction. From an investor perspective, this is a routine ownership-structuring event and does not change aggregate beneficial ownership disclosed on the form beyond shifting direct holdings to an indirect trust position.

Corporate Governance Expert

TL;DR: Routine formality reflecting transfer to a family trust; disclosure complies with Section 16 reporting.

The disclosure names the recipient as the Fowler Family Trust and documents the reporting mechanics, including attorney-in-fact signature on 08/14/2025. This is a standard compliance filing that maintains transparency about a director's indirect ownership. There is no indication of new compensation, derivative instruments, or market sales in the document provided.

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^*

FOWLER PEGGY Y

(Last) (First) (Middle)

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)
08/13/2025

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	08/13/2025		G(1)	V	11,759	D	$0	0	D
Common Stock	08/13/2025		G(1)	V	11,759	A	$0	63,888	I	By the Fowler Family 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. Transfer to Family Trust Account.

	Sean K. Clark, Attorney-in-Fact for Peggy Y. Fowler	08/14/2025
	** 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.
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