Hawaiian Electric (NYSE: HE) CEO has shares withheld to cover RSU taxes

Rhea-AI Filing Summary

Hawaiian Electric Industries President and CEO Shelee M. T. Kimura reported that 1,277 shares of common stock were withheld on February 20, 2026 to satisfy tax obligations from the net settlement of restricted stock units. The shares were valued at $15.86, the closing stock price that day, and the filing specifies this does not represent a sale of shares.

After this tax-withholding transaction, Kimura directly holds 26,921 common shares. She also has indirect ownership of 1,358.05 shares through an account titled “Shelee M T Kimura TOD Stan M Kimura Subject to STA TOD Rules,” which includes accrued dividend equivalents tied to outstanding RSUs.

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^*

KIMURA SHELEE M.T.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Pres & CEO, Hawn Electric Co.

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		1,277(1)	D	$15.86(2)	26,921(3)	D
Common Stock								1,358.05	I	Shelee M T Kimura TOD Stan M Kimura Subject to STA TOD Rules

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 Shelee M.T. Kimura	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 did Hawaiian Electric (HE) CEO Shelee Kimura report in this Form 4?

Shelee Kimura reported a tax-withholding transaction where 1,277 Hawaiian Electric common shares were withheld to cover RSU-related taxes. The filing clarifies this does not represent a sale of shares but an issuer withholding tied to equity compensation.

How many Hawaiian Electric (HE) shares were withheld for taxes for Shelee Kimura?

A total of 1,277 common shares were withheld to satisfy tax obligations from the net settlement of restricted stock units. The withholding used the $15.86 closing stock price on February 20, 2026, as the reference price for valuing the withheld shares.

Did the Hawaiian Electric (HE) CEO sell shares in this insider filing?

No, the filing states the 1,277 shares were withheld by the issuer to cover tax obligations and do not represent a sale. This is a routine equity-compensation related tax-withholding disposition, not an open-market or discretionary sale by Shelee Kimura.

What is Shelee Kimura’s direct share ownership in Hawaiian Electric (HE) after this transaction?

Following the tax-withholding event, Shelee Kimura directly owns 26,921 shares of Hawaiian Electric common stock. This figure reflects her holdings after the issuer withheld 1,277 shares to cover RSU-related tax obligations on February 20, 2026.

What indirect Hawaiian Electric (HE) holdings does Shelee Kimura report?

Shelee Kimura reports 1,358.05 shares of Hawaiian Electric common stock held indirectly under an account titled “Shelee M T Kimura TOD Stan M Kimura Subject to STA TOD Rules.” This amount includes accrued dividend equivalents associated with her outstanding restricted stock units.

How was the $15.86 price used in Shelee Kimura’s Hawaiian Electric Form 4?

The $15.86 figure represents Hawaiian Electric’s closing stock price on February 20, 2026, used to value the 1,277 shares withheld for tax obligations. It serves as the reference price for calculating the tax-withholding amount tied to vested RSUs.