Hawaiian Electric (HE) EVP reports RSU tax withholding, no stock sale

Rhea-AI Filing Summary

Hawaiian Electric Industries executive Kurt K. Murao reported an automatic tax-withholding transaction related to equity compensation. On February 20, 2026, 528 shares of common stock were withheld by the company at a reference price of $15.86 per share to cover tax obligations from vesting Restricted Stock Units, and this did not represent a market sale. After this withholding, Murao directly held 37,867.39 shares of common stock, which include accrued dividend equivalents in share form.

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^*

Murao Kurt K.

(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)
	EVP, GC & Chief Admin Officer

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		528(1)	D	$15.86(2)	37,867.39(3)	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

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 Kurt K. Murao	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 Hawaiian Electric (HE) report for Kurt K. Murao?

Hawaiian Electric reported a tax-related share withholding for executive Kurt K. Murao. The company withheld 528 common shares to satisfy tax obligations tied to vesting RSUs, rather than executing an open-market sale or purchase of stock.

Did Kurt K. Murao sell Hawaiian Electric (HE) stock in this Form 4 filing?

No, the Form 4 states the transaction does not represent a sale. Shares were withheld by Hawaiian Electric to cover tax withholding obligations arising from the net settlement of Restricted Stock Units that vested for the executive.

How many Hawaiian Electric (HE) shares were withheld for taxes in this Form 4?

The filing shows 528 shares of Hawaiian Electric common stock were withheld. These shares satisfied tax withholding obligations tied to RSU vesting and were valued using a closing stock price reference of $15.86 per share on February 20, 2026.

How many Hawaiian Electric (HE) shares does Kurt K. Murao hold after the transaction?

After the tax-withholding transaction, Kurt K. Murao directly holds 37,867.39 shares. This figure includes accrued dividend equivalents, which are credited in HE common stock form on outstanding RSUs and paid in shares upon vesting.

What does the $15.86 price in the Hawaiian Electric (HE) Form 4 represent?

The $15.86 figure is the closing stock price on February 20, 2026. It is used in the Form 4 as the reference price for the 528 shares withheld to cover tax obligations from the net settlement of Restricted Stock Units.