SEC Form 4 · accession 0001209191-17-046826
HOPE BANCORP INC · HOPE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David P Malone
Officer — SEVP, Chief Operating Officer · Director
Period of report
Jul 27, 2017
Accepted (ET)
Jul 31, 2017 · 8:25 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001128361
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | holding | — | — | — | 4,500 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Time-based Restricted Stock UnitsF1 | — | Jul 27, 2017 | A | 8,500 | A | — | — | Common Stock | 8,500 | 8,500 | D |
| Performance-based Restricted Stock UnitsF2 | — | Jul 27, 2017 | A | 4,250 | A | Jul 27, 2020 | — | Common Stock | 4,250 | 4,250 | D |
| Performance-based Restricted Stock UnitsF3 | — | Jul 27, 2017 | A | 4,250 | A | Jul 27, 2020 | — | Common Stock | 4,250 | 4,250 | D |
| Restricted Stock UnitsF4 | — | holding | — | — | — | — | — | Common Stock | 9,000 | 9,000 | D |
| Non-qualified stock option (right to buy)F5 | $17.18 | holding | — | — | — | — | Sep 1, 2026 | Common Stock | 20,000 | 20,000 | D |
Explanation of responses
- F1Total 8,500 Restricted Stock Units (RSU) were granted on July 27, 2017 pursuant to the Hope Bancorp, Inc. 2017 Long-Term Incentive Plan ("2017 LTIP") and BBCN Bancorp, Inc. 2016 Incentive Compensation Plan ("2016 ICP"). Each RSU represents a contingent right to receive one share of Hope common stock. Installments of 2,833 shares each will vest annually on July 27, 2018, 2019, and 2020.
- F24,250 performance-based restricted stock units ("PRSU") were granted on July 27, 2017 pursuant to the 2017 LTIP and the 2016 ICP and subject to a 3-year cliff vesting. Vesting of these PRSU depends upon Hope's achievement of a specified increase in the cumulative quarterly earnings per share during the 10-quarter period from July 1, 2017 through December 31, 2019. Each PRSU represents a contingent right to receive one share of Hope common stock at Target performance. The "Target" number of shares is reported. Possible payout ranges from 0% of Target if the Threshold goal is not met, 50% to 99% on a prorated basis if the Threshold is met but the Target goal is not met, 100% to 149% on a prorated basis if the Target goal is met but the Stretch goal is not met, and 150% if the Stretch goal is met or exceeded.
- F34,250 performance-based restricted stock units ("PRSU") were granted on July 27, 2017 pursuant to the 2017 LTIP and the 2016 ICP and subject to a 3-year cliff vesting. Vesting of these PRSU shares depends upon Hope's achievement of a specified relative ranking of the total stockholder return in relation to the KRX Index over a 10-quarter period from July 1, 2017 through December 31, 2019. Each PRSU represents a contingent right to receive one share of Hope common stock at Target performance. The "Target" number of shares is reported. Possible payout ranges from 0% of Target if the Threshold goal is not met, 50% to 99% on a prorated basis if the Threshold is met but the Target goal is not met, 100% to 149% on a prorated basis if the Target goal is met but the Stretch goal is not met, and 150% if the Stretch goal is met or exceeded.
- F4Total 13,500 restricted stock units were granted on September 1, 2016 pursuant to the 2016 ICP. Each restricted stock unit represents a contingent right to receive one share of HOPE Bancorp, Inc. common stock. 1/3 of the award vested immediately on the grant date, with the remaining 2/3 vesting in 2 equal annual installments thereafter.
- F5These options were granted on September 1, 2016 pursuant to the 2016 ICP. 1/3 of the options vested immediately on the grant date, with the remaining 2/3 vesting in two equal annual installments thereafter.