SEC Form 4 · accession 0001209191-18-026940
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
Apr 26, 2018
Accepted (ET)
Apr 30, 2018 · 8:37 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 StockF1,F2 | Sep 1, 2016 | A | 9,000 | — | A | 13,500 | D | |
| Common Stock | Sep 1, 2017 | F | 1,655 | $16.20 | D | 11,845 | 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 UnitsF3 | — | Apr 26, 2018 | A | 9,738 | A | — | — | Common Stock | 9,738 | 9,738 | D |
| Performance-based Restricted Stock UnitsF4 | — | Apr 26, 2018 | A | 4,868 | A | Apr 26, 2021 | — | Common Stock | 4,868 | 4,868 | D |
| Performance-based Restricted Stock UnitsF5 | — | Apr 26, 2018 | A | 4,868 | A | Apr 26, 2021 | — | Common Stock | 4,868 | 4,868 | D |
| Time-based Restricted Stock UnitsF6 | — | holding | — | — | — | — | — | Common Stock | 8,500 | 8,500 | D |
| Performance-based Restricted Stock UnitsF7 | — | holding | — | — | — | Jul 27, 2020 | — | Common Stock | 4,250 | 4,250 | D |
| Performance-based Restricted Stock UnitsF8 | — | holding | — | — | — | Jul 27, 2020 | — | Common Stock | 4,250 | 4,250 | D |
| Non-qualified stock option (right to buy)F9 | $17.18 | holding | — | — | — | — | Sep 1, 2026 | Common Stock | 20,000 | 20,000 | D |
Explanation of responses
- F1On 9/1/16, the reporting person was granted 13,500 Restricted Stock Units (RSU) pursuant to the 2016 Incentive Compensation Plan ("2016 ICP"). RSUs convert into common stock on a one-for-one basis and vest annually in three equal installments beginning on the first anniversary of the grant date. This grant of RSU was previously reported in Table II of Form 4 filed on 9/6/16 and 7/31/17, but is instead being reported in Table I of this filing.
- F2Total 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.
- F3Total 9,738 Restricted Stock Units (RSU) were granted on April 26, 2018 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 3,246 shares each will vest annually on April 26, 2019, 2020, and 2021.
- F44,868 performance-based restricted stock units ("PRSU") were granted on April 26, 2018 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 11-quarter period from April 1, 2018 through December 31, 2020. 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.
- F54,868 performance-based restricted stock units ("PRSU") were granted on April 26, 2018 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 11-quarter period from April 1, 2018 through December 31, 2020. 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.
- F6Total 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.
- F74,250 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.
- F84,250 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.
- F9These 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.