HAWAIIAN ELECTRIC INDUSTRIES INC 8-K

What Happened
Hawaiian Electric Industries (HE) filed an 8‑K reporting that Scott T. DeGhetto’s term as Executive Vice President & Chief Financial Officer (principal financial officer) ended on April 1, 2026. On April 6, 2026 the company entered a one‑year Consultant Services Agreement with Mr. DeGhetto’s wholly owned Emberstone, LLC to advise on debt and equity financing, dispositions and other market‑related projects. The agreement runs through April 5, 2027 unless earlier terminated.

Key Details

• Monthly consulting fee: $200,000 plus applicable general excise or use taxes.
• Special Projects Fee: $1,350,000 (plus applicable taxes) payable at the end of the term for specified projects.
• Term: April 6, 2026 through April 5, 2027 (subject to earlier termination provisions); fees prorated if terminated before term end by the company for Cause or by Mr. DeGhetto for any reason.
• These fees are in addition to a previously reported $800,000 payment for consulting services through March 1, 2027 that was approved in November 2024; the new agreement also allows reimbursement of reasonable out‑of‑pocket expenses.

Why It Matters
This filing shows the company is maintaining access to its former CFO’s expertise through a paid consulting arrangement, which creates near‑term cash compensation obligations. Based on the numbers disclosed, the new agreement alone commits up to $2.4M in monthly fees plus $1.35M in a special projects payment (before taxes), and when combined with the previously reported $800K, represents roughly $4.55M of additional cash payments disclosed in the filings (excluding taxes and expense reimbursements). Investors should note the potential impact on G&A/consulting expense and monitor subsequent disclosures about the company’s permanent finance leadership transition.