engzeus,
I'm not a tax lawyer. But looking at the actual text of Hawaii law 235-9.5 which states:
"§235-9.5 Stock options from qualified high technology businesses excluded from taxation. (a) Notwithstanding any law to the contrary, all income earned and proceeds derived from stock options or stock, including stock issued through the exercise of stock options or warrants, from a qualified high technology business or from a holding company of a qualified high technology business by an employee, officer, or director of the qualified high technology business, or investor who qualifies for the credit under section 235-110.9, that would otherwise be taxed as ordinary income or as capital gains to those persons shall be excluded from taxation under this chapter."
I would deem the sale of vested RSU shares, which is stock, to be covered by this exemption. Whether any dividends paid while the shares were still restricted is less clear but RSU shares are stock, however restricted at the time, so I would again deem those dividends exempt.
For a 2021 list of qualified high technology businesses, I refer you to Appendix A of https://files.hawaii.gov/dbedt/economic/data_reports/HawaiiResearchTaxCredit_TaxYear2021.pdf . I haven't tracked down a 2022 list.
