Equity awards and tax-share withholdings for Eastern Bankshares (EBC) counsel
Rhea-AI Filing Summary
Eastern Bankshares, Inc. Executive VP and General Counsel Kathleen Cloherty reported a series of equity compensation transactions involving restricted stock units (RSUs) and common stock. RSUs convert into common stock on a one-for-one basis, with vesting tied to continued service and, for some awards, to performance.
On March 2, 2026, she was granted 7,099 RSUs that vest in three equal annual installments beginning March 2, 2027. On March 1, 2026, multiple RSU awards were exercised or converted into 16,961 shares of common stock, and she received an additional 5,520 shares as a grant. To satisfy tax obligations, 7,664 and 2,449 shares of common stock were withheld at a price of 19.5600 per share. Footnotes show a performance-based RSU award paid out at 93.1% of target total shareholder return, and the report also lists indirect holdings through a 401(k) and an ESOP.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Units | 7,099 | $0.00 | -- |
| Exercise | Restricted Stock Units | 9,488 | $0.00 | -- |
| Exercise | Restricted Stock Units | 1,977 | $0.00 | -- |
| Exercise | Restricted Stock Units | 5,496 | $0.00 | -- |
| Exercise | Common Stock | 16,961 | $0.00 | -- |
| Tax Withholding | Common Stock | 7,664 | $19.56 | $150K |
| Grant/Award | Common Stock | 5,520 | $0.00 | -- |
| Tax Withholding | Common Stock | 2,449 | $19.56 | $48K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Restricted stock units convert into common stock on a one-for-one basis. Reflects the amount of shares beneficially owned, including shares received due to automatic dividend reinvestment, as of the date of this report. Each restricted stock unit represents a contingent right to receive one share of EBC common stock on the applicable vesting date. On March 1, 2022, the reporting person was granted 47,438 restricted stock units that vest in five equal annual installments beginning March 1, 2023, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date. On March 1, 2023, the reporting person was granted 5,930 restricted stock units that vest in three equal annual installments beginning March 1, 2024, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date. On March 1, 2024, the reporting person was granted 16,490 restricted stock units that vest in three equal annual installments beginning March 1, 2025, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date. On March 3, 2025, the reporting person was granted 34,697 restricted stock units of which 6,497 vest in three equal annual installments beginning March 3, 2026 and 28,200 vest after 3 years, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date. On March 2, 2026, the reporting person was granted 7,099 restricted stock units that vest in three equal annual installments beginning March 2, 2027, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date. Represents shares of Eastern Bankshares, Inc. (the "Company") common stock, par value $0.01 per share ("Common Stock") received upon vesting of a performance restricted stock unit ("PRSU") award eligible to vest based upon the Company's performance on total shareholder return ("TSR") measured at the end of the three-year performance period of January 1, 2023 through December 31, 2025 (the "Performance Period") relative to TSR performance over that performance period of the banks listed on the KBW Nasdaq Regional Banking Index (the "TSR Measure"). The Compensation and Human Capital Management Committee determined that the Company's performance of the TSR Measure resulted in a payout of 93.1% of target.
