Director at Eastern Bankshares (EBC) exercises option for 50,000 common shares

Rhea-AI Filing Summary

Eastern Bankshares, Inc. director Michael James Sullivan exercised a stock option for 50,000 shares on February 27, 2026. He converted a Stock Option (Right to Buy) into 50,000 shares of common stock at an exercise price of $13.38 per share.

Following the transaction, his directly held common stock totaled 128,323 shares. Indirectly, 707 shares are held by Double Eagle LLC and 711 shares are held in a rollover 401(k), as of the same date. The option exercise deadline arose from the merger of HarborOne into Eastern, which required exercise no later than May 1, 2026.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sullivan Michael James

(Last) (First) (Middle)

125 HIGH STREET

(Street)

BOSTON MA 02110

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Eastern Bankshares, Inc. [ EBC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/27/2026		M		50,000	A	$13.38	128,323	D
Common Stock								707	I	Held By Double Eagle LLC
Common Stock								711	I	Rollover 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$13.38	02/27/2026		M			50,000	11/01/2025	(1)	Common Stock	50,000	$0	0	D

Explanation of Responses:

1. Pursuant to the terms of the Agreement and Plan of Merger dated April 24, 2025 among Eastern Bankshares, Inc. ("Eastern"), Eastern Bank, HarborOne Bancorp, Inc. ("HarborOne"), and HarborOne Bank, upon the merger of HarborOne into Eastern, effective November 1, 2025, the stock option must be exercised no later than May 1, 2026 (i.e., six (6) months from the time reporting person's employment as a director of HarborOne was terminated).

	/s/ Kathleen R. Henry, by Power of Attorney	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Eastern Bankshares (EBC) director Michael James Sullivan report?

Director Michael James Sullivan reported exercising a stock option for 50,000 shares of Eastern Bankshares common stock. The transaction occurred on February 27, 2026, and reflects the conversion of a derivative security into common shares rather than an open-market purchase or sale.

At what price did Michael James Sullivan exercise his Eastern Bankshares (EBC) stock option?

Michael James Sullivan exercised his stock option at $13.38 per share for 50,000 shares of Eastern Bankshares common stock. This exercise converted a Stock Option (Right to Buy) into common shares in a single transaction dated February 27, 2026.

How many Eastern Bankshares (EBC) shares does Michael James Sullivan own directly after the transaction?

After the option exercise, Michael James Sullivan directly owns 128,323 shares of Eastern Bankshares common stock. This figure represents his direct holdings as of February 27, 2026, separate from additional indirect holdings reported in the same filing.

What indirect Eastern Bankshares (EBC) holdings are associated with Michael James Sullivan?

Indirectly, 707 Eastern Bankshares common shares are held by Double Eagle LLC and 711 shares are held in a rollover 401(k). These indirect positions are reported separately from Sullivan’s direct ownership, reflecting different ownership structures and accounts.

Why did Michael James Sullivan have a deadline to exercise his Eastern Bankshares (EBC) option?

The option exercise deadline stemmed from a merger in which HarborOne merged into Eastern. Under the merger agreement, the stock option had to be exercised no later than May 1, 2026, which is six months after Sullivan’s service as a HarborOne director ended.

Was Michael James Sullivan’s Eastern Bankshares (EBC) transaction a market purchase or sale?

The transaction was an exercise of a stock option, not a market purchase or sale. Sullivan converted a derivative security into 50,000 common shares under code M, which denotes exercise or conversion of a derivative security.