Eastern Bankshares (EBC) CIO logs new RSU grants and tax share withholdings

Rhea-AI Filing Summary

Eastern Bankshares, Inc. Chief Information Officer Donald Michael Westermann reported multiple equity transactions involving restricted stock units and common stock. On March 2, 2026, he received a grant of 7,099 restricted stock units that vest in three equal annual installments beginning March 2, 2027.

On March 1, 2026, several restricted stock unit awards were exercised or converted, resulting in the acquisition of 14,359 shares of common stock. On the same date, 6,522 and 2,449 common shares were withheld at $19.56 per share to cover tax liabilities. He also received a grant of 5,520 common shares and holds additional common stock indirectly through a 401(k) plan and an ESOP.

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

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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^*

Westermann Donald Michael

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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	03/01/2026		M		14,359(1)	A	$0	35,219	D
Common Stock	03/01/2026		F		6,522	D	$19.56	28,697	D
Common Stock	03/01/2026		A		5,520(9)	A	$0	34,217	D
Common Stock	03/01/2026		F		2,449	D	$19.56	31,768	D
Common Stock								22,682	I(2)	By 401(k)
Common Stock								4,921	I(2)	By ESOP

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
Restricted Stock Units	(1)	03/01/2026		M			9,488	(4)	(4)	Common stock	9,488	$0	9,488	D
Restricted Stock Units	(1)	03/01/2026		M			1,977	(5)	(5)	Common stock	1,977	$0	0	D
Restricted Stock Units	(1)	03/01/2026		M			2,894	(6)	(6)	Common stock	2,894	$0	2,895	D
Restricted Stock Units	(1)							(7)	(7)	Common stock	34,697		34,697	D
Restricted Stock Units	(3)	03/02/2026		A		7,099		(8)	(8)	Common stock	7,099	$0	7,099	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. Reflects the amount of shares beneficially owned, including shares received due to automatic dividend reinvestment, as of the date of this report.

3. Each restricted stock unit represents a contingent right to receive one share of EBC common stock on the applicable vesting date.

4. 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.

5. 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.

6. On March 1, 2024, the reporting person was granted 8,683 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.

7. 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.

8. 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.

9. 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.

	/s/ Kathleen R. Henry, by Power of Attorney	03/03/2026
	** Signature of Reporting Person	Date
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FAQ

What did Eastern Bankshares (EBC) disclose about Donald Westermann’s stock awards?

Eastern Bankshares reported that Chief Information Officer Donald Michael Westermann received 7,099 restricted stock units and 5,520 shares of common stock. These equity awards are part of his compensation and vest over time, aligning his interests with long-term company performance.

How many Eastern Bankshares (EBC) shares did Donald Westermann acquire through RSU exercises?

On March 1, 2026, Donald Westermann acquired 14,359 shares of Eastern Bankshares common stock through exercises or conversions of restricted stock units. These transactions turned previously granted units into freely held common shares, increasing his direct ownership stake in the company.

Were any Eastern Bankshares (EBC) shares disposed of to cover taxes for Donald Westermann?

Yes. On March 1, 2026, 6,522 and 2,449 Eastern Bankshares common shares were disposed of at $19.56 per share to satisfy tax liabilities. These tax-withholding dispositions are non-open-market transactions tied to equity award vesting or exercises.

How do Donald Westermann’s new restricted stock units at Eastern Bankshares (EBC) vest?

The 7,099 restricted stock units granted on March 2, 2026 vest in three equal annual installments starting March 2, 2027. Each unit represents a contingent right to receive one share of Eastern Bankshares common stock once the specified vesting dates are reached.

Does Eastern Bankshares (EBC) link any equity awards to performance targets?

Yes. One performance restricted stock unit award vests based on total shareholder return over a three-year period compared with regional bank peers. The compensation committee determined this award paid out at 93.1% of target, directly tying vesting to relative shareholder return performance.