Eastern Bankshares (EBC) president receives RSUs as shares withheld for tax

Rhea-AI Filing Summary

Eastern Bankshares, Inc. president Miller Quincy Lee reported multiple stock-based compensation movements. On March 2, 2026, he received a grant of 15,162 restricted stock units (RSUs), each representing a contingent right to one EBC common share, vesting in three equal annual installments beginning March 2, 2027, subject to continued service.

On March 1, 2026, several earlier RSU and performance RSU awards converted into common stock, including 25,069 common shares received upon vesting of a performance RSU award tied to total shareholder return versus the KBW Nasdaq Regional Banking Index, which paid out at 93.1% of target. Lee also received an additional 10,542 common shares as a grant. To satisfy tax obligations, the company withheld 11,154 and 4,676 common shares at $19.56 per share, recorded as dispositions. After these transactions, he reported direct ownership of EBC common stock and indirect holdings through a 401(k), IRA, spouse’s IRA, 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^*

Miller Quincy Lee

(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)
	President

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		25,069(1)	A	$0	68,698	D
Common Stock	03/01/2026		F		11,154	D	$19.56	57,544	D
Common Stock	03/01/2026		A		10,542(9)	D	$0	68,086	D
Common Stock	03/01/2026		F		4,676	D	$19.56	63,410	D
Common Stock								13,900	I	By 401(k)
Common Stock								83,240	I	By IRA
Common Stock								1,280	I	By Spouse in IRA
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			14,232	(4)	(4)	Common stock	14,232	$0	14,232	D
Restricted Stock Units	(1)	03/01/2026		M			3,775	(5)	(5)	Common stock	3,775	$0	0	D
Restricted Stock Units	(1)	03/01/2026		M			7,062	(6)	(6)	Common stock	7,062	$0	7,063	D
Restricted Stock Units	(1)							(7)	(7)	Common stock	16,864		16,864	D
Restricted Stock Units	(3)	03/02/2026		A		15,162		(8)	(8)	Common stock	15,162	$0	15,162	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 71,157 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 11,324 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 21,186 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 16,864 restricted stock units that vest in three equal annual installments beginning March 3, 2026, 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 15,162 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
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Eastern Bankshares (EBC) president Miller Quincy Lee report on this Form 4?

Miller Quincy Lee reported new stock-based awards and vesting. He received restricted stock units and common shares from prior grants, while some shares were withheld to cover taxes, updating his direct and indirect ownership positions in Eastern Bankshares common stock.

How many restricted stock units did the EBC president receive in the latest grant?

He received 15,162 restricted stock units on March 2, 2026. Each unit represents a contingent right to one Eastern Bankshares common share, vesting in three equal annual installments starting March 2, 2027, subject to his continued service with the company.

What performance-based shares vested for Eastern Bankshares president Quincy Lee?

He received 25,069 common shares from a performance restricted stock unit award. The payout was based on Eastern Bankshares’ total shareholder return versus banks in the KBW Nasdaq Regional Banking Index, with the performance measure resulting in a 93.1% of target payout.

Were any Eastern Bankshares shares disposed of to cover taxes in this filing?

Yes, shares were withheld for tax purposes. The filing reports dispositions of 11,154 and 4,676 common shares at a price of $19.56 per share, characterized as payment of tax liability by delivering securities rather than open-market sales.

How do the new restricted stock units for EBC’s president vest over time?

The 15,162 restricted stock units granted on March 2, 2026 vest in three equal annual installments. Vesting begins March 2, 2027, and vested shares are issued to him as soon as practicable after each applicable vesting date, assuming continued service.

What types of ownership in Eastern Bankshares stock does Quincy Lee report?

He reports direct ownership of common stock and indirect ownership through several vehicles. These include shares held in a 401(k) plan, an IRA, a spouse’s IRA, and an employee stock ownership plan, each reflected as indirect holdings in the Form 4 data.