Eastern Bankshares (EBC) president receives RSUs as shares withheld for tax
Filing Impact
Filing Sentiment
Form Type
4
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.
Positive
- None.
Negative
- None.
Insider Trade Summary
25,069 shares exercised/converted
Mixed
13 txns
Insider
Miller Quincy Lee
Role
President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Units | 15,162 | $0.00 | -- |
| Exercise | Restricted Stock Units | 14,232 | $0.00 | -- |
| Exercise | Restricted Stock Units | 3,775 | $0.00 | -- |
| Exercise | Restricted Stock Units | 7,062 | $0.00 | -- |
| Exercise | Common Stock | 25,069 | $0.00 | -- |
| Tax Withholding | Common Stock | 11,154 | $19.56 | $218K |
| Grant/Award | Common Stock | 10,542 | $0.00 | -- |
| Tax Withholding | Common Stock | 4,676 | $19.56 | $91K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 15,162 shares (Direct);
Common Stock — 68,698 shares (Direct);
Common Stock — 13,900 shares (Indirect, By 401(k))
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 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. 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. 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. 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. 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. 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.
FAQ
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.
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.