Eastern Bankshares (NASDAQ: EBC) chair logs RSU grant, tax share disposals
Rhea-AI Filing Summary
Eastern Bankshares, Inc. Executive Chair Robert Francis Rivers reported multiple equity compensation transactions. On March 2, 2026, he received a grant of 33,301 restricted stock units (RSUs), which, according to the award terms, vest in three equal annual installments beginning March 2, 2027, subject to continued service. RSUs convert into common stock on a one-for-one basis.
On March 1, 2026, he exercised previously granted RSUs into 47,492 shares of common stock, and shares were automatically withheld to cover taxes, with 16,893 and 11,019 shares of common stock disposed of at $19.5600 per share. Following these transactions, he directly held 452,486 shares of common stock, including 200,000 shares in joint tenancy with his spouse, plus indirect ownership of 4,921 shares through an ESOP. Footnotes state he also continues to hold multiple RSU awards, including performance-based units that paid out at 93.1% of target based on total shareholder return over a three-year period.
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Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Units | 33,301 | $0.00 | -- |
| Exercise | Restricted Stock Units | 21,347 | $0.00 | -- |
| Exercise | Restricted Stock Units | 10,610 | $0.00 | -- |
| Exercise | Restricted Stock Units | 15,535 | $0.00 | -- |
| Exercise | Common Stock | 47,492 | $0.00 | -- |
| Tax Withholding | Common Stock | 16,893 | $19.56 | $330K |
| Grant/Award | Common Stock | 29,632 | $0.00 | -- |
| Tax Withholding | Common Stock | 11,019 | $19.56 | $216K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Restricted stock units convert into common stock on a one-for-one basis. Includes 200,000 shares held in joint tenancy with spouse. 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 106,736 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 31,829 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 46,604 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 33,671 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 33,301 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.
