Eastern Bankshares (EBC) counsel converts RSUs, corrects 16,961-share error
Rhea-AI Filing Summary
Eastern Bankshares, Inc. Executive VP and General Counsel Kathleen Cloherty exercised 2,165 restricted stock units into 2,165 shares of common stock at $0.0000 per share on March 3, 2026. These restricted stock units convert into common stock on a one-for-one basis.
To cover tax obligations related to this conversion, 961 common shares were disposed of at $19.4500 per share through a tax-withholding transaction. After these transactions, she directly held 57,146 common shares and 32,532 restricted stock units, with additional indirect holdings of common stock through a 401(k) plan and an ESOP as of the report date.
The report also states that an immediately preceding Form 4 understated her beneficially owned common shares by 16,961 shares due to a clerical error that omitted directly held shares acquired on March 1, 2026. The amounts shown now correct that inadvertent exclusion.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 2,165 | $0.00 | -- |
| Exercise | Common Stock | 2,165 | $0.00 | -- |
| Tax Withholding | Common Stock | 961 | $19.45 | $19K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
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. 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. On March 1, 2024, the reporting person was granted 16,490 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 34,697 restricted stock units of which 6,497 vest in three equal annual installments beginning March 3, 2026, after market close, 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. 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. The reporting person's immediately preceding Form 4, filed on March 3, 2026, inadvertently understated the amount of securities beneficially owned following reported transaction(s) by 16,961 common shares. The understatement was the effect of a clerical error as the calculation omitted 16,961 directly held shares that were acquired on March 1, 2026 and reported on prior Form 4s. The amount shown in this table corrects the inadvertent exclusion.
