Eastern Bankshares CEO converts 8.6K RSUs
Eastern Bankshares, Inc. (EBC) reports that Chief Executive Officer Denis K. Sheahan converted 8,607 restricted stock units into an equal number of shares of common stock on September 3, 2026.
Rhea-AI Filing Summary
Eastern Bankshares, Inc. (EBC) reports that Chief Executive Officer Denis K. Sheahan converted 8,607 restricted stock units into an equal number of shares of common stock on September 3, 2026. Of these, 4,162 shares were delivered or withheld at $22.08 per share for payment of exercise price or tax liability.
Sheahan continues to hold significant equity interests, including indirect holdings of 269,662 common shares in a revocable trust, 33,305 shares in an IRA, and 902 shares through an ESOP, plus multiple outstanding RSU awards that each convert into common stock on a one-for-one basis.
Positive
- None.
Negative
- None.
Insider Trade Summary
8,607 shares exercised/converted
Exercise
13 txns
Insider
SHEAHAN DENIS K
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units F8, F9 | 8,607 | $0.00 | $0.00 |
| Exercise | Common Stock F2 | 8,607 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Stock | 4,162 | $22.08 | $92K |
| holding | Restricted Stock Units F1, F2, F3 | -- | -- | -- |
| holding | Restricted Stock Units F1, F2, F4 | -- | -- | -- |
| holding | Restricted Stock Units F1, F2, F5 | -- | -- | -- |
| holding | Restricted Stock Units F1, F2, F6 | -- | -- | -- |
| holding | Restricted Stock Units F1, F2, F7 | -- | -- | -- |
| holding | Restricted Stock Units F2, F10 | -- | -- | -- |
| holding | Restricted Stock Units F8, F11 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock F12 | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 285,116 contracts for 276,508 underlying shares (Direct);
Common Stock — 4,445 shares (Direct);
Common Stock — 269,662 shares (Indirect, By Revocable Trust);
Common Stock — 33,305 shares (Indirect, By IRA);
Common Stock — 902 shares (Indirect, By ESOP)
Footnotes (12)
- F1. Eastern Bankshares, Inc. (the "Company") issued these time-based restricted stock units ("RSUs") as of July 12, 2024, when the Company completed a merger with Cambridge Bancorp ("Cambridge"). Pursuant to the terms of the Agreement and Plan of Merger, dated September 19, 2023, Cambridge RSUs and performance-based restricted stock units ("PRSUs") were assumed and converted to Company RSUs at an exchange ratio of 4.956 Company units for each Cambridge unit.
- F2. Restricted stock units convert into common stock on a one-for-one basis.
- F3. This award for 17,907 Company RSUs replaced an award of Cambridge RSUs granted to the reporting person on February 15, 2021, that vested in three equal annual installments beginning one year after the grant date. The reporting person elected to defer receipt of common stock issuable upon the vesting of these RSUs.
- F4. This award for 3,752 Company RSUs replaced an award of Cambridge RSUs granted to the reporting person on February 15, 2022, that provided for vesting in three equal annual installments beginning one year after the grant date. The reporting person elected to defer receipt of common stock issuable upon vesting except for shares withheld for tax obligations.
- F5. This award for 34,544 Company RSUs replaced an award of Cambridge RSUs granted to the reporting person on April 28, 2023, that provided for vesting in three equal annual installments beginning one year after the grant date. The reporting person elected to defer receipt of common stock issuable upon vesting except for shares withheld for tax obligations.
- F6. This award for 33,721 Company RSUs replaced an award of Cambridge PRSUs granted to the reporting person on February 15, 2022. The Company RSU award provided for cliff vesting on December 31, 2024. The reporting person elected to defer receipt of common stock issuable upon vesting except for shares withheld for tax obligations.
- F7. This award for 42,221 Company RSUs replaced an award of Cambridge PRSUs that Cambridge granted to the reporting person on April 28, 2023. The Company RSU award provided for cliff vesting on December 31, 2025. The reporting person elected to defer receipt of common stock issuable upon vesting except for shares withheld for tax obligations.
- F8. Each restricted stock unit represents a contingent right to receive one share of Company common stock on the applicable vesting date.
- F9. On September 3, 2024, the reporting person was granted 25,821 restricted stock units that vest in three equal annual installments beginning September 3, 2025, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.
- F10. On March 3, 2025, the reporting person was granted 154,088 restricted stock units of which 24,365 vest in three equal annual installments beginning March 3, 2026 after market close, and 129,723 vest in five equal installments beginning on March 3, 2026, after market close, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.
- F11. On March 2, 2026, the reporting person was granted 24,340 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.
- F12. Reflects the amount of shares beneficially owned, including shares received due to automatic dividend reinvestment, as of the date of this report.
Key Figures
RSUs converted: 8,607 units
Shares delivered/withheld: 4,162 shares
Price per share for delivery/withholding: $22.08 per share
+5 more
8 metrics
RSUs converted
8,607 units
Restricted stock units converted into common stock on September 3, 2026
Shares delivered/withheld
4,162 shares
Common shares delivered or withheld for exercise price or tax liability
Price per share for delivery/withholding
$22.08 per share
Value used for 4,162 shares delivered or withheld
Trust holdings
269,662 shares
Common stock held indirectly by revocable trust
IRA holdings
33,305 shares
Common stock held indirectly by IRA
ESOP holdings
902 shares
Common stock held indirectly through ESOP with dividend reinvestment
Largest RSU position
120,023 underlying shares
Restricted stock units tied to 120,023 shares of common stock
Net buy/sell effect
0 shares
Net shares bought or sold across reported transactions
Key Terms
Restricted Stock Units, performance-based restricted stock units, cliff vesting, automatic dividend reinvestment
4 terms
Restricted Stock Units financial
"issued these time-based restricted stock units ("RSUs") as of July 12, 2024"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
performance-based restricted stock units financial
"Cambridge RSUs and performance-based restricted stock units ("PRSUs") were assumed"
Performance-based restricted stock units are a type of employee equity award that converts into company shares only if predefined financial or operational targets are met over a set period. Think of it like a bonus check that becomes stock only when specific goals are hit; it ties pay to results, aligning managers’ incentives with shareholders. Investors care because these awards affect future share count, executive incentives, and signal how management’s success will be measured and rewarded.
cliff vesting financial
"The Company RSU award provided for cliff vesting on December 31, 2024"
automatic dividend reinvestment financial
"including shares received due to automatic dividend reinvestment, as of the date"
FAQ
What insider transaction did EBC’s CEO report on this Form 4?
Denis K. Sheahan reported converting 8,607 restricted stock units into 8,607 shares of Eastern Bankshares common stock on September 3, 2026, with part of the resulting shares used to cover exercise price or tax liability.
Does the EBC CEO still hold significant indirect common stock positions?
Yes. Denis K. Sheahan is reported as indirectly holding 269,662 shares of Eastern Bankshares common stock through a revocable trust, 33,305 shares through an IRA, and 902 shares through an ESOP as of the report date.
What ongoing RSU awards tied to EBC common stock does the CEO have?
The report lists several RSU awards, including tranches representing 17,907, 3,752, 34,544, 33,721, 42,221, 120,023 and 24,340 underlying shares of Eastern Bankshares common stock, each converting into common stock on a one-for-one basis upon vesting.
Were the EBC CEO’s transactions made under a Rule 10b5-1 trading plan?
No. The Form 4 indicates that the Rule 10b5-1 checkbox is not marked, and the footnotes do not state that these transactions were made pursuant to a Rule 10b5-1 trading plan.
What is the net buy or sell effect of the CEO’s EBC transactions?
The transaction summary shows a net effect of 0 shares classified as net bought or sold, reflecting one derivative exercise and an associated delivery or withholding of 4,162 shares for payment of exercise price or tax liability.
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