HarborOne Form 4 logs share dispositions and option rollover in merger
Rhea-AI Filing Summary
HarborOne Bancorp (HONE) director filed a Form 4 reflecting the merger completed on 11/01/2025. Under the merger terms, each HarborOne share was converted into the right to receive either $12.00 in cash or 0.765 shares of Eastern Bankshares common stock, subject to proration.
The reporting person disposed of 85,250 shares held directly and 1,000 shares held indirectly through Double Eagle LLC, leaving 0 HarborOne shares beneficially owned after the transactions. An outstanding stock option with an exercise price of $10.23 covering 83,263 underlying shares was converted into an option for Eastern stock, with the number of shares and exercise price adjusted by the 0.765 exchange ratio. The option lists an expiration of 08/15/2027.
Positive
- None.
Negative
- None.
Insights
Form 4 records merger-driven share and option conversion.
This filing documents a change-of-control event for HarborOne. Each common share became the right to receive either $12.00 in cash or 0.765 shares of Eastern Bankshares, indicating equity consideration alongside a cash alternative. The director shows dispositions that reduce HarborOne holdings to zero, consistent with closing mechanics.
Equity awards were rolled over: a stock option with a $10.23 exercise price covering 83,263 shares was converted into an Eastern option, with terms adjusted by the exchange ratio. The option carries an expiration on 08/15/2027. Overall, this is an administrative reflection of the merger completion rather than a standalone performance signal.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Stock Option (Right to Buy) | 83,263 | $0.00 | -- |
| Disposition | Common Stock | 85,250 | $0.00 | -- |
| Disposition | Common Stock | 1,000 | $0.00 | -- |
Footnotes (1)
- Pursuant to the merger agreement, dated as of April 24, 2025, by and among Eastern Bankshares, Inc. ("Eastern"), Eastern Bank, HarborOne Bancorp, Inc. ("HarborOne"), and HarborOne Bank (the "Merger Agreement"), each share of HarborOne common stock was converted into the right to receive, at the election of the holder, either (i) $12.00 in cash or (ii) 0.765 shares of Eastern common stock (the "Exchange Ratio"), subject to certain proration provisions contained in the Merger Agreement. Pursuant to the Merger Agreement, each outstanding and unexercised option to purchase shares of HarborOne common stock was converted into an option to purchase shares of Eastern common stock. As further described in the Merger Agreement, the number of underlying shares of resulting Eastern common stock subject to such options and the related exercise price were adjusted by the Exchange Ratio.
